- Export–Import Bank of India was established in 1982 under the Export-Import Bank of India Act 1981.
- Since its inception, Exim Bank of India has been both a catalyst and a key player in the promotion of cross border trade and investment.
- Over the period, it has evolved into an institution that plays a major role in partnering Indian industries, particularly the Small and Medium Enterprises, in their globalization efforts, through a wide range of products and services offered at all stages of the business cycle, starting from import of technology and export product development to export production, export marketing, pre-shipment and post-shipment and overseas investment.
It is an apex development and specialized bank established on 12 July 1982 by an act by the parliament of India. Its main focus is to uplift rural India by increasing the credit flow for elevation of agriculture & rural non farm sector.
- It was established based on the recommendations of the Committee set up by the Reserve Bank of India (RBI) under the chairmanship of Shri B. sivaraman.
- It replaced the Agricultural Credit Department (ACD) and Rural Planning and Credit Cell (RPCC) of Reserve Bank of India, and Agricultural Refinance and Development Corporation (ARDC).
- It has been accredited with “matters concerning policy, planning and operations in the field of credit for agriculture and other economic activities in rural areas in India”.
- NABARD is active in developing financial inclusion policy and is a member of the Alliance for Financial Inclusion.
It Serves as an apex financing agency for the institutions providing investment and production credit for promoting the various developmental activities in rural areas.
- It takes measures towards institution building for improving absorptive capacity of the credit delivery system, including monitoring, formulation of rehabilitation schemes, restructuring of credit institutions, training of personnel, etc.
- It regulates the cooperative banks and the RRB’s, and manages talent acquisition through IBPS CWE.
- NABARD is also known for its ‘SHG Bank Linkage Programme’ which encourages India’s banks to lend to SHGs.
- The Islamic Development Bank is an international financial institution established in pursuance of the Declaration of Intent issued by the Conference of Finance Ministers of Muslim Countries held in Jeddah in December 1973, and the Bank was formally opened on 20 October 1975.
- The purpose of the Bank is to foster the economic development and social progress of member countries and Muslim communities individually as well as jointly in accordance with the principles of Shari’ah i.e., Islamic Law.
- Functions- The functions of the Bank are to participate in equity capital and grant loans for productive projects and enterprises besides providing financial assistance to member countries in other forms for economic and social development.
- The present membership of the Bank consists of 56 countries.
- The basic condition for membership is that the prospective member country should be a member of the Organisation of Islamic Cooperation (OIC), pay its contribution to the capital of the Bank and be willing to accept such terms and conditions as may be decided upon by the IDB Board of Governors.
- The Bank’s principal office is in Jeddah in the Kingdom of Saudi Arabia.
- This system of banks is different from universal banks as they are mandated to serve niche interests and can offer limited products.
- Payment banks and small banks are part of differentiated banking.
- The purpose of these banks is to promote financial inclusion.
- Nachiket Mor committee in 2014 recommended the establishment of such institutions.
- Objective of payments banks is to increase financial inclusion by providing small savings accounts, payment/remittance services to migrant labor, low income households, small businesses, other unorganized sector entities and other users.
- Those who can promote payments banks can be a commercial bank, non-bank PPIs (Prepaid payment issuer), Non Banking Financial Companies, mobile telephone companies, super market chains, real sector cooperatives companies and public sector entities.
- Payments Banks can accept demand deposits (only current account and savings accounts).
- No credit lending is allowed for Payments Banks.