Banking Full Forms

Banking is a sector that manages financial transactions like cash, credit, etc. Banks provide a secure system to keep additional credits and cash also offers deposit certificates, savings accounts etc. Banks utilize these deposits in lending making such as loans. These loans include house mortgages, car loans and loans related to business.

Banks exist from the time when the business of trade started by human civilization. A bank by its definition is a financial system which is authorized to accept and lend deposits. Commercial banks also offer various other facilities such as net banking, credit cards, investment securities, buying and selling of gold coins and often insurance.

Types Of Banks

Various banks and financial institutions have developed over the last three centuries. Usually, each category focuses on one particular form of business. Therefore we can differentiate the various banks as per their operations. There are mainly seven types of banks, namely

  • Commercial banks
  • Exchange banks
  • Co-operative or agricultural banks
  • Industrial banks
  • Central banks
  • Saving bangs
  • Unity of banks

Some examples of banking related full forms

Abbreviations are most frequently used in the banking sector. Examples include

ATM – Automated Teller Machine

HDFC – Housing Development Finance Corporation

ICICI – Credit and Investment Corporation of India

IFSC – Indian Financial System Code

INR – Indian Rupee

NEFT – National Electronic Funds Transfer

RTGC – Real-Time Gross Settlement

RBL – Ratnakar Bank Limited

Advantages And Disadvantages Of The Bank

Advantages

  • Accessibility of budget-friendly loans
  • Rural area development 
  • Propellant of the financial sector
  • Community Wealth Security 
  • Economies of huge scale

Disadvantages

  • Risk of community deposit
  • The threat of fraud and robbery 
  • Possibility for banks to go unprofitable

Benefits Of Knowing Banking Full Forms

Many of the banking terms, as well as the banking institutions, are stated in the abbreviated form. We need to know the full forms to get a better understanding of banking technologies.

The full form of SVC is Shamrao Vithal Co-op. Bank Ltd. SVC Bank was founded in India in 1906 and registered as a Co-operative Credit Society on...
The full form of BOI is Bank of India. BOI is a commercial bank with its head office is located in Mumbai's Bandra Kurla Complex Established in...
The full form of UBI is the United Bank of India. UBI was a bank headquarters operated by the Indian government based in Kolkata, India. The bank...
The full form of BMB is Bharatiya Mahila Bank. India, BMB was an Indian investment banking located in Mumbai. On 19 November 2013, former Indian...
The full form of BOB is Bank of Baroda. It is an India-based multinational investment bank and financial firm. Its head office is in Vadodara,...
The full form of BOM is Bank of Maharashtra. It is a significant bank in the public sector in India. 87.74%of the shares are owned by the Indian...
The full form of IOB is Indian Overseas Bank. IOB was established in 1937 as a public sector bank to specialize in international exchange &...
The full form of UCO is United Commercial Bank. It is an Indian Government Corporation, and also a commercial bank. The Board of Directors...
The full form of CBI is the Central Bank of India. The CBI is owned by the Indian government and is one of India's largest and oldest financial...
The full form of BOR is the Bank of Rajasthan. BOI was a private sector bank in India which combined with ICICI Bank in 2010. RBI was critical of...
The full form of CUB is the City Union Bank Limited. CUB is an Indian bank and its headquarter is located in Kumbakonam, Tamil Nadu. At first,...
The full form of CSB is the Catholic Syrian Bank Limited. CSB is an Indian private bank with its head office is in Thrissur, Kerala. It is one of...
The full form of RBI is the Reserve Bank of India. The RBI is the country's central bank, established in 1935 underneath the Reserve Bank Act of...
The full form of IVB is ING Vysya Bank. IVB is a privately owned Bangalore-based Indian multinational bank with retail, wholesale & private...
The full form of PSB is Punjab & Sind Bank. PSB is a bank owned by the government and its headquarter is situated in New Delhi. Overall, the...
The full form of NABARD is the National Bank for Agriculture and Rural Development. It was established on 12 July 1982 by a parliamentary act...
1) The full form of TDR is the Time Domain Reflectometer. It is an electronic system that tracks faults in metallic cables such as twisted-pair...
The full form of PNB is Punjab National Bank. It is one of India's reputed public sector banks, that commenced its services in Lahore on 12 April...
The full form of NPCI is National Payments Corporation of India. For all the retail payment companies in India, it is a collaborative...
The full form of ICRA is Investment Information and Credit Rating Agency. ICRA Limited was previously called the Investment Information and...

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