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Some Key Financial Terms for Various ExamsAPR: It stands for Annual Percentage Rate. APR is a percentage that iscalculated on the basis of the amount financed, the finance charges, and theterm of the loan.

ABS: Asset-Backed Securities. It means a type of security that is backed bya pool of bank loans, leases, and other assets.

EPS: Earnings Per Share means the amount of annual earnings available tocommon stockholders as stated on a per share basis.

CHAPS: Clearing House Automated Payment System. It’s a type ofelectronic bank-to-bank payment system that guarantees same-day payment.

IPO: Initial Public Offerings is defined as the event where the company sellsits shares to the public for the first time. (or the first sale of stock by a privatecompany to the public.)

FPO: Follow on Public Offerings: An issuing of shares to investors by a publiccompany that is already listed on an exchange. An FPO is essentially astock issue of supplementary shares made by a company that is alreadypublicly listed and has gone through the IPO process.

Difference: IPO is for the companies which have not been listed on anexchange and FPO is for the companies which have already been listed on anexchange but want to raise funds by issuing some more equity shares.

RTGS: Real Time Gross Settlement systems is a funds transfer systemwhere transfer of money or securities takes place from one bank to another ona “real time”. (‘Real time’ means within a fraction of seconds.) The minimumamount to be transferred through RTGS is Rs 2 lakh. Processingcharges/Service charges for RTGS transactions vary from bank to bank.

NEFT: National Electronic Fund Transfer. This is a method used fortransferring funds across banks in a secure manner. It usually takes 1-2working days for the transfer to happen. NEFT is an electronic fund transfersystem that operates on a Deferred Net Settlement (DNS) basis which settlestransactions in batches. (Note: RTGS is much faster than NEFT.)

CAR: Capital Adequacy Ratio. It’s a measure of a bank’s capital. Also knownas “Capital to Risk Weighted Assets Ratio (CRAR)”, this ratio is used toprotect depositors and promote the stability and efficiency of financialsystems around the world. It is decided by the RBI.

NPA: Non-Performing Asset. It means once the borrower has failed to makeinterest or principal payments for 90 days, the loan is considered to be a non-performing asset. Presently it is 2.39%.

IMPS: Inter-bank Mobile Payment Service. It is an instant interbank electronicfund transfer service through mobile phones. Both the customers must haveMMID (Mobile Money Identifier Number). For this service, we don’t need anyGPS-enabled cell phones.

BCBS: Basel Committee on Banking Supervision is an institution created bythe Central Bank governors of the Group of Ten nations.

RSI: Relative Strength Index.

IFSC code: Indian Financial System Code. The code consists of 11characters for identifying the bank and branch where the account in actuallyheld. The IFSC code is used both by the RTGS and NEFT transfer systems.

MSME and SME: Micro Small and Medium Enterprises (MSME), and SMEstands for Small and Medium Enterprises. This is an initiative of thegovernment to drive and encourage small manufacturers to enjoy facilitiesfrom banks at concessional rates.

LIBOR: London InterBank Offered Rate. An interest rate at which banks canborrow funds, in marketable size, from other banks in the London interbankmarket.

LIBID: London Interbank Bid Rate. The average interest rate at which majorLondon banks borrow Eurocurrency deposits from other banks.

ECGC: Export Credit Guarantee Corporation of India. This organisationprovides risk as well as insurance cover to the Indian exporters.

SWIFT: Society for Worldwide Interbank Financial Telecommunication. It

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operates a worldwide financial messaging network which exchangesmessages between banks and other financial institutions.

STRIPS: Separate Trading for Registered Interest & Principal Securities.

CIBIL: Credit Information Bureau of India Limited. CIBIL is India’s first creditinformation bureau. Whenever a person applies for new loans or credit card(s)to a financial institution, they generate the CIBIL report of the said person orconcern to judge the credit worthiness of the person and also to verify theirexisting track record. CIBIL actually maintains the borrower’s history.

CRISIL: Credit Rating Information Services of India Limited. Crisil is a globalanalytical company providing ratings, research, and risk and policy advisoryservices.

AMFI: Association of Mutual Funds of India. AMFI is an apex body of allAsset Management Companies (AMCs) which have been registered withSEBI. (Note: AMFI is not a mutual funds regulator)

FCCB: Foreign Currency Convertible Bond. A type of convertible bond issuedin a currency different from the issuer’s domestic currency.

CAC: Capital Account Convertibility. It is the freedom to convert local financialassets into foreign financial assets and vice versa. This means that capitalaccount convertibility allows anyone to freely move from local currency intoforeign currency and back, or in other words, transfer of money from currentaccount to capital account.

BANCASSURANCE: Is the term used to describe the partnership orrelationship between a bank and an insurance company whereby theinsurance company uses the bank sales channel in order to sell insuranceproducts.

Balloon payment: Is a specific type of mortgage payment, and is named“balloon payment” because of the structure of the payment schedule. Forballoon payments, the first several years of payments are smaller and areused to reduce the total debt remaining in the loan. Once the small paymentterm has passed (which can vary, but is commonly 5 years), the remainder ofthe debt is due - this final payment is the one known as the “balloon”payment, because it is larger than all of the previous payments.

CPSS: Committee on Payment and Settlement Systems

FCNR Accounts: Foreign Currency Non-Resident accounts are the ones thatare maintained by NRIs in foreign currencies like USD, DM, and GBP.

M3 in banking: It’s a measure of money supply. It is the total amount ofmoney available in an economy at a particular point in time.

OMO: Open Market Operations. The buying and selling of governmentsecurities in the open market in order to expand or contract the amount ofmoney in the banking system. Open market operations are the principal toolsof monetary policy. RBI uses this tool in order to regulate the liquidity ineconomy.

Umbrella Fund: A type of collective investment scheme. A collective fundcontaining several sub-funds, each of which invests in a different market orcountry.

ECS: Electronic Clearing Facility is a type of direct debit.

Tobin tax: Suggested by Nobel Laureate economist James Tobin, wasoriginally defined as a tax on all spot conversions of one currency intoanother.

Z score is a term widely used in the banking field.

POS: Point Of Sale, also known as Point Of Purchase, a place where salesare made and also sales and payment information are collected electronically,including the amount of the sale, the date and place of the transaction, andthe consumer’s account number.

LGD: Loss Given Default. Institutions such as banks will determine theircredit losses through an analysis of the actual loan defaults.

Junk Bonds: Junk bonds are issued generally by smaller or relatively lesswell-known firms to finance their operations, or by large and well-known firmsto fund leveraged buyouts. These bonds are frequently unsecured or partiallysecured, and they pay higher interest rates: 3 to 4 percentage points higherthan the interest rate on blue chip corporate bonds of comparable maturityperiod.

ARM: Adjustable Rate Mortgage is basically a type of loan where the rate ofindex is calculated on the basis of the previously selected index rate.

ABO: Accumulated Benefit Obligation, ABO is a measure of liability ofpension plan of an organisation and is calculated when the pension plan isterminated.

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Absorption: A term related to real estate, it is a process of renting a realestate property which is newly built or recently approved.

AAA: A type of grade that is used to rate a particular bond. It is the highestrated bond that gives maximum returns at the time of maturity.

DSCR: Debt Service Coverage Ratio, DSCR is a financial ratio that measuresthe company’s ability to pay their debts.

FSDC: Financial Stability and Development Council, India’s apex body of thefinancial sector.

ITPO: India Trade Promotion Organisation is the nodal agency of theGovernment of India for promoting the country’s external trade.

FLCC: Financial Literacy and Counseling Centres.

ANBC: Adjusted Net Bank Credit is Net Bank Credit added to investmentsmade by banks in non-SLR bonds.

Priority sector lending: Some areas or fields in a country depending on itseconomic condition or government interest are prioritised and are calledpriority sectors i.e. industry, agriculture.

M0, M1, M2 AND M3: These terms are nothing but money supply in bankingfield.

BIFR: Bureau of Industrial and Financial Reconstruction.

FRBM Act 2003: Fiscal Responsibility and Budget Management act wasenacted by the Parliament of India to institutionalise financial discipline,reduce India’s fiscal deficit, improve macroeconomic management and theoverall management of the public funds by moving towards a balanced budget.

The main objectives of FRBM Act are:-1. To reduce fiscal deficit.2. To adopt prudent debt management.3. To generate revenue surplus.

Gold Standard: A monetary system in which a country’s government allowsits currency unit to be freely converted into fixed amounts of gold and viceversa.

Fiat Money: Fiat money is a legal tender for settling debts. It is a papermoney that is not convertible and is declared by government to be legal tenderfor the settlement of all debts.

BCSBI: The Banking Codes and Standards Board of India is a societyregistered under the Societies Registration Act, 1860 and functions as anautonomous body, to monitor and assess the compliance with codes andminimum standards of service to individual customers to which the banksagree to.

OLTAS: On-Line Tax Accounting System.

EASIEST: Electronic Accounting System in Excise and Service Tax.

SOFA: Status of Forces Agreement, SOFA is an agreement between a hostcountry and a foreign nation stationing forces in that country.

CALL MONEY: Money loaned by a bank that must be repaid on demand.Unlike a term loan, which has a set maturity and payment schedule, callmoney does not have to follow a fixed schedule. Brokerages use call moneyas a short-term source of funding to cover margin accounts or the purchase ofsecurities. The funds can be obtained quickly.

Scheduled bank: Scheduled Banks in India constitute those banks whichhave been included in the Second Schedule of RBI Act, 1934 as well as theirmarket capitalisation is more than Rs 5 lakh. RBI in turn includes only thosebanks in this schedule which satisfy the criteria laid down vide section 42 (6)(a) of the Act.

FEDAI: Foreign Exchange Dealers Association of India. An association ofbanks specialising in the foreign exchange activities in India.

PPF: Public Provident Fund. The Public Provident Fund Scheme is astatutory scheme of the Central Government of India. The scheme is for 15years. The minimum deposit is Rs 500 and maximum is Rs 70,000 in afinancial year.

SEPA: Single Euro Payment Area.

GAAP: Generally Accepted Accounting Principles. The common set ofaccounting principles, standards and procedures that companies use tocompile their financial statements.

Indian Depository Receipt: Foreign companies issue their shares and inreturn they get the depository receipt from the National Security Depository inreturn of investing in India.

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Hot Money: Money that is moved by its owner quickly from one form ofinvestment to another, as to take advantage of changing internationalexchange rates or gain high short-term returns on investments.

NMCEX: National Multi-Commodity Exchange.

PE RATIO: Price to Earnings Ratio, a measure of how much investors arewilling to pay for each dollar of a company’s reported profits.

CASA: Current Account, Savings Account.

CAMELS: CAMELS is a type of Bank Rating System. (C) stands for CapitalAdequacy, (A) for Asset Quality, (M) for Management ,(E) for Earnings, (L) forLiquidity and (S) for Sensitivity to Market Risk.

OSMOS: Off-site Monitoring and Surveillance System.

Free market: A market economy based on supply and demand with little orno government control.

Retail banking: It is mass-market banking in which individual customers uselocal branches of larger commercial banks.

Eurobond: A bond issued in a currency other than the currency of thecountry or market in which it is issued.

PPP: Purchasing Power Parity is an economic technique used whenattempting to determine the relative values of two currencies.

FEMA Act: Foreign Exchange Management Act, it is useful in controllingHAWALA.

Hawala transaction: It’s a process in which large amount of black money isconverted into white.

Teaser Loans: It’s a type of home loans in which the interest rate is initiallylow and then grows higher. Teaser loans are also called terraced loans.

ECB: External Commercial Borrowings, taking a loan from another country.Limit of ECB is $500 million, and this is the maximum limit a company canget.

CBS: Core Banking Solution. All the banks are connected through internet,meaning we can have transactions from any bank and anywhere. (e.g. depositcash in PNB, Delhi branch and withdraw cash from PNB, Gujarat)

CRAR: For RRB’s it is more than 9% (funds allotted 500 cr) and forcommercial banks it is greater than 8% (6000 cr relief package).

NBFCs: NBFC is a company which is registered under Companies Act, 1956and whose main function is to provide loans. NBFC cannot accept deposit orissue demand draft like other commercial banks. NBFCs registered with RBIhave been classified as AssetFinance Company (AFC), Investment Company(IC) and Loan Company (LC).

IIFCL: India Infrastructure Finance Company Limited. It gives guarantee toinfra bonds.

IFPRI: International Food Policy Research Institute. It identifies and analysespolicies for meeting the food needs of the developing world.

Currency swap: It is a foreign-exchange agreement between two parties toexchange aspects (namely the principal and/or interest payments) of a loan inone currency for equivalent aspects of an equal in net present value loan inanother currency. Currency swap is an instrument to manage cash flows indifferent currency.

WPI: Wholesale Price Index is an index of the prices paid by retail stores forthe products they ultimately resell to consumers. New series is 2004 2005.(The new series has been prepared by shifting the base year from 1993-94 to2004-05). Inflation in India is measured on WPI index.

MAT: Minimum Alternate Tax is the minimum tax to be paid by a companyeven though the company is not making any profit.

Future trading: It’s a future contract/agreement between the buyers andsellers to buy and sell the underlying assets in the future at a predeterminedprice.

Reverse mortgage: It’s a scheme for senior citizens.

Basel 2nd norms: BCBS has kept some restrictions on bank for themaintenance of minimum capital with them to ensure level playing field. BaselII has got three pillars:

Pillar 1- Minimum capital requirement based on the risk profile ofbank. Pillar 2- Supervisory review of banks by RBI if they go for internal

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ranking.Pillar 3- Market discipline.

Microfinance institutions: Those institutions that provide financial servicesto low-income clients. Microfinance is a broad category of services, whichincludes microcredit. Microcredit is provision of credit services to poor clients.

NPCI: National Payments Corporation of India.

DWBIS: Data Warehousing and Business Intelligence System, a type ofsystem which is launched by SEBI. The primary objective of DWBIS is toenhance the capability of the investigation and surveillance functions of SEBI.

TRIPS: Trade Related Intellectual Property Rights is an internationalagreement administered by the World Trade Organisation (WTO) that setsdown minimum standards for many forms of intellectual property (IP)regulation as applied to nationals of other WTO Members.

TRIMs: Trade Related Investment Measures. A type of agreement in WTO.

SDR: Special Drawing Rights, SDR is a type of monetary reserve currency,created by the International Monetary Fund. SDR can be defined as a “basketof national currencies”. These national currencies are Euro, US dollar, Britishpound and Japanese yen. Special Drawing Rights can be used to settle tradebalances between countries and to repay the IMF. American dollar getshighest weightage.

LTD: Loan-To-Deposit Ratio. A ratio used for assessing a bank’s liquidity bydividing the bank’s total loans by its total deposits. If the ratio is too high, itmeans that banks might not have enough liquidity to cover any fundrequirements, and if the ratio is too low, banks may not be earning as muchas they could be.

CAD: Current Account Deficit. It means when a country’s total imports ofgoods, services and transfers is greater than the country’s total export ofgoods, services and transfers.

LERMS: Liberalized Exchange Rate Management System.

FRP: Fair and Remunerative Price, a term related to sugarcane. FRP is theminimum price that a sugarcane farmer is legally guaranteed. However sugarMills Company gives more than FRP price.

STCI: Securities Trading Corporation of India Limited was promoted by theReserve Bank of India (RBI) in 1994 along with Public Sector Banks and AllIndia Financial Institutions with the objective of developing an active, deep andvibrant secondary debt market.

IRR: Internal Rate of Return. It is a rate of return used in capital budgeting tomeasure and compare the profitability of investments.

CMIE: Centre for Monitoring Indian Economy. It is India’s premier economicresearch organisation. It provides information solutions in the form ofdatabases and research reports. CMIE has built the largest database on theIndian economy and companies.

TIEA: Tax Information Exchange Agreement. TIEA allows countries to checktax evasion and money laundering. Recently India has signed TIEA withCayman Islands.

Contingency Fund: It’s a fund for emergencies or unexpected outflows,mainly economic crises. A type of reserve fund which is used to handleunexpected debts that are outside the range of the usual operating budget.

FII: Foreign Institutional Investment. The term is used most commonly in Indiato refer to outside companies investing in the financial markets of India.International institutional investors must register with the Securities andExchange Board of India to participate in the market.

P-NOTES: “P” means participatory notes.

MSF: Marginal Standing Facility. Under this scheme, banks will be able toborrow upto 1% of their respective net demand and time liabilities. The rate ofinterest on the amount accessed from this facility will be 100 basis points (i.e.1%) above the repo rate. This scheme is likely to reduce volatility in theovernight rates and improve monetary transmission.

FIU: Financial Intelligence Unit set by the Government of India on 18November 2004 as the central national agency responsible for receiving,processing, analysing and disseminating information relating to suspectfinancial transactions.

SEBI: Securities and Exchange Board of India. SEBI is the primarygoverning/regulatory body for the securities market in India. All transactions inthe securities market in India are governed and regulated by SEBI. Its mainfunctions are:1. New issues (Initial Public Offering or IPO)

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2. Listing agreement of companies with stock exchanges3. Trading mechanisms 4. Investor protection5. Corporate disclosure by listed companies etc.

Note: SEBI is also known as capital regulator or mutual funds regulator ormarket regulator. SEBI also created investors protection fund and SEBI isthe only organization which regulates the credit rating agencies in India.(CRISIL and CIBIL).

ASBA: Application Supported by Blocked Amount. It is a process developedby the SEBI for applying to IPO. In ASBA, an IPO applicant’s account doesn’tget debited until shares are allotted to him.

DEPB Scheme: Duty Entitlement Pass Book. It is a scheme which is offeredby the Indian government to encourage exports from the country. DEPBmeans Duty Entitlement Pass Book to neutralise the incidence of basic andspecial customs duty on import content of export product.

LLP: Limited Liability Partnership, is a partnership in which some or allpartners (depending on the jurisdiction) have limited liability.

Balance sheet: A financial statement that summarises a company’s assets,liabilities and shareholders’ equity at a specific point in time.

TAN: Tax Account Number, is a unique 10-digit alphanumeric code allotted bythe Income Tax Department to all those persons who are required to deducttax at the source of income.

PAN: Permanent Account Number, as per section 139A of the Act obtainingPAN is a must for the following persons:-1. Any person whose total income or the total income of any other person inrespect of which he is assessable under the Act exceeds the maximumamount which is not chargeable to tax.2. Any person who is carrying on any business or profession whose totalsales, turnover or gross receipts are or are likely to exceed Rs. 5 lakh in anyprevious year.3. Any person who is required to furnish a return of income under section139(4) of the Act.

JLG: Joint Liability Group, when two or more persons are both responsible fora debt, claim or judgment.

REER: Real Effective Exchange Rate.

NEER: Nominal Effective Exchange Rate.

Contingent Liability: A liability that a company may have to pay, but only ifa certain future event occurs.

IRR: Internal Rate of Return, is a rate of return used in capital budgeting tomeasure and compare the profitability of investments.

MICR: Magnetic Ink Character Recognition. A 9-digit code which actuallyshows whether the cheque is real or fake.

UTR Number: Unique Transaction Reference number. A unique numberwhich is generated for every transaction in RTGS system. UTR is a 16-digitalphanumeric code. The first 4 digits are a bank code in alphabets, the 5thone is the message code, the 6th and 7th mention the year, the 8th to 10thmentions the date and the last 6 digits mention the day’s serial number of themessage.

RRBs: Regional Rural Banks. As its name signifies, RRBs are speciallymeant for rural areas, capital share being 50% by the central government,15% by the state government and 35% by the scheduled bank.

MFI: Micro Finance Institutions. Micro Finance means providing credit/loan(micro credit) to the weaker sections of the society. A microfinance institution(MFI) is an organisation that provides financial services to the poor.

PRIME LENDING RATE: PLR is the rate at which commercial banks giveloans to its prime customers (most creditworthy customers).

BASE RATE: A minimum rate that a bank is allowed to charge from thecustomer. Base rate differs from bank to bank. It is actually a minimum ratebelow which the bank cannot give loan to any customer. Earlier base rate wasknown as BPLR (Base Prime Lending Rate).

EMI: Equated Monthly Installment. It is nothing but a repayment of the loantaken. A loan could be a home loan, car loan or personal loan. The monthlypayment is in the form of post dated cheques drawn in favour of the lender.EMI is directly proportional to the loan taken and inversely proportional to timeperiod. That is, if the loan amount increases the EMI amount also increasesand if the time period increases the EMI amount decreases.

Basis points (bps): A basis point is a unit equal to 1/100th of a percentagepoint. i.e. 1 bps = 0.01%. Basis points are often used to measure changes inor differences between yields on fixed income securities, since these oftenchange by very small amounts.

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Liquidity: It refers to how quickly and cheaply an asset can be converted intocash. Money (in the form of cash) is the most liquid asset.

Certificate of Deposit (CD) is a negotiable money market instrument andissued in dematerialised form for funds deposited at a bank or other eligiblefinancial institution for a specified time period.

Commercial Paper (CP) is an unsecured money market instrument issuedin the form of a promissory note. It was introduced in India in 1990.Corporates and the All-India Financial Institutions are eligible to issue CP.

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