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November 10, 2016

Banking Awareness in Simple Language - Lesson 19

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Dear Gr8 Ambitionists, in our previous Banking Awareness 2016 Lesson 18, we have learnt about some Important Banking and Financial Organizations in exam point of view. In today's lesson too, we shall continue with some other important organizations. Happy Reading :)

Banking Awareness 2016 : Banking & Financial Organizations (Part 3)

AICIL (Agriculture Insurance Company of India Limited)

  • Started from : 1 April 2003
  • Founded : 20 Dec 2002 under Indian companies act 1956
  • Headquarter : New Delhi, India
  • MD & Chairman : Joesph Plappallil
  • Slogan : Sampann Bharat ki Pehchan, Beemit Phasal Khushaal Kisan
  • AIC was incorporated with an authorized capital of Rs 1500 Cr. It offers yield-based and weather based crop insurance programs in almost 500 districts of India. It covers almost 20 million farmers, making it the biggest crop insurer in the world in number of farmers served. AIC commenced business from 1st April 2003. 
  • AIC is under the administrative control of Ministry of Finance, GOI and under the operational supervision of Ministry of agriculture, GOI, IRDA, Hyderabad (India) is the regulatory body governing AIC. 

UTI (Unit Trust of India)

  • Industry : Mutual fund 
  • Founded : 1964 
  • Headquarter : Mumbai 
  • Slogan : Hach Ek Behtar Zindagi Ka. 
  • UTI is a financial organization in India, which was created by the UTI Act passed by the parliament of India on December 30, 1963 under the direction of Col. Akash Behl. UTI was established with an initial capital of Rs. 5 crore, contributed by the RBI, LIC, SBI & its subsidiaries and scheduled banks & financial institutions.

CDSL (Central Depository Services Limited)

  • Founded : Feb, 1998
  • Headquarter : Mumbai 
  • It is the second Indian Central Securities Depository. 
  • Function : CDSL holds securities either in certificated or uncertificated form, to enable book entry transfer of securities. 
  • CDSL is mainly promoted by Bombay Stock Exchange Ltd (BSE).

NSDL (National Securities Depository Limited)

  • Founded : 8 Nov 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 in dematerialised form in the Indian capital market. 
  • NSDL is promoted by :  
    • IDBI (Industrial development bank of India Ltd.) - Largest development Bank of India. 
    • UTI (Unit Trust of India) - Largest mutual fund in India.
    • NSE (National Stock Exchange of India Ltd.) - Largest stock exchange in India. 
    • Some of the promient banks in the country have taken a stake in 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 as a Depository in 1995. e-Governance solutions has helped governments to identify and clear bottlenecks, promote transparency, reduce service delivery cost & delivery public services efficiently. 
  • NSDL e-Governance Infrastrucutrue Ltd. and the pension fund Regulatory and Development authority (PFRDA) have entered into a agreement relating to setting up of a Central Record keeping Agency (CRA) for the National Payment System (NPS). The NPS was introduced by Govt. of India for its new recruitees (except the Armed Forces) joining w.e.f. 1 Jan 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, training and consultancy in banking and finance. The campus is self-contained, with residential and educational facilities.
  • It was established in 1969 by the RBI in the consultation with GOI as an autonomous "think-tank" for the Indian Banking System. It is governed by a board, chaired by the Governor of Reserve Bank of India. The institute generates more than 70% of its own operating budget the rest is funded by the banking industry. 
  • Sh. Achintan Bhattacharya (Retired Joint Secretary of Department of Financial Services, Ministry of Finance, GOI) is the current Director of the institute.
  • A major activity is the regular publication of the following two quarterly journals in English :
    • Prajnan : Journal of social and management sciences : A leading referred quarterly journal (launched in 1972). 
    • Vinimaya : Present conceptual & practical view points of both bankers & management educationists (Launched in 1979). 
  • Member Banks : In addition to RBI, its associate member banks are the SBI and several of its subsidiaries, 19 National Banks & two foreign banks HSBC & Bank of America. 

NBFC (Non-banking Financial Company)

  • It is a company registered under the companies act, 1956 engaged in the business of loans & advances, acquisition of shares/stocks/bonds/ debentures/securities issued by government or local authority or other marketable securities like leasing, hire-purchase, insurance business, chit business. 
    • NBFC can't accept demand deposits 
    • NBFC doesn't form part of the payment & settlement system and cannot issue cheques drawn on itself.
    • NBFC can commence or carry on business of a non-banking financial institution without obtaining a certificate of registration from RBI. 

NOFHC (Non-operating Financial Holding Company)

  • RBI wide notification released on 7-4-2014 has informed the concerned financial institution that non-operative financial holding companies (NOFHCs) will be a separate category of NBFCs.
  • Promoter groups will be permitted to set up a new bank only through a wholly owned NOFHC which will hold the banks as well as all other financial services companies regulated by RBI or other financial sector regulators. 
  • NOFHC will be registered as non-deposit taking non-banking financial company (NBFC) with the department of Non-Banking Supervision (DNBS) of the Reserve Bank.

CERSAI (Central Registry of Securitization Asset Reconstruction and Security Interest)

  • Founded : 11 March 2011
  • Headquarter : New Delhi
  • 1st CEO & Registar : R.V.Verma (Chairman of National Housing Bank) 
  • CERSAI is a central online mortgage registry of India which maintains all central registry of mortgages in India. It was primarily created to check mortgage frauds in which people took multiple loans on same assets from different banks. 
  • It was formed under (SARFAESI ACT-2002) and register under section 25 of companies act 1956. 
  • This is a government company with shareholding of 51% by central government and selected public sector banks & National Housing Bank are also share holders. 
  • According to government directives financial institutions must register a mortgage within 30 days of its creation. 
  • It aims to help potential buyers by providing them proper history of the Asset and Lenders can assess data to check whether same asset has been mortgaged with any other financial institution.

CAPART (Council for Advancement of People's Action and Rural Technology)

  • Headquarter : New Delhi 
  • It is set up to address specific problems relating to development in the rural areas. CAPART is an autonomous body registered under the Societies Registration Act 1860, and is functioning under the aegis of the Ministry of Rural Development, GOI. Today, this agency is a major promoter of rural development in India
  • Objectives of Capart :
    • To encourage, promote, assist voluntary action for the implementation of projects intending enhancement of rural prosperity and to make efforts in rural development with the help of new technology inputs. 
    • To promote, plan, undertake, develop, maintain and support projects/schemes aimed at all-round development and create employment opportunities in rural areas. 
      • CAPART deals with public through Voluntary Organizations (VOs). It has been made mandatory for the VOs to register themselves on the National Portal (NGO-PS) and apply & track the status of their applications online. 

PFRDA (Pension Fund Regulatory & Development Authority)

  • It was established by GOI on 23 Aug 2003
  • The Government has through an executive order, mandate PFRDA to act as a regulator for the pension sector. 
  • PFRDA is authorised by Ministry of Finance. 
  • PFRDA promotes old age income security by establishing, developing and regulating pension funds and protects interest of subscribers to scheme of pension funds. It is responsible for appointment of various intermediate agencies such as CRA (Central record keeping agency). 

EPFO (Employees Provident Fund Organisation)

  • Head office : New Delhi 
  • It is a statutory body of GOI under the "Ministry of Labour & Employment". 
  • It administrates a compulsory contributory provident fund scheme, pension scheme and Insurance Scheme. 
  • On 1 Oct 2014 PM "Nardendra Modi" launched universal account number of employees covered by EPFO to enable PF number portability. The Employees provident fund & miscellaneous provision Act, 1952 come into effect on 4 March 1952. The board is chaired by Union Labour Minister of India (The chief executive of the EPFO). EPFO act is not applicable in Jammu & Kashmir. 

BCSBI (Banking Codes and Standards Board of India)

  • Formed : 18 Feb 2006 
  • Head quarter : Mumbai 
  • Head : A.C. Mahajan 
  • Members : 129 
  • BCSBI is an independent banking industry Agency that protects consumers of banking services in India. It is an independent and autonomous body, registered as a separate society under the Societies Registration Act 1860 on Feb 18, 2006. 
  • SS Tarapore came up an idea to form a committee for the benefit of customers so that they can get better financial services. 

IDRBT (Institute for Development & Research in Banking Technology)

  • Established : 1996 by RBI
  • Headquarter : Hyderabad (India) IDRBT is a banking research institute. 
  • RBI established IDRBT with the aim of providing the operational services support in information technology to banks and financial institutions.
  • IDRBT is the only institute in India which exclusively focuses on Banking Technology. 
  • IDRBT is also an academic institution that offers a range of academic & research programmes, designed specifically to meet both the existing and emerging requirements of the Banking and Financial sector in India. 

ECA (Export Credit Agency)

  • Head office : Mumbai 
  • An export credit agency or investment insurance agency is a private or quasi-governmental institution that acts as an intermediary between national governments and exporters to issue export financing. The financing can take the form of credits or credit insurance and guarantees, or both, depending on the mandate the ECA has been given by its government. 
  • EXIM Bank, ECGC (Export Credit Guarantee Corporation of India) are two export credit agencies of India. 
  • Export credit agency of CHINA has highest capital.
That's all for now friends. In our next Banking Awareness lesson, we shall learn about Important Acts. Happy Reading :)
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