Banking Term: Balance of Payments

Find important banking term that is useful in upcoming banking exam

Created On: May 30, 2015 16:54 IST
  • Balance of Payments (BoP) statistics systematically summarize for a specific period, the economic transaction of an economy with the rest of the world.
  • Also, It is a double entry system of record of all economic transactions between the residents of the country and the rest of the world carried out in a specific period of time.• It takes into account the export and import of both visible and invisible items.
  • The compilation and dissemination of Balance of Payment data is the prime responsibility of RBI.
  • The Balance of Payment can broadly divided into two accounts, namely
  1. Current account
  2. Capital and Financial account

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