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Banking Awareness in Simple Language - Lesson 22

Dear Gr8 Ambitionists, in our previous Banking Awareness Lesson 21, we have learnt about various Credit Rating Agencies in India. In today's lesson, we shall learn some important Banking Concepts. Happy Reading :)

Banking Awareness 2016 : Important Banking Concepts

CBS (Core Banking Solution)

Core Banking Solution is networking of branches, which enables customers to operate their accounts, and avail banking services from any branch of the bank on CBS network from any part of country. Even the customer is no more the customer of a branch. He becomes the Banks Customer.

CBS in India :

The initiative was taken by the banks on the basis of "First Rangaranjan Committee Report" on bank computerization submitted in the year 1984.

Syndicate Bank was the first among the Public Sector Banks to implement Core Banking. First CBS Branch of Syndicate Bank was Jayanagar branch in Bangalore.

Important Note : Full form of "CORE" in Core Banking Solution is Centralized Online Real-time Exchange

Payment and Settlement System in India

This system regulated by the Payment & Settlement Systems Act, 2007 (PSS Act), legislated in Dec 2007. The (PSS) is controlled by BPSS (Board of Regulation of Payment and Settlement Systems).

Payments are an indispensable part of our daily transactions, be it a consumer to a business, a business to a customer or a business to business. Thus it is mandatory that the payment systems of the country are "safe, secure, sound, efficient, accessible & authorize" as stated by the mission statement of the RBI publication on Payment Systems in India.
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This post first appeared on Gr8AmbitionZ, please read the originial post: here

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Banking Awareness in Simple Language - Lesson 22


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