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INTRODUCTION
STRUCTURE OF RBI
Constitution:
Official Directors
Governors.
Governor:
2013.
GOVERNOR
Dr. Raghuram Rajan
DEPUTY GOVERNORS
SHRI H.R. KHAN Dr. Urjit R. Patel Shri R. Gandhi Shri S. S. Mundra
Non-Official Directors
Others: Four Directors – one each from four local boards. One
and direction of the Bank’s affairs. The local boards advises the Central
Monetary Authority
Formulates, implements and monitors the monetary policy.
Objective: maintaining price stability and ensuring adequate flow of
credit to productive sectors.
Developmental role
Performs a wide range of promotional functions to support national
objectives.
Related Functions
Banker to the Government: performs merchant banking function
for the central and the state governments; also acts as their banker.
Banker to banks: maintains banking accounts of all scheduled
banks.
Reserve Bank of India (RBI) – Important Points
The bank has also two training colleges for its officers, viz. Reserve
Pune.
MONETARY POLICY
DIRECT INSTRUMENTS
Refinance Facilities
Sector-specific refinance facilities (e.g., against lending to export
sector) provided to banks.
INDIRECT INSTRUMENTS
Q.3. Is there any limit on the amount that could be transferred using
NEFT?
Ans. The acronym 'RTGS' stands for Real Time Gross Settlement, which
can be defined as the continuous (real-time) settlement of funds
transfers individually on an order by order basis (without netting). 'Real
Time' means the processing of instructions at the time they are
received rather than at some later time; 'Gross Settlement' means the
settlement of funds transfer instructions occurs individually (on an
instruction by instruction basis). Considering that the funds settlement
takes place in the books of the Reserve Bank of India, the payments are
final and irrevocable.
Ans. The RTGS system is primarily meant for large value transactions.
The minimum amount to be remitted through RTGS is ` 2 lakh. There is
no upper ceiling for RTGS transactions.
1. Amount to be remitted
2. Remitting customer’s account number which is to be debited
3. Name of the beneficiary bank and branch
4. The IFSC Number of the receiving branch
5. Name of the beneficiary customer
6. Account number of the beneficiary customer
7. Sender to receiver information, if any
DEMAT ACCOUNT
A DeMat account is one that allows you to buy, sell as well as
transact without the need of any paperwork. DeMat accounts are
very safe, convenient and secure.
DeMat is nothing but a dematerialized account. If one has to save
money or make cheque payments, then he/she needs to open a
bank account. Similarly, one needs to open a DeMat account if
he/she wants to buy or sell stocks. Thus, DeMat account is similar to
a bank account wherein the actual money is being replaced by
shares. In order to open a DeMat account, one needs to approach
the Depository Participants [DPs].
In India, a DeMat account is a type of banking account that
dematerializes paper-based physical stock shares.
From April 2006, it has become mandatory for any person holding
a DeMat account to possess a Permanent Account Number (PAN).
BASEL COMMITTEE
BASEL III
The Reserve Bank of India (RBI) has advised banks to follow ‘KYC
guidelines’, wherein certain personal information of the account-
opening prospect or the customer is obtained. The objective of
doing so is to enable the Bank to have positive identification of its
customers. This is also in the interest of customers to safeguard
their hard earned money.
The KYC guidelines of RBI mandate banks to collect three proofs
from their customers. They are-
Photograph
Proof of identity
Proof of address
What is KYC?
Note: With effect from 1st April 2014 RBI has change the
system in order to make the process more forward-looking.
Indian financial sector would now be evaluated under a
dynamic risk-based mechanism, an aspect the present CAMELS
rating system lacked. RBI has replaced CAMELS with INROADS
(Indian Risk-Oriented and Dynamic Rating System). The risk
matrix for this type of rating cons is of the following risk
elements- Credit Risk, Market Risk, Interest Rate Risk, Forex
Risk, Liquidity Risk, Business Risk, Operational Risk and Legal
Risk.
CIBIL
CARE
Credit Analysis & Research Ltd. (CARE Ratings) is a full service rating
company that offers a wide range of rating and grading services
across sectors. It was in founded in April 1993. CARE is recognised
by Securities and Exchange Board of India (Sebi), Government of
India (GoI) and Reserve Bank of India (RBI) etc.
ONICRA
MONEY
Types of Money
Commodity Money
Commodity money value is derived from the commodity out of
which it is made. The commodity itself represents money and the
money is the commodity. For instance, commodities that have been
used as mediums of exchange include gold, silver, copper, salt,
peppercorns, rice, large stones, etc.
Representative Money -
Representative Money includes token coins, or any other physical
tokens like certificates, that can be reliably exchanged for a fixed
amount/quantity of a commodity like gold or silver.
Fiat Money -
Fiat money, also known as fiat currency is the money whose value is
not derived from any intrinsic value or any guarantee that it can be
converted into valuable commodity (like gold). Instead, it derives
value only based on government order (fiat).
DEVALUATION
Devaluation is a fall in the fixed exchange rate between one
currency and others. Devaluation is used to correct the Balance of
Payments (BoP) deficit but only as a last resort as it has major
repercussions on the domestic economy. Devaluation can correct a
BoP deficit because it lowers the price of exports in terms of foreign
currencies and raise the price of imports on the home market.
DEPRECIATION
REVALUATION
World Bank