Banking Abbreviations Flashcards

Full forms and meaning of common banking abbreviations.

NEFT

National Electronic Funds Transfer.

RTGS

Real Time Gross Settlement – minimum ₹2 lakh.

IMPS

Immediate Payment Service.

UPI

Unified Payments Interface – launched in 2016 by NPCI.

NPCI

National Payments Corporation of India (2008).

KYC

Know Your Customer.

NPA

Non-Performing Asset – loan overdue for more than 90 days.

CASA

Current Account Savings Account.

IFSC

Indian Financial System Code – 11 characters.

MICR

Magnetic Ink Character Recognition – 9-digit code.

SWIFT

Society for Worldwide Interbank Financial Telecommunication.

DICGC

Deposit Insurance and Credit Guarantee Corporation – insures deposits up to ₹5 lakh per depositor per bank.

CIBIL

Credit Information Bureau (India) Limited.