What Is Core Banking System ?
The word Core Banking is used to describe the various services being offered by the banking system to its customers and this is done by the whole banking core branches. This facility makes it possible for the banks to get transfer their funds and other transactions to other core branch offices in a very easy and quick manner. Now, there is no need to get deposit and withdrawal of your cash in the same branch. You can deposit from any branch and get it withdrawal easily from the other branch.
This facility of core banking has been developed few years back and had led to the tremendous change in the banking system structure. It gives the freedom of choice to the customer to get done the transactions completed in his own way. The person is not bound to anyone. There are various and most bolded facilities offered by the core banking system solutions are described below:
• Automatic teller machine or ATM
• Electronic fund
• Transfers
• Tele-banking
• Internet banking
• Branch clearing facility for banking branch offices
The core banking systems has brought about a dramatic blast in the working schedule of the normal human being. When we come to the internet banking, it not only saves the precious time of common man but also give it ease to work as per his timings. Moreover, the inter branch reconciliation has also proved it faster and accurate. The introduction of new products and the databases in various banking branch offices also gets easier and simplified that new branches are now vastly reaching the core parts of the country.
The sudden and much faster advancement in the technology and its impact on the banking system solutions have provide a sigh of greater relief. The functions of the banking systems like passbook maintenance, interest calculations and various other book keeping records are kept aside as they can be done accurately and within no time.
Leave a comment below to discuss any queries.
Sir, apart the paisa loss any other demerits that cbs has? can u elaborate it please ?
Rahul,
Core banking is generally a technical based system that bank branches are applying. its not like of paisa loss. Core banking makes you able to make use of your debit or credit card and make various payments while sitting at home. We are the one making most use of it.
Just one demerit is that if the server goes down, then it becomes hectice to work and extensive care should be taken for its protection from the hackers.
Nice post.Actually i am in a confusion about this core banking system from many days.I really can’t understand what does it meaning but after reading your post i get all the details about the core banking.
Well, that’s good. We are here to solve your query. Feel free to ask your doubts.
my age is 33 as on april 2012. i am in sc category. am i eligible for sbi associate bank clerk exam 2012?
Gitu: calculate your age according to the eligibilty because SC candidates have to submit certificate for adopting relaxation for 5 years. I think it may fit as per your date of birth. and maximum of 28 years are allowed except relaxation revealed.
Question: A and B both have their SB A/cs in Mumbai SBI-Branch & Kolkata SBI-Branch respectively.
Now, A is in Jaipur and wants to transfer fund through cheque into the A/c of B at a Jaipur SBI-Branch.
Can A transfer in the given manner or not?
plz plz explain me what is core banking?
My UCO Bank home branch is in Calcutta. UCO Bank is not letting me withdraw my cash from UCO Bank branch in Mumbai. It’s not possible for me to come to Calcutta. What can I do?
you explained core banking clearly…. thaks a lot…