Micro Finance: Micro Finance aims at alleviation of poverty and
empowerment of weaker sections in India. In micro finance, very small amounts
are given as credit to poor in rural, semi-urban and urban areas to enable them
to raise their income levels and improve living standards.
Minor Accounts : A minor is a person who has not attained legal age of 18 years. As per Contract Act a minor cannot enter into a contract but as per Negotiable Instrument Act, a minor can draw, negotiate, endorse, receive payment on a Negotiable Instrument so as to bind all the persons, except himself. In order to boost their deposits many banks open minor accounts with some restrictions.
Mobile Banking : With the help of M-Banking or mobile banking customer can check his bank balance, order a demand draft, stop payment of a cheque, request for a cheque book and have information about latest interest rates.
Money Laundering : When a customer uses banking channels to cover up his suspicious and unlawful financial activities, it is called money laundering.
Money Market : Money market is not an organized market like Bombay Stock Exchange but is an informal network of banks, financial institutions who deal in money market instruments of short term like CP, CD and Treasury bills of Government.
Moratorium : R.B.I. imposes moratorium on operations of a bank; if the affairs of the bank are not conducted as per banking norms. After moratorium R.B.I. and Government explore the options of safeguarding the interests of depositors by way of change in management, amalgamation or take over or by other means.
Mortgage : Transfer of an interest in specific immovable property for the purpose of offering a security for taking a loan or advance from another. It may be existing or future debt or performance of an agreement which may create monetary obligation for the transferor (mortgagor).
Minor Accounts : A minor is a person who has not attained legal age of 18 years. As per Contract Act a minor cannot enter into a contract but as per Negotiable Instrument Act, a minor can draw, negotiate, endorse, receive payment on a Negotiable Instrument so as to bind all the persons, except himself. In order to boost their deposits many banks open minor accounts with some restrictions.
Mobile Banking : With the help of M-Banking or mobile banking customer can check his bank balance, order a demand draft, stop payment of a cheque, request for a cheque book and have information about latest interest rates.
Money Laundering : When a customer uses banking channels to cover up his suspicious and unlawful financial activities, it is called money laundering.
Money Market : Money market is not an organized market like Bombay Stock Exchange but is an informal network of banks, financial institutions who deal in money market instruments of short term like CP, CD and Treasury bills of Government.
Moratorium : R.B.I. imposes moratorium on operations of a bank; if the affairs of the bank are not conducted as per banking norms. After moratorium R.B.I. and Government explore the options of safeguarding the interests of depositors by way of change in management, amalgamation or take over or by other means.
Mortgage : Transfer of an interest in specific immovable property for the purpose of offering a security for taking a loan or advance from another. It may be existing or future debt or performance of an agreement which may create monetary obligation for the transferor (mortgagor).
NABARD : National Bank for Agriculture & Rural Development
was setup in 1982 under the Act of 1981. NABARD finances and regulates rural
financing and also is responsible for development agriculture and rural
industries.
Negotiation : In the context of banking, negotiation means an act of transferring or assigning a money instrument from one person to another person in the course of business.
Non-Fund Based Limits : Non-Fund Based Limits are those type of limits where banker does not part with the funds but may have to part with funds in case of default by the borrowers, like guarantees, letter of credit and acceptance facility.
Non-Resident : A person who is not a resident of India is a non-resident.
Non-Resident Accounts : Accounts of non-resident Indian citizens opened and maintained as per R.B.I. Rules.
Notary Public : A Lawyer who is authorized by Government to certify copies of documents .
NPA Account : If interest and instalments and other bank dues are not paid in any loan account within a specified time limit, it is being treated as non-performing assets of a bank.
Negotiation : In the context of banking, negotiation means an act of transferring or assigning a money instrument from one person to another person in the course of business.
Non-Fund Based Limits : Non-Fund Based Limits are those type of limits where banker does not part with the funds but may have to part with funds in case of default by the borrowers, like guarantees, letter of credit and acceptance facility.
Non-Resident : A person who is not a resident of India is a non-resident.
Non-Resident Accounts : Accounts of non-resident Indian citizens opened and maintained as per R.B.I. Rules.
Notary Public : A Lawyer who is authorized by Government to certify copies of documents .
NPA Account : If interest and instalments and other bank dues are not paid in any loan account within a specified time limit, it is being treated as non-performing assets of a bank.
Off Balance Sheet Items : Those items which affect the financial position of a
business concern, but do not appear in the Balance Sheet E,g guarantees,
letters of credit . The mention "off Balance Sheet items" is often
found in Auditors Reports or Directors Reports.
Online Banking : Banking through internet site of the bank which is made interactive.
Online Banking : Banking through internet site of the bank which is made interactive.