BANKING

Sure, the word “remittance” is defined as: remittance: The act of sending money or other financial assistance to someone. Synonyms:– Transfer- Payment- Disbursement- Remittance payment- Remittance Antonyms:– Receipt- Acquisition- Receiving Examples: The recipient of the remittance was grateful for the help. The company’s remittance fees are very high. The government is working to reduce remittance […]

The marginal standing facility is a lending facility provided by banks to their customers as a source of overdraft protection. It is used to cover any overdraft fees that might arise due to inadequate funds in the customer’s account. Here are the key points about marginal standing facility in Indian banking: Purpose: Eligibility: Cost: Typically […]

A scheduled bank is a banking institution that is regulated by a central authority, typically a national government, and operates under a set of rules and regulations. Scheduled banks are typically larger and more complex than other types of banks, such as savings banks or credit unions. They offer a wide range of services, including […]

A debit card is a plastic payment card that electronically deducts money from your bank account when you make purchases. It allows you to make purchases in stores, online, and over the phone. There are two main types of debit cards: traditional debit cards and prepaid debit cards. Traditional debit cards: Prepaid debit cards: Common […]

Sure, here is a definition of demand deposit: A demand deposit is a type of deposit account that allows the depositor to withdraw funds on demand, without notice, at any time. It is also sometimes referred to as a checking account because it is commonly used for day-to-day transactions, such as paying bills or making […]

Kiosk banking refers to a type of banking service that is provided through self-service kiosks located in public spaces, such as malls, airports, and supermarkets. These kiosks offer a range of basic banking services, such as cash withdrawal, deposit, transfer, bill payment, and account inquiry. Key Features of Kiosk Banking: Services Offered Through Kiosks: Benefits […]

Micr magnetic ink character recognition is a field that utilizes machine learning techniques to extract characters from magnetic ink written on paper. This technology has promising applications in various fields, including document security, anti-counterfeiting, and accessibility for people with disabilities. Key Technologies: Challenges: Applications: Conclusion: Micr magnetic ink character recognition is an emerging field with […]

A central counterparty (CCP) is an intermediary organization that acts as a central point of contact for multiple parties in a financial transaction. It acts as the intermediate counterparty to all trades, managing the risks and ensuring the settlement of obligations. Key Functions of a CCP: Types of CCPs: Examples of CCPs: Benefits of CCPs: […]

Definition: Country limit is a limit that applies to a country, rather than a specific number or point. It refers to a limit that applies to a country’s population, economic growth, or other characteristics. Examples: Reasons for Limits: Note: The concept of country limits is a theoretical idea and does not exist in reality. Country […]

A term loan is a type of loan that is borrowed for a specific term, typically between one year and five years. It is a secured loan, meaning that the borrower pledges collateral, such as a home or equipment, as security for the loan. Key Features: Types of Term Loans: Advantages: Disadvantages: Overall: Term loans […]