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RETAIL BANKING CONCEPTS
What is the primary characteristic that distinguishes retail banking from wholesale banking?
Retail banking deals with individual customers and small businesses through standardised, high-volume, low-value transactions, whereas wholesale banking caters to large corporates and institutions with customised, low-volume, high-value deals.
What is the full form of ATM in the context of retail banking?
Automated Teller Machine used for cash transactions.
Which RBI guideline governs the opening of basic savings bank deposit accounts in India?
RBI's Basic Savings Bank Deposit Account (BSBDA) guidelines mandate that any individual can open a zero-balance account with minimal KYC, ensuring financial inclusion for the unbanked population.
What is a mobile banking application in retail banking?
App allowing banking transactions via smartphone anytime, anywhere.
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