Category: Economy

Reserve Bank of India (RBI) is the supreme monetary authority of India. Important Role & Functions of RBI is to issue currency, Managing Foreign Exchange etc.

Banking industry in India can be classified into different types of banks. Banking in India is regulated by RBI Act 1934, Banking Regulation Act 1949 & FEMA

National Payments Corporation of India (NPCI) is an umbrella organization for all retail payment system in India. NPCI was established in 2007 as a “Not for Profit” Company.

National Income is the total amount of income of a country from economic activities in a year. Gross domestic product (GDP) is an indicator of National economy.

Planning Commission of India was a non-constitutional & non-statutory body, to formulate five year plans. Planning Commission was formed on ‎15 March 1950 & dissolved on ‎17 Aug 2014.

NITI Aayog (National Institution for Transforming India) is a policy think tank of the Govt. of India, established on 1st Jan 2015 by a Cabinet Resolution.

RBI controls the supply of money by the monetary policy. Monetary policy is adopted by the Monetary Policy Committee was established in 2016.

Ratan Watal Committee -2016 Committee on Digital Payments headed by Ratan P. Watal has submitted its final report to the Union Finance Ministry It recommended different steps for promoting digital payments   C.Babu Naidu Chief Ministers’ Committee to PM 2016-17 It also constituted for promotion of digital payments Its submitted its report in Jan 2017

It is a Digital, Decentralized, Distributed ledger Blockchains are a new data structure that is secure, cryptography-based, and distributed across a network. The technology supports cryptocurrencies such as Bitcoin, and the transfer of any data or digital asset. The present blockchain ecosystem is like the early Internet, a permissionless innovation environment in which email, the

Baked by Fiat money Easy to transfer Exact amount can be transferred Legally recognized for high value payment Bank Money Negotiable Instruments Act, 1881 Bill of Exchange 3 parties: future dated promise for payment Requires ‘ stamping’ Cheque 3 parties: drawer, Drawee (Bank), Payee (recipient) .No ‘stamping’, but sign req, may be crossed Types depends

At the beginning, there was no money. People engaged in barter, the exchange of merchandise for merchandise, without value equivalence. Evolution Barter System Positives Simplest in form No foreign Exchange regime No concentration of wealth Negatives Double coincidence of wants was must No division of labor Exchange of perishable goods No saving capital No circular

>>>>>>>>>> Bank for International Settlements (BIS) It is an international financial institution owned by central banks Its fosters international monetary and financial cooperation and serves as a bank for central banks It is based in Basel, Switzerland Established in 1930 BIS is owned by 60 central banks, representing countries from around the world that together