Top Banking Full Forms List 2021 - Learn Banking Related Full Forms
Banking Full Forms
Banks play an important role in the financial stability and economic development of a country and are also called the financial pillars of a country. A bank is a financial institution that is involved in deposits, lending, transferring, and exchanging money. People deposit their money in banks and banks provide credits and loans to people, households, and businesses who wish to invest and expand. Banks act as payment agents to provide confidence and security in the economy.
Check different types of services provided by banks are:
Personal & Business Loans, Cheque payments, Checking accounts, Guarantee by banks, Savings accounts, Debit and credit cards, Merchant services, Treasury services, Funds remittance, Insurance, etc.
Advantages of Banking Full Forms
Nowadays, most banks have officially adopted abbreviations. Various abbreviations and short forms are used in the banking and financial sector and are very important to know.
Different types of banks are mentioned below.
- Commercial Banks
- Central Banks
- Savings Banks
- Industrial Banks
- Exchange Banks
- Agricultural Banks
- Utility of Banks
- Co-operative Banks
Some Advantages and Disadvantages of Banks are:
- Economies of huge scale
- Rural area development
- Propellant of the financial sector
- Community Wealth Security
- Accessibility of budget-friendly loans
- Possibility for banks to go unprofitable
- Risk of community deposit
- The risk of fraud and robbery
- Chances of Bank going Bankrupt
- Risk of public debt
Many short forms are used to define the name of the various banks. Some of the examples are – HDFC for Housing Development Finance Corporation, DB for Deutsche Bank. Short forms are also used in some banking and financial terms such as EMI for Equated Monthly Installment, IFSC for Indian Financial System Code, etc.
Some examples of the Top Banking Full Forms List are mentioned below:
This section contains a list of various banking-related acronyms and abbreviations.
- NEFT: National Electronic Funds Transfer
- GST: Goods and Services Tax
- INR: Indian Rupee
- PAN: Permanent Account Number
- RBS: Royal Bank of Scotland
- SLR: Statutory Liquidity Ratio
- RTGS: Real-Time Gross Settlement
- IMPS: Immediate Payment Service
- ATM: Automated Teller Machine
- MICR: Magnetic Ink Character Recognition
- NPA: Non Performing Assets
- TDS: Tax deduction at source
- NSDL: National Securities Depository Limited
- RBI: Reserve Bank of India
- ADB: Asian Development Bank
- SBI: State Bank Of India
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All the information mentioned above on the page along with frequently asked questions (FAQs) mentioned below will help you immensely to know and understand the various banking and finance terminologies. There are numerous other banking and finance terms that you can find easily on the internet for comprehensive expertise in learning banking and finance terms. In the end, it is important to remember that we shouldn’t forget the actual names while using acronyms, abbreviations, or initialisms. We will keep updating this page (Banking full forms list 2021) regularly so that you stay up to date.
Frequently Asked Questions (FAQ’s)