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Indian Financial System : Evolution and Present Structure
By Niti Bhasin

First Published : 2014
ISBN : 9788177083927
Pages : 594
Binding : Hardbound
Size : 7 x 9
Price : US$ 147
ABOUT THE BOOK

Finance is the pivot around which a modern economy revolves. The financial system promotes savings by providing a wide variety of financial assets to the general public. Savings collected from the household sector are pooled together and allocated to various sectors of the economy for raising production levels. If the allocation of credit is judicious and socially equitable, it can help achieve the twin objectives of growth and social justice.

The present book explains and examines at length the changes which have swept India’s financial sector since Independence in 1947, with focus on post-1991 period. The book contains 36 chapters organized into 4 theme parts.

Part I, consisting of 6 chapters, deals with the history, reforms and regulation of financial sector in India.

Part II, containing 17 chapters, explains and examines the functioning of various types of financial institutions in India. Financial institutions covered include: commercial banks, regional rural banks (RRBs), urban co-operative banks (UCBs), rural co-operative credit institutions, development finance institutions (DFIs), non-banking financial companies (NBFCs), mutual funds, pension funds and insurance organisations.

Part III, comprising 9 chapters, is devoted to financial markets in India. It focuses on the reforms measures introduced in money market, government securities market, capital market, corporate debt market and foreign exchange market. It also dwells on payment systems, clearing and settlement infrastructure. Integration of financial markets is also discussed.  

Part IV, consisting of 4 chapters, covers financial instruments, particularly the emergence of derivative instruments in India.

The book is designed to interest a cross-section of readers, viz. teachers and students of economics, commerce, law, public administration, business management, chartered accountancy and company secretaryship. It will also serve the needs of legislators, business executives, entrepreneurs and investors, and others interested in financial sector developments in India.


CONTENTS
     
Part I: Financial System: History, Reforms and Regulation
 
1. Financial System: Emerging Paradigm
1.1 Meaning, Importance and Functions of Financial System
1.2. From Financial Neutrality to Financial Activism
1.3 From Financial Volatility to Financial Stability
1.4 Role of the Government in Financial Development
1.5 Determinants of Access to Financial Services
1.6 Regulation and Supervision of Financial System
1.7 Financial Globalisation
 
2. Pre- and Post-Independence (1947-1990) Financial System
2.1 Pre-Independence Financial System
2.2 State Domination of the Financial Sector (1947-1990)
2.3 Rethinking on State Domination of Financial Sector
 
3. Financial Sector Reforms since 1991
3.1 From Financial Repression to Financial Liberalisation
3.2 India’s Approach to Financial Sector Reforms
3.3 Strategy of Financial Sector Reforms
3.4 International Security Standards
3.5 Migration to Basel II Norms
3.6 Accounting and Auditing Standards
3.7 Technological Solutions for Financial Services
3.8 Legal Reforms for Strengthening Financial Sector
3.9 High Level Committee on Financial Sector Reforms, 2008
3.10 Committee on Financial Sector Assessment (CFSA), 2009
3.11 Financial Stability and Development Council (FSDC)
3.12 Financial Action Task Force (FATF)
3.13 Global Financial Crisis and India’s Financial Sector
3.14 Achievements of Financial Sector Reforms and Areas of Concern
 
4. Financial Regulators in India
4.1 Ministry of Finance, Government of India
4.2 Reserve Bank of India (RBI)
4.3 Ministry of Corporate Affairs
4.4 Securities and Exchange Board of India (SEBI)
4.5 Pension Fund Regulatory and Development Authority (PFRDA)
4.6 Insurance Regulatory and Development Authority (IRDA)
4.7 Monitoring Framework for Financial Conglomerates (FCs)
 
5. Financial Inclusion Policies and Initiatives
5.1 Origins of the Current Approach to Financial Inclusion
5.2 Financial Exclusion and Financial Inclusion Defined
5.3 Advantages of Financial Inclusion
5.4 Strategy for Building an Inclusive Financial Sector
5.5 RBI Measures for Financial Inclusion
5.6 Financial Inclusions Measures by NABARD
5.7 Committee on Financial Inclusion
5.8 Role of Technology in Financial Inclusion
5.9 Measuring and Monitoring of Financial Inclusion Impact
5.10 Barriers to Extension of Financial Services
 
6. Micro Finance and Self-help Groups (SHGs)
6.1 Micro Finance
6.2 Self-help Groups (SHGs)
 
Part II: Financial Institutions in India
 
7. Classification, Regulation and Supervision of Financial Institutions in India
7.1 Classification of Financial Institutions in India
7.2 Regulation and Supervision of Financial Institutions in India
 
8. Commercial Banks: Pre- and Post-Independence History and Developments
8.1 Pre-Independence Period
8.2 Post-Independence Period
 
9. Commercial Banks: Legal Framework, Ownership and Governance
9.1 Meaning and Importance of Commercial Banks
9.2 Functions and Balance Sheet of a Commercial Bank
9.3 Classification of Commercial Banks in India
9.4 Legal Framework for Banking Sector in India
9.5 Ownership and Governance of Commercial Banks in India
9.6 Deposit Insurance System
 
10. Commercial Banks: Credit Allocation Policies
10.1 Credit Market Reforms
10.2 Flow of Credit to Agriculture and Allied Activities
10.3 Credit Flow to Micro, Small, and Medium Enterprises (MSMEs)
10.4 Credit to Export Sector
10.5 Expert Group on Credit-Deposit Ratio, 2005
 
11. Commercial Banks: Prudential Regulatory Framework and Supervision
11.1 Need for Regulation and Supervision
11.2 Regulatory and Supervisory Policy during the 1950s
11.3 Regulatory and Supervisory Policy during the 1960s
11.4 Nationalisation of Banks and Shift in Regulatory Focus (1970s)
11.5 Regulatory and Supervisory Policy during the 1980s
11.6 Regulation/Supervision since 1991 (Post-liberalisation Period)
11.7 On-site Supervision
11.8 Off-site Monitoring and Surveillance
11.9 Risk Based Supervision (RBS)
11.10 Supervision of Financial Conglomerates
11.11 Board for Financial Supervision
11.12 Income Recognition, Asset Classification and Provisioning
11.13 Mergers and Amalgamation of Banks
11.14 Exposure Norms
11.15 Transparency and Disclosures
11.16 Securitisation of Standard Assets
11.17 Anti-money Laundering Guidelines
11.18 Credit Information Bureau of India Ltd. (CIBIL)
11.19 Other Components of Regulation and Supervision
11.20 Compliance Function
 
12. Commercial Banks: Migration to Basel Norms
12.1 Introduction
12.2 Basel I Norms
12.3 Basel II Norms
12.4 Implementation of Basel Norms in India
12.5 Basel III Norms in India: Capital Regulations
 
13. Commercial Banks: Management of Non-performing Assets (NPAs)
13.1 Securitisation, Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002
13.2 Corporate Debt Restructuring
13.3 Debt Recovery Tribunals
13.4 Lok Adalats (People’s Courts)
 
14. Commercial Banks: Customer Care and Services
14.1 Committee on Procedures and Performance Audit of Public Services (CPPAPS)
14.2 Settlement of Claims of Deceased Depositors
14.3 Shifting of Branches/Offices in Public Interest
14.4 Technological Channels for the Delivery of Financial Services
14.5 Other Customer Services
 
15. Foreign Banks in India
15.1 Role of Foreign Banks
15.2 Advantages and Disadvantages of Foreign Banks
15.3 Road Map for Foreign Banks in India
 
16. Regional Rural Banks (RRBs)
16.1 Nature and Objectives of RRBs
16.2 Amalgamation of RRBS
16.3 Autonomy for RRBs
16.4 RRBs as Vehicles of Financial Inclusion
16.5 Factors Influencing the Performance of RRBs
16.6 Restructuring of RRBs
16.7 Manpower Challenges of RRBs
16.8 Computerisation in RRBs
 
17. Urban Co-operative Banks (UCBs)
17.1 Importance of UCBs
17.2 Vision Document and Medium-Term Framework (MTF) for UCBs
17.3 Regulation and Supervision of UCBs: Strengthening Measures
17.4 Mergers/Amalgamations of UCBs
17.5 Relaxation of Investment Portfolios of UCBs
17.6 Restructuring of Scheduled UCBs with Negative Net Worth
17.7 Problem of Dual Control in Co-operative Banking
17.8 IT Support for Urban Co-operative Banks (UCBs)
17.9 Working Group on Umbrella Organization and Revival Fund for Urban Co-operative Banks
 
18. Rural Co-operative Credit Institutions
18.1 Credit Needs of the Indian Farmers
18.2 Sources of Credit for the Farmers
18.3 Co-operative Credit Societies
18.4 Co-operative Banks
18.5 Rural Co-operatives
18.6 Rural Co-operatives: History and Recent Policy Measures
18.7 Primary Agricultural Credit Societies (PACS)
18.8 Problems of Rural Co-operatives
18.9 Task Force on Revival of Rural Co-operative Credit Institutions
18.10 NABARD and the Co-operative Sector
18.11 Advisory Committee on the Flow of Credit to Agriculture and Related Activities from the Banking System (Chairman: V.S. Vyas), 2004
18.12 Expert Group on Investment Credit in Agriculture, 2005
18.13 Working Group on Warehouse Receipts and Commodity Futures, 2005
18.14 Regulatory Framework and Supervision
18.15 Problem of Triangular Regulation of Rural Co-operatives
18.16 Agricultural Credit: Recent Policy Announcements
 
19. Development Finance Institutions (DFIs)
19.1 Introduction
19.2 All-India Financial Institutions (AIFIs)
19.3 State Level Institutions
19.4 Regulation and Supervision of Financial Institutions
19.5 DFIs: The Changed Scenario
19.6 Recent Policy Initiatives Regarding DFIs
19.7 Working Group for Harmonising the Role and Operations of Development Finance Institutions and Banks, 1998
 
20. Non-banking Financial Companies (NBFCs)
20.1 Classification of NBFCs
20.2 Regulatory Responsibility of Non-banking Financial Companies (NBFCs)
20.3 Importance of NBFCs
20.4 Regulation and Supervision of NBFCs
20.5 Reserve Bank of India (Amendment) Act, 1997
20.6 Task Force on Non-banking Finance Companies, 1998
20.7 Committee for Redesigning Balance Sheet Format for NBFCs, 1999
20.8 Supervisory Framework for NBFCs
20.9 Regulations over NBFCs Accepting Public Deposits
20.10 Residual Non-banking Companies (RNBCs)
20.11 Mutual Benefit Financial Companies
20.12 Miscellaneous Non-Banking Companies (MNBCs): Chit Fund Companies
20.13 Guidelines for Mergers/Amalgamations
20.14 NBFCs in Insurance Business
20.15 Know Your Customer (KYC) Guidelines and Anti-Money Laundering Standards
20.16 Policy Initiatives Regarding NBFCs in Recent Years
20.17 Regulation and Supervision of NBFCs in Selected Countries
 
21. Mutual Funds
21.1 Legal and Regulatory Framework
21.2 History of Mutual Funds
21.3 Features of Mutual Fund Industry in India
21.4 Problems of Mutual Funds
21.5 Mutual Funds and the Stock Market
 
22. Pension Funds
22.1 New Pension System (NPS)
22.2 Pension Fund Regulatory and Development Authority (PFRDA)
 
23. Insurance Organisations
23.1 Nationalisation of Insurance Business in India after Independence
23.2 Weaknesses of Insurance Industry Prior to Reforms of Late 1990s
23.3 Committee on Reforms in Insurance Sector, 1994
23.4 Indian Insurance Business: From State Monopoly to Competition
23.5 Insurance Regulatory and Development Authority (IRDA)
23.6 Post-liberalisation Developments in Insurance Business
23.7 FDI in the Insurance Sector
 
Part III: Financial Markets in India
 
24. Financial Markets: Importance and Reforms
24.1 Importance of Financial Markets
24.2 Regulation and Supervision of Financial Markets in India
24.3 Financial Markets and Monetary Policy of the RBI
24.4 Financial Market Reforms in India
 
25. Money Market
25.1 Meaning and Functions of Money Market
25.2 Reserve Bank of India (RBI) and the Money Market
25.3 Evolution of Money Market in India
25.4 Developments in the Money Market since 1991
25.5 Components-wise Analysis of Money Market in India
25.6 Report of the Technical Group on Money Market
25.7 Areas of Concern
 
26. Government Securities Market
26.1 Meaning of Securities and Government Securities
26.2 Importance of Government Securities Market
26.3 Government Securities Market: Legal Framework and Role of the RBI
26.4 Mandated Investments in Government Securities: Categories of Investors
26.5 Evolution of Government Securities Market
26.6 Post-1991 Measures to Promote Government Securities Market
26.7 Fiscal Responsibility and Budget Management (FRBM) Act, 2003
26.8 Technical Group on Central Government Securities Market, 2005
26.9 Measures to Strengthen Primary Market
26.10 Measures to Strengthen Secondary Market
26.11 Diversification of Instruments
26.12 Transparency
26.13 Technological Infrastructure for Government Securities Market
26.14 Separation of Debt Management from Monetary Management
 
27. Capital Market
27.1 Meaning and Importance of Capital Market
27.2 Capital Market in the Pre-reforms (i.e. Pre-1991) Period
27.3 Establishment of Securities and Exchange Board of India (SEBI)
27.4 Capital Market Reforms since 1991
27.5 Modernisation of Stock Exchanges
27.6 Depository System, Dematerialisation (Demat) and Rematerialisation
27.7 National Securities Depository Ltd. (NSDL)
27.8 National Securities Clearing Corporation Ltd. (NSCCL)
27.9 Introduction of Free Pricing
27.10 Strengthening of Disclosure Norms
27.11 Transparency and Efficiency
27.12 Shortening of Settlement Cycle
27.13 Growth of Service Providers
27.14 Protection of Investors
27.15 Cross Border Portfolio Investment Flows
 
28. Corporate Debt Market
28.1 Significance of the Corporate Debt Market
28.2 Lessons from East Asian Crisis
28.3 Corporate Debt Market in India
28.4 Reasons for Slow Growth of Corporate Debt Market
28.5 High Level Expert Committee on Corporate Debt and Securitisation
28.6 Development of Corporate Bond Market in Select Countries
 
29. Foreign Exchange Market
29.1 Pre-Independence Period
29.2 Post-Independence Period
29.3 Post-reforms Period (1991 onward)
29.4 Present Structure of Foreign Exchange Market
29.5 Sources of Supply and Demand of Foreign Exchange
29.6 Foreign Exchange Exposure Norms of Commercial Banks
29.7 Foreign Exchange Reserves
 
30. Payment Systems, Clearing and Settlement Infrastructure
30.1 Importance of a Sound Payment and Settlement System
30.2 Segments of Payment System
30.3 Large Value Payment Systems
30.4 Retail Payment Systems
30.5 Reforms Pertaining to Clearing and Settlement
30.6 Central Counterparties
30.7 Government Securities Settlement System
30.8 Role of RBI in Payment and Settlement System
 
31. Integration of Financial Markets
31.1 Integration of Financial Markets: Conceptual Framework
31.2 Need for Integration of Domestic Financial Markets
31.3 Measures Taken for Integration of Financial Markets in India
31.4 Segment-wise Integration
31.5 Regional Financial Integration (Asia)
31.6 International Financial Integration
 
32. Credit Rating Practices
 
Part IV: Financial Instruments
 
33. Principal Direct Financial Instruments of the Capital Market
33.1 Ordinary Shares
33.2 Preference Shares
33.3 Debentures
33.4 Types of Orders
 
34. Financial Derivatives: An Introduction
34.1 Emergence of Complex Financial Products
34.2 Meaning of Derivatives
34.3 Reasons for the Popularity of Derivatives
34.4 Variants (or Types) of Derivative Contracts
34.5 Participants in the Derivatives Market
34.6 Economic Role of Derivatives
34.7 History of Derivatives
34.8 International Experience of Derivatives
 
35. Forwards, Futures and Options
35.1 Forwards/Forward Contracts
35.2 Futures/Future Contracts
35.3 Options
35.4 Currency Futures
35.5 Forward Markets Commission (FMC)
 
36. Derivative Instruments in India
36.1 L.C. Gupta Committee on Derivatives Trading in India
36.2 Amendment of Securities Contract Regulation Act (SCRA)
36.3 Measures to Protect the Rights of Investors in the Derivatives Market
36.4 Recent Developments in the Derivatives Market
36.5 Credit Derivatives
36.6 Credit Derivatives in India
36.7 Asset Securitisation
36.8 Traders and Trading System of Derivatives
36.9 Clearing and Settlement System for Financial Derivatives
 
Bibliography

Index


ABOUT THE AUTHOR
     

Dr. (Mrs.) Niti Bhasin is presently Assistant Professor in the Department of Commerce, Delhi School of Economics (DSE), University of Delhi, Delhi. She did her B.Com. (Hons.) and M.Com. from University of Delhi. Thereafter, she obtained her M.Phil. and Ph.D. degrees from the Department of Commerce, Delhi School of Economics, University of Delhi. She has so far written 8 books including, Foreign Direct Investment (FDI) in India: Policies, Conditions and Procedures and Banking Developments in India, 1947 to 2007. She has contributed articles on finance-related topics in national and international journals of repute including Foreign Trade Review (New Delhi) and Tax National (Malaysia). She also taught for about 4 years at Shri Ram College of Commerce (SRCC), University of Delhi. Her areas of specialisation include international business, foreign investment, finance and taxation.


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