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Financial Institutions Play Interesting Role In Upgrading Indian Economy To The Next Level Of Greatn
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With changing times, India has grown from a British colony to a global economic superpower. With the recession and other pecuniary meltdowns hitting economically strong countries in the world, India has sustained from major losses and is still standing in success. A major factor behind this superb sustenance is the qualified banking and finance personnel trained by the wide range of Banking and Financial Institute in India. In terms of fiscal economics, an institution providing financial services to its customers is a “financial institution.” Most of the financial institutes in India are government regulated. Moreover, the most important service offered by any financial institute, is there working as “financial intermediaries” such as banks.
Economic Developments In India
Having understood the importance of financial institutions in India, let us get an in-depth understanding of the major economic reforms that have dominated the Indian banking sector. In the era of economic modifications, the Banking and Financial Institute in India undergone key transformations and alterations. Such developments in finance have not only persuaded efficiency and productivity in many financial institutions across India, but also succeeded in leaving perpetual traces in the working principles of Indian banks. One of the primary reorganization happened in the area of SLR –Statutory Liquidity Ratio, and CRR –Cash Reserve Ratio via reducing the CRR to 3 -15% of Time Liabilities and Net Demand, and SLR to the level of 25%. Another significant improvement took place in deregulating the rate of interest, and finally repairing the prudential norms.
Financial Services Overview
Financial institutes offer intermediary services representing the financial markets of the country. They work as establishments responsible in funds transferring to needy companies from investors. The fundamental job of financial institutes is to ensure money flow through economy. SSI or “Standard Settlement Instructions” are those agreements that take place in between two banking institutes and include receiving agent set-up for both counterparties in any regular trades. Such agreements promote trades in between traders by saving the time from receiving agents, and limits chances of fraud transfers.
Global Structure of Financial Regulation
Globally in every country, the financial institutions play an important role in shaping the economy of the country. Hence, the banking institutions operate in high environmental regulations. Although the structure of banking regulations is different from one country to another, the typical layout works in similarity to each other in ensuring consumer protection, prudential regulation improvements, and maintaining market stability. Some countries maintain a single consolidated agency to regulate all the banking institutes across country, while others have separate agencies.
Eduezee.com - I am a banker and readily believe that with the new economic reforms and steady growth, the banking and financial institute in india is in the route to huge success.
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