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Banking Awareness and Quick Formulas

Thirty cards on the basic banking and finance terms and quick formulas that appear in bank PO examinations.

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1
RBI
The Reserve Bank of India was established in 1935 and nationalised in 1949; it is the central bank.
2
Repo rate
The rate at which the RBI lends short-term money to commercial banks.
3
Reverse repo rate
The rate at which the RBI borrows money from banks.
4
CRR
Cash Reserve Ratio: the share of deposits banks keep with the RBI in cash.
5
SLR
Statutory Liquidity Ratio: the share of deposits banks keep in liquid assets such as gold or government securities.
6
NPA
A loan becomes a non-performing asset when interest or principal is overdue for more than 90 days.
7
NABARD
National Bank for Agriculture and Rural Development, set up in 1982.
8
SEBI
Securities and Exchange Board of India, the regulator of the securities market.
9
IRDAI
Insurance Regulatory and Development Authority of India.
10
NPCI
National Payments Corporation of India, which runs UPI and RuPay.
11
UPI
Unified Payments Interface, launched in 2016 for instant bank-to-bank transfers.
12
RTGS
Real Time Gross Settlement: large-value transfers settled one by one in real time.
13
NEFT
National Electronic Funds Transfer: settles payments in batches.
14
Pradhan Mantri Jan Dhan Yojana
Launched in 2014 to give every household a bank account.
15
KYC
Know Your Customer: verifying the identity and address of a customer.
16
Bank rate
The rate at which the RBI lends long-term funds to banks.
17
Inflation
A sustained rise in the general price level.
18
GDP
Gross Domestic Product: the value of all final goods and services produced in a country in a year.
19
Fiscal deficit
Total government expenditure minus total receipts, excluding borrowings.
20
Demat account
An account that holds shares and securities in electronic form.
21
Mutual fund
A pool of money from many investors, managed by professionals.
22
Cheque validity
A cheque is valid for three months from the date of issue.
23
MCLR
Marginal Cost of Funds based Lending Rate, an internal benchmark for loan rates.
24
Priority sector lending
Loans to sectors such as agriculture, micro and small enterprises and weaker sections.
25
Simple interest vs compound interest
Compound interest is earned on both principal and accumulated interest.
26
Profit % formula
Profit % = profit / cost price x 100.
27
Average
Sum of observations / number of observations.
28
Ratio of ages
Add the same number of years to both ages after n years.
29
Number series
Look for a constant difference, a constant ratio, squares or alternating patterns.
30
Syllogism
Draw sets: a conclusion follows only if it is true in every possible diagram.

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