Nariman (Nariman Committee) a committee of bankers on branch expansion programmes of public sector banks in its report (November 1969), endorsed the idea of an ‘Area Approach’ recommending that each bank should concentrate on certain districts where it should act as a ‘Lead Bank’ in order to enable the Public Sector …
When did banks start using computers in India?
The Reserve Bank of India (RBI) installed its first computer in 1968, and a larger one in 1979. But the United Commercial (UCO) Bank, the Standard Chartered Bank, Lloyds’ Bank, Grindlays, and others had installed accounting and other machines before 1966.
When did the Government of India appoint a committee under the chairmanship of Shri M Narasimham to strengthen the banking system?
In December, 1997, the Government of India appointed a committee under the chairmanship of Shri M. Narasimham to strengthen the banking system which submitted its report in April, 1998.
What are the recommendations of Narasimham committee on banking sector reforms?
The Committee wanted the banks to reduce their NPAs to 3% by 2002. It also recommended the formation of Asset Reconstruction Funds or Asset Reconstruction Companies. The recommendations led to the introduction of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
What are the main points of Narasimham committee?
Recommendations of the Committee
- Autonomy in Banking.
- Reform in the role of RBI.
- Stronger banking system.
- Non-performing assets.
- Capital adequacy and tightening of provisioning norms.
- Entry of foreign banks.
What is Nachiket Mor committee?
Committee on Comprehensive Financial Services for Small Businesses and Low Income Households (commonly known as the Nachiket Mor Committee) was an expert committee formed by Raghuram Rajan on 23 September 2013, after he was appointed as the governor of the Reserve Bank of India (RBI). It was headed by Nachiket Mor.
Which is the first bank to provide Internet banking facility in India?
Notes: ICICI Bank was the first Indian bank to provide internet banking facility and the first bank to introduce ATM in India was HSBC in 1987, Mumbai.
What does the mean of reverse repo rate?
Reverse Repo Rate is defined as the rate at which the Reserve Bank of India (RBI) borrows money from banks for the short term. It is an important monetary policy tool employed by the RBI to maintain liquidity and check inflation in the economy. The Reverse Repo Rate helps the RBI get money from the banks when it needs.
When did computerization of banks start in India?
The need for computerization of banks in India was felt around the 1980s. The first attempt was made in 1981 and it further extended in the year 1984. The Indian banks began the process at the branch level. This was done with the help of the Microsoft Disk Operating System or MS-DOS-based computers.
Who is the founder of core banking in India?
Several national-level committees were formed by the government in an attempt to modernize the Indian banking system. In 1988, the Deputy Governor of RBI Dr. C Rangrajan implemented the concept of core banking with the help of Total Branch Automation package that ran on a LAN or a UNIX Operating System.
Which is the first Institute of Information Technology in India?
In 1998, IIIT Hyderabad was the first of the International Institutes of Information Technology to be established. Since then, it is known for its high research outcome.
Who is adjudicating officer under Information Technology Act of India?
The Act talks of appointment of any officers not below the rank of a Director to the Government of India or an equivalent officer of state government as an Adjudicating Officer who shall adjudicate whether any person has made a contravention of any of the provisions of the said act or rules framed thereunder.
