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PQR Bank is using RBI's VSAT network for its network connectivity. What is the purpose of RBI's VSAT network?
  • a)
    To provide high-speed internet connectivity to rural areas
  • b)
    To facilitate interbank communication and transactions
  • c)
    To enable secure communication between banks and their customers
  • d)
    To ensure the security and reliability of the banking network infrastructure
Correct answer is option 'B'. Can you explain this answer?
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PQR Bank is using RBIs VSAT network for its network connectivity. What...
RBI's VSAT network is a dedicated network infrastructure that facilitates interbank communication and transactions. The network enables banks to securely and efficiently communicate with one another, facilitating transactions and other financial services. By using this network, banks can ensure the security and reliability of their transactions and operations.
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PQR Bank is using RBIs VSAT network for its network connectivity. What...
Purpose of RBI's VSAT Network:

The purpose of RBI's VSAT (Very Small Aperture Terminal) network is to facilitate interbank communication and transactions. Let's discuss this in detail:

1. Interbank Communication:
RBI's VSAT network enables seamless communication between different banks. It allows banks to exchange information, updates, and instructions securely and efficiently. This is crucial for the smooth functioning of the banking system as it ensures that banks can communicate with each other in real-time and make informed decisions.

2. Transaction Processing:
The VSAT network also plays a vital role in facilitating interbank transactions. Banks rely on this network to process various types of transactions such as fund transfers, clearing and settlement, and other financial operations. The network ensures that these transactions are executed accurately and securely, minimizing the risk of errors or fraud.

3. Security and Reliability:
The RBI's VSAT network is designed to provide a secure and reliable infrastructure for interbank communication and transactions. It incorporates robust security measures to protect sensitive data and prevent unauthorized access. The network also ensures high availability and reliability, minimizing downtime and interruptions in banking operations.

4. Centralized Control and Monitoring:
The VSAT network allows the Reserve Bank of India (RBI) to have centralized control and monitoring over the interbank communication and transactions. It enables the RBI to oversee and regulate the flow of information and funds between banks, ensuring compliance with regulatory guidelines and policies.

5. Wide Reach:
The RBI's VSAT network extends its reach to various locations, including rural areas. This allows banks in remote areas to connect to the network and access the necessary infrastructure for interbank communication and transactions. It helps in promoting financial inclusion and ensuring that banking services are accessible to all.

In conclusion, the purpose of RBI's VSAT network is primarily to facilitate interbank communication and transactions. It provides a secure, reliable, and centralized infrastructure for banks to exchange information, process transactions, and ensures the smooth functioning of the banking system.
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Direction: Read the passage carefully and select the best answer to each question out of the given five alternatives.Banks will conduct special clearing operations for annual closure of government accounts on March 31, which is the last day of the current fiscal year, the RBI has said. The Reserve Bank has issued directions to the banks for smooth clearing operation and asked them to mandatorily participate in it. With regard to annual closing of accounts related transactions of the central and state governments, special measures are put in place for 2020-21, the RBI has instructed all the member banks to maintain sufficient balance in their clearing settlement account. Normal clearing timings as applicable to any working Wednesday shall be followed on March 31, 2021, the RBI said in a notification addressed to the member banks, urban and state cooperative banks, payments banks, small finance banks as well as the NPCI. To facilitate accounting of all the government transactions for the current financial year 2020-21 by March 31, 2021, it has been decided to conduct special clearing exclusively for government cheques across the three CTS grids on March 31, 2021, the RBI said.Under this, presentation clearing will take place between 1700 to 1730 hrs and return clearing will take place between 1900 and 1930 hrs at the three CTS (cheque truncation system) grids located in New Delhi, Chennai and Mumbai. “It is mandatory for all banks to participate in the special clearing operations on March 31, 2021. All the member banks under the respective CTS grids are required to keep their inward clearing processing infrastructure open during the special clearing hours and maintain sufficient balance in their clearing settlement account to meet settlement obligations arising out of the special clearing,” said the regulator. Besides, it has asked the banks under the respective CTS grids to adhere to the instructions issued to them by the President of the respective CTS grid. Under the CTS system, there is no need to present a cheque physically for clearance, instead an electronic image is being transmitted to the paying branch through the clearing house, with the relevant data. This eliminates the cost of movement of the physical cheques and reduces time for collection and clearance of cheques. All government transactions done by agency banks for 2020-21 must be accounted for within the same financial year, the RBI said. The central bank said all agency banks should keep their designated branches open for over the counter transactions related to government transactions up to the normal working hours on March 31, 2021. “Transactions through National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) System will continue up to 2400 hours as hitherto on March 31, 2021. “Special clearing will be conducted for collection of government cheques on March 31, 2021 for which the Department of Payment and Settlement Systems (DPSS), RBI will issue necessary instructions,” it said. With regard to reporting of central and state government transactions to RBI, including uploading of GST/e-receipts luggage files, the reporting window of March 31, 2021 will be extended and kept open till 1200 hours on April 1, 2021, the RBI said.Choose the synonym of the word 'Sufficient'.

Direction: Read the passage carefully and select the best answer to each question out of the given five alternatives.Banks will conduct special clearing operations for annual closure of government accounts on March 31, which is the last day of the current fiscal year, the RBI has said. The Reserve Bank has issued directions to the banks for smooth clearing operation and asked them to mandatorily participate in it. With regard to annual closing of accounts related transactions of the central and state governments, special measures are put in place for 2020-21, the RBI has instructed all the member banks to maintain sufficient balance in their clearing settlement account. Normal clearing timings as applicable to any working Wednesday shall be followed on March 31, 2021, the RBI said in a notification addressed to the member banks, urban and state cooperative banks, payments banks, small finance banks as well as the NPCI. To facilitate accounting of all the government transactions for the current financial year 2020-21 by March 31, 2021, it has been decided to conduct special clearing exclusively for government cheques across the three CTS grids on March 31, 2021, the RBI said.Under this, presentation clearing will take place between 1700 to 1730 hrs and return clearing will take place between 1900 and 1930 hrs at the three CTS (cheque truncation system) grids located in New Delhi, Chennai and Mumbai. “It is mandatory for all banks to participate in the special clearing operations on March 31, 2021. All the member banks under the respective CTS grids are required to keep their inward clearing processing infrastructure open during the special clearing hours and maintain sufficient balance in their clearing settlement account to meet settlement obligations arising out of the special clearing,” said the regulator. Besides, it has asked the banks under the respective CTS grids to adhere to the instructions issued to them by the President of the respective CTS grid. Under the CTS system, there is no need to present a cheque physically for clearance, instead an electronic image is being transmitted to the paying branch through the clearing house, with the relevant data. This eliminates the cost of movement of the physical cheques and reduces time for collection and clearance of cheques. All government transactions done by agency banks for 2020-21 must be accounted for within the same financial year, the RBI said. The central bank said all agency banks should keep their designated branches open for over the counter transactions related to government transactions up to the normal working hours on March 31, 2021. “Transactions through National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) System will continue up to 2400 hours as hitherto on March 31, 2021. “Special clearing will be conducted for collection of government cheques on March 31, 2021 for which the Department of Payment and Settlement Systems (DPSS), RBI will issue necessary instructions,” it said. With regard to reporting of central and state government transactions to RBI, including uploading of GST/e-receipts luggage files, the reporting window of March 31, 2021 will be extended and kept open till 1200 hours on April 1, 2021, the RBI said.What is being transmitted under the CTS?

Direction: Read the passage carefully and select the best answer to each question out of the given five alternatives.Banks will conduct special clearing operations for annual closure of government accounts on March 31, which is the last day of the current fiscal year, the RBI has said. The Reserve Bank has issued directions to the banks for smooth clearing operation and asked them to mandatorily participate in it. With regard to annual closing of accounts related transactions of the central and state governments, special measures are put in place for 2020-21, the RBI has instructed all the member banks to maintain sufficient balance in their clearing settlement account. Normal clearing timings as applicable to any working Wednesday shall be followed on March 31, 2021, the RBI said in a notification addressed to the member banks, urban and state cooperative banks, payments banks, small finance banks as well as the NPCI. To facilitate accounting of all the government transactions for the current financial year 2020-21 by March 31, 2021, it has been decided to conduct special clearing exclusively for government cheques across the three CTS grids on March 31, 2021, the RBI said.Under this, presentation clearing will take place between 1700 to 1730 hrs and return clearing will take place between 1900 and 1930 hrs at the three CTS (cheque truncation system) grids located in New Delhi, Chennai and Mumbai. “It is mandatory for all banks to participate in the special clearing operations on March 31, 2021. All the member banks under the respective CTS grids are required to keep their inward clearing processing infrastructure open during the special clearing hours and maintain sufficient balance in their clearing settlement account to meet settlement obligations arising out of the special clearing,” said the regulator. Besides, it has asked the banks under the respective CTS grids to adhere to the instructions issued to them by the President of the respective CTS grid. Under the CTS system, there is no need to present a cheque physically for clearance, instead an electronic image is being transmitted to the paying branch through the clearing house, with the relevant data. This eliminates the cost of movement of the physical cheques and reduces time for collection and clearance of cheques. All government transactions done by agency banks for 2020-21 must be accounted for within the same financial year, the RBI said. The central bank said all agency banks should keep their designated branches open for over the counter transactions related to government transactions up to the normal working hours on March 31, 2021. “Transactions through National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) System will continue up to 2400 hours as hitherto on March 31, 2021. “Special clearing will be conducted for collection of government cheques on March 31, 2021 for which the Department of Payment and Settlement Systems (DPSS), RBI will issue necessary instructions,” it said. With regard to reporting of central and state government transactions to RBI, including uploading of GST/e-receipts luggage files, the reporting window of March 31, 2021 will be extended and kept open till 1200 hours on April 1, 2021, the RBI said.One of the three CTS grids is located in

Direction: Read the passage carefully and select the best answer to each question out of the given five alternatives.Banks will conduct special clearing operations for annual closure of government accounts on March 31, which is the last day of the current fiscal year, the RBI has said. The Reserve Bank has issued directions to the banks for smooth clearing operation and asked them to mandatorily participate in it. With regard to annual closing of accounts related transactions of the central and state governments, special measures are put in place for 2020-21, the RBI has instructed all the member banks to maintain sufficient balance in their clearing settlement account. Normal clearing timings as applicable to any working Wednesday shall be followed on March 31, 2021, the RBI said in a notification addressed to the member banks, urban and state cooperative banks, payments banks, small finance banks as well as the NPCI. To facilitate accounting of all the government transactions for the current financial year 2020-21 by March 31, 2021, it has been decided to conduct special clearing exclusively for government cheques across the three CTS grids on March 31, 2021, the RBI said.Under this, presentation clearing will take place between 1700 to 1730 hrs and return clearing will take place between 1900 and 1930 hrs at the three CTS (cheque truncation system) grids located in New Delhi, Chennai and Mumbai. “It is mandatory for all banks to participate in the special clearing operations on March 31, 2021. All the member banks under the respective CTS grids are required to keep their inward clearing processing infrastructure open during the special clearing hours and maintain sufficient balance in their clearing settlement account to meet settlement obligations arising out of the special clearing,” said the regulator. Besides, it has asked the banks under the respective CTS grids to adhere to the instructions issued to them by the President of the respective CTS grid. Under the CTS system, there is no need to present a cheque physically for clearance, instead an electronic image is being transmitted to the paying branch through the clearing house, with the relevant data. This eliminates the cost of movement of the physical cheques and reduces time for collection and clearance of cheques. All government transactions done by agency banks for 2020-21 must be accounted for within the same financial year, the RBI said. The central bank said all agency banks should keep their designated branches open for over the counter transactions related to government transactions up to the normal working hours on March 31, 2021. “Transactions through National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) System will continue up to 2400 hours as hitherto on March 31, 2021. “Special clearing will be conducted for collection of government cheques on March 31, 2021 for which the Department of Payment and Settlement Systems (DPSS), RBI will issue necessary instructions,” it said. With regard to reporting of central and state government transactions to RBI, including uploading of GST/e-receipts luggage files, the reporting window of March 31, 2021 will be extended and kept open till 1200 hours on April 1, 2021, the RBI said.Which of the following banks has not been addressed in the notification issued by the RBI?

Direction: Read the passage carefully and select the best answer to each question out of the given five alternatives.Banks will conduct special clearing operations for annual closure of government accounts on March 31, which is the last day of the current fiscal year, the RBI has said. The Reserve Bank has issued directions to the banks for smooth clearing operation and asked them to mandatorily participate in it. With regard to annual closing of accounts related transactions of the central and state governments, special measures are put in place for 2020-21, the RBI has instructed all the member banks to maintain sufficient balance in their clearing settlement account. Normal clearing timings as applicable to any working Wednesday shall be followed on March 31, 2021, the RBI said in a notification addressed to the member banks, urban and state cooperative banks, payments banks, small finance banks as well as the NPCI. To facilitate accounting of all the government transactions for the current financial year 2020-21 by March 31, 2021, it has been decided to conduct special clearing exclusively for government cheques across the three CTS grids on March 31, 2021, the RBI said.Under this, presentation clearing will take place between 1700 to 1730 hrs and return clearing will take place between 1900 and 1930 hrs at the three CTS (cheque truncation system) grids located in New Delhi, Chennai and Mumbai. “It is mandatory for all banks to participate in the special clearing operations on March 31, 2021. All the member banks under the respective CTS grids are required to keep their inward clearing processing infrastructure open during the special clearing hours and maintain sufficient balance in their clearing settlement account to meet settlement obligations arising out of the special clearing,” said the regulator. Besides, it has asked the banks under the respective CTS grids to adhere to the instructions issued to them by the President of the respective CTS grid. Under the CTS system, there is no need to present a cheque physically for clearance, instead an electronic image is being transmitted to the paying branch through the clearing house, with the relevant data. This eliminates the cost of movement of the physical cheques and reduces time for collection and clearance of cheques. All government transactions done by agency banks for 2020-21 must be accounted for within the same financial year, the RBI said. The central bank said all agency banks should keep their designated branches open for over the counter transactions related to government transactions up to the normal working hours on March 31, 2021. “Transactions through National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) System will continue up to 2400 hours as hitherto on March 31, 2021. “Special clearing will be conducted for collection of government cheques on March 31, 2021 for which the Department of Payment and Settlement Systems (DPSS), RBI will issue necessary instructions,” it said. With regard to reporting of central and state government transactions to RBI, including uploading of GST/e-receipts luggage files, the reporting window of March 31, 2021 will be extended and kept open till 1200 hours on April 1, 2021, the RBI said.Choose the antonym of the word 'Exclusively'.

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PQR Bank is using RBIs VSAT network for its network connectivity. What is the purpose of RBIs VSAT network?a)To provide high-speed internet connectivity to rural areasb)To facilitate interbank communication and transactionsc)To enable secure communication between banks and their customersd)To ensure the security and reliability of the banking network infrastructureCorrect answer is option 'B'. Can you explain this answer?
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PQR Bank is using RBIs VSAT network for its network connectivity. What is the purpose of RBIs VSAT network?a)To provide high-speed internet connectivity to rural areasb)To facilitate interbank communication and transactionsc)To enable secure communication between banks and their customersd)To ensure the security and reliability of the banking network infrastructureCorrect answer is option 'B'. Can you explain this answer? for Banking Exams 2024 is part of Banking Exams preparation. The Question and answers have been prepared according to the Banking Exams exam syllabus. Information about PQR Bank is using RBIs VSAT network for its network connectivity. What is the purpose of RBIs VSAT network?a)To provide high-speed internet connectivity to rural areasb)To facilitate interbank communication and transactionsc)To enable secure communication between banks and their customersd)To ensure the security and reliability of the banking network infrastructureCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for Banking Exams 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for PQR Bank is using RBIs VSAT network for its network connectivity. What is the purpose of RBIs VSAT network?a)To provide high-speed internet connectivity to rural areasb)To facilitate interbank communication and transactionsc)To enable secure communication between banks and their customersd)To ensure the security and reliability of the banking network infrastructureCorrect answer is option 'B'. Can you explain this answer?.
Solutions for PQR Bank is using RBIs VSAT network for its network connectivity. What is the purpose of RBIs VSAT network?a)To provide high-speed internet connectivity to rural areasb)To facilitate interbank communication and transactionsc)To enable secure communication between banks and their customersd)To ensure the security and reliability of the banking network infrastructureCorrect answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for Banking Exams. Download more important topics, notes, lectures and mock test series for Banking Exams Exam by signing up for free.
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