Key decisions taken in 53rd GST council meeting for revision of various GST rates
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…
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What are the activities of National Housing Bank?
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.…
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Important sections and schedules of RBI act 1934 and background of enactment
(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…
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Types and functions of LAB, RRB, cooperative Banks, Payment Banks and, Small Finance Banks
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…
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Functions of Scheduled Commercial Banks explained
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,…
Reform of the Banking Sector, Present Status of Banking System
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…
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