Key laws governing Indian banking: 1. Reserve Bank of India Act, 1934: Allows RBI to set up RBI control over the direction of a monetary policy, exercises powers to supervising the direction of banks and keep aproper check on monetary operation hence making it a central authority. 2. Banking RegulatRead more
Key laws governing Indian banking:
1. Reserve Bank of India Act, 1934:
Allows RBI to set up RBI control over the direction of a monetary policy, exercises powers to supervising the direction of banks and keep aproper check on monetary operation hence making it a central authority.
2. Banking Regulation Act 1949:
It provides direction on issues to do with licensing of banks, capital, structure and management and operations, including aspects on mergers and acquisitions.
3. Prevention of Money Laundering Act, 2002:
The Act strictly compels banks to adhere to AML and KYC standards besides closely observing transactions which they find suspicious;vi and reporting such transactions to the Financial Intelligence Unit-India (FIU-IND).
4. Basel III Norms:
The implementation of international standards is achieved when RBI asks the banks to maintain specific capital and liquidity ratio that would eventually minimize the probability of the spread of systemic risk and boost resilience.
5. Insolvency and Bankruptcy Code (IBC), 2016:
There has been also clear working out of mechanism for recovery of credits which also help in default resolution of banks and has also ensured strict compliance of credit discipline of the borrowers.
6. Negotiable Instruments Act, 1881:
Deals with safe, transparent and courteous way at the back office management of financial instruments such as cheque, bearer cheque, bill and bearer bill and helps to ensure integrity of electronic transactions.
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To become a $10 trillion economy, India must focus on the following key factors: Infrastructure Development: Investing in and upgrading infrastructure is crucial for economic growth. This includes improving transportation networks (roads, railways, airports), expanding digital infrastructure, and enRead more
To become a $10 trillion economy, India must focus on the following key factors:
- Infrastructure Development: Investing in and upgrading infrastructure is crucial for economic growth. This includes improving transportation networks (roads, railways, airports), expanding digital infrastructure, and ensuring reliable power and water supply. Enhanced infrastructure boosts productivity, reduces costs, and attracts both domestic and foreign investments, driving overall economic progress.
- Human Capital Enhancement: Strengthening the quality of education and healthcare systems is essential to build a skilled and healthy workforce. Fostering innovation and research through better educational institutions and vocational training programs can enhance productivity and creativity. Additionally, ensuring access to quality healthcare improves the workforce’s overall well-being and efficiency, contributing significantly to sustained economic growth.
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