Banking Terms and abbreviations

Terms Full Form Definition
DBOD Department of Banking Operations and Development It helps to develop and regulate all the commercial banks in India.
DBS Department of Banking Supervision supervise banks
DCA Department of Company Affairs The Function of this department is to keeps the company up to date with all the current affairs.
DTC Direct Tax Code The existing income tax act was replaced the direct tax code which reduced the         litigation scope.
DCCB District Cooperative Central Bank It Established in India by RBI. The motive of this bank is to serve in rural areas.
DCM Department of Currency Management The RBI carries out the task of currency management through DCM. The bank notes are stored in the rooms called ‘currency chests’. Only some selected banks across the country keep these chests.
DTAA Double Taxation Avoidance Agreement This agreement which was signed to help people (Individual) out of the problem of paying double taxes in two different countries for the same income.
DD Demand Draft It is similar to a bill of exchange also known as pay to order. It is a negotiable instrument. Demand Draft can only be made payable to a specified party.
DEAF Depositor Education and Awareness Fund The scheme opened by RBI in 2014. Under this scheme, if a person dies without informing his family member about the FD account he opened with a bank, then this account is considered under this scheme and Afterward, if his family member comes across the knowledge of that account then DEAF scheme helps such families a lot.
DDS Data Dissemination Standards Basically, it is a method of distributing any statistical data or any other data among the end users. The data distributed is in a common format, and the data cannot be copied by anyone.
DICGC Deposit Insurance Credit Guarantee Corporation of India A subsidiary of RBI. The main objective of DICGC is to guarantee people related to the credit facilities they enjoy.
EEFC Exchange Earner’s Foreign Currency The EEFC account is used by those who earns from foreign exchange. He maybe     a person Individual or may be Individual companies, no matter who. The main objective of this account is to maintain the foreign currency; even those people who are a resident in India can get this Account opened.
ECGC Export Credit and Guarantee Corporation It secures exporters from the credit risk and also guarantees the payment of the product they ship. It also covers the political risk and commercial risk in business as well. It promotes the export trade of the country.
ECS Electronic Clearing Scheme It is a method of transferring fund electronically. In this scheme, a person can transfer funds to some other person’s account for payment.
EEA Exchange Equalization Account It established in 1932. It manages international market’s exchange value.
EPF: Employees Provident Fund The scheme launched in 1952. Under which employees of the factory and many other workers receives many free services from the government as the government gives fund to employees.
EEFC Exchange Earner’s Foreign Currency To maintain the foreign currency, authorized dealers uses this EEFC in their account.
ECBs External Commercial Borrowings To facilitate PSUs to access foreign money, this commercial borrowing is used.
FIPB Foreign Investment Promotion Board It is recommended by FDI (foreign direct investment).
FDI Foreign Direct Investment It is a measure of the foreign investments in the percentage that can directly be invested in debentures, equity, shares. It is a way to strengthen the economy base of a country by foreign investment.
FSLRC Financial Sector Legislative Reforms Commission The government of India established it in 2011. If the financial market is affected by legislative then FSLRC has the rights to rewrite the legislative to maintain the financial market.
FEMA Foreign Exchange Management Act It was established in 1999. Its prime objective is to develop, maintain and promote the Indian foreign exchange market.
FII Foreign Institutional Investors To originate loans and buy assets some institutional investors pool money. Mostly, these institutional investors include Mutual Funds, Insurance Companies, Banks and so on.
FRBMA Fiscal Responsibility and Budget Management Act. Parliament of India established This Act., One can easily handle and manage the       public funds’, overall management under this act and also control and manage the Budget.
FTA Free trade Agreement To reduce the traffic in trading, two countries signed this agreement. FTA helps to carry on free trade with countries who shares common borders. The member countries can demand fees or charges on trade from countries who are not a member.
FINO Financial Inclusion Network Operation In 2006 ICICI bank formed it. Various financial institutes and 24 banks such as ICICI Prudential, LIC and so on, have adopted FINO.
FCNR Foreign Currency Non – Resident Bank In this bank, as the name suggest only NRI ( Non-Resident Indians) are allowed to deposit their money (foreign currency). This bank proves beneficial to NRIs.
EFSF Federation of India Chambers of Commerce & Industry Established in 1927. One of the oldest Indian business organization and a non-profit making organization since 1927. Its current President is Pankaj Patel of FICCI.
FII Foreign Institutional Investors To originate loans and buy assets some institutional investors pool money. Mostly, this institutional investor includes Mutual Funds, Insurance Companies, Banks and so on.

 

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