What are the main monetary institutions of India?
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According to Economic Survey 2012-13, at the end of March 2012, there were four institutions regulated by Reserve Bank of India as all-India Financial Institutions: Export - Import Bank of India (Exim Bank) National Bank for Agriculture and Rural Development (NABARD) Small Industries Development Bank of India(SIDBI)
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The main monetary institutions of India include Reserve Bank of India, other commercial banks of India like the State Bank of India, etc. , Securities and Exchange Board of India, Several insurance companies of India, etc.
EXPLANATION:
- The monetary institutions are institutions that provide financial and monetary funds to consumers and in turn, regulates the market which ultimately dictates the economy of country.
- The first monetary institution is Reserve Bank of India which provides loans and funds to other commercial banks of India.
- These commercial banks are places where a regular consumer can take loans to carry out various activities.
- The functioning of commercial banks is regulated by RBI of India which fixes the rate of interest for these banks.
- The examples of commercial banks are State Bank of India, Punjab National Bank, etc.
- SEBI is also a monetary institution that regulates funds in markets.
- Money is also provided to consumers by several insurance companies like LIC of India.
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