21 banking terms that you need to know
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This document defines 21 banking terms including: - 3D Secure which requires online users to provide banking password or PIN to verify transactions. - ATM which stands for automated teller machine, more commonly called a cash machine in the UK. - BACS which is the system banks use to make direct transfers between accounts for debit and credit transfers. - Card security code which is the 3-digit number on credit/debit cards used for online payments. - Mobile banking which refers to checking balances, transferring money or making payments using a mobile device.
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Banking terminology
This document defines over 40 banking terms related to bank exams. It provides definitions for common banking terms like account balance, account statement, ATM, available balance, average daily balance, bad credit, bankruptcy, bill pay service, billing cycle, bounced cheque, budget, capital adequacy ratio and more. The definitions cover terms related to accounts, loans, credit cards, payments and general banking operations.
Banking terms
1. The document defines various banking terms like NEFT, linked accounts, travellers' cheques, base rate, balance transfer, banking ombudsman, cashback, credit history, collateral, documentation fees, dormant accounts, fixed and floating interest rates, MICR code, no-frills accounts, ECS, processing fees, RTGS, IFSC code, KYC, CASA ratio, capital adequacy ratio, and risk weighting.
2. Key terms include NEFT for electronic fund transfers, linked accounts for transferring funds between accounts, travellers' cheques functioning like cash when traveling, and base rate as the minimum lending rate for banks.
3. Other important terms are
Banking terms
This document defines and explains several important banking terms. It begins by stating that basic banking terms are frequently asked about in bank interviews and are useful for general knowledge. Some key terms defined include account agreement, account holder, adjustable rate mortgage, annual percentage yield, certificate of deposit, checking account, collateral, compound interest, credit rating, and debit card. The document provides concise definitions for over 50 common banking and financial terms.
Banking terminology
Commercial banks act as financial intermediaries by accepting deposits from the public and lending funds to earn profits. A bank's balance sheet lists its assets (funds loaned out) and liabilities (deposits due back to customers and shareholders). Key interest rates like repo rate, reverse repo rate, cash reserve ratio, and statutory liquidity ratio help the Reserve Bank of India regulate the money supply and liquidity in the banking system.
Important words for banking terminology
A bank is a financial institution that accepts deposits from the public and creates credit.Lending activities can be performed either directly or indirectly through capital markets. Due to their importance in the financial stability of a country, banks are highly regulated in most countries. Most nations have institutionalized a system known as fractional reserve banking under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, known as the Basel Accords.
Banking in its modern sense evolved in the 14th century in the prosperous cities of Renaissance Italy but in many ways was a continuation of ideas and concepts of credit and lending that had their roots in the ancient world. In the history of banking, a number of banking dynasties – notably, the Medicis, the Fuggers, the Welsers, the Berenbergs, and the Rothschilds – have played a central role over many centuries. The oldest existing retail bank is Banca Monte dei Paschi di Siena, while the oldest existing merchant bank is Berenberg Bank.
Forms and Functions of Modern Banking
The document discusses modern banking, including measuring the money supply, functions of financial institutions, and e-banking. It defines the M1 and M2 money supplies and explains the functions of storing money, saving money, loans, mortgages, and credit cards. It also discusses interest, the role of banks in earning profits, and modern electronic banking methods like ATMs, debit cards, online banking, automatic bill pay, and stored value cards.
Chapter commercial banks b.v.raghunandan 2
Commercial banks have primary functions of receiving deposits, lending to the public, and making investments. They receive demand and time deposits, provide overdrafts, loans, and cash credits for lending. For investments, they purchase treasury bills, government bonds, corporate securities, and more. Banks create credit by sanctioning loans and allowing customers to withdraw funds via check.
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Concepts in Banking and Accounting of transactions: Accounting in banks, Electronic Banking, RTGS, ATM, MICR,
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Banking terminology
This document defines over 40 banking terms related to bank exams. It provides definitions for common banking terms like account balance, account statement, ATM, available balance, average daily balance, bad credit, bankruptcy, bill pay service, billing cycle, bounced cheque, budget, capital adequacy ratio and more. The definitions cover terms related to accounts, loans, credit cards, payments and general banking operations.
Banking terms
1. The document defines various banking terms like NEFT, linked accounts, travellers' cheques, base rate, balance transfer, banking ombudsman, cashback, credit history, collateral, documentation fees, dormant accounts, fixed and floating interest rates, MICR code, no-frills accounts, ECS, processing fees, RTGS, IFSC code, KYC, CASA ratio, capital adequacy ratio, and risk weighting.
2. Key terms include NEFT for electronic fund transfers, linked accounts for transferring funds between accounts, travellers' cheques functioning like cash when traveling, and base rate as the minimum lending rate for banks.
3. Other important terms are
Banking terms
This document defines and explains several important banking terms. It begins by stating that basic banking terms are frequently asked about in bank interviews and are useful for general knowledge. Some key terms defined include account agreement, account holder, adjustable rate mortgage, annual percentage yield, certificate of deposit, checking account, collateral, compound interest, credit rating, and debit card. The document provides concise definitions for over 50 common banking and financial terms.
Banking terminology
Commercial banks act as financial intermediaries by accepting deposits from the public and lending funds to earn profits. A bank's balance sheet lists its assets (funds loaned out) and liabilities (deposits due back to customers and shareholders). Key interest rates like repo rate, reverse repo rate, cash reserve ratio, and statutory liquidity ratio help the Reserve Bank of India regulate the money supply and liquidity in the banking system.
Important words for banking terminology
A bank is a financial institution that accepts deposits from the public and creates credit.Lending activities can be performed either directly or indirectly through capital markets. Due to their importance in the financial stability of a country, banks are highly regulated in most countries. Most nations have institutionalized a system known as fractional reserve banking under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, known as the Basel Accords.
Banking in its modern sense evolved in the 14th century in the prosperous cities of Renaissance Italy but in many ways was a continuation of ideas and concepts of credit and lending that had their roots in the ancient world. In the history of banking, a number of banking dynasties – notably, the Medicis, the Fuggers, the Welsers, the Berenbergs, and the Rothschilds – have played a central role over many centuries. The oldest existing retail bank is Banca Monte dei Paschi di Siena, while the oldest existing merchant bank is Berenberg Bank.
Forms and Functions of Modern Banking
The document discusses modern banking, including measuring the money supply, functions of financial institutions, and e-banking. It defines the M1 and M2 money supplies and explains the functions of storing money, saving money, loans, mortgages, and credit cards. It also discusses interest, the role of banks in earning profits, and modern electronic banking methods like ATMs, debit cards, online banking, automatic bill pay, and stored value cards.
Chapter commercial banks b.v.raghunandan 2
Commercial banks have primary functions of receiving deposits, lending to the public, and making investments. They receive demand and time deposits, provide overdrafts, loans, and cash credits for lending. For investments, they purchase treasury bills, government bonds, corporate securities, and more. Banks create credit by sanctioning loans and allowing customers to withdraw funds via check.
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Banking Overview
The document provides an overview of various topics in banking including:
1. It introduces retail banking, corporate banking, investment banking and private banking and the various services offered under each.
2. It discusses key banking terminology like CASA (current and savings accounts), time deposits, loans, remittances and non-branch delivery channels.
3. It covers banking principles, regulations, accounting practices, lending, types of accounts, and legal and regulatory aspects of banking.
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Concepts in Banking and Accounting of transactions: Accounting in banks, Electronic Banking, RTGS, ATM, MICR,
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Real Time Gross Settlement (RTGS) System, IMPS.
Banking terms
This document provides definitions for over 50 banking and financial terms, ranging from common terms like annual percentage yield, annual fee, and ATM to more specialized terms like capital adequacy ratio, cash reserve ratio, and certificate of title. The definitions are concise explanations of what each term means within the context of banking.
Banking system
The document discusses various types of bank deposit accounts in India such as savings accounts, fixed deposits, and recurring deposit accounts. It provides details on the key features of each type of account, including minimum balance requirements, interest rates, withdrawal policies, and more. The document also examines how competition among banks for deposits is regulated in India to prevent unhealthy market practices and ensure stability in the banking system.
Banking instruments
Banking instruments include cheques, demand drafts, letters of credit, and debit/credit cards. Cheques are orders to a bank to pay a specified amount to a payee and come in various types like bearer, order, crossed, and post-dated cheques. Demand drafts are similar but always payable to order and issued by a bank with charges. Electronic funds transfer systems like NEFT and RTGS facilitate domestic transfers in batches or real-time respectively, identified by IFSC or MICR codes. Core banking solutions allow banks to store customer information centrally for real-time access across branches.
Session 2,3
Bank products have evolved beyond traditional loans and deposits to include a wide variety of wholesale, retail, fee-based, and foreign products. Commercial credit includes both funded credit like cash credits and demand loans that involve funds flowing from the bank to borrowers, as well as non-funded credit like guarantees. Retail banking offers consumers credit products like credit cards, retail loans, and housing loans, as well as deposit products like savings and current accounts.
Indian finanacial Market
The document discusses the traditional banking system in India and how it has evolved with technological advances. It covers functions of banks like accepting deposits and lending loans. It also describes various banking services that are now offered digitally like mobile banking, internet banking, ATMs, credit/debit cards which allow banking anytime anywhere. The reforms and use of technology have dramatically changed banks' functioning and increased customer relationships.
Introduction to consumer lending
Here are the steps to calculate the debt burden ratio:
1. Monthly income before tax: 1500 JD
2. Estimated tax: 20% of 1500 = 300 JD
3. Monthly net income: 1500 - 300 = 1200 JD
4. Monthly debt payments:
- Credit card 1: 50 JD
- Credit card 2: 75 JD
- Car loan: 150 JD
- Total monthly debt payments: 50 + 75 + 150 = 275 JD
5. Debt burden ratio = Total monthly debt payments / Monthly net income
= 275 / 1200
= 23%
Therefore, the debt burden ratio for this applicant is 23%.
Fixed Deposit Accounts
Fixed Deposit AccountsWe Learn - A Continuous Learning Forum from Welingkar's Distance Learning Program.
Fixed deposit (FD) is a type of deposit which can be withdrawn only after a pre-defined tenure and attracts a higher interest rate when compared to savings account. The minimum period for placing these deposit is 7 days while the maximum period is 120 months. A recent study indicates that banks are now free to determine the rate of interest to be offered on FDs. Banks may offer deposits on a floating rate, interest shall be paid on quarterly or longer rests and interest is calculated on daily balance. Further, scheduled banks with a total deposit of less than Rs 25 crores are permitted to give an additional ½% interest. When the amount paid to the individual is in excess of Rs 10,000 bank has to deduct tax at source if the depositor has not submitted Form 15H or 15G or certificate u/s197(1) of the Income Tax Act 1961. Banks have the discretion to disallow premature withdrawal of large deposits other than individuals and Hindu Undivided Family (HUF). On maturity if the bank does not receive any intimation from the depositor then such deposits are recorded as overdue deposits in the books of the bank. Banks can grant loans by taking FD as a security. However, there are certain prohibitions to raising Fixed Deposits: banks cannot launch deposits with freebies such as free lunch and trips, for example. Deposit Facilities and Banking Services
The presentation gives an outlook of various deposit accounts and banking services. The presentation also gives an overview of the basic functions performed by the banks and the provision of their services.
Deposit Facilities and Banking Services
Deposit facilities and banking services provide various options for customers to deposit and manage their money. Common deposit accounts include savings accounts, current accounts, fixed deposits, and recurring deposits. These accounts have different eligibility criteria, interest rates, and withdrawal restrictions. In addition to accepting deposits, banks offer numerous services like loans, credit/debit cards, money transfers, online/mobile banking, and wealth management for high-net-worth individuals. Regulations aim to ensure banks' stability while allowing them to perform important financial intermediation functions in the economy.
Consumer finance ppt
Consumer finance refers to granting credit to consumers to purchase goods for everyday use through installment plans. There are different types of consumer credit like revolving credit (credit cards), fixed credit (loans), and cash loans. Sources of consumer finance include traders, commercial banks, credit card companies, NBFCs, and credit unions. Factors driving demand for consumer finance are increasing income, installment payment plans, and growth in households. Products covered include cars, appliances, and electronics. Terms of financing evaluate borrowers' income, employment, guarantees, interest rates, and fees. While consumer credit allows purchases and economic growth, it can also lead to overspending, insolvency, high costs, bad debts, and economic instability.
Banker’s acceptance
Bankers acceptances are negotiable instruments used in international trade. They allow banks to provide financing to customers without using their own funds. A bankers acceptance is a draft or bill of exchange drawn by an exporter and accepted by the importer's bank, who guarantees payment on the maturity date. This creates an obligation for the bank to pay the holder the face value on the due date. Bankers acceptances can then be sold to investors on the money market, providing financing to facilitate trade and earning fees for the bank. They provide credit quality and liquidity while exposing banks to some transaction and credit risks.
Various types of bank accounts
its a very easy way of learning about typesof accounts. i made this myself and used it in a presentation. hope u guys find it informative.
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Banks provide various types of loans to customers. Short-term loans are usually provided against a customer's general credit standing or with collateral and are often for working capital needs. Medium and long-term loans typically require collateral. The Federal Reserve aims to stimulate the economy through lowering interest rates, buying mortgage and other assets, and committing to maintain low rates for a prolonged period. Quantitative easing can still impact the economy when rates are near zero through portfolio substitutions, altered policy expectations, and expansionary fiscal policy.
Commercial bank
The document discusses commercial banks in India. It defines commercial banks as financial institutions that raise funds through deposits and make loans. It outlines the different types of commercial banks in India, including public sector banks, foreign banks, and private sector banks. It describes the key functions of commercial banks such as accepting deposits, lending money, transferring funds, and acting as trustees. It also discusses the sources of funds for commercial banks, technological reforms in the banking sector, and the regulatory role of the Reserve Bank of India over commercial banks. In the end, it notes some weaknesses faced by commercial banks and their future plans to improve services and expand business.
Deposits
Savings bank deposits are meant for small savers and have restrictions on withdrawals and minimum balance requirements. Current deposits are for business people and allow withdrawals by cheque but no interest. Recurring deposits encourage regular monthly savings over a fixed period by automatically depositing a set amount each month to earn interest. Fixed deposits are repaid after a specific time period but penalties apply for early closure. Proper documentation and verification is required to open any type of bank deposit.
Banks as financial service provider
Banks now act as one-stop financial service providers by distributing and advising on various third party products. They distribute insurance, gold coins, facilitate mobile recharges and bill payments, offer demat accounts, mutual funds, government bonds, and provide safekeeping services. Banks also collect taxes and utility payments on behalf of governments. Through these services, banks aim to provide more convenience to their customers.
Buyers credit pdf
Buyer's credit is extended by an overseas financial institutions to the importer to make purchases against large imports. This is a unique credit facility that aids the importer to access the international trade transactions at cheaper rates as they are quoted close to LIBOR rates.
Function of commercial bank
The document discusses the primary and secondary functions of commercial banks. The primary functions are accepting deposits, advancing loans, credit creation, and investing funds. Accepting deposits includes savings, current, and fixed deposit accounts. Advancing loans includes cash credit, overdrafts, demand loans, and bill discounting. Secondary functions include agency services like fund transfers, collections, and foreign exchange; as well as general utility services like lockers, travelers checks, and credit information. The top 15 commercial banks in India are also listed.
Checking accounts
This document provides information about checking accounts and how they work. It defines key terms like checks, checkbooks, deposits, withdrawals, fees, endorsements, bounced checks, and fraud protection. It also outlines best practices for using a checking account, such as how to properly fill out and safeguard checks, how transactions are tracked in a check register, and the benefits of direct deposits and safety deposit boxes.
Banking ppt
This document provides an overview of the banking system in India. It defines banking and outlines the key laws and institutions that govern banking operations, including the Reserve Bank of India Act and the Banking Regulation Act. It describes the structure of banks in India, categorizing them as commercial banks, cooperative banks, and development banks. It provides details on the various types of commercial banks, cooperative banks, and development banks in India. It also summarizes the major functions and roles of the Reserve Bank of India in regulating the banking system.
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Banking Overview
The document provides an overview of various topics in banking including:
1. It introduces retail banking, corporate banking, investment banking and private banking and the various services offered under each.
2. It discusses key banking terminology like CASA (current and savings accounts), time deposits, loans, remittances and non-branch delivery channels.
3. It covers banking principles, regulations, accounting practices, lending, types of accounts, and legal and regulatory aspects of banking.
205 fmbounit 5
Concepts in Banking and Accounting of transactions: Accounting in banks, Electronic Banking, RTGS, ATM, MICR,
OCR, OMR, and DATANET, Petty Cash, Electronic Clearing Service (ECS), National Electronic Funds Transfer (NEFT) System,
Real Time Gross Settlement (RTGS) System, IMPS.
Banking terms
This document provides definitions for over 50 banking and financial terms, ranging from common terms like annual percentage yield, annual fee, and ATM to more specialized terms like capital adequacy ratio, cash reserve ratio, and certificate of title. The definitions are concise explanations of what each term means within the context of banking.
Banking system
The document discusses various types of bank deposit accounts in India such as savings accounts, fixed deposits, and recurring deposit accounts. It provides details on the key features of each type of account, including minimum balance requirements, interest rates, withdrawal policies, and more. The document also examines how competition among banks for deposits is regulated in India to prevent unhealthy market practices and ensure stability in the banking system.
Banking instruments
Banking instruments include cheques, demand drafts, letters of credit, and debit/credit cards. Cheques are orders to a bank to pay a specified amount to a payee and come in various types like bearer, order, crossed, and post-dated cheques. Demand drafts are similar but always payable to order and issued by a bank with charges. Electronic funds transfer systems like NEFT and RTGS facilitate domestic transfers in batches or real-time respectively, identified by IFSC or MICR codes. Core banking solutions allow banks to store customer information centrally for real-time access across branches.
Session 2,3
Bank products have evolved beyond traditional loans and deposits to include a wide variety of wholesale, retail, fee-based, and foreign products. Commercial credit includes both funded credit like cash credits and demand loans that involve funds flowing from the bank to borrowers, as well as non-funded credit like guarantees. Retail banking offers consumers credit products like credit cards, retail loans, and housing loans, as well as deposit products like savings and current accounts.
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The document discusses the traditional banking system in India and how it has evolved with technological advances. It covers functions of banks like accepting deposits and lending loans. It also describes various banking services that are now offered digitally like mobile banking, internet banking, ATMs, credit/debit cards which allow banking anytime anywhere. The reforms and use of technology have dramatically changed banks' functioning and increased customer relationships.
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Here are the steps to calculate the debt burden ratio:
1. Monthly income before tax: 1500 JD
2. Estimated tax: 20% of 1500 = 300 JD
3. Monthly net income: 1500 - 300 = 1200 JD
4. Monthly debt payments:
- Credit card 1: 50 JD
- Credit card 2: 75 JD
- Car loan: 150 JD
- Total monthly debt payments: 50 + 75 + 150 = 275 JD
5. Debt burden ratio = Total monthly debt payments / Monthly net income
= 275 / 1200
= 23%
Therefore, the debt burden ratio for this applicant is 23%.
Fixed Deposit Accounts
Fixed Deposit AccountsWe Learn - A Continuous Learning Forum from Welingkar's Distance Learning Program.
Fixed deposit (FD) is a type of deposit which can be withdrawn only after a pre-defined tenure and attracts a higher interest rate when compared to savings account. The minimum period for placing these deposit is 7 days while the maximum period is 120 months. A recent study indicates that banks are now free to determine the rate of interest to be offered on FDs. Banks may offer deposits on a floating rate, interest shall be paid on quarterly or longer rests and interest is calculated on daily balance. Further, scheduled banks with a total deposit of less than Rs 25 crores are permitted to give an additional ½% interest. When the amount paid to the individual is in excess of Rs 10,000 bank has to deduct tax at source if the depositor has not submitted Form 15H or 15G or certificate u/s197(1) of the Income Tax Act 1961. Banks have the discretion to disallow premature withdrawal of large deposits other than individuals and Hindu Undivided Family (HUF). On maturity if the bank does not receive any intimation from the depositor then such deposits are recorded as overdue deposits in the books of the bank. Banks can grant loans by taking FD as a security. However, there are certain prohibitions to raising Fixed Deposits: banks cannot launch deposits with freebies such as free lunch and trips, for example. Deposit Facilities and Banking Services
The presentation gives an outlook of various deposit accounts and banking services. The presentation also gives an overview of the basic functions performed by the banks and the provision of their services.
Deposit Facilities and Banking Services
Deposit facilities and banking services provide various options for customers to deposit and manage their money. Common deposit accounts include savings accounts, current accounts, fixed deposits, and recurring deposits. These accounts have different eligibility criteria, interest rates, and withdrawal restrictions. In addition to accepting deposits, banks offer numerous services like loans, credit/debit cards, money transfers, online/mobile banking, and wealth management for high-net-worth individuals. Regulations aim to ensure banks' stability while allowing them to perform important financial intermediation functions in the economy.
Consumer finance ppt
Consumer finance refers to granting credit to consumers to purchase goods for everyday use through installment plans. There are different types of consumer credit like revolving credit (credit cards), fixed credit (loans), and cash loans. Sources of consumer finance include traders, commercial banks, credit card companies, NBFCs, and credit unions. Factors driving demand for consumer finance are increasing income, installment payment plans, and growth in households. Products covered include cars, appliances, and electronics. Terms of financing evaluate borrowers' income, employment, guarantees, interest rates, and fees. While consumer credit allows purchases and economic growth, it can also lead to overspending, insolvency, high costs, bad debts, and economic instability.
Banker’s acceptance
Bankers acceptances are negotiable instruments used in international trade. They allow banks to provide financing to customers without using their own funds. A bankers acceptance is a draft or bill of exchange drawn by an exporter and accepted by the importer's bank, who guarantees payment on the maturity date. This creates an obligation for the bank to pay the holder the face value on the due date. Bankers acceptances can then be sold to investors on the money market, providing financing to facilitate trade and earning fees for the bank. They provide credit quality and liquidity while exposing banks to some transaction and credit risks.
Various types of bank accounts
its a very easy way of learning about typesof accounts. i made this myself and used it in a presentation. hope u guys find it informative.
Loans and discount function (Book: Money, Credit and Banking by Cristobal M P...
Banks provide various types of loans to customers. Short-term loans are usually provided against a customer's general credit standing or with collateral and are often for working capital needs. Medium and long-term loans typically require collateral. The Federal Reserve aims to stimulate the economy through lowering interest rates, buying mortgage and other assets, and committing to maintain low rates for a prolonged period. Quantitative easing can still impact the economy when rates are near zero through portfolio substitutions, altered policy expectations, and expansionary fiscal policy.
Commercial bank
The document discusses commercial banks in India. It defines commercial banks as financial institutions that raise funds through deposits and make loans. It outlines the different types of commercial banks in India, including public sector banks, foreign banks, and private sector banks. It describes the key functions of commercial banks such as accepting deposits, lending money, transferring funds, and acting as trustees. It also discusses the sources of funds for commercial banks, technological reforms in the banking sector, and the regulatory role of the Reserve Bank of India over commercial banks. In the end, it notes some weaknesses faced by commercial banks and their future plans to improve services and expand business.
Deposits
Savings bank deposits are meant for small savers and have restrictions on withdrawals and minimum balance requirements. Current deposits are for business people and allow withdrawals by cheque but no interest. Recurring deposits encourage regular monthly savings over a fixed period by automatically depositing a set amount each month to earn interest. Fixed deposits are repaid after a specific time period but penalties apply for early closure. Proper documentation and verification is required to open any type of bank deposit.
Banks as financial service provider
Banks now act as one-stop financial service providers by distributing and advising on various third party products. They distribute insurance, gold coins, facilitate mobile recharges and bill payments, offer demat accounts, mutual funds, government bonds, and provide safekeeping services. Banks also collect taxes and utility payments on behalf of governments. Through these services, banks aim to provide more convenience to their customers.
Buyers credit pdf
Buyer's credit is extended by an overseas financial institutions to the importer to make purchases against large imports. This is a unique credit facility that aids the importer to access the international trade transactions at cheaper rates as they are quoted close to LIBOR rates.
Function of commercial bank
The document discusses the primary and secondary functions of commercial banks. The primary functions are accepting deposits, advancing loans, credit creation, and investing funds. Accepting deposits includes savings, current, and fixed deposit accounts. Advancing loans includes cash credit, overdrafts, demand loans, and bill discounting. Secondary functions include agency services like fund transfers, collections, and foreign exchange; as well as general utility services like lockers, travelers checks, and credit information. The top 15 commercial banks in India are also listed.
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The document discusses electronic payment systems, their objectives, examples, types, and security services. It describes methods like e-cash, smart cards, and credit/debit cards. E-cash uses cryptographic algorithms to prevent double spending while preserving anonymity. Smart cards can process data and payments. Credit cards require repayment of spent amounts. Payment gateways protect credit card details and ensure secure transactions between customers, merchants and processors. The conclusion states that electronic payment systems have expanded markets and made payments more convenient.
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The document discusses electronic payment systems and their security. It describes various electronic payment methods like e-cash, smart cards, credit cards, and e-wallets. E-cash works like digital cash that is issued by banks and can be spent anonymously. Smart cards contain embedded chips that can process payments. Credit cards allow purchases with repayment later while e-wallets store payment details and act as digital wallets. Payment gateways provide secure transaction processing between customers, merchants and payment processors. Electronic payment systems enhance convenience and expand markets beyond geographical boundaries.
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Electronic payment systems allow for paperless monetary transactions through various modes like credit cards, debit cards, smart cards, and electronic funds transfers. Credit cards involve a bank issuing a customer a small plastic card linked to an account, where the bank pays merchants on the customer's behalf and the customer pays the bank later. Debit cards are similarly linked to a bank account, but funds are deducted immediately during transactions. Smart cards contain microchips that can store payment information and balances in an encrypted format, providing security. Electronic funds transfers allow money transfers between bank accounts electronically without physical cash or checks.
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Electronic payment systems allow for paperless monetary transactions through various modes like credit cards, debit cards, smart cards, and electronic funds transfers. Credit cards involve a bank paying on behalf of the customer who then has a period to pay the bill. Debit cards immediately deduct funds from the linked bank account. Smart cards contain a microchip to store customer information and funds that are deducted with use. Electronic funds transfers allow money to be transferred between bank accounts without a middleman through ATMs or online banking. E-cheques enable creating and sending checks electronically through bank-provided software. Overall, electronic payment systems have streamlined business processes by reducing paperwork, transaction costs, and processing time.
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真实可查(nwu毕业证书)美国西北大学毕业证学位证书范本原版一模一样
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一、工作未确定，回国需先给父母、亲戚朋友看下文凭的情况，办理一份就读学校的毕业证【微信bwp0011】文凭即可
二、回国进私企、外企、自己做生意的情况，这些单位是不查询毕业证真伪的，而且国内没有渠道去查询国外文凭的真假，也不需要提供真实教育部认证。鉴于此，办理一份毕业证【微信bwp0011】即可
三、进国企，银行，事业单位，考公务员等等，这些单位是必需要提供真实教育部认证的，办理教育部认证所需资料众多且烦琐，所有材料您都必须提供原件，我们凭借丰富的经验，快捷的绿色通道帮您快速整合材料，让您少走弯路。
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
【关于价格问题（保证一手价格）】
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OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.1比1复刻(ksu毕业证书)美国堪萨斯州立大学毕业证本科文凭证书原版一模一样
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【业务选择办理准则】
一、工作未确定，回国需先给父母、亲戚朋友看下文凭的情况，办理一份就读学校的毕业证【微信bwp0011】文凭即可
二、回国进私企、外企、自己做生意的情况，这些单位是不查询毕业证真伪的，而且国内没有渠道去查询国外文凭的真假，也不需要提供真实教育部认证。鉴于此，办理一份毕业证【微信bwp0011】即可
三、进国企，银行，事业单位，考公务员等等，这些单位是必需要提供真实教育部认证的，办理教育部认证所需资料众多且烦琐，所有材料您都必须提供原件，我们凭借丰富的经验，快捷的绿色通道帮您快速整合材料，让您少走弯路。
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
【关于价格问题（保证一手价格）】
我们所定的价格是非常合理的，而且我们现在做得单子大多数都是代理和回头客户介绍的所以一般现在有新的单子 我给客户的都是第一手的代理价格，因为我想坦诚对待大家 不想跟大家在价格方面浪费时间
对于老客户或者被老客户介绍过来的朋友，我们都会适当给一些优惠。
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Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
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Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
For more details, you can visit https://technoxander.com.
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21 banking terms that you need to know
- 1. 21 Banking Terms That You Need to Know. A Glossary
- 2. 3D Secure A security protocol developed by VISA and MasterCard designed to combat debit/credit card fraud online. The system requires users to provide parts of their banking password or pin to verify online transactions.
- 3. ATM Acronym standing for automated teller machine; more commonly referred to as a cash machine in the UK
- 4. BACS An acronym standing for Bank Automated Clearing System. It is the system in place that banks use to make direct transfer between accounts. BACS is used for both debit and credit transfers.
- 5. Card Security Code Sometimes referred to as the CVV2, CVC or CV2 number. This refers to the 3-digit number on the back of MasterCard and VISA credit/debit cards. The code is located on the right of the signature strip and is used as a security protocol when making online payments. O
- 6. CHAPS An automated system for processing payments within the UK. The system is usually used by corporate clients that make multiple high value payments at once. The system can be used by anyone although there is usually a charge of between £25 and £30. O
- 7. Chip and Pin A security measure that requires the cardholder to enter a pin to authorise the payment. Chip and Pin is used in situations when the cardholder is present O
- 8. Digital Receipt A receipt sent by E-mail usually after making an online payment. A digital receipt serves the same purpose as a physical receipt.
- 9. Direct Debit A pre-authorised debit on an account that is authorised by the customer. Direct debit is a popular way to pay for recurring debts such as utilities and bills.
- 10. E-Commerce The buying and selling of goods over the internet
- 11. EPOS Acronym standing for Electronic Point of Sale. A card reader used to receive payments by card. They usually require the consumer to enter a pin.
- 12. Faster Payments A service allowing users to make payments including direct debits, direct credits and standing orders almost instantly. The service is available 24/7 and was launched in May 2008.
- 13. Hacking Gaining unauthorised access to data or information (including bank account details) through the use of computers
- 14. In-house payment A payment that is made between two bank accounts that are part of the same financial institute e.g. a payment between 2 people who belong to the same bank.
- 15. IPSP Acronym standing for Internet Payment Service Provider
- 16. Mobile banking A term that refers to the act of checking a bank balance, transferring money between accounts or making a payment using a mobile device (usually a phone or tablet).
- 17. Mobile Payment A term that refers to the act of making a payment using a mobile device (usually a phone or tablet. This can be done through the bank’s website using a mobile browser, using a banking app, using a business’s website to make a purchase or, less commonly, making use of contactless technology to use your phone as an alternative to a card payment. O
- 18. PayPal A web based application built to transfer funds securely between member accounts. PayPal is free to join and sending money is free however, there is a payment structure in place for members who wish to receive money. PayPal makes use of existing financial infrastructure and advanced fraud security. PayPal is the preferred method of payment on a number of online ecommerce sites including eBay.
- 19. PIN Acronym standing for Personal Identification Number. A PIN is a security measure that requires the cardholder to enter a 4-digit code in order to authorise a payment.
- 20. POS An acronym standing for point of sale. A physical location where a customer can make a purchase.
- 21. SafeKey American Express’ branded version of the 3D secure security service.
- 22. Standing Order An instruction from an accountholder to their bank to pay a pre-arranged amount into another account electronically at regular intervals.
- 23. More Information O For more information on banking, payment methods, internet banking and paying with your mobile phone please visit Pay Your Way