Banking News

Category Archives: Money, Banking and Finance

  • What are the services a bank offers to customers?

    What are the services a bank offers to customers?

    The core business of a bank is to accept deposits from the public for the purpose of lending and investment. The Section 5(b) of the Banking Regulation Act, 1949, provides that “banking” means the accepting, for the purpose of lending or investment, of deposits of money from the public,…

  • What is virtual card/prepaid card?

    What is virtual card/prepaid card?

    Prepaid cards also known as virtual cards. They are issued by the banks and non bank entities against the value paid in advance by the cardholder. PPIs that can be issued in the country are classified under three types viz. (i) Closed System PPIs, (ii) Semi-closed System PPIs, and…

  • What is debit card and its advantage?

    What is debit card and its advantage?

    Debit cards are issued by banks by linking it to inddividual custmers like SB/Current account holders,(in case of properietory concerns of Current Account/Cash Credit account,card will be issued in the name of the proprietor). The debit cards are akin to credit cards; the only difference is that the debit…

  • What is Credit card and its advantage?

    What is Credit card and its advantage?

    Banks are issuing credit cards to their customers as well as to general public. The bank on receipt of application from individuals for credit cards, process the same and decides about issuing the cards and fixing credit limit on the basis of the creditworthiness of the customers.The credit cards…

  • What is safe deposit locker and how to operate?

    What is safe deposit locker and how to operate?

    Safe deposit lockers are specially designed lockers which are generally kept at specially built strong rooms for keeping the valuable of hirer. In India safe deposit lockers are available in most of the Bank branches. These lockers of different sizes like small, medium, large, extra-large are purchased from reputed…

  • What is Consumer Protection Act 1986 (CPA/COPRA)?

    What is Consumer Protection Act 1986 (CPA/COPRA)?

    The Consumer Protection Act (COPRA) 1986 was enacted by the Government of India. The act  spells out the rights of the Consumer and the responsibilities of the supplier. The law provides the establishment of consumer councils and other authorities for the settlement of consumers’ disputes and for matters connected…

  • What is the meaning of SWAP transactions?

    What is the meaning of SWAP transactions?

    A ‘Swap’ is an act of exchanging one thing for another. In derivative market, currencies swap, interest rates swap or commodities swaps are most common. Currency Swap: When buying and selling of a foreign currency with different delivery dates simultaneously take place, it is called SWAP transaction. Currency swaps…

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