The term 'Core Banking Solutions' is sometimes seen in the news. Which of the following statements best describes/ describe this term?

1. It is a networking of a bank's branches which enables customers to operate their accounts from any branch of the bank on its network regardless of where they open their accounts.
2. It is an effort to increase RBI's control over commercial banks through computerization.
3. It is a detailed procedure by which a bank with huge non-performing assets is taken over by another bank.

Select the correct answer using the code given below.

Core Banking Solutions refers specifically to networking the IT systems and branches of a bank:

• It enables seamless integration of the back-end computerization and technology infrastructure across all the bank's branches.
• This networking allows customers to easily access their bank accounts as well as avail various banking services from any branch across the country, regardless of where they opened the account.
• Essentially, account access and services are unified rather than restricted to just the home branch. This offers flexibility and convenience to customers.

Whereas, RBI control over banks or takeover of weak banks relate to completely different concepts:

• They have nothing to do with mainstream core banking solutions that deal with connecting technology to unify delivery of retail banking services.