Question:
List two benefits from ECS debit system to Banks.
List two benefits from ECS debit system to Banks.
Updated On: Jan 13, 2026
Hide Solution
Verified By Collegedunia
Solution and Explanation
Automation of Payments: ECS debit automates recurring payments, reducing manual effort for banks.
Cost Efficiency: It lowers operational costs by reducing paperwork and errors.
Was this answer helpful?
0
0
Top Questions on Banking Systems
- A bank receives reserves of ₹100. If the CRR is 20%, what is the maximum total deposit that can be created in the system?
- CUET (UG) - 2025
- Economics
- Banking Systems
- State two benefits of NEFT.
- CBSE Class X - 2024
- Banking And Insurance
- Banking Systems
Match List-I with List-II:
Choose the correct answer from the options given below:- ICAR AIEEA (PG) - 2024
- Social Science
- Banking Systems
- Given below are two statements:
Statement (I): Agricultural Credit Review Committee, 1989 was set up by RBI under the chairmanship of A.M Khusro.
Statement (II): Repo rate is the rate at which RBI borrows money from banks. In light of the above statements, choose the most appropriate answer from the options given below:- ICAR AIEEA (PG) - 2024
- Social Science
- Banking Systems
Arrange the following banks as per their year of establishment in ascending order (that is, from beginning to latest):
(A). Canara Bank
(B). Central Bank of India
(C). Punjab National Bank
(D). Industrial Development Bank of IndiaChoose the correct answer from the options given below:
- ICAR AIEEA (PG) - 2024
- Social Science
- Banking Systems
View More Questions
Questions Asked in CBSE X exam
Read the following sources of loan carefully and choose the correct option related to formal sources of credit:
(i) Commercial Bank
(ii) Landlords
(iii) Government
(iv) Money Lende- CBSE Class X - 2025
- Money and Credit
- Rama is a farmer. She needs loan for agriculture work. Which of the following sources of loan will be beneficial for Rama? Choose the most appropriate option. I. Bank
II. Agricultural Trader
III. Self-Help Group
IV. Government- CBSE Class X - 2025
- Money and Credit
- Two statements are given below. They are Assertion (A) and Reason (R). Read both the statements carefully and choose the correct option:
Assertion (A): Rupees is accepted as medium of exchange in India.
Reason (R): The World Bank legalises the use of rupee as a medium of payment in India.- CBSE Class X - 2025
- Money and Credit
- Two statements are given below. They are Assertion (A) and Reason (R). Read both the statements carefully and choose the correct option. Assertion (A): Rupees is accepted as medium of exchange in India.
Reason (R): The World Bank legalises the use of rupee as a medium of payment in India.- CBSE Class X - 2025
- Money and Credit
- Rama is a farmer. She needs loan for agriculture work. Which of the following sources of loan will be beneficial for Rama? Choose the most appropriate option:
I. Bank
II. Agricultural Trader
III. Self-Help Group
IV. Government- CBSE Class X - 2025
- Money and Credit
View More Questions