Banking Terms

1. RBI (Reserve Bank of India): The central banking institution in India.
2. Public Sector Banks: Government-owned banks like State Bank of India (SBI), Punjab National Bank (PNB), etc.
3. Private Sector Banks: Banks owned by private entities, e.g., ICICI Bank, HDFC Bank.
4. NPA (Non-Performing Asset): Loans that are in default or are not generating income for the lender.
5. Core Banking System (CBS): A centralized online system that allows customers to conduct transactions from any branch.
6. IFSC Code: Indian Financial System Code used for electronic money transfer.
7. NEFT (National Electronic Funds Transfer): Electronic funds transfer system in India.
8. IMPS (Immediate Payment Service): An instant interbank electronic funds transfer service.
9. SWIFT Code: A unique identification code for a particular bank.
10. KYC (Know Your Customer): Process of verifying the identity of customers.
11. CRR (Cash Reserve Ratio): The percentage of deposits banks must keep with the RBI.
12. SLR (Statutory Liquidity Ratio): The percentage of deposits banks must invest in government securities.
13. Merchant Banking: Financial services for businesses, including capital raising and advisory services.
14. ATM (Automated Teller Machine): Electronic banking outlet allowing cash withdrawals and other services.
15. Mobile Banking: Banking services accessed via mobile devices.
16. Base Rate: The minimum interest rate set by the RBI.
17. CIBIL (Credit Information Bureau India Limited): Credit information company that assesses creditworthiness.
18. Demand Draft (DD): A prepaid negotiable instrument used for transferring funds.
19. Fixed Deposit (FD): A financial instrument where money is deposited for a fixed period.
20. Recurring Deposit (RD): A savings account with regular deposits at fixed intervals.
21. Nomination: The process of appointing a person to receive the proceeds of an account in case of the account holder’s death.
22. Green Banking: Banking practices that focus on environmental sustainability.
23. Repo Rate: The rate at which the RBI lends money to commercial banks.
24. Reverse Repo Rate: The rate at which banks can park funds with the RBI.
25. MICR (Magnetic Ink Character Recognition): A technology used to verify the legitimacy or originality of paper documents.
26. Bancassurance: The partnership between a bank and an insurance company.
27. Cheque Truncation System (CTS): An image-based clearing system for faster cheque processing.
28. Debit Card: A card that deducts money directly from a bank account.
29. Overdraft: A credit facility that allows withdrawing more than the account balance.
30. Net Banking: Online banking services provided by banks.
31. SWOT Analysis: An evaluation of a bank’s Strengths, Weaknesses, Opportunities, and Threats.
32. Debenture: A long-term debt instrument issued by a company.
33. NOSTRO and VOSTRO Accounts: Accounts held by a bank in a foreign country.
34. Financial Inclusion: Providing access to financial services to all sections of society.
35. Standing Instruction: An instruction to make regular payments from an account.
36. Non-Banking Financial Company (NBFC): Financial institutions that provide banking services without meeting legal definitions of a bank.
37. ECS (Electronic Clearing Service): An electronic mode of funds transfer from one bank account to another.
38. Hawala: An informal system of transferring money without a physical movement of cash.
39. Wholesale Banking: Providing services to large corporations, institutions, and government entities.
40. Cross-Selling: Offering additional banking products or services to existing customers.
41. Greenfield Banking: Establishing a new bank branch or subsidiary in a new market.
42. Merchant Discount Rate (MDR): The fee charged to a merchant for accepting electronic card payments.
43. Liabilities: The financial obligations a bank owes to its customers and creditors.
44. Asset Reconstruction Company (ARC): Companies that buy bad loans from banks.

UPI (Unified Payments Interface):

1. UPI ID: A virtual payment address linked to a bank account.
2. VPA (Virtual Payment Address): The address used for UPI transactions.
3. QR Code Payments: Scanning QR codes for instant payments.
4. Two-Factor Authentication (2FA): A security process requiring two forms of identification.
5. UPI PIN: Personal Identification Number for UPI transactions.
6. Transaction Limits: Maximum and minimum amounts allowed for UPI transactions.
7. Third-Party Apps: Apps that use UPI for payments, e.g., Google Pay, PhonePe.
8. e-Wallet Integration: Linking e-wallets with UPI for seamless transactions.
9. UPI Mandate: Pre-authorized instructions for recurring payments.
10. IMT (Instant Money Transfer): Instant transfer of funds using UPI.
11. National Payments Corporation of India (NPCI): The organization that developed and operates UPI.
12. Voucher: A code generated for UPI transactions.
13. Aadhar Pay: A UPI-based system for merchants to receive payments.
14. UPI 2.0: The upgraded version of the UPI system.
15. Merchant Payments: UPI transactions made to businesses.
16. Mandate for UPI: Authorization for recurring UPI transactions.
17. Offline UPI: UPI transactions without an internet connection.
18. Limit Enhancement: Increasing the transaction limit for UPI.
19. NPCI 24/7 Helpdesk: NPCI’s customer support for UPI-related issues.
20. Mobile Number as VPA: Using a mobile number as a UPI virtual payment address.
21. Remitter: The person initiating a UPI transaction.
22. Standing Instruction for UPI: Pre-authorized instructions for recurring UPI payments.
23. Merchant-Presented QR Code: QR code presented by a merchant for payment.
24. Personal QR Code: A unique QR code for individual UPI users.
25. P2P (Peer-to-Peer) UPI Payments: Direct transactions between individuals.
26. Refund for UPI Transactions: Process of returning money for failed UPI transactions.
27. VPA Blocking: Temporarily blocking a UPI virtual payment address.
28. Merchant Aggregator: Platforms that enable multiple merchants to accept UPI payments.
29. NACH (National Automated Clearing House): Bulk electronic clearing system for financial transactions.
30. Remittance: Sending money to a recipient, often in a different location.
31. Collect Request in UPI: A feature to request funds from another UPI user.
32. UPI 3.0: The future version of the UPI system with enhanced features.

Loans

1. EMI (Equated Monthly Installment): Monthly payment for loans.
2. Collateral: Assets offered as security for a loan.
3. Credit Score: Numerical representation of creditworthiness.
4. Personal Loan: Unsecured loan for personal use.
5. Home Loan: Loan for purchasing or refinancing a home.
6. Car Loan: Loan for purchasing a vehicle.
7. Secured Loan: Loan backed by collateral.
8. Unsecured Loan: Loan without collateral.
9. Credit Report: Document detailing credit history.
10. Default: Failure to repay a loan.
11. Loan-to-Value Ratio (LTV): The ratio of a loan to the value of an asset.
12. Prime Lending Rate (PLR): The interest rate charged by banks to their most creditworthy customers.
13. Subprime Loan: A loan offered at a higher interest rate to individuals with poor credit.
14. Bridge Loan: A short-term loan to cover an interval between two transactions.
15. Loan Origination Fee: The upfront fee charged by a lender for processing a new loan application.
16. Lien: A legal right to keep possession of property until a debt is discharged.
17. Loan Against Property (LAP): A loan where property is used as collateral.
18. Credit Counseling: Professional advice on managing debt and credit.
19. Debt Consolidation: Combining multiple debts into a single loan.
20. Mortgage: A loan to finance the purchase of real estate.
21. Prime Rate: The interest rate that commercial banks charge their most creditworthy customers.
22. Securitization: The process of converting assets into financial instruments.
23. Loan Servicing: Managing the administrative aspects of a loan after it’s granted.
24. Amortization: Gradual repayment of a loan through regular installments.
25. Credit Limit Increase: An increase in the maximum amount that can be charged on a credit card.
26. Loan Moratorium: Temporary suspension of loan payments.
27. Prepayment Penalty: A fee charged for paying off a loan before its due date.
28. Mortgage Insurance: Insurance that protects the lender if the borrower defaults on the loan.
29. Usury: The illegal action or practice of lending money at unreasonably high rates.
30. Equity Release Loan: A loan that allows homeowners to access the equity in their property.
31. Installment Loan: A loan repaid with a fixed number of periodic payments.
32. LIBOR (London Interbank Offered Rate): The benchmark interest rate at which major global banks lend to one another.
33. Loan Agreement: A document outlining the terms and conditions of a loan.
34. Microfinance: Financial services for individuals and small businesses who lack access to traditional banking.
35. Prime Borrower: A borrower with a high credit rating.
36. Payday Loan: A short-term, high-interest loan typically due on the borrower’s next payday.
37. Repayment Schedule: A plan outlining the dates and amounts of loan repayments.
38. Secured Credit Card: A credit card backed by a cash deposit.
39. Underwriting: The process of evaluating the risk of lending to a particular borrower.
40. Working Capital Loan: A loan used to finance a company’s day-to-day operations.
41. Peer-to-Peer Lending (P2P): Direct lending between individuals without a traditional intermediary.
42. Bridge Financing: Short-term financing to cover immediate expenses.
43. Non-Recourse Loan: A loan where the borrower is not personally liable for repayment.
44. Risk-Based Pricing: Setting interest rates based on the borrower’s creditworthiness.

Credit Cards

1. Credit Limit: Maximum amount that can be borrowed on a credit card.
2. APR (Annual Percentage Rate): Annual cost of borrowing on a credit card.
3. Grace Period: Time allowed to pay the credit card bill without incurring interest.
4. Cash Advance: Withdrawing cash using a credit card.
5. Balance Transfer: Moving a credit card balance to another card.
6. Reward Points: Incentives earned for credit card spending.
7. Credit Card Statement: Monthly summary of transactions and balances.
8. Minimum Payment: Minimum amount required to be paid on a credit card.
9. Credit Card Fraud: Unauthorized use of a credit card.
10. Credit Utilization Ratio: Percentage of credit limit used.
11. Charge Card: A card that requires the balance to be paid in full each month.
12. Credit Card Churning: The practice of repeatedly opening and closing credit card accounts to earn rewards.
13. Credit Freeze: A security measure to restrict access to a person’s credit report.
14. Credit Bureau: A company that collects and maintains individual credit information.
15. Credit Counseling: Professional assistance in managing credit and debt.
16. Credit Limit Increase: An increase in the maximum amount a credit card holder can borrow.
17. Credit Mix: The variety of credit types (credit cards, mortgages) in a person’s credit history.
18. Credit Rating: An evaluation of a person’s creditworthiness.
19. Credit Repair: The process of improving a credit score.
20. Credit Report: A detailed report of an individual’s credit history.
21. Credit Score: A numerical representation of a person’s creditworthiness.
22. Cryptocurrency Credit Card: A credit card linked to a cryptocurrency account.
23. Debit Card: A card that deducts money directly from a bank account.
24. Default: Failure to repay a loan or credit card balance.
25. Digital Wallet: An electronic device or online service for making electronic transactions.
26. EMV (Europay, Mastercard, Visa): A global standard for credit card processing.
27. Grace Period: The time during which no interest is charged on a credit card balance.
28. Interest Rate: The cost of borrowing on a credit card, expressed as a percentage.
29. Joint Credit Card: A credit card shared by two or more people.
30. Late Payment Fee: A fee charged for not making a credit card payment on time.
31. Minimum Payment: The smallest amount that must be paid on a credit card balance.
32. Mobile Payment: Making payments using a mobile device.
33. PIN (Personal Identification Number): A numeric code used for card transactions.
34. Prepaid Credit Card: A card with a preloaded amount for spending.
35. Secured Credit Card: A card secured by a cash deposit.
36. Travel Credit Card: A card that offers travel-related rewards and benefits.
37. Unsecured Credit Card: A card without collateral requirements.
38. Balance Transfer: Moving a credit card balance to another card.
39. Cash Advance: Withdrawing cash using a credit card.
40. Credit Card Fraud: Unauthorized use of a credit card.
41. Credit Card Statement: A monthly summary of transactions and balances.
42. Credit Utilization Ratio: The ratio of credit card balances to credit limits.
43. Cryptocurrency Credit Card: A credit card linked to a cryptocurrency account.
44. Deferred Interest: Interest that accrues on a balance but is not immediately payable.
45. Digital Wallet: An electronic device or online service for making electronic transactions.
46. Electronic Funds Transfer (EFT): A transfer of funds between bank accounts electronically.
47. Expired Card: A credit card that is no longer valid.
48. Merchant Category Code (MCC): A code that classifies a business by the type of goods or services it provides.
49. No-Foreign-Transaction-Fee Card: A credit card that does not charge additional fees for international transactions.
50. Retailer Credit Card: A credit card issued by a specific retailer.
51. Secured Credit Card: A card secured by a cash deposit.
52. Smart Card: A credit card embedded with a microprocessor for additional functionality.
53. Tiered Pricing: Charging different interest rates based on creditworthiness.
54. Tokenization: The process of replacing sensitive data with unique identifiers (tokens).