Banking Services

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  • Q1

    An online image based clearing system where cheque images are sent electronically is called

    Marks:1
    Answer:

    CTS.

    Explanation:

    An online image based clearing system where cheque images are sent electronically is called CTS or cheque truncation system.

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  • Q2

    The account opened for the purpose of depositing small or individual savings is called

    Marks:1
    Answer:

    savings account.

    Explanation:

    The account opened for the purpose of depositing small or individual savings is called savings account. The main objective of this account is to promote the habit of savings.

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  • Q3

    Terms “Real Time” and “Gross” are used in

    Marks:1
    Answer:

    RTGS.

    Explanation:

    Terms “Real Time” and “Gross” are used in RTGS. Settlement on ‘Real Time’ means there is no waiting period in payment transaction and ‘Gross’ settlement means the transaction is made on one to one basis .

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  • Q4

    E-banking does not include

    Marks:1
    Answer:

    overdraft.

    Explanation:

    Electronic banking facilities include electronic funds transfer (EFT), ATM, debit card, credit card, sms alerts, etc.

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  • Q5

    Granting credit as one of the function of Commercial Banks does not include

    Marks:1
    Answer:

    recurring deposits.

    Explanation:

    Granting credit as one of the function of Commercial Banks does not include Recurring deposits as this comes under accepting deposits as the main function of commercial banks.

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