Financial Literacy `Unit 8 Cashless Banking Services

Flashcards on Cashless Banking Services

E-banking

Remote banking services offered using telecommunications or electronic networks by authorized banks or their representatives.

Plastic Money

The use of plastic cards such as credit cards, debit cards and ATM cards in financial transactions.

Counterfeiting

A technique used by fraudsters to cheat individuals of their money, involving the creation of fake currency.

Watermark

An image embedded in a currency note, visible when held against the light, used to verify authenticity.

Security Thread

An embedded vertical thread in Indian currency notes that changes color when tilted, indicating the note's denomination.

Micro lettering

Small, clear and sharp lettering (in Hindi and English) on a currency note, visible through a magnifying glass, used to verify authenticity.

Intaglio Printing

A raised effect on a currency note created by a specific printing technique, felt by running fingers over the note.

CIBIL Score

The most famous credit score accepted in India, maintained by CIBIL.

Credit Score

A three-digit numeric summary of an individual's or business' credit history, ranging from 300 to 900.

ATM Card

A specialized plastic card that allows customers to withdraw money from their bank accounts at ATM machines.

Credit Cards

Financial instruments that enable users to make purchases and borrow money on the promise to pay in the future.

Debit Cards

Cards linked to a customer's bank account, where the amount of purchase is immediately deducted from the account.

Unified Payment Interface (UPI)

A mobile payment method that enables users to instantly transfer funds between bank accounts.

UPI ID

A unique identification for a bank account used for sending and receiving funds via UPI.

UPI PIN

A four- or six-digit personal identification number needed for transferring money using UPI.

Mobile Wallet

A mobile application that enables users to store credit or debit card information and pay digitally for goods and services.

Banking Ombudsman

A senior officer appointed by RBI to address complaints from customers against banking services.

Counterfeit

Something that is not real and is a copy of something so that it appears to be the real thing.

Fraudulent Activities

Undertaking activities to cheat somebody.

Outstanding Amount

The amount owed on a debt that incurs interest.

Remittance

The amount of money sent to someone.