11 terms with concise definitions
Current Account Savings Account Ratio — the proportion of a bank's total deposits held in current and savings accounts (low-cost deposits) versus term deposits.
A 3-digit number (300-900) issued by TransUnion CIBIL that represents a borrower's creditworthiness based on credit history.
Indian Financial System Code — an 11-character alphanumeric code that uniquely identifies a bank branch for electronic fund transfers in India.
Immediate Payment Service — a real-time inter-bank electronic fund transfer service available 24x7, including holidays.
Know Your Customer — the process of verifying the identity and address of customers, mandated by the RBI under the Prevention of Money Laundering Act (PMLA), 2002.
National Automated Clearing House — a centralised payment system operated by NPCI that facilitates bulk electronic payments and collections.
National Electronic Funds Transfer — a centralised, nation-wide payment system operated by the Reserve Bank of India that facilitates one-to-one funds transfer.
National Payments Corporation of India — the umbrella organisation for all retail payment systems in India, owned by a consortium of major banks.
Reserve Bank of India — the central bank of India, established under the RBI Act, 1934, responsible for regulating the issue and supply of the Indian rupee and the banking system.
Real Time Gross Settlement — a payment system that settles fund transfers in real time, on a transaction-by-transaction basis, without netting.
Unified Payments Interface — a real-time payment system developed by the National Payments Corporation of India that enables instant inter-bank transfers through mobile phones.
