What is Balance Sheet

financial statement that summarizes a company's assets, liabilities and shareholders' equity at a specific point in time. These three balance sheet segments give investors an idea as to what the company owns and owes, as well as the amount invested by the shareholders.

The balance sheet must allow the following formula: Assets = Liabilities + Shareholders' Equity

Balance of Payments

A list of all of a country’s international transactions for a given time period, usually one year. Payments into the country (receipts) are entered as positive numbers, called credits; Payments out of the country (payments) are entered as negative numbers called debits. A single numbers summarize all of a country’s international transactions: the balance of payments surplus.

Balance of Trade

The value of a country’s exports minus the value of its imports. Unless specified as the balance of merchandise trade, it normally incorporates trade in services, including earnings (interest, dividends, etc.) on financial assets.
Balanced Trade: When a balance of trade equal to zero. (exports – imports = 0)

What is MICR

MICR stands for Magnetic Ink Character Recognition. MICR Code is a numeric code which uniquely identifies a bank branch participating in the ECS Credit scheme. MICR code consists of 9 digits e.g 400229128

 i. First 3 digits represent the city (400)

ii. Next 3 digits represent the bank (229)

iii. Last 3 digits represent the branch (128)

The MICR Code allotted to a bank branch is printed on the MICR band of cheque leaves issued by bank branches.

What is IFSC - Indian Financial System Code

i. Indian Financial System Code is an alpha-numeric code that uniquely identifies a bank-branch participating in the NEFT system.

ii. This is an 11 digit code with the first 4 alpha characters representing the bank, The 5th character is 0 (zero).and the last 6 characters representing the bank branch.

iii. IFSC is used by the NEFT system to identify the originating / destination banks / branches and also to route the messages appropriately to the concerned banks / branches.

Financial inclusion

Financial inclusion means providing sound and affordable financial services to the "unbanked”, those who do not have access to the formal financial system.
Financial inclusion is more than an economic issue - it is a legal and regulatory reform process.

Bhartiya Mahila Bank - BMB

Bhartiya Mahila Bank is an Indian financial services banking company based in New Delhi, India.India's Prime Minister Manmohan Singh inaugurated the system on 19 November 2013 on the occasion of the 94th birth anniversary of former Indian Prime Minister Indira Gandhi.

Headquarter – New Delhi. Bank will get an initial capital of Rs 1,000 crore.

Usha Ananthasubramanian – The First CEO/Chairperson of Bhartiya Mahila Bank