Category Archives: Banking Awareness

Small and Payments Banks

  Small and Payments Banks ⇒ Minimum capital requirement to apply for license: 100 crores. (For commercial bank license, it was Rs.500 crores). ⇒ 72 applications for Small Finance Banks…

RBI keeps policy rate unchanged

  The Reserve Bank of India on Tuesday kept the repo rate or the key policy rate unchanged at 6.5% due to hardening of inflation. This is Governor Raghuram Rajan’s…

Unified Payment Interface (UPI)

The Reserve Bank of India (RBI) on April 11 has launched Unified Payment Interface (UPI), which will make money transfer as simple as sending a text message. In the first…

NOSTRO AND VOSTRO ACCOUNT

NOSTRO ACCOUNT A bank account held in a foreign country by a domestic bank, denominated in the currency of that country. Nostro accounts are used to facilitate settlement of foreign exchange…

Core Banking Solutions (CBS)

The term CORE means – Centralized Online Real-time Exchange. What is CBS? CBS refers to the software applications for recording transactions, storing customer information, calculating interest and completing the process…

Types of Bank Accounts

(a) ‘Nostro Account’ A bank account held in a foreign country by a domestic bank, denominated in the currency of that country. Nostro accounts are used to facilitate settlement of…

Banking Abbreviations

ISCI – International Standard Industrial Classification KCC – Kisan Credit Card KVIC – Khadi and Village Industries Corporation KYC – Know your customer LAMPS – Large Sized Adivasi Multipurpose societies LERMS…

Kisan Vikas Patra (KVP)

Kisan Vikas Patra is a saving scheme that was announced by the Government of India that doubles the money invested in eight years and four months. The Directorate of Small…

Banking Abbreviations

BSBDA – Basic Savings Bank Deposit Account FCNR(B) – Foreign Currency Non-Resident Bank TARC – Tax Administration Reform Commission ITEs – Intra-Group Transactions and Exposures LCR – Liquidity Coverage Ratio…

Functions of RBI

The functions of the Reserve Bank today can be categorised as follows: Monetary policy Regulation and supervision of the banking and non-banking financial institutions, including credit information companies. Regulation of money, forex…