Hard loan is a loan whose commercial rate of interest is changed and no concessions are given to the debtor.
E-Lobby is a new facility provided by the bank to empower all customers to do their banking transactions as per their convenience without any time restriction.
ICRA (Investment information and credit rating agency) is a public limited credit rating company founded in 1991. It is headquartered in Gurgaon. Its majority shareholder is Moody’s.
Full form of LIBOR is London Inter-Bank Offered Rate.
R.Gandhi committee is a high powered committee on urban co-operative banks.
Bank Rate is the rate at which RBI the central bank of the country allows finance to commercial banks.
Ways to Means Advances (WMA) is the short term credit from the central bank to the government which allows the government to meet its immediate.
Down payment is an amount that has to be paid by the borrower upfront while taking a loan.
Allahabad bank is the oldest public sector bank in India having branches all over India and serving customers for the last 132 years. It is headquartered in Kolkata (West Bengal). Slogan of this bank is ‘A tradition of trust’.
Fiat money: Currency which is legally decreed as valid means of financing transactions. It is legal tender.
Foreign Trades are classified into three types.
(1)Import trade– It refers to purchase of goods by one country from another country.
(2) Export trade– It refers the sale of goods by one country to another country.
(3) Entrepot Trade – It is also known as Re-export. It refers to purchase of goods from one country and then selling them to another country after some processing operations.
Dormant Account is a bank account in which there have not been any transactions for 2 years.
Capital Market is the market in which long term securities such as stocks and bonds are bought and sold.
SARFAESI Act – The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002, it allows banks and financial institutions to auction properties when borrowers fail to repay their loans.
Multicity Cheque is a cheque issued by a customer under a pre-approved arrangement with the bank whereby the bank agreed to pay them at designated centers and branches in the country.