Bank GK and Computer Aptitude

A Demat (dematerialized) account is required in India to hold shares and securities in electronic format.

A credit card allows a user to purchase goods or services on credit, meaning they pay for the items at a later date.

Credit cards are made of plastic and are commonly referred to as plastic money or plastic cards in financial contexts.

Bank marketing is a hybrid discipline that involves promoting both tangible products (like credit cards or loans) and intangible services (like advisory or account management). This combination is necessary because banking is fundamentally a service-oriented industry that utilizes specific financial products.

Low cost deposits, often referred to as CASA (Current Account and Savings Account), are considered low cost because they offer very low or no interest rates to the customer. Fixed deposits and recurring deposits are high cost deposits as they require the bank to pay higher interest rates.

ATM is the standard industry acronym for Automated Teller Machine. It is a specialized computer terminal that allows bank customers to perform basic transactions without the aid of a branch representative.

MICR stands for Magnetic Ink Character Recognition. The white band at the bottom of a cheque contains the MICR code, which is printed with magnetic ink to allow for high-speed automated processing by cheque clearing systems.

Flexi deposits are hybrid accounts that link a savings account to a fixed deposit. They provide the liquidity of a savings account while offering the higher interest rates associated with fixed deposits.

Opening a bank account requires adherence to KYC (Know Your Customer) guidelines. This typically necessitates proof of identity, proof of residence, and photographs to verify the account holder's identity and address.

KYC stands for Know Your Customer. It is a mandatory process for financial institutions to verify the identity of their clients to prevent fraud, money laundering, and other illegal financial activities.

The Goiporia Committee was established by the Reserve Bank of India to suggest measures for improving customer service in banks. M.N. Goiporia was the chairman of this committee.

The money market is the segment of the financial market where short-term borrowing and lending of debt instruments (usually with a maturity of one year or less) take place. Capital markets, by contrast, deal in long-term securities.

The Committee on Computerization in Banks was chaired by Dr. C. Rangarajan. This committee played a pivotal role in modernizing the Indian banking sector through technology adoption.

AI stands for Artificial Intelligence, which refers to the simulation of human intelligence processes by computer systems. These processes include learning, reasoning, and self-correction.

ASCII stands for American Standard Code for Information Interchange. It is a character encoding standard for electronic communication, representing text in computers and other devices.

CD-ROM stands for Compact Disc Read-Only Memory. It is a type of optical disc that contains data that can be read by a computer but cannot be modified or erased.

CSI stands for the Computer Society of India. It is the largest association of information technology professionals in India.

COBOL stands for Common Business Oriented Language. It was one of the earliest high-level programming languages and is still widely used in business, finance, and administrative systems.

EDP stands for Electronic Data Processing. It refers to the use of automated methods to process commercial data, which was a foundational concept in early computing.

RDBMS stands for Relational Database Management System. It is a type of database management system that stores data in the form of related tables.

DTP stands for Desktop Publishing. It is the creation of documents using page layout software on a personal computer, typically for print or digital distribution.

EFT stands for Electronic Funds Transfer. It is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions.

In binary-based computing storage, 1 Gigabyte (GB) is equal to 1024 Megabytes (MB). While some manufacturers use decimal (1000 MB), the standard technical definition in computer science is 1024 MB.

HTTP stands for Hypertext Transfer Protocol. It is the foundation of data communication for the World Wide Web, used to load web pages.

IBM stands for International Business Machines. It is a major American multinational technology corporation.