Banking Technology 2024-25 PDF

Mr A N S R M K A S TH E N EK N E Mr SR E...

Mr A N S R M K A S TH E N EK N E Mr SR E Mr K A N N SR TH H E E Mr N A N T S R E Mr K A N N S R K H E EE Reference study M r N material A N forNpromotion S T R E Mr S R K TH E N TH EE r N R Mr K AN exercise Sof H M R CSAs 2024-25 E KA N S E N T E M r SR E Mr A N S R H H EK N T E Mr N NT SR E Mr A N S R E KA N T H E EK r N E r N R M S R H M E KA N S T H E N T E M r A N S R Mr K AN N S R T H E K r N E E r N R E M S R M K A S H N T H E E r N N T R E Mr K AN S R H M E KA N S E r N N T E M r E R S R H M E KA N S T H E r N T E M r A N S R AN R Baroda Academy M K S H E K N E r N N T E M r R E M Bank of Baroda A S R S H E K N T H E N T E M r A N S R Mr K AN N R circulation only For internal S T H E K r N E E r N R E M DoS Not Print unlessM R H KA Save Paper, extremely required. E N SSave Trees and T H E N T E M r A N S R Mr N R preserve Environment. A S H E K N E EK r N N T R E M r R ThisSbooklet H M the learning is to supplement E KA efforts of theNpromotion S T H aspirants. E r N incorporated T E M r A N S R Topics M readers to refer K AN are S R indicative in nature and H Apex Academy E K advises the PolicyMr N E to Book of E etc. for updated r N Instructions, SOPs, N T Circulars, Master R ECirculars, R M A S N S guidelines, T H information. E E K r N N TH R E Mr This bookletKisAfocusing N mainly S M within the Bank onRthe promotion exam H E KA (based N S E E trends) and should on previous r N T N not be considered R E as an instruction manual.Mr S R are supposedMto update themselves Employees H E KA N by reading SEnglish, Reasoning T H E r N N T E M r A N S R A guidelines and M Bank’s circulars, S R latest banking industry/ other K general N K awarenessErelated news. r N T H E E r E N R M S R H M E KA N S T H r N N T E M r A N M A S R K E E K r N N TH R EE S R H M E KA N S r N N T E M r R M E KA N S T H r N S RE M KA H E Mr N A NT S RE EK rN Mr A N S R M K A S TH E N EK N E M r SR E Mr K A N N SR TH H E E Mr N A N T SR E Mr K A N N S R E K N T H E E r E BANKING M r TECHNOLOGY A N S R M S R K N TH E N T H E E r N R Mr deliver banking Banking K ANservices moreSefficiently, technology refers to the Ruse of digital tools, H M systems, and E KA It has N S innovations to E the financial sector, r N making transactions N T faster and R securely, E and conveniently. more accessible forM r E R while enhancingMoperational efficiency KA for banks.N S revolutionized S customers H E T H E r N N T E M r A N S R R M Key Aspects E K Aof Banking Technology N S T H E EK rN E M r A N S R M S R K N T H E N 1. Online and T H Mobile Banking: E E r N R Mr AN 24/7 account o Customers can access S banking services M Rmanagement, bill payments, fund transfers, via the internet or A mobile K apps, S K enabling N T H E E and r N E Eo Reduces theMneed r N R M S R more. K A S H N T HSystems (CBS):EE for physical branch visits. r N N T R E Mr AN R allows banks toMperform key operations KA like N S 2. Core Banking softwareSthat H E K o Centralized N E processing transactions, Taccounts, and managingE customerMr E M r updating A N S R S R data in real-time. K N T H E N T H E E r N R r o Ensures N consistent and R synchronized M services across branches. A S M 3. Payment K ATechnologies: oE Digital wallets, UPI,N S T Hcontactless payments E EK enhance r N r E speed and convenience. M QR codes, and A N S R M R H N S o Innovations T H like blockchain E EKare enablingr secure N N T and transparent R E Mr 4. Data AnalyticsAN and AI: SR M K A S transactions. K T H E r N E E rN N R E M S o Banks use M R personalize offerings. H AI to analyze E KA customer behavior, N S predict trends, T Hand E N T E r N Asuspicious R Mr A o Fraud N detection systems S R utilize machine M learning to identify K N S EKactivities in N real-time. T H E E r E r N R M R o With increasing M digital transactions, KA S Hlike 5. Cybersecurity: N S T H E robust Nsecurity measures r N T R E r E M A S AN R K encryption, multi-factor authentication, and biometric verification are M K N S T H E r N E critical. r Eo Helps protectMcustomer data and N R E M R A maintain trust. S N S 6. Cloud H Computing: T E E K r N N TH R E Mr N R M KA S o Reduces costs and improves scalability by storing data and applications inAthe cloud. K S H E N oE Facilitates remoter Naccess and disaster N T recovery. RE M r E RAutomation and RoboticM ProcessKAutomation A (RPA):S H N S 7. T H E r N N T R E r o N Automates routine tasks E R speed and accuracy. like loan M processing, compliance A checks, and S M E K A customer S queries, improving N T H E EK rN Eo Decentralized 8. Blockchain r and Cryptocurrencies: M A N S R M S R ledger technology K enhances security N T and transparency H in N T H E E like smart contracts r N Mr financial A N transactions. S R M K A TH EE o Enables innovative services and digital currencies. E K N E r M TechnologyKA N S R S R Importance of Banking N N T H E E r r N R M M KA S H 1. Enhanced Customer Experience: E r N N T S RE M KA H E Mr N A NT S RE EK rN Mr A N S R M K A S TH E N EK N E M r SR E Mr K A N N SR TH H E E Mr N N A T R E Mr S speed, andTpersonalization, K A N N S R E K N H E E to greater r o Provides E customer satisfaction. M r convenience, A N S R leading M R TH N S OperationalTEfficiency: 2. H E EK r N N R E reduces costs, andM minimizes human A S Mr 3. Financial AN o Automates K processes,R Inclusion: N S H E K errors. N E E r N T R E in remote orMr R underservedMareas through mobile KA and digital platforms. S H o Expands access to banking services, especially S N 4. Risk Management: T H E r N N T R E r N R E M A S M o K A analyticsSand AI help banks H identify and K Emitigate risks r N E E Advanced r N N T R E M R proactively. M A S H N S CompetitiveTAdvantage: 5. H E EK technology can r N T Ndifferentiate themselves R E Mr N o Banks that adopt cutting-edge inAa competitive market. S R M K A S K N T H E E r N E r Eo Facilitates international N R M 6. Global S R Connectivity: M K A S H N T H transactions.EE trade and commerce r N by enabling T seamless N R E Mr 7. Sustainability: AN R M KA S cross-border K S H E N E oE Reduces the r N need for paper-based N T R processes E and physicalMr S R infrastructure, A Mcontributing toKeco-friendly S H N T H E E r N operations. N T R E r M ChallengesKand ANFuture Directions S R M K A S N T H E E r N E E r N challenges such R as cybersecurity M While R S banking technologyMhas immense benefits, K A S H N T H E E r N N T R E threats, regulatory Mr technologies compliance, and ANquantum computing, S the digital divide need R metaverse banking, to be addressed. M and AI-driven AEmerging K financial N S K like E shape the futurer ofNthe sector. NT H E E r advisors will E R M S R H M E KA for economic N S T H E N Banking technology Tcontinues to be a E cornerstone r growth and N innovation R Mr in the digital K age.AN S R H M E KA N S E r N N T E M r E R S R H M E KA N S T H E r N T E M r A N S R M K ANOUR DIGITAL S R H E K r N E E r N N T PRODUCTS R E M R M A S N S T H E E K r N N TH R E Mr DIGITAL K ANPAYMENTS S R H M E KA N S E r N N T E M r E R S R M KA N S T H r N1. Bob World N H T Internet RE E M r A N S RE M E KA N S T H E EK r N E M r A N S R M S R 1.1 Introduction of Bob World Internet K N T H Bob World N delivery channel H Internet" is an internet T for rendering effectiveEbanking facility E customer service r introduced as an alternative NIt offers Mr A N R M A on 24 X 7 basis. K customized services S H unique K E E launch r N N T to both Retail & Corporate EE customers. R R World Internet”Mis a transaction KAbased internetNbanking S product being 1.2 Countrywide S “Bob N offered to our H Tcustomer’s w.e.f.RE E r All Bob World Internet r N 14th September,M 2006. M Customers E KAhave been upgraded N S to new version T H i.e. FEBA as of 25/11/2020. E M r A N R N S T H E EK Mr K A N S R E rN Mr A N S R M K A S TH E N EK N E M r SR E Mr K A N N SR TH H E E Mr N A N T S R E Mr K A N N S R K H E EE M r N N T A R E “Bob World Internet” customers are classified in two categories (i) Retail (ii) S Mr S R Corporate K N TH E N T H E E r N R Mr 1.2.1 Bob WorldK ANInternet – Retail S R H M E KA N S E r N joint accounts) N Tare consideredRasERetail M r E R customer for theMpurpose of “BobKWorld All INDIVIDUALS (including A Internet”. S H N S T H E r N N T R E r N R E M A S M 1.2.2 Bob World E K A Internet – Corporate N S T H E EK rN E M r A N S R M S R K N T H E N All NON-INDIVIDUALS T H are E E considered as corporate r customer for the purpose N R Mr 1.3 ExcludedKUsers of AN “Bob World Internet”. S R M K A S N T H E E r N E r E will not provideMInternet N to R M S R Bank K A Banking facility S H N T H E E r N N T R E Mr K A N account holders Illiterate S R H M E KA N S EDormant accounts r N N T E M r E R S H M R Inoperative accounts E KAage of 15) N S T H E r N Minor T account holders E (Below M r A N S R M K AN where garnishee Accounts S R / attachment order is receivedK H E r N E r N T E N Handbook onSDigital R Banking M RE M A H S For detailed information, H E K kindly refer N T E N T E r A N R Mr LatestKupdates AN in BoB World S R Internet BankingM K N S N T H E E r EE Circular number r N R M 1. R S Refer H M E KinAInternet BankingNApplication BCC:BR:116:131 dated S 27.02.2024-Introduction (bob T H of E N T new functionalities / enhancements E M r A N World S R Mr Internet) N A S R H E K N E EKFunctionality r N N T R E Corporate Mr R1 M KA S Yes TH S.No Type Retail N 2S T Account H Blocking E New YesN r N R E r N R E M A S M K A Facility to view S locker Functionality H Yes E No K N E details N r of N T E M r 3E M A Yes SR No S R Online closure K N TH E N H LABOD/ODBOD T E E r N R Mr 4 K A N Implementation of S R H M Yes E No KA N S E services r N NCMC eWallet N T E M r E R S R5 H M E KA NoN S Yes TH E r N POS lead N T generation E M r A N S R M facility A S R K 6 E K N Option for downloading r N T H Yes E EYes M rN R E account M statement in A S R S.CSV H format E K N T H r N 7 N Name T check during RE Enhancement MYes r YesAN M K A IMPS transaction S H E K 8EE Displaying of rCKYC N N T E R Yes S R M K A Yes S N number T H E E r N Mr AN S R M E K N T H E r N S R H M E KA Mr N A NT S RE EK rN Mr A N S R M K A S TH E N EK N E M r SR E Mr K A N N SR TH H E E Mr N A N T S R E Mr K A N N S R K H E EE r N T E 2. Refer Circular number BCC:BR:116:197 dated 27.03.2024- Introduction of M A N S R Mr S R K new functionalities / enhancements in Internet Banking Application (bob World N T H E H E r N R N NT RE Internet) Mr AFunctionality S M A KCorporate S K N T H E E r N E S.No E Re-issuance rof Debit NewAN Type Retail Yes SR M S R 1 M K No T H N Card H T E EFunctionality r N N RE r N in theR EnhancementM Yes A S M KAfacility of disabling S EK 2 Enhancement Yes E r N N T H E M rN R E Internet Banking M using A S R S H E K N T H E N Self T Mode (without E M r A N S R Mr N R K login in Internet K ABanking) S H E r N E E r N N T R E M S R M K A S H N 3. Refer Circular T H portal andEbob number BCC:BR:116:285 dated N E World Mobile rapplication. 08.05.2024- NRI T Services N R E Mr AN R M KA S on bob World Internet K S H E N E E service links r Nare made available N R E Banking Mr Tin BoB World Internet KA Following S Rand Mobile BankingMapp for NRI customers:- N S T H E N T H E E r N R M r AN of KYC/re-KYC S R M K A S Updation K N T H E E r N E E Change of Resident Updation of r Registered mobile N number R M S R M K A S H N T H Status E E r N N T R E Mr AN Call Bank Facility S R M K A S K NBCC:BR:116:336 H Tdated 03.06.2024- E EIntroduction of Mr N E 4. Refer E Circular number r N R S Rnew functionalities M / enhancements K in A S H N T H E E r N Internet Banking Application N T (bob World R E Mr Internet) A N S R M K A S H E N E S.NoEK Functionalityr N Type NT Retail RE Corporate Mr S R1 Mservices New K A Yes S H N Credit Card T H E E r N No N T R E M r integration N ADe-Activation S Functionality R Enhancement Yes M A KNo S 2 K of BoB N T H E E r N E E through BoB World Internet rWorld banking N R M R M A S N S T Mobile HBanking App EE K r N N TH R E Mr N of transactionSR AAlert MNo A KYes S 3 K N T H E E r N E E pending for checker r N R M S R approval M H E KA N S T H E r N N T E M r A N S R R M 5. Refer CircularA number BCC:BR:116:551 S EK rN dated 04.09.2024 E K N T H E ❖R E M r A N S Rwith BoB World M S Integration of “SmartInvest- H a digital Mutual E K Fund Platform” N T H r N N T Internet banking E for Investment/review/MF r transactions/KYC M etc. A N M 1. Refer CircularA S R K E E K number BCC:BR:116:630 r N N TH16.10.2024- dated R EEWorld Internet) Introduction of new R M KA S functionalities / enhancements in Internet Banking Application (bob S N S.No Functionality T H E N r Retail r N R E Type M M K A S H Corporate E E r N N T S R H M E KA Mr N A NT S RE EK rN Mr A N S R M K A S TH E N EK N E M r SR E Mr K A N N SR TH H E E Mr N N T R E AFund Transfer to virtual S Mr K A N N S R E K N New TH E E Yes r 1 E accounts M r A N Yes S R M S R2 K Functionality N NoNT H E N T H CIMS(Comprehensive E E Enhancement r Yes R Mr K N AInvestment S Management R H M E KA N S E integration with NInternet Solution) platform r N T E M r E R S R H M E KA N S T H E r N N T Banking E M r A N S R R E A M Retail KCustomers: N Revised S limits T H E EK rN E M r A N S R M S R K N T H E N Category T H Type E E of Per Daily r TAX N Payment/Self-Linked R Mr Retail_Default AN SHP/TPT/NEFT/RT Transaction S R Txn M K A S K N 10 TH25 E E r N E E GS (In rLakhs) N R M S R M K A S Unlimited H N Retail_Default T H IMPS(Lakhs) E E5 5 r N N T R E Mr Corporate K AN S R limits H M E KA N S E N Customers: Revised r N T E M r R E M A S R S TypeHof Transaction EKPer T H Daily NTAX Payment/Self-Linked E r N Category T E M r A N S R M Corporate KAN R UnlimitedEK Txn N S T H r N DefaultE E SHP/TPT/NEFT/RTGS/ r 30 N 75 R E M S R BULK M UPLOAD(In K A S H N T H Lakhs) E E r N N T R E Mr Default KAN Corporate IMPS S R 5 5 M K A S N T H E E r N E E r N R M S R H M No of Beneficiaries E KA N Retail S T H Corporate E N T E Beneficiaries perRday (any mode M5 r N A 25 S R Mr Total Number ofN A S H E K N EK Of payment). E r N N T R E M r R in OTP delivery M A S H S H ChannelsEK r N T E r N Modification N T R E M A N S R M E Mail deliveryK Aon To Prevent Cyber frauds and S to avoid misuse of H OTP sent on E K Mail E ID, OTP on The details of r N EE E Mail has r N been T discontinued from 24/7/2023. N Delivery Channel R E M R M A S N S S Customer No Segment TH Customer E EK OTP r N N TH R E Mr AN M KA S Type S R N E K N H Previously T & SMS RSMS E Existing E only r 1 E Retail r Domestic ENMail M S R MNRI KAE Mail & SMSN S No Change TH r H N2 CorporateNT DomesticRE E Mail & SMS E M r SMS only N A S RE M changes areKasAbelow: E N S T H E EK rN E in authentication M r A N S R in bob World M S R Modification mechanism K for beneficiary addition N T H N Internet T H E E r N Mr A N S R M K A TH EE S No Customer Authentication Mechanism for beneficiary Addition E K N Segment E r N R S R M Existing H E KA Proposed N S r N1 Retail N TPassword RE OTP+ Transaction Split M r OTP + Transaction M K A S Password H E r N N T S RE M KA H E Mr N A NT S RE EK rN Mr A N S R M K A S TH E N EK N E M r SR E Mr K A N N SR TH H E E Mr N A N T S R E Mr K A N N S R K N 1stHhalf of OTP on T E ESMS and 2nd r R EE Mr A Nhalf of ITP willSR be sent to E Mail. M N S T H E EK SMS andr N E Mail will be sent N THon R E Mr AN S R Mobile Mnumber and EKMail A ID of S K N T H E E r N E E r N customer registered R with bank. M S M addition K R period for beneficiary A S customersTisHas Cooling N T H E E r N for retail and corporate N R E r N R M A S A EK under: M K N S T H rN S.No E E r N R E M S R M Beneficiary Addition Time K A S Transactions permitted on both H N T H E E Retail and r N Corporate N T R E Mr AN and up toSRfirst 4 on that M A S beneficiary EK 1 Immediately after addition of new No financial transactions permitted K beneficiary N T H E r N E M Ehours Mr 2 SR After expiry of 4 hours and up to K AN S R N Rs 2 lakhs N T H N T H E E up to totalr of Maximum financial transactions R E Mr next AN 24 hours S R M on that K A is only S K N H T this period.RE permitted E beneficiary r N E E r N M KAFinancial Transactions during 3 SR After expiry of 28 Mhours i.e., (first N S T Has N 4 hours + T H E E r allowed N R E M r AN 24 hours ) S R M per assigned limits with K A no S K N H restriction. T E E r N E E r N R M S R M K A S H 2. BOB N World T H (Mobile Banking E E Application) r N N T R E Mr The BoB World ANmobile banking S Rapplication by Bank M A K(BoB) is a N S K E digital platform T H Nthat provides customers of Baroda E Earray of bankingMr E r N R R in a convenient, M KA format. Launched S as a rebranded comprehensive with a vast S services H E secure, and user-friendly N T H E N T E r M a single interface. N A Here’s S R Mr on the Go" experienceN by integrating Rover 220 services under and improved version of the previous M-Connect Plus app, BoB World offers a "Bank A S H E K N a detailedE EK at its features,r functionalities, look N N and Tbenefits: R E M r S R H M E KA N S T H E r N T E M r A N S R AN 1. Account Overview and Management M S R K N E K N T H E E r E Account Access: M r loans, and Acredit View and manage N cards, from aSsingle all your linked R dashboard. accounts, including M S Rsavings, current, deposits, K N your accountNbalance TH E N Real-Time BalanceT H & Mini-Statements: E E r R Rfor easy monitoringMof finances. KA Instantly check Mr and A Ntransaction history S N S recent K E Facility: View H Tpassbook with R N a detailed, digital E E details. r Passbook E M r A N S transaction M S R K N T H E N 2. Payments T H and Transfers E E r N R r N M UnifiedKAPayments Interface S R M K A S E N T H World offersEE seamless UPI r N rcustomers to send Rusing UPI IDs or byM (UPI): BoB R E M A Nor receive money S S functionality, allowing H E Kcreate custom UPI N T H r N bank accounts. N T scanning QR codes. E Users can also M r N IDs and link multiple A A M IMPS,KNEFT, and RTGS: R SFacilitates fundTHtransfers across accounts K E E r N N R EE transfers within R(IMPS) or scheduled Mtransfers (NEFT, KARTGS). S Bank of Baroda and other banks, with quick options for immediate N S T H E r N r N R E M M E KA N S T H r N S RE M KA H E Mr N A NT S RE EK rN Mr A N S R M K A S TH E N EK N E M r SR E Mr K A N N SR TH H E E Mr N A N T S R E Mr K A N N S R K H E EE M r N T E Quick Pay: Payees can be saved for faster, one-click payments without A N R S Mr S R needing to re-enter details. K N TH E N T H E r N R Mr 3. Digital PaymentsAN RE S M KA N S K EPayments: Payr utility N bills (electricity, H T gas, water),Rmobile E E and DTHMr E N Rrecharges, credit cardM dues, and more KA through Bharat SBill Payment System Bill S H E N T H E r N (BBPS) integration. N T E M r A N S R M Merchant A Payments: Make S Rpayments at partnered merchants K E K N T H E E via QR code r N E scanning, M simplifying r payments for A both Nusers and S R merchants. M R H N S One-Time Payments and Auto-Debit: T EK Schedule Hconsistent bill Epayments N or set up recurring payments r N T R E Mr auto-debits N for R withoutM needing to A remember K due S dates.KA S H E N E r N N T E M r R E and WealthMManagement A S R S 4. Investment H E K N T H E N T E r N R Mr FixedKand ANRecurring Deposits: S R Open, renew, M H or close fixed E KA (FDs) N S E can also trackMr deposits andE E recurring deposits r N(RDs) directly through N T the app. Users R S Rmaturity and interestMearnings. KA N S T H E N T H E E r N R M r Mutual Funds: intuitive A The app N and filterSoption provides options to M invest in mutual R to browse various schemesKand initiate N A funds with an S E K search N or redemptions. T H E E r R E investments, r withdrawals, M and Government N A Bonds: Invest R S in sovereignTH M S Sovereign Gold Bonds Hgovernment securities K E through the app, N gold E N bonds or other T E M r adding a secure A N option S R Mr ANdiversification. SR for portfolio K T H E K r N E E Loan Servicesr N N R E M S R 5. Credit and H M E KA N S T H E N T E r M can applyKA N S R Mr Instant A N Personal S R Loans: Existing BoB customers H E for instant N E EK ifloans personal N documentation, with minimal eligible. Mr N T which can R beEapproved within r M Rminutes A S H N S Auto and Home T H Loans: UsersEcan EKapply for car and r Nhome loans with T N in-app R E M r calculatorsNto understand EMIs Afor transparency.SR and tenure M details. Application K A tracking is S K N T H E E r N E available E RepaymentMTracking: r LoanAN R their repayment M Loan S R K holders can view N S TH N schedules, EMI T H details, and E outstanding E amounts. r N R E Mr K AN history with BoB. Pre-Approved Credit: Eligible S R users can access H M pre-approved KA offers E based on N S their financial E r N N T E M r E R S R Services M 6. Insurance H E KA N S T H E r N N T E M r A N S R M Life and AGeneral Insurance: S RThe app offers insurance products inKpartnership N E K N T H home insurance. E E r E with leading insurers r for health, life, N motor, and R M R S H M Quick Quote Generation: KA insurance N Generate E S quotes, Tmake premium H r N purchases,Nand T track policiesRwithin E the app. M r A N M A S K E E K 7. Card Management r N N TH R EE S R M A KUsers S N Debit and T H Credit Card E Services: E can r view N details of their debit and M r N R A request new orSreplacement cards, M credit cards, E K N T H and set transaction limits. E M r A N R N S T H E EK Mr K A N S R E rN Mr A N S R M K A S TH E N EK N E M r SR E Mr K A N N SR TH H E E Mr N A N T S R E Mr K A N N S R