Banks and banking - class-XI

Request of secretary to the bank not to make the payment of cheque is known as stop payment- this is a true statement. This request is made in order to stop the payment of the cheque so that misuse of  the cheque is prevented. This request is to be made by the customer who issued the cheeque.

CBS system allows an account holder to operate their accounts from any branch. CBS stands for Core Banking Solution. CBS can be defined as a technology platform which helps the customers to access their account from multiple delivery points, which includes different branches of the same bank, ATMs, internet and mobile banking, etc.

Under e-banking, account holders get unlimited access to their accounts- this is a true statement. Through e-banking
customers can conduct transactions electronically. E-banking is a
product designed for the purpose of online banking.

Export Import Bank (EXIM Bank) is
a statutory corporation wholly owned by the Government of India for the
purpose of financing, facilitating and promoting foreign trade of
India. Export Import Bank extends lines of credit to overseas governments, other financial institutions in order to finance India's exports to those countries.

Cash credit is a facility given to current account holder of the bank, to withdraw money even when there is no credit balance. 

Bank is a financial  institution. It accepts deposits from the lenders and gives loans tot he borrowers. Banks help to improve the financial stability of an economy.

As a Company is a separate legal entity, the board resolution is required in addition to the other documents for opening a bank account.

Stop payment letter is usually made to prevent the misuse of the cheque when the cheque is lost. A customer who issued the cheque can write a stop payment letter. This stop payment letter is used to issue in order to stop the misuse of the lost cheque.

Pay-in-slip is also called as a deposit slip. When a person deposits cheque or cash into a bank account, pay-in=slip is filled in. It has the details viz account number, amount, date, etc. Depositor need not be account holder.

Salary Account opened with a bank is a form of savings account. It is generally as 'Zero balance' account. It encourages savings among salaried people.

Dematerialisation or Demat in short is the process through which an investors physical share certificate gets converted to electronic format which is maintained in an account with the Depository Participant.

Image-based cheque clearing system where the image of the cheque is sent electronically is known as CTS. The Cheque Truncation System( CTS) can be defined as a process of stopping flow of physical cheque in which electronic image of the instrument is presented during the time of clearing.