CURRENT AFFAIRS

Detailed explanation-1: -Aurionpro launches a Bank in a Box to reduce branch expansion cost for banks-The Economic Times.

Detailed explanation-2: -Branch banking allows a financial institution to expand its services outside of its home location and into smaller storefronts that function as extensions of its greater operations.

Detailed explanation-3: -The idea is to expand the bank’s business to cater to different locations and provide services to all its customers. The branch office will offer all the services that are offered by the main branch. The main branch controls the operations of the branch office.

Detailed explanation-4: -Branch Banking operated as a private institution until 1900, when it began operating under a charter. In 1907 it became the first bank in the state to engage in trust activities, and in 1913 its charter was amended to change the company’s name to Branch Banking and Trust Company (BB&T).

Detailed explanation-5: -Unit Banking System refers to a single and usually small banks providing financial services to local people. Such banks do not have any connecting branches. The concept of Unit Banking System was originated in USA.