1) NFS National Financial Switch

The largest network of shared automated teller machines (ATMs) in India.

2) CBS Core Banking Solution
Core Banking services provided by a group of networked bank branches where a customers may
access their bank account and perform basic transactions from any of the member branch offices.
3) SME Small And Medium Sized Enterprises
SME finance is the funding of small and medium sized enterprises, and represents a major function
of the general business finance market.
4) BTM Banking Through Mobile
BTM allows customers to do the transfer of fund through Mobile Phone between any IMPS member
bank to another IMPS member bank registered with NPC of India.
5) CORE Centralized Online Real-Time Electronic
CORE Banking means that all the banks branches access applications from centralized
datacenters.
6) ACH Automated Clearing House
NACH (National Automated Clear House) a web based solution to facilitate interbank, high volume,
electronic transactions which are repetitive and periodic in nature
7) NPA Non Performing Assests
NPA is a loan or lease that does not meet its stated principal and interest payments.
8) ATM Automated Teller Machine
Allows Bank customer to conduct their banking transactions through ATM machine without the help
of Bank Representative.
9) AMB Average Monthly Balance
AMB is the Average of the closing balances for each day in a given month or statement period.
10) EMI Equated Monthly Installment
An amount payed by a borrower to the bank at a specified date each calendar month.
11) ECS Electronic Clearing Service
A mode of electronic funds transfer from one bank account to another bank account.
12) SWIFT Society For Worldwide Interbank Financial Telecommunication
13) MICR Magnetic Ink Character Recognition
A character recognition technology used by banking sector to ease the processing and clearance of
cheques.

14) CTS Cheque Truncation System

15) DCD Dual Currency Deposit
(check the details on Common Banking Terms and Rates)
16) RTGS Real-Time Gross Settlement
17) KYC Know Your Customer
It is a customer identification process used by banks.
18) TDS Tax Deducted At Source
With regard to certain income, government makes it mandatory to deduct a certain amount of tax.
19) HNI High Networth Indiviuals
20) HUF Hindu Undivided Family
21) IFSC Indian Financial System Code
An alphanumeric code that uniquely identifies a bank-branch participating in the funds settlement
systems.
22) POS Point Of Sale
23) LC Letter Of Credit
A Bank letter guaranteeing that a buyers payment to a seller will be received on time and for the
correct amount.
24) LAF Liquidity Adjustment Facility
A monetary policy tool that allows banks to borrow money through repurchase agreements.
25) OMBUDSMAN A senior official appointed by the RBI to redress customer complaints against
deficiency in certain banking services.
26) NDTL Net Demand And Time Liabilities
27) NSF Non-Sufficient Funds
28) NRE Non-Resident External
29) UTR NO Unique Trasaction Reference Number
A Unique Trasaction Reference Number, generally used in association with NEFT transactions done
through bank.

30) NEFT National Electronic Funds Transfer

NEFT is an electronic funds transfer system, which facilitates transfer of funds to other bank
accounts.