What is the advantage of E-banking system?

The use of cheque is very much minimised

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The banking operations are done throughout the day

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Global transactions are made much more easy

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All the above

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Solution

The correct option is C All the above
Electronic Banking helps with direct transaction of funds from one bank account to another which indirectly reduces the usage of cheque and related activities. E-banking system is available 24x7, this helps the consumer to operate according to their convenience. It is operational word wide and hence makes global transactions easier.

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What is e-banking? What are the advantages of e-banking?

Q. As we all have noticed, banks these days are giving more amphasis on "Branchless Banking". What does this really mean?
A. Banks will not have many branches as used to be in the good old days. Instead, the number of branches will be restricted and will conduct only a specified core business.
B. Banks will launch/operate many delivery channels like ATMs, Mobile Banking/Internet Banking etc so that people are not required to visit a branch for their usual banking needs.
C. This means banks will issue only debit or credit cards for all types of day-to-day financial transactions. Cheques/cash payments will not be allowed.

Q. Banking operations are carried through a single banking office in ______________.

State whether the following statements are TRUE or FALSE :

1. Total of payments side can be greater than total of receipts side in case of bank column.
2. Purchase of asset or stationery on credit is recorded in purchase book.
3. When goods are returned by buyer to seller, buyer sends a debit note.
4. Cheque received and deposited into bank on the same day is a contra entry.
5. Simple petty cash book is not very popular.
6. Interest on overdraft charged by bank is recorded in the cash column.
7. It is not necessary to record dishonor of cheques in the cash book.
8. Cheque book facility is available for fixed deposit account.
9. Businessman generally operates savings bank account.
10. A cash book is both a journal as well as ledger.
11. Cash book is a book of original entry.
12. Cash discount allowed is recorded on the debit side of cash book
13. Credit transactions are never recorded in cash book.
14. Endorsed cheques are always recorded on the payment side in the bank column.
15. A person who endorses the cheque is known as endorser.

Q. Off-shore banking becomes more easy by _______.

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