How to use this glossary
These abbreviations recur across Prelims and banking exams. Skim the tables, focus on the payment systems and the RBI tools, and revise the one-liners. Pair this with our economy explainers for depth.
NEFT
Funds transfer
CRR/SLR
Reserve ratios
UPI
Real-time payments
NPA
Bad loans
Payments and money transfer
| Abbr. | Full form | Meaning |
|---|---|---|
| NEFT | National Electronic Funds Transfer | Bank-to-bank transfer in batches |
| RTGS | Real Time Gross Settlement | Large-value, real-time transfers |
| IMPS | Immediate Payment Service | Instant 24x7 transfer |
| UPI | Unified Payments Interface | Mobile real-time payments |
| NPCI | National Payments Corporation of India | Operates UPI, IMPS, RuPay |
| IFSC | Indian Financial System Code | 11-character bank-branch code |
| MICR | Magnetic Ink Character Recognition | Cheque-clearing code |
| CBDC | Central Bank Digital Currency | The digital rupee (e₹) |
RBI and monetary policy
| Abbr. | Full form |
|---|---|
| RBI | Reserve Bank of India |
| CRR | Cash Reserve Ratio |
| SLR | Statutory Liquidity Ratio |
| MSF | Marginal Standing Facility |
| OMO | Open Market Operations |
| MPC | Monetary Policy Committee |
| MCLR | Marginal Cost of Funds based Lending Rate |
| CPI / WPI | Consumer / Wholesale Price Index |
Banking and accounts
| Abbr. | Full form |
|---|---|
| KYC | Know Your Customer |
| NPA | Non-Performing Asset |
| EMI | Equated Monthly Instalment |
| NBFC | Non-Banking Financial Company |
| CASA | Current Account Savings Account |
| CRAR | Capital to Risk-weighted Assets Ratio |
| DICGC | Deposit Insurance and Credit Guarantee Corporation |
| PSB | Public Sector Bank |
UPSC angle
Focus on the payment systems (NEFT vs RTGS vs IMPS vs UPI), the RBI tools (CRR/SLR/MSF/OMO) and NPA/NBFC — the most-asked banking abbreviations.
Frequently asked questions
What is the full form of NEFT and RTGS?
NEFT = National Electronic Funds Transfer; RTGS = Real Time Gross Settlement.
What is the full form of UPI?
Unified Payments Interface — a real-time mobile payments system operated by NPCI.
What does NPA stand for?
Non-Performing Asset — a loan on which the borrower has stopped paying interest/principal for a specified period.
What is the full form of CRR and SLR?
CRR = Cash Reserve Ratio; SLR = Statutory Liquidity Ratio — both RBI tools to control liquidity.