Under the Section 25 of Payment and Settlement Systems (PSS) Act, 2007, dishonour of an electronic fund transfer instruction due to insufficiency of funds in the account etc., is an offence punishable with imprisonment or with fine or both, similar to the dishonour of a cheque under the Negotiable Instruments Act 1881.

In RTGS, the beneficiary branches are expected to receive the funds in real time as soon as funds are transferred by the remitting bank. The beneficiary bank has to credit the beneficiary’s account within 30 minutes of receiving the funds transfer message.

Society for Worldwide Inter bank Financial Telecommunication code. An internationally-recognized identification code for banks around the world. SWIFT codes are most commonly used for international wire transfers and are comprised of 8 or 11 alphanumeric characters.

There are several money market instruments, including treasury bills, commercial paper, bankers’ acceptances, deposits, certificates of deposit, bills of exchange, repurchase agreements, federal funds, and short-lived mortgage-, and asset-backed securities.

A budget deficit occurs whenever a government spends more than it makes, which is nearly every year.Budgetary deficit is the difference between all receipts and expenses in both revenue and capital account of the government.

Drawee is a legal and banking term used to describe the party that has been directed by the depositor to pay a certain sum of money to the person presenting the check or draft. A typical example is if you are cashing a paycheck.

A letter issued by a bank to another bank (especially one in a different country) to serve as a guarantee for payments made to a specified person under specified conditions.

Consumer Durable loan is a finance option for purchase of (White Goods) household items like Washing Machines, Refrigerators, AC, LED, LCD, Microwaves etc.

A fixed deposit (FD) is a financial instrument provided by banks which provides investors with a higher rate of interest than a regular savings account, until the given maturity date.And Recurring Deposit is a special kind of Term Deposit offered by banks in India which help people with regular incomes to deposit a fixed amount every month into their Recurring Deposit account and earn interest at the rate applicable to Fixed Deposits.

Financial Stability and Development Council is an apex-level body constituted by the government of India.

Chairperson: The Union Finance Minister of India

Members: Governor Reserve Bank of India (RBl), Finance Secretary and/ or Secretary, Department of Economic Affairs (DEA), Secretary, Department of Financial Services (DFS), Chief Economic Advisor, Ministry of Finance, Chairman, Securities and Exchange Board of India (SEBI), Chairman, Insurance Regulatory and Development Authority (IRDA), Chairman, Pension Fund Regulatory and Development Authority (PFRDA), Chairman, Forward Markets Commission (FMC), Additional Secretary, Ministry of Finance, DEA, will be the Secretary of the Council.