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Glossary
|
Term |
Definition |
|
Bank |
An institution that deals with money and other financial transactions |
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Money |
Anything that is generally accepted as a medium of exchange, a unit of account, and a store of value |
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Financial transaction |
An exchange of money or other financial assets between two or more parties |
|
Deposit |
Money kept in a bank account by a customer |
|
Loan |
Money borrowed from a bank by a customer |
|
Service |
A product that is intangible and does not involve the transfer of ownership |
|
Money transfer |
The movement of money from one place to another or from one person to another |
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Cheque |
A written order to a bank to pay a certain amount of money to a person or an organisation |
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E-banking |
The method of conducting banking transactions online via the internet |
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Intermediary |
A person or an organisation that acts as a link between two or more parties |
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Saver |
A person who keeps money for future use rather than spending it |
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Borrower |
A person who takes money from another person or an organisation and promises to pay it back later |
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Mobilise |
To make something available for use or action |
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Savings |
The part of income that is not spent or consumed |
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Surplus money |
The amount of money that exceeds the required or desired amount |
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Productive purpose |
The use of money or other resources to create goods or services that have value |
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Economy |
The system of production, distribution, and consumption of goods and services in a country or a region |
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Type of bank |
A category of bank based on its functions and features |
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Commercial bank |
A bank that accepts deposits from the public and lends money to individuals and businesses for various purposes |
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Cooperative bank |
A bank that is owned and operated by its members and provides cheap credit to them |
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Specialised bank |
A bank that provides financial help to specific industries, foreign trade, or development activities |
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Central bank |
A bank that manages, controls, and regulates the money supply and the interest rates in the economy and supervises the banking system |
