National Consumer Disputes Redressal Commission contributes a lot in the country’s administrative reforms. This Commission has provided numerous guidelines and advises the Government of India on regular intervals for systematizing its functionalities that has made it one of the important bodies for the better and effectual governance in self-governing system. In 1988, the Government of… Continue reading National Consumer Disputes Redressal Commission: Establishment, Powers

There are a large number of laws, which charge the Executive with adjudicatory functions, and the authorities so charged are, in the strict scene, administrative tribunals. Administrative tribunals are agencies created by specific enactments. Administrative adjudication is a term synonymously used with administrative decision-making. The decision-making or adjudicatory function is exercised in a variety of… Continue reading Tribunals: Establishment, Evolution, Characteristics, Categories

Though the distinction between quasi-judicial and administrative action has become blurred, yet it does not mean that there is no distinction between the two. In A.K. Kraipak vs. The Union of India, the Court was of the view that in order to determine whether the action of the administrative authority is quasi-judicial or administrative, one… Continue reading Quasi-judicial Action vs. Administrative Action, Important Quasi Judicial bodies

Quasi-judicial bodies are institutes which have powers analogous to that of the law imposing bodies but these are not courts. They primarily oversee the administrative zones. The courts have the power to supervise over all types of disputes but the quasi-judicial bodies are the ones with the powers of imposing laws on administrative agencies. These… Continue reading Quasi-Judicial Bodies: Establishment, Functions

Financial Inclusion in India Financial Inclusion is about The broadening of financial services to those people who do not have access to financial services. The deepening of financial services for people who have minimal financial services. Greater financial literacy and consumer protection so that people can make appropriate choices. The importance of FI is both… Continue reading Financial Inclusion in India: Need and future; PMJDY; Payment Banks and Small Banks

A regulatory body also called regulatory agency is a public authority or a government agency which is accountable for exercising autonomous authority over some area of human activity in a regulatory or supervisory capacity. It is established by legislative act in order to set standards in a specific field of activity, or operations, in the… Continue reading Regulatory Bodies: Establishment, Functions, Examples

Non-Banking Financial Companies A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956 engaged in the business of loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by Government or local authority or other marketable securities of a like nature, leasing, hire-purchase, insurance business, chit business but does not include any institution whose… Continue reading Non-Banking Financial Companies in India

Non-Performing Assets An NPA is a loan or advance for which the principle or interest payment remained overdue for a period of 90 days. Banks are further required to classify NPA into: Key Facts about India’s NPA Problem The financial position of India’s Public Sector Banks has deteriorated sharply since 2011. Gross NPA has risen… Continue reading Problem of Non Performing Assets in India

Banking Sector Reforms First Narasimhan Committee Report – 1991 To promote the healthy development of the financial sector, the Narasimhan committee made recommendations. Recommendations of Narasimhan Committee 1.    Establishment of 4 tier hierarchy for banking structure with 3 to 4 large banks (including SBI) at the top and at bottom rural banks engaged in agricultural activities.… Continue reading Banking Sector Reforms in India: Narasimhan Committee 1&2, Nachiket Mor Committee, P J Nayak Committee

Statutory bodies are established by acts which Parliament and State Legislatures can pass. These bodies are entities shaped by an Act of Parliament or state legislatures and set up by the government to consider the data and make judgments in some area of activity. Basically, a statutory body is an organization of government which is… Continue reading Statutory Bodies: Establishment, Functions, Examples

Lead Bank Scheme After the Nationalisation of the commercial Banks, the government took the initiative for extending banking facilities in rural areas. Prof D. R. Gadgil, chairman of National Credit Study Group, recommended the adaptation of an “area approach” to evolve plans and programs for the development of an adequate  banking and credit structure in… Continue reading Nationalisation of Banks

Development Finance Institutions The Need of DFIs Classification of DFIs All India DFIs Special DFIs Investment Institutions Refinance Institutions State Level DFIs IFCI IDBI SIDBI ICICI ICICI ceased to be a DFI and converted into a Bank on 30 March 2002. IDBI was converted into a Bank on 11 October 2004. EXIM Bank IFCI Venture… Continue reading Development Finance Institutions: IFCI, ICICI, SIDBI, IDBI, UTI, LIC, GIC

The budgetary procedure in India involves four different operations that are Preparation of the budget Enactment of the budget Execution of the budget Parliamentary control over finance Preparation of the budget The exercise of the preparation of the budget by the ministry of finance starts sometimes around in the month of September every year. There… Continue reading Budgetary procedure in India

India embraced an economic model which has the features of both free market capitalism and socialism. The policy makers called this a model of ‘Mixed Economy’. The reason for adopting such a hybrid model was to raise people’s standard of living and reduce income inequality. India embraced an economic model that uniquely combined free market… Continue reading The Role of the Government in the Economy

Balance Budget versus Unbalanced Budget Balanced Budget Unbalanced Budget A balanced budget is a situation, in which estimated revenue of the government during the year is equal to its anticipated expenditure.   The budget in which income & expenditure are not equal to each other is known as Unbalanced Budget.   The government’s estimated Revenue… Continue reading Types of Budgets in India

Revenue Account The revenue account shows the current receipts of the government and the expenditure that can be met from these receipts. Revenue Receipts: RR are receipts of the government incomes which cannot be reclaimed back by the citizens from the government.     Revenue Expenditure The expenditure incurred by thegovernment that neither creates any… Continue reading The Government Budget: Revenue Budget, Capital Budget, Government Deficits