Banking Archives – Page 5 of 8 – बैंक India

What is CLG Full Form in Banking?

May 21, 2020 Suraj Tandon 0

Very often, you may have noticed in your passbook or bank statements the word ‘CLG‘ associated with money deposited to your bank account via cheques. Suppose someone issues you a cheque as a payment of something the person purchased from you. You go to your bank and deposit the cheques, which may or may not be of the same bank, into your account. Your bank, in turn, requests money from the other bank, usually via an intermediary, and thus funds are credited to your account, appearing as CLG in your account statements. CLG in banking terms means clearing. In the above example, the person who gave you the check made a commitment for a transaction, and the banks settled the transaction, this complete process is known as clearing. It involves turning the promise of money, usually in the form of cheques, or electronic payment requests, into the actual transfer of funds from one bank account to another. Money transaction through cheques has been present since the 1600s in England. The traditional system involved the actual movement of cheques by the bank clerks, after the bank hours, who maintained the records of the money that was owed to their banks and the amount their […]

What is Meaning of No Frills Account?

May 18, 2020 Suraj Tandon 0

Banks are vital financial institutions of an economy. They function by borrowing money from depositors offering them a particular annual rate of interest and lending the money to the borrowers, at a higher rate of interest, for their businesses, thus enabling the economy to grow. There are mainly four types of bank accounts, namely, savings account, current account, recurring deposit account, and fixed deposit account. The banking system needs to penetrate to the lower levels of the society as well as the rural areas for them to have access to such facilities. This would help in enabling the growth of the economy. However, strings associated with bank accounts such as minimum balance and other charges prevent it from happening smoothly. This was until the Reserve Bank of India introduced a “no-frills Account” which aims at providing all necessary banking facilities to consumers at minimum or nil charges. No-frills bank accounts require zero or very low minimum balance and other banking facilities such as withdrawals and ATM and Debit card facilities at zero charges to enable universal access to banking facilities. No-frills bank accounts are now known as Basic Saving Bank Deposit Accounts. Advantages of No Frills Account/Basic Saving Bank Deposit […]

Top 10 Cooperative Banks in India 2024

May 5, 2020 Suraj Tandon 2

Today, more than 80% of the Indian population has a bank account to their name. However, even today, if an adult is asked about the definition of a bank, he or she might stumble on it a bit. So, to help them out, a bank is a financial institution that accepts, stores and lends money. Possibly the shortest and simplest way to describe a bank. Cooperative banks are small financial institutions that lend money with generally lower interest rates and do not have deep pockets. Here, in this article, we would be talking about the top 10 cooperative banks in India. Name of Cooperative Bank Number of Branches Number of ATMs Founded Headquarter 1. Saraswat Cooperative Bank 283 311 1918 Mumbai 2. Cosmos Cooperative Bank 140 – 1906 Pune 3. Shamrao Vithal Cooperative Bank 62 – 1906 Mumbai 4. Abhyudaya Co-operative Bank Ltd 111 114 1964 Mumbai 5. Bharat Cooperative Bank 102 105 1978 Mumbai 6. TJSB Cooperative Bank 136 125 1972 Thane 7. Punjab & Maharashtra Co-operative Bank 137 – 1984 Mumbai 8. Janata Cooperative Bank 5 – 1956 Delhi 9. Kalupur Commercial Cooperative Bank – – – – 10. NKGSB Cooperative Bank 104 – 1917 Mumbai 1. Saraswat […]

How to Unblock PNB ATM Debit Card?

Mar 14, 2020 Suraj Tandon 8

Each technology comes with its own advantages and disadvantages. Today, we would be discussing one such technology that has helped us in transforming the entire banking sector, ATM cards. ATM cards are the need of the hour for anyone at large. Thus, here are a few details about PNB atm cards that we would like to provide to the readers. What is an ATM card? An ATM card is a card that is issued by any financial organisation or institute that helps one withdraw money, while on the go. The word ATM stands for Automatic Teller Machine. How To Block PNB ATM Card? While an ATM card would seem to be the perfect banking revolution, it comes with its share of problems. If one loses the card, then there is a faint possibility to lose the money through the card. However, to avoid this, one surely can go ahead and block the ATM card so as to make sure that they do not lose their hard-earned money. Here are some of the ways by which one can block their ATM cards. 1. By calling on the customer care number Call on the customer care number of the banking institution and request […]

What is MMT in Bank Statement?

Feb 27, 2020 Suraj Tandon 0

Every now and then when you would have glanced on to your bank statement, you would have come across the word MMT and wondered what it does stand for. Well, no more would that be the case. Here, we would try to give you a complete insight of what MMT is and why it exists. What is MMT? MMT stands for MasterCard money transfer. When you pay your expenses through a MasterCard, you happen to generate an MMT code. What is MasterCard? MasterCard is a US-based company that is connected to various financial organizations, which helps it gather its revenue. In return, MasterCard provides a common platform for all banks to accept and send money from one bank to another. In the absence of these cards, a customer using a card of one bank could have been able to transfer money to another person only if the other person holds a bank account in the same bank. What do MMT transactions mean in Bank statement? When you go on to pay your bills with a Master card, your bank statement reads something like this: MMT/Ref625614748754/30773828776. (random data, just for reference) in this code, the first 3 letters, i.e. MMT stands […]

Difference Between Scheduled and Non-Scheduled Bank

Feb 22, 2020 Suraj Tandon 0

Banking institutions in India are primarily of two types: scheduled and non-scheduled. Any bank that is listed under the 2nd schedule of the Reserve Bank of India Act, 1934 is considered to be a scheduled bank. And non-scheduled banks are the banks that do not follow the guidelines as prescribed by Reserve Bank of India and thus operate differently. Scheduled Banks Generally speaking, scheduled banks include all kinds of commercial banks such as nationalised, foreign, development, cooperative and regional rural banks. These banks need to fulfill three conditions to be classified in this category: 1) The paid-up capital and collected fund of the bank should be equal to or greater than Rs. 5 lakh. 2) The depositors shall not be adversely affected by any activity undertaken by the bank. 3) Instead of being a sole-proprietorship or partnership firm, the bank needs to be a corporation. The scheduled commercial banks in India are primarily categorized into 5 groups, namely: State Bank of India, Nationalised Banks, Regional Rural Banks, Foreign Banks, Other Indian Scheduled Commercial Banks (private sector banks). These banks enjoy certain rights and facilities, such as: 1) The right to receive a refinance facility from the apex bank. 2) Entitlement […]

Difference Between Small Finance Bank and Payment Bank

Feb 8, 2020 Suraj Tandon 0

The Reserve Bank of India (RBI) grants two kinds of banking licenses to financial institutions across the country. Apart from the common Universal Bank Licence, that caters to commercial banks like HDFC, Axis, ICICI, etc, the RBI issues what’s called the Differentiated Bank Licence to cater to niche banks. Among the latter kind, we have mainly two kinds of banking institutions ― Small Finance Banks and Payment Banks. Small Finance Banks are run with the aim to provide financial inclusion by supplying credit to small business units, farmers and micro industries, and other unorganized sectors through high technology and cost-effective operations. They are niche banks with the provision of savings vehicles for marginalized demographic sections. Small Finance Banks undertake basic banking facilities like accepting deposits and lending capital to underserved sectors of the population. Some of the most prominent examples of such banks are the Ujjivan Small Finance Bank in Bangalore, AU Small Finance Bank in Jaipur, Equitas Small Finance Bank in Chennai, etc. Payment Banks also operate in order to increase financial inclusion, and they do so by providing services like small savings accounts, payments/remittance services to migrating labour workforces, minor businesses, and low-income families, etc. They aren’t allowed […]

Find Bank Of America Account Number online

How To Find Bank Of America Account Number

Nov 23, 2019 Suraj Tandon 0

There is simply not a single speck of doubt about the fact that when we are having a talk about the important banks in America, there are only a few names that come to the minds of the people. One of the most important names that come to mind would have to be the Bank of America. This bank can be easily considered as one of the most popular banks in America that has managed to provide so many amazing services to the people in the best way. The Bank of America always has the interest of the people in mind and that is why most of their services are meant to provide comfort to the people. The service includes loans, online banking, mobile banking, and so many others in the best way. Here we are going to have a discussion about one such service that people have to know about in the best way. When we talk about the Bank of America, there are many people who have their accounts there. When they open up the accounts, they are provided with the account number in the best way. With the help of this amazing account number, they can perform […]

How Long Do International Bank Transfers Take?

Nov 7, 2019 Suraj Tandon 0

So you want to send money to someone overseas but you don’t know how much time it is going to take for the actual transfer to take place? Well, you have definitely come to the right place when you want to have some information regarding that for sure. The times have literally changed and all the transactions which are happening in the current time are all online. So, the customers are all used to having everything in an instant for sure. So, the payments are not really an exception in this case. In case you want to make a transfer of money overseas then you definitely need to know how long that is going to take so that you can be prepared for it. Normally it took 3 to 5 business days to get transferred money internationally. In some cases, it may take 5-10 business days. However, we are here to tell you that the results are not really definite. There are some factors that can decide the actual time taken for the transfer to be complete in the fullest sense. So, we are going to have a discussion about it right here. Some Factors That Influence The Time Taken […]

What is Principal Payback And Interest?

Mar 26, 2019 Suraj Tandon 0

One of the most important questions that run through the minds of people during the opening of their recurring Deposit accounts would have to be what are principal payback and interest. Well, these can be defined as the decision that you make to withdraw money that you deposited and the interest that the bank has to pay you at the same time during the maturity of the recurring deposit that you have. Well, finding it a little bit hard to believe? Well, here we are going to explain that to you in details. However, before that, you need to know a little bit more about the recurring deposits as well. What Is A Recurring Deposit? Well, if you want to know what principal payback and interest are then before that you have to clear out your concepts of recurring deposits. Well, we are going to explain that to you right now. Recurring deposits are basically the accounts that have a speciality. They are just like the accounts of fixed deposits except that you have to make a particular deposit to the account in a periodic manner. Here you don’t really have to invest the money at once. Hence, RDs will […]