What is the full form of RBS?
The full form of RBS is the Royal Bank of Scotland. RBS is a major retail & commercial bank in Scotland. It is one of the retail banking subsidiaries of the NatWest Group, along with NatWest in England & Wales and Ulster Bank. Although there are divisions in several larger cities and towns across England & Wales, there are about 700 RBS branches, mainly in Scotland. The bank is completely distinct from the Bank of Scotland, a fellow bank of Edinburgh, which is 32 years older than the Royal Bank.
The RBS was created in 1724, to include a bank with strong Hanoverian as well as Whig ties. In 2019, the bank became a direct subsidiary of NatWest Holdings with regard to ring-fencing the core domestic economy of the group. NatWest Markets is made up of the group’s wealth management arm. The former RBS entity was retitled as NatWest Markets in 2018 to offer legal form. Same time, Adam & Company that carried a different PRA banking license was changed its name to The Royal Bank of Scotland, with Adam and Company remaining in Scotland as an RBS private banking brand, along the same lines as Messrs. Drummond & Child & Co. firms in England.
Service offered by RBS
- RBS offers personal, commercial & business clients with an entire array of insurance & banking facilities.
- Since 1946, RBS has functioned mobile branches utilizing transformed vans to fulfil rural communities, along with traditional divisions, telephone, and online banking. Presently, 19 mobile branches exist.
- The bank is approved by the Authority for Prudential Regulation & regulated by both the Authority for Financial Conduct and the Authority for Prudential Regulation.
- RBS actively participated in the Faster Payments system, an initiative launched in 2008 to accelerate certain payments.
- The RBS Group undertook the very first trial of contactless PayPass credit & debit cards in Europe in 2006.
- The financial institutions in implementing Visa Debit cards with current bank account technology, that can be used to make purchases up to £ 30 by pressing the retailer’s terminal on an activated card.
- The RBS and NatWest incorporated hand-held devices in 2007 for use with a card to approve online transactions in an attempt to improve protection.