Indian Financial System

gausan By gausan, 28th Sep 2015 | Follow this author | RSS Feed | Short URL http://nut.bz/2p4c3rlw/
Posted in Wikinut>Writing>Essays

The financial system in one country differs from the financial systems in other countries. When it comes to India, the system consists of financial assets, financial intermediaries and financial markets

Evolution of Financial system in the country:


• The first bank in India was set up on modern lines during the year 1770
• The earliest and short-lived attempt to establish a central bank was done during the year 1773
• Bombay Stock Exchange was made functional during the year 1870
• Oriental Insurance Company was set up during the year 1818
• General Non Life Insurance Company was set up during the year 1850
• Reserve Bank of India was established on 01.04.1935
• Unit Trust of India came into existence during the year 1964
• Export Risk Insurance Corporation was set up during July 1967
• Export Credit Guarantee Corporation was established during January 1964
• Deposit Insurance Corporation was set up during 1962

Indian financial system:



• Economic affairs wing is one among the several wings functioning under Government of India under Ministry of Finance
• The financial system in the country is monitored by economic affairs wing
• The financial system consists of financial markets, financial assets and financial intermediaries or financial institutions

Financial assets


• Financial assets are considered as claims on others.
• Financial assets can be classified into Primary assets or direct financial assets and secondary assets or indirect assets
• Primary or direct assets are those securities which represent financial claims against real sectors
• Primary assets are bills, bonds, shares, book debts etc.,
• Secondary or indirect securities are financial claims against financial intermediaries that are created when the financial intermediaries mobilize funds from the public
• They are – new currency notes and coins issued by RBI, bank deposits, life insurance policies, units of UTI, IDBI bonds etc.,
• The most significant financial assets of Indian financial system are – currency notes, coins, bank deposits, post office savings deposits, life insurance policies, contribution to public provident fund, government and corporate sector bonds, bills, hundies, shares in companies, deposits in companies and investment companies, deposits with merchant bankers, mutual funds, National savings certificates, infrastructure bonds, Indira Vikas Patras, Kisan vikas patras etc.,

Financial Intermediaries


• Financial intermediaries can be classified into two categories viz., institutional or organized and unorganized or non institutional
• Banking institutions and non banking finance companies can be categorized into organized sector
• The indigenous bankers are treated as non institutional or unorganized sector
• Securities and Exchange Board of India, Reserve Bank of India and Insurance Regulatory and Development Authority are termed as financial intermediaries
• RBI – Reserve Bank of India controls the entire banking system and money market
• SEBI- Securities and Exchange Board of India controls the capital markets
• IRDA- Insurance Regulatory and Development Authority controls the insurance markets

Tags

Finance, Financial Control

Meet the author

author avatar gausan
Retired Senior Manager from a nationalised bank in India. I am a trainer and freelance writer and I write articles on banking, economics, health etc. I am available at gausan51@gmail.com

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Comments

author avatar Sivaramakrishnan A
5th Oct 2015 (#)

Thanks for the introduction to Indian Financial System.

Now everything is becoming seamless with world standards including banking, legal and auditing - one order so that operations can be integrated and standardized - siva

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28th Sep 2017 (#)

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