Credit tangle – The Hindu Mar 16 2018
A month after the ₹12,800-crore letters of undertaking (LoUs) fraud at Punjab National Bank came to light, the Reserve Bank of India has decided to….. For further reading, visit “The Hindu”.
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Courtesy: The Hindu
Word List-1 ( To improve Vocabulary)
- tangle (noun) – muddle, mix-up, a confused/complicated state.
- letters of undertaking (LoUs) (noun) – an assurance provided by one bank to another bank, in favour of or on behalf of a customer. LoUs are used by a bank’s customer to avail (benefit) short-term credit in a foreign country.
- omnibus (adjective) – the Latin word meaning “for all”; comprising several items.
- come to light (phrase) – reveal, disclose, expose.
- letter of comfort (noun) – a letter from a company to a bank in support of a subsidiary of the company that is asking for a loan.
- fire-fighting (noun) – an act of dealing problems as they come (instead of avoiding them strategically).
- unleash (verb) – let loose, release, set free.
- slip-up (noun) – mistake, error, blunder.
- parlance (noun) – expressions, terms, vernacular/language.
- buyers’ credit (noun) – the credit availed (benefitted) by an Importer (Buyer) from overseas Lenders.
- rely on (phrasal verb) – depend on; resort to, have recourse to.
- letter of credit (noun) – a document issued by a bank on behalf of a customer guaranteeing a certain payment to another party under specific conditions.
- delinquent (adjective) – lawbreaking; negligent, careless/irresponsible.
- fiasco (noun) – a complete failure, disaster; flop.
- amount to (verb) – develop into; become, turn out to be.
- in cahoots (phrase) – colluding, conspiring, collaborating secretly.
- reiterate (verb) – repeat, say again, restate.
- take note (phrase) – pay attention, heed, follow/watch.
- liquidate (verb) – dissolve, terminate, break up.
- eloquent (adjective) – expressive, significant, meaningful.
- knee-jerk (adjective) – unintentional, unthinking, automatic/unplanned.
- vein (noun) – temperament, disposition/attitude, inclination.
- bona fide (adjective) – authentic, genuine, real/actual.
Note:
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Click each one of the words above for their definition, more synonyms, pronunciation, example sentences, phrases, derivatives, origin and etc from http://www.oxforddictionaries.com/.
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Definitions (elementary level) & Synonyms provided for the words above are my personal work and not that of Oxford University Press. Tentative definitions/meanings are provided for study purpose only and they may vary in different context. Use it with the corresponding article published on the source (website) via the link provided.
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