{"id":7640,"date":"2019-08-06T01:36:02","date_gmt":"2019-08-05T20:06:02","guid":{"rendered":"https:\/\/entri.app\/blog\/?p=7640"},"modified":"2019-08-08T19:43:00","modified_gmt":"2019-08-08T14:13:00","slug":"20-most-common-banking-terms-banking-awareness","status":"publish","type":"post","link":"https:\/\/entri.app\/blog\/20-most-common-banking-terms-banking-awareness\/","title":{"rendered":"20 Most Common Banking Terms in Banking Awareness"},"content":{"rendered":"

Banking awareness is an important part of the preparation for any serious aspirant looking to secure a job in a public sector bank (PSB). Not only is banking awareness a relatively scoring area in the examinations, but it also can boost the chances of you clearing the various banking examinations and finally securing that dream PO job! And to improve your banking awareness knowledge, you need to be thorough with the common banking terms.<\/p>\n

Take a Free IBPS PO Mock Test 2019<\/a><\/p>\n

Common Terms in Banking Awareness<\/strong><\/h2>\n

Hence, here are 20 common banking terms in banking awareness that you must remember always.<\/p>\n

    \n
  1. Account holder<\/strong> \u2013 refers to the person, individual, or entity who is authorized as the owner to perform transactions and operate\/maintain the bank account.<\/li>\n
  2. Cheque <\/strong>\u2013 refers to a printed order that is issued by the account holder of a bank account to another individual that pays a certain sum of money to the receive of the cheque.<\/li>\n
  3. Bounced Cheque<\/strong> \u2013 if a bank account does not have enough funds to honor the amount mentioned in a cheque that has been given to the payee by the account holder, the transaction fails to complete, and the cheque is thus known as a bounced cheque.<\/li>\n
  4. Debit Card<\/strong> \u2013 refers to a plastic card with an electronic chip embedded in it that can be used by the account holder of the bank account (for which the debit card is issued) to make payments or withdraw cash from their bank account from automated teller machines (ATMs).<\/li>\n
  5. Passbook <\/strong>\u2013 refers to a printed document that includes the records of all the transactions (Debit and Credit) that have happened or taken place for a specific bank account.<\/li>\n
  6. Bank Ombudsman<\/strong> \u2013 the Ombudsman refers to the entity or authority that is responsible for investigating the complaints of the customers pertaining to the banks in and under various areas like deposits and withdrawals, account management, demand drafts and money order management, loan issues, and so on.<\/li>\n
  7. Cash Reserve Ratio (CRR)<\/strong> \u2013 refers to the proportion of customers\u2019 deposits that banks need to hold with them in form of cash; the cash reserve ratio (CRR) is mentioned by the Central Bank or the Reserve Bank of India (RBI), in this case.<\/li>\n
  8. Automated Teller Machines<\/strong> \u2013 refer to the electronic machines that disburse cash to account holders or accept cash deposits (in some cases) without any manual or human intervention. ATM machines can be found almost everywhere but particularly in places of high economic activity like malls, shopping complexes, universities, etc.<\/li>\n
  9. Statutory Liquidity Ratio (SLR)<\/strong> \u2013 refers to the ratio or proportion of liquid assets held by a bank in comparison to their NDTL or net demand and time liabilities. Essentially, it talks about the amount of total assets that a bank maintains with itself at any point in form of liquid assets like gold and Treasury bills.<\/li>\n
  10. Repo Rate<\/strong> \u2013 is the rate at which the Reserve Bank of India (RBI) lends money to the commercial banks in case that the latter finds any shortage of funds.<\/li>\n
  11. National Electronic Fund Transfer (NEFT)<\/strong> \u2013 refers to the electronic payment system that is accessible and available across India and enables payments to be made between two bank accounts.<\/li>\n
  12. Marginal Standing Facility (MSF)<\/strong> \u2013 refers to the scheme through which scheduled commercial banks can obtain\/borrow money from the Reserve Bank of India (RBI) at an interest rate that is 1% higher than the repo rate. The difference between the MSF and repo rate is that the former has a higher interest rate compared to repo rate.<\/li>\n
  13. Core Banking Solutions (CBS)<\/strong> \u2013 refers to the networked system of bank branches that allows customers of a particular bank to use and avail various banking services provided by their bank at any part of the world.<\/li>\n
  14. Liquidity Adjustment Facility (LAF)<\/strong> \u2013 refers to a scheme that allows commercial banks to borrow money from the Reserve Bank of India to handle short-term shortages of cash to tend to their depositors\u2019 withdrawals.<\/li>\n
  15. Call Money<\/strong> \u2013 refers to money that is borrowed for an extremely short period of time (usually the same day).<\/li>\n
  16. Scheduled Bank<\/strong> \u2013 as per the RBI Act, 1934 2nd<\/sup> Schedule, scheduled banks are those that fulfill 2 conditions including their paid-up capital is at least INR 5,00,000 (INR 5 lakhs), and no activity by the bank affects the interests of their customers.<\/li>\n
  17. Money Laundering<\/strong> \u2013 conversion of money earned through illicit means or illegitimate activities such that they appear to have been earned through lawful means.<\/li>\n
  18. CAMELS Rating System<\/strong> \u2013 refers to a rating system initially developed by the USA that is used to rate banks and financial institutions across the world; \u2018CAMELS\u2019 stands for Capital Adequacy, Asset Quality, Management, Earnings, Liquidity, and Sensitivity.<\/li>\n
  19. Unified Payment Interface (UPI)<\/strong> \u2013 an electronic application-based payment system that allows one to transfer funds between bank accounts through smartphones and VPAs or virtual private addresses that work similarly to bank account numbers.<\/li>\n
  20. Bancassurance <\/strong>\u2013 refers to banks selling insurance products.<\/li>\n<\/ol>\n

    Test Your Skills in IBPS PO Mock Test<\/a><\/p>\n

    We hope that you found this article – common banking terms helpful! If you are writing the IBPS PO 2019 examinations, make sure to check out How to Crack IBPS PO 2019 Exam Tips and Tricks.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

    Banking awareness is an important part of the preparation for any serious aspirant looking to secure a job in a public sector bank (PSB). Not only is banking awareness a relatively scoring area in the examinations, but it also can boost the chances of you clearing the various banking examinations and finally securing that dream […]<\/p>\n","protected":false},"author":8,"featured_media":7641,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[802,246,210],"tags":[],"class_list":["post-7640","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-banking","category-ibps-po"],"acf":[],"yoast_head":"\nCommon Banking Terms | 20 Most Common Banking Terms | IBPS 2019<\/title>\n<meta name=\"description\" content=\"Studying for banking examinations? 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