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Core Banking Solution

Core Banking Solution

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Published by: businessmba on Mar 30, 2012
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10/27/2014

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Core Banking Solution
 
>
 
What is Core Banking Solution ?
 Core Banking Solution (CBS) is networking of branches, which enables Customers to operate their accounts, and avail banking services from any branch of theBank on CBS network, regardless of where he maintains his account. The customer is no more the custo
mer of a Branch. He becomes the Bank’s Customer. Thus
CBS is a step towards enhancing customer convenience through Anywhere and Anytime Banking.
How shall CBS help Customers?
 All CBS branches are inter-connected with each other. Therefore, Customers of CBS branches can avail various banking facilities from any other CBS branchlocated any where in the world. These services* are:
 
To make enquiries about the balance; debit or credit entries in the account.
 
To obtain cash payment out of his account by tendering a cheque.
 
To deposit a cheque for credit into his account.
 
To deposit cash into the account.
 
To deposit cheques / cash into account of some other person who has account in a CBS branch.
 
To get statement of account.
 
To transfer funds from his account to some other account
 –
his own or of third party, provided both accounts are in CBS branches.
 
To obtain Demand Drafts or Banker’s Cheques from any branch on CBS –
amount shall be online debited to his account.
 
Customers can continue to use ATMs and other Delivery Channels, which are also interfaced with CBS platform. Similarly, facilities like Bill Payment,I-Bob, M-bob etc. shall also continue to be available. Bank is in the process of launching Internet-banking facility shortly.All these aim to provide convenient, efficient, and high quality banking experience to the customers, comparable to world class standards.
What are other benefits to the Customers ?
 A CBS branch is like a Sales & Service Delivery Center. Back office processes/activities are handled through technology at some other site, called Data Center.Branch, therefore, has more time for serving customers. This improves the quality and efficiency of the services rendered and the customer is directly benefited byway of satisfying and happy banking experience.Since a CBS branch is essentially designed to focus on customer-interface and customer service, the special lay-out and ambience of the branch is made toprovide a convenient and delightful banking experience. The Customer Service Representatives / Executives at the branch are specially trained to understand,facilitate and deliver banking services efficiently and effectively.We wish our customers happy banking.(*To safeguard the interest of customers, Bank has placed certain restrictions on the amount of transactions, which are handled through other branches underCBS. The details can be obtained from the branch).
The first Automated Teller Machine (ATM) was introduced in the year 1967 by Barclays Bank in Enfield Town in North London. At that time a few would have anticipated excess in ATMs. Then for many years 
after, the aim was to shift people off the teller lines thus lowering a bank‘s distribution costs and increase
efficiency. But in the 1980s, it was noticed that people continued to visit branches, though not as frequently, so that with the added costs of ATMs, overall distribution costs were actually rising.Then, in the mid-1990s, came surcharges, which fuelled the proliferation of off-premises ATMs, which led in turn to the current overcapacity. There was a slowdown in ATM transactions, partially because of the 
consumer’s reaction to the imposition of surcharges. Also by the advent of surcharging there was a
 
massive growth in the 
number of ATMs as it offered ATM owner’s revenues making it economical to
install ATMs where they might not have been placed otherwise.
National Financial Switch
From Wikipedia, the free encyclopedia
Any bank can now join National Financial Switch:-Press release July 26,2011
 Any bank with Core Banking Solution with 24 X 7 transaction banking capabilities with ATM orno ATM can now join the National Financial Switch (NFS) through a sponsor bank. This wouldfacilitate even the non- scheduled Urban Co-op Banks and Regional Rural Banks to have accessto the National Network of 78,000 + ATMs in the country. So far, access was limited to onlyscheduled banks with RTGS membership. Two Sub-members, The Pandharpur Urban Co. Op.Bank Ltd.(PUC) with their three ATMs in Pandharpur, Maharashtra (through their SponsorICICI Bank Ltd) and Dr. Annasaheb Chowgule Bank (DAC) with their Four ATMs in Solapur,Maharashtra (through their Sponsor HDFC Bank Ltd) have gone live on NFS Network. This is astep forward to inclusive growth of financial services in the Country and serving to theCustomers of the smaller Banks, UCBs and RRBs. By this Sponsor Bank Scheme on NFS,connectivity of ATMs across the Country would be increased and Customers would be able toaccess the ATMs in the remotest areas of the Country.
Background
 The Institute of Development and Research in Banking Technology (IDRBT), Hyderabad hadbeen providing ATM switching service to banks in India through National Financial Switch .IDRBT decided to hive off its operational role on ATM switching to have focus on research anddevelopment and was looking for a suitable arrangement for shifting this business to somenational level payment system organization. National Payments Corporation of India (NPCI)  considered this as an opportunity and started discussions with IDRBT on the feasibility of takingover.The Board for Regulation and Supervision of Payment and Settlement systems (BPSS) at itsmeeting held on September 24, 2009 has approved in-principle to issue authorisation to NPCI foroperating various retail payment systems in the country. Reserve Bank of India has grantedauthorisation to NPCI to take over the operations of National Financial Switch (NFS) from theInstitute of Development and Research in Banking Techno
logy (IDRBT) on a „as is where is basis‟ on October 15, 2009.NPCI has deputed its officials to IDRBT Hyderabad and NPCI has
taken over NFS operations from December 14, 2009.While the primary site is located in the IDRBT Campus at Hyderabad, the back up site is beingdeveloped at Mumbai.
 [ edit  ] Member banks
 
The NFS Network connects 83,648 ATMs of 59 member banks and 2 sub-member banks, whichis the largest number of ATMs under a single network in India.
NFS Member Banks ATMs
 
Sr No
 
Bank Name
 
No of ATMs
 
1
 
 Abhyudaya Cooperative Bank 
 
96
 
2
 
 Allahabad Bank 
 
316
 
3
 
 Andhra Bank 
 
1025
 
4
 
 Axis Bank 
 
7591
 
5
 
Bank of Bahrain and Kuwait 
 
2
 
6
 
Bank of Baroda
 
1800
 
 
Bank of India
 
1602
 
8
 
Bank of Maharashtra
 
500
 
9
 
Barclays Bank 
 
39
 
10
 
Bassein catholic Co-op Bank 
 
23
 
11
 
Canara Bank 
 
2623
 
12
 
Catholic Syrian Bank 
 
164
 
13
 
Central Bank of India
 
1217 
 
14
 
Citi Bank N.A.
 
701
 
15
 
City Union Bank 
 
315
 
16
 
Corporation Bank 
 
1256
 
17 
 
Cosmos Cooperative Bank 
 
116
 
18
 
Dena Bank 
 
520
 
19
 
Development Credit Bank 
 
140
 

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