Banking Abbreviations

UTI is an abbreviation for Unit Trust of India. Unit Trust of India was first set up on February 1, 1964. It was set up under the act of Unit Trust of India Act in 1963. UTI is a statutory public sector investment institution that has the main objective to encourage as well as to mobilize the savings of the community. It then canalizes them into productive cooperative investments.

The urban cooperative banks (UCBs) are largely localised financial service providers, and have been in existence for over a century. Their niche is in catering to the lower middle class and people of limited means, self-employed and micro enterprises.

The Urban Banks Department of the Reserve Bank of India is vested with the responsibility of regulating and supervising primary (urban) cooperative banks, which are popularly known as Urban Cooperative Banks (UCBs).

The State Cooperative Bank is a federation of the central Cooperative Bank and act as Custodian of the cooperative banking structure in the state.

The Reserve Bank of India (RBI) is India’s central bank and regulatory body under the jurisdiction of Ministry of Finance, Government of India. It is responsible for the issue and supply of the Indian rupee and the regulation of the Indian banking system. It also manages the country’s main payment systems and works to promote its economic development. Bharatiya Reserve Bank Note Mudran is one of the specialised divisions of RBI through which it mints Indian bank notes and coins.

The Hongkong and Shanghai Banking Corporation Limited opened in Hong Kong on 3 March 1865 and in Shanghai one month later. It was the first locally owned bank to operate according to Scottish banking principles

The Federal Financing Bank is a United States government corporation, created by Congress in 1973 under the general supervision of the Secretary of the Treasury. The FFB was established to centralize and reduce the cost of federal borrowing, as well as federally assisted borrowing from the public.