1. 'CORE' stands for 'Centralized Online Real time Exchange'.
2. In the centralized server of the bank, all the details of all the accounts of all the branches of the bank are available.
3. A customer can withdraw money through cheque at any branch of that bank throughout the world.
4. Similarly anyone can deposit money into the account.

1. NEFT- National Electronic Funds Transfer was launched by the RBI in 2005.
2. Under this electronic funds transfer system, bulk transfer of transactions are settled in batches during specific timings across India.
3. Individuals and institutions which maintain accounts with a NEFT enabled bank branch are eligible for using NEFT.

Diversified banking functions:
Competition in the banking industry has reduced their profits. Therefore the commercial banks started identifying and offering new and diversified financial services. They are purely other than banking services. Providing all such banking and other financial services is also called universal banking.

1. RTGS Real Time Gross Settlement Systems was launched by the RBI in 2013.
2. The transactions are settled on real time basis.
3. Gross settlement means the transaction is settled between one bank and another bank without adding any other transactions.
4. RTGS facility is available between 9.00 am to 4.30 pm on weekdays and up to 2.00 pm on Saturdays

i. Electronic Banking reduces cost and time and makes banking service convenient to the customers. It is operated through internet.
ii. This service is a substitute for drafts, cheques and other paper based transfer of funds.