The oriental and insurance company limited, New Delhi.
United India fire and general insurance company limited, Chennai.
Reforms in insurance sector –
In 1993, Malhotra committee was set up to recommend reforms in the insurance sector.
Later reforms started with the enactment of insurance regulatory and development authority act 1999.
The act paved the way for the entry of private insurance companies into the insurance market and also constitution of insurance regulatory company limited and development authority.
Insurance regulatory and development authority (IRDA) –
Constituted on 19th April 2000.
Was constituted to protect the interest of insurance policies and to regulate, promote, and ensure orderly growth of the insurance industry.
Consist of a chairperson, 3 whole time members and four part time members.
For regulating the insurance sector it has been issuing regulations regulations covering almost the entire segment of insurance industry.
Scheduled banks –
Are entered in the second schedule of the RBI act, 1934.
Have paid up capital and reserves of an aggregate value of not less than 5 lakh.
Satisfies RBI that their affairs are carried out in the interest of their depositors.
All commercial banks (Indian and foreign), regional rural banks and state cooperative banks are scheduled banks.
Non scheduled banks are not included in the second scheduled of the RBI act, 1934.
Reserve bank of India (RBI) –
Is the central bank of the country.
Was setup on the basis of Hilton young commission recommendation in April 1935, with the attachment of RBI Act, 1934.
First governor was Sir Osborne smith.
Main purpose of the existence of RBI was to separate currency and credit from RBI.
It was nationalized in 1949.
First Indian governor was C D Deshmukh.
Headquarter is in Mumbai.
There are 14 directors in the central board of directors besides the governor, four deputy governors and one government official.
Functions of the RBI –
Issues currency except coins which are minted by the government.
It has the monetary authority.
Acts as the banker and debt manager to the central government.
Acts as banker of banks.
Regulator of banking system.
Manager of foreign exchange.
Maintains financial stability.
Acts as the regulator and supervisor of the payment and settlement system.
Since 1952, monetary policy of the RBI emphasis on twin goals. These are as follows –