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TECHNOLOGY IN RETAIL BANKING
What is Core Banking Solution (CBS) and how does it benefit retail banking customers?
CBS is a centralized platform where all bank branches are connected to a central server, enabling customers to access their accounts and conduct transactions from any branch regardless of where the account was opened.
What is a Point of Sale (PoS) terminal and how does it work in retail banking?
Electronic device that processes card payments at merchant outlets.
What does the term 'Anywhere Banking' mean in the context of CBS?
Anywhere Banking means a customer can perform banking transactions at any branch of the bank across the country, as all branches share a common database through CBS.
What is NEFT and what are its transaction settlement timings?
National Electronic Funds Transfer; settled in half-hourly batches from 8 AM to 7 PM.
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