Banking Services and Operations

Yes, this is the full form of ATM.

No-Frills Accounts (Basic Savings Bank Deposit Accounts) are specifically designed for individuals from weaker sections and low-income groups. This includes agricultural labourers, students, and unorganised sector workers. A small firm is a business entity, not an individual, and therefore cannot open a No-Frills Account.

 Operational Risk is associated with the failure of internal processes of a bank or business organisation. Operational risk is the risk that is not inherent in financial, systematic or market-wide risk.

A bank account is treated as a personal account because the bank is considered a legal entity/artificial person. Under the three traditional types of accounts (Personal, Real, Nominal), bank accounts fall under personal accounts as they represent a relationship with a person (the bank). While banks deal in money, the account itself represents the person, not the asset.

'Minimise' means 'to reduce'.

The M.N. Goiporia Committee (1997) was constituted to review and improve customer service in banks, not for banking system reformation. It focused on enhancing customer service quality, grievance redressal, and service standards in banks.

The Prime Lending Rate (PLR) is determined by individual banks based on their cost of funds and market conditions, not set by RBI. RBI directly controls Bank Rate, Cash Reserve Ratio (CRR), and Statutory Liquidity Ratio (SLR) as monetary policy tools. PLR is a benchmark rate set autonomously by commercial banks.

Staff

all the above

Fixed Deposits Receipts

Bank deposits are known for liquidity and safety, but they offer relatively low returns, especially after accounting for taxes on interest income. The yield from bank deposits is typically lower than inflation and many other investment options after tax, making high yield after tax their disadvantage rather than an advantage. The low entry price is actually a benefit.

Payments as a service (PaaS) is a phrase used to describe a SaaS-based methodology used to connect a disparate group of international payment systems. The architecture is represented by a layer – or overlay – that resides on top of these disparate systems and provides for two-way communications between the payment system and the PaaS. Communication is governed by standard APIs created by the PaaS provider.

A charge card is similar to a credit card, except that the cardholder is required to pay the full balance of the statement amount, which is usually monthly. It is a means of obtaining a very short term loan for a purchase. The period of the loan is the period between the purchase and the statement date plus the period that the cardholder has to pay the account,a potential period of usually up to 55 days.

Wire transfer is a method of electronic funds transfer from one person or institution (entity) to another. A wire transfer can be made from one bank account to another bank account or through a transfer of cash at a cash office, such as Western Union.

This is a right answer as we can do all of the above with the help of latest mobile phone service.