Study Guide · Chapter 8
Financial Inclusion, International Banking & Economy
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22 key terms | One-line exam reference
| Abbreviation | One-line meaning |
|---|---|
| APY | Atal Pension Yojana — pension scheme for eligible citizens. |
| BC | Business Correspondent — agent providing basic services on behalf of a bank. |
| BOP | Balance of Payments — record of a country’s transactions with the world. |
| BOT | Balance of Trade — difference between merchandise exports and imports. |
| CAD | Current Account Deficit — excess of current-account payments over receipts. |
| DBT | Direct Benefit Transfer — electronic transfer of government benefits to beneficiaries. |
| ECB | External Commercial Borrowing — borrowing by eligible Indian entities from overseas sources. |
| FDI | Foreign Direct Investment — investment giving lasting interest in an overseas enterprise. |
| FEMA | Foreign Exchange Management Act — India’s principal foreign-exchange law. |
| FOREX | Foreign Exchange — conversion and dealing in different currencies. |
| GDP | Gross Domestic Product — value of final goods and services produced in an economy. |
| GST | Goods and Services Tax — indirect tax on supply of goods and services. |
| JLG | Joint Liability Group — group of borrowers jointly responsible for repayment. |
| MSME | Micro, Small and Medium Enterprises — enterprises classified by notified criteria. |
| MUDRA | Micro Units Development and Refinance Agency — institution supporting micro-enterprise finance. |
| NOSTRO | A bank’s account held in a foreign bank in foreign currency. |
| PMJDY | Pradhan Mantri Jan-Dhan Yojana — national mission for financial inclusion. |
| PMJJBY | Pradhan Mantri Jeevan Jyoti Bima Yojana — government-backed life insurance scheme. |
| PMMY | Pradhan Mantri MUDRA Yojana — scheme providing credit to micro businesses. |
| PMSBY | Pradhan Mantri Suraksha Bima Yojana — government-backed accident insurance scheme. |
| SHG | Self-Help Group — group that pools savings and accesses credit. |
| VOSTRO | A foreign bank’s account held with a domestic bank in domestic currency. |
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