Insurance Regulatory Authority of India (IRDA)
Insurance Regulatory Authority of India (IRDA), set up under an Act of Parliament, have to regulate, promote and ensure the orderly growth of life and general insurance in India, including re-insurance. The functions of the Authority, which is one among the six Financial Regulators, have been registration and or cancellation, protection of the interests of the policy holders and , prescribing the participants qualifications and code of conduct, regulation of professional organizations.
The Act envisaged to take action where standards are inadequate. The control extends over end use funds by regulating investment of funds and more importantly regulating margin of solvency.
Head Office of IRDA
The head office of IRDA is situated in Hyderabad.
Reserve Bank of India (RBI)
Reserve Bank of India was established in 1935. It is the monetary authority of India which in other words mean that it formulates, implements and monitors the monetary policy of the country maintaining price stability and ensure flow of credit to productive sector. It t is the regulator and supervisor of the financial system in the country. RBI also manages the foreign exchange of the country. RBI is also banker to government and issuer of currency ensuring timely and adequate supply of currency notes. RBI's related functions include acting as banker to Central Government, state government, maintaining accounts of commercial and cooperatives to ensure smooth clearing system.
Over and above RBI has several developmental roles. It has promoted Nabard, Housing Bank and DICGC is the wholly owned subsidiary of RBI. RBI has 22 offices in India. The Head Office of RBI is situated in Mumbai and has offices in almost all State capitals. In Maharashtra RBI has offies in Mumbai, Navi Mumbai and Nagur. Besides, a training college viz College of Agricultural Banking is also situated in Pune.
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