Best 50 banking words used in India

1. Automated Teller Machine (ATM) – A machine, activated by a magnetically encoded card that can process a variety of banking transactions.
2. Bank Ombudsman – A person who hears customer’s complaints against banks.
3. Bank Ombudsman is appointed by – RBI.
4. RBI was nationalized in – 1st January 1949
5. Headquarters of World Bank is located in – Washington D.C.
6. The first bank established in India – Bank of Hindustan.
7. Bank of Calcutta, Bank of Bombay and Bank of Madras were merged to form ‘Imperial Bank of India’ in 1921.
8. The Imperial Bank of India was renamed on 30 April 1955 to – State Bank of India.
9. The Headquarters of SBI is located in – Mumbai.
10. Insurance services provided by various banks is commonly known as – Banc assurance
11. Bank Rate means rate at which RBI purchases or rediscounts bill of exchange of commercial banks.
12. The Central Banking duties in India are performed by – RBI
13. BFS stands for – Bureau for Financial Supervision
14. NABARD stands for – National Bank of Agricultural Research and Rural Development
15. ‘NABARD’ was dedicated to the service of the nation by the late Prime Minister of India. – Mrs. Indira Gandhi
16. The Central Office of Reserve Bank of India is now located at – Mumbai.
17. Credit Card Holders normally pay for credit card purchase within 30 days of purchase.
18. Base Rate – The minimum rate charged by bank for its most credit worthy customer.
19. CRR stands for – Cash Reserve Ratio
20. India’s largest public sector commercial bank at present is – SBI
21. Drawing two parallel lines across the face of the cheque is referred as – Crossing of Cheque.
22. A record of all debit and credit entries in a customer’s account is maintained in – Pass Book.
23. MCIR stands for – Magnetic Ink Character Recognition.
24. Repo Rate – The Rate at which RBI buys government securities from banks
25. Bearer Cheque – The cheque which is payable to any person who presents it for payment at the bank counter.
26. The EXIM bank of India was established in – 1982
27. The banks are required to maintain certain ratio between their cash in hand and total assets called – Statutory Liquid Ratio
28. State Co-operative Bank – gives long term loans to agriculture
29. CORE stands for – Centralized Online Real-Time Exchange
30. Blood relation only – can be a nominee for savings account in a bank.
31. RBI issuing currency is called as – Legal Tender
32. Money Laundering refer to the – Money earned in illegal way
33. The loan given to the needy to help them self employed is – Micro credit
34. Credit Cards, Debit Cards, ATM Cards and International Cards are considered as – Plastic Money.
35. RBI make some Open Market Operation Transaction to regulate – Liquidity in economy
36. KYC means – Know your customer
37. The first rural bank to introduce co-branded ATM card is – Pallava Grama Bank
38. Letter of Credit – A document issued by importers banks to its branch or agent abroad guaranteeing that a seller will receive payment in full as long as certain delivery conditions have been met.
39. The action taken by the bank to prevent transaction from an account is called as – Freeze Account.
40. The bank account in which a depositor can deposit and withdraw money any number of time is called – Current Account.

Best 50 banking words used in India

41. EFT stands for – Electronic Fund Transfer
42. Call Money refers to – lending money for one day
43. The Monetary policy of India is announced by the – Governor of RBI
44. Open market operation of RBI refers to buying and selling of – Government Bonds
45. ARDC stands for – Agricultural Research and Development Center.
46. Dishonour of Cheque – Non-payment of a cheque by the paying banker with a return memo giving reasons for the non-payment.
47. The foreign exchange reserves of India are kept in the custody of – RBI
48. Bank loans in banking terminology are generally known as – NPAs (Non-Performing Asset).
49. Reverse repo rate– The rate at which the central bank of a country (RBI in case of India) borrows money from commercial banks within the country.
50. Rate of Interest is determined by – Commercial Banks.