Core Banking
Core banking is a back-end system that connects multiple branches of the same bank together to deliver operations like loan management, withdrawals, deposits and payments in real-time. The term CORE stands for Centralized Online Real-time Environment, which implies that the customer can experience the bank as a single entity, regardless of their location – with the aim to provide more independence for the customers in terms of using their accounts and conducting transactions from any location in the world.
Feature of Core Banking Provided by Bank
Major products and services provided and rendered by Sanmati Sahakari Bank Ltd, Ichalkaranji ( Multi State Co-op Bank )
- Deposits : Made by customers in various schemes for pre- defined periods.
- Advances : The type of advances granted by Sanmati banks take various forms such as cash credit, overdrafts, purchase/ discounting of bills, term loans, housing loans, educational loans, and Vehicle loans etc.
- Remittances : involve transfer of funds from one place to another.
- Demand Drafts : Are issued by one branch of the Bank and are payable by another branch of the Bank The demand drafts are handed over to the applicant.
- Real Time Gross Settlement (RTGS) : Is an electronic form of funds transfer where the transmission takes place on a real-time basis. In India, transfer of funds with RTGS is done for high value transactions, the minimum amount being ` 2 lakh. The beneficiary account receives the funds transferred, on a real-time basis.
- National Electronic Funds Transfer (NEFT) : Is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, individuals can electronically transfer funds from any bank branch to any individual having an account with any other bank branch in the country participating in the Scheme.
- Immediate Payment Service (IMPS) : Is an instant payment inter-bank electronic funds transfer system in India. IMPS offer an inter-bank electronic fund transfer service through mobile phones. Unlike NEFT and RTGS, the service is available 24x7 throughout the year including bank holidays.
- CTS Clearing : involves collecting instruments on behalf of customers of bank.