Money and Banking (part – II)

• India's Insurance industry is one of the premium sectors experiencing upward growth.
• India is the fifth largest life insurance market in the world's emerging insurance markets, growing at a rate of 32-34% each year.
• The insurance industry of India has 57 insurance companies-24 are in the life insurance business, while 34 are non-life insurers.
• Among the life insurers, Life Insurance Corporation (LIC) is the sole public sector company. There are six public sector insurers in the non-life insurance segment.
  Regulation:
• The Insurance Regulatory and Development Authority of India (IRDAI) is the regulatory body that oversees and regulates the insurance sector in India.
• It ensures that insurance companies comply with regulations, protect policyholders' interests, and maintain the stability of the insurance market.

• India's Insurance industry is one of the premium sectors experiencing upward growth.
• India is the fifth largest life insurance market in the world's emerging insurance markets, growing at a rate of 32-34% each year.
• The insurance industry of India has 57 insurance companies-24 are in the life insurance business, while 34 are non-life insurers.
• Among the life insurers, Life Insurance Corporation (LIC) is the sole public sector company. There are six public sector insurers in the non-life insurance segment.
  Regulation:
• The Insurance Regulatory and Development Authority of India (IRDAI) is the regulatory body that oversees and regulates the insurance sector in India.
• It ensures that insurance companies comply with regulations, protect policyholders' interests, and maintain the stability of the insurance market.

About Employees Provident Fund Organisation (EPFO):

• It is a statutory body under the Employees' Provident Funds and Miscellaneous Act, 1952.
• It is under the administrative control of the Union Ministry of Labor and Employment.
  Structure of EPFO:
• The Act and all its schemes are administered by a tripartite board called the Central Board of Trustees.
• The board comprises representatives of the Government (both Central and State), employers, and employees.
• The board is chaired by the Union Minister of Labour and Employment, Government of India.
• The Central Board of Trustees operates 3 schemes:
  The Employees' Provident Funds Scheme, 1952 (EPF)
  The Employees' Pension Scheme, 1995 (EPS)
  The Employees' Deposit Linked Insurance Scheme, 1976 (EDLI)
• EPFO is also the nodal agency for implementing Bilateral Social Security Agreements with other countries on a reciprocal basis.
• Coverage: The schemes offered by EPFO cover Indian workers and international workers (from countries with whom the EPFO ha signed bilateral agreements).

The Public Account of India is operated by Executive Action, which means, that the payments from this account can be made without the parliamentary appropriation.

• The Public Account of India includes funds that the government holds on behalf of other entities, including individuals, institutions, and other governments.
• These funds are separate from the government's revenues and are not available for general governmental expenditure.
• Thus, expenditures from the Public Account of India involve disbursements made to return funds to their rightful owners or to meet specific obligations. They are mostly in the nature of banking transactions.

A private bank is a financial institution owned by private individuals or partnerships, distinct from publicly owned banks. Private banks offer a range of services like deposits, loans, and financial transactions, and may or may not be subject to state regulation. In India, some prominent private banks include HDFC Bank, ICICI Bank, and Axis Bank.
A development bank is a financial institution that provides long-term financing for capital-intensive projects, often with a focus on social or economic development goals. Unlike commercial banks, they typically offer lower interest rates and longer repayment periods to support projects like infrastructure development, industrial growth, and poverty reduction.
"Ex Im Bank" typically refers to the Export-Import Bank of India, a financial institution established by the Government of India to promote and facilitate India's international trade. It provides various financial services to Indian exporters and importers, including export credit, pre-shipment and post-shipment financing, and overseas investment finance. The bank also works to build value by integrating foreign trade and investment with India's economic growth.

The Forward Markets Commission is a statutory regulatory authority for the commodity derivatives market in India. It was established in 1953 under the Forward Contracts (Regulation) Act (FCRA), 1952, and was originally under the Ministry of Consumer Affairs, Food, and Public Distribution.
The FMC in India plays a key role in regulating and overseeing the commodities derivatives market. Additionally, the FMC offers information to the government concerning the administration of the FCRA or about any hindrances in commodity trading. The FMC also collects and publishes information about the trading conditions of commodities regulated under the Act. The Forward Markets Commission has the power to regulate and improve the conditions of the commodities market in India.