Damodaran Committee Report
The reforms in banking services, suggested by the committee are as follows:
Major Financial Institutions in India | |
Imperial Bank of India | 1921 |
Reserve Bank of India (Nationalisation of RBI took place on January 1,1949) | April 1,1935 |
Industrial Finance Corporation of India | 1948 |
State Bank of India | July 1,1955 |
Unit Trust of India | Feb. 1,1964 |
Bifurcation of UTI (UTI-I & UTI-II) | Feb. 2003 |
IDBI | July 1964 |
NABARD | July 12,1982 |
IRBI (Now it has been renamed as IIBIL since March 6,1997) | March 20,1985 |
SIDBI | 1990 |
EXIMBank | January 1,1982 |
National Housing Bank | July 1988 |
Life Insurance Corporation (LIC) | September 1956 |
General Insurance Corporation (GIC) | November 1972 |
Regional Rural Banks | Oct. 2,1975 |
Risk Capital and Technology Finance Corporation Ltd. | March 1975 |
Technology Development & Information Co. of India Ltd. | 1989 |
Infrastructure Leasing & Financial Services Ltd. | 1988 |
Housing Development Finance Corporation Ltd. (HDFC) | 1977 |
Securities and Exchange Board of India (SEBI)
Recognised Stock Exchanges in India
Derecognised Stock Exchanges
Functions of SEBI
Mistry Committee Report
Industrial Development Bank of India (IDBI)
Industrial Development Bank of firaia (IDBI) established under Industrial Development Bank of India Act, 1964, was the principal financial institution for providing credit and other facilities for developing industries and assisting development institution.
Small Industries Development Bank of India (SIDBI)
Small Industries Development Bank of India (SIDBI) was established as wholly owned subsidiary of IDBI under the Small Industries Development Bank of India Act, 1989 as the principal financial institution for promotion, financing and development of industries in the small scale sector.
Industrial Finance Corporation of India Ltd. (IFCI)
Export-Import Bank of India (EXIM Bank)
National Housing Bank (NHB)
Important Insurance Policies | |
Policy | Special Features |
► Social Security Group Scheme | ♦ Administered by LIC. ♦ Fulfils Insurance requirements of the weaker and vulnerable sections of the society. ♦ People of age group 18-60 years are covered. |
► Jana Shree Bima Yojana | ♦ Insurance of Rs. 5000 on death due to natural cause and oft 25000 on death due to accident. |
► Krishi Shramik Samajik Suraksha Yojana (Sale of new policies discontinued from December 2003) | ♦ Minimum membership of the group should be 25. ♦ Commencement since July 1, 2001. ♦ Provides Life Insurance protections, periodical lumpsum survival benefit and pension to agricultural workers. ♦ Age group 18-50 years. ♦ Minimum membership of the group at commencement should be 20. ♦ On natural death before age 60, Rs. 20000 plus accumulated amount with interest and on accidental death Rs. 50000 is payable. |
► Shiksha Sahyog Yojana | ♦ Premium oft 365 per annum. ♦Scheme, launched on December 31, 2001. ♦ Provides educational scholarship of Rs. 300 per quarter per child for a maximum period of four years and for two children of a member covered under Janashree Bima Yojana. |
► Mediclaim Insurance Policy | ♦ No premium is charged. ♦Provides reimbursement of medical expenses towards hospitalisation etc. ♦ Policy age coverage 5-80 years. |
► Jan Arogya Bima Policy | ♦ Income Tax benefit upto Rs. 10000 US 80-D (for senior citizen this benefit limit is Rs. 15000). |
► Overseas Medical Policy | ♦ Coverage against medical expenses. Inflight personal accident upto US $ 10000 and loss of Passport cover upto US $ 150. |
► Videsh Yatra Mitra Policy | ♦ Commencement since January 1,1998. ♦ Covers supplementary benefits besides providing indemnity for medical expenses during the period of overseas travel. ♦ Policy introduced by four General Insurance Companies. |
► Bhagya Shree Child Welfare Bima Yojana | ♦ Commencement since October 19,1998. ♦ Covers one girl child in a family upto age 18 years whose parents age does not exceed 60 years. ♦ Premium Rs. 15 per annum. |
► Raj Rajeshwari Mahila Kalyan Yojana | ♦ In case of death of both or either of parents Rs. 25000 is deposited in the name of the girl. ♦ Commencement since October 19, 1998. ♦ Provides security to women in the age group of 10 to 75 years irrespectives of their income, occupation or vocation. |
► Ashray Bima Yojana | ♦ Insurance of Rs. 25000, Premium Rs. 15 per annum. ♦ Security coverage to workers in case of loss of jobs (Scheme introduced w.e.f. October 10, 2001). ♦ Maximum Rs. 3000 assistance to the worker till he/she gets an alternative employment. |
► J aid Rahat Yojana Personal Accident Insurance | ♦ Introduced for expediting the payment of compensation to road accident victims. ♦ Covers KCC holders upto age 70 years. Scheme for Kisan Credit Card Scheme (KCCS) introduced from October 10, 2001. ♦ Rs. 50,000 insurance cover against accidental death or permanent disability and Rs. 25,000 compensation for partial disability. ♦ Premium is Rs.17.85 per person per year while for a 3 years policy the premium is Rs. 45 per person. |
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1. What is the role of central banks in the money and banking system? |
2. How does the fractional reserve banking system work? |
3. What is the difference between monetary policy and fiscal policy? |
4. How do banks create money through the process of lending? |
5. What is the role of the Federal Reserve in the United States? |
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