Established
The Sub-Group on Housing Finance for the Seventh Five Year Plan (1985–90) identified the non-availability of long-term finance to individual households on any significant scale as a major lacuna impeding progress of the housing sector and recommended the setting up of a national level institution.
The Committee of Secretaries considered' the recommendation and set up the High Level Group under the Chairmanship of Dr. C. Rangarajan, the then Deputy Governor, RBI to examine the proposal and recommended the setting up of National Housing Bank as an autonomous housing finance institution. The recommendations of the High Level Group were accepted by the Government of India.
The Hon’ble Prime Minister of India, while presenting the Union Budget for 1987–88 on 28 February 1987 announced the decision to establish the National Housing Bank (NHB) as an apex level institution for housing finance. Following that, the National Housing Bank Bill (53 of 1987) providing the legislative framework for the establishment of NHB was passed by Parliament in the winter session of 1987 and with the assent of the Hon’ble President of India on 23 December 1987, became an Act of Parliament.
The National Housing Policy, 1988 envisaged the setting up of NHB as the Apex level institution for housing.
In pursuance of the above, NHB was set up on 9 July 1988 under the National Housing Bank Act, 1987. NHB is wholly owned by Govt. of India as after 24 April 2019 notification of RBI, which contributed the entire paid-up capital. The general superintendence, direction and management of the affairs and business of NHB vest, under the Act, in a board of directors. The Head office of NHB is at New Delhi.
The Reserve Bank of India is India's central bank and regulatory body responsible for regulation of the Indian banking system. Owned by the Ministry of Finance, Government of the Republic of India, it is responsible for the control, issue and maintaining supply of the Indian rupee. It also manages the country's main payment systems and works to promote its economic development.
ICICI Bank Limited is an Indian multinational bank and financial services company headquartered in Mumbai with a registered office in Vadodara. It offers a wide range of banking and financial services for corporate and retail customers through various delivery channels and specialized subsidiaries in the areas of investment banking, life, non-life insurance, venture capital and asset management.
The IDBI Bank Limited is a Scheduled Commercial Bank under the ownership of Life Insurance Corporation of India (LIC) and Government of India. It was established by Government of India as a wholly owned subsidiary of Reserve Bank of India in 1964 as Industrial Development Bank of India, a Development Finance Institution, which provided financial services to industrial sector. In 2005, the institution was merged with its subsidiary commercial division, IDBI Bank, and was categorised as "Other Development Finance Institution" category. Later in March 2019, Government of India asked LIC to infuse capital in the bank due to high NPA and capital adequacy issues and also asked LIC to manage the bank to meet the regulatory norms. Consequent upon LIC acquiring 51% of the total paid-up equity share capital, the bank was categorised as a 'Private Sector Bank' for regulatory purposes by Reserve Bank of India with effect from 21 January 2019. IDBI was put under Prompt Corrective Action of the Reserve Bank of India and on 10 March 2021 IDBI came out of the same. At present direct and indirect shareholding of Government of India in IDBI Bank is approximately 95%, which Government of India (GoI) vide its communication F.No. 8/2/2019-BO-II dated 17 December 2019, has clarified and directed all Central/State Government departments to consider IDBI Bank for allocation of Government Business. Many national institutes find their roots in IDBI like SIDBI, EXIM, National Stock Exchange of India, SEBI, National Securities Depository Limited. Presently, IDBI Bank is one of the largest Commercial Banks in India.
Muthusamy Balachandran is an Indian banker who served as the chairman and managing director (CMD) of Bank of India from June 2005 to April 2007. Before his appointment as the CMD of Bank of India, he was the executive director of the same bank. He also served as chairman of board of National Payment Corporation of India Limited before steeping down in 2017.
The National Bank for Agriculture and Rural Development (NABARD) is an All India Development Financial Institution (DFI) and an apex Supervisory Body for overall supervision of Regional Rural Banks, State Cooperative Banks and District Central Cooperative Banks in India. It was established under the NABARD Act 1981 passed by the Parliament of India. It is fully owned by Government of India and functions under the Department of Financial Services (DFS) under the Ministry of Finance.
Small Industries Development Bank of India (SIDBI) is the apex regulatory body for overall licensing and regulation of micro, small and medium enterprise finance companies in India. It is under the jurisdiction of Ministry of Finance, Government of India headquartered at Lucknow and having its offices all over the country.
The Royal Monetary Authority of Bhutan is the central bank of Bhutan and is a member of the Asian Clearing Union. It is also the minting authority for the Bhutanese Ngultrum. The Royal Monetary Authority of Bhutan was established under the Royal Monetary Authority of Bhutan Act of 1982. Subsequently, the Act of 1982 was amended by the Financial Institutions Act of 1992 and replaced in its entirety by the Royal Monetary Authority Act of 2010.
The Ministry of Finance is a ministry within the Government of India concerned with the economy of India, serving as the Treasury of India. In particular, it concerns itself with taxation, financial legislation, financial institutions, capital markets, currency regulation, banking service, centre and state finances, and the Union Budget.
Shri Ekanath K. Thakur was an Indian politician from the Shiv Sena party, born in Mhapan, Sindhudurg. He was a Member of the Parliament of India representing Maharashtra in the Rajya Sabha, the upper house of the Indian Parliament during 2002–2008.
Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956 of India, engaged in the business of loans and advances, acquisition of shares, stock, bonds, hire-purchase insurance business or chit-fund business, but does not include any institution whose principal business is that of agriculture, industrial activity, purchase or sale of any goods or providing any services and sale/purchase/construction of immovable property.
Regional rural banks (RRBs) are government owned scheduled commercial banks of India that operate at the regional level in different states of India. These banks are under the ownership of the Ministry of Finance, Government of India, Sponsored Bank and concerned State Government in the ratio of 50:35:15 respectively. They were created to serve rural areas with basic banking and financial services. However, RRBs also have urban branches.
All India Financial Institutions (AIFI) is a group composed of financial regulatory bodies that play a pivotal role in the financial markets. Also known as "financial instruments", the financial institutions assist in the proper allocation of resources, sourcing from businesses that have a surplus and distributing to others who have deficits - this also assists with ensuring the continued circulation of money in the economy. Possibly of greatest significance, the financial institutions act as an intermediary between borrowers and final lenders, providing safety and liquidity. This process subsequently ensures earnings on the investments and savings involved. In Post-Independence India, people were encouraged to increase savings, a tactic intended to provide funds for investment by the Indian government. However, there was a huge gap between the supply of savings and demand for the investment opportunities in the country.
Usha Thorat, served as Deputy Governor of the Reserve Bank of India (RBI) from 10 November 2005 to 8 November 2010. Prior to this she was the executive Director of the RBI.
From the 1991 India economic crisis to its status of third largest economy in the world by 2011, India has grown significantly in terms of economic development, so has its banking sector. During this period, recognizing the evolving needs of the sector, the Finance Ministry of the Government of India set up various committees with the task of analyzing India's banking sector and recommending legislation and regulations to make it more effective, competitive and efficient.
Harun Rashid Khan, was a Deputy Governor of Reserve Bank of India between 2011 and 2016.
Uttar Bihar Gramin Bank is a regional rural bank (RRB) in the State of Bihar, India. It is under the ownership of Ministry of Finance, Government of India. It is one of the largest regional rural banks in India in terms of branch network, staff strength and area of operation.
The Security Printing & Minting Corporation of India Ltd. (SPMCIL) is an organization under the Coin and Currency Division of Department of Economic Affairs, Ministry of Finance. It is responsible for conducting printing and minting activities for the Government of India. It is under the ownership of the Ministry of Finance, Government of India. It was incorporated on 13 January 2006 with its registered office at New Delhi. It is engaged in the manufacture / production of currency and banknotes, security paper, non-judicial stamp papers, postage stamps and stationery, travel document viz., passport and visa, security certificates, cheques, bonds, warrants, special certificates with security features, security inks, circulation and commemorative coins, medallions, refining of gold, silver and assay of precious metals, etc.
Small finance banks (SFB) are a type of niche banks in India. Banks with a SFB license can provide basic banking service of acceptance of deposits and lending. The aim behind these is to provide financial inclusion to sections of the economy not being served by other banks, such as small business units, small and marginal farmers, micro and small industries and unorganised sector entities.
ICICI Home Finance Company (ICICIHFC) is an Indian public limited housing finance company (HFC), headquartered in Mumbai with branches in major cities across India. The company operates as a wholly owned subsidiary of ICICI Bank and is registered with the regulation authority of India - National Housing Bank (NHB). It provides home and commercial loans, loan against property, gold loans and accepts fixed deposits.
Financial regulation in India is governed by a number of regulatory bodies. Financial regulation is a form of regulation or supervision, which subjects financial institutions to certain requirements, restrictions and guidelines, aiming to maintain the stability and integrity of the financial system. This may be handled by either a government or non-government organization. Financial regulation has also influenced the structure of banking sectors by increasing the variety of financial products available. Financial regulation forms one of three legal categories which constitutes the content of financial law, the other two being market practices and case law.
