BANKING AWARENESS-Industrial Finance Corporation of India(IFCI)
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In 1947, at the of Independence, there was a significant demand for new capital but the Indian Capital Market was relatively under-developed. Merchant bankers and underwriting firms were almost non existence and commercial banks were not quipped to provide long term industrial finance in any significant manner.The Industrial Finance Corporation of India (IFCI) was established on July 1, 1948.IFCI was the fi rst Development Financial Institution (DFI) in India.IFCI was established to cater to the long-term finance needs of the industrial sector.Until the establishment of ICICI and IDBI, The IFCI remained solely responsible for implementation of the government’s industrial policy.Some of the sector that benefited from IFCI include – Textiles, paper, sugar, hotels, hospitals, iron and steel , fertilizers, basic chemicals, cement, power generation etc.
Small Industries Development Bank of India (SIDBI) – Important Points
Small Industries Development Bank of India (SIDBI) was established on Apri l 2, 1990.The Small Industries Development Bank of India Act passed in 1989.SIDBI was incorporated initially as a wholly owned subsidiary of Industrial Development Bank of Ind Now SIDBI is owned by several state-owned banks, insurance companies and financial insti tutions.SIDBI is an independent financial institution aimed to aid the growth and development of micro, small and medium-scale enterprises in India.It is an apex body and nodal agency for formulating, coordination and moni toring the pol icies and programme for promotion and development of smal l scale industries.SIDBI is in the list of top 30 Development Banks of the World in the latest ranking of The Banker,London.
IDBI – Industrial Development Bank of India
The Industrial Development Bank of India (IDBI) was established on 1 July 1964 under an Act of
Parliament as a wholly owned subsidiary of the Reserve Bank of India.In 16 February 1976, the ownership of IDBI was transferred to the Government of India.IDBI was made the principal financial insti tution for coordinating the activi ties of insti tutions engaged in financing, promoting and developing industry in the country.Headquarters of IDBI is at Mumbai , India.Chai rman and Managing director of IDBI is Shri neelabh krishna.IDBI is the 4th largest Bank in India in overall rating.Currently 10th largest development bank in the world.RBI categorised IDBI as an “other public sector bank”.Finance and insurance are the product of IDBI.Industrial Development Bank of India (IDBI) has now a network of 909 branches, 621 centres and 1512 ATMs.In March 2008, IDBI Bank entered into a joint venture wi th Federal Bank and Fortis Insurance International to form IDBI Fortis Li fe Insurance.IDBI Fortis Li fe Insurance is renamed to IDBI Federal Li fe Insurance Co Ltd.IDBI recently inaugurated i ts 909th Branch at Ranikhet, Uttrakhand on October 13, 2011.IDBI was the winner in two categories in Dun & Bradstreet’s Polaris Software Banking Awards 2011 RBI appointed S.H.Khan committee which recommended its transformation into a universal bank.In 2006 IDBI Bank acquired Uni ted Western Bank in a rescue.
Export-Import Bank of India (EXIM Bank) –Important Points
Export-Import Bank of India or EXIM Bank of India is the premier export finance insti tution of India. EXIM Bank was set up in 1982 under the Export-Import Bank of India Act 1981. The main objective behind the formation of EXIM bank is to enhance countries exports from India and to integrate the country’s foreign trade and investment with the overall economic growth.
Important Points about EXIM Bank:
*Export-Import Bank of India was established on 1982.
*Export-Import Bank of India was set up under the Export-Import Bank of India Act 1981.
*Headquarters of EXIM Bank is at Mumbai , India
*Chairman and Managing Di rector (CMD) of EXIM bank is T.C.A Ranganathan.
National Housing Bank – Important points to remember
* The National Housing Bank (NHB) is a state owned bank.
*National Housing Bank is a regulation authority in India.
*National Housing Bank was established on July 8, 1988.
*National Housing Bank was established under section 6 of the National Housing Bank Act (1987).
*The headquarters of National Housing Bank (NHB) is in New Delhi .
*The National Housing Bank (NHB) owned by the Reserve Bank of India.
*The National Housing Bank (NHB) was established to promote private real estate acquisition in India.
*The The National Housing Bank (NHB) is regulating and re-financing social housing programs and other
activities.
SEBI- Securities and Exchange Board of India
Securities and Exchange Board of India (SEBI) was established by Government of India through an executive resolution in the year 1988. SEBI was subsequently upgraded as a fully autonomous body in 1992 with the passing of the Securities and Exchange Board of India Act (SEBI Act) on 30th January 1992. In the year 1995,the SEBI was given additional statutory power by the Government of India through an amendment to the securities and Exchange Board of India Act 1992.The headquarter of SEBI is located in the business district of Bandra-Kurla complex in Mumbai .The Chairman of SEBI – Upendra Kumar Sinha (UK Sinha) The Whole Time Member of SEBI- Prashant Saran The first chairman of SEBI was – Dr. S. A. Dave.SEBI deals with – the issuers of securities,the investors and the market intermediaries.
Basic Objective of SEBI -
1. To Promote the interests of investors in securities
2. To promote the development of Securities Market
3. To regulate the securities market
4. For matters connected therewith or incidental thereto.
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