Haryana BSEH Secondary NSQF BFSI cheat sheet

BFSI stands for Banking, Financial Services and Insurance; it covers banks, NBFCs, insurers, mutual funds, brokerages, payment companies and pension funds.

Four main financial regulators in India: RBI for banks and payment systems, SEBI for securities markets, IRDAI for insurance, and PFRDA for pensions.

Banking roles include teller, customer service officer, relationship manager, credit officer and branch manager; insurance roles include agent, underwriter and claims surveyor.

NSQF aligns qualifications to levels 1–10; BFSI vocational courses at secondary level map to entry-level assistant and customer-facing job roles.

A bank branch's core functions are deposit mobilisation, lending, payments and customer service, supported by operations and compliance teams.

NBFCs lend and invest but cannot accept demand deposits and are not part of the payment and settlement system unless specifically authorised.

Career progression in BFSI typically follows trainee or assistant, then officer, assistant manager and manager, with certifications and internal exams influencing promotion.

BFSI products are regulated; selling insurance, mutual funds or loans requires specified qualifications and, where applicable, registration with the regulator or a recognised certification body.

Employability skills are the non-technical competencies-communication, teamwork, problem-solving, self-management and digital literacy-that make technical skills usable at work.

A resume for an entry-level BFSI role should list education, certifications, computer skills and any customer-facing experience, and should usually be one to two pages.

The STAR method-Situation, Task, Action, Result-structures interview answers and keeps them specific and evidence-based.

Active listening involves full attention, avoiding interruption, paraphrasing and confirming understanding before responding.

Workplace ethics include punctuality, confidentiality, honesty in records and refusal to accept or offer bribes.

Digital employability skills include email, spreadsheets, word processing, video meetings and safe handling of passwords and customer data.

Grooming and professional appearance matter in branch and sales roles because they affect customer trust and brand representation.

Constructive feedback focuses on behaviour and task outcomes, not on the person, and includes a specific next step.

Time management uses prioritisation of urgent versus important tasks and to-do lists; missed deadlines must be escalated early.

The 7 Cs of communication are clear, concise, concrete, correct, coherent, complete and courteous.

A commonly cited presentation guide is 7% words, 38% tone and 55% body language; treat it as a guide, not a universal law.

In branch communication, use the customer's preferred language, avoid jargon, and confirm understanding by asking a specific question.

Email etiquette: clear subject line, one topic per email, professional salutation, no confidential data in the subject line, and a signature with designation.

Confidentiality: customer data may be shared only on a need-to-know basis and never on personal phones, social media or unsecured email.

Escalation rule: if a complaint cannot be resolved at the first point of contact within the stated TAT, escalate to the branch manager or designated grievance officer.

Workplace harassment is covered by the POSH Act, 2013; every workplace with 10 or more employees must have an Internal Committee.

Phone etiquette: answer within three rings, identify the organisation and yourself, and ask permission before placing a caller on hold.

Non-verbal cues such as open posture, eye contact and nodding encourage disclosure; crossed arms and looking away can signal disinterest.

A budget compares monthly income with fixed, variable and discretionary expenses; the 50/30/20 rule allocates 50% to needs, 30% to wants and 20% to savings and debt repayment.

An emergency fund should cover three to six months of essential expenses and be held in a liquid instrument such as a savings account or liquid fund.

Compound interest formula: A = P(1 + r/n)^(nt); simple interest = P × r × t. Higher compounding frequency increases the maturity amount.

Inflation reduces purchasing power; real return is approximately nominal return minus inflation. A 6% deposit with 5% inflation gives about 1% real return.

CIBIL credit score in India ranges from 300 to 900; a score of 750 or above usually improves loan approval chances and interest terms.

KYC, or Know Your Customer, requires identity and address proof and is mandatory before opening a bank account or investing.

Insurance transfers risk, savings and investment build assets, and borrowing for consumption reduces future cash flow.

A nominee receives the proceeds of a bank deposit or policy on the holder's death; nomination speeds settlement but does not replace a valid will in every case.

Savings = income − consumption; the savings rate is savings divided by disposable income, usually expressed as a percentage.

Fixed deposits pay a fixed rate for a fixed term; recurring deposits accept fixed monthly instalments and pay interest, often compounded quarterly.

Under simple interest, interest is calculated only on the principal; under compound interest, interest earns interest in each period.

Demand and supply: a rise in demand with unchanged supply raises price; a rise in supply with unchanged demand lowers price.

GDP is the market value of final goods and services produced in a country in a period; nominal GDP uses current prices and real GDP uses constant prices.

Inflation is a sustained rise in the general price level, measured in India by CPI for consumers and WPI for wholesale prices.

A savings account earns lower interest than a fixed deposit but offers liquidity; current accounts usually pay no interest and are meant for businesses.

Opportunity cost is the value of the next-best alternative forgone when a choice is made.

KYC, account opening and customer due diligence precede any deposit or loan account; PAN is required for most accounts and for cash deposits above prescribed limits.

NEFT settles in batches, RTGS is for high-value real-time transfers with a minimum of ₹2 lakh, and IMPS is instant and available 24×7 through mobile or net banking.

A cheque is valid for three months from its date; post-dated cheques are not payable until the date written on the cheque.

AML, or anti-money laundering, requires banks to monitor and report suspicious transactions to FIU-IND under the Prevention of Money Laundering Act.

CRR is the share of net demand and time liabilities kept with RBI; SLR is held in approved securities such as government bonds.

Cash handling follows dual control: cash is counted under camera, verified by two officials, and tallies are recorded in the cash book.

The RBI Integrated Ombudsman Scheme, 2021 covers complaints against regulated entities; the first step is a written complaint to the bank.

A lien marks a deposit as unavailable until a claim is settled; a freeze blocks operations pending verification or a court or regulator order.

Passbooks and statements are records; customers should check entries and report unauthorised transactions immediately.

Savings accounts are for individuals and earn interest; current accounts are for businesses, allow unlimited transactions and generally earn no interest.

Fixed deposits lock funds for a term at a fixed rate; premature withdrawal usually attracts a penalty of about 0.5% to 1%.

Recurring deposits build savings through fixed monthly contributions; the maturity value depends on the instalment, interest rate and tenure.

Loans are classified as secured, backed by collateral, or unsecured; home and gold loans are secured, while personal loans are usually unsecured.

An overdraft allows a current account holder to draw beyond the balance up to a sanctioned limit; interest is charged on the amount used.

A debit card draws from the customer's own account; a credit card is a revolving loan with a billing cycle, due date and interest-free period.

A nominee is a person named to receive the deposit balance on the account holder's death; nomination is optional but recommended.

A locker is a safe-deposit facility; the bank does not know the contents and is not liable for valuables unless negligence is proved.

Aadhaar-enabled PMJDY accounts provide basic banking, an overdraft facility and insurance benefits under the Jan Suraksha schemes.

UPI is a real-time payment system run by NPCI; a Virtual Payment Address such as name@bank identifies an account without sharing the account number.

UPI PIN authorises a transaction; it must never be shared, and no legitimate bank or NPCI employee asks for it.

NEFT operates in batches, RTGS is real-time for ₹2 lakh and above, and IMPS is immediate and available 24×7.

USSD *99# allows basic mobile banking without internet on a feature phone.

AePS, the Aadhaar Enabled Payment System, uses Aadhaar and biometric authentication for cash withdrawal and balance enquiry at a business correspondent.

Prepaid Payment Instruments include wallets and gift cards; full-KYC PPIs can hold higher balances and are more widely usable than small PPIs.

QR code payments: scan the merchant QR, verify the payee name, enter the amount, and authorise with UPI PIN; never scan a QR code to receive money.

Card security: an EMV chip and PIN protects card-present transactions; tokenisation replaces the card number with a token for online and app payments.

UTR, the Unique Transaction Reference, is the reference number used to track NEFT, RTGS or IMPS transfers and raise a complaint.

Phishing uses fake emails, SMS or calls to steal credentials; check the sender address and never click unverified links.

Vishing is voice phishing; a caller impersonating a bank and asking for OTP, PIN or CVV is a fraud, as bank staff never require such details.

SIM swap fraud occurs when a fraudster obtains a duplicate SIM to receive OTPs; sudden loss of network or SIM signal should prompt contact with the operator and bank.

Report cyber financial fraud immediately on the national helpline 1930 and at cybercrime.gov.in; early reporting improves the chance of freezing funds.

RBI's zero-liability rule limits customer loss on unauthorised electronic transactions when the customer reports promptly and has not been negligent.

Tokenisation replaces card details with a unique token for each device or merchant, reducing the value of stolen card data.

Fintech categories include digital lending, payments, wealth management, insurtech and regtech; each is subject to RBI, SEBI or IRDAI rules.

Safe practice: use official bank apps from official stores, enable transaction alerts, and log out of shared or public devices.

Digital lending guidelines require disclosure of all fees and prohibit unauthorised access to contacts and media on the borrower's phone.

Insurance pools risk: many policyholders pay premiums, and the insurer pays claims to the few who suffer a loss.

Insurable interest means the policyholder must benefit from the subject's survival or suffer loss from its damage; it is required when taking a life policy.

The principle of indemnity applies to general insurance: the claim cannot exceed the actual loss, so the insured is restored but not enriched.

Life insurance covers death and, in many policies, maturity or survival benefits; general insurance covers health, motor, fire, marine and liability.

IRDAI regulates insurers, agents and brokers; an insurance agent must hold a valid IRDAI licence and disclose commission.

Premium depends on sum assured, age, health, occupation, policy term and riders; a deductible is the amount the insured bears before the insurer pays.

Life insurance nomination names the beneficiary; a claim requires the policy document, death certificate, and identity and bank details of the nominee.

Utmost good faith requires the proposer to disclose all material facts; non-disclosure can lead to claim rejection or policy cancellation.

Health insurance commonly has a waiting period for pre-existing diseases and a network of cashless hospitals.

The primary market is where new securities are issued through IPOs, FPOs, rights issues and private placements; the secondary market trades existing securities.

SEBI regulates Indian securities markets and protects investors; NSE and BSE are the main stock exchanges.

A demat account holds securities electronically; NSDL and CDSL are the two depositories in India.

An IPO allotment is followed by listing; the issue price may be below, at or above the listing price.

Sensex tracks 30 major companies on BSE; Nifty 50 tracks 50 companies on NSE.

A stockbroker executes trades on the exchange; a sub-broker acts through a broker, and both must follow SEBI and exchange rules.

Market indices are computed using free-float market capitalisation, so index weights depend on tradable shares.

T+1 settlement in India means trade settlement occurs on the next working day after the trade.

SCORES is SEBI's online complaint redressal system for investors.

Equity shares represent ownership and carry voting rights and dividends; debentures are debt and pay interest with repayment of principal.

Return and risk are related: higher expected return generally requires accepting higher risk and volatility.

Diversification spreads money across assets and sectors to reduce unsystematic risk; it cannot remove market-wide systematic risk.

A mutual fund pools money from investors and is managed by an asset management company; NAV is the per-unit value of the fund's assets minus liabilities.

A SIP invests a fixed amount at regular intervals and averages purchase cost; it does not guarantee profit in a falling market.

KYC and PAN are required for most investments; the investor must provide identity and address proof and complete in-person verification where required.

Compounding: A = P(1 + r)^t; ₹10,000 at 10% for two years grows to ₹12,100 under annual compounding.

SEBI's investor protection measures include disclosure norms, insider trading rules and the SCORES grievance system.

Bonds carry interest rate risk: when market rates rise, existing bond prices fall, and vice versa.

Service quality is measured through TAT, first-contact resolution, customer satisfaction (CSAT) and Net Promoter Score (NPS).

Empathy in service means acknowledging the customer's feelings before explaining the process or the bank's position.

A complaint must be acknowledged, logged with a reference number, and resolved within the bank's stated TAT; delay requires an update.

Service recovery steps: apologise, listen fully, take ownership, fix the issue, and follow up to confirm resolution.

Cross-selling is acceptable only when the product meets a documented need; mis-selling by omitting risk or fees is a regulatory violation.

The RBI Ombudsman can be approached after the bank fails to resolve a complaint within 30 days.

Confidentiality continues after a customer leaves; records cannot be shared with third parties without consent or legal requirement.

Accessibility: use plain language, offer written information in the local language where possible, and assist elderly or disabled customers with forms.

Needs analysis precedes product recommendation: ask about income, goals, risk tolerance, time horizon and existing commitments.

Suitability means the product's risk, lock-in and cost fit the customer's profile; a high-risk product is unsuitable for a short-term goal.

Mis-selling includes promising guaranteed returns on market-linked products, hiding charges, and selling insurance as an investment without disclosure.

A sales funnel moves from lead to qualification, needs analysis, proposal, closure, onboarding and relationship building.

KYC and suitability documentation must be completed before an investment or insurance sale; signatures must be genuine and informed.

Relationship banking uses regular contact, portfolio reviews and service follow-ups to retain customers and generate referrals.

Objection handling: acknowledge the concern, clarify the facts, and respond with evidence; never argue or pressure.

Sales targets must be met without compromising ethics; incentives should not drive unsuitable sales.

CRM records capture interactions, preferences and complaints and support continuity when the relationship manager changes.

Accounting equation: Assets = Liabilities + Capital (owner's equity); every transaction keeps it balanced.

Double entry: every transaction has equal debits and credits; total debits must equal total credits.

Debit increases assets and expenses; credit increases liabilities, capital and income.

Journal is the book of original entry; ledger is the book of final entry, organised by account.

Trial balance lists ledger balances and tests arithmetical accuracy; it does not prove the absence of errors.

The income statement reports revenues and expenses for a period; the balance sheet reports assets, liabilities and equity at a date.

Accrual accounting records income when earned and expenses when incurred, not when cash moves; cash accounting records on cash movement.

Depreciation allocates the cost of a fixed asset over its useful life; it is a non-cash expense.

Gross profit = sales − cost of goods sold; net profit = gross profit − operating and other expenses.

Source documents include invoices, receipts, cheque books, bank statements and vouchers; they support every entry.

A voucher is a written record of a transaction with date, amount, accounts affected and authorisation.

Book-keeping records transactions; accounting interprets and reports them.

Bank reconciliation compares the cash book with the bank statement and explains differences such as cheques issued but not presented.

Records must be kept for the period prescribed by law; income-tax rules generally require six years from the end of the relevant assessment year, and company law has separate retention rules.

An audit trail is a chronological record of changes; it supports accountability and fraud detection.

Documentation must be accurate, legible, signed and dated; corrections should be made by a signed marginal note, not by overwriting.

Data privacy rules require customer documents to be stored securely and accessed only by authorised staff.

Workplace hazards in BFSI include slips and falls, electrical risks, fire, ergonomic strain and workplace violence.

Ergonomics: chair height, monitor at eye level, feet flat, and a 90-degree elbow angle reduce musculoskeletal strain.

Fire safety: know the nearest exit, extinguisher type (CO2 for electrical fires) and assembly point; never use water on electrical fires.

Electrical safety: no overloaded sockets, no damaged cords, and switch off equipment before maintenance.

First aid basics: stop bleeding with pressure, cool burns with running water, and call emergency services for unconsciousness or chest pain.

Emergency numbers in India: 112 for emergency, 101 for fire, and 108 for ambulance.

Incident reporting: record the time, place, people involved and nature of injury; report near misses as well as accidents.

Personal protective equipment is required where hazards exist; in offices, housekeeping and electrical work carry the main risks.

POSH and safety committees handle harassment and safety grievances; employees must not retaliate against complainants.

Health includes physical, mental and social well-being; regular activity, sleep and a balanced diet reduce lifestyle disease risk.

Stress management techniques include breathing exercises, time blocking, breaks and talking to a trusted person.

Entrepreneurship traits include opportunity recognition, risk-taking, perseverance, resourcefulness and financial discipline.

A business plan covers product, market, operations, marketing, finance and risk; it is used for planning and for loan applications.

MSMEs in India are classified by investment and turnover under the Udyam registration framework; they can access priority-sector and government schemes.

Green practices include paperless banking, energy-efficient equipment, water conservation, waste segregation and e-waste recycling.

E-waste contains toxic metals; it must go to authorised recyclers, not ordinary bins.

Green banking products include digital statements, online payments and financing for renewable energy and energy efficiency.

Sustainability means meeting present needs without compromising future resources; for BFSI it includes responsible lending and disclosure.