Question

To improve internal control of banks, Reserve Bank of India has asked all banks to do what till 30 April 2018?
1. To connect SWIFT with its Basic Banking Solution (CBS)
2. To connect RTGS with their Core Banking Solution (CBS)
3. To connect NEFT with its Basic Banking Solution (CBS)
4. To connect MICR to their Basic Banking Solution (CBS)

Answer 1

Correct Answer - Option 1 : To connect SWIFT with its Basic Banking Solution (CBS)

The correct answer is To connect SWIFT with its Basic Banking Solution (CBS).

• To improve the internal control of banks, the Reserve Bank of India has asked all banks to connect SWIFT with its Basic Banking Solution (CBS) till 30 April 2018.
• Hence, option 1 is correct.

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• Reserve Bank of India
  • The Reserve Bank of India is India's central bank, responsible for the issue and supply of the Indian rupee and the regulation of the Indian banking system.
  • It also manages the country's main payment systems and works to promote its economic development. 
  • Governor: Shaktikanta Das 
  • Headquarters: Mumbai, Maharashtra, India
  • Established: 1 April 1935; 85 years ago