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STATE BANK OF The Origin of the State goes back to the first decade of the 19th century with establishment of the in Calcutta on 2 June 1806. Three years later the bank received its charter and was re-designed as the Bank of Bengal (2 January 1809). A unique institution, it was the first joint- stock bank of British India sponsored by The Government of Bengal. The (15 April 1840) and the (1 July 1843) followed the Bank of Bengal. These three banks remained at the apex of modern till their Amalgamation as the on 27 January 1921. Headquarters: Founded on: July 1st, 1956 Logo: is a blue circle with a small cut in the bottom that depicts perfection and the small man the common man – being the centre of the bank’s business Tag Line: PURE BANKING, NOTHING ELSE”, “WITH YOU – ALL THE WAY”, “A BANK OF THE COMMON MAN”, “THE BANKER TO EVERY INDIAN”, “THE NATION BANKS ON US

Employees: 295,696 [2012] Associate Banks: 1. State Bank of Bikaner and – Jaipur (Head Office) 2. State Bank of – Hyderabad (Head Office) 3. – (Head Office) 4. – Patiala (Head office) 5. – Poojappura, Thiruvananthapuram (Head Office) Important Points about SBI SBI is one of the big four banks of India, along with ICICI bank, National Bank and SBI had 14,816 branches in India as on 31 March 2013 SBI is the first bank to open branch in China 15000th branch of the State Bank of India (SBI) at Sooranam () SBI has 21, 500 branches (including Assosiate Banks ) SBI has 99, 345 offices in India SBI has 27000+ ATM and SBI Group (including Assosiate Banks ) has 32752 ATMs. On October 7, 2013, Arundhati Bhattacharya became the first woman to be appointed Chairperson of the bank SBI has become the first bank to install an ATM at Drass in the & Kashmir Kargil region. This was the Bank’s 27,032nd ATM on 27 July 2012. List of Awards (2013-14) 1. The Banker (1) in the year 2009 2. IDRBT (3) 3. D & B Polaris (1) 4. SKOCH (3) 5. SKOCH CORPORATE EXCELLENCE 6. PC QUEST 7. EDGE AWARD (2) 8. Asia’s best CSR Practices Awards 2013-Singapore 9. Asian BFSI Awards 2013- Dubai 10. India’s Most Ethical Companies awards 2013 11. Asian Green Future Leadership Awards 2013 12. Best Public Sector Bank Award 2013 13. Won national award in the year 2012 for Prime Minister’s Employment Generation Programme (PMEGP) scheme 14. Technology of the year by the IBA banking technology awards 15. Best online banking award in 2010 by IBA 16. Best rural banking initiative and best IT architecture 17. THE BEST BANK in cash management services in Asia 18. Pegasus Corporate Social Responsibility Award 2007

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First bank established in India: Bank of Hindustan in 1770 Second bank: , 1786 Oldest bank in India originated in the Bank of Calcutta in June 1806 which was still in existence – State Bank of India State Bank of India merged with three banks namely Bank of Bengal, Bank of Bombay and Bank of Madras in 1921 to form the Imperial bank of India which was converted as State Bank of India First got ISO: First India bank started solely with Indian capital investment is PNB () Founder of Punjab National Bank is Lala Lajpat Rai (RBI) was instituted in 1935 First governor of RBI: Mr.Osborne Smith First Indian Governor of RBI: Mr. C D Deshmukh First bank to introduce savings account in India: Presidency Bank in 1833 First bank to introduce cheque system in India: in 1833 First bank to introduce internet banking: ICICI bank First bank to introduce mutual fund: State Bank of India First bank to introduce credit card in India: of India Which cards are known as plastic money – Credit Cards. Open market operations are carried out by – RBI Capital market regulator is – SEBI Largest Commercial bank in India – State Bank of India The International Bank for Reconstruction and Development (IBRD) is known as – World Bank India’s First Financial Archive has been set up at – CRR, SLR, Repo Rate, Reverse Repo rate are decide by RBI Savings banks interest rates, fixed deposit interest rates, Loan Rates etc. are decided by individual banks The bank which has launched Mobile Bank Accounts in association with Vodafone’s m –paisa – HDFC Bank Minimum money transfer limit through RTGS: 2 Lakhs Maximum money transfer limit through RTGS: No Limit Minimum & Maximum money transfer limit through NEFT: No Limit NABARD was established in – July, 1982 Largest Public sector bank in India – SBI Largest Private sector bank in India – ICICI Bank Largest Foreign bank in India – Bank First Indian bank to open branch outside India i.e. London in 1946: Bank of India First RRB named Prathama Grameen Bank was started by: First Bank to introduce ATM in India: HSBC in1987, Mumbai Bank of Baroda has the maximum number of overseas branches SBI holds the second position with maximum number of overseas branches Premium credit cards exclusively for women launched recently by – HDFC bank Private Sector Bank that recently launched a product of Personal loan called “SWIFT” – HDFC The bank which approved loan of $500mn to help India improve Rail services – Asian Development Bank FDI limit for new banks – 49% FDI limit for private banks: 74%

3. Some Basic Economic Terms Interest Rate Swaps: An interest rate swap is the transfer of contractually agreed between two counterparties of their respective interest rate obligation. Interest rate swaps are commonly used as a means of converting fixed rate to floating rate debt and vice versa. Operating Ratio: A ratio that shows the efficiency of a company’s management by comparing operating expense to net sales. Calculated as Operation ratio = Operating expense/net sales Wholesale Price Index (WPI): WPI is taken into consideration while calculating the inflation. A change has recently been made in the WPI. Its present base year will be taken as 2004-05 earlier it was 1993-34. Base year mean (2004-05 = 100). Total articles taken into consideration will be 676 earlier these were 435.676 include 102 Primary Articles, 19 fuel & power, and 555 of Manufacturing Products. Earlier WPI was calculated on Weekly basis but now it is calculated on Monthly Basis. First time inflation was calculated in August 2010 (on new system). Consumer Price Index (CPI) : Most advanced nations base their policies on retail price inflation but India uses wholesale price inflation, CPI is largely a segmental and is superior to the WPI, CPI capture consumption price both at urban and rural centers, as in WPI 676 items are covered and base year is taken as – 2004-05 and for macroeconomic policies. Whereas in CPI 320 items are taken from (CPI-IW) CPI industrial workers and 260 items are taken from both CPR rural laborers and CPI agricultural laborers and the base year for calculation is taken as 2010. Coupon Rate: Specified interest rate on a fixed maturity security fixed at the time of issue. The coupon rate of a bond is the amount of interest paid per year as a percentage of the face value or principal. NRO (Non Resident Ordinary a/c) : In this account , a person cannot repatriate income without RBI approval but can remit Interest thereof. NRNR (Non Resident Non Repatriable A/c ) : Under this account Principal amount in not permissible to repartriate but interest can be. NRE (Non Resident External) : In this account Funds and interest both can be remitted without RBI permission. On NRE deposits the maximum ceiling is Libor rate + 175 basis points (Now there is no such Ceiling). NPA (Non Performing Assets) : Interest or Installment of Principal remains overdue for a period of more than 90 days in respect of a Term Loan/ overdraft/ Cash credit. Teaser Rate of Interest : This rate is typical low then the prevalent rate in the market. This is just to allure the customer. This rate is charged only for a little time. And after that it gradually touch the index rate or even more than that. This is a technique to attract customers. Appropriation Bill : It is presented to parliament for its approval, so that the government can withdraw from the Consolidated fund the amounts required for meeting the expenditure charged on the Consolidated Fund. No amount can be withdrawn from the Consolidated Fund till the Appropriation Bill is voted is enacted. Call Money: Itner Bank call market is a part of the domestic money market from where banks borrowed and lent for one day called as Money at call and for a period more than 1day & upto 14days is called Short notice or Notice money without any collateral security. Money lend for 15days or more is called Term money.Normally funds are borrowed for 1 day and upto 3 days on weekends just to balance the Cash Reserve Ratio. Nostro Account: When national bank is opened in foreign with currency is known as Nostro a/c. e.g. State bank india branch in USA. CIBIL {Credit Information Bureau (India) Limited} : An effective mechanism for exchange of information between banks and Financial Institutions for curbing the growth of NPAs. Currency War: This is the other form of Protectionism. In this the tendency of every nation is that the value of their currency should not appreciate. The big example of this is CHINA that is holding their currency since 2008. It could be a cause of future Trade war. Capital Budget: It consists of capital receipts and payments. It also incorporates transactions in the Public Account. It has two components Capital Receipts and Capital Expenditure.

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Repo Rate: Repo rate means a purchase and sale of agreement. It is a contract to buy securities and then sell them back at an agreed future date and price. It is thus revenue for short term investment of surplus funds. From RBI point of view it is called a short term lending and from banks point of view it is called short term borrowing. Reverse Repo rate : Reverse Repo Rate is an instrument of borrowing funds for a short period and involves selling a security and simultaneously agreeing to repurchase it at a stated future date for slightly higher price. From RBI point of view it is called a short term borrowing and from banks point of view it is called a short term lending. Group Company : As per RBI for the purpose of FDI, two or more enterprise which , directly or indirectly , are in position to exercise 26% or more of voting rights in other enterprise or appoint more than 50% of the members of the board of directors in the other enterprises. Branch Vs Subsidiary: A subsidiary is a separate legal entity from the parent company, although owned by parent company, has a same legal identity as its parent company , from liability , on the other hand branch is not a separate legal entity of the parent company and liability wise there is no limit to the parents company’s liability , RBI has permitted to Foreign Banks to change from Branch Mode to the Wholly Owned Subsidiaries. NFS (National Financial Switch): It facilitates interconnectivity between banks’ switches and interbank payment Gateway for authentication & routing the payment details of various E-commerce & E-Govt. activities (Retail Banking). Now NFS has been overtaken by NPCI (National Payment Corporation of India). SLR (Statutory Liquidity Ratio): This is a minimum Reserve which every bank has to maintain with itself in the most liquid form to meet any demand of the depositors. Normally Government securities are purchased to maintain SLR. Prime Lending Rate (PLR): The term originally indicates the rate of interest at which a bank lends to favored customers, i.e. those with high credibility, though this is no longer always the case. Some variable interest rates may be expressed as a percentage above or below prime rate. Sub Prime Rate: In India when money is lent below the PLR is known as Sub Prime Rate whereas in USA when money is lent at rate above the PLR is known as Sub Prime rate. Base Rate: As per recommendation of Mr. Deepak Mohanty of RBI to bring a complete transparency in Bank’s lending system, in Indian Banking system the loan were sanctioned to the large corporate houses even below the PLR and some time it were fixed very low without any justification. A Base rate recommends that no bank will lend any money below the base rate. With this there shall be no extra benefits to the large corporate houses. Base rate will be beneficial for the regulator RBI. Now all Banks will either lend at Base rate or will park money with RBI, under LAF system. Base rate has been implemented from 1st july, 2010. GDRs (Global Depository Receipts): It is a dollor denominated instrument, an easy way of raising funds from foreign countries. It is a mechanism that allows foreign investor to invest in Indian Companies. Represents a certain number of equity shares on Indian companies. GDRs are issued by depository usually American Banks & Indian shares are held by custodian in India (like ICICI). Traded in stock exchanges in Europe or in US or both. IPO (Initial Public Offer): 1st sale of stock by a company to the public .IPOs offer issued by smaller younger co. seeking the capital to extend. It can also be done by large company. FPO (Follow on Public Offer ) : A public company already listed on an exchange, a supplementary shares made by a company that is already publicly listed & has gone thru the IPO process, it is also called as secondary public offering subsequent to the company’s IPO. Zero Liability Protection: It is a bank guarantee. If your card is lost or stolen you may not be responsible for unauthorized purchases made with your card if you report the theft promptly. The Zero liability protection facility is free & automatically available on all bank consumer Credit Cards. Vostro Account: When a foreign Bank is opened in the India with Indian Currency is known as Vostro account e.g. Standard Chartered Bank in India. SWAPS: It is a transaction where the bank purchases or sells the foreign currency simultaneously, for different maturities, say purchases of spot and sale of forward or vice versa. Swap contracts obligate 2 parties to swap or exchange certain specified intervals. Swaps are not the instruments for raising funds rather they allow better management of existing funds.

5. Banks are of three types (1) Public Sector Banks (2) Private Sector Banks (3) Foreign Banks Under Public sector banks (1) Nationalized Banks (2) State Bank of India and their subsidiaries (3) Regional Rural Banks Important Details about Nationalized Banks in India Sl.NO Name of the Bank Chairman Head Office Year of Commencement 1 Shubhalakshmi Kolkata 1865 Panse 2 B.A. Prabhakara Hyderabad 20th November, 1923 3 Bank of Baroda S.S. Mundra Baroda 20th July, 1908 () 4 Bank of India V R Iyer Mumbai 7th September, 1906 5 Bank of Narendra Singh 1935 6 Canara Bank Rajiv Kishore Bangalore 1906 Dubey 7 Shri. Rajeev Rishi Mumbai 21 December, 1911 8 Shri S.R. Bansal 1906 9 Indian Bank T.M. Bhasin 1907 10 Shri M. Narendra Chennai February 10th, 1937 11 Oriental Bank of Shri S.L. Bansal New February 19th, Commerce 1943 12 Punjab National Bank Shri K.R Kamath 1895 13 Punjab & Sind Bank SH. Devinder New Delhi 1908 Singh 14 Syndicate Bank Shri Sudhir Kumar Mani pal 1925 Jain 15 UCO Bank Shri Arun Kaul Mumbai 6th January, 1943 16 Shri D. Sarkar Kolkata 11th November, 1919 17 Ms. Archana Kolkata 1950 Bhargava 18 Shri. H.S. Upendra Bangalore 1931 Kamath 19 IDBI bank Mr. M.S. Raghavan Mumbai July, 1964 20 Shri. Ashwani Mumbai 1938 Kumar 21 ECGC Shri N Shankar Mumbai 30th July, 1957 Important Details about State Bank of India and their Subsidiaries State Bank of India has 5 associate banks State Bank of Bikaner & Jaipur, , State Bank of Mysore, State Bank of Patiala and State Bank of Travancore. and State Bank of are merged into SBI. On October 7th, 2013 Arundhati Bhatacharya is appointed as the first lady chairperson for SBI.

Sl.NO Name of the Bank Chairman Head Office Year of Commencement 1 State Bank of India Arundhati Mumbai 1st July, 1955 Bhattacharya 2 State Bank of Pratip Hyderabad 8th August, 1941 Hyderabad Chaudhuri 3 State Bank of Pratip Bangalore 2nd October, 1913 Mysore Chaudhuri 4 State Bank of Patiala Pratip Patiala 1st April, 1960 Chaudhuri 5 State Bank of Pratip Jaipur 1963 Bikaner & Jaipur Chaudhuri 6 State Bank of Pratip Thiruvananthapuram 12th September, Travancore Chaudhuri 1945 7 State Bank of Merged into SBI on 13th August, 2013 Saurashtra 8 Merged into SBI on 2010

6. NABARD Important Banking Awareness Material for IBPS SBI PO CLERK

NABARD is an apex development bank in India established on 12 July, 1982 with an aim of providing services to rural India by increasing the credit flow for evaluation of agriculture & rural non form sectors. It was set up by the Reserve Bank of India (RBI) under the chairmanship of Shri B. Sivaraman. NABARD is a development bank for providing and regulating credit and other facilities for the promotion and development of cottages, small scale industries, development of agriculture, village industries, handicrafts and other rural crafts With a view of promoting rural development and securing rural areas, NABARD is entrusted with 1. Providing refinance to lending institutions in rural areas 2. Bringing about or promoting institutional development and 3. Evaluating, monitoring and inspecting the client banks RBI sold its stake in NABARD to the Government of India, which now holds 99% STAKE. NABARD is active in developing financial inclusion policy. Important Points about NABARD Head Quarters: Mumbai Established on: 12 July, 1982 Chairman: Dr. Harsh kumar Bhanwala NABARD completed its 25 years on 12 July, 2007 NABARD is active in developing Financial Inclusion It is India’s specialized bank developed by Shivaramans committee to provide credit in rural areas. It replaced the Agricultural Credit Department (ACD) and Rural Planning and Credit Cell (RPCC) of Reserve bank of India, and Agricultural Refinance and Development Corporation (ARDC). NABARD undertakes the monitoring and evolution of projects will be refinanced by it It provides training for the institutions working for the rural development. NABARD keeps a check on client institutions It regulates the cooperative banks and RRB’s It takes measures for improving credit delivery system, monitoring, schemes credit institutions, and training of personnel Helps the state governments in reaching their targets of providing assistance to eligible institutions in agriculture and rural development

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BANKING OMBUDSMAN Banking Ombudsman is a quasi judicial authority functioning under Banking Ombudsman Scheme 2006.It provides independent, expeditious and inexpensive forum to aggrieved/Un-satisfied Bank customers. RBI introduced this Scheme under powers granted U/s 35-A of Banking Regulation Act. Complaints are accepted only if they are made within one year after the complaint has received the reply from bank. Types of Complaints : 1. Non-payment or inordinate delay in the payment or collection of cheques, drafts ,bills etc. 2. Non-acceptance, without sufficient cause, of coins tendered and for charging of commission for this service. 3. Non-acceptance without sufficient cause of small denomination notes tendered for any purpose and for charging of commission for the service. 4. Failure to issue or delay in issue, of drafts pay orders or bankers cheque. 5. Non-adherence to prescribed working hours. 6. No payment or delay in payment of inward remittances. 7. Failure to honor guarantee or letter of credit commitments. 8. Failure to provide or delay in providing a banking facility promised in writing by a bank or its direct selling agents. 9. Delays, non-credit of proceeds to parties’accounts, non-payment of deposit or non-observance of the Reserve Bank directives, if any applicable to rate of interest on deposits in any savings, current or other account maintained with a bank. 10. Delays in receipts of export proceeds, handling of export bills, collection of bills etc. for exporters provided the said complaints pertain to the Banks operations in India. 11. Refusal to open deposit accounts without any valid reason for refusal. 12. Levying of charges without adequate prior notice to the customers. 13. Non-adherence by the bank or its subsidiaries to the instructions of Reserve Bank on ATM/debit card operations or credit card operations. 14. Non-disbursement or delay in disbursement of pension to the extent the grievance can be attributed to the action on the part of the Bank concerned but not with regard to its employees. 15. Refusal to accept or delay in accepting payment towards taxes, as required by Reserve Bank/Government. 16. Customers should have complained to the concerned Bank first and wait for one month. Complaint to Ombudsman can be writing or in electronic mode. Award : Ombudsman can give maximum award upto Rs.10 Lacs. Appeal : Any party can file appeal within 30 days on receiving appeal award or the Ombudsman rejecting his complaint to Appellate authority. If the appeal is the bank, it should be made with approval of CMD or ED or CEO only.

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E-Banking E- banking refers to electronic banking. It is like e-business in banking industry. E-banking is also called as virtual banking or online banking. E-banking is a Result of the growing expectations of bank customers. E-banking involves information technology based banking. Under this IT system the banking services are delivered by way of a computer-controlled system. This system involves direct interface with the customers. The customers need not to visit bank premises Popular services covered under E-banking 1. Automated teller machine

2. Credit card

3. Debit card

4. Smart card

5. Electronic funds Transfer system

6. Cheque truncation system

7. Mobile banking

8. Internet banking

9. Telephone banking

Automated teller machine ATM is designed to perform the most important function of bank. it is operated plastic card with its special features. The plastic card has replaced cheque Personal attendance of the customer banking hours restrictions and paper based verification. These are debit cards. An ATM is an electronic funds Transfer terminal capable of handling cash deposits Transfer between accounts balance enquires, cash withdrawals and pay bills. It may be online or Offline. Any customer processing ATM card issued by the shared payment network system can go to any ATM linked to shared payment networks and perform his transactions Credit card/ Debit card The Credit card holder is empowered to spend wherever and whenever he wants with his Credit card within the limits fixed by his bank. Credit card is a post paid card. Debit card considered as a prepaid card with usage facility limited to the balance in the linked deposit account of the cardholder. An individual has to open an account with the issuing bank which gives debit card with a Personal identification number. When he makes purchases he enters his pin on shops pin pad. When the card is slurped through the electronic terminal it dials the acquiring bank system -either master card or VISA that validates the pin and finds out can never overspend because the system rejects any transactions which exceeds the balance in his account. The bank never faces a default because the amount spent is debited immediately from the customers account. Smart card Banks are adding chips to their current magnetic stripe cards in order to enhance security and offer new services that are called smart cards. Smart cards allow Thousands of times of information storable on magnetic stripe cards. In addition these cards are highly secure, more reliable and perform multiple functions. They hold a large amount of Personal information ranging from medical and health history to Personal banking and personal preferences. Services of E-banking E-banking provides a multitude of services that are as follows 1. Bill payment service E-banking facilitates the payment of electricity bills, telephone bills, Credit card, and insurance premium bills. And the bank does not charge customers for online payments 2. Fund Transfer You can Transfer any amount from one account to another of the same or any another bank. Customers can send money anywhere in India. 3. Credit card customers With internet banking customers cannot only pay their credit card bills online but also get a loan on their cards. In case of loss of the credit card an online reporting can be done. 4. Investing through internet banking Now, FD can be opened on line through funds Transfer and investors with interlinked demit account and bank account can easily trade in the stock market. 5. Recharging prepaid mobile By just selecting the operator name entering the mobile number and the amount of Recharge the mobile phones can be back in action within few minutes. 6. RTGS fund Transfer RTGS is an inter Bank funds Transfer system. Where are Transferred as end when the transactions are tiggered. 7. Shopping Online Shopping can also be done with a range of all kind of products. Railway and air tickets can be bought through the internet banking. 8. Online payment of taxes. A customer can pay various taxes on line including excise and service tax direct tax etc. Electronic funds Transfer Electronic funds Transfer provides for electronic payments and collections. EFT is safe secure, efficient and less expensive than paper check payments and collections . RBI EFT is a scheme introduced by RBI to help banks offering their customers money Transfer service from account to account to any branch to any other bank branch in places where services are offered. Internet banking Through internet banking you can check your transactions at any time of the day and as many times as you want to. Where as in a traditional method you get quarterly statements from the bank. If the fund Transfer has to be demand outstation where the bank does not have a branch the bank would demand outstation charges. Whereas with the help of online banking. Mobile banking transactions Now banks have started offering mobile banking and telemarking to their customers. The expansion in the use and geographical reach of mobile phones has created new opportunities for banks to use this mode for banking transactions and also provide an opportunity to expand banking facilities to the excluded sections of the society.

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Financial Inclusion Financial inclusion or inclusive Financing is the delivery of financial service at affordable costs to sections of disadvantaged and low income segments of society. Or we can say that financial inclusion may be defined as the process of ensuring access to Financial inclusion in timely and adequate Credit when needed by vulnerable groups such as weaker sections and low income groups at an affordable cost. Unrestrained access to public goods and services is the sine qua of an open and efficient society. It is argued that as banking services are in the nature of public good it is essential that availability of banking services and payment services to the nature of public good it is essential that availability of banking and payment services to the entire population without discrimination should be the prime objective of public policy. the term Financial inclusion has gained importance since the early 2000s and is a Result of findings about Financial inclusion and it direct correlation to poverty. Financial inclusion is now a common objective for many central banks among the Developing nations

Financial inclusion offers people the following things…… 1. Access to Financial markets 2. Access to Credit markets 3. Financial literacy Objectives of Financial inclusion 1. Access at a reasonable cost for all house holds and enterprises to the range of Financial services for which they bankable including savings , short and long term credit , leasing and factoring , mortgages , insurance , pensions, payment , local money Transfers and international remittances. 2. Sound institutions guided by appropriate internal management systems, industry performance standards and performance monitoring by the market as well as sound prudential regulation wherever required. 3. Financial and institutional sustainability as a means of providing access to Financial services over time. 4. Multiple provides of Financial services wherever feasible so as to bring cost effective and a wide variety of alternatives to customers Financially excluded sections largely comprise of the following activities…. 1. Marginal farmers 2. Landless laborers 3. Oral lessees 4. Self Employed and unorganized sector enterprises 5. Urban slum dwellers 6. Migrants 7. Ethnic minorities and society excluded groups 8. Senior citizens 9. Women The north east eastern and central regions of India contain most of the Financially excluded population…. Benefits of inclusive financial growth The benefits of inclusive financial growth can be described 1. Growth with equity:- In the path of becoming super power we the Indians need to achieve the growth of our country with equality. It is provided by inclusive finance. 2. Getting rid of poverty:- To remove poverty from the Indian context everybody will have to be given access to formal Financial services . Because if they borrow loans for business or Education or any other purpose then that will pave the way for their Development. 3. Financial transactions made easy:- Inclusive finance will provide banking related Financial transactions in an easy and speedy way. 4. Safe savings along with Financial services:- People will have safe savings along with other allied services like insurance cover, entrepreneurial loans payment and settlement facility etc. 5. Increasing National income:- boosting business opportunities will definitely increase GDP that will be reflected in our National income growth. 6. Becoming global player:- Financial access will attract global market players to our country that would Result in increased Employment and business oppurtunities.

10. Some Financial Institutions Introduction

Securities Exchange Board of India (SEBI): It is regulatory authority of stock exchanges and protects investors from Fraudulent dealings. It was established in April 1988 and awarded statutory status by Act of parliament in 1992. Chairman: UK Sinha Head quarters : Mumbai Insurance Regulatory & Development Authority (IRDA) : It is apex body formed under Sec.4 of IRDA Act 1999 to protect the interests of the policyholders to regulate promote and ensure orderly growth of the insurance industry in India Financial Stability & Development Council : This is the apex financial regulator of our country. Headed by Finance Minister, it coordinates and regulates to four financial regulators of the country i.e. RBI,SEBI,IRDA and PFRDA to ensure that all of them operate and function in harmony to promote the growth and stability of Indian Economy. Indian Banks Association (IBA) : It is the official association of all the banks operating in India. It acts as a bridge between banks on one hand and government and staff unions on the other. Presetly Mr. K.R. Kamath, CMD of Punjab National Bank is Chairman of IBA.