Development Banks National Bank for Agriculture and Rural Development (NABARD) Establishment: NABARD was established on July 12, 1982, under the National Bank for Agriculture and Rural Development Act, 1981. Objective: NABARD’s primary objective is to promote sustainable agriculture and rural … Continue reading →

Cooperative Banks Cooperative Banks refer to those financial institutions under the Banking System in India that operate on the principles of cooperation and mutual benefit for their members. Features: They belong to their members who are both the owners and … Continue reading →

Specialised Banks Payments Bank It was set up based on the recommendations of the Nachiket Mor Committee. Objective: To advance financial inclusion by offering banking and financial services to the unbanked and underbanked areas, helping the migrant labour force, low-income … Continue reading →

Division of Banks Scheduled Banks Scheduled Banks under the Banking System in India refer to those financial institutions that are listed in the 2nd Schedule of the Reserve Bank of India Act, 1934. Conditions: It should have paid-up capital and … Continue reading →

What is it?: It is the premier investigative agency of India. Formation: The agency was established in 1963 by the Indian government as a result of the recommendation of the Santhanam Committee. Source of Power: It derives its power to … Continue reading →

Formations Established based on the recommendation of the Santhanam Committee on the prevention of corruption. Formed in 1964 by executive resolution, it became a statutory body as per the Central Vigilance Commission (CVC)bill. Composition: Consists of the chairperson and two … Continue reading →

Formation: The State Information Commission (SIC) is a statutory body in India, established under the provisions of the Right to Information Act (2005). Function: It functions as the overseer for implementing the RTI Act in the organizations of the concerned … Continue reading →

Formation: The CIC was established by the Central Government in 2005, under the provisions of the Right to Information Act (2005). Composition: It consists of a Chief Information Commissioner and not more than ten Information Commissioners. Appointment: The President appoints them … Continue reading →

Formation: Planning Commission was replaced by a new institution – NITI Aayog on January 1, 2015. Focus: Emphasis on ‘Bottom–Up’ approach to envisage the vision of Maximum Governance, Minimum Government, echoing the spirit of ‘Cooperative Federalism’. Composition Chairperson: Prime Minister … Continue reading →

Formation: NHRC of India is an independent statutory body established on 12 October 1993 as per provisions of Protection of Human Rights Act, 1993. Duty: It is the watchdog of human rights in the country. Headquarters: New Delhi Composition: It … Continue reading →