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Establishment of RBI
The reserve bank of India was established on April 1,1935 in accordance with the provisions of the reserve bank of India Act, 1934.
Objectives of RBI
To maintain the internal value of the nations currency. To preserve the external value of the currency To secure reasonable price stability.
To promote economic growth with rising levels of employment, out and real income
Functions of a RBI
Monetary policy functions Currency issue and management Maintaining value of currency Anchor economic growth expectation Monetary regulation and management Regulation of interest rates Financial sector regulation and supervision Exchange management and control Credit control Liquidity management Clearing and settlement Development of financial market Policy oriented research Collection of data and publication of reports Institution building
Commercial Banks
Commercial banks offer services to individuals; they are primarily concerned with receiving deposits and lending to businesses.
Year of Incorporation
1865 1923 1908
4 Bank of India
5 Bank of Maharashtra 6 Canara Bank 7 Corporation Bank
1906
1935 1906 1906
8 Dena Bank
9 Indian Bank 10 Oriental Bank of Commerce 11 Punjab National Bank
1938
1907 1943 1895
12 Syndicate Bank
13 UCO Bank 14 Union Bank of India 15 United Bank of India
1925
1943 1919 1950
16 Vijaya Bank
1931
Short-term Loans Cash Credit Overdraft Discounting of Bills. Long-term Loans Demand Loan Term Loan.
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Secondary Functions :
Agency Services : Collection and payment of cheques and bills on behalf of the customer; Collection of dividends, interest and rent, etc. on behalf of the customer, if so instructed by them; Payment of rent, interest, insurance premium, etc. on behalf of customers, if so instructed; Acting as agents or correspondents on behalf of customers for other banks and financial institutions at home and abroad. General utility Services : Issuing letters of credit and travellers' cheques; Underwriting of shares, debentures, etc.; Safe-keeping of valuables in safe deposit locker; Supplying trade information and statistical data useful to customers; Acting as a referee regarding the financial status of customers; Undertaking foreign exchange business
Contd..
Foreign banks are also known for uprooting the unemployment in India by offering lots of job opportunities .
It offers good packages and tantalizes the sense of youngsters by offerings several other job facilities.
Besides, it also contributed its tremendous effort to improve Indian foreign exchange market.
CO-OPERATIVE BANKS
Definition
A co-operative bank is a financial entity which belongs to its members, who are at the same time the owners and the customers of their bank. Cooperative banks are often created by persons belonging to the same local or professional community or sharing a common interest. Cooperative banks generally provide their members with a wide range of banking and financial services (loans, deposits, banking accounts). In India co-operative banks are regulated with the RBI and governed by Banking Regulations Act 1949 and Co-operative Societies Act, 1965.
The Co-operative Banks Act, of 2007 (the Act) defines a cooperative bank as a co-operative registered as a co-operative bank in terms of the Act whose members
Are of similar occupation or profession or who are employed by a common employer or who are employed within the same business district. Have common membership in an association or organisation, including a business, religious, social, co-operative, labour or educational group. Have common membership in an association or organisation, including a business, religious, social, co-operative, labour or educational group. Reside within the same defined community or geographical area.
Establishments
Co-operative bank performs all the main banking functions of deposit mobilisation, supply of credit and provision of remittance facilities. Co-operative Banks belong to the money market as well as to the capital market. Co-operative Banks provide limited banking products and are functionally specialists in agriculture related products. However, cooperative banks now provide housing loans also. UCBs provide working capital loans and term loan as well.
To attract deposit from non-agriculturist. To use excess funds of some societies temporarily to make up for shortage in another.
To supervise and guide affiliated societies.
Finance Function:
Cooperative banks in India finance rural areas under: Farming Cattle Milk Personal Finance Cooperative banks in India finance urban areas under: Self-employment Industries Small scale units Home finance Consumer finance Personal finance
The banks included in this schedule list should fulfil two conditions. 1. The paid capital and collected funds of bank should not be less than Rs. 5lac. 2. Any activity of the bank will not adversely affect the interests of depositors.
SCHEDULED BANKS
Introduction
Scheduled Banks in India constitute those banks which have been included in the Second Schedule of Reserve Bank of India(RBI) Act, 1934. RBI in turn includes only those banks in this schedule which satisfy the criteria laid down vide section 42 (6) (a) of the Act.
Classification
SCHEDULED BANKS
Functions
Transfer of funds Acceptance of deposits Offering those deposits as loans for various purpose Purchase of houses, equipments, capital investment purposes etc. The Indian Government presently hires the scheduled banks banks for various purposes like tax collection and refunds, payment of pensions etc.
Campus Overview
Ahmedabad Kolkata Mumbai
Infinity Benchmark, 10th Floor, Plot G1, Block EP & GP, Sector V, Salt-Lake, Kolkata 700091.
Goldline Business Centre Linkway Estate, Next to Chincholi Fire Brigade, Malad (West), Mumbai 400 064.
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