Banking Terms — Set 2
Abbreviations · बैंकिंग शब्द · Questions 11–20 of 60
In the context of plastic money, what does 'CVV' stand for?
Correct Answer: B. Card Verification Value
CVV stands for Card Verification Value. It is a 3 or 4-digit security code printed on debit and credit cards. It provides an additional layer of security for 'card not present' transactions like online shopping.
What does 'NPAs' stand for in the banking sector?
Correct Answer: D. Non-Performing Assets
NPAs stand for Non-Performing Assets. These are loans or advances for which the principal or interest payment remains overdue for a period of 90 days or more. High levels of NPAs can negatively impact a bank's profitability and capital adequacy.
What is the full form of 'CRR' used in monetary policy?
Correct Answer: A. Cash Reserve Ratio
CRR stands for Cash Reserve Ratio. It is the percentage of a bank's total deposits that it is required to keep in cash with the central bank. Central banks use CRR as a tool to control liquidity in the banking system.
In electronic payments, 'UPI' stands for?
Correct Answer: A. Unified Payments Interface
UPI stands for Unified Payments Interface. It is a system that powers multiple bank accounts into a single mobile application for seamless fund routing. It was developed by the National Payments Corporation of India (NPCI).
What does 'SLR' stand for in banking regulations?
Correct Answer: D. Statutory Liquidity Ratio
SLR stands for Statutory Liquidity Ratio. It is the minimum percentage of deposits that a commercial bank must maintain in the form of liquid assets like gold or government securities. SLR is used to ensure the solvency of banks and to influence credit flow.
The abbreviation 'SWIFT', used for international messaging, stands for?
Correct Answer: B. Society for Worldwide Interbank Financial Telecommunication
SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. It is a global provider of secure financial messaging services. SWIFT codes are used to identify specific banks during international wire transfers.
What does 'PIN' stand for in the context of security?
Correct Answer: C. Personal Identification Number
PIN stands for Personal Identification Number. It is a numeric password used to authenticate a user to a system. PINs are commonly used with debit cards, mobile phones, and secure door access.
In the insurance sector, 'IRDAI' stands for?
Correct Answer: D. Insurance Regulatory and Development Authority of India
IRDAI stands for Insurance Regulatory and Development Authority of India. It is an autonomous body that regulates and licenses the insurance and re-insurance industries in India. It was established following the recommendations of the Malhotra Committee report.
In the stock market, 'SEBI' stands for?
Correct Answer: B. Securities and Exchange Board of India
SEBI stands for Securities and Exchange Board of India. It is the regulatory body for the securities and commodity market in India. SEBI was established in 1988 and given statutory powers in 1992 through the SEBI Act.
What does 'LAF' stand for in monetary operations?
Correct Answer: B. Liquidity Adjustment Facility
LAF stands for Liquidity Adjustment Facility. It is a tool used by central banks that allows banks to borrow money through repurchase agreements (repos) or to lend money to the central bank through reverse repo agreements. It helps in managing day-to-day liquidity mismatches.