24. (Y & Z) Basic Banking Guide A to Z

Y YearlyYearly tenancyYieldYield gapYours Z Zero budgetingZero coupon BondZero ratingZoneZoningZoological certific...

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23. (W) Basic Banking Guide A to Z

W Wire transferA transfer of funds from one point to another by wire or network such as online transfer . in this mode of transfer funds are transferred on real-time bases.WageWage driftWage freezeWaiverWarehousewarehousing warrantwarrantywar risk insurancewasting assetswaybillwhite paperwholesalewholesale bankingwholesale costwillwind bill windfallwindow-dressingwithholding taxwithout prejudicewithout recoursewith particular averagewith recoursewitnessworking capitalworking daywork-in-progressworld bankwrit of attachmentwrit of executionwrit...

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22. (V) Basic Banking Guide A to Z

V Vacant possessionProperty not occupied, or with no tenant in possession.ValidAn agreement, document authorized by law or otherwise having legal effect or force.ValidateTo make any document, instrument, legally effective. In banking a cheque becomes state after six months of its issuance, after that it requires validation.ValidityThe period for which an agreement, negotiable instrument, bid, offer ,claim, document, letter of credit, guarantee etc remains in force.ValueIt refers to the monetary worth of an asset, business entity, goods sold or...

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21. (U) Basic Banking Guide A to Z

U Ullage certificateThis is a certificate issued for removal of liquid (oil etc) from the tanker. For example palm oil is imported by three parties and on port it is stored in one tanker and oil is released through measurement.Ultimate balanceBalance arrive after combining all accounts.Uncleared effectsUltimoIt refers to in or of the month preceding the current one, such as on the 15th ultimo.Ultra viresIt refers to some thing beyond the legal power or authority of a company association or officer, etc.Ultra violetThe purplish-blue light which...

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20. (T) Basic Banking Guide A to Z

T TAThe term is generally used for travelling allowance which is paid by the organization for official trips. Tangible assetsThis refers to the assets such as cash, , machinery, equipment,  plant, property anything that has physical existence or is acquired for use in the operations of the business and not for sale to customers.  Tangible assets, unlike intangible assets, can be destroyed by fire , disasters or accidents. However, they can be used as collateral to raising  loans, and can be readily sold to raise cash in case of...

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19. (S) Basic Banking Guide A to Z

S Safe deposit vaultA type of small boxes usually located inside a bank vault (locker room) and rented to customers for their use in storing valuable items.Safe custodyArticle of value deposited in bank for safe keeping, bank can not exercise right of lien on the items deposited for safe custody, except recovery of charges.SafekeepingA service provided by banks where securities and valuables are protected in the vaults of the bank for customers. Safe deposit lockerThese are storage containers maintained in the vault area of a bank and rented...

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18. (R) Basic Banking Guide A to Z

R Railway receiptRailway receipt is issued against receipt of goods consigned & also against payment. The persons claiming the delivery is required to produce the receipt granted to the sender at the forwarding station and the same should be taken back from him before delivery of goods. Goods are not to be delivered to any person other than the invoiced or endorsed consignee. RateIt refers to the amount of a charge or payment with reference to some basis of calculation for example interest/profit rate.Rate of exchangeIt refers to the ratio...

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17. (Q) Basic Banking Guide A to Z

Q QualifiedIt refers to a person or organization, having the qualities, required by law or by custom for getting, or exercising a right, holding an office, etc.Qualified Audit ReportThis is a report in which auditors are unable to certify that financial statements submitted reflects true state and affairs of the company. The circumstances which can give rise to a qualification are as follows:* Limitation upon the scope of the auditors works or doubts which in relation to some unresolved matters. * Unsuitable accounting policies, inadequate or...

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16. (P) Basic Banking Guide A to Z

P PA (per annum)For each year, annually. For example profit interest rates are  given on per annum basis.Packing listThis is an Item wise list of articles prepared by the exporter/ shipper which  gives details about total number of  package, description of goods / items, and their weight etc.PBA (Pakistan banks association)This is an institution which represents the Pakistan Banking Industry. Established in 1953, its main objective is to coordinate the efforts of the banking industry, and to share a common vision of progress and...

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