A Letter of Credit, or LC, is a financial instrument. Banks and similar institutions, such as creditworthy financial service companies, insurance companies etc., issue it as a guarantee payment for goods and services when a seller provides all acceptable documents.
There are three participants in a Letter of Credit – the beneficiary, the applicant, and the issuing bank. The beneficiary is the person/company who would receive payment. The applicant is the buyer of goods and services who...
Are multiple savings account worth your time, money, and efforts? A lot of people wonder whether it is worth it or not. On one hand, there are some financial experts who say that one should stick to a single savings account. While others say that having multiple savings accounts for various saving targets are a better choice. You can adopt any of the two pieces of advice to grow your finances. As long as you keep building your wealth, you are okay irrespective of what you choose.
If you have...
The banking sector is a business venture in which several individuals have gone into, and because of this competition has become the order of the day. In order to maintain customer level, bank institutes turn to use all new modern channels in contact with the general public to expand their horizons when it comes to communicating to the general public about their existence and the services they offer. By so doing the bank advertises its image and gain more customers and this permits them to stay...
What is difference between NRE and NRO account? ” when I was to leave India for the first time. I was confused about what type of bank account (NRE or NRO account) I need to open as an NRI. So I know how you feel exactly now and you're currently going through the same situation which I had faced years ago. So let’s try to how to solve this.
When an Indian citizen leaves the India for any reason and decides to be out of India for a undefined time frame ( not sure...
Canara Bank is scheduled to Run online examination for the post of PO through Admission to Postgraduate Diploma in Banking and Finance Course (PGDBF) on 4th March 2018. A massive number of candidates who are looking for the jobs applied for your exam. Candidates who'd applied are looking for the Canara Bank PO Admit Card 2018 as it's the crucial record to carry for the exam and contains details regarding examination place, roll amount etc.. Canara Bank published PO Admit Card 2018. Candidates...
Visiting Melbourne? If yes, you should be well-prepared to be the part of an endless adventure that keeps you informed and interested. There is no tour available that takes visitors to all the major attractions and many off-the-beaten-path places that helps them to understand the fabric of the place as Southeast touring let you. If you are of Chinese background, you can choose a Chinese Speaking Tour in Melbourne where your professional & local guide explains and elaborates the marvels of...
A bank account is crucial for financial management it allows us to make and receive the payments that facilitate our daily lives. The following guide will cover the ways you can make payments of money owed to you into your account, as well as what you can expect from your bank or building the society in return. Ways to Pay Money into Your Account.
These are the main ways that you can deposit cash and cheques payable to you into your bank account:
At a Local Branch
Use an ATM...
Public Private Partnership or PPP is a cooperation between the government and the private sector in establishing something for the country involved. PPP is usually a terms of cooperation for infrastructure development in the country. If done right, PPP can benefit both parties. For the country itself it can gives the lowest cost of infrastructure development. While the private sector gets a very good profit from it. However, sometimes the private sector needs to consider which...
Every startup business needs a certain amount of money to start and to keep it running. This is the sole obligation of the entrepreneur to figure off out where and how to get enough funds.
Normally, the bank is the first organization he thinks. Banks are always among the first organisations to be reached for funds in the form of a loan. Other organisations that can be approached are credit unions, cooperatives, “Njangi” houses etc. It is at the point of bank loan that entrepreneurs...
The information technology infrastructure continues to develop with the main players now searching for solutions that are most effective and that may really save companies and users from spending too much. Among the latest approaches that are being talked about in recent years is the private cloud. In IT, a cloud identifies a processing infrastructure. It is categorized into two types - the private and the public. A private cloud is one produced by a business for use in its private IT...
Gone are the days when people used to stand in long queues at the stores to make the purchases. It was frustrating and time-consuming. Also, people had to pay higher by shopping at malls or stores due to overhead costs of the retailer. But today, the way of shopping has changed completely. Almost everyone today prefer shopping online for obvious reasons, it is easier, convenient, less time consuming and cheaper.
With so many people shopping online today, the smart way to make purchases is via...
Credit card is a form of plastic money that saves you from the trouble of carrying cash everywhere. Using credit cards is also a convenient way of maintaining your finances. You can keep track of your expenses, along with many other benefits that come with this card.
With Bajaj Finserv, a prominent non-banking financial company, you can get your hands on the Bajaj Finserv RBL Bank SuperCard. This card gives plenty of benefits to its customers which they don’t receive from regular credit...
Organization of Banking Personnel Selection (IBPS) is an independent office in India. It began its operation in 1975 as Personnel Selection Services (PSS). In 1984, IBPS turned into an autonomous substance at the command of Reserve Bank of India (RBI) and Public Sector Banks. IBPS is imagined as self-administered scholastic and research arranged Institute, with a mission of upgrading human-asset improvement through faculty evaluation.
In 2011, IBPS reported a Common Written Examination (CWE)...
Growth in computer knowledge has rapidly expanded during the last two decades coupled with reduction in the cost of computers in the market, has make it easy for bank to communicate, interchange information and knowledge more easily and efficiently. The introduction of computers in the banking sector has changed the operational system of banks from branch and paper work to the digital and network banking system. From the management to the accounting sector, computers have come as a tool to...
FRAUD PREVENTION MEASURES IN BANKS AND OTHER FINANCIAL HOUSES
Given that fraud is a criminal act that has a negative impact both to the financial institute and to the general public as it can reduce the income of a country if not controlled. The government has forward a couple of measures to protect public funds. There has been the creation of the Uniform Commercial Code (UCC) put in place in order to serve as a regulator and to define the accountabilities of counterparties when carrying...
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