Banking Terms
Economics · बैंकिंग शब्दावली · 16 facts
CRR (Cash Reserve Ratio): cash deposits kept with RBI by banks
SLR (Statutory Liquidity Ratio): liquid assets kept by bank with itself
Repo Rate: short-term rate at which RBI lends to banks against securities
Reverse Repo: rate RBI pays banks when it borrows from them
Base Rate: minimum lending rate below which banks cannot lend
MCLR replaced Base Rate in 2016 as benchmark lending rate
PLR (Prime Lending Rate): rate banks charge their best/creditworthy customers
CASA Ratio: proportion of Current Account + Savings Account deposits in total
KYC (Know Your Customer): mandatory identity verification for bank accounts
DICGC insures bank deposits up to Rs 5 lakh per depositor per bank
Core Banking Solution (CBS): any branch banking through centralized system
RTGS: real-time gross settlement, minimum Rs 2 lakh, 24x7 since Dec 2020
NEFT: National Electronic Fund Transfer, 24x7 since December 2019
IMPS: Immediate Payment Service, 24x7, up to Rs 5 lakh per transaction
Priority Sector Lending: banks must lend 40% of credit to agriculture, MSME etc.
Scheduled Banks are listed in 2nd Schedule of RBI Act 1934