The 53rd GST Council meeting was held on Saturday. Mrs.Nirmala Sitharaman Union Finance Minister presided over the meeting. “Our intent is to make GST assessees’ lives easier, simpler and less cumbersome… We are working towards less and less compliance,” Union finance minister Nirmala Sitharaman, chairperson of the body, told reporters after the council’s 53rd meeting…
The Sub-Group on Housing Finance for the Seventh Five Year Plan (1985-90) identified the non-availability of long-term finance to individual households on any significant scale as a major lacuna impeding the progress of the housing sector and recommended the setting up of a national-level institution. Although housing is primarily a State subject, the Central govt.…
Updated on 24.06.2024 The Banking Regulation Act, of 1949 is legislation in India that regulates all banking firms in India. Initially, the law applied only to banking companies. But, in 1965 it was amended to make it applicable to cooperative banks. The Banking Regulation (Amendment) Bill, 2020 amends the BR Act to expand RBI’s regulatory…
(RBI Act 1934 comprises various sections, the important sections of the act are mentioned in this post) The Reserve Bank of India the Central Bank of India, was set up based on the recommendations of the Hilton Young Commission in 1935 as a private bank with the enactment of the RBI act 1934. The Reserve…
Banking is a system of financial institutions, such as scheduled Commercial banks, Local Area Banks, Regional Rural banks, cooperative Banks, Payment Banks, and small finance banks that provide various financial services to individuals, businesses, and governments. Let us study them here one by one. Local Area Banks (LABs): Local area banks are referred to as…
Section 5(b) of the Banking Regulation Act, 1949, provides “banking” means the accepting, for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise, and withdrawable by cheque, draft, order or otherwise. Banking is a system of financial institutions, such as scheduled Commercial banks, Local Area Banks,…
The Reserve Bank of India is the Central Bank of India, was set up before the independence of India based on the recommendations of the Hilton Young Commission in 1935 as a private bank with the enactment of the RBI act 1934. The bank was constituted to regulate the issue of banknotes, Maintain reserves to…
The introduction of reforms in the banking sector was based on the commendations of different committees such as the First Narasimham Committee- 1991, the Verma Committee – 1996, the Khan Committee – 1997, the Second Narasimham Committee – 1998, etc. The government of India and RBI have navigated the banking crises in India using both…
Post 1991 economic crisis in India, it was felt that banks had a crucial role to play in the economy and that banks in India were not performing efficiently. The Government took several steps to remodel the country’s financial system. For that, Dr.Manmohan Singh, then finance minister, initiated revamping the banking sector in India. A…
(The India Financial System falls into 3 different phases: Phase I: Pre-1951 organisation, Phase II: 1951 to Mid-eighties organisation, Phase III: Post-Nineties Organisation) The evolution of the financial system in India may be divided into three broad phases: (I) the traditional phase (Pre 1951 organisation,) (II) the transitional phase (1951 to Mid-eighties organisation,) and (iii)…