BANKING ABBREVIATIONS

1. PIN: Personal Identification Number
2. CCEA – Cabinet Committee on Economic Affairs
3. GIRO - Government Internal Revenue Order
4. PPP – Public Private Partnership & Purchasing Power parity
5. HDFC: Housing Development Finance Corporation
6. SWOT: Strength, Weeknesses, Opportunities And Threats
7. SWIFT: Society for Worldwide Financial Telecommunications,
8. FERA: Foreign Exchange Regulations Act
9. FEMA: Foreign Exchange Management Act
10. CRISIL: Credit Rating Information Services of India Limited
11. CIBIL: Credit Information Bureau (India) Ltd
12. KYC: Know Your Customer
13. RTGS: Real Time gross settlement
14. NEFT: National electronic Money Transfer
15. EFT: Electronic fund transfer
16. CBS: Core banking Solutions
17. PSBs: Public Sector banks
18. FIIs: Foreign Institutional investments
19. FDI: Foreign Direct Investment
20. IPO: Initial Public Offering
21. IBA: Indian bank Association
22. BPLR: Benchmark prime Lending rate
23. ICICI: Industrial Credit and Investment Corporation of India
24. MICR: Magnetic Ink Character reader
25. BIRD: Bankers Institute of Rural development
26. ICRA: Indian Credit rating Agency
27. CARE: Credit Analysis & Research Ltd
28. WMAs: Ways and means Advances
29. ALM: Asset Liability management
30. CASA: Current and saving account
31. NDTL: Net Demand and Time Liabilities
32. ALM- Asset Liability Management
33. ASBA: Application Supported by Blocked Amount
34. CBS: Core Banking Solution
35. FSLRC – Financial Sector Legislative Reforms Commission
36. CRAR: Capital to Risk-weighted Assets Ratio
37. LCR: Liquidity Coverage Ratio
38. TARC - Tax Administration Reform Commission
39. TIEA – Tax Information exchange Agreement
40. . GAAR - General anti avoidance rule
41. LIBOR:  London Interbank Offered rate
42. MIBOR: Mumbai Interbank Offered rate
43. MIBID: Mumbai  Interbank Bid rate
44. SARFAESI:  Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest
45. CAMELS: (C)apital adequacy
(A)ssets
(M)anagement Capability
(E)arnings
(L)iquidity (also called asset liability management)
(S)ensitivity
46. CAR: Capital Adequecy Ratio
TIN - Tax Information Network (TIN)
47. IMPS - Interbank Mobile Payment Service (IMPS).
48. CDR- Corporate Debt Restructuring
49. CAD- Capital Account Deficit
50. REITs: Real Estate Investment Trusts
51. InvITs: Infrastructure Investment Trusts
52. DTAA – Double Taxation Avoidance Agreement
53. ECBs - External Commercial Borrowings
54. EFSF – European Financial Stability Facility
55. FINO- Financial Inclusion Network Operation
56. FIPB – Foreign Investment Promotion board
57.  SENSEX: Sensitive index of Stock Exchange
58.  GNP: Gross national Product
59. NASDAQ: National Association of Securities Dealers Automated Quotations
60. NAV: Net Asset value
61. ATM  Full Form - - Asynchronous Transfer Mode
62. ATM  Full Form - - Automated teller machine
63. BCBS Full Form - - - Basel committee for Banking Supervision
64. GST - Goods and Service Tax

Pradhan Mantri Fasal Bima Yojana

The Union Cabinet chaired by the Prime Minister Narendra Modi  approved the New Crop Insurance Scheme,‘Pradhan Mantri Fasal Bima Yojana’ to boost the agricultural sector.
The theme of the Scheme is One Nation – One Scheme. In this, all shortcomings and weaknesses of all previous schemes were removed and incorporated with the best features of all schemes.
 Highlights of the scheme are:
• Farmers will pay a uniform premium of only 2 percent for all Kharif crops and 1.5% for all Rabi crops.
• In case of annual commercial and horticultural crops, farmers will pay a premium of only 5 percent. The balance premium, after farmers paying the premium at very low rate, will be paid by the Government to provide full insured amount to the farmers against crop loss on account of natural calamities.
• There will not be any upper limit on Government subsidy. Even if balance premium is 90%, it will be borne by the Government.
• Earlier, there was a provision of capping the premium rate which resulted in low claims being paid to farmers. This capping limited the Government outgo on the premium subsidy. Now, this capping was removed and farmers will get full sum insured without any reduction against their claim.
• The usage of technology will be encouraged to a great extent. Smart phones will be used to capture and upload data of crop cutting to reduce the delays in claim payment to farmers. Remote sensing will be used to reduce the number of crop cutting experiments.