• Who wrote the book ‘Poverty and Unbritish rule in India’ – Dadhabai Naoroji
• Who proposed ‘Economic drain theory’ – Dadhabai Naoroji
• First person to calculate national income of India by scientific method – V.K.R.V. Rao
• First person to calculate national income - Mahala Nobis
• Who is the father of budget – Mahala Nobis
• When is National Statistics day celebrated - Mahala Nobis
• Who proposed people’s plan – M.N. Roy
• When was planning commission established – 15 March 1950
• Who was the first deputy chairperson of planning commission – Gul sari Lal Nandha
• Who is the 1st CEO of NITI Ayog – Sindhu Sri Kulla
• Who is the 1st Vice chairman of NITI Ayog – Arvind Panagariya
• Who is the present CEO of NITI Ayog – B.V.R. Subramanyam
• Who is the present Vice chairman of NITI Ayog – Suman Beri
• Who are the permanent members in NITI Ayog – V.K. Saraswat, Arvind Virman, V.K. Paul
• 1st 5-year plan is based on Harod Domar Model
• Garibi Hatao slogan is related to 5th 5-year plan
• Who is the father of Indian economic reforms – P.V. Narasimha Rao
• Who printed Rupee – Sher Shah Soori
• Which bank introduced paper currency in India – Bank of Bengal – 1812
• When was decimal point system introduced – 1st April 1957
PICTURES ON THE CURRENCY NOTES OF INDIA
• ₹10 – Konark Sun temple
• ₹20 – Ellora Caves
• ₹50 – Hampi with Chariot
• ₹100 – Rani ki vav
• ₹200 – Sanchi Stupa
• ₹500 – Red Fort
• ₹2000 – Mangalyaan
DEMONITIZATION OF INDIAN CURRENCY
• 1st demonetization – 1946 - ₹500 & above
• 2nd demonetization – 1978 - ₹1000, ₹5000, ₹10,000
• 3rd demonetization – 2011 – Coins below 25 paise
• 4th demonetization – 8th November 2016 - ₹500, ₹1000
• ₹1000 note was introduced in 1954
• Note issuing in India is based on the minimum reserve system
• The minimum reserves of India are 115 crores of Gold and 85 crores of dollar
• Rupee [₹] symbol was designed by D. Uday Kumar on 15 July 2010
• ₹1000 coin was introduced in 2012 on the occasion of 1000 years of Brihadisvara Temple
• ₹150 coin was introduced in 2011 on occasion of 150th birth anniversary of Rabindranath Tagore
• ₹5 coin was introduced in 2010
INDIAN FINANCIAL SYSTEM
• Short term investments are invested in Money market
• Long term investments are invested in Capital market
• Exchange of currencies is done in Forex market
• Medium and long-term loans are taken from Credit market
• Credit market is divided into two sectors:
→ Organised sector (Banks)
→ Un organised sector (Money lenders)
• RBI is the central bank of India
• RBI was formed on 1st April 1935
• RBI was nationalised on 1st January 1949
• Headquarters of RBI is at Mumbai
• Logo of RBI is Tiger and Palm tree
• RBI was formed on the recommendation of Hilton Young Commission
• The percentage of cash that bank should keep in the vault all the time is known as Statutory Liquidity Ratio (SLR)
• SLR Rate is 18%
• The percentage of cash that bank should deposit near RBI is known as Cash Reserve Ratio (CRR)
• CRR Rate is 4.5%
• 1st RBI governor was Sir Osborne Smith
• 1st RBI governor to sign on Indian rupee was James Taylor
• 1st Indian governor of RBI was C.D. Deshmukh
• 1st Woman Deputy Governor was K.J Udeshi
• Longest serving RBI governor is Benegal Rama Rau
• RBI governor and PM was Dr. Manmohan Singh
• Present governor of RBI is Shakti Kanta Das
• RBI consists of 14 directors, 1 governor and 4 deputy governors
• RBI consists of 2 training colleges. They are:
→ Reserve bank staff college – Chennai
→ College of Agricultural banking – Pune
• RBI consists of 4 zonal training centres. They are:
→ Belapur
→ Chennai
→ Kolkata
→ New Delhi
• The validity of cheque was changed from 6 months to 3 months on 1st April 2012
NATIONALISATION OF BANKS
• 1st Nationalisation was took place 19th July 1969. 14 Banks were nationalised.
• 2nd Nationalisation was took place on 15th April 198
• Largest commercial bank is SBI
• Bhartiya Mahila Bank was merged with SBI on 1st April 2017
• SBI bank is the first bank to have a branch in China
BANKING SECTOR
ICICI Bank
• Industrial Credit and Investment Corporation of India
• It was started in 1994
• The headquarter of ICICI is Mumbai
• It is the largest private sector bank
SIDBI
• Small Industries Development Bank of India
• It was started on 2nd April 1990
• The headquarter of SIDBI is Lucknow
IDBI
• Industrial Development Bank of India
• It was started in 1964
• The headquarter of IDBI is Mumbai
EXIM Bank
• Export Import Bank of India
• It was started in 1982
• The headquarter of EXIM Bank is Mumbai
NABARD
• National Bank for Agriculture and Rural Development
• It was started in 1982
• The headquarter of NABARD is Mumbai
• It was started on the recommendations of Sivaraman committee
AXIS Bank
• The old name of AXIS Bank is UTI (Unit Trust of India)
• It was started in 1990
• The headquarter of AXIS Bank is Mumbai
HDFC Bank
• Housing Development and Finance Corporation
• It was started in 1994
• The headquarter of HDFC Bank is Mumbai
• HDFC Bank is the first bank to launch AI chatbot named EVA (Electronic Virtual Assistant)
RRB’s
• Regional Rural Bank
• Prathama Grameen Bank is the 1st RRB which was set up in 1975 In U.P
PNB
• Punjab National Bank
• It was founded by Lala Lajpat Rai
• It was founded on 19th May, 1894
• The headquarter of PNB is Dwaraka in Delhi
IDFC
• Infrastructure Development Finance Company
• It was founded in October 2015
• The headquarter of IDFC is Mumbai
MUDRA Bank
• Micro Unit Development and Re finance Agency
• It was launched on 8th April 2015
• It is subsidiary of SIDBI
• It is the 1st Bank to launch PMMY
BBB
• Bank Board Bureau
• It was started on 28th February 2016
• 1st Chairman of BBB was Vinod Rai
• Banking Ombudsman was started in the year 2006
• Banking ombudsman was formed on the recommendations of Suma Verma Committee
• Amartya Sen got the Nobel prize for Economics in 1998
• Amartya Sen got Bharat Ratna in 1999
• 1st Banking Robot was Lakshmi by City Union Bank
• 1st Bank to get ISO certificate was Canara Bank
• 1st Bank to issue Savings account was Presidency Bank in 1833
• 1st Bank to issue cheque was Bengal bank in 1784
• 1st Bank to list in Mutual fund was State Bank of India
• 1st Bank to issue credit card was Central Bank of India
• 1st Bank in India was Bank of Hindustan at Calcutta in 1770
• 1st Indian bank to have a branch in London was Bank of India in 1946
• 1st Post office savings bank ATM was at Chennai
TAGLINES OF BANKS
• SBI – With you always
• HSBC – World’s Local Bank
• Bank of India – Relationship beyond banking
• HDFC – We understand your word
FULL FORMS RELATED TO BANKING
• IFSC – Indian Financial System Code
• MICR – Magnetic Ink Character Recognition Code
• NEFT – National Electronic Fund Transfer
• RTGS – Real Time Gross Settlement
ATM
• Automated Teller Machine
• John Shepperd Barren was the inventor of ATM in 1967
• HSBC is the 1st bank to introduce ATM and ATM Card in India in 1987 at Mumbai
• Barclays in London is the 1st bank to issue ATM Card in the world
DAYS IN ECONOMICS
• World Thrift Day – October 30
• World Book and Copyright Day – April 23
• World Population Day – July 11
• World Consumers Day – March 15
• World Standards Day – October 14
• World Tourism Day – September 27
• Indian Consumers Day – December 24
STOCK EXCHANGES
NSE
• National Stock Exchange
• Index of NSE is Nifty
• It was established in 1992
• It was established in Mumbai
BSE
• Bombay Stock Exchange
• Index of BSE is Sensex
• It was established in 1875
• It was established at Dalal Street in Mumbai
• Founder of BSE was Prem Chand Roy Chand
OTCEI
• Over The Counter Exchange of India
• It was established in 1992
• It was established at Mumbai
SEBI
• Securities and Exchange Board of India
• It was established in 1988
• It became a statutory body in April 1992
• SEBI regulates Mutual Fund and Stock exchange in India
MAJOR STOCK EXCHANGES OF THE WORLD
NAME OF THE STOCK EXCHANGE COUNTRY INDEX
New York stock exchange USA NYSE Composite Index
Tokyo stock exchange Japan Nikkei
NASDAQ USA COMP
Euronext Amsterdam Euronext100
London stock exchange UK FTSE 100
INSURANCE SECTOR
• Insurance sector is divided into Life insurance and General insurance
• Oriental insurance company is the 1st insurance company in India
• Oriental insurance company was started by Anita Bhavsar in 1818 at Kolkata
• Bombay Mutual Life Assurance Company is the first Indian insurance company
• Bombay Mutual Life Assurance Company was started in 1870
• Triton insurance company is the first general insurance company
• Triton insurance company was started in 1850 at Calcutta
• Life insurance sector was nationalised on 19th January 1956
• SPOK is the first AI based insurance email bot launched by HDFC
LIC
• Life Insurance Corporation
• LIC was started on 1st September 1956
• LIC’s headquarter is situated at Mumbai
• LIC is owned by The Government of India
• Mumbai, Kolkata, Delhi, Chennai, Kanpur, Hyderabad, Bhopal are the zonal training centres
GIC
• General Insurance Company
• GIC was started on 22nd September 1972
• GIC’s headquarter is situated at Mumbai
IRDA
• Insurance Regulatory and Development Authority of India
• IRDA’s headquarter is situated at Hyderabad
• It was formed on the recommendation of Malhotra Committee
• IRDA regulates the insurance sector in India
TAX SYSTEM IN INDIA
CBEC
• Central Board of Excise and Customs
• CBEC administers the Indirect taxes, Excise duties, Custom duty
• CBEC is statutory body
•There are two types of taxes. They are:
→ Direct Taxes
→ Indirect Taxes
• Property tax, Income tax, corporate tax, Entertainment tax are the examples of direct tax
• GST, VAT, Sales tax, Gas tax are the examples of indirect tax
• Professional tax is both direct and indirect tax
• First country to implement tax is France
• First Indian state to implement tax is Haryana in 2005
• First state to accept GST bill is Assam
• Cess is the tax levied for special purposes
ModVAT
• Modified Value Added Tax
• ModVAT was launched in 1986
• ModVAT is merged with GST
GST
• Goods and Service Tax
• GST was launched on 1st July 2017
• Arun Jaitley was the finance minister during the launch of GST
• GST was added in 101 amendment
• 0, 5, 12, 18, 28 are the tax rates in GST
• Motto of GST is “One Nation, One Tax”
Budget
• Budget is derived from the Latin word Bulga
• Article 112 discusses about budget
• Sir James Wilson was the first person to present budget
• John Matai was the first person to present budget after independence
• R.K. Shanmukham Shetty was the first Indian to present budget after independence
• Indira Gandhi was the first woman to present budget
• Morarji Desai is the person to present budget maximum number of times
• Budget presented by the outgoing government is known as Interim budget
• Consolidated Fund is the sum of all revenues of the government and the loans
• Contingency Fund is the fund to meet emergencies
• Deposit account of the government is known as public account
• Bibek Debroy committee suggested to unite Railway budget into Indian budget.
Finance Commission
• Finance commission was established in 1951
• Article 280 discusses about Finance commission
• Finance commission shares the revenue from tax between State and Central government
• K.C. Neoli was the first chairman of Finance commission
• Arvind Panagariya is the present chairman of Finance commission
• Industrial policy of 1956 is also known as ‘Economic Constitution of India’
• PSU- Public Sector Undertaking. There are 389 PSU’s in India
• EPZ – Export Processing Zone
• Asia’s first EPZ is at Kandla in 1965
• SEZ – Special Economic Zone
• SEZ was started in 2006 under EXIM policy
ASSOCHAM
• Associated Chambers of Commerce and Industry
• It was started in 1920
• It’s headquarter is located in New Delhi
BIS
• Bureau of Indian Standards
• It was started in 1986
• It’s headquarter is located in New Delhi
• It gives ISI mark to all the industrial products
FPO Mark
• Food Process Order mark
• It was started in 2006
• It was started under Food Safety and Standards Act
AGMARK
• Agricultural Mark
• It was started in 1937
• It was stopped in 1986
• It is given to all the agricultural products
BIS Hallmark
• This mark is given to all the metals according to their quality
Eco Mark
• It is started in 1991
• It is given to all Eco friendly products
BSES
• Bharat Stage Emission Standards
• This certificate is given to all the petroleum vehicles
• The certificate need to updated every 6 months
