AP (Advanced Placement) Macroeconomics Financial Sector-Banking Terms and Persons (Page 29 of 51)

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Narrow Money

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The term Narrow money is interpreted from the angle of liquidity. Most liquid bank deposits are included under narrow money besides the base money components like currency. Or in other words, Narrow Money (M1) is a concept of money supply that consists of base money and the most liquid form of deposits in the banks and post offices. Narrow Money (M1) = Currency with the Public + Demand Deposits with the Banking System + ‘Other’ Deposits with RBI = Currency with the Public + Current Deposits with the Banking System + Demand Liabilities Portion of Savings Deposits with the Banking System + ‘Other’ Deposits with RBI

National Automated Clearing House (NACH)

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National Automated Clearing House (NACH) is a web based solution to facilitate interbank, high volume, electronic transactions which are repetitive and periodic in nature for Banks, Financial Institutions, Corporates and Government. It was launched by the NPCI. NACH System can be used for making bulk transactions towards distribution of subsidies, dividends, interest, salary, pension etc. and also for bulk transactions towards collection of payments pertaining to telephone, electricity, water, loans, investments in mutual funds, insurance premium etc.