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Seventy Years of Banking System in India : 1947-48 to 2016-17
By Niti Bhasin

First Published : 2016
ISBN : 9788177084337
Pages : 370
Binding : Hardbound
Size : 7 x 9
Price : US$ 114
ABOUT THE BOOK

Financial institutions are at the heart of an economic system. A modern economy, characterised by acute specialisation and exchange, is unthinkable without financial intermediaries. India has a long and chequered history of financial intermediation, particularly commercial banking.

Soon after Independence in 1947, Government of India followed a policy of social control of important financial institutions. The nationalisation of the Reserve Bank of India (RBI) in 1948 marked the beginning of this policy. This was followed by the takeover of the then Imperial Bank of India in 1956 which was rechristened as State Bank of India. In another significant development, Government nationalised 14 major commercial banks in 1969. In 1980, 6 more commercial banks were nationalised and brought under public ownership. Thus, till the initiation of economic reforms in early 1990s, banking business in India was a near-monopoly of the Government of India.

Setting up of regional rural banks (RRBs) in the mid-1970s was a major initiative to meet credit requirements of the rural people. The co-operative banking system forms an integral part of the Indian financial system. It comprises urban co-operative banks and rural co-operative credit institutions. Urban co-operative banks (UCBs) have a single-tier structure whereas rural co-operatives have a two- or three-tier structure. On November 27, 2014, the RBI released the final guidelines for a new category of banks called payments bank. Bank-related financial intermediaries in India include development finance institutions (DFIs), non-banking financial companies (NBFCs), mutual funds, pension funds and insurance organizations.

As a result of state domination, India’s banking system till the early 1990s was characterised by barriers to entry, control over pricing of financial assets, high transaction costs and restrictions on movement of funds from one market segment to another. It was in this backdrop that wide-ranging banking sector reforms were introduced as an integral part of the economic reforms programme started in 1991. These reforms have paved the way for integration among various segments of the financial system. It is widely accepted that reduction/removal of financial repression has enhanced the efficiency and potential growth of the banking sector in India.

Banking sector has been a major beneficiary of the inroads made by information technology (IT). Banking services and products being delivered through electronic channels include e-banking, internet banking, mobile banking, automated teller machines (ATMs), and satellite banking. Banks are also offering payment services on behalf of their customers who shop in different e-shops, e-malls etc.

Banking sector reforms have supported the transition of the Indian economy to a higher growth path, while significantly improving the stability of the financial system. In comparison to the pre-reforms period, the Indian banking system today is more stable and efficient.

The present book explains and examines at length the changes which have swept India’s banking sector since Independence in 1947, with focus on post-1991 period. 


CONTENTS
     
Part I: Financial System and Institutions
 
1. Indian Financial System: An Overview
1.1 Importance of Financial System
1.2 Role of the Government in Financial Development
1.3 Financial Globalisation
1.4 Pre-Independence Financial System
1.5 Post-Independence (1947 to 1990) Financial System
1.6 Rethinking on State Domination of Financial Sector
1.7 Financial Institutions in India
1.8 Financial Markets
1.9 Direct and Derivative Financial Instruments
1.10 Financial Sector Reforms (1991 to 2016)
1.11 Financial Inclusion
1.12 Micro Finance and Self-help Groups (SHGs)
1.13 Financial Regulators in India
1.14 Technological Solutions for Financial Services
 
2. Classification, Regulation and Supervision of Financial Institutions in India
2.1 Classification of Financial Institutions in India
2.2 Regulation and Supervision of Financial Institutions in India
2.3 Foreign Direct Investment (FDI) in Financial Services
 
Part II: Reserve Bank of India (RBI)
 
3. Reserve Bank of India: History and Functions
3.1 Establishment and Early History of RBI
3.2 Pre-Independence Activities of RBI
3.3 Functions of RBI
3.4 RBI as Institution Builder
3.5 Independence and Accountability of the RBI
 
4. Reserve Bank of India: Monetary Policy and Liquidity Management
4.1 Measures of Money Supply in India
4.2 Monetary Policy Objectives
4.3 Monetary Transmission Mechanism
4.4 Monetary Policy-Fiscal Policy Interface in India
4.5 Changing Role of RBI in the Financial Sector
4.6 RBI’s Consultative Process in Policy Formulation
4.7 Liquidity Adjustment Facility (LAF)
4.8 Global Financial Crisis and the RBI
 
5. Reserve Bank of India: Post-Independence Review of Role and Responsibilities
5.1 Partition, Disruption and Devaluation
5.2 Nationalisation of RBI in 1949
5.3 Five Year Plans and the RBI
5.4 Nationalisation of Banks in 1969 and 1980
5.5 Chakravarty Committee and Monetary Policy Initiatives during the 1980s
5.6 Post-1991 Reforms and Responsibilities of RBI
5.7 Financial Sector Technology Vision Document
 
Part III: Commercial Banks, Regional Rural Banks (RRBs), Payment Banks and Foreign Banks
 
6. Commercial Banks: Pre-Independence History
6.1 Presidency Banks
6.2 Paper Currency Act, 1861
6.3 Banking Crisis, 1913
6.4 Reserve Bank of India Act, 1934
6.5 Indian Companies (Amendment) Act, 1936
6.6 Bank Failures and Remedial Measures
6.7 Regulation and Supervision
 
7. Commercial Banks: Post-Independence History and Developments
7.1 Phase I: Early Years of Independence (1947-69)
7.2 Phase II: From Nationalisation of Banks till Initiation of Banking Sector Reforms (1969-91)
7.3 Phase III: Banking Sector Reforms since 1991
7.4 Challenges for the Banking Sector
 
8. Commercial Banks: Legal Framework, Ownership and Governance
8.1 Meaning and Importance of Commercial Banks
8.2 Functions and Balance Sheet of a Commercial Bank
8.3 Classification of Commercial Banks in India
8.4 Legal Framework for Banking Sector in India
8.5 Ownership and Governance of Commercial Banks in India
8.6 Deposit Insurance System
 
9. Commercial Banks: Credit Allocation Policies
9.1 Allocation of Credit
9.2 Priority Sector Lending
9.3 Credit Market Reforms
9.4 Flow of Credit to Agriculture and Allied Activities
9.5 Credit Flow to Micro, Small, and Medium Enterprises (MSMEs)
9.6 Credit to Export Sector
9.7 Expert Group on Credit-Deposit Ratio, 2005
 
10. Commercial Banks: Prudential Regulatory Framework and Supervision
10.1 Need for Regulation and Supervision
10.2 Regulatory and Supervisory Policy during the 1950s
10.3 Regulatory and Supervisory Policy during the 1960s
10.4 Nationalisation of Banks and Shift in Regulatory Focus (1970s)
10.5 Regulatory and Supervisory Policy during the 1980s
10.6 Regulation/Supervision since 1991 (Post-liberalisation Period)
10.7 On-site Supervision
10.8 Off-site Monitoring and Surveillance
10.9 Risk Based Supervision (RBS)
10.10 Supervision of Financial Conglomerates
10.11 Board for Financial Supervision
10.12 Income Recognition, Asset Classification and Provisioning
10.13 Mergers and Amalgamation of Banks
10.14 Exposure Norms
10.15 Transparency and Disclosures
10.16 Securitisation of Standard Assets
10.17 Anti-money Laundering Guidelines
10.18 Credit Information Bureau of India Ltd. (CIBIL)
10.19 Other Components of Regulation and Supervision
10.20 Compliance Function
 
11. Commercial Banks: Migration to Basel Norms
11.1 Introduction
11.2 Basel I Norms
11.3 Basel II Norms
11.4 Implementation of Basel Norms in India
11.5 Basel III Norms in India: Capital Regulations
 
12. Commercial Banks: Management of Non-performing Assets (NPAs)
12.1 Securitisation, Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002
12.2 Corporate Debt Restructuring
12.3 Debt Recovery Tribunals
12.4 Lok Adalats (People’s Courts)
 
13. Commercial Banks: Customer Care and Services
13.1 Committee on Procedures and Performance Audit of Public Services (CPPAPS)
13.2 Settlement of Claims of Deceased Depositors
13.3 Shifting of Branches/Offices in Public Interest
13.4 Technological Channels for the Delivery of Financial Services
13.5 Other Customer Services
 
14. Regional Rural Banks (RRBs)
14.1 Nature and Objectives of RRBs
14.2 Amalgamation of RRBs
14.3 Autonomy for RRBs
14.4 RRBs as Vehicles of Financial Inclusion
14.5 Factors Influencing the Performance of RRBs
14.6 Restructuring of RRBs
14.7 Manpower Challenges of RRBs
14.8 Computerisation in RRBs
 
15. Payment Banks
15.1 Pre-paid Instrument (PPI) Providers
15.2 Payment Banks: Background
15.3 Guidelines for Licensing of Payment Banks
 
16. Foreign Banks in India
16.1 Role of Foreign Banks
16.2 Advantages and Disadvantages of Foreign Banks
16.3 Road Map for Foreign Banks in India
 
Part IV: Urban and Rural Co-operative Banks
 
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, 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
 
Part V: Bank-related Financial Institutions
 
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 DFIs
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 National 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 VI: Digital Technology in Banking Sector
 
24. Internet Banking
24.1 Internet Banking and Electronic Banking
24.2 Levels of Banking Services Offered through Internet
24.3 Distinctive Features of Internet Banking
24.4 Advantages of Internet Banking
24.5 Areas of Concern
24.6 Internet Banking Risks
24.7 Security and Privacy Risks of Internet Banking
24.8 Internet Banking in India
24.9 Internet Banking and the Reserve Bank of India
 
25. Mobile Banking
25.1 Introduction
25.2 Mobile Banking: Regulatory Framework
25.3 Various Channels for Mobile Banking
25.4 Challenges Faced by Banks in Providing Mobile Banking Services
25.5 RBI’s Technical Committee on Mobile Banking
 
26. Digitization of Financial Services
26.1 Corporatisation and Demutualisation of Stock Exchanges
26.2 Infrastructure for Government Securities Market
26.3 Payment and Settlement System
 
Bibliography
 
Index

ABOUT THE AUTHOR
     

Dr. Niti Bhasin is presently Associate Professor in the Department of Commerce, Delhi School of Economics (DSE), University of Delhi, Delhi. A gold medallist in the M.Com. examination of 2000 of University of Delhi, she holds M.Phil. and Ph.D. degrees from the Department of Commerce, University of Delhi. She has published research papers in refereed academic journals including Multinational Business Review (Emerald), Journal of International Trade and Economic Development (Taylor and Francis), and Global Business Review (Sage).

Dr. Bhasin has attended and presented papers at various national and international conferences/seminars including the World Finance Conference, Rio de Janeiro (Brazil); Henley Business School, London (UK); and Mahidol University, Bangkok (Thailand). She is the recipient of Best Business Academic of the Year Award (2011) by Indian Commerce Association. Before joining the Department of Commerce, Delhi School of Economics, she 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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