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Question
What do you mean by Core Banking Solutions?
Solution
‘CORE’ stands for ‘Centralized Online Real-time Exchange. In the centralized server of the bank, all the details of all the accounts of all the branches of the bank are available. A customer can withdraw money through a cheque at any branch of that bank throughout the world. Similarly, anyone can deposit money into an account. Entry of the transactions is recorded in the centralized server of the bank in real-time and can be seen in all the branches of the bank. This facility is called Core Banking Solutions.
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