Banking Awareness 2017 : Banking & Financial Organizations (Part 3)
AICIL (Agriculture Insurance Company of Republic of Republic of India Limited)
- Started from : 1 Apr 2003
- Founded : xx Dec 2002 nether Indian companies human activity 1956
- Headquarter : New Delhi, India
- MD & Chairman : Joesph Plappallil
- Slogan : Sampann Bharat ki Pehchan, Beemit Phasal Khushaal Kisan
- AIC was incorporated alongside an authorized upper-case alphabetic quality of Rs 1500 Cr. It offers yield-based together with conditions based crop insurance programs inwards almost 500 districts of India. It covers almost xx 1000000 farmers, making it the biggest crop insurer inwards the Earth inwards number of farmers served. AIC commenced line concern from 1st Apr 2003.
- AIC is nether the administrative command of Ministry of Finance, GOI together with nether the operational supervision of Ministry of agriculture, GOI, IRDA, Hyderabad (India) is the regulatory trunk governing AIC.
UTI (Unit Trust of India)
- Industry : Mutual fund
- Founded : 1964
- Headquarter : Mumbai
- Slogan : Hach Ek Behtar Zindagi Ka.
- UTI is a fiscal arrangement inwards India, which was created yesteryear the UTI Act passed yesteryear the parliament of Republic of Republic of India on Dec 30, 1963 nether the administration of Col. Akash Behl. UTI was established alongside an initial upper-case alphabetic quality of Rs. v crore, contributed yesteryear the RBI, LIC, SBI & its subsidiaries together with scheduled banks & fiscal institutions.
CDSL (Central Depository Services Limited)
- Founded : Feb, 1998
- Headquarter : Mumbai
- It is the minute Indian Central Securities Depository.
- Function : CDSL holds securities either inwards certificated or uncertificated form, to enable majority entry transfer of securities.
- CDSL is mainly promoted yesteryear Bombay Stock Exchange Ltd (BSE).
NSDL (National Securities Depository Limited)
- Founded : 8 November 1996
- Headquarter : Mumbai
- It is the first electronic securities depository of India.
- It has established a national infrastructure using international standards that handles most of the securities held & settled inwards dematerialised shape inwards the Indian upper-case alphabetic quality market.
- NSDL is promoted yesteryear :
- IDBI (Industrial evolution banking concern of Republic of Republic of India Ltd.) – Largest evolution Bank of India.
- UTI (Unit Trust of India) – Largest usual fund inwards India.
- NSE (National Stock Exchange of Republic of Republic of India Ltd.) – Largest stock telephone commutation inwards India.
- Some of the promient banks inwards the Earth cause got taken a stake inwards NSDL.
- NSDL also has a subsidiary company
NSDL Database Management Ltd. NSDL e-Governance Infrastructure Limited (NSDL e-Govt.) :
- NSDL e-Gov was originally set-up every bit a Depository inwards 1995. e-Governance solutions has helped governments to position together with clear bottlenecks, promote transparency, cut back service delivery terms & delivery populace services efficiently.
- NSDL e-Governance Infrastrucutrue Ltd. together with the pension fund Regulatory together with Development control (PFRDA) cause got entered into a understanding relating to setting upwards of a Central Record keeping Agency (CRA) for the National Payment System (NPS). The NPS was introduced yesteryear Govt. of Republic of Republic of India for its novel recruitees (except the Armed Forces) joining w.e.f. 1 January 2004.
NIBM (National Institute of Bank Management)
- Established : 1969
- Headquarter : Pune
- NIBM is the RBI’s fully owned subsidiary. It is an Indian Institution for research, preparation together with consultancy inwards banking together with finance. The campus is self-contained, alongside residential together with educational facilities.
- It was established inwards 1969 yesteryear the RBI inwards the consultation alongside GOI every bit an autonomous “think-tank” for the Indian Banking System. It is governed yesteryear a board, chaired yesteryear the Governor of Reserve Bank of India. The institute generates to a greater extent than than 70% of its ain operating budget the remainder is funded yesteryear the banking industry.
- Sh. Achintan Bhattacharya (Retired Joint Secretary of Department of Financial Services, Ministry of Finance, GOI) is the electrical flow Director of the institute.
- A major activity is the regular publication of the next ii quarterly journals inwards English linguistic communication :
- Prajnan : Journal of social together with administration sciences : A leading referred quarterly magazine (launched inwards 1972).
- Vinimaya : Present conceptual & practical sentiment points of both bankers & administration educationists (Launched inwards 1979).
- Member Banks : In improver to RBI, its associate fellow member banks are the SBI together with several of its subsidiaries, nineteen National Banks & ii unusual banks HSBC & Bank of America.
NBFC (Non-banking Financial Company)
- It is a companionship registered under the companies act, 1956 engaged inwards the line concern of loans & advances, acquisition of shares/stocks/bonds/ debentures/securities issued yesteryear authorities or local control or other marketable securities similar leasing, hire-purchase, insurance business, chit business.
- NBFC can’t bring need deposits
- NBFC doesn’t shape constituent of the payment & village scheme together with cannot number cheques drawn on itself.
- NBFC tin commence or bear on line concern of a non-banking fiscal establishment without obtaining a certificate of registration from RBI.
NOFHC (Non-operating Financial Holding Company)
- RBI broad notification released on 7-4-2014 has informed the concerned fiscal establishment that non-operative fiscal belongings companies (NOFHCs) volition move a split category of NBFCs.
- Promoter groups volition move permitted to prepare a novel banking concern only through a wholly owned NOFHC which volition take away hold the banks every bit good every bit all other fiscal services companies regulated yesteryear RBI or other fiscal sector regulators.
- NOFHC volition move registered every bit non-deposit taking non-banking fiscal companionship (NBFC) with the subdivision of Non-Banking Supervision (DNBS) of the Reserve Bank.
CERSAI (Central Registry of Securitization Asset Reconstruction together with Security Interest)
- Founded : eleven March 2011
- Headquarter : New Delhi
- 1st CEO & Registar : R.V.Verma (Chairman of National Housing Bank)
- CERSAI is a cardinal online mortgage registry of Republic of Republic of India which maintains all cardinal registry of mortgages inwards India. It was primarily created to banking concern friction match mortgage frauds inwards which people took multiple loans on same assets from dissimilar banks.
- It was formed nether (SARFAESI ACT-2002) together with register nether subdivision 25 of companies human activity 1956.
- This is a authorities companionship alongside shareholding of 51% yesteryear cardinal authorities together with selected populace sector banks & National Housing Bank are also part holders.
- According to authorities directives fiscal institutions must register a mortgage inside thirty days of its creation.
- It aims to assist potential buyers yesteryear providing them proper history of the Asset together with Lenders tin assess information to banking concern friction match whether same property has been mortgaged alongside whatever other fiscal institution.
CAPART (Council for Advancement of People’s Action together with Rural Technology)
- Headquarter : New Delhi
- It is prepare to address specific problems relating to evolution inwards the rural areas. CAPART is an autonomous trunk registered nether the Societies Registration Act 1860, together with is functioning nether the aegis of the Ministry of Rural Development, GOI. Today, this way is a major promoter of rural evolution inwards India.
- Objectives of Capart :
- To encourage, promote, assistance voluntary activeness for the implementation of projects intending enhancement of rural prosperity together with to brand efforts inwards rural evolution alongside the assist of novel applied scientific discipline inputs.
- To promote, plan, undertake, develop, maintain together with back upwards projects/schemes aimed at all-round evolution together with practice job opportunities inwards rural areas.
- CAPART deals alongside populace through Voluntary Organizations (VOs). It has been made mandatory for the VOs to register themselves on the National Portal (NGO-PS) together with apply & rails the condition of their applications online.
PFRDA (Pension Fund Regulatory & Development Authority)
- It was established yesteryear GOI on 23 Aug 2003.
- The Government has through an executive order, mandate PFRDA to human activity every bit a regulator for the pension sector.
- PFRDA is authorised yesteryear Ministry of Finance.
- PFRDA promotes erstwhile historic catamenia income safety yesteryear establishing, developing together with regulating pension funds together with protects involvement of subscribers to scheme of pension funds. It is responsible for appointment of diverse intermediate agencies such every bit CRA (Central tape keeping agency).
EPFO (Employees Provident Fund Organisation)
- Head business office : New Delhi
- It is a statutory trunk of GOI nether the “Ministry of Labour & Employment“.
- It administrates a compulsory contributory provident fund scheme, pension scheme together with Insurance Scheme.
- On 1 October 2014 PM “Nardendra Modi” launched universal line concern human relationship number of employees covered yesteryear EPFO to enable PF number portability. The Employees provident fund & miscellaneous provision Act, 1952 come upwards into result on iv March 1952. The board is chaired yesteryear Union Labour Minister of Republic of Republic of India (The main executive of the EPFO). EPFO human activity is non applicable inwards Jammu & Kashmir.
BCSBI (Banking Codes together with Standards Board of India)
- Formed : eighteen February 2006
- Head quarter : Mumbai
- Head : A.C. Mahajan
- Members : 129
- BCSBI is an independent banking manufacture Agency that protects consumers of banking services inwards India. It is an independent together with autonomous body, registered every bit a split guild nether the Societies Registration Act 1860 on February 18, 2006.
- SS Tarapore came upwards an thought to shape a commission for the practice goodness of customers then that they tin acquire ameliorate fiscal services.
IDRBT (Institute for Development & Research inwards Banking Technology)
- Established : 1996 yesteryear RBI
- Headquarter : Hyderabad (India) IDRBT is a banking inquiry institute.
- RBI established IDRBT alongside the aim of providing the operational services back upwards inwards information applied scientific discipline to banks together with fiscal institutions.
- IDRBT is the only institute inwards Republic of Republic of India which solely focuses on Banking Technology.
- IDRBT is also an academic establishment that offers a make of academic & inquiry programmes, designed specifically to watch both the existing together with emerging requirements of the Banking together with Financial sector inwards India.
ECA (Export Credit Agency)
- Head business office : Mumbai
- An export credit way or investment insurance way is a someone or quasi-governmental establishment that acts every bit an intermediary betwixt national governments together with exporters to number export financing. The financing tin bring the shape of credits or credit insurance together with guarantees, or both, depending on the mandate the ECA has been given yesteryear its government.
- EXIM Bank, ECGC (Export Credit Guarantee Corporation of India) are ii export credit agencies of India.
- Export credit way of CHINA has highest capital.
That’s all for straightaway friends. In our side yesteryear side Banking Awareness lesson, nosotros shall larn close Important Acts. Happy Reading 🙂
- Read Lesson 1 from Here
- Read Lesson 2 from Here
- Read Lesson three from Here
- Read Lesson iv from Here
- Read Lesson v from Here
- Read Lesson half dozen from Here
- Read Lesson vii from Here
- Read Lesson 8 from Here
- Read Lesson nine from Here
- Read Lesson 10 from Here
- Read Lesson eleven from Here
- Read Lesson 12 from Here
- Read Lesson thirteen from Here
- Read Lesson xiv from Here
- Read Lesson fifteen from Here
- Read Lesson sixteen from Here
- Read Lesson 17 from here
- Read Lesson eighteen from here