NABARD- National Bank For Agriculture And Rural Development

NABARD was established on 12 July 1982 by the act of parliament .NABARD is the apex institution for the development of farm sector , cottage industries and small scale industries in rural areas. The Banking Regulation Act, 1949, empowers NABARD to conduct inspection of State Cooperative Banks (SCBs), Central Cooperative Banks (CCBs) and Regional Rural Banks (RRBs) and protect interest of the present and future depositor and also provide short and medium term loan to those banks working in rural areas development .It provides his expertise in rural areas to RBI and GOI in making policies.

The chairman of NABARD is appointed by GOI .The term of NABARD chairman is for three years

Headquarter - Mumbai

IRDA – Insurance Regulatory And Development Authority

IRDA was establishes in 1999 by the IRDA act ,1999 .It is the autonomous body established by act of parliament .It aim is to ensure growth of insurance sector in India.

IRDA was established as sole authority to regulate the insurance industry in India , to ensure the growth of insurance industry and protect the interest of policy holders.

For any company want to work in insurance sector needs prior approval of IRDA .It also perform supervision functions to ensure that different insurance companies including private following rules and regulations or not .It can take action against erring companies .IRDA works to protect the interest of policy holder and to regulate,

promote and ensure orderly growth of the insurance industry.

The chairman of IRDA is appointed by GOI .The term of IRDA chairman is for five years.

Banking Awareness Guide

Current Bank Rates :-

1. Bank Rate - 7.75 %

2. Cash Reserve Ratio (CRR) - 4 %

3. Statutory Liquidity Ratio (SLR) - 21.5 %

4. Repo Rate (RR) - 6.75 %

5. Reverse Repo Rate (RRR) - 5.75 %

6. Marginal Standing Facility (MSF) - 7.75 %

FINANCIAL SECTOR REGULATORS IN INDIA

RBI-Reserve Bank of India

RBI was established on 1 April 1935 with the sole aim to work as banking sector regulator .RBI was nationalized in 1949.RBI regulate the banking sector (government and private banks) by banking reglation act 1949 and RBI act 1935 which entrusted

responsibility on the RBI to work foru the enhancement of banking sector in India .RBI is the sole authority to issue banking licenses to entities who want to open bank in India , and if any bank want to open new branch it has to be take prior approval from RBI.