Insurance and banking needs regulations to administer them and also to provide prior information’s to customers or would be customers, their rights and obligations in order to have better relationship with respective institutions. As such, for banking, the regulating Acts are Banking regulation Act 1949, RBI Act, 1934, Banking Ombudsman Act, 2009 and in Insurance business, the regulations laws are Insurance Act, 1938, IRDA Act, 1999, LIC Act, 1956, General Insurance Business (Nationalisations) Act, 1972 and other. As such now, I have added Chapter 14 for such regulations on insurance and for areole of IRDA in life and non-life insurance business. During 2015, two new Licenses were issued to two banks, viz., IDFC Bank Ltd. And Bandhan Bank Ltd. As such, the total number of private sector banks has gone to 20 and public sector banks number has increased to 27. In case of insurance companies, the total number is above30. The position of health insurance companies has also risen. Not only this, new development is to take place in State Bank of India wherein 5 associate bands and Bhartiya Mahila Bank would be merged latest by March end. By the end of March 2017, total PSBs number would be 20 as against 27 at present. The total amount of bank’s deposit and advances at the end of the 22-7-2016 were 96.7 lakh crores and 71.6 lakh crores respectively.
Contents –
1. Introduction to Banking
2. Legal Framework of Regulation of Banks
3. Insurance – Basic Concept of Risk
4. Basic Principles of Valid Contract (Legal Offer and Acceptance)
5. Types of Insurance
6. Reinsurance
7. Risk and Return Relationship
8. Financial Inclusion
9. Claims and Settlement Procedures
10. Actuarial Roal
11. Evolution and Growth of Insurance Business in India
12. Non-fund Based Activities and Services
13. Non-fund Services and Activities
14. Insurance Regulations Role of IRDA