Banking Terms for competitive exams PART-7

1. EEFC :- EEFC stands for Exchange Earner’s Foreign Currency. This account is for those who are foreign exchange earner. No matter who they are may be they will be individual companies etc. Basically, this is an account for maintaining the foreign currency and those people whose residence is in India can also open this Account.
2. ECGC :- ECGC stands for Export Credit and Guarantee Corporation. It ensures the credit risk of the exporters and also gives guarantee of the payment. It covers the commercial risk in business as well as political risk. It was started to promote the export trade.
3. ECS :- ECS stands for Electronic Clearing Scheme. It is basically an electronic fund transferring method. Under this scheme, one person can transfer his funds to another account for payment.
4. EEA :- EEA stands for Exchange Equalization Account. It was established in 1932. It is used to manage exchange value in the international market.
5. EPF :- EPF stands for Employees Provident Fund. This scheme was formed in 1952. Under this scheme, government starts giving fund to factory employees and many other workers. Under this scheme, employees receive many other services for free by the government.