BANKING

Iban Number The International Bank Account Number (IBAN) is a unique identification code used to specify bank accounts in countries that participate in the International Banking System (IBS). It is a standardized format used to facilitate international wire transfers and is commonly found on bank statements and checks. Structure: The IBAN consists of 24 characters, […]

HDFC Housing Development Finance Corporation (HDFC) The Housing Development Finance Corporation (HDFC) is a leading mortgage lender in India, offering a wide range of housing loan products for both individuals and commercial purposes. Established in 1948, it is a fully owned subsidiary of the Housing Development Finance Corporation Limited (HDFC Ltd.). Key Highlights: Market Leader: […]

Tier 2 Capital Tier 2 capital refers to any capital that is subordinate to tier 1 capital. Tier 1 capital consists of common equity shares and preferred stock that are not subordinate to any other security. Tier 2 capital includes various instruments, such as subordinated debt, convertible debt, and hybrid securities. Characteristics of Tier 2 […]

Definition: Banking is a financial service that involves the collection, storage, and transfer of money. Banks are intermediaries between borrowers and lenders, providing a safe and convenient way to manage money. Types of Banks: Central banks: National or international monetary authorities that regulate the banking system. Commercial banks: Provide services to individuals and businesses, such […]

HSBC Hong Kong and Shanghai Banking Corporation (SHBC) are two major banks operating in Hong Kong and Shanghai, respectively. They are both international banking giants with a strong presence in the Asia-Pacific region. HSBC Hong Kong: Founded in 1864, HSBC is a global banking and financial services provider with a long history in Hong Kong. […]

Uncollected funds are an accounting concept that refers to money that is owed to a company but has not yet been collected. This can include accounts receivable, invoices, and other claims. Here are some key points about uncollected funds: Types of uncollected funds: Accounts receivable: This is the most common type of uncollected funds. It […]

Demand Draft A demand draft is a written order from a bank customer to the bank requesting payment of a specified sum of money on demand. It is also known as a negotiable instrument or simply a draft. Key Features of a Demand Draft: Orderer: The bank customer who issues the draft. Payee: The person […]

Finality of Payment The finality of payment is a concept that determines whether a payment is considered final and irreversible. It has legal implications in various situations, particularly in contracts and commerce. Factors Affecting Finality of Payment: Contractual Terms: The finality of payment is determined by the specific terms of the contract between the parties. […]

Sure, the full form of FCNR is Financial Control Number Register. FCNR is a unique ten-digit number assigned to each individual account holder in India by the Reserve Bank of India (RBI). It is used to track and monitor financial transactions across different banks.

Definition: A payment gateway is a software that allows businesses to accept payments electronically through various payment methods, such as credit/debit cards, e-wallets, and mobile payments. It acts as an intermediary between the business and the payment processor, facilitating secure and seamless payment processing. Key Features: Payment Processing: Enables businesses to accept payments from multiple […]