Information Technology and its Implications
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Information Technology and Digital Banking (Elective) — CAIIB.
One-liners from this chapter
Free sample — 8 of 66 rapid-fire Q&A cards.
What is the primary role of Information Technology in modern banking operations?
IT enables banks to automate processes, enhance operational efficiency, improve customer service delivery, and support real-time transaction processing across multiple channels.
What is a Distributed Ledger Technology (DLT) and how does it differ from traditional databases?
DLT stores data across multiple nodes without central authority.
What does the term 'core banking solution' (CBS) refer to in the context of IT in banking?
CBS is a centralized banking software platform that connects all branches and channels to a single database, enabling customers to transact from any branch and providing real-time account updates.
What is the purpose of a Public Key Infrastructure (PKI) in banking transactions?
PKI enables secure digital signatures and encrypted communications in banking.
Which RBI guideline mandates banks to have a robust IT governance framework?
RBI's IT Framework for Banks (2011) and subsequent Master Directions on IT mandates banks to establish IT governance, risk management, and audit frameworks aligned with international standards.
What is 'Open Banking' and what regulatory framework supports it in India?
Open Banking allows third parties to access bank data via APIs with customer consent.
What is meant by 'digital banking' in the context of IT implications for banks?
Digital banking refers to the delivery of banking products and services through electronic channels such as internet banking, mobile banking, ATMs, and digital wallets, minimizing physical branch dependency.
What is 'data masking' and why is it important for banks handling customer data?
Data masking hides sensitive data by replacing it with fictional but realistic values.
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