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 ADCB is the Abu Dhabi Commercial Bank. ADCB, in the United Arab Emirates and it was founded in 1985 as a limited liability...
The full form of KVB is the Karur Vysya Bank. In India, KVB is a Scheduled Commercial Bank. It has completed hundred years of service and is one...
The full form of LVB is the Lakshmi Vilas Bank Limited. LVB was established under the guidance of Shri V.S.N. Ramalinga Chettiar in 1926 by a...
The full form of SIB is the South Indian Bank Limited. SIB, headquartered is located in Thrissur, Kerala, India, is a major private sector bank....
The full form of TMB is Tamilnad Mercantile Bank Limited. With its head office in Thoothukudi, Tamil Nadu, India, TMB is a bank. In 1921, TMB was...
The full form of EXIM is the Export-Import Bank of the United States. EXIM is the federal government of the United States' official ECA (export...
The full form of IIBM is the Industrial Investment Bank of India. IIBM was an Indian government-run financial investment company that operated...
The full form of SIDBI is the Small Industrial Development Bank of India. SIDBI is an Indian development financial institution, with its...
The full form of NHB is the National Housing Bank. NHB is an agency owned by the Indian Government and was established under the National Housing...
The full form of TSCAB is the Telangana State Cooperative Apex Bank Limited. The State Cooperative Bank is TSCAB for the Telangana state. The...

Leave a Comment

Your Mobile number and Email id will not be published. Required fields are marked *

*

*