BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What is the full form of ‘CORE’ in core banking services?
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Channel of Rupee Exchange.
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Customer Online Realtime Exchange.
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Centralized Online Rupee Exchange.
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Centralized Online Realtime Exchange.
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Explanation:
Detailed explanation-1: -In fact, CORE is an acronym for “Centralized Online Real-time Exchange", thus the bank’s branches can access applications from centralized data centers.
Detailed explanation-2: -Core Banking Solution (CBS) is the networking of bank branches, which allows customers to manage their accounts, and use various banking facilities from any part of the world. In simple terms, there is no need to visit your own branch to do banking transactions.
Detailed explanation-3: -Summary. The three main business segments for a bank are retail banking, wholesale banking, and wealth management. Retail banking or personal banking involves deposits, mortgages, loans, and credit cards.
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