Difference between nationalised bank and public sector bank?

A nationalized bank is a bank that was taken over by the central government in 1969 and applies to those banks where the national government owns more than 60% of all shares. Public Sector Banks (PSBs) are banks where a majority stake (i.e. more than 50%) is held by a government. The shares of these banks are listed on stock exchanges.

The acronym 'RTGS' stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds transfers individually on an order by order basis (without netting). 'Real Time' means the processing of instructions at the time they are received rather than at some later time.'Gross Settlement' means the settlement of funds transfer instructions occurs individually (on an instruction by instruction basis). Considering that the funds settlement takes place in the books of the Reserve Bank of India, the payments are final and irrevocable.

NEFT stands for the National Electronic Funds Transfer which is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, individuals, firms and corporates can electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country participating in the Scheme.

Internet based payment gateways empowers your website/ services to collect hassle free payment.

Overdraft - The amount by which withdrawals exceed deposits, or the extension of credit by a lending institution to allow for such a situation.

Cash credit - A short-term cash loan to a company. The difference between it and an overdraft is very subtle and relates to the operation of the account. In the case of Cash Credit, a proper limit is sanctioned which normally is a certain percentage of the value of the commodities/debts pledged by the account holder with the Bank. Overdraft, on the other hand, is allowed against a host of other securities including financial instruments like shares, units of mutual funds, surrender value of LIC policy and debentures etc. Some overdrafts are even granted against the perceived "worth" of an individual. Such overdrafts are called clean overdrafts.

The International Bank Account Number (IBAN) is an internationally agreed means of identifying bank accounts across national borders with a reduced risk of propagating transcription errors. It was originally adopted by the European Committee for Banking Standards (ECBS), and later adopted as an international standard under ISO 13616:1997. The current standard is ISO 13616:2007, which indicates SWIFT as the formal registrar. Initially developed to facilitate payments within the European Union, it has now also been implemented by most European countries and many other countries, especially in the Middle East and in the Caribbean.

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http://rbi.org.in/scripts/FAQView.as...
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http://en.wikipedia.org/wiki/International_Bank_Account_Number