The term Core Banking Solution is sometimes seen in the news. Which of the following statements best

Question

The term Core Banking Solution is sometimes seen in the news. Which of the following statements best describes/describe this term?It is a networking of a bank’s branches which enables customers to operate their accounts from any branch of the bank on its network regardless of where they open their accounts.It is an effort to increase RBI’s control over commercial banks through computerization.It is a detailed procedure by which a bank with huge non-performing assets is taken over by another bank.Select the correct answer using the code given below.

Accepted Answer

Only statement 1 is correct. Core banking solution enables customers to operate their accounts, and avail banking services from any branch of the bank on CBS network, regardless of where they open and maintain their account.