List of Banking Full Forms for Competitive Exams by MCQBOX
Banks serve as the bedrock of modern economies, playing a pivotal role in financial transactions, savings, and lending. They act as financial intermediaries, facilitating the flow of funds between savers and borrowers, thereby fostering economic growth.
The Role of Banks in the Economy
Facilitating Economic Growth
Banks play a critical role in stimulating economic growth by allocating capital efficiently, funding business ventures, and supporting innovation through loans and investments.
Impact on Individuals and Businesses
Individuals rely on banks for their financial needs, such as mortgages and personal loans, while businesses depend on banks for capital and financial services crucial for their operations.
Evolution of Banking Technology
Digital Transformation in Banking
The advent of technology has revolutionized banking, leading to the digitization of services like online banking, mobile payments, and digital wallets, enhancing convenience for customers.
Fintech and its Impact
The rise of fintech companies has disrupted traditional banking, introducing innovative solutions such as peer-to-peer lending, robo-advisors, and blockchain technology, challenging the status quo.
Full Form of Banks
| S.No | Bank | Full Name |
|---|---|---|
| 1 | PNB | Punjab National Bank |
| 2 | ICICI | Industrial Credit and Investment Corporation of India |
| 3 | Axis Bank | Axis Bank Limited |
| 4 | Kotak Mahindra Bank | Kotak Mahindra Bank Limited |
| 5 | HDFC | Housing Development Finance Corporation |
| 6 | SBI | State Bank of India |
| 7 | IDBI | Industrial Development Bank of India |
| 8 | UCO Bank | United Commercial Bank |
| 9 | BOB | Bank of Baroda |
| 10 | CB | Canara Bank |
Full Form of Banking Related terms
| S.No | Acronym | Full Form |
|---|---|---|
| 1 | ATM | Automated Teller Machine |
| 2 | HDFC | Housing Development Finance Corporation |
| 3 | IFSC | Indian Financial System Code |
| 4 | INR | Indian Rupee |
| 5 | NEFT | National Electronic Funds Transfer |
| 6 | RTGS | Real-Time Gross Settlement |
| 7 | RBL | Ratnakar Bank Limited |