NABARD: National Bank for Agriculture & Rural Development was setup in 1982 under the Act of 1981. NABARD finances and regulates rural financing and also is responsible for development agriculture and rural industries.
NATIONAL PRODUCT or NATIONAL INCOME: This is an indicator of economic perfomance of a country in any given period and is the measure of product generated in a country and income accrued from abroad. (National income = Net national product at factor cost = Sum of all the factor payments (wages, salaries, rent, interest, and profit) = The value of all final goods and services, sold/ produced in the economy as whole. Gross national product - depreciation or capital consumption = Net national product at factor cost. Net national product at factor cost + indirect taxes- subsidies = Net national product at market prices.
NARASIMHAM COMMITTEE: A Committee on Financial System under the chairmanship of M. Narasimham was set up by the Government of India to examine all aspects relating to the structure, organisation, functions and procedures of the financial system and make recommendations with a view to remove the rigidities and weaknesses of the financial system The Committees' recommendations made in November 1991 constitute a landmark in the Banking policy in the country and ushered the banking business into a market oriented system. The RBI has been implementing the key recommendations of the committee since January 1992, which encompassed modifying the policy framework, improving the financial soundness of banks, strengthening institutional framework and strengthening of supervisory mechanism. A second high-level committee on banking sector reforms under the chairmanship of M. Narasimham was appointed by the Government in 1997, to review the record of implementation of financial sector reforms recommended by the first committee and to chart the reforms necessary in the years ahead. The Committee in its report submitted in April 1998 gave wide ranging recommendations to strengthen the banking system and revamp the regulatory and supervisory functions.
Negotiation: In the context of banking, negotiation means an act of transferring or assigning a money instrument from one person to another person in the course of business.
Net Asset Value: The underlying value of a share of stock in a particular mutual fund; also used with preferred stock.
Non-Fund Based Limits: Non-Fund Based Limits are those type of limits where banker does not part with the funds but may have to part with funds in case of default by the borrowers, like guarantees, letter of credit and acceptance facility.
Non-Resident: A person who is not a resident of India is a non-resident.
Non-Resident Accounts: Accounts of non-resident Indian citizens opened and maintained as per R.B.I. Rules.
Notary Public: A Lawyer who is authorized by Government to certify copies of documents .
NPA Account: If interest and installments and other bank dues are not paid in any loan account within a specified time limit, it is being treated as non-performing assets of a bank.