Important Banking Abbreviations for Upcoming exams

This set contains important Banking Abbreviations for upcoming banking and insurance exams like SBI PO, IBPS PO, RRB PO, NICL, IBPS Clerk. In recent exams the number of questions asked has increased. So be prepared with these some uncommon expected abbreviations. Important Expected Banking Abbreviation Questions SBI PO, IBPS PO, RRB PO and other competitive exams.

1. What does G stands for in WGWD with respect to willful defaulters?
   A) Gain
   B) General
   C) Group
   D) Garnishee
   
   View Answer

   Option C
   Explanation:
2. The Standing Liquidity Facilities provided to banks under ECR and to Primary Dealers (PDs) from the Reserve Bank would be available at the revised repo rate. What does C stands for in ECR?
   A) Cheque
   B) Credit
   C) Customs
   D) Capital
   
   View Answer

   Option B
   Explanation: Export Credit Refinance
3. Eligible residents can enter into FCY-INR swaps to hedge exchange rate and/or interest rate risk exposure arising out of long-term foreign currency borrowing. What does F stands for in FCY?
   A) Financial
   B) Formal
   C) Foreign
   D) Fucntional
   
   View Answer

   Option C
   Explanation: Foreign Currency (FCY) – INR Swaps
4. What does D stands for in NCD?
   A) Derivatives
   B) Debentures
   C) Declaration
   D) Decline
   
   View Answer

   Option B
   Explanation: Non-Convertible Debentures
5. What does A stands for in ANBC?
   A) Account
   B) Active
   C) Advance
   D) Adjusted
   
   View Answer

   Option
   Explanation: Adjusted Net Bank Credit (ANBC)
6. Banks can regularise payments exceeding the prescribed limit under RDA provided that they are satisfied with the bonafide of the transaction. What does R stands for in RDA?
   A) Regulation
   B) Rupee
   C) Revenue
   D) Response
   
   View Answer

   Option B
   Explanation: Rupee Drawing Arrangements
7. What does CVV stands for?
   A) Card Value Verified
   B) Card verification Valid
   C) Card Valid Value
   D) Card Verification Value
   
   View Answer

   Option D
   Explanation: Card Verification Value
   Card Verification Value Code (CVVC); card security code (CSC); Card Verification Data (CVD)
8. The Reserve Bank of India said it will implement the LEI system for all participants in the over-the-counter markets for rupee interest rate derivatives. What does E stands for in LEI?
   A) Entry
   B) Enterprise
   C) Entity
   D) Easy
   
   View Answer

   Option C
   Explanation: Legal Entity Identifier; It is a 20 digit code
9. What does M stands for in PPI-MTS?
   A) Money
   B) Monetary
   C) Managerial
   D) Mass
   
   View Answer

   Option D
   Explanation: Prepaid Payment Instrument- Mass Transit Systems
10. What does M stands for in EMV Chips?
    A) MaestroCard
    B) MasterCard
    C) Money
    D) Monetary
    
    View Answer

    Option B
    Explanation: EMV- Europay, MasterCard, and Visa

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Some More Abbreviations

1. SLBC– State Level Bankers’ Committee
2. StCB– State Cooperative Bank
3. DCCO – date of commencement of commercial operations
4. PMLA – Prevention of Money Laundering Act
5. STH– Star Trading House; PTH– Premier Trading House
6. SREP – Supervisory Review and Evaluation Process (Related to Basel norms)
7. LFAR– Long Form Audit Report
8. CVVC – Card Verification Value Code
9. CSC – Card security code
10. CVD – Card Verification Data
11. FLA– Foreign Liabilities and Assets
12. NPCI– National Payments Corporation of India
13. BHIM – Bharat Interface for Money
14. UPI – Unified Payments Interface
15. VPA– Virtual Payment Address
16. IMPS – Immediate Payment Service
17. NACH– National Automated Clearing House
18. UMRN – Unique Mandate Reference Number
19. AEPS– Aadhaar Enabled Payment System
20. APBS– Aadhaar Payment Bridge System
21. IIN– Institution Identification Number
22. AEBA– Aadhaar Enabled Bank Accounts
23. UIDAI– Unique Identification Authority of India
24. RuPay card– Formed of two words- Rupee and Payment
25. BBPS – Bharat Bill Payment System
26. BBPCU – Bharat Bill Payment Central Unit
27. BBPOU– Bharat Bill Payment Operating Unit

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