David Ricardo, an English classical economist, first developed a Ricardian theory of rent in 1817 to explain the origin and nature of economic rent.

Ampere’s circuital law is one of the general laws of magnetism. This law used to find the magnetic field due to current distribution.

e-Rupi is designed as a digital payment system which enables users to access the service with the help of SMS or QR bar.

free energy refers to the amount of internal energy in a thermodynamic system that is available to do work. There are different forms of thermodynamic free energy

Petroleum Refining is defined as the industrial process of production of useful petroleum products from crude oil. The crude oil in its raw form is a dark and sticky liquid which is not useful. To get the usable products from the crude oil, it needs to be refined.

CBDC is a national digital currency or digital form of fiat currency of a country.

NEFT stands for National Electronic Fund Transfer is a centralised payment system of India.

NPCI is an initiative of the Reserve Bank of India and Indian Bank Association in order to promote the digital payment and settlement system of India at retail level.

The relationship between output and cost is expressed in terms of cost function. The companies use cost function to minimize cost and maximize production efficiently.

It accepts demand deposits under current deposits, and savings bank deposits from individuals, small businesses and other entities.
It issues ATM / Debit Cards. Payments banks, however, cannot issue credit cards.
It makes payments and remittance services through various channels including branches, Automated Teller Machines (ATMs), Business Correspondents (BCs) and mobile banking.
It also provides internet banking services to the users.
It accepts remittances to be sent to or receive remittances from multiple banks under a payment mechanism approved by RBI, such as RTGS / NEFT / IMPS.
It undertakes other non-risk sharing simple financial services activities, not requiring any commitment of its own funds, such as distribution of mutual fund units, insurance products, pension products, etc. with the prior approval of the RBI and after complying with the requirements of the sectoral regulator for such products.

Account Reconciliation is an accounting process used to ensure that transactions in a company’s financial records .

General insurance, also referred to as non-life insurance, is related to insurance of properties, assets, real estate, gazettes, automobiles etc.

Foreign investment refers to the investment made by the foreign individuals or corporations or government.

Thermodynamics is the branch of physics which deals with heat and other forms of energy and also gives relationships between them.

Drude and Lorentz gave classical free electron theory of metals theory in 1900. Another name for this is Drude –Lorentz theory of metals.

Accounting can be defined as the creation of financial information.

In 1895, German physicist Wilhelm Roentgen discovered X-rays. X-rays are electromagnetic in nature and application of X-rays are innumerable.

Faraday’s law gives the idea about how an electromotive force comes into action when a magnetic field interacts with an electric circuit.

Money laundering is the process of converting the illegally earned money into legal money

In IFRS 15 Revenue should be measured by the amount charged to the client for the sale of goods or services.