| 5G |
Fifth Generation |
| A2A |
Account-to-account |
| AA |
Account Aggregator |
| AD |
Authorised Dealer |
| ADB |
Asian Development Bank |
| AE |
Advanced Economy |
| AePS |
Aadhar Enabled Payment System |
| AFA |
Additional Factor of Authentication |
| AGR |
Alternate Grievance Redress |
| AI |
Artificial Intelligence |
| AML |
Anti Money Laundering |
| AML/CFT |
Anti-Money Laundering and Combating the Financing of Terrorism |
| APBS |
Aadhaar Payments Bridge System |
| API |
Application Programming Interface |
| APR |
Annual Percentage Rate |
| AR |
Augmented Reality |
| ARDI |
Annual Report Digitalisation Index |
| ARDL |
Autoregressive Distributed Lag |
| ASAG |
Advanced Supervisory Analytics Group |
| ASEAN |
Association of Southeast Asian Nations |
| ASUSE |
Annual Survey of Unincorporated Sector Enterprises |
| ATM |
Automated Teller Machine |
| B2B |
Business-to-business |
| B2C |
Business-to-consumer |
| BAU |
Business as Usual |
| BBPOU |
Bharat Bill Payment Operating Unit |
| BBPS |
Bharat Bill Payment System |
| BCBS |
Basel Committee on Banking Supervision |
| BFSI |
Banking, Financial Services and Insurance |
| BHIM |
Bharat Interface for Money |
| BigTech |
Large Technology Company |
| BIS |
Bank for International Settlements |
| BNPL |
Buy Now Pay Later |
| BoP |
Balance of Payment |
| BPSS |
Board for Regulation and Supervision of Payment and Settlement System |
| BRICS |
Brazil, Russia, India, China and South Africa |
| BSA |
Bilateral Swap Agreement |
| C-DOT |
Centre for Development of Telematics |
| CASA |
Current Account Saving Account |
| C2B |
Consumer-to-business |
| C2C |
Consumer-to-consumer |
| CAGR |
Compound Annual Growth Rate |
| CBDC |
Central Bank Digital Currency |
| CBDC-R |
Central Bank Digital Currency-Retail |
| CBDC-W |
Central Bank Digital Currency-Wholesale |
| CBS |
Core Banking Solutions |
| CBUAE |
Central Bank of the UAE |
| CCIL |
Clearing Corporation of India Limited |
| CCPA |
Central Consumer Protection Authority |
| CD |
Certificate of Deposit |
| CECPA |
Comprehensive Economic Cooperation and Partnership Agreement |
| CEPA |
Comprehensive Economic Partnership Agreement |
| CERT-In |
Indian Computer Emergency Response Team |
| CFL |
Centre for Financial Literacy |
| CiC |
Currency in Circulation |
| CIMS |
Centralised Information Management System |
| CLS |
Continuous Linked Settlement |
| CoFT |
Card-on-File Tokenisation |
| CoWIN |
COVID-19 Vaccine Intelligence Network |
| CPMI |
Committee on Payments and Market Infrastructures |
| CPMI-IOSCO |
Committee on Payments and Market Infrastructures - International Organisation of Securities Commissions |
| CPS |
Centralised Payment System |
| CRPC |
Centralised Receipt and Processing Centre |
| CTS |
Cheque Truncation System |
| DBT |
Direct Benefit Transfer |
| DBU |
Digital Banking Unit |
| DEA |
Data Envelopment Analysis |
| DEA |
Digital Economy Agreement |
| DeFi |
Decentralized Finance |
| DEPA |
Data Empowerment and Protection Architecture |
| DFS |
Digital Financial Services |
| DGFT |
Directorate General of Foreign Trade |
| DIGIT |
Digital Infrastructure for Governance, Impact and Transformation |
| DILRMP |
Digital India Land Records Modernisation Programme |
| DIP |
Digital Intermediation Platform |
| DLAI |
Digital Lenders Association of India |
| DLG |
Default Loss Gurantee |
| DLT |
Distributed Ledger Technology |
| DNA |
Data-Network-Activity |
| DP |
Digital Payments |
| DPDPA |
Digital Personal Data Protection Act |
| DPG |
Digital Public Goods |
| DPI |
Digital Public Infrastructure |
| DPI |
Digital Payment Index |
| DPIIT |
Department for Promotion of Industry and Internal Trade |
| DSGE |
Dynamic Stochastic General Equilibrium |
| DSL |
Digital Subscriber Line |
| DSTRI |
Digital Services Trade Restrictiveness Index |
| DSUT |
Digital Supply and Use Tables |
| e-BAAT |
Electronic Banking Awareness and Training |
| e-Commerce |
Electronic Commerce |
| e-KYC |
Electronic Know Your Customer |
| e-NAM |
Electronic-National Agricultural Market |
| EASE |
Enhanced Access and Service Excellence |
| ECS |
Electronic Clearing Service |
| EDDPE |
Expanding and Deepening of Digital Payment Ecosystem |
| EFT |
Electronic Funds Transfer |
| EM |
Emerging Market |
| EMD |
Earnest Money Deposit |
| EMDE |
Emerging Market and Developing Economy |
| EME |
Emerging Market Economy |
| EMI |
Equated Monthly Instalment |
| EU |
European Union |
| EUR |
Euro |
| EV |
Electric Vehicle |
| FACE |
FinTech Association for Consumer Empowerment |
| FATF |
Financial Action Task Force |
| FDI |
Foreign Direct Investment |
| FE |
Fixed Effects |
| FEMA |
Foreign Exchange Management Act |
| FI |
Financial Institution |
| FI-Index |
Financial Inclusion Index |
| FIMMDA |
Fixed Income Money Market and Derivatives Association of India |
| FinTech |
Financial Technology |
| FIP |
Financial Information Provider |
| FIRE |
Format for Incident Reporting Exchange |
| FIT |
Flexible Inflation Targeting |
| FIU |
Financial Information User |
| FL |
Financial Literacy |
| FPS |
Fast Payment System |
| FSB |
Financial Stability Board |
| FSDC-SC |
Financial Stability and Development Council Sub-Committee |
| FX |
Foreign Exchange |
| G-sec |
Government Securities |
| G20 |
Group of 20 |
| G2B |
Government-to-business |
| G2C |
Government-to-consumer |
| G2P |
Government-to-person |
| G7 |
Group of Seven |
| GB |
Gigabyte |
| GBIEM |
Global Bond Index for Emerging Markets |
| GBP |
Great British Pound |
| GCC |
Global Capability Centre |
| GDP |
Gross Domestic Product |
| GDPR |
General Data Protection Regulation |
| GeM |
Government Electronic Marketplace |
| GenAI |
Generative Artifical Intelligence |
| GFC |
Global Financial Crisis |
| GFCF |
Gross Fixed Capital Formation |
| GIFT |
Gujarat International Finance Technology-City |
| GIFT |
Global Interchange for Financial Transactions |
| GIS |
Geographic Information System |
| GoI |
Government of India |
| GPRS |
General Packet Radio Service |
| GST |
Goods and Services Tax |
| GSTN |
Goods and Services Tax Network |
| GVA |
Gross Value Added |
| GVC |
Global Value Chain |
| GW |
Giga Watt |
| HHI |
Herfindahl-Hirschman Index |
| HPJ |
Half-Panel Jackknife |
| IAMAI |
Internet and Mobile Association of India |
| IBCC |
Indian Banking Community Cloud |
| ICAAP |
Internal Capital Adequacy Assessment Process |
| ICMTS |
Integrated Compliance Management and Tracking System |
| ICT |
Information and Communications Technology |
| ID |
Identification |
| IDRBT |
Institute for Development and Research in Banking Technology |
| IFAD |
International Fund for Agricultural Development |
| IFSC |
International Financial Services Centre |
| IFSCA |
International Financial Services Centres Authority |
| IFTAS |
Indian Financial Technology and Allied Services |
| ILO |
International Labor Organization |
| IMF |
International Monetary Fund |
| IMPS |
Immediate Payment Service |
| INFINET |
Indian Financial Network |
| INR |
Indian Rupee |
| IoRS |
Interoperable Regulatory Sandbox |
| IoT |
Internet of Things |
| IPP |
Instant Payment Platform |
| IPR |
Intellectual Property Right |
| IRDAI |
Insurance Regulatory and Development Authority of India |
| IRTG |
Inter-Regulatory Technical Group |
| ISO |
International Organization for Standardization |
| IT |
Information Technology |
| JAM |
Jan Dhan-Aadhaar-Mobile |
| KCC |
Kisan Credit Card |
| KFS |
Key Fact Statement |
| KLEMS |
Capital (K), Labour (L), Energy (E), Materials (M) and Services (S) |
| KYC |
Know Your Customer |
| LAN |
Local Area Network |
| LA |
Loan Agent |
| LCS |
Local Currency Settlement |
| LDA |
Latent Dirichlet Allocation |
| LDE |
Loss Data Exchange |
| LEI |
Legal Entity Identifier |
| LFPR |
Labour Force Participation Rate |
| LLM |
Large Language Model |
| LMIC |
Low- and Middle-Income Country |
| LSP |
Lending Service Provider |
| M0 |
Reserve Money |
| M1 |
Narrow Money |
| M3 |
Broad Money |
| Mbps |
Megabits Per Second |
| mCBDC |
Multiple Central Bank Digital Currency |
| MeitY |
Ministry of Electronics and Information Technology |
| MICR |
Magnetic Ink Character Recognition |
| ML |
Machine Learning |
| MOSIP |
Modular Open Source Identity Platform |
| MoU |
Memorandum of Understanding |
| MPI |
Multidimentional Poverty Index |
| MSME |
Micro, Small and Medium Enterprise |
| MTO |
Money Transfer Operator |
| MW |
Mega Watt |
| NACH |
National Automated Clearing House |
| NASSCOM |
National Association of Software and Services Companies |
| NBBL |
NPCI Bharat BillPay Limited |
| NBFC |
Non-Banking Financial Company |
| NBFC-HFC |
Non-Banking Financial Company - Housing Finance Company |
| NBFC-ICC |
Non-Banking Financial Company - Investment and Credit Company |
| NBFC-MFI |
Non-Banking Financial Company - Micro Finance Institution |
| NCFE |
National Centre for Financial Education |
| NDP |
Net Domestic Product |
| NDS-OM |
Negotiated Dealing System - Order Matching |
| NEFT |
National Electronic Funds Transfer |
| NeGP-A |
National e-Governance Plan in Agriculture |
| NETC |
National Electronic Toll Collection |
| NFC |
Near Field Communication |
| NFS |
National Financial Switch |
| NGCH |
National Grid Clearing House |
| NIM |
Net Interest Margin |
| NIPL |
NPCI International Payments Limited |
| NIS |
National Innovation System |
| NKPC |
New Keynesian Phillips Curve |
| NLP |
Natural Language Processing |
| NPCI |
National Payments Corporation of India |
| NPI |
National Payments Interface |
| NSE |
National Stock Exchange |
| NSO |
National Statistical Office |
| OCEN |
Open Credit Enablement Network |
| OECD |
Organisation for Economic Co-operation and Development |
| OFC |
Optical Fibre Cable |
| OLS |
Ordinary Least Squares |
| ONDC |
Open Network for Digital Commerce |
| ORBIOs |
Offices of RBI Ombudsman |
| OTC |
Over the Counter |
| P2B |
Person-to-business |
| P2M |
Peer-to-merchant/Person-to-merchant |
| P2P |
Peer-to-peer/Person-to-person |
| PA |
Payment Aggregator |
| PDAI |
Primary Dealers’ Association of India |
| PFRDA |
Pension Fund Regulatory and Development Authority |
| PG |
Payment Gateway |
| PIDF |
Payment Infrastructure Development Fund |
| PLI |
Production Linked Incentive |
| PMJDY |
Pradhan Mantri Jan Dhan Yojana |
| PoC |
Proof of Concept |
| PoS |
Point of Sale |
| PPI |
Prepaid Payment Instrument |
| PPI-MTS |
Prepaid Payment Instruments-Mass Transit System |
| PPF |
Public Provident Fund |
| PRAVAAH |
Platform for Regulatory Application, Validation and Authorisation |
| PSBA |
PSB Alliance |
| PSO |
Payment System Operator |
| PSP |
Payment Service Provider |
| PSS Act |
Payment and Settlement Systems Act |
| PSTN |
Public Switched Telephone Network |
| PTPFC |
Public Tech Platform for Frictionless Credit |
| PVB |
Private Bank |
| PvP |
Payment versus Payment |
| PwC |
Pricewaterhouse Coopers |
| QR |
Quick Response |
| RBI |
Reserve Bank of India |
| RB-IOS |
Reserve Bank-Integrated Ombudsman Scheme |
| RBIH |
Reserve Bank Innovation Hub |
| RCA |
Revealed Comparative Advantage |
| RegTech |
Regulatory Technology |
| RE |
Regulated Entity |
| RoA |
Return on Assets |
| RPC |
Regional Payment Connectivity |
| RRB |
Regional Rural Bank |
| RTA |
Regional Trade Agreement |
| RTGS |
Real Time Gross Settlement |
| RTP |
Real-time Payment |
| RS |
Regulatory Sandbox |
| S-SOC |
Sectoral Security Operations Centre |
| SAARC |
South Asian Association for Regional Cooperation |
| SaaS |
Software as a Service |
| SCB |
Scheduled Commercial Bank |
| SDG |
Sustainable Development Goal |
| SEBI |
Securities and Exchange Board of India |
| SFB |
Small Finance Bank |
| SFMS |
Structured Financial Messaging System |
| SGD |
Singapore Dollar |
| SLBC |
State Level Bankers’ Committee |
| SME |
Small and Medium Enterprise |
| SMS |
Short Message Service |
| SNA |
System of National Accounts |
| SRO |
Self-Regulatory Organisation |
| SRO-FT |
Self-Regulatory Organisation for FinTech Sector |
| SRVA |
Special Rupee Vostro Account |
| STP |
Straight Through Process |
| SupTech |
Supervisory Technology |
| SWIFT |
Society for Worldwide Interbank Financial Telecommunication |
| TAPED |
Trade Agreement Provisions on Electronic-commerce and Data |
| TFP |
Total Factor Productivity |
| TPAP |
Third-party Application Provider |
| TPSP |
Third-party Service Provider |
| TRAI |
Telecom Regulatory Authority of India |
| TReDS |
Trade Receivables Discounting System |
| TSP |
Technology Service Providers |
| UAE |
United Arab Emirates |
| UN |
United Nations |
| UNCTAD |
United Nations Conference on Trade and Development |
| UNDP |
United Nations Development Programme |
| UNEP |
United Nations Environment Programme |
| UPI |
Unified Payments Interface |
| US |
United States |
| USD |
US Dollar |
| USSD |
Unstructured Supplementary Service Data |
| UT |
Union Territory |
| UTLBC |
Union Territory Level Bankers’ Committee |
| VR |
Virtual Reality |
| WEF |
World Economic Forum |
| WTO |
World Trade Organisation |
| YTD |
Year till Date |
