- The bank which was inaugurated by Mahatma Gandhi in 1919 is Union bank of India.
- When the ATM is connected to the bank’s database and provides online real-time access to the customers’ accounts, it is said to be Online ATM.
- Speculators are those participants who trade in the markets essentially for making the profit from the anticipated up/down movement in the price of the currency.
- Demand-pull inflation, if inflation is supposed to be caused by increases in aggregate demand due to availability of excess money which can be increased private and government spending etc.
- WTO- World Trade Organisation is an organisation that intends to supervise and liberalise international trade, headquartered in Geneva, Switzerland. It is established in January,1995.
- ALCO- Asset Liability Committee is a strategic decision-making body, formulating and overseeing the function of Asset Liability Management if a bank.
- Current Ratio is also called Acid test ratio. It is the ratio of current assets to current liabilities.
- Debtor - a person who takes some money on loan from another person.
- Indemnity is a bond where the indemnifier undertakes to reimburse the beneficiary for any loss arising due to his actions or third party actions.
- Penal Interest - Additional interest over and above the contracted rate that is levied by lenders on amounts that remain unpaid beyond the due date and non-adherence to the terms of sanction.
- Tied loan is a loan made on condition that certain purchases are made from the lender. In foreign aid, loans are made on favourable terms on condition that capital equipment or services are purchased from the lending country.
- Full form of FLCC is Financial Literacy and Credit Counselling.
- TCS- Tax collected at source means a collection of tax at source by the seller or collector from the buyer.
Test Your Memory Take Quiz
1. In which year was Union Bank of India inaugurated?
a. 1924
b. 1935
c. 1919
d. 1915
2. When the ATM is connected to the bank’s database and provides online real-time access to the customers’ accounts, it is said to be
a. onsite ATM
b. online ATM
c. mobile ATM
d. worksite ATM
3. Where is the headquarter of World Trade Organisation situated?
a. Paris
b. Geneva
c. Brussels
d. Jakarta
4. A in ALCO stands for
a. Access
b. Assess
c. Asset
d. Ascent
a. current ratio
b liquidity ratio
c. solvency ratio
d. efficiency ratio
a. Financial Literacy and Credit Counsellers
b. Finance Literate and Credit Counsellers
c. Financial Literacy and Credit Counselling
d. Financially Literate and Credit Counsellers
7. ______ is a loan made on condition that certain purchases are made from the lender.
a. Hired Loans
b. Committed Loan
c. Bounded Loan
d. Tied Loan
Answers
1. 1919
2. online ATM
3. Geneva
4. Asset
5. current ratio
6. Financial Literacy and Credit Counselling
7. Tied Loan
