Banking related abbreviations
Introduction: There are some certain bank related abbreviations that we frequently encounter whenever we engage in banking activities. However if we do not know the full form of that abbreviation, we will not be able to understand what it actually is. Additionally, Questions regarding banking related full forms appear in various competitive examinations. So students should also be aware of these things. Listed below are some full forms that are used on a daily basis for banking related work.
Common Banking related Terms
- ATM – Automated Teller Machine
- CBS – Core Banking Solution
- KYC – Know Your Customer
- IFSC – Indian Financial System Code
- MICR – Magnetic Ink Character Recognition
- NEFT – National Electronic Funds Transfer
- RTGS – Real Time Gross Settlement
- IMPS – Immediate Payment Service
- UPI – Unified Payments Interface
Account & Card Related
- SB Account – Savings Bank Account
- CA – Current Account
- FD – Fixed Deposit
- RD – Recurring Deposit
- CVV – Card Verification Value
- PIN – Personal Identification Number
- EMI – Equated Monthly Installment
Institutions & Regulatory Bodies
- RBI – Reserve Bank of India
- SBI – State Bank of India
- SEBI – Securities and Exchange Board of India
- IRDAI – Insurance Regulatory and Development Authority of India
- NABARD – National Bank for Agriculture and Rural Development
Loans & Finance
- APR – Annual Percentage Rate
- NPA – Non-Performing Asset
- LTV – Loan to Value
- DSA – Direct Selling Agent
Digital & Online Banking related
- OTP – One Time Password
- POS – Point of Sale
- ECS – Electronic Clearing Service
- ACH – Automated Clearing House
- NEFT – National Electronic Fund Transfer
- IMPS – Immediate Payment Service
Business & Corporate Banking
- IPO – Initial Public Offering
- CRR – Cash Reserve Ratio
- SLR – Statutory Liquidity Ratio
- MSME – Micro, Small and Medium Enterprises
