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TECHNOLOGY IN RETAIL BANKING PART II & SECURITISATION OF ASSET
What is the primary purpose of Core Banking Solution (CBS) in retail banking?
CBS centralises customer data across all bank branches, enabling real-time transaction processing and allowing customers to conduct banking operations from any branch regardless of where their account is maintained.
What is a Direct Benefit Transfer (DBT) and how does it leverage banking technology?
Government benefits transferred directly to beneficiaries' bank accounts electronically.
What does SWIFT stand for and what is its role in banking technology?
SWIFT stands for Society for Worldwide Interbank Financial Telecommunication; it is a global messaging network used by banks and financial institutions to securely transmit information and instructions for financial transactions across borders.
What is an Electronic Clearing Service (ECS) used for in retail banking?
Bulk repetitive payments like salaries, dividends, and utility bills processed electronically.
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