1. Explain USSD: USSD (Unstructured Supplementary Service Data) is a Global System for Mobile(GSM) communication technology that is used to send text between a mobile phone and an application program in the network. Applications may include prepaid roaming or mobile chatting.

 

  1. Explain BCBS: The Basel Committee on Banking Supervision (BCBS) is a committee of banking supervisory authorities that was established by the central bank governors of the Group of Ten countries in 1974. It provides a forum for regular cooperation on banking supervisory matters.

 

  1. Explain NPA: A Non-performing asset (NPA) is defined as a credit facility in respect of which the interest and/or installment of Bond finance principal has remained ‘past due’ for a specified period of time. NPA is used by financial institutions that refer to loans that are in jeopardy of default the socalled NPL.

 

  1. Explain IBBI: The Insolvency and Bankruptcy Board of India is the regulator for overseeing insolvency proceedings and entities like Insolvency Professional Agencies, Insolvency Professionals and Information Utilities in India.

 

  1. Explain MICR: MICR (Magnetic Ink Character Recognition) code is a character-recognition technology used mainly by the banking industry to ease the processing and clearance of cheques and other documents.

 

  1. Explain NEFT: National Electronic Funds Transfer (NEFT) is a nation-wide payment system. Under this Scheme, individuals can electronically transfer funds from any bank branch to any individual having an account with any other bank branch in the country participating in the Scheme.

 

  1. Explain RTGS: Real-time gross settlement are specialist funds transfer systems where the transfer of money or securities takes place from one bank to another on a “real time” and on a “gross” basis.

 

  1. Explain IMPS: Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service through mobile phones. It is also being extended through other channels such as ATM, Internet Banking, etc.

 

  1. Explain DIPP: Department of Industrial Policy & Promotion was established in the year 1995, and in the year 2000 Department of Industrial Development was merged with it. It is working under the Ministry of Commerce and Industry, Government of India.