Saving money in India in the current sense started in the most recent many years of the eighteenth century. The main banks were Bank of Hindustan (1770-1829) and The General Bank of India, secured 1786 and since ancient.
The biggest bank, and the most established still in presence, is the State Bank of India, (Managing Director: Arundhati bhattacharya) which started in the Bank of Calcutta in June 1806, which just about instantly turned into the Bank of Bengal. This was one of the three administration banks, the other two being the Bank of Bombay and the Bank of Madras, each of the three of which were secured under contracts from the British East India Company.
The three banks united in 1921 to structure the Imperial Bank of India, which, upon India’s freedom, turned into the State Bank of India in 1955. For a long time the administration banks went about as semi national banks, as did their successors, until the Reserve Bank of India was created in 1935.
Here Are Some Terminology, Which Is Used In Every banking Sectors:
1) ACH – Automated Clearing House
2) ATM – Automated Teller Machine
(Allows Bank customer to conduct their banking transactions through ATM machine without the help of Bank Representative.)
4) AMB – Average Monthly Balance
(AMB is the Average of the closing balances for each day in a given month or statement period.)
5) BTM – Banking Through Mobile
(BTM allows customers to do the transfer of fund through Mobile Phone between any IMPS member bank to another IMPS member bank registered with NPC of India.)
6) CBS – Core Banking Solution
(Core Banking services provided by a group of networked bank branches where a customers may access their bank account and perform basic transactions from any of the member branch offices.)
7) CDR– Corporate Debt Restructuring.
8) CORE– Centralized Online Real-Time Electronic
(CORE Banking means that all the bank’s branches access applications from centralized datacenters.)
9) CTS– Cheque Truncation System
10) DCD- Dual Currency Deposit
11) EMI- Equated Monthly Installment
(An amount payed by a borrower to the bank at a specified date each calendar month.)
12) ECB– External Commercial Borrowing.
13) ECS- Electronic Clearing Service
(A mode of electronic funds transfer from one bank account to another bank account.)
14) FRBM– Finential Responsibility And Budget Management.
15) FLCC– Finential Literacy And Credit Counselling.
16) FIMMA– Fixed Income money Markets And Derivatives Association.
17) HNI– High Networth Indiviuals
18) HUF– Hindu Undivided Family
19) IFSC– Indian Financial System Code
(An alphanumeric code that uniquely identifies a bank-branch participating in the funds settlement systems.)
20) IFRS– International Finential Reporting standards.
21) KYC– Know Your Customer
(It is a customer identification process used by banks).
22) LC – Letter Of Credit
(A Bank letter guaranteeing that a buyer’s payment to a seller will be received on time and for the correct amount.)
23) LAF – Liquidity Adjustment Facility
(A monetary policy tool that allows banks to borrow money through repurchase agreements.)
24) MICR – Magnetic Ink Character Recognition
(A character recognition technology used by banking sector to ease the processing and clearance of cheques.)
25) LIBOR– Londan InterBank Offered Rate.
26) NFS – National Financial Switch
(The largest network of shared automated teller machines (ATMs) in India.)
27) NEFT – National Electronic Funds Transfer
(NEFT is an electronic funds transfer system, which facilitates transfer of funds to other bank accounts.)
28) NACH– National Automated Clear House
(A Web based solution to facilitate interbank, high volume, electronic transactions which are repetitive and periodic in nature.)
29) NPA – Non Performing Assests
(NPA is a loan or lease that does not meet its stated principal and interest payments.)
30) NDTL – Net Demand And Time Liabilities
31) NSF – Non-Sufficient Funds
32) NBSC– Non Banking Finential Companies.
33) NRE – Non-Resident External
34) OMBUDSMAN –
(A senior official appointed by the RBI to redress customer complaints against deficiency in certain banking services.)
35) POS – Point Of Sale
36) RTGS – Real-Time Gross Settlement
37) RIPO –
(Rate At which any bank Borrow rupees from RBI.)
38) SME – Small And Medium Sized Enterprises
(SME finance is the funding of small and medium sized enterprises, and represents a major function of the general business finance market.)
39) SWIFT – Society For Worldwide Interbank Financial Telecommunication
40) TDS – Tax Deducted At Source
(With regard to certain income, government makes it mandatory to deduct a certain amount of tax.)
41) UTR NO – Unique Trasaction Reference Number
(A Unique Trasaction Reference Number, generally used in association with NEFT transactions done through bank.)
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