SATHEE: Banking-Awareness

History Of Insurance

History of Insurance in India The history of insurance in India dates back to ancient times, with references found in the writings of Manu (Manusmriti), Kautilya (Arthashastra), and Yagnavalkya (Dharmasastra). However, modern insurance practices in India began in the 19th century. Key Milestones in the History of Insurance in India: 1818: The Oriental Life Insurance Company was established in Calcutta, marking the beginning of the life insurance business in India. However, the company failed in 1834.

January 1, 0001 read

Insurance Abbreviations

Insurance Abbreviations Insurance abbreviations are frequently encountered in banking and insurance competitive exams. They are crucial for practical purposes within the insurance industry. This article provides a comprehensive list of insurance abbreviations from A to Z, along with their respective expanded forms. List of Insurance Abbreviations (A-Z) Abbreviation Expanded Form ACA Affordable Care Act ACO Accountable Care Organization APTC Advanced Premium Tax AV Actuarial Value CAC Certified Application Counselor CAP Consumer Assistance Program CCIIO Center for Consumer Information & Insurance Oversight CDC Centers for Disease Control & Prevention CHC Community Health Center CHIP Children’s Health Insurance Program CMS Centers for Medicare & Medical Services COB Coordination of Benefits COBRA Consolidated Omnibus Budget Reconciliation Act CO-OP Consumer Operated & Oriented Plan CSR Cost-Sharing Reduction DME Durable Medical Equipment ECP Essential Community Provider Healthcare Glossary EHB: Essential Health Benefits are the minimum health coverage requirements that must be included in all health insurance plans sold on the Health Insurance Marketplace.

January 1, 0001 read

Insurance Companies In India

Public Sector Insurance Companies in India Public Sector Insurance Companies in India play a vital role in providing insurance services to the citizens of the country. There are a total of 57 public sector insurance companies in India, out of which 24 are life insurance companies and 34 are non-life insurance companies. Life Insurance Companies Among the various life insurance providers, the Life Insurance Corporation of India (LIC) is the sole government-owned insurance company.

January 1, 0001 read

Monetary Policy

Monetary Policy in India Monetary policy is an economic policy that manages the growth rate and size of the money supply in an economy. It is a powerful tool used to regulate macroeconomic variables such as unemployment and inflation. In India, monetary policy is undertaken by the Reserve Bank of India (RBI). Key Points about Monetary Policy in India Monetary policy is created and adopted by the monetary authority of a nation, which controls short-term borrowings, money supply, and interest rates.

January 1, 0001 read

Insurance Ombudsman

Insurance Ombudsman The insurance ombudsman is a quasi-judicial body that resolves disputes between policyholders and insurance companies. It was established under the Insurance Ombudsman Rules, 2002. The ombudsman is appointed by the General Insurance Council (GIC) on the recommendation of a committee comprising representatives from the Life Insurance Corporation of India (LIC), the Insurance Regulatory and Development Authority (IRDA), the General Insurance Corporation of India (GIC), and the Central Government.

January 1, 0001 read

Banking And Financial Committees In India

Banking and Financial Committees in India India has a well-established system of banking and financial regulation, with several committees and bodies responsible for overseeing different aspects of the sector. These committees play a crucial role in ensuring the stability, efficiency, and transparency of the banking and financial system in the country. Here are some of the key banking and financial committees in India: 1. Financial Stability and Development Council (FSDC) The FSDC is the apex body responsible for overseeing the financial stability and development of the Indian financial system.

January 1, 0001 read

Base Rate

Base Rate The base rate is the minimum interest rate set by the Reserve Bank of India (RBI) below which banks are not allowed to lend funds to their customers. It is determined to increase transparency and ensure that banks pass the benefit of lower interest rates to their customers. Overview The base rate is the minimum interest rate banks charge customers when lending a loan. Banks are permitted to charge above the base rate.

January 1, 0001 read

International Financial Institutions

International Financial Institutions (IFIs) International Financial Institutions (IFIs) are financial institutions established by two or more countries. They are subject to international law and are owned and managed by national governments. Other international institutions and organizations may also act as shareholders. List of International Financial Institutions The most prominent IFIs were established after World War II to aid in the reconstruction of Europe and foster international cooperation in managing the global financial system.

January 1, 0001 read

Banking And Financial Reforms In India

Banking and Financial Reforms in India The banking and financial sector in India has undergone significant reforms since the 1990s. These reforms have been aimed at modernizing the sector, increasing its efficiency, and making it more competitive. Key Reforms Some of the key banking and financial reforms in India include: Liberalization of interest rates: In the early 1990s, the government of India liberalized interest rates on deposits and loans. This allowed banks to set their own interest rates, which led to increased competition and lower interest rates for borrowers.

January 1, 0001 read

Money And Types

Money & Types of Money Money is the most commonly accepted form of exchange for goods and services. It can be anything as long as it satisfies three conditions: Medium of exchange Store of value Unit of account Currency refers to the aggregate of coins and paper notes (paper money). Paper money is generally accepted in daily transactions as a mode of exchange for goods and/or services. Bill of exchange and cheques are also considered as paper money.

January 1, 0001 read

Banking Regulations Act 1949

Banking Regulations Act, 1949 The Banking Regulations Act, 1949 is an act of the Parliament of India that regulates banking in India. It was enacted on 10th March 1949 and came into force on 16th March 1949. The act is administered by the Reserve Bank of India (RBI). Objectives of the Banking Regulations Act, 1949 The main objectives of the Banking Regulations Act, 1949 are: To regulate the business of banking in India.

January 1, 0001 read

LIC Notes

LIC (Life Insurance Corporation of India) The Life Insurance Corporation of India (LIC) is a leading life insurance and investment company owned by the Government of India. It was established on September 1, 1956, through the Life Insurance of India Act, which nationalized the private insurance sector in India. Objectives LIC aims to provide its customers with a higher return on economic security through its various products and services compared to other investment companies.

January 1, 0001 read

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History Of Insurance

Insurance Abbreviations

Insurance Companies In India

Monetary Policy

Insurance Ombudsman

Banking And Financial Committees In India

Base Rate

International Financial Institutions

Banking And Financial Reforms In India

Money And Types

Banking Regulations Act 1949

LIC Notes

Engineering Preparation

Medical Preparation

NCERT Books & Solutions

Important Resources

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Mentorship

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