Its a milestone in Indian banking system because it allowed the user to access his/her account from other branches also.
Core banking involves depositing and lending money to its retail and small business customers.
Its normal functions include:
- Deposit Accounts
- Mortgages payments
- INTERNET BANKING
- VARIOUS BRANCHES
The more and more development in the IT industry esp. internet opened new sources for doing business in banking.
These advancements increased efficiency and cut down time.
Core banking solutions is like a stage where the communication technology and information technology has united and fused to comfort the developing banking needs.
Now computer software are used for recording transactions, maintaining passbook data, loans, deposits and all activities related to day to day banking. These software are installed at all different branches of the bank and all branches are interconnected through telephones and internet.
This facility permits the user to operate his/her account from any branch of his bank within his/her reach.