WHITE LABEL ATMs:
RBI permitted (on June 20,2012),the non-bank
entities incorporated in India under the companies act 1956,to set up own ATMs
in India.
MICR:
Full form is – Magnetic Ink
Character Recognition
BANKING OMBUDSMEN:
Banking Ombudsmen resolve the problem
of customer’s complaint regarding bank.
COMMERCIAL PAPERS:
It is a money market security
CTS:
Truncation is the process of
stopping the flow of the physical cheque issued by a drawer at some point with
the presenting bank en-route to the drawee bank branch.
EQUATED MONTHLY INSTALMENT:
"A fixed payment amount made by
a borrower to a lender at a specified date each calendar month. Equated monthly
installments are used to pay off both interest and principal each month, so that
over a specified number of years, the loan is paid off in full."
KISAN CREDT CARD:
The full form of KCC – Kisan Credit
Card
NSAP:
The National Social Assistance Programme(NSAP)
which came into effect from 15th August,1995 represents a
significant step towards the fulfillment of the Directive Principles in Article
41 of the Constitution.
DEMAT:
Full form of DEMAT –
Dematerialization
With how much minimum balance it is opened-
zero balance (the account contains only data of shares, no balance)
Click Here For More GKWHITE LABEL ATMs:
RBI permitted (on June 20,2012),the non-bank
entities incorporated in India under the companies act 1956,to set up own ATMs
in India.
ATMs operated by Non-bank entities
Eligibility for operating white
label ATMs – Entities must have a net worth of Rs.100 crore Acceptance of
deposits at WLAs ,not to be permitted.
MICR:
Full form is – Magnetic Ink
Character Recognition
Contains 9 digits
First three - city code
Middle three - bank code
Last three – branch code
BANKING OMBUDSMEN:
Banking Ombudsmen resolve the problem
of customer’s complaint regarding bank.
They are appointed by RBI • There
are total 15 ombudsman appointed across India
They do not charge any fee
A banking ombudsman can allow maximum
compensation of – Rs.10 lakh
If ombudsman is unable to resolve
the query ,the case is transferred to – apellate authority
COMMERCIAL PAPERS:
It is a money market security
It is unsecured promissory note
It is a negotiable instrument
Its minimum maturity period is 7
days • Its maximum maturity period is 1 year
It is issued in the multiples of
Rs.5 lakh
CTS:
Truncation is the process of
stopping the flow of the physical cheque issued by a drawer at some point with
the presenting bank en-route to the drawee bank branch.
It is a project undertaken by RBI
for faster clearing of cheques.
CTS is basically an online
image-based cheque clearing system where cheque images and MICR data are
captured at the collecting bank branch and ransmitted electronically.
Starting 1 August 2013 only CTS-2010
compliant cheques would be accepted for clearing.
On 17 July 2013 the RBI extended the
deadline to 31 December 2013.
EQUATED MONTHLY INSTALMENT:
"A fixed payment amount made by
a borrower to a lender at a specified date each calendar month. Equated monthly
installments are used to pay off both interest and principal each month, so that
over a specified number of years, the loan is paid off in full."
KISAN CREDT CARD:
The full form of KCC – Kisan Credit
Card
KCC scheme was intoduced by – GOI , RBI
, NABARD
KCC scheme was introduced in the
year – 1998
The objective of KCC is – to fulfill
the credit needs of farmers during cropping season through banking system.
NSAP:
The National Social Assistance Programme(NSAP)
which came into effect from 15th August,1995 represents a
significant step towards the fulfillment of the Directive Principles in Article
41 of the Constitution.
The program introduced a National Policy
for Social Assistance for the poor and aims at ensuring minimum national standard
for social assistance in addition to the benefits that states are currently providing
or might provide in future.
NSAP at present, comprises of Indira
Gandhi National Old Age Pension Scheme (IGNOAPS), Indira Gandhi National Widow
Pension Scheme (IGNWPS), Indira Gandhi National Disability Pension Scheme
(IGNDPS), National Family Benefit Scheme (NFBS) and Annapurna.
DEMAT:
Full form of DEMAT –
Dematerialization
DEMAT is mandatory for – dealing in shares
It keeps the information of share
holdings of individual in electronic form
With how much minimum balance it is opened-
zero balance (the account contains only data of shares, no balance)
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