Here
we are providing Short Notes on Core Banking Solutions - one of the hot topic
asked in the Interviews.
Hope
you like the post!!!
The
term CORE means - Centralized Online Real-time Exchange.
What is CBS?
CBS
refers to the software applications for recording transactions, storing
customer information, calculating
interest
and completing the process of passing entries in a single database.
What CBS does?
CBS
enables accessing of complete customer account details centrally. It makes it
possible for a bank customer to
access his bank account through whichever channel he prefers like internet
banking, mobile banking, ATM etc.
CBS in India
This
initiative was taken by the banks on the basis of ‘First Rangarajan Committee
report’ on bank computerisation submitted
in the year 1984.
The
committee was constituted under the chairmanship of Dr. C. Rangarajan (Then
deputy governor of RBI).
Old
generation banks initially were hesitant about this but with the advent of new
generation private sector banks in India
during 1994-1996, the real era of bank marketing started and these banks
started to offer any-where and
any-time
banking facilities to its customers.