BANKING AFFAIRS

Detailed explanation-1: -BANKNET : The Bank recognised the pressing need to harness information technology for intra-bank and inter-bank communications in the 1980s5 and set up BANKNET. The design and implementation of BANKNET was entrusted to M/s.

Detailed explanation-2: -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-3: -A dynamic circuit network (DCN) is an advanced computer networking technology that combines traditional packet-switched communication based on the Internet Protocol, as used in the Internet, with circuit-switched technologies that are characteristic of traditional telephone network systems.

Detailed explanation-4: -Considered the communication backbone of the Indian Banking and Financial Sector, the Indian Financial Network (INFINET) is a membership-only Closed User Group (CUG) Network that comprises the Reserve Bank of India, Member Banks and Financial Institutions.