Here are 10 banking terms you should know to manage your money better. 1. Routing number A nine-digit number that identifies your financial institution. Larger banks may have multiple routing Private Mortgage Insurance (PMI) Insurance offered by a private insurance company that protects the bank against loss on a defaulted mortgage up to the limit of the policy (usually 20 to 25 percent of the loan amount). PMI is usually limited to loans with a high loan-to-value (LTV) ratio. The borrower pays the premium. The two committees that shaped the banking system of India are - 1. The Narasimham Committee 1991 - First Phase It was the first committee of India to suggest acts and reforms for an improved banking system. M. Narasimham was the chairman of this committee, thus justifying the name. This committee was formed right after the economic crisis. This is the 159th lesson in CADRRE Indian Sign Language video series where you will learn the signs for the following :Bank Account NumberTransfer money With Using a loan to finance an expense—whether it's for an automobile purchase or home improvement project—can be a smart decision. However, if you're not familiar with certain loan General Awareness has 3 components: Static GK, Current Affairs and Banking Awareness. We have covered the preparation of Static GK and Current Affairs in different articles. In this article, we will be covering the preparation strategy of Banking/Financial Awareness. It is similar to Static GK in the sense that the answers of Banking Awareness Executor - The testator's legal representative who will execute the Will. He/she is the person who distributes the assets as per the Will. Codicil - This is a legal document used to append, alter or add to an existing Will. Minor changes in the Will can be made using a Codicil. E-BANKING DEFINITION OF E-BANKING Electronic banking, also known as electronic funds transfer (EFT), is simply the use of electronic means to transfer funds directly from one account to another, rather than by cheque or cash. You can use electronic funds transfer to: • Have your paycheck deposited directly into your bank or Monetary Policies: It refers to the use of instruments by Reserve Bank of India (RBI) to regulate the availability, cost and use of money and credits. Plastic Money: It is a term used in reference to the hard plastic cards we use every day in place of actual bank notes. Direct Instruments:- Nov 24, 2020 - Explore MagmeGuru's board "Banking Terminologies", followed by 131 people on Pinterest. See more ideas about banking, free learning apps, free learning. Pinterest. Today. Explore. When the auto-complete results are available, use the up and down arrows to review and Enter to select. What are the important banking terms ? Important Banking Terms in India - Repo Rate, MCLR, LAF, CRR, SLR, MSF What is the meaning of repo rate? The rate at which the central bank (RBI in India) lends money to commercial banks is known as the repo rate or repurchase rate. What is NEFT (National Electronic Funds Transfer)? Glossary of Basic Banking Terms. Account. A type of financial property or financial obligation that is held and owned under your name. When you open a financial account—whether it's a checking Glossary of Basic Banking Terms. Account. A type of financial property or financial obligation that is held and owned under your name. When you open a financial account