Money: Money is the medium of exchange chosen by common consent.
Money supply: It is the total stock of money at a particular point in time in an economy.
Reserve Bank Of India: RBI is a central bank of India which controls the monetary policy of the economy.
ATMs: (Automatic teller Machine ) It is a free-standing self-service terminal performing 60% of tellers jobs quickly and at a lesser cost.
Bank (Commercial): An institution that accepts deposits from the public for the purposes of lending and investment.
Banking: The activity of deposit, withdrawal of money, and other related monetary activities.
Barter system: The system by which one commodity is exchanged for another without the use of money.
Cash Reserve Ratio (CRR): It is minimum cash which is a commercial bank that needs to keep with itself as per the regulation of RBI.
Cheque: It is an unconditional written instruction made by the account holder to the bank to pay the specified amount to the drawer of the cheque.
Collateral: It is an asset that the borrower owns ( such as lands, buildings, vehicles, livestock) and deposits with banks. It is used as a guarantee to the lender until the loan is repaid.
Credit: It is referred to as the activity of borrowing and lending money between two parties.
Credit money: The money whose money value is greater than the commodity value of the material from which the money is made is known as Credit Money.
The crossing of the Cheque: Drawing two parallel lines on the left side on top of a cheque is called the crossing of the cheque.
Formal Institutions: They are the institutions regulated by the rules and regulations laid down by the governments or RBI.
Indian Monetary Systems: The system of managing demand and supply of money by the Reserve Bank of India.
Informal Institutions: These institutions are self-managed and they are out of the reach of RBI regulations due to their unorganized structure and way of working.
Landlords: The people who own large farmland in the village on which poor farmers cultivate the crops.
Local Moneylenders: They are informal institutions that lend money on the basis of the nearness of local the population.
Saving: It is the part of the income which is over and above the consumption and deposits in a bank.
Self Help Groups (SGS): These groups are generally formed in rural areas where the money is collected from the members (mainly women) and given as loans to the member at a nominal rate of interest.
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