Mr. Jitendra, the owner of ‘Jitendra Steel Industry’ does the wholesale trade of utensils. Some of the utensils are made in his factory itself and some others, he purchases from other manufacturers. Every day, he has to make payment to several other traders. He wants that as soon as he deposits money in his bank, it should be credited to the account of receiver without any delay. On enquiring from the bank, he learnt that through e-banking there are two systems available for sending money from one place to another. According to one system, transfer of money from one bank toanother is done in batches and according to the other system, transaction are done one after the other in continuity.
a)State the names of systems discussed in above case.
b)Explain the system in detail which will be useful to Mr. Jitendra.
Answers
Answer:
Mr. Jitendra, the owner of ‘Jitendra Steel Industry’ does the wholesale trade of utensils. Some of the utensils are made in his factory itself and some others, he purchases from other manufacturers. Every day, he has to make payment to several other traders. He wants that as soon as he deposits money in his bank, it should be credited to the account of receiver without any delay. On enquiring from the bank, he learnt that through e-banking there are two systems available for sending money from one place to another. According to one system, transfer of money from one bank toanother is done in batches and according to the other system, transaction are done one after the other in continuity.
a)State the names of systems discussed in above case.
b)Explain the system in detail which will be useful to Mr. Jitendra.
Explanation:
Mr. Jitendra, the owner of ‘Jitendra Steel Industry’ does the wholesale trade of utensils. Some of the utensils are made in his factory itself and some others, he purchases from other manufacturers. Every day, he has to make payment to several other traders. He wants that as soon as he deposits money in his bank, it should be credited to the account of receiver without any delay. On enquiring from the bank, he learnt that through e-banking there are two systems available for sending money from one place to another. According to one system, transfer of money from one bank toanother is done in batches and according to the other system, transaction are done one after the other in continuity.
a)State the names of systems discussed in above case.
b)Explain the system in detail which will be useful to Mr. Jitendra.
Answer:
Mr. Jitendra, the owner of ‘Jitendra Steel Industry’ does the wholesale trade of utensils. Some of the utensils are made in his factory itself and some others, he purchases from other manufacturers. Every day, he has to make payment to several other traders. He wants that as soon as he deposits money in his bank, it should be credited to the account of receiver without any delay. On enquiring from the bank, he learnt that through e-banking there are two systems available for sending money from one place to another. According to one system, transfer of money from one bank toanother is done in batches and according to the other system, transaction are done one after the other in continuity.
a)State the names of systems discussed in above case.
b)Explain the system in detail which will be useful to Mr. Jitendra.