Category: Banking GK

What are BASEL Banking Norms/Accords ?

What are BASEL Banking Norms? Basel is a city in Switzerland which is also the headquarters of Bureau of International Settlement (BIS).  BIS appointed a committee to supervise and to set some standards. Currently there are 27 member nations in the committee. Basel guidelines refer to broad supervisory standards formulated by this group of central […]

What is SWIFT Code

SWIFT stands for Society for Worldwide Inter-bank Financial Telecommunication. SWIFT is a co-operative society. SWIFT Code is a standard format of bank Identifier code. India was 74th Nation to join SWIFT Network.  it is unique identification code for a particular bank. These codes are used when transferring money between banks, particularly for international wire transfers. Banks also used the […]

Difference between Cheque and Demand Draft

It is important to know about Cheque and Demand Draft before understanding the differences between cheque and demand draft. Cheque : Cheque is a negotiable instrument instructing a Bank to pay a specific amount from a specified account held in the maker/depositor’s name with that Bank. Demand Draft : A demand draft is an instrument used for […]