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CORE BANKING SYSTEMS AND ACCOUNTING IN COMPUTERISED ENVIRONMENT
What is Core Banking Solution (CBS) in the context of Indian banking?
CBS is a centralised banking software that enables customers to access their accounts and perform banking transactions from any branch, anytime, as all branches are connected to a central server.
What is the primary advantage of centralised database architecture in CBS?
All branches access a single shared database in real time.
Which regulatory body mandates the adoption of CBS for banks in India?
The Reserve Bank of India (RBI) mandates CBS adoption and has made it a prerequisite for banks to offer various digital and real-time banking services.
What is a Chart of Accounts in computerised banking?
A structured list of all GL account codes used by the bank.
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