BANKING AFFAIRS

Detailed explanation-1: -RBINet : RBINet, a communication software, developed in ‘C’ and available for both DOS and UNIX machines, allows free format messaging and file transfer on the existing BANKNET infrastructure with the help of UNIX servers installed at the 4 NCCs.

Detailed explanation-2: -Community banks and credit unions utilize their WAN’s to transmit data to and from their branches and carry out daily functions regardless of location. The WAN is often comprised of public networks, such as the telephone system, leased lines, or satellites.

Detailed explanation-3: -An interbank network, also known as an ATM consortium or ATM network, is a computer network that enables ATM cards issued by a financial institution that is a member of the network to be used to perform ATM transactions through ATMs that belong to another member of the network.

Detailed explanation-4: -2. The Closed User Group (CUG) Network for the banking and financial sector is called INFINET (Indian Financial Network).

Detailed explanation-5: -The BPSS is empowered for authorising, prescribing policies and setting standards for regulating and supervising all the payment and settlement systems in the country. The Department of Payment and Settlement Systems (DPSS) of RBI serves as the Secretariat to the BPSS and executes its directions.