Banking Abbreviations: Test 1

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Banking Abbreviations Test 1: questions and answers

Take the test first if you want an honest score. The answers and solutions below are folded away until you open them.

  1. 1. NEFT stands for
    1. National Electronic Finance Transfer
    2. National Exchange Funds Transfer
    3. Net Electronic Funds Transfer
    4. National Electronic Funds Transfer

    Reference: q-dfe33592-16 · Report this question

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    Answer: D. National Electronic Funds Transfer

    NEFT is the National Electronic Funds Transfer system.
  2. 2. RTGS stands for
    1. Real Transfer Gross System
    2. Real Time Gross Service
    3. Real Time Gross Settlement
    4. Rapid Transfer Gross Settlement

    Reference: q-8902a52f-16 · Report this question

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    Answer: C. Real Time Gross Settlement

    RTGS settles each transfer individually and immediately.
  3. 3. IFSC stands for
    1. Indian Financial System Code
    2. Indian Financial Service Code
    3. International Financial System Code
    4. Indian Fund Settlement Code

    Reference: q-5896a420-16 · Report this question

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    Answer: A. Indian Financial System Code

    IFSC is the 11-character code that identifies a bank branch.
  4. 4. MICR stands for
    1. Magnetic Ink Character Recognition
    2. Magnetic Ink Code Reader
    3. Machine Ink Character Recognition
    4. Magnetic Ink Cheque Recognition

    Reference: q-a69453a-16 · Report this question

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    Answer: A. Magnetic Ink Character Recognition

    MICR is the technology used to read the code printed on cheques.
  5. 5. KYC stands for
    1. Know Your Client Code
    2. Know Your Credit
    3. Know Your Customer
    4. Keep Your Customer

    Reference: q-cf0cb606-15 · Report this question

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    Answer: C. Know Your Customer

    KYC is the process of verifying the identity of customers.
  6. 6. NPA stands for
    1. New Performing Asset
    2. Non-Performing Asset
    3. Non-Payable Account
    4. Net Performing Asset

    Reference: q-89e316e2-15 · Report this question

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    Answer: B. Non-Performing Asset

    An NPA is a loan on which the borrower has stopped paying interest or principal.
  7. 7. CRR stands for
    1. Cash Recovery Rate
    2. Cash Reserve Ratio
    3. Current Reserve Ratio
    4. Credit Reserve Ratio

    Reference: q-26ab6912-15 · Report this question

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    Answer: B. Cash Reserve Ratio

    CRR is the share of deposits banks must keep with the Reserve Bank of India.
  8. 8. ATM stands for
    1. Automatic Transaction Machine
    2. Automated Teller Machine
    3. Automated Transfer Machine
    4. Any Time Money

    Reference: q-457b389d-15 · Report this question

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    Answer: B. Automated Teller Machine

    ATM stands for Automated Teller Machine.
  9. 9. NABARD stands for
    1. National Bank for Agriculture and Regional Development
    2. National Bank for Agricultural Research and Development
    3. National Board for Agriculture and Rural Development
    4. National Bank for Agriculture and Rural Development

    Reference: q-e1b507e1-18 · Report this question

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    Answer: D. National Bank for Agriculture and Rural Development

    NABARD is the apex bank for agricultural and rural credit.
  10. 10. UPI stands for
    1. Universal Payments Interface
    2. Unified Payments Interface
    3. Unified Payment Identity
    4. Unique Payments Interface

    Reference: q-a682d019-15 · Report this question

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    Answer: B. Unified Payments Interface

    UPI is the instant payment system run by the National Payments Corporation of India.

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