IRDA And RBI

I am doing MBA final year and making project report on the topic financial system in India came to know about the RBI and IRDA. Can you please provide me basic details along with definitions and functions of RBI and IRDA so I can put details in my project report?

[pawan]

The financial system in India is regulated by independent regulators in the field of banking, insurance, capital market, commodities market, and pension funds.

About Reserve Bank of India : Reserve Bank of India is the apex monetary Institution of India. It is also called as the central bank of the country.

The Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934.

The Central Office of the Reserve Bank was initially established in Calcutta

Functions of RBI:

To regulate the issue of Bank Notes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage.”

Banker to the Government: performs merchant banking function for the central and the state governments; also acts as their banker.Banker to banks: maintains banking accounts of all scheduled banks

About Insurance Regulatory and Development Authority :

The Insurance Regulatory and Development Authority (IRDA) is a national agency of the Government of India and is based in Hyderabad (Andhra Pradesh).

Functions of IRDA:

IRDA is the regulatory authority of insurance business its functions are

protecting interest of policy holders
specifing proper training
qualification etc to insurance people
levying fees
commision etc
for conducting insurance business
specifing the manner in which insurance company maintain their books of accounts
specifing margin of solvency
specifing general and life insurance business which company can take