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… Continue reading Current Account- Meaning, Documents required, Benefits, Types etc
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… Continue reading BRS – Bank Reconciliation Statement
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… Continue reading Statutory Liquidity Ratio-SLR
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… Continue reading IFSC: Indian Financial System Code| Use, Meaning, NEFT, RTGS in India
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.… Continue reading Repo Rate & Reverse Repo Rate – Meaning, Difference, Impact etc.