CIBIL is the country's credit information bureau owned by banks and lending institutions. It collects commercial and consumer credit-related data and collates such data to create and distribute credit Reports to members. Accessing to such data is crucial for lenders to assess the credit worthiness of a borrower.
Electronic Clearing Service (ECS) is a mechanism of electronic funds transfer for transactions that entail an outgo of specified amounts at regular intervals. It is used by corporates to make various payments to their employees or investors; banks for accepting EMIs (equated monthly instalments) and utilities to collect payments for various bills.
Sweat equity refers to shares given to a company's employees or directors on favourable terms in recognition of their work. These shares are issued to employees or directors at a discount or for a consideration other than cash for providing know-how, making available right in the nature of intellectual property rights or value additions.
The banking Ombudsman scheme provide an expeditious and inexpensive forum to bank customers for relating of resolution of complaints relating to certain rendered by banks. The Banking Ombudsman Scheme was introduced under Section 35 A of the Banking Regulation Act, 1949, by RBI in 1995. The Banking Ombudsman is a senior official appointed by RBI to redress customer compalints against deficiency in certain banking services.
GDP or gross domestic product, is the value of all value of all goods and services produced in the economy over a period of time, normally a year. The measure excludes intermediate goods, or the goods and services that go into the production of other goods. Thsi is to prevent double counting as value of intermediate goods is already included in the final goods or service. It is gross measure in that value of capital goods that goes into replacement is not netted out. It is a 'domestic' measure as it does not include income from abroad.