BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Acts as a debit card when you purchase an item
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Gives you ownership of a company
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Does not allow you to pay bills from your bank account
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Gives people access to bank accounts and cash in a fast and paperless way
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Detailed explanation-1: -Banking online means accessing your bank account and carrying out financial transactions through the internet on your smartphone, tablet or computer. It’s quick, usually free and allows you to do tasks, such as paying bills and transferring money, without having to visit or call your bank.
Detailed explanation-2: -electronic banking, Use of computers and telecommunications to enable banking transactions to be done by telephone or computer rather than through human interaction. Its features include electronic funds transfer for retail purchases, automatic teller machines (ATMs), and automatic payroll deposits and bill payments.
Detailed explanation-3: -The main advantages of electronic banking are: – The cost of operation per unit of services is lower for banks. Offers convenience to customers since they are not required to go to the bank’s facilities. There is a very low incidence of errors. The customer can obtain funds at any time from ATMs.
Detailed explanation-4: -(i) E-banking provides 24 hours, 365 days a year services to the customers of the bank. (ii) It lowers the transaction cost. (iii) It inculcates a sense of financial discipline and promotes transparency. (iv) It reduces the load on bank branches.