Haryana BSEH Secondary NSQF BFSI key terms

The combined sector of banking, financial services and insurance, covering banks, non-bank lenders, mutual funds, brokerages and insurers. Most entry-level finance jobs in India fall within these four connected areas.

The process of bringing unserved and underserved people into the formal financial system through bank accounts, small loans, insurance and digital payments, so they can save, borrow and transact safely.

The general workplace abilities such as communication, teamwork, problem solving, time management and digital literacy that make a person ready for hire and able to keep a job, whatever the technical role.

A short written summary of a candidate's education, skills, work experience and achievements, sent to employers to secure an interview. It should be truthful, well organised and tailored to the job applied for.

Fully concentrating on a speaker, noting both the words and the feelings behind them, and confirming understanding by summarising or questioning. In BFSI it prevents errors when recording customer instructions.

The accepted manners and conduct at work, including punctuality, appropriate dress, polite language, respect for colleagues and customers, and confidentiality, all of which build trust and a professional reputation.

A plan that lists expected income and planned expenses over a period, helping a person or a business spend within its means, save regularly and prepare for future needs.

A sustained rise in the general level of prices, which reduces the purchasing power of money. Savers must earn a return above inflation for their money to actually grow in real terms.

Interest calculated on the original principal plus the interest already earned, so the balance grows faster than with simple interest. Banks apply it to many deposits and loans.

The interest rate at which the Reserve Bank of India lends short-term funds to commercial banks against government securities. Changes in it influence loan and deposit rates across the economy.

Know Your Customer, the mandatory process by which a bank or financial firm verifies a customer's identity and address using documents, photographs or digital checks before opening accounts or allowing transactions.

National Electronic Funds Transfer, a Reserve Bank of India operated system for sending money between bank accounts in batches through the day. It is used for ordinary transfers of any amount.

Real Time Gross Settlement, a system that settles high-value fund transfers one by one and immediately, mainly for large or time-critical payments. Each transaction must be at least two lakh rupees.

A loan or advance on which the borrower has not paid interest or principal for more than ninety days. Banks must make provisions for such assets, which reduces their reported profit.

The laws, checks and reporting duties that financial institutions follow to detect and prevent criminals from disguising money earned illegally as legitimate funds moving through the system.

Current Account and Savings Account deposits, the low-cost funds banks hold in savings and current accounts. They pay little or no interest and can be withdrawn on demand by the customer.

A sum placed with a bank for an agreed period at a stated interest rate. The money generally cannot be withdrawn early without a penalty, which suits savers wanting guaranteed returns.

An asset such as property, gold or a deposit that a borrower pledges so the lender can recover a loan by selling it if repayment fails. It lowers the lender's risk.

A written order directing a bank to pay a stated amount from the drawer's account to a named person or bearer. It may be crossed so that the money can only be credited to an account.

Unified Payments Interface, a mobile system that links bank accounts to a single app so users can send money instantly using a virtual address or QR code, twenty-four hours a day.

A fraud in which attackers pose as a bank or trusted service through fake emails, messages, calls or websites to trick people into revealing passwords, one-time passwords or card details.

A security method requiring two different proofs of identity, typically a password plus a one-time code sent to the registered mobile, before a login or payment is allowed to proceed.

The amount a policyholder pays an insurer, either as a lump sum or in instalments, in exchange for cover. It reflects the risk insured, the sum assured and the policy term.

The maximum amount an insurer promises to pay under a life insurance policy when the insured event occurs, as recorded in the policy schedule given to the policyholder.

The portion of a claim that the policyholder must bear before the insurer pays the remainder. Choosing a higher deductible usually brings a lower premium on the policy.

The Securities and Exchange Board of India, the regulator that supervises stock exchanges, brokers, mutual funds and listed companies in order to protect investors and keep markets fair.

The first sale of shares by a company to the public in order to raise capital and get listed on a stock exchange. Investors apply through brokers or approved banking and trading apps.

An account that holds shares and other securities in electronic form instead of paper certificates. It is opened with a depository participant and is required to buy or sell shares.

A pool of money collected from many investors and managed professionally in shares, bonds or other assets. Each investor holds units whose value follows the fund's net asset value.

The value of one unit of a mutual fund, found by subtracting the fund's liabilities from its total assets and dividing the result by the number of units outstanding that day.

The ability to understand and acknowledge a customer's feelings and situation and then respond helpfully. In service roles it calms complaints and builds loyalty without promising what cannot be delivered.

Offering an existing customer an additional product that complements what they already hold, such as a debit card with a savings account, after first understanding their actual needs.

A system in which every transaction is recorded twice, as an equal debit and an equal credit, so the accounting equation stays balanced and mistakes are easier to trace.

A statement listing the closing balances of all ledger accounts on a given date, with debits and credits in separate columns, used to check that total debits equal total credits.

A written document supporting an accounting entry, showing the date, amount, accounts affected and authorisation. It is kept as evidence of the transaction during internal checks and audit.

The planned and practised movement of people out of a building during fire, earthquake or another danger, following marked exits, assembly points and instructions from trained floor wardens.

Separating dry, wet and hazardous waste where it is generated so that recyclable material is recovered, composting is possible and the burden on landfills is reduced.

The act of spotting an opportunity, accepting financial risk and organising resources to start or grow a venture that offers a product or service customers are willing to pay for.