The term 'Core Banking Solutions' is sometimes seen in the news. Which of the following statements best describes/describe this term? 1. 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. 2. It is an effort to increase RBI's control over commercial banks through computerization. 3. 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.
A1 only
B2 and 3 only
C1 and 3 only
D1, 2 and 3
Answer & Solution
Correct answer: A. 1 only
UPSC CSE Prelims 2016 (GS-I, Set A), Q.29. Answer key: A (coaching consensus; UPSC did not publish an official 2016 AK separately on upsc.gov.in).
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