Customer

An MSE or its authorised representative who has an account with a bank or
who avails of other products/ services from a bank.

Current Account

A form of demand deposit where from withdrawals are allowed any number
of times depending upon the balance in the account or up to a particular
agreed amount.

Credit Information Companies (CICs)

Credit Information Companies are companies formed and registered under
the Companies Act, 1956 and which have been granted a Certificate of
Registration by the Reserve Bank. These companies are empowered to collect
data on credit from credit institutions who are its members and disseminate
the same after analysis, to its members and specified users.

Credit facilities

Credit facilities from the bank may be in the form of a term loan or in the
form of overdraft or cash credit that is extended by a bank to its customer
for a specified period and he is charged interest on the outstanding balances.

Compensation Policy

Compensation Policy refers to the policy followed by a bank for compensating
its customers for the financial losses incurred by them (the customers) due
to the acts of omission or commission on the part of the bank.

Cheque Collection Policy

Cheque Collection Policy refers to the policy followed by a bank in respect of
various local and outstation cheques and instruments deposited with the bank for credit to an account. The policy inter alia deals with  

• Cheque purchase requests
• Time frame for credit of cheques
• Payment of interest in case of delay in collection of cheques
• Instant credit of local and outstation cheques
• Cheque instruments lost in transit

Cash losses

Cash losses mean net losses minus depreciation

Cash credit/overdraft

Cash credit/overdraft is a form of credit facility in which a borrower is
sanctioned a pre- arranged limit with the freedom to borrow as much money
as he requires. In case of flow of credit to the account, he can withdraw
afresh subject to the limit sanctioned. As such, the limit works as a revolving
line of credit. Bank charges interest on the outstanding balances.

Card

Card is a general term for any plastic card, which a customer may use to pay
for goods and services or to withdraw cash. In this Code, it includes ATM/
Smart/Debit/Credit cards.

Water Tube Boilers

• It is boiler with heat source outside the tube(shell side) and water to be heated is inside the tube.

Fire tube boilers

• It is boiler with heat source inside the tubes and water to be heated is outside(shell side)

HRSG (Heat Recovery Steam Generators)

• HRSG uses the heat rejected from other process or turbines to produce steam.

Boiler

• A boiler is a closed vessel in which water or other fluid is heated under pressure.
• The hot fluid is then circulated out of the boiler for use in various purposes or heating applications.

Shock Absorbers:

• A shock absorber or damper is a mechanical device designed to smooth out or damp a sudden shock impulse and dissipate kinetic energy.
• A dashpot is a mechanical device, a damper which resists motion via viscous friction. The resulting force is proportional to the velocity, but acts in the opposite direction slowing the motion and absorbing energy.
• In most dashpots energy is converted to heat inside the viscous fluid. In hydraulic cylinders the hydraulic fluid will heat up. In air cylinders, the hot air is usually exhausted to the atmosphere.

Bill purchase / discounting

Bill purchase / discounting are modes of extending credit to the seller of
goods who has raised demand / usance bill of exchange. Demand bills are
purchased and usance bills are discounted.

Bills

Bills are financial negotiable instruments such as Bills of Exchange or
Promissory Notes. Bill of Exchange is issued by a seller to his buyer directing
him to make payment for the goods supplied/ services rendered. Bill in the
form of a promissory note is issued by a buyer to his seller undertaking to
make payment for the goods received/ services rendered.

Banking Ombudsman

Banking Ombudsman is an independent dispute resolution authority set up
by the Reserve Bank of India to redress customer complaints against
deficiency in certain banking services.

Bank guarantee

Bank guarantee is a promise by a bank on behalf of its customer to a third
party to pay an amount specified in the guarantee deed in case the customer
fails to perform the obligation as stipulated in the deed.

ATM

An automated teller machine (ATM) is a machine in which a customer can
use his card along with PIN to get cash, information and other services.