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Indian Financial System

Introduction:

Economic growth and development of any country depends upon a well-knit financial system.

Financial system comprises, a set of sub-systems of financial institutions financial markets,

financial instruments and services which help in the formation of capital. Thus a financial system

provides a mechanism by which savings are transformed into investments and it can be said that

financial system play an significant role in economic growth of the country by mobilizing

surplus funds and utilizing them effectively for productive purpose.

The financial system is characterized by the presence of integrated, organized and regulated

financial markets, and institutions that meet the short term and long term financial needs of both

the household and corporate sector. Both financial markets and financial institutions play an

important role in the financial system by rendering various financial services to the community.They operate in close combination with each other.

Financial System;

The word system, in the term financial system, implies a set of comple! and closelyconnected or interlined institutions, agents, practices, markets, transactions, claims, and liabilities

in the economy. The financial system is concerned about money, credit and finance-the three

terms are intimately related yet are somewhat different from each other. "ndian financial system

consists of financial market, financial instruments and financial intermediation

#ole$ Functions of Financial %ystem&

' financial system performs the following functions&

( "t serves as a link between savers and investors. "t helps in utilizing the mobilized savings of scattered savers in more efficient and effective manner. "t channelises flow of saving into

productive investment.

( "t assists in the selection of the pro)ects to be financed and also reviews the performance of

such pro)ects periodically.

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( "t provides payment mechanism for e!change of goods and services.

( "t provides a mechanism for the transfer of resources across geographic boundaries.

( "t provides a mechanism for managing and controlling the risk involved in mobilizing savings

and allocating credit.

( "t promotes the process of capital formation by bringing together the supply of saving and thedemand for investible funds.

( "t helps in lowering the cost of transaction and increase returns. #educe cost motives people to

save more.

( "t provides you detailed information to the operators$ players in the market such as individuals,

business houses, *overnments etc.

Components/ Constituents of Indian Financial system&

The following are the four main components of "ndian Financial system

+. Financial institutions. Financial arkets. Financial "nstruments$'ssets$%ecurities/. Financial %ervices.

Financial institutions:

Financial institutions are the intermediaries who facilitates smooth functioning of thefinancial system by making investors and borrowers meet. They mobilize savings of the

surplus units and allocate them in productive activities promising a better rate of return.

Financial institutions also provide services to entities seeking advises on various issues

ranging from restructuring to diversification plans. They provide whole range of services to

the entities who want to raise funds from the markets elsewhere. Financial institutions act as

financial intermediaries because they act as middlemen between savers and borrowers. 0ere

these financial institutions may be of Banking or 1on-Banking institutions.

Financial Markets:

Finance is a prere2uisite for modern business and financial institutions play a vital role in

economic system. "t3s through financial markets the financial system of an economy works.

The main functions of financial markets are&

+. to facilitate creation and allocation of credit and li2uidity4. to serve as intermediaries for mobilization of savings4. to assist process of balanced economic growth4

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/. to provide financial convenience

Financial Instruments

'nother important constituent of financial system is financial instruments. They represent a

claim against the future income and wealth of others. "t will be a claim against a person or aninstitutions, for the payment of the some of the money at a specified future date.

Financial Services:

Efficiency of emerging financial system largely depends upon the 2uality and variety of

financial services provided by financial intermediaries. The term financial services can be

defined as activites, benefits and satisfaction connected with sale of money, that offers to

users and customers, financial related value.

Pre-reforms Phase

5ntil the early +667s, the role of the financial system in "ndia was primarily restricted to the

function of channeling resources from the surplus to deficit sectors. 0hereas the financial system

performed this role reasonably well, its operations came to be marked by some serious

deficiencies over the years. The banking sector suffered from lack of competition, low capital

base, low 8roductivity and high intermediation cost. 'fter the nationalization of large banks in

+696 and +6:7, the *overnment-owned banks dominated the banking sector. The role of

technology was minimal and the 2uality of service was not given ade2uate importance. Banks

also did not follow proper risk management systems and the prudential standards were weak. 'll

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these resulted in poor asset 2uality and low profitability. 'mong non-banking financial

intermediaries, development finance institutions ;<F"s= operated in an over-protected

environment with most of the funding coming from assured sources at concessional terms. "n the

insurance sector, there was little competition. The mutual fund industry also suffered from lack

of competition and was dominated for long by one institution, viz., the 5nit Trust of "ndia. 1on-

banking financial companies ;1BF>s= grew rapidly, but there was no regulation of their asset

side. Financial markets were characterized by control over pricing of financial assets, barriers to

entry, high transaction costs and restrictions on movement of funds$participants between the

market segments. This apart from inhibiting the development of the markets also affected their

efficiency.Financial Market Euili!rium

euili!rium conditions- where money supply e2uals money demand

• money supply generally given as a constant ;vertical line=

o doesn3t change w$ interest rate

• s ? d

• d $ @A ? ;i=

o d $ @A - ratio of money demand to nominal income ;fraction of total income that

ppl hold as money=

• "M relation - e2uilibrium at intersection of money supply and money demand

;downward sloping curve dependent on interest rate i from ;i==

o interest at level that that cause ppl to hold d e2ual to s

o if d?s then Bd?Bs since ;wealth ? BC< and wealth stays constant=

• changes in @A DD shift of d curve

• changes in interest rate DD mov3t along curve

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• money supply ;not dependent on interest rate at all=

• money demand

• e2uilibrium

• higher @A DD higher interest rate

• lower @A DD lower interest rate

• money demand always e2uals money supply at e2uilibrium, so interest rate ad)usts

• need higher interest rate w$ higher income to compel consumers to invest and have the

same money demand as before, etc

Financial %tructure and <evelopment

"ndicators of financial structure include

%ystem-wide indicators of size,

Breadth and composition of the financial system4

"ndicators of key attributes such as competition, concentration, efficiency, and access4 and

measures of the scope, coverage, and outreach of financial services

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%ystem-wide "ndicators

Financial structure is defined in terms of the aggregate size of the financial sector, its sectoral

composition, and a range of attributes of individual sectors that determine their effectiveness in

meeting users re2uirements. The evaluation of financial structure should cover the roles of the

key institutional players, including the central bank, commercial and merchant banks, savings

institutions, development finance institutions, insurance companies, mortgage entities, pension

funds, and financial market institution

Breadth of the Financial %ystem

<ata on the financial breadth or penetration often serve as pro!ies for access of the population to

different segments of the financial sector. 0ell-functioning financial systems should offer a wide

range of financial services and products from a diversified set of financial intermediaries and

markets. "deally, there should be a variety of financial instruments that provide alternative rates

of return, risk, and maturities to savers, as well as different sources of finance at varying interest

rates and maturities

Table .+. %ectoral "ndicators of Financial <evelopment

%ub-sector "ndicator

Banking Total number of banks

1umber of branches and outlets

1umber of branches$thousand population

Bank deposits$*<8 ;G=

Bank assets$total financial assets ;G=

Bank assets$*<8 ;G=

"nsurance *ross premiums$*<8 ;G=

*ross life premiums$*<8 ;G=

*ross non-life premiums$*<8 ;G=

• 1umber of insurance companies

8ensions Types of pension plans

8ercentage of labor force covered by

pensions

8ension fund assets$*<8 ;G=

8ension fund assets$total financial assets ;G=

ortgage ortgage assets$total financial assets

ortgage debt stock$*<8

easing eased assets$total domestic

investment

oney markets Types and value of money market instruments

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1ew issues and growth in outstanding value

1umber and value of daily ;weekly=

transactions in the instruments

Foreign e!change markets Holume and value of daily foreign e!change

transactions

'de2uacy of foreign e!change ;reserves in

months of imports, as ratio to short-term

e!ternal debt or to broad money=

>apital markets 1umber of listed securities ;bonds and

e2uities=

%hare of households, corporations, banks, and

1BF"s in the holdings of securities

1umber and value of new issues ;bonds and

e2uities=

arket capitalization$*<8 ;G=

Halue traded$market capitalization ;G=

%ize of derivative markets

>olllective investment funds Types and number of schemes ;uni2ue and

mi!ed funds=

Total assets and growth rates ;nominal and as

percentage of *<8=

Total number of investors and average

balance per investor

%hare of households, corporations, banks, and

1BF"s, in total mutual funds assets

Competition# Concentration# and Efficiency

>ompetition in the financial system can be defined as the e!tent to which financial markets are

contestable and the e!tent to which consumers can choose a wide range of financial services

from a variety of providers. >ompetition is often a desirable feature because it normally leads to

increased institutional efficiency, lower costs for clients, and improvements in the 2uality and

range of financial services provided. There are numerous measures of competition, including the

total number of financial institutions, changes in market share, ease of entry, price of services,

and so forth. "n addition, the degree of diversity of the financial system could be an indicator of

competition or the lack thereof because the emergence of vibrant non-bank intermediaries andcapital markets often have been a source of effective competition for banking systems in many

countries. 'll things remaining e2ual, an increase in the number of financial institutions or an

e!pansion in available financial market instruments will increase competition by e!panding the

available sources of financial services that consumers can access. Ease of entry into the system

could be )udged by looking at the regulatory and policy re2uirements for licensing, for e!ample,

the re2uired minimum paid-up capital.

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Indicators of Financial System Performance

%ub-sector "ndicator

>ompetition and concentration

Total number of institutions "nterest rate spreads and prices of financial

services

"ntermediary concentration ratios ;market

share of or I of the largest institutions=

Financial market concentration ratios ;market

share of the largest financial instruments,

as a percentage of total financial assets=

Jerfindahl inde!

Efficiency "nterest rate spreads

"ntermediation costs ;as percentage of total

assets=

i2uidity #atio of value traded to market capitalization

'verage bidKask spread

Scope and Covera$e of Financial Services

The financial system provides five key services& ;a= savings facilities, ;b= credit allocation

and monitoring of borrowers, ;c= payments, ;d= risk mitigation, and ;e= li2uidity services.

%avings mobilization can be assessed by e!amining the effectiveness with which the

financial system provides saving facilities and mobilizes financial resources from households

and firms. The e!tent of financial savings could be ascertained by e!amining the level and trends

in the ratio of broad money to *<8.

"i!erali%ation# Privati%ation and &lo!ali%ation in India '

The economy of "ndia had undergone significant policy shifts in the beginning of the +667s. This

new model of economic reforms is commonly known as the 8* or iberalisation, 8rivatisation

and *lobalisation model. The primary ob)ective of this model was to make the economy of "ndiathe fastest developing economy in the globe with capabilities that help it match up with the

biggest economies of the world.

The chain of reforms that took place with regards to business, manufacturing, and financial

services industries targeted at lifting the economy of the country to a more proficient level. These

economic reforms had influenced the overall economic growth of the country in a significant

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manner.

"i!eralisation

iberalisation refers to the slackening of government regulations. The economic liberalisation in

"ndia denotes the continuing financial reforms which began since Luly /, +66+.

Privatisation and &lo!alisation

8rivatisation refers to the participation of private entities in businesses and services and transfer

of ownership from the public sector ;or government= to the private sector as well. *lobalisation

stands for the consolidation of the various economies of the world.

"P& and the Economic (eform Policy of India

Following its freedom on 'ugust +I, +6/M, the #epublic of "ndia stuck to socialistic economic

strategies. "n the +6:7s, #a)iv *andhi, the then 8rime inister of "ndia, started a number of

economic restructuring measures. "n +66+, the country e!perienced a balance of payments

dilemma following the *ulf 0ar and the downfall of the erstwhile %oviet 5nion. The country

had to make a deposit of /M tons of gold to the Bank of England and 7 tons to the 5nion Bank

of %witzerland. This was necessary under a recovery pact with the "F or "nternational

onetary Fund. Furthermore, the "nternational onetary Fund necessitated "ndia to assume a

se2uence of systematic economic reorganisations. >onse2uently, the then 8rime inister of the

country, 8 H 1arasimha #ao initiated groundbreaking economic reforms. Jowever, the

>ommittee formed by 1arasimha #ao did not put into operation a number of reforms which the"nternational onetary Fund looked for.

<r anmohan %ingh, the present 8rime inister of "ndia, was then the Finance inister of the

*overnment of "ndia. Je assisted. 1arasimha #ao and played a key role in implementing these

reform policies.

)arasimha (ao Committee*s (ecommendations

The recommendations of the 1arasimha #ao >ommittee were as follows&

• Bringing in the %ecurity #egulations ;odified= and the %EB" 'ct of +66 whichrendered the legitimate power to the %ecurities E!change Board of "ndia to record and

control all the mediators in the capital market.

• <oing away with the >ontroller of >apital matters in +66 that determined the rates and

number of stocks that companies were supposed to issue in the market.

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• aunching of the 1ational %tock E!change in +66/ in the form of a computerised share

buying and selling system which acted as a tool to influence the restructuring of the other

stock e!changes in the country. By the year +669, the 1ational %tock E!change surfaced

as the biggest stock e!change in "ndia.

• "n +66, the e2uity markets of the country were made available for investment throughoverseas corporate investors. The companies were allowed to raise funds from overseas

markets through issuance of *<#s or *lobal <epository #eceipts.

• 8romoting F<" ;Foreign <irect "nvestment= by means of raising the highest cap on the

contribution of international capital in business ventures or partnerships to I+ per cent

from /7 per cent. "n high priority industries, +77 per cent international e2uity was

allowed.

• >utting down duties from a mean level of :I per cent to I per cent, and withdrawing

2uantitative regulations. The rupee or the official "ndian currency was turned into ane!changeable currency on trading account.

• #eorganisation of the methods for sanction of F<" in I sectors. The boundaries for

international investment and involvement were demarcated.

The outcome of these reorganisations can be estimated by the fact that the overall amount of

overseas investment ;comprising portfolio investment, F<", and investment collected from

overseas e2uity capital markets = rose to @I. billion in +66I-+669 in the country= from a

microscopic 5% @+ million in +66+-+66. 1arasimha #ao started industrial guideline changeswith the production zones. Je did away with the icense #a), leaving )ust +: sectors which

re2uired licensing. >ontrol on industries was moderated.

+i$hli$hts of the "P& Policy

*iven below are the salient highlights of the iberalisation, 8rivatisation and *lobalisation

8olicy in "ndia&

• Foreign Technology 'greements

• Foreign "nvestment

• #T8 'ct, +696 ;'mended=

• "ndustrial icensing

• <eregulation

• Beginning of privatisation

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• Npportunities for overseas trade

• %teps to regulate inflation

• Ta! reforms

• 'bolition of icense -8ermit #a)

Financial (e$ulatory ,odies

Financial sector in "ndia has e!perienced a better environment to grow with the presence of

higher competition. The financial system in "ndia is regulated by independent regulators in the

field of banking, insurance, mortgage and capital market. *overnment of "ndia plays a

significant role in controlling the financial market in "ndia.

inistry of Finance, *overnment of "ndia controls the financial sector in "ndia. Every year the

finance ministry presents the annual budget on :th February. The #eserve Bank of "ndia is an

ape! institution in controlling banking system in the country. "t3s monetary policy acts as a ma)or

weapon in "ndia3s financial market.

%ecurities and E!change Board of "ndia ;%EB"= is one of the regulatory authorities for "ndia3s

capital market.

• %ecurities and E!change Board of "ndia ;%EB"=

• 1ational %tock E!change

• Bombay %tock E!change ;B%E=

• #eserve Bank of "ndia

• a)or Financial "nstitutions in "ndia

• Foreign "nvestment 8romotion Board

Securities and Echan$e ,oard of India.SE,I

%ecurities and E!change Board of "ndia ;%EB"= was first established in the year +6:: as a non-

statutory body for regulating the securities market. "t became an autonomous body in +66 and

more powers were given through an ordinance. %ince then it regulates the market through its

independent powers.

0!1ectives of SE,I

2s an important entity in the market it 3orks 3ith follo3in$ o!1ectives:

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• "t tries to develop the securities market.

• 8romotes "nvestors "nterest.

• akes rules and regulations for the securities market.

Functions 0f SE,I

• #egulates >apital arket

• >hecks Trading of securities.

• >hecks the malpractices in securities market.

• "t enhances investor3s knowledge on market by providing education.

• "t regulates the stockbrokers and sub-brokers.

•

To promote #esearch and "nvestigation

SE,I In India*s Capital Market

%EB" from time to time have adopted many rules and regulations for enhancing the "ndian

capital market. The recent initiatives undertaken are as follows&

• Sole Control on ,rokers:5nder this rule every brokers and sub brokers have to get

registration with %EB" and any stock e!change in "ndia.

• For 4nder3riters:For working as an underwriter an asset limit of 7 lakhs has been

fi!ed.

• For Share Prices:'ccording to this law all "ndian companies are free to determine their

respective share prices and premiums on the share prices.

• For Mutual Funds:%EB"3s introduction of %EB" ;utual Funds= #egulation in +66 is to

have direct control on all mutual funds of both public and private sector.

)ational Stock Echan$e

"n the year +66+ 8herwani >ommittee recommended to establish 1ational %tock E!change

;1%E= in "ndia. "n +66 the *overnment of "ndia authorized "<B" for establishing this e!change.

"n 1ational %tock E!change there is trading of e2uity shares, bonds and government securities.

"ndia3s %tock E!changes particularly 1ational %tock E!change has achieved world standards in

the recent years. The 1%E "ndia ranked its rd position since last four years in terms of total

number of trading per calendar year.

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8resently there are / stock e!changes in "ndia, out of which 7 have e!changes 1ational %tock

E!change ;1%E=, over the >ounter E!change of "ndia td, ;NT>E"= and "nter-connected %tock

E!change of "ndia limited ;"%E= have nationwide trading facilities.

)e3 )SE (eference (ates

Both "BN# ;umbai "nter Bank Nffer #ate= and "B"< ;umbai "nter Bank Bid #ate= are

the two new references rates of the 1ational %tock E!changes. These two new reference rates

were launched on Lune +I, +66: for the loans of inter bank call money market.

Both "BN# and "B"< work simultaneously. The "BN# indicates lending rate for loans

while "B"< is the rate for receipts.

,om!ay Stock Echan$e .,SE

Bombay %tock E!change is one of the oldest stock e!changes in 'sia was established in the year +:MI in the name of The 1ative %hare O %tock Brokers 'ssociation.

Bombay %tock E!change is located at <alal %treet, umbai, "ndia. "t got recognition in +6I9

from the *overnment of "ndia under %ecurities >ontracts ;#egulation= 'ct, +6I9. 8resently B%E

%E1%EP is recognized over the world. Trading volumes growth in the year 77/-7I have drawn

the attention over the globe.

's to the statistics, the total turnover from B%E transcation as in Lune 779 is calculated at

M7+.9 crores.

• ,SE Indices:The well-known B%E %E1%EP is a value weighted of 7 scrips.Nther stock

indices of B%E are B%E I77, B%E8%5, B%E"<>'8, B%E%>'8, and

B%EB'1QEP.

• ,SE 566 Inde:The e2uity share of +77 companies from the list of I ma)or stock

e!changes such as umbai, >alcutta, <elhi, 'hmedabad and adras are selected for the

purpose of compiling the B%E 1ational "nde!. The year +6:-:/ is taken as the base year

for this inde!. The method of compilation here is same as that of the B%E %E1%EP.

• ,SE 766 Inde:The B%E 77 "nde! was lunched on Mth ay +66/. The companies

under B%E 77 have been selected on the basis of their market capitalisation, volumes of

turnover and other findamental factors. The financial year +6:6-67 has been selected as

the base year.

• ,SE 866 Inde:B%E I77 "nde! consisting of I77 scrips is functioning since +666.

8resently B%E I77 "nde! represents more than 67G of the total market capitalisation on

Bombay %tock E!change imited.

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• ,SE PS4 Inde:B%E 8%5 "nde! has been working since /th Lune 77+. This inde!

includes ma)or 8ublic %ector 5ndertakings listed in the E!change. The B%E 8%5 "nde!

tracks the performance of listed 8%5 stocks in the e!change.

Companies In ,SE:

>ompanies listed on the Bombay %tock is rising very fast. 's to statistics, companies listed to the

end of arch +66/ reached at ,77 compared to 66 in +6:7.

(eserve ,ank of India

#eserve Bank of "ndia is the ape! monetary "nstitution of "ndia. "t is also called as the central

bank of the country. The bank was established on 'pril+, +6I according to the #eserve Bank of

"ndia act +6/. "t acts as the ape! monetary authority of the country.The >entral Nffice of the

#eserve Bank has been in umbai since inception. The >entral Nffice is where the *overnor

sits and is where policies are formulated. Though originally privately owned, since

nationalization in +6/6, the #eserve Bank is fully owned by the *overnment of "ndia.

9he pream!le of the reserve !ank of India is as follo3s:

...to regulate the issue of Bank 1otes and keeping of reserves with a view to securing monetary

stability in "ndia and generally to operate the currency and credit system of the country to its

advantage.

Central ,oard

The #eserve Bank3s affairs are governed by a central board of directors. The board is appointed

by the *overnment of "ndia in keeping with the #eserve Bank of "ndia 'ct.

'ppointed$nominated for a period of four years.

• >onstitution

• Nfficial <irectors

• Full-time& *overnor and not more than four <eputy *overnors

• 1on-Nfficial <irectors

• 1ominated by *overnment& ten <irectors from various fields and one government

Nfficial

• Nthers& four <irectors - one each from four local boards

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• Functions& *eneral superintendence and direction of the Bank3s affairs

"ocal ,oards

• Nne each for the four regions of the country in umbai, >alcutta, >hennai and 1ew

<elhi• embership

• >onsist of five members each

• 'ppointed by the >entral *overnment

• For a term of four years

Functions

To advise the >entral Board on local matters and to represent territorial and economic interests of

local cooperative and indigenous banks, to perform such other functions as delegated by >entral

Board from time to time.

Forei$n Investment Promotion ,oard

The Foreign "nvestment 8romotion Board is a special agency in "ndia dealing with the matters

relating to Foreign <irect "nvestment. This special board was set up with a view to raise the

volume of investment to the country. The sole aim of the board is to create a base in the country

by which a larger volume of investment can be drawn to the country.

0n 5 Fe!ruary 766# the !oard 3as transferred to the <epartment of Economic 2ffairs

.<E2 Ministry of Finance=

Important functions of the ,oard are as follo3s:

• Formulating proposals for the promotion of investment.

• %teps to implement the proposals.

• %etting friendly guidelines for facilitating more investors.

• "nviting more companies to make investment.

• To recommend the *overnment to have necessary actions for attracting more investment.

>ith re$ards to the structure of the Forei$n Investment Promotion ,oard# the !oard

comprises the follo3in$ $roup of secretaries to the &overnment:

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• %ecretary to *overnment <epartment of Economic 'ffairs, inistry of Finance-

>hairman.

• %ecretary to *overnment <epartment of "ndustrial 8olicy and 8romotion, inistry of

commerce and "ndustry.

• %ecretary to *overnment, <epartment of >ommerce, inistry of >ommerce and"ndustry.

• %ecretary to *overnment, Economic #elations, inistry of E!ternal 'ffairs.

• %ecretary to *overnment, inistry of Nverseas "ndian 'ffairs.

"n the recent years, particularly after the implementation of the new economic policy, the

*overnment has undertaken many steps to attract more investors for investing in the country.

The new proposals for the foreign investment are allowed under the automatic route keeping in

view the sectoral practices

Ma1or Financial Institutions in India

9his is a list on the ma1or financial institutions in India and their respective date of startin$

operations=

Financial Institution <ate of Startin$

"mperial Bank of "ndia +6+

#eserve Bank of "ndia 'pril +, +6I

"ndustrial Finance corporation of "ndia +6/:

%tate Bank of "ndia Luly +, +6II

5nit Trust of "ndia Feb. +,+69/

"<B" Luly +69/

1'B'#< Luly +,+6:

%"<B" +667

EP" Bank Lanuary +, +6:

1ational Jousing Bank Luly +6::

ife "nsurance >orporation ;">= %eptember +6I9*eneral "nsurance >orporation ;*">= 1ovember +6M

#egional #ural Banks Nct. , +6MI

#isk >apital and Technology Finance >orporation td. arch +6MI

Technology <evelopment O "nformation >o. of "ndia td. +6:6

"nfrastructure easing O Financial %ervices td. +6::

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Jousing <evelopment Finance >orporation td. ;J<F>= +6MM

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