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Mr. Akash who is a customer dedicated branch manager of a top nationalised bank, who is committed to providing quality services to their customers. One fine day he wants to facilitate the automatic transmission and processing of messages and funds from one branch/bank to another branch/bank. Among the given, he will choose which of the following for this purpose?
  • a)
    EFT
  • b)
    Off-site ATMs
  • c)
    Branch computerisation
  • d)
    Online bank
Correct answer is option 'A'. Can you explain this answer?
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Mr. Akash who is a customer dedicated branch manager of a top national...
EFT (Electronic Fund Transfer) can be used to facilitate the automatic transmission and processing of messages and funds from one branch/bank to another branch/bank. EFT at points of sale terminals allows transfer of funds electronically and debit and credit the respective accounts. The EFT system can be integrated with an existing online system to automate and speed up the fund transfer process.
Hence, option (a) is the correct choice.
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Direction: Bank computerization during the initial stages involved the transition of traditional manual banking processes to computer-based systems. This transition aimed to improve the efficiency and accuracy of banking operations and to provide better customer service. During the initial stages of bank computerization, banks typically adopted standalone computer systems that were not connected to any network. One of the key challenges during the initial stages of bank computerization was the lack of standardization and interoperability between different systems. Overall, the initial stages of bank computerization laid the foundation for the modern digital banking systems that we have today. The use of technology has transformed banking operations and has made it possible to offer a wide range of services to customers through online and mobile platforms.Q. What advantage(s) do/does Centralized data processing give to the banks?(i) Each branch shares the same set of software, hardware, and other infrastructure.(ii) The corporate-level information is made available to all the branches.(iii) If the central server goes down, it will not affect the productivity of the systems connected.

Direction: Bank computerization during the initial stages involved the transition of traditional manual banking processes to computer-based systems. This transition aimed to improve the efficiency and accuracy of banking operations and to provide better customer service. During the initial stages of bank computerization, banks typically adopted standalone computer systems that were not connected to any network. One of the key challenges during the initial stages of bank computerization was the lack of standardization and interoperability between different systems. Overall, the initial stages of bank computerization laid the foundation for the modern digital banking systems that we have today. The use of technology has transformed banking operations and has made it possible to offer a wide range of services to customers through online and mobile platforms.Q. When did the concept of Bank Computerization practically start?

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Mr. Akash who is a customer dedicated branch manager of a top nationalised bank, who is committed to providing quality services to their customers. One fine day he wants to facilitate the automatic transmission and processing of messages and funds from one branch/bank to another branch/bank. Among the given, he will choose which of the following for this purpose?a)EFTb)Off-site ATMsc)Branch computerisationd)Online bankCorrect answer is option 'A'. Can you explain this answer?
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