Category: GA

Important Economic Committee

◉ K C Chakrabarty Committee – on Recapitalization of Regional Rural Banks ◉ Basel Committee – Banking Supervision ◉ Ghosh Committee – Frauds & Malpractices In Banks & Public Welfare ◉ Bhagwati Committee – Unemployment & Public Welfare ◉ C Rao Committee – Agricultural Policy ◉ Chatalier Committee – Finance To Small Scale Industry ◉ […]

Brief Introduction to the Banking in India

A bank is a financial institution where a person can deposit money. Banks provide a system for easily transferring money from one person or establishment to another. Banks create credit by lending money to a borrower, thereby creating a corresponding deposit on the bank’s balance sheet. ▶ Functions of a Bank : ◉ Accepting deposits […]

Brief History of Banking in India

History of Banking in India : In India, the first bank called ‘Bank of Hindustan’ was established in 1770. The oldest bank which is existed today is the State Bank of India. The roots of the State Bank of India lie in 1806 (2nd June), when the Bank of Calcutta , later renamed the Bank […]

Reforms of Banking In India Since 1991

A globally competitive economy requires a robust and competitive banking system. The present banking system is a result of reforms and policy changes that have taken place in the past. Post-1991 saw structural reforms in the financial sector (banking, capital markets and development finance institutions) based on the recommendations of the Narasimham Committee I report […]

Banking Ombudsman Scheme

▶ What is the Banking Ombudsman Scheme? The Banking Ombudsman Scheme enables an expeditious and inexpensive forum to bank customers for resolution of complaints relating to certain services rendered by banks. The Banking Ombudsman Scheme is introduced under Section 35 A of the Banking Regulation Act, 1949 by RBI with effect from 1995. ▶ Who […]

Debt Recovery Tribunal

Keeping in line with the international trends on helping financial institutions recover their bad debts quickly and efficiently, the Government of India has constituted thirty three Debts Recovery Tribunals and five Debts Recovery Appellate Tribunals across the country. The Debts Recovery Tribunal (DRT) enforces provisions of the Recovery of Debts Due to Banks and Financial […]

Functions of RBI

▶ Monetary Authority : The RBI is the sole authority to formulate monetary authority. Monetary policy refers to the use of instruments under the control of central bank to regulate the availability, cost and use of money and credit. The goal of monetary policy is achieving specific economic objectives such as low and stable inflation […]

Banking Regulation Act 1949

The Banking Regulation Act was passed the Banking Companies Act 1949 and came into effect on 16th March 1949. Later, it was changed to Banking Regulation Act on 1st March 1966. The Act is not applicable to primary agricultural credit societies, co- operative land mortgage banks and non- agricultural primary credit societies. Summary of important […]

Commercial Banks of India

Commercial banks form a significant part of the country’s Financial Institution System. Commercial Banks are those profit seeking institutions which accept deposits from general public and advance money to individuals and businesses with the prime objective of earning profit in the form of interest, commission etc. The operations of all these banks are regulated by […]

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