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Current-Account
Finance, RBI

 Current account is non personal bank account. It is a type of deposit bank account commonly used by companies, public enterprises, and businessmen. This account is normally associated with higher number of transactions with the bank. These transactions include deposits, withdrawals and transfer of funds from one account to another of the same bank or another bank. These accounts are also called Demand Deposit Account.You can open a current account in almost all commercial banks. These accounts generally have large transactions on a daily basis hence, there is no limitSEE DETAILS

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Bank-Reconciliation-Statement
RBI

  Every person who is involved in the field of accounting or even uses the accounting information knows the importance of bank reconciliation statement and the purpose it serves for the user of such information. So let’s understand the meaning and why this tool of accounting is important. Meaning Bank reconciliation statement is a statement which reflects the differences between the balance of bank as per the passbook and the same as per the cashbook. It shows the transactions for which the amount is not reflected either in Passbook orSEE DETAILS

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Statutory-liquidity-ratio-(SLR)
Finance, RBI, SLR

RBI uses many monetary policies for controlling and stabilizing the economy and one among them is SLR. The primary goal of the RBI is to make sure that prices of commodities are maintained at an optimum level and to administer the supply and demand of money flow into the economy. It uses instruments like credit ceiling, statutory liquidity ratio, cash reserve ratio, bank rate policy, open market operations, credit authorization scheme, repo rate, reverse repo rate, moral suasion, etc. Each of these instruments plays a significant role in operating theSEE DETAILS

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IFSC-codes-in-India
RBI

Whenever we open a bank account, you are provided with an IFSC code. And whenever we have to provide our bank details to someone, it is important that IFSC code is provided as well. But have you ever wondered what IFSC code is all about? And why is it so important in all bank details and transactions? If you are wondering about the same, then delay not. Our blog on IFSC code will answer all your questions. What is an IFSC code? IFSC code is an abbreviation for Indian FinancialSEE DETAILS

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Repo-Rate-Vs-Reverse-Repo-Rate
RBI

What is Repo Rate? Repo rate is the interest rate at which commercial banks borrow money from the Reserve Bank of India during shortfall of funds. it is yet another tool of the central bank to control inflation. During inflation, the repo rate is increased by RBI to discourage commercial banks from borrowing money. As a result, the money supply reduces in the economy and thus helps in controlling inflation. Similarly, RBI reduces the repo rate in the time of recession. The term ‘Repo’ stands for ‘repurchase agreement.’ It isSEE DETAILS

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