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6/16/2014 Mrunal [Current] May-Week1/P2: Economy- Financial resolution authority, Reena Benerjee Committee on Bancassurance, Minor Bank accounts,

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[Current] May-Week1/P2: Economy- Financial resolution authority,


Reena Benerjee Committee on Bancassurance, Minor Bank accounts,
Enforcement day
1. Prologue
2. Banking rights for Bachchaa Party
1. Pro arguments
2. Anti-Argument
3. Bancassurance: Reena Benerjee Committee
4. Deposit Insurance and Credit Guarantee Corporation (DICGC)
1. Function1: Deposit insurance
2. Function2: Credit guarantee
3. FRA (Financial Resolution Authority)
4. Difference: FRA vs FRA
5. What is Financial Stability and Development Council (FSDC)?
6. Enforcement Directorate
1. ED: Functions
2. ED: Future reforms
7. Hindi translation of technical terms
8. CSAT mock questions
9. Answers to Mock CSAT questions

Prologue
Those inquiring about Hindu science tech compilation, yes theyll come but not in a
next few weeks. Present schedule is
Remaining of June: [Current] series + Toppers interviews
Most of the July will be spent in doing Budget + Summaries of Economy
survey. (Survey alone is a project worth ~20 days headache).
After that Hindu science techs number will come. Thats probably July end or
August beginning.
anyways, Continuing from where we had left. Current Affairs May week1 (1-7)
1. History, Culture, Polity (coming soon)
2. Economy (youre here)
3. Diplomacy (done click me)

Questions
I. CSAT MCQ given at bottom of this article
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II. Mains exam


a. (GS2) Write note on the Financial Stability and Development Council
(FSDC): 100 words.
b. (GS2) Write a note on the organization and functions of Enforcement
directorate. Suggest measures for improvement of this body. 200 words
c. (GS3) What is Enforcement Directorate? How does it help combating
terror finance and money laundering? 200 words.
III. Interview
a. Are you in favor of RBIs latest move of allowing Children to open bank
accounts without adult supervision? Yes / No / why?
b. Why is RBI and IRDA having disagreement over Bancassurance model?
Which model is better for financial inclusion in India?
c. Recently, some Committee suggested setting up a Financial Resolution
Authority? What will it do? Who will benefit from this?

Banking rights for Bachchaa Party


System, until now:
Children below 18 are minor
Minor cannot have separate account
They can open joint account with adults. Father natural guardian. Later RBI
also authorized mothers. (But doesnt apply to Muslim minors)
If guardian dies, minor will get money from account only after attaining
majority. (Bollywood movies exploit this premise by introducing an evil
uncle).
Minor should be literate
Two minors cannot open joint account
Minors can sign cheque.

RBI reform May 2014


All minors can open bank accounts via parents/ legal guardian.
BUT Minors above 10 years can open bank account without adult supervision
AND they can open only three type of Bank accounts:
1. savings account
2. fixed deposit account
3. recurring deposit account.
In other words, they cannot open Current account, meant for businessmen.
Can get ATM card, cheque books, netbanking facilities

Safeguards for minor accounts


Bank cannot charge penalty if minimum balance not maintained. (this applies
to all minor and major accounts, after 1st April 2014.)
But bank should ensure that such accounts remain in credit. Meaning children
should not be allowed to totally empty his balance.
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Bank can put restriction of money withdrawal e.g. not more than 500 in 24
hours.
Bank can decide minimum documents.
Now lets see pro and anti-arguments for group discussion / interview:

Pro arguments
This will bring uniformity in the bankaccounts. Some banks already offering
separate minor accounts e.g. Kotak Mahindras My Junior account.
Financial awareness, financial literacy: children learn about savings habit and
banking system.
Financial discipline: They understand the value of money and difference
between needs vs wants.
Financial inclusion: e.g. child-laborers in tea-stalls can save money.
Government directly sends scholarship money to such account.
Social change: many urban teenagers have broken family theyre pretty much
living on their own.

Anti-Argument
Children more Gullible, and likely to be victims of identity theft, hacking,
phishing.
They can become victim of miselling by private banks via Bancassurance,
mutual funds and hidden charges on credit card.
Therefore, RBI shouldnt have allowed the children to open accounts without
adult supervision.

Bancassurance: Reena Benerjee Committee


First understand the meaning of Bancassurance, and difference between Agent
model vs Broker model from earlier article click me.
Agent model Bank ties up with only 1 life + 1 non-life insurance company
Broker model Bank is free to sell products of multiple insurance companies.
As such broker model good, because customer gets choice, less chances of misselling. Hence IRDA and Finance ministry wanted Sarkaari banks to move from
Agent model to Broker model. But there is loophole. Consider following example:
Agent model
SBI bank ties up with SBI life insurance.
Bank staff only ordered to sell SBI life
insurance to all bank customers. Chances of
mis-selling high because performance bonus
depend on sales-target.

Broker model
SBI ties up with LIC, orient life
insurance, SBI insurance and
many other companies.
Still SBI Bank officers can force
staff to promote only SBI
insurance products=> misselling chances high.

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To prevent this abuse, IRDA gave two guidelines:


1. 25% sales cap to Promoter Companys insurance company. Meaning, if SBI
bank staff sells 100 crore worth policies, then only 25 cr. Worth policies
should have been sold from SBI insurance. Other 75 cr. Worth policies from
LIC, Orient life insurance etc.
2. Bank should hire separate staff for insurance business. (to prevent mis-selling
by banking staff, under the threat of performance bonus.)
Rajan didnt like it.
NOT one bit.
Rajan feels IRDA Chairman TS Vijayan should not give orders to banks about
how to conduct their business, this is RBIs turf.
War of words and indirect taunting during seminar / memorial lectures
started.
Finally, April 2014, finance ministry setup Reena Benerjee Committee to sort
the mess. (Ms. Reena = General Manager in RBI)
Committees interim report suggested following:
Gradual sales cap
1st year
2nd year
3rd
4th
5th year end

75%
60%
50%
35%
25%

Committee doesnt want separate recruitment of insurance staff within bank.


Because itll raise cost of operation.
Then to maintain the same profit margin, banks will start charging more fees
on ATM, Credit card etc. They may also reduce the interest paid on savings or
fixed deposit. Ultimately customer will suffer.
Banks should not be forced to adopt Broker model. Decision should be left to
the board of directors of the given bank. No single model is good for every
business setup.
RBI doesnt allow stock brokers to run banking operations, then why should
IRDA force Bankers to become brokers? Its illogical.
in other words, Reena Benerjee committee has endorsed Rajans side. IRDA
Chairman seems to have lost this round of territorial domination.

Some factoids /side notes


Insurance density = ratio of premium to population (per capita)
For India insurance density =$9, China 50+. Therefore India has less
insurance penetration than China.
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55,000+ bank branches of Public sector banks, have not sold any insurance
policy. Therefore we cannot hope that broker model bancassurance will
automatically fix the problem of low insurance density.
Public awareness also necessary for improving insurance penetration.
Itll be better if IRDA+RBI worked together rather than making it a question
of ego/territorial supremacy.

Deposit Insurance and Credit Guarantee Corporation


(DICGC)
Current topic is Financial Resolution Authority but before going into this topic,
weve to understand what is DICGC.
HQ: Mumbai.
DICGC is a corporation setup by act of parliament. (means it is not a company
registered under companies act).
RBI completely owns DICGC.
RBI has four dy. Governors. One of them functions as the chairman of
DICGC.

Ownership
Chronology
1978
Act of 1981 (setup
in 1982)
July 1982
1988
1990

Organization
DICGC
100% RBI

Ownership

EXIM bank

100% Government

NABARD
National
housing Bank

Govt.99.3% + RBI 0.7%

SIDBI

100% RBI
Sarkaari banks and financial institutions
like SBI, LIC, IDBI

Mind it: weve only four All India financial institutions (AIFI) viz. EXIM,
NABARD, NHB and SIDBI.
Anyways, back to Deposit Insurance and Credit Guarantee Corporation (DICGC).
From the name, we can see it has two functions
1. Deposit insurance
2. Credit guarantee

Function1: Deposit insurance


You buy car insurance, so youre protected against theft or accident of your
car.
But what about insurance of the money youve deposited in the bank account?
Yes, banks have to keep aside some money as backup, in CRR and SLR.
But still what if there is a massive crisis, nobody repays a single paisa of loan.
Bank has to completely shut down its operation? (situation similar to
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American Subprime crisis)


What if bank itself involved in a massive fraud and RBI cancels its license.
In such cases, what is the guarantee that youll get back money from your
savings/current/fixed deposit account?
To protect the bank customers in such scenario, government had enacted
Deposit insurance Act in the 60s.
Under this act, every bank has to compulsorily take insurance from DICGC.
(Just under Motor Vehicle act, it is compulsory to get car insurance.)
Every bank means every commercial bank (public, private, foreign bank),
cooperative bank and regional rural bank (RRB).
So, when bank fails / shuts down- DICGC will give money to depositors
(maximum 1 lakh per depositor).
Of course, money doesnt fall from sky, if you get health insurance then
youve to pay premium right?
Same way, Bank itself has to pay the premium to DICGC. (They cannot deduct
this charge from your bank account or interest.) only then DICGC can come
to rescue during crisis.
RBI can inspect the banks on DICGCs behalf to make sure theyve taken
adequate precautions in running the bank.
First function is clear. Now the second function.

Function2: Credit guarantee


What if bank has given loan to a farmer but he cannot repay it because of the
bad monsoon? And government also doesnt come up with some debt waiver
scheme?
Then banks will not give loans to farmers next time. Agriculture production
will decline.
Therefore, DICGS also gives guarantee to bank, So, if farmer doesnt repay
his loan, well pay you (Bank) the loan money.This is credit guarantee, one
type of insurance.
In 2014, Bharatiya Mahila bank announced theyll give loans upto Rs.1 crore
to female entrepreneurs, without any collateral.
Suppose, a lady businessman cannot repay the loan, then what will Mahila bank
do? They cannot even attach her property (because loan given without
collateral)!
But Mahila bank doesnt need to worry because theyre given credit
guarantee by Credit Guarantee Fund Trust for Micro and Small enterprises
(CGTMSE) fund is under MSME ministry. (and not this DICGC)
Anyways, DICGC is an old topic. Why in news?
Because a Committee recommended converting this body into a new body called

FRA (Financial Resolution Authority)


Financial Stability and Development Council (FSDC) => they setup a panel
under Anand Sinha (RBI Dy.Governor) + Arvind Mayaram (Finance Secretary
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).
This Sinha-Mayaram panel recommended creating Financial Resolution
Authority FRA.
Functions:
1. Solve crisis in all financial institutions. Not just banking, but non-banking
financial institutions also e.g. Muthoot Gold Loans, Reliance Mutual funds.
2. FRA will protect all depositors (in banks) and all investors (in non-banking
function financial institutions)
3. FRA will subsume the above Deposit Insurance and Credit Guarantee
Corporation (DICGC)
4. WE need to create FRA, because all financial markets are interconnected. A
crisis in banking sector, can have negative fallout even on share market (and
thereby mutual funds), and vice versa.
5. This FRA will be independent of govt. and financial regulators (such as RBI,
SEBI, IRDA)
6. FRA can prevent bank failure, and reduce damage to economy
7. Apart from insurance premium, FRA can also arrange money by issuing
bonds (And that bond-money can be used for resucing the failed
bank/institution.

Difference: FRA vs FRA


FRA
Financial redressal agency
BN Srikrishna (FSLRC under Finmin) and
Nahicket Mor Committee (RBI)
recommended this.
For consumer protection in financial
products/services in banking, insurance,
sharemarket etc.

FRA
Financial resolution authority
Sinha-Mayaram panel under FSDC
recommended this.
For preventing collapse of financial
institutions -both banking and nonbanking.

By the way

What is Financial Stability and Development Council


(FSDC)?
Structure
Secretariat office in Economic affairs department under Finmin.
Chairman : Finance minister himself
Members:
1. Financial sector regulators viz. RBI, SEBI, IRDA, PFRDA and FMC.
(FMC is latest member. Included in December 2013)
2. Secretaries from finance ministry
3. Chief Economic Advisor in finance ministry.
Functions
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Setup in 2010
For coordination among regulatory bodies in financial sector. But it cannot
override the decision taken by an independent regulator (SEBI, RBI) etc. in
their own territory.
This body is only for coordination, consultation via meetings. (Desi liquor and
item songs options)
It has a sub-committee chaired by RBI governor. This is the first stop for
dispute resolution among regulators.
Coordinates with international bodies
Promotes financial literacy and financial inclusion.
Macro prudential supervision
~120 words.

Enforcement Directorate
This organization is important for GS2 (ministries & department) + GS3
(money laundering)
Why in news? Because 1st May 2014 was Enforcement day and President
gave speech. Structure and Functions of ED.
ED functions under Revenue department of Finance ministry.
ED Gets officers from custom and excise, Income tax department and various
police agencies.
HQ: Delhi. Offices spread across India

ED: Functions
ED enforces two acts
FEMA 1999
Civil law
Foreign Exchange Management
Act. Two basic premises

PMLA 2002
Criminal law

Only RBI authorized dealers


can buy/sell foreign
currency
Prevention of money laundering Act.
Quantitative restrictions on
how many dollars etc.
foreign currency you can
bring/takeout from India.
(RBI decides this)
ED can impose penalty: 3x time
the money involved. Meaning ED
itself has quasi-judicial powers
here (i.e. giving punishment like a
court)

ED can only investigate, arrest the suspects,


attach their assets. Court will decide
punishment, and all such assets will be alloted
to government.

In Dec 2013, ED raided


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owner of buysellbit.co.in
located in Abad (Mahim
Gupta)
Because RBI has not yet
legalized Bitcoins, yet this
gentleman was selling
bitcoins to people in
exchange of rupees. So in a
way he was acting as Forex
agent without license from
RBI!

In 2014 alone, ED attached assets worth


1000+ crores.
+ ED also investigating people who had
given money to that Abad gentleman
Mahim Gupta for buying bitcoins.
Because bitcoins are anonymous, can be
used for terror financing and money
laundering. hence ED got powers to
investigate under PMLA.

ED: Future reforms


(Ive copied following points from Presidents speech and you can directly
cut-paste them on any question related to reform/measures taken to combat
money laundering/terror financing)
Today, money laundering is a global phenomenon. Black money (in Rupee) is
converted into dollars, then invested in foreign banks/real estate/ coal mines
(like Madhu Koda did).
Therefore international cooperation needed to curb cross-border money
laundering and terror financing
We already have joined Financial Action Task Force (FATF). HQ: Paris, which
act against international money laundering.
Weve also joined similar bodies in Europe and Asia viz. Eurasian Group on
Combating Money Laundering and Financing of Terrorism (EAG), and the
Asia Pacific Group on Money Laundering (APG)
2002: we enacted Prevention of Money Laundering Act (PMLA),2002. Its
parallel with recommendations of FATF
ED should utilize the multilateral cooperation from FATF, EAG and APG.
ED should adopt cutting edge technology for cyber forensic, communication
and information infrastructure
Government should provide ED with more funds, technology, man-power
particularly legal experts

Hindi translations of technical terms


Civil law
Credit Guarantee
Criminal law
Deposit Insurance and Credit Guarantee
Corporation
Enforcement directorate
Financial redressal agency
financial resolution authority
Financial Stability and Development
Council

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Foreign exchange
Minor account
Money laundering
multilateral cooperation
PMLA
Terror Financing
Bitcoin

CSAT mock questions


Q1. (UPSC 2007) The national housing bank (NHB) was setup in India as a
wholly owned subsidiary of which of the following bank?
a.
b.
c.
d.

State bank of India


Reserve Bank of India
ICICI
LIC

Q2. (UPSC 2004) Find Correct Statement(s)


a. NHB, the apex institution of housing finance in India, was setup as a wholly
owned subsidiary of RBI
b. Small industries development bank of India was established as a wholly owned
subsidiary of the Industrial development bank of India
c. Both A and B
d. Neither A nor B
Q3. Which of the following are fully owned by RBI?
a.
b.
c.
d.

NHB, EXIM, NABARD, DICGC


NABARD, EXIM, SIDBI
NHB, SIDBI and NABARD
NHB, DICGC

Q4. Correct Chronology (From old to young)


a.
b.
c.
d.

NABARD, SIDBI, NHB , EXIM


EXIM, NHB, NABARD, SIDBI
EXIM, SIDBI, NHB, NABARD
EXIM, NABARD, NHB , SIDBI

Q5. Which of the following are legally required to get insurance on customer
deposits?
a.
b.
c.
d.

Newly licensed banks of Bandhan and IDFC


Cooperative banks and regional rural banks.
Foreign banks and private sector commercial banks
Merchant Banks

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Answer choices
a.
b.
c.
d.

only 1 and 3
only 1, 2 and 4
only 1, 3 and 4
only 1, 2 and 3

Q6. as per the latest guidelines of RBI for minor persons


a. Minors can open new bank accounts only with mother as first guardian, and in
her death/separation father as guardian.
b. Minors are permitted to open all type of bank accounts that an adult person
can open.
c. Both A and B
d. Neither A nor B.
Q7. Find correct statement:
a. Insurance density is defined as the ratio of number of insurance policy
holders per 1000 persons
b. Insurance density is defined as the ratio of number of insurance policy
holders per square km of habitable area of a country.
c. Insurance density is defined as the ratio of premium to population.
d. Insurance density is defined as the ratio of population to premium.
Q8. find correct statement about Deposit Insurance and Credit Guarantee
Corporation (DICGC)
a. DICGC protects all the depositors of a bank, except current account holders.
b. DICGC protects the bank against default by female entrepreneurs without
collateral.
c. DICGC protects the bank against default by exporters
d. None of above.
Q9. What will be the functions of the proposed financial resolution
authority?
a. Consumer grievance redressal in financial market
b. Dispute resolution and coordination among various financial regulators
c. Macro prudential supervision over primary and secondary market under the
capital market.
d. Rescuing the depositors and investors in all financial institutions during a
crisis.
Q10. Correct statements regarding Foreign Exchange Management Act and
Prevention of money laundering Act.
a. ED enforces PMLA while RBI enforces FEMA
b. Under PMLA, ED enjoys quasi-judicial powers to impose direct penalty on
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the hawala operators.


c. Both FEMA and PMLA are criminal laws
Answer choices
a.
b.
c.
d.

Only 1 and 2
Only 2 and 3
Only 1 and 3
None of them

Q11. If a person opens an online portal to facilitate the buying/selling


bitcoins in lieu of rupees, he is can be investigated under
a.
b.
c.
d.

Foreign Exchange Management Act.


Prevention of money laundering Act.
Both A and B.
Neither A nor B because there is no legal framework in India to deal with
Bitcoin, yet.

Q12. Consider following statements about Financial Stability and


Development Council (FSDC)
1. Its Chairman is Finance minister and Vice chairman is RBI governor.
2. It is the supreme body of Indian financial sector regulators which can give a
binding order to sort out territorial disputes between any two regulators.
3. It aims to promote financial literacy and financial inclusion.
Answer choices
a.
b.
c.
d.

only 1
only 3
all of them
None of them

Mains and interview


I. Mains exam
a. (GS2) Write note on the Financial Stability and Development Council
(FSDC): 100 words.
b. (GS2) Write a note on the organization and functions of Enforcement
directorate. Suggest measures for improvement of this body. 200 words
c. (GS3) What is Enforcement Directorate? How does it help combating
terror finance and money laundering? 200 words.
II. Interview
a. Are you in favor of RBIs latest move of allowing Children to open bank
accounts without adult supervision? Yes / No / why?
b. Why is RBI and IRDA having disagreement over Bancassurance model?
Which model is better for financial inclusion in India?
c. Recently, some Committee suggested setting up a Financial Resolution
Authority? What will it do? Who will benefit from this?
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Answers to Mock CSAT questions


1.
2.
3.
4.
5.
6.
7.
8.

9.
10.
11.
12.

RBI totally 0wns NHB hence answer a


Only first statement correct hence answer 1a
Only NHB and DICGC fully owned by RBI hence answer d
Answer d
Merchant bank is not a bank under banking regulation act. It is an NBFC
registered to SEBI, looking after IPO-underwriting etc. Therefore, it doesnt
fall under Deposit insurance act. Answer d:only 1,2 and 3.
Minor can open without guardian, so A wrong. They cannot open current
account unlike an adult, so B wrong. Hence answer D
Answer Premium to population
Answer D. none is right. DICGC protects all type of bank accounts. DICGC
protects banks against farm-loan defaults. But DICGC doesnt protect bank
again female entrepreneur default or exporter default. There are separate
bodies to look after them: CGTMSE and ECGC respectively.
Answer is D.
None of them answer D.
Option C, hell be investigated under both. recall Mahim Gupta case.
Option B, only 3 is correct.

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published so far.

URL to article: http://mrunal.org/2014/06/current-may-week1p2-economyfinancial-resolution-authority-reena-benerjee-committee-bancassuranceminor-bank-accounts-enforcement-day.html


Posted By Mrunal On 16/06/2014 @ 01:53 In the category Current Affairs Weekly

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