Important Full Forms for Competitive Exams: Bank, SSC, Railway, and More

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In this blog, we are going to talk about some major Abbreviations that are important for every aspirant for every Government Exam. From Banks to government bodies, we have covered them all.  

Being an aspirant, most of the time you rush in completing the whole syllabus on time. But one mistake we all do in common is to avoid learning about abbreviations and their full forms. Abbreviations play an important role in many Exams. Many students know about a certain abbreviation but don’t know its full form. And we all must agree on the fact that incomplete knowledge about anything is dangerous. In this blog, we will throw light on some of the most crucial abbreviations and their full forms which you should learn from the examination’s point of view. 

Important Full Forms for Competitive Exams: Bank, SSC, Railway and More

An abbreviation is a short form of a word or phrase. Many words are used in short forms and, therefore, it is important to know the full forms of such words. Abbreviations are used in all fields, be it- science, education, computer, examinations, banking, technology, etc. Moreover, in the present time, the abbreviations are so well developed in usage that the full forms and usage are not known by many people. Furthermore, abbreviations help in saving more time and energy, but they are only useful if you understand what they mean. 

Also, abbreviations and their full forms are quite important from an exam point of view. So, in today’s blog, we will cover the important full forms for competitive exams like Banking, SSC, Railway, and more. The important full forms discussed in this blog are related to national and international organizations, government exams/posts, computers, economic terms, etc. Thus, if you are preparing for competitive exams, we would urge you to go through the information provided below carefully.

List of Important Full Forms

For your convenience, we have compiled a list of general full forms that may be asked in competitive exams like Bank, SSC, Railway, and many more. 

RBI

RBI stands for Reserve Bank of India and is India’s central banking institution which controls the issuance and supply of the Indian Rupee. It was established on the 1st of April, 1935. Initially, it was privately owned, but following the nationalization in 1949, it was then fully owned by the Government of India.

Also See: All Details related to RBI

IBA

Indian Banks’ Association, or IBA, is a representative body that manages the banking operations in India. In other words, IBA is the term given to the – “Association of Indian Banks and financial institutions”. It was established on 26th September 1946.

Also Read: What is IBA?

SBI

The State Bank of India, or SBI, is a public sector bank with its headquarters in Mumbai, Maharashtra. It was established on July 01, 1955. Furthermore, it is the largest commercial bank in India in terms of business size, assets, profits, deposits, number of branches, and employees.

Take a look at the Full Form of SBI with All Details

IBPS

IBPS, also known as the Institute of Banking Personnel and Selection, is a recruitment body/organization which was established with the objective of recruiting the best eligible graduates in all the public sector banks (PSBs) in India, except SBI. SBI conducts a different examination altogether which is meant only for filling up the vacancies in SBI.

Also Read: What is IBPS?

NABARD

NABARD stands for National Bank for Agricultural and Rural Development. It was formed on July 12, 1982, with its headquarters in Mumbai, Maharashtra. NABARD was established to promote the development of rural areas, boost financial operations, and promote sustainable agriculture. It works on three main areas- Finance, Development, and Supervision.

Also See: What is NABARD? Its Full Form with All Details

SEBI

SEBI refers to the Securities and Exchange Board of India. It was established in 1988 as a non-statutory body. However, it became an autonomous body on  May 12, 1992. Its headquarters are in Mumbai and has regional offices in New Delhi, Kolkata, Chennai, and Ahmedabad. 

Also See: What is SEBI?

PFRDA

Pension Fund Regulatory and Development Authority or PFRDA is a regulatory body established under the PFRDA Act to promote old age income security and protect the interests of National Pension System (NPS) subscribers. It was established on 23rd August 2003. The PFRDA works under the Ministry of Finance, Department of Financial Services.

Also Read: PFRDA: Functions & Schemes 

IRDA

IRDA, or Insurance Regulatory and Development Authority is an autonomous body established in 1999 under the IRDA Act. It has its headquarters in Hyderabad, Telangana, and also has two regional offices in Mumbai and New Delhi. It aims to ensure the financial stability of the insurance market and promote competition to enhance customer satisfaction by providing varieties in fair premium and consumer choices.

Also Read: IRDA and its Functions

FSSAI

FSSAI, or Food Safety and Standards Authority of India, is an independent body established under the ‘Ministry of Health & Family Welfare’ (Government of India). It was formed on September 05, 2008, under the Food Safety & Standards Act, of 2006. Its headquarters are located in New Delhi and it has 6 regional offices in Delhi, Guwahati, Mumbai, Kolkata, Cochin, and Chennai.

Read about FSSAI: Functions & Responsibilities here

SIDBI 

SIDBI stands for Small Industries Development Bank of India. It is a financial institution under the Ministry of Finance. Its main objective is to strengthen and develop Micro, Small, and Medium Enterprises (MSMEs). It was formed on April 02, 1990, with its headquarters in Lucknow, Uttar Pradesh.

SSC

The SSC or Staff Selection Commission organizes various national-level exams to fill up vacancies in various Ministries, Departments, and Organisations of the Government of India. Therefore, the SSC conducts different level exams every year like the SSC CGL, SSC CHSL, SSC CPO, SSC MTS, etc.

Also See: Top 10 SSC Exams & How to Crack Them

GIC Re

GIC Re also known as General Insurance Corporation of India Limited, is an Indian government-owned reinsurance company. Its registered office as well as the headquarters are located in Mumbai. Until late 2016, it was the only reinsurance company operating in the Indian insurance market. Post 2016, the market was opened to foreign reinsurance companies from Germany, Switzerland, and France.

Also See: GIC Full Form and History

MSME 

MSME stands for Micro Small Medium Enterprises and it forms the backbone of developing economies like India. The government introduces various schemes and incentives to promote and support the MSME sector.

ARC

ARC or Asset Reconstruction Company is a financial institution registered under the RBI which is regulated by the SARFAESI (Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest) Act (2002). It buys off the Non- Performing Assets (NPAs) called the bad assets or bad loans from banks and other financial institutions at a mutually agreed value with the objective of recovering or ‘reconstructing’ the bad loans and in turn helping the banks and financial institutions in cleaning up their balance sheets.

Also Read: All Details related to ARC

UTI 

Union Trust of India, or UTI, is a statutory public sector investment institution established in February 1964 under the UTI Act, 1963. It became functional in July 1964. Its headquarter is located in Mumbai, Maharashtra. It enables small investors to diversify their risk by investing in a variety of areas. 

Also Read: UTI: History & Objectives

UNO

United Nations Organisation or UNO is an international organization that was established in 1945. Presently, it has 193 member states. It is guided by the principles laid down in the UN Charter. It has six main organs- the General Assembly, Security Council, Economic & Social Council, Trusteeship Council, International Court of Justice, and the UN Secretariat.

UNESCO 

UNESCO stands for United Nations Educational, Scientific, and Cultural Organisation and is a specialized agency of the UN. Its objective is to promote world peace through international cooperation in art, culture, education, and sciences.

UNICEF

UNICEF refers to the United Nations International Children’s Emergency Fund. It is now called the United Nations Children’s Fund and a social welfare organization and is present in 192 countries and territories. Also, it aims to provide humanitarian and developmental aid to children across the globe.

ICC

ICC refers to the International Chamber of Commerce. It is also known as the largest business organization in the world. It was established in 1919 in Atlanta city. Its main activities include- setting the rules, resolving the dispute, and advocating the policy.

Learn more about ICC and its History here

IDA

IDA or International Development Association is a financial institution and is a member of the World Bank. It has its headquarters in Washington DC, USA. It was established on September 24, 1960. The IDA will complement the already existing International Bank for Reconstruction and Development (IBRD).

Also See: IDA and its Role

ADB

ADB or Asian Development Bank is a regional development bank. It was formed on December 1, 1966. Its objective is to eliminate poverty in the Asia-Pacific region. Its headquarters are located in Mandaluyong, Metro Manila, Philippines.

Also Read: All details related to ADB

WTO

World Trade Organisation (WTO) is an international organization, which deals with world trade and its functioning between the member nations. It has 164 member states and is headquartered in Geneva, Switzerland. The WTO replaced the old  General Agreement on Tariffs and Trade (GATT) which came into place in the year 1948.

Learn about WTO: Role & Objectives here

ASEAN 

ASEAN also known as Association for Southeast Asian Nations is an organization that is concerned with countries in Southeast Asia. It was formed on August 08, 1967, in Bangkok, Thailand. It consists of 10 countries in the Southeast Asian region along with two observer countries (Papua New Guinea and Timor Leste). Its main aim is to encourage intergovernmental cooperation along with promoting political, economic, educational, and socio-cultural integration among all its member countries along with other Asian countries.

Read about ASEAN and its Objectives

SAARC

SAARC or South Asian Association for Regional Cooperation is an economic and political organization comprising eight countries- Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, Afghanistan, and Sri Lanka. Headquartered in Kathmandu, Nepal, it was formed in 1985 with the aim to promote the welfare of South Asian People and to improve their standard of living.

Learn more about Important International Organizations and their Headquarters

FDI 

Foreign Direct Investment or FDI refers to an investment made by a company or an individual from one country into the shares and securities of another company that operates in a different country. 

Read more about FDI and the Role of FDI

NPA

NPA refers to Non-Performing Assets. It means those assets which have ‘ceased to generate income’. A loan becomes a ‘Non-Performing Asset’ when the respective loan payment has not been done for more than 90 days. This period of 90 Days is the standard period of time. NPAs are also called bad loans.

Learn about NPAs and Types of NPAs

UPI

The full form of UPI is Unified Payments Interface. It is an instant real-time payment system developed by the National Payments Corporation of India facilitating inter-bank transactions. It was introduced on April 11, 2016. UPI is regulated by the RBI.

Also See: How Does UPI Work?

IMPS 

In the Indian Banking System, IMPS means Immediate Payment Service. It is an instant payment ‘inter-bank electronic funds transfer system’. IMPS is also managed by the National Payments Corporation of India. It offers an inter-bank electronic fund transfer service through mobile phones, which is available 24*7 all year round, including the bank holidays.

Read more about IMPS and its Features here

IFSC

IFSC stands for Indian Financial System Code. it refers to an 11-digit alphanumeric code that is used in the Indian banking system, which ensures smooth electronic funds transfer in India. The IFSC is a distinctive code that combines the ‘bank code’ and the ‘branch code’.

Also See: How does an IFCS Work?

KYC

KYC is the acronym for Know Your Customer or Know Your Client. It refers to the process of  ‘knowing’ or identifying your customer in a complete manner, which enables the bank or any such organization to keep complete information regarding the customer.

Learn more about KYC: Its Origin & Purpose

ATM

ATM stands for Automated Teller Machine. It is an electronic telecommunications device that enables customers to perform financial transactions, such as cash withdrawals, deposits, transfer funds, or obtaining account information, at any time and without the need for direct interaction with bank staff. It is a small kiosk that dispenses money.

Read more about ATM and its Functions & Types

OTP

The full form of OTP is One Time Password or One Time Pin. OTP is an automatically generated numeric or alphanumeric string of characters that authenticates the user for a single transaction or login session. It is the prime way of authenticating a bank as it provides secure access to perform the transaction. It is a password that is valid only for one long session or transaction on a computer or any other digital device. The password can be used only once, after which it becomes invalid.

Also See: How does an OTP Work?

GDP

GDP or Gross Domestic Product measures the monetary value of final goods and services produced in a country in a given period of time. It is a broad measure of the overall domestic production and acts as a comprehensive scorecard of a country’s economic health.

GST

GST or Goods and Services Tax is an ‘indirect tax’ or ‘consumption tax’. It is levied on the supply of goods and services. It is levied at every step in the production process but is meant to be refunded to all parties in the various stages of production other than the final consumer. GST was introduced with the objective of replacing the multiple indirect taxes levied by State and Central Governments to simplify the indirect tax system in India.

Also Read: What is GST?

MSP

MSP stands for Minimum Support Price. It is the minimum price that the Government of India will pay to the farmer for procuring food crops. It is a market intervention by the government to insure agricultural producers against any sharp fall in farm prices below the stated price.

Also See: What is MSP?

List of Important Computer Full Forms

Given below is a list of some important Computer full forms which are frequently asked in competitive exams-

AbbreviationFull Form
ComputerCommon Operating Machine Purposely Used for Technological and Educational Research
CPU Central Processing Unit
RAMRandom Access Memory
ROMRead Only Memory
ALUArithmetic Logic Unit
URLUniform Resource Locator
USBUniversal Serial Bus
UPSUninterruptible Power Supply
VIRUSVital Information Resource Under Siege
CDCompact Disc
DVDDigital Versatile Disc
PNGPortable Network Graphics
IPInternet Protocol
GIS Geographical Information system
HTTPHyper Text Transfer Protocol
HTTPSHyper Text Transfer Protocol Secure
HTMLHypertext Markup Language
GIGOGarbage In Garbage Out
LANLocal Area Network
WANWide Area Network
VPNVirtual Private Network
WIFIWireless Fidelity
JPEGJoint Photographic Experts Group
MTPMedia Transfer Protocol
PTPPicture Transfer Protocol
MBMega-bytes
KBKilo-bytes
TBTera-bytes
PDFPortable Document Format
OS Operating System
DOCDocument
ZIPZig-zag In-line Package
DBMSDatabase Management System
WWWWorld Wide Web
GIFGraphics Interchange Format

Important Miscellaneous Full Forms

A list of some important miscellaneous full forms is given below. Please note that this list is not exhaustive.

AbbreviationFull Form
UPSCUnion Public Service Commission
IAS Indian Administrative Services
IPSIndian Police Service
IRSIndian Revenue Service
IFSIndian Forest Services
PCSProvincial Civil Service
CATCommon Admission Test
CGLCombined Graduate Level Exam
CHSLCombined Higher Secondary Level Exam
IDBI Industrial Development Bank of India
VATValue Added Tax
FIIForeign Institutional Investors
CTTCommodities Transaction Tax
NEFTNational Electronic Funds Transfer
RTGSReal Time Gross Settlement
NAVNet Asset Value
EXIMExport-Import(Bank of India)
IBSInternational Banking Statistics
FOREXForeign Exchange
FEMAForeign Exchange Management Act
NBFCNon-Banking Finance Companies
KCCKisan Credit Card 
WEFWorld Economic Forum
IES Indian Economic Service
GDRGlobal Depository Receipt
ADRAmerican Depositary Receipt
IDRIndian Depositary Receipt
BOPBalance of Payments
CPIConsumer Price Index
MFNMost Favoured Nation
IPOInitial Public Offering
PPPPublic private partnership
ESICEmployees State Insurance Corportaion
MBBSBachelor of Medicine and Bachelor of Surgery
ILOInternational Labour Organisation
PHDDoctor of Philosophy
NEETNational Eligibility cum Entrance Test
NASANational Aeronautics and Space Administration
NCB Narcotics Control Bureau
ED Enforcement Directorate
CID Crime Investigation Department
ITI Industrial Training International
GPSGlobal Positioning System
TRPTarget Rating Point
ASIArchaeological Survey of India
ATS Anti Terrorism Squad
NCERT National Council of Educational Research and Training
NDRFNational Disaster Response Force
IUCNInternational Union for Conservation of Nature
CIBILCredit Information Bureau (India) Limited
POProbationary Officer- BankPost Office
LASERLight Amplification by Stimulated Emission of Radiation
IRCTC Indian Railway Catering and Tourism Corporation
SME Small and Medium-sized EnterprisesSubject Matter Expert
HIVHuman Immunodeficiency Virus
AIDSAcquired Immunodeficiency Syndrome 
MNCMultinational Corporation
SITSpecial Investigation Teams
UIDAI Unique Identification Authority of India
SMSShort Message Service
MMSMultimedia Messaging Service
DIGDeputy Inspector General of Police
DGPDirector General of Police 
DCDeputy Commissioner 
SPSuperintendent of Police
DSPDeputy Superintendent of PoliceDigital Signal Processing 
SHOStation House Officer
CSCivil ServicesCompany SecretaryComputer Science
ITInformation Technology
USPUnique Selling Proposition
DNADeoxyribonucleic Acid
RNARibonucleic Acid
LOCLine of Control
BPOBusiness Process Outsourcing
ETAElectronic Travel AuthorisationEstimated Time of Arrival
DDT Dichloro-diphenyl-trichloroethane
ATP Adenosine TriphosphateAssociation of Tennis Professionals 
OTGOn-The-Go Adapter
HCL Hindustan Computers LimitedHydrochloric Acid
RTIRight to Information
PFMSPublic Financial Management System
GMTGreenwich Mean Time
AM/PMAnte-meridiem & Post-meridiem
CSECivil Services Examination 
ICICIIndustrial Credit and Investment Corporation of India
HDFCHigher Secondary Certificate
STDSexually Transmitted DiseasesSubscriber Trunk Dialling
CGPACumulative Grade Points Average
NSSNational Service Scheme
RAWResearch and Analysis Wing
DSLRDigital Single-lens Reflex 
INRIndian RupeeInternational Normalised Ratio
SIMSubscriber Identity Module
ISIIndian Standards InstitutionIndian Statistical InstituteInter-Services Intelligence (Pak)
FMCG Fast-moving Consumer Goods
UGCUniversity Grants Commission of India
MRIMagnetic Resonance Imaging
ISRO Indian Space Research Organisation
DRDO Defence Research and Development Organisation
CPRCardiopulmonary Resuscitation
FIRFirst Information Report
NGONon-Governmental Organisation
NRINon Resident Indian
CNGCompressed Natural Gas
RTORegional Transport Office
NOCNo Objection CertificateNational Occupation Classification
PWDPublic Works Department
EMIEquated Monthly Instalment
ICU Intensive Care Unit
CVCurriculum Vitae
SOPStatement of PurposeStandard Operating Procedure
NDANational Defence Academy
MPMember of Parliament
MLAMember of the Legislative Assembly
DPDisplay PictureData Processing
OPDOutpatient Department 
PDA Personal Digital AssistantPublic Display of Affection
BCGBacille Calmette-Guerin

Conclusion

From the above discussion, it is evident that abbreviations and their full forms form an essential part of many competitive exams. Therefore, we encourage you to go through this list multiple times as it will not be possible to remember so much information in one reading. We also recommend you not limit yourself to this list. It’s high time you should have a look at other online sources also to boost your General Awareness about abbreviations. This topic is vast, no one can limit it in one blog. So if you genuinely want to work with some prominent government or similar departments, make the hustle and hard work your new friends. We wish all the aspirants the very best. 

To help you prepare 50% faster for competitive exams, ixamBee provides free Mock Test Series and all the Current Affairs in English and Current Affairs in Hindi in the BeePedia capsules for GA Preparation. You can also get the latest updates for Bank PO, Bank Clerk, SSC, RBI Grade B, NABARD, and Other Government exams.

Also Read:

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