Banking Terms for competitive exams PART-2

1. ASSOCHAM :- ASSOCHAM stands for Association Chambers of Commerce and Industry of India. This association was established in 1920. It is a Non – Government Organisation. The main motive of this organisation is to promote and expand the trade between Domestic and International countries and also remove the barriers to trade.
2. ATM :- ATM stands for Automatic Teller Machine. Through ATM we can withdraw money without visiting Bank. It saves our time. But there is a limit on the amount to be withdrawn from ATM.
3. ALM :- ALM stands for Asset-liability Management. It is basically the risk of the business and manages the Balance Sheet. So, Basically, it manages liquidity risk, currency risk, interest rate risk and foreign currency risk.
4. BSBDA :- BSBDA stands for Basic Saving Bank Deposit Account. In this saving account, a customer can open his / her account with zero balance. There is no limit on depositing & withdrawal of money from this account. A person holding BSBDA should not have any other bank account in the same bank.
5. BIS :- BIS stands for Bank of International Settlement. It is an International Financial Institution. It was established in 1930. It provides its banking service only to the central banks and other international organisations.