The Indian currency system was converted into decimal system by Indian Coinage (Amendment) Act 1955 which brought into force from April 1, 1957.

The Bombay Stock Exchange (BSE) is located at Dalal Street.

A deposit of money that can be withdrawn without prior notice is known as Demand Deposits, Ex:- in a current account.

ECS – Electronic Clearing Service

RTGS – Real Time Gross Settlement

PIPS is not an e-banking software.

A credit rating agency (CRA, also called a ratings service) is a company that assigns credit ratings, which rate a debtor’s ability to pay back debt by making timely interest payments and the likelihood of default.

Example:- ICRA, CRISIL, and Standard and Poor’s (S&P).

Features of IBS : Multi-bank, multi-branch, multi-currency, Highly parametric design, Real time posting and End of Day Processing, Highly efficient Auditing and Control.

Uttar Pradesh has the largest number of commercial bank’s offices.

The World Bank Group is made of the following five organizations:

International Bank for Reconstruction and Development (IBRD), established in 1945,

International Finance Corporation (IFC), established in 1956,

International Development Association (IDA), established in 1960,

Multilateral Investment Guarantee Agency (MIGA), established in 1988 and International Centre for Settlement of Investment Disputes (ICSID), established in 1966.

Where as Bank of International Settlement(BIS)is the Bank for International Settlements is an international financial institution owned by central banks which “fosters international monetary and financial cooperation and serves as a bank for central banks”.

The Banking Regulation Act, 1949 is a legislation in India that regulates all banking firms in India. Initially, the law was applicable only to banking companies. But, 1965 it was amended to make it applicable to cooperative banks.

IDBI is the apex financial institution and besides providing financial assistance on consortium basis, the major function of coordination between the various institutions is looked after by the bank. It also provides refinance facility to the eligible financial institutions including term loans. The bank sanctions the financial assistance to the industrial concerns engaged in the manufacture or processing of goods, mining, transport generation and distribution of power etc. both in private and public sectors.