What is the primary role of a bank's operations department?
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Wrong!
The operations department ensures smooth processing of transactions, compliance with regulations, and internal control systems.
What document is required for opening a savings account as per banking norms?
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Banks require proof of identity and address, such as a government-issued ID, to comply with KYC regulations.
What does a bank reconciliation statement help identify?
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A bank reconciliation statement helps match the bank's records with the company’s records to detect discrepancies.
What is the function of the customer service department in a bank?
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Customer service addresses client inquiries, resolves complaints, and ensures customer satisfaction.
What is typically included in a bank's core banking system?
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Core banking systems manage deposit, loan, and credit processing and are central to day-to-day banking operations.
Why is internal control important in banking operations?
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Wrong!
Internal controls help detect and prevent fraud, ensure accuracy in transactions, and maintain compliance.