Books and Authors

Books and Authors


  1.  Cryptocurrency for Beginners- Amit Bhardwaj
  2. Making of A Legend- Bindeshwar Pathak
  3. Dalhousie...Through My Eyes - Kiran Chadha 
  4. President’s Lady - Sangeeta Ghosh
  5. Playing With Fire - Katie Price
  6. Future of Indian Universities: Comparative and  International Perspectives - C. Raj Kumar
  7. KadveVachan- Jain saint AcharyaTarun Sagar Maharaj
  8. I am HIV positive, so what?-- Jayanta KalitaManipur bodybuilder Pradip kumar Singh’s inspirational fight to overcome HIV)
  9. I Do What I Do’- Raghuram Rajan
  10. Immortal India- Amish Tripathi
  11. ‘How India Sees the World’ - Shyam Saran
  12. 100 things every professional cricketer must know’ -- BCCI player’s handbook 
  13. Hit Refresh - Microsoft CEO SatyaNadella
  14. Unstoppable: My Life So Far - Maria Sharapova
  15. Bhartiya Kala Mein SalilKridayenEvamSadyahsnataNayika - Dr.Kshetrapal Gangwar and Shri Sanjib Kumar Singh
  16. The Shershah of Kargil Biography of Kargil war hero - Late Captain Vikram Batra written by Deepak Surana
  17. A to Z of Financial Management in Autonomous  Institutions - Dr.Rajat Bhargava and Shri Deenanath Pathak
  18. The Singing Tree -To spread awareness on preventing child blindness
  19. An Insignificant Man Movie on Arvind Kejriwal. It was directed by - Khushboo Ranka
  20. The Coalition Years: 1996-2012 - Pranab Mukherjee’s political autobiography
  21.  Beyond the Dream Girl’ Biography of veteran actress Hema Malini written by Ram Kamal Mukherjee
  22. India 2017 Yearbook - Rajiv Mehrishi
  23. Dreamnation: Uniting a Country with Handwritten Dreams Contains inspiring words of Dr A.P.J. Abdul Kalam. 
  24. A journey towards self-reliance’ --First ever coffee table book on the Department of  Defence Production (DDP)
  25. ‘Two’ Gulzar Bollywood -The Films! The Songs! The Stars!, - S.M.M. Ausaja, Karan Bali, Rajesh Devraj and  Tanul Thakur
  26. "Poeatry" - Vikas Khanna
  27. 'Trivendra Ek Zindaginama - Khairasain ka Sooraj' Nandan Singh Bisht, a doctor
  28. ‘The Way I See It ’ Late journalist Gauri Lankesh ,edited by - Chandan  Gowda
  29. The People’s President: Dr. A P J Abdul Kalam - S.M. Khan
  30. Majuli: Resources and Challenges - Sanjib Kumar Borkakoti
  31. Imperfect - Autobiography of Sanjay Manjrekar 
  32. The Heartfulness Way - Kamlesh Patel 
  33. Dilli Meri Dilli: Before and After 1998- It includes comments by people like Mark Tully, E  Sreedharan and Sunita Narain 
  34. StaniyaSvasasan Mei Addhi Aabadhi- Dr. Sadhana Pandey
  35. 'Exam Warriors' Prime Minister- Narendra Modi
  36. ‘Hisaab Kitaab’ - Actress Anjana Sukhani
  37. 'Even When There Is A Doctor'- Dr. Yashwant Amdekar
  38. “Mere Sapno Ka Bharat”- Tarun Vijay
  39. Adi shankaracharya : The Greatest Hinduism - Pawan Sharma
  40. Andhere se Ujale ki aur - Arun Jaitley
  41. Citisen and society - Dr.Hamid Ansari
  42. A Century is not enough - Saurav Ganguly
  43. Delhi : my time my life - Sheela Dixit
  44. Playing it My Way - An autobiography of Sachin Tendulkar
  45. Test of My Life - Yuvraj Singh
  46. Race of My Life - Milkha Singh
  47. Kiss of My Life - Imran Hashmi
  48. Driven the Virat Kohli Story - Vijay Lokapally
  49. Six Machine - Chris Gayle
  50. AB An Autobiography - Ab Devillers

SUMMITS  2018 PART - 2

SUMMITS  2018 PART - 2


ASEAN Summits

  • ASEAN Association of South East Asian Nation
  • Headquarters - Jakarta, Indonesia
  • Establishment - 8 August 1967
  • Total Countries – 10 (Brunei, Cambodia, Indonesia, Laos, Malaysia, Burma (Myanmar), Philippines, Singapore, Thailand, Vietnam
  • Secretary General – Le Luong Minh (Vietnam)
  • Chairman - Philippines Rodrigo Duterte
  • Recently held and Upcoming ASEAN Summits
    • The First ASEAN summit was held February 1976 in Bali, Indonesia.
    • 30th ASEAN Summit 2017 (April) - Philippines,Metro Manila
    • 31st ASEAN Summit 2017 (November) – Philippine, Clark, Freeport Zone
    • 32nd ASEAN Summit 2018 (April) - Singapore
    • 33rd ASEAN Summit 2018 (November) - Singapore

SAARC Summits

  • SAARC South Asian Association for Regional Cooperation
  • These summits have generally taken place approximately every eighteen months.
  • Headquarters – Kathmandu, Nepal
  • Formation - 16 January, 1987
  • First holder - Abul Ahsan
  • Secretary General– Arjun Bahadur Thapa
  • Countries (8) – Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, Sri Lanka
  • Recently Held and upcoming SAARC Summits
    • 18th SAARC Summit 2014 – Kathmandu, Nepal
    • 19th SAARC Summit 2016 – Islamabad, Pakistan (cancelled)

APEC Summits (Asia Pacific Economic Cooperation)

  • Headquarters – Singapore
  • Establishment - 1989
  • Total Countries – 21 countries (Australia, Canada, Brunei, Chile, china, Taiwan, Hong Kong, Indonesia, Japan, Korea, Malaysia, Mexico, New Zealand, Peru, Philippines, Russia, Singapore, Thailand, United States, Vietnam).
  • Executive Director – Alan Bollard
  • Recently Held and Upcoming APEC Summits
    • 29th APEC Summit 2017 – Vietnam, Danang
    • 30th APEC Summit 2018 - Papua, New Guinea Port Mores
    • 31st APEC Summit 2019 - Chile
    • 32nd APEC Summit 2020 - Malaysia
    • 33rd APEC Summit 2021 - New Zealand
    • 34th APEC Summit 2022 – Thailand
    • 35th APEC Summit 2023 - Mexico
    • 36th APEC Summit 2024 - Brunei
    • 37th APEC Summit 2025 - Republic of Korea


  • BIMSTECH – Bay of Bengal Initiative for Multisectoral Technical and Economic Cooperation
  • Countries (7) : Bangladesh – India – Myanmar – Sri Lanka – Thailand – Bhutan – Nepal
  • 3rd BIMSTECH Summit 2014 : Nay Pyi Taw (Myanmar)
  • 4th BIMSTEC Summit 2017 be hosted by Nepal

Global Insurance Summit

  • 10th Global Insurance Summit (2017) : Mumbai

Arab League Summit

  • 2015 : Sharm El Sheikh, Egypt
  • 2016 : Noukchott, Mauritania
  • 2017 : Amman, Jordan

OPEC International Seminar

  • OPEC – Organization of Petroleum Exporting Countries
  • Recently Held and upcoming OPEC Summits :
    • 6th OPEC International Seminar 2015 : Vienna, Austria
    • 7th OPEC International Seminar 2018 : Vienna, Austria (20−21 June 2018)

IBSA Summit

  • IBSA Dilogue Forum (India, Brazil, South Africa) is an international tripartite grouping for promoting international cooperation among these countries.
  • 7th IBSA Summit 2017 : India (New Delhi)

Nuclear Security Summit

  • 3rd Nuclear Security Summit 2014 : The Hague, Netherlands
  • 4th Nuclear Security Summit 2016 : United States

East Asia Summit (EAS)

  • Establishment - 1991 by Malaysian Prime Minister Mahathir Mohamad.
  • Countries : Australia, Brunei, Cambodia, China, India, Indonesia, Japan, Laos, Malaysia, Myanmar, New Zealand, Philippines, Russia, Singapore, South Korea, Thailand, United States, Vietnam
  • The East Asia Summit (EAS) is a forum held annually.
  • EAS meetings are held after annual ASEAN leaders’ meetings.
  • The first summit was held in Kuala Lumpur, Malaysia on 14 December 2005.
  • Recently held EAST Asia Summits
    • The first summit was held in Kuala Lumpur, Malaysia on 14 December 2005.
    • 12th East Asia Summit 2017 – Philippines
    • 13th East Asia Summit 2018 - Singapore





  • There are 5 Core Brics Members Countries Brazil, Russia, India, China and South Africa
  • Recently Held and upcoming BRICS Summits and Venues

    6th BRICS Summit 2014 – Fortaleza, Brazil

    • 7th BRICS Summit 2015 – UFA, Russia
    • 8th BRICS Summit 2016 – Benaulim, Goa, India
    • 9th BRICS Summit 2017 - xiamen, china
    • 10th BRICS Summit 2018 - johnnesberg, south africa

G-20 Summit 2018

  • Headquarters - Cancún, Mexico
  • Establishment - 20 August 2003
  • Chairperson - Mauricio Macri
  • Total Member Countries - 20 (Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, United Kingdom United States and European Union)
  • Recently held and Upcoming G-20 Summits and Venues
    • 9th G 20 Meeting 2014 – Brisbane, Australia
    • 10th G 20 Meeting 2015 – Antalya, Turkey
    • 11th G 20 Meeting 2016 – Hangzhou, China
    • 12th G 20 Meeting 2017 – Germany
    • 13th G 20 Meeting 2018 – Argentina, Buenos Aires

G-7 Summit 2018

  • Earlier it was G8, Now Russia has been temporarily suspended. So it was renamed as G7.
  • Established on  - 1975
  • Group of Seven Countries – France, Germany, Italy, Japan, United Kingdom, United States of America, Canada.
  • Recently Held and Upcoming G7 Summits
    • 40th G8 Summit 2014 – Brussels, Belgium
    • 41st G8 Summit 2015 – Schloss Elmau, Germany
    • 42nd G8 Summit 2016 – Shima, Japan
    • 43rd G8 Summit 2017 – Italy
    • 44th G8 Summit 2018 – Canada
    • 45th G8 Summit 2019 – France
    • 46th G8 Summit 2020 - United States
    • 47th G8 Summit 2021 - United Kingdom

ADB Annual Meeting

  • ADB – Asian Development Bank
  • Annual meeting of the board of governors of the Asian Development Bank (ADB) held every year.
  • Recently held and Upcoming ADB Annual Meetings
    • 47th ADB Annual Meeting 2014 : Astana, Kazakhstan
    • 48th ADB Annual Meeting 2015 : Baku, Azerbaijan
    • 49th ADB Annual Meeting 2016 : Frankfurt, Germany
    • 50th ADB Annual Meeting 2017 : Yokohama, Japan
    • 51st ADB Annual Meeting 2018 : ADB Headquarters, Manila
    • 52nd ADB Annual Meeting 2019 : Nadi, Fiji

NAM Summit

  • NAM – Non Alighed Movement
  • Membership countries (120 + 2) Two nations namely Azerbaijan Republic and Fiji
  • Recently held and upcoming NAM Summits
    • 17th NAM Summit 2015 – Caracas, Venezulea
    • 18th NAM Summit 2019 - Azerbaijan

NATO Summit

  • NATO North Atlantic Treaty Organization
  • Head Office : Brussels, Belgium
  • Members : 28
  • Secretary General : Jens Stoltenberg
  • Recently held and upcoming NATO Summits 
    • NATO Summit 2014 : Wales (Britain), UK
    • NATO Summit 2016 : Poland
    • NATO Summit 2017 : Belgium (25th May)
    • NATO Summit 2018 : Belgium (11th-12th July)

CHOGM Summit

  • CHOGM - Commonwealth Heads of Government Meeting 
  • Recently held and upcoming CHOGM Summits
    • CHOGM 2015 : Valletta, Malta
    • CHOGM 2018 : London, United Kingdom
    • CHOGM 2020 : Malaysia

CAMELS Rating System - All you need to know

CAMELS Rating System - All you need to know



CAMELS is a rating system developed in the US that is used by supervisory authorities to rate banks and other financial institutions. It applies to every bank in the U.S and is also used by various financial institutions outside the U.S. This rating system was adopted by National Credit Union Administration in 1987. In 1988, the Basel Committee on Banking Supervision of the Bank of International Settlements (BIS) proposed the CAMELS framework for assessing financial institutions.


What is the 'CAMELS Rating System'?

The CAMELS rating system is a recognized international rating system that bank supervisory authorities use in order to rate financial institutions according to six factors represented by the acronym "CAMELS." Supervisory authorities assign each bank a score on a scale. A rating of one is considered the best and the rating of five is considered the worst for each factor.


Score scale:

The rating system consists of a score from one to five with score one considered as best and score five considered as the worst for each factor. Banks which obtain the score of one are considered most stable, banks with a score of 2 or 3 are considered average and those with 4 or 5 considered as below average and are subjected to supervisory scrutiny.


Factors considered for giving scores:

CAMELS is an acronym of the following factors on which ratings are given by supervisory authorities.


C- Capital Adequacy

Capital adequacy refers to the amount of capital the financial institutions has to hold as required by its financial regulator. It is expressed as the Capital Adequacy ratio, which can be defined as the ratio of banks capital to risk weighted assets. This ensures the protection of depositors and investors and financial soundness of the bank. Factors involved in rating and assessing an institution's capital adequacy are its growth plans, economic environment, ability to control risk, and loan and investment concentrations.


A- Asset Quality

Asset quality covers an institutional loan's quality which reflects the earnings of the institution. Asset quality evaluates the quality of asset/loan the bank offers. The assets of a bank include cash, government securities, investments, real estates and interest earning loans. Assets such as loans provide returns to the financial institutions in terms of interests and comprise a majority of banks assets carrying high risk. Asset quality deals with quality of the loans, investments; and banks effectiveness in controlling and monitoring the credit risk. This provides the stability of the company when faced with particular risks.


M- Management

Assessment of management determines ability of an institution to diagnose and react to financial stress. This component rating is reflected by the management's capability to identify, measure, and control risks of the institution's daily activities. It ensures safe operation of the institution with effective policies and guidelines. The management has to address the risk related to credit, rate of interest, transactions etc.


E- Earnings

Ratings on earnings are based on the financial institution's ability to create returns on its assets. These returns enable the institution to expand, retain competitiveness, and provide adequate capital. It can be measured as the return on asset ratio. company's growth, stability, valuation allowances, net interest margin, net worth level and the quality of the company's existing assets are assessed to rate the Earnings.


L- Liquidity

To meet unexpected withdrawals from depositors without affecting the daily operations, the bank must maintain liquid cash and assets that can be easily converted into cash. The ratio of liquid cash to asset ratio can be used as a parameter to measure banks liquidity.


S- Sensitivity

Sensitivity refers to effect on bank due to market changes. In other terms it refers to market risk. Banks sensitivity to changes in interest rates, foreign exchange rates, changes in price of commodities, etc is measured. It primarily evaluates the interest rate risk and sensitivity to all loans and deposits.


Camels composite rating:

The CAMELS system is also based on composite ratings on a scale of one to five based on ascending order of supervisory concern. Each factor is assigned a weight as follows:

Capital adequacy 20 %

Asset quality 20%

Management 25%

Earnings 15%

Liquidity 10%

Sensitivity 10%





In simple and easy language banking is an institution which deals with the activity of accepting deposits from the clients and lending this money to the borrowers. To accept deposit and lend it to the borrowers is a traditional activity along with this now a days banks are doing different types of banking activity.

But, all in all the banking is mainly divided two types i.e.

A) Retail banking

B) Corporate banking



a) Retail banking is a part of bank that directly deal with consumers or individuals, located in the nearby city

b) Retail banking is an activity done by bank with the customers face to face.

c) Retail banking is clear or visible face to the consumer.

d) Retail banking is also named as Consumer banking or Personal banking.

e) Accounts (savings and current), wealth management, certificates of deposits, guaranteed investment certificates on residential and investment properties, automobile financing, stock brokerage, private banking, debit & credit cards, types of loans, retirement planning, insurance, foreign currency and remittance services, different types of loans, certificate of deposit, etc.

f) For retail banking, customer deposit is the most important source of fund.

g) Retail bank makes profit from the interest margin of the lender and borrower transaction.



a) Corporate banking only provide services to the large business corporations and business groups.

b) Corporate banking first used in United States of America to differ it from the investment banking.

c) Corporate banking is also known as Business banking.

d) In short corporate banking is a one type of segment that caters service to the range of clients from big corporate firm to mid-scale company.

e) Corporate banking earn profit from interest and fees they charge for services.

f) Corporate banking provide services like saving account, current account, loan facility like secured and unsecured and credit facility to corporates.

g) Providing credits to businesses, providing loans and other credit products, commercial real estate, savings and current accounts, trade finance, equipment lending, employer services, derivatives, custody, treasury and cash management, foreign exchange, and other services tailor-made for corporates.


Difference between Retail banking and corporate banking




Number of clients

Large number of clients

Small number of clients as compare to retail banking.


Low processing cost

High processing cost


Medium level of relations

High level of relations


lower value transactions

Higher level value transactions



Both corporate and retail banks are important to global and domestic economies. The customer deposits brought in through retail banking enables banks to provide loans to business customers. For their part, corporate banks make loans available to businesses, thereby contributing to expansion of economy.

All in all, both retail and commercial banks are important for the smooth functioning of economy. A lot of large banks have special divisions to handle retail and corporate banking. Both are profitable for most banks. Both offers services related to the segment oriented. They design service keep in mind the need of the clients.




What are masala bonds?

Bonds are instruments of debt - usually used by corporates to raise money from investors. Masala bond is a term used to refer to a financial instrument through which Indian entities can raise money from overseas markets in the rupee, not foreign currency. In other words, they are rupee-denominated bonds issued to overseas buyers. This is how it is different from other instruments. Before Masala bonds, corporates have had to dependent on avenues such as External Commercial Borrowings (ECBs).

Let’s take an example.

Suppose an Indian entity issues masala bonds worth Rs 10 crores with a promise to pay Rs 11 crores the next year. Now the foreign investor will lend the dollar equivalent of Rs 10 crores. Now after a year, the Indian entity will return the dollar equivalent of Rs 11 crores.


How the name came?

a) IFC issued a Rs 1,000 crore bond to fund infrastructure projects in India. These bonds were listed on the London Stock Exchange (LSE).

b) IFC then named them Masala bonds to give a local flavour by calling to mind Indian culture and cuisine.

c) This kind of naming has been done before also. IFC’s Chinese yuan-denominated bonds are called Dim sum bonds, Japanese yen-denominated bonds are called Samurai.

d) Before the word masala, some names like Samosa, Ganga, and Peacock were also in line to be attached to these rupee-denominated bonds.


Why Masala Bond?

Masala bonds has a quite significance for the Indian economy. Indian Issuers face less risk in Masala bond as compared to bond markets. The currency risk is entirely borne by the foreign Investors. Masala Bonds are issued to foreign investors and settled in US dollars. Unlike external commercial borrowings (ECBs), where Indian companies raise money in foreign currency loans, the currency risk lies with the investor and not the issuer, Masala bonds are similar to external commercial borrowings (ECBs), in which Indian companies raise funds in foreign currency and are exposed to rupee-dollar fluctuations. If ECBs (ExternalCommercial Borrowings) help companies to take advantage of the lower interest rates in international markets, the cost of hedging the currency risk is significant, but If unhedged, adverse exchange rate movements bites the borrower. Inversely in the case of Masala bonds, the cost of borrowing can work out much low. Overseas investors will be eligible to hedge their exposure in rupee through permitted derivative products with banks in India to hedge the risks. It helps Indian companies to diversify their bond portfolio. Earlier, companies used to issue only corporate bonds. Masala bonds are an addition to their bond portfolio. It helps the Indian companies to reduce the cost. Bonds issued in Indian companies carries an interest rate of 7.5%-9.00%, whereas Masala Bonds are issued below 7.00% interest rate outside India. It also helps Indian companies to attract a large number of investors as these bonds are issued in the offshore market. An offshore investor earns better returns by investing in Masala bonds rather than by investing in his home country. If the rupee appreciates at the time of maturity, then an investor will benefit from his investment in Masala bonds.


Who can issue rupee denominated bonds?

a) Any corporate (registered as a company under the Companies Act) or body corporate created out of a specific act of the Parliament is eligible to issue Rupee denominated bonds overseas.

b) Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) coming under the regulatory jurisdiction of the SEBI are also eligible (September 2015 regulation).

c) These bonds will be issued for a minimum maturity period of 5-years.

d) Banks incorporated in India will not have access to these bonds.


How does Govt. and RBI view Masala Bonds?

a) The local currency bond markets can contribute to financial stability by reducing currency mismatches and extending the duration of debt.

b) It will also be a sign of early acceptance of the Indian currency in trading and settlement overseas, showing the confidence of investors and can lead to internationalization of the currency over the medium and long term.

c) Foreign investors prefer to hedge their risks overseas because there are limited products in the Indian market, especially for longer periods.

d) The other worry, if the overseas rupee bond market takes off, will be about the growth of the Indian corporate bond market and Indian banks as top companies shift to another market, impacting the growth here.


Some facts:

a) Masala bonds are a step to help internationalize the Indian rupee and also deepen the Indian financial system.

b) They are the first rupee bonds listed on the London Stock Exchange.

c) They can be issued for three or five or seven-year maturities.

d) The first Masala bonds were issued on 10 November 2014 under IFC’s $2 billion offshore rupee program.

e) They are different from External Commercial Borrowings (ECB) in a way that in ECB the currency risk lies with the Indian issuer while in case of masala bonds, the currency risk lies with the overseas investor.

f) Like ECB, masala bonds also provide cheaper funding as compared to domestic markets.

g) Though currency risk lies with the investor, but then also the overseas investor has many advantages like they have very few investment options in other countries due to weak economic conditions globally.

h) Coinciding with Prime Minister Narendra Modi’s visit to the UK last year, organisations such as HDFC, Yes Bank, and the Railways had announced they were going to raise funds through this route from the London market.







Bank of Afghanistan


Bank of Albania


Bank of Algeria


National Bank of Angola


Central Bank of Argentina


Central Bank of Armenia


Central Bank of Aruba


Reserve Bank of Australia


Central Bank of the Republic of Austria


The Central Bank of the Republic of Azerbaijan
























Central Bank of The Bahamas


Central Bank of Bahrain


Bangladesh Bank


Central Bank of Barbados


National Bank of the Republic of Belarus


National Bank of Belgium


Central Bank of Belize


Central Bank of West African States (BCEAO)


Bermuda Monetary Authority


Royal Monetary Authority of Bhutan


Central Bank of Bolivia

Bosnia and Herzegovina

Central Bank of Bosnia and Herzegovina


Bank of Botswana


Central Bank of Brazil

Brunei Darussalam

Monetary Authority of Brunei Darussalam


Bulgarian National Bank

Burkina Faso

Central Bank of West African States (BCEAO)


Bank of the Republic of Burundi




National Bank of Cambodia


Bank of Central African States


Bank of Canada

Cape Verde

Bank of Cape Verde

Cayman Islands

Cayman Islands Monetary Authority

Central African Republic

Bank of Central African States


Bank of Central African States


Central Bank of Chile


People’s Bank of China


Bank of the Republic, Colombia


Bank of Central African States

Costa Rica

Central Bank of Costa Rica


Croatian National Bank


Central Bank of Cuba


Central Bank of Curaçao and Sint Maarten


Central Bank of Cyprus

Czech Republic

Czech National Bank




National Bank of Denmark

Dominican Republic

Central Bank of the Dominican Republic



East Caribbean area

Eastern Caribbean Central Bank


Central Bank of Ecuador


Central Bank of Egypt

El Salvador

Central Reserve Bank of El Salvador

Equatorial Guinea

Bank of Central African States


Bank of Estonia


National Bank of Ethiopia

European Union

European Central Bank




Reserve Bank of Fiji


Bank of Finland


Bank of France




Bank of Central African States

Gambia, The

Central Bank of The Gambia


National Bank of Georgia


Deutsche Bundesbank


Bank of Ghana


Bank of Greece


Bank of Guatemala


Central Bank of the Republic of Guinea


Central Bank of West African States (BCEAO)


Bank of Guyana




Central Bank of Haiti


Central Bank of Honduras

Hong Kong SAR

Hong Kong Monetary Authority


Magyar Nemzeti Bank




Central Bank of Iceland


Reserve Bank of India


Bank Indonesia


The Central Bank of the Islamic Republic of Iran


Central Bank of Iraq


Central Bank of Ireland


Bank of Israel


Bank of Italy




Bank of Jamaica


Bank of Japan


Central Bank of Jordan




National Bank of Kazakhstan


Central Bank of Kenya

Korea, Republic of

Bank of Korea


Central Bank of the Republic of Kosovo


Central Bank of Kuwait


National Bank of the Kyrgyz Republic



Lao People’s Democratic Republic

Bank of the Lao PDR


Bank of Latvia


Central Bank of Lebanon


Central Bank of Lesotho


Central Bank of Liberia


Central Bank of Libya


Bank of Lithuania


Central Bank of Luxembourg




Monetary Authority of Macao


National Bank of the Republic of Macedonia


Central Bank of Madagascar


Reserve Bank of Malawi


Central Bank of Malaysia


Maldives Monetary Authority


Central Bank of West African States (BCEAO)


Central Bank of Malta


Bank of Mauritius


Bank of Mexico


National Bank of Moldova


Bank of Mongolia


Central Bank of Montenegro


Central Bank of Morocco


Bank of Mozambique


Central Bank of Myanmar




Bank of Namibia


Central Bank of Nepal


Netherlands Bank

New Zealand

Reserve Bank of New Zealand


Central Bank of Nicaragua


Central Bank of West African States (BCEAO)


Central Bank of Nigeria


Central Bank of Norway (Norges Bank)




Central Bank of Oman




State Bank of Pakistan


Palestine Monetary Authority

Papua New Guinea

Bank of Papua New Guinea


Central Bank of Paraguay


Central Reserve Bank of Peru


Central Bank of the Philippines (Bangko Sentral ng Pilipinas)


National Bank of Poland


Bank of Portugal




Qatar Central Bank



National Bank of Romania

Russian Federation

Central Bank of the Russian Federation


National Bank of Rwanda




Central Bank of Samoa

San Marino

Central Bank of the Republic of San Marino

Saudi Arabia

Saudi Arabian Monetary Agency


Central Bank of West African States (BCEAO)


National Bank of Serbia


Central Bank of Seychelles

Sierra Leone

Bank of Sierra Leone


Monetary Authority of Singapore


National Bank of Slovakia


Bank of Slovenia

Solomon Islands

Central Bank of Solomon Islands

South Africa

South African Reserve Bank


Bank of Spain

Sri Lanka

Central Bank of Sri Lanka


Bank of Sudan


Central Bank of Suriname


The Central Bank of Swaziland


Sveriges Riksbank


Swiss National Bank

Syrian Arab Republic

Central Bank of Syria




National Bank of the Republic of Tajikistan


Bank of Tanzania


Bank of Thailand


Central Bank of West African States (BCEAO)


National Reserve Bank of Tonga

Trinidad and Tobago

Central Bank of Trinidad and Tobago


Central Bank of Tunisia


Central Bank of the Republic of Turkey


Central Bank of Turkmenistan




Bank of Uganda


National Bank of Ukraine

United Arab Emirates

Central Bank of United Arab Emirates

United Kingdom

Bank of England

United States

Board of Governors of the Federal Reserve System (Washington) Federal Reserve Bank of New York


Central Bank of Uruguay




Reserve Bank of Vanuatu


Central Bank of Venezuela


State Bank of Vietnam




Central Bank of Yemen




Bank of Zambia


Reserve Bank of Zimbabwe


Shadow Banking: All You Need to know

Shadow Banking: All You Need to know


Introduction to Shadow Banking:

Shadow banking is a new word hardly heard to common people. Shadow banking mostly deals with the big lenders and borrowers. Shadow banking is one type of mediate which helps to make easy procedure between the lenders and borrowers. Shadow banking has grown in importance in the last decade or so and was one of the primary factors in the sub-prime mortgage crisis of 2007-2008 and the global recession that followed it.



The term SHADOW BANKING first came into an existence in 2007. Economist Paul McCulley used it first time at FEDERAL RESERVE BANK OF KANSAS CITY’S ECONOMIC SUMMIT.



a) The term shadow banking is used while a non-banking financial intermediates make provision for the commercial banks.

b) Shadow banking is a comprehensive term to do financial activities among the non-banking financial institutions.

c) In simple language shadow banking is a financial intermediaries involved to facilitate credit in the financial system.

d) They generally carry out traditional banking functions, but do so outside the traditional system of regulated depository institutions.


Size of Shadow Banks

According to a report by the Financial Stability Board, USA and the Eurozone alone account for one-third of the global shadow banking assets, which stood at $75 trillion in 2013. This 75 trillion accounts for about 25% of the total financial assets. The three jurisdictions accounting for most of the shadow banking activities are:-

i) Eurozone area

ii) UK

iii) China

In India, Russia, Argentina, Turkey, Indonesia, and Saudi Arabia the amount of non-bank financial activity remained below 20% of GDP at the end of 2012. However, the sector is growing rapidly.


Conditions conducive to Shadow Banking

According to a report by the Financial Stability Board, the prevalence of the following conditions spur the growth of institutions engaging in shadow banking activities:-

i) Strict banking rules combined with low real interest rates and yield rates

ii) Existence of a large pool of investors searching for higher returns.

iii) Large demand for assets from institutions


Differences between Shadow Banks and Banks

a) Shadow banks cannot create money unlike commercial banks, which by virtue of being depository institutions can do so

b) Banks are comprehensively and tightly regulated, whereas shadow banks lacks regulatory oversight and transparency with respect to its business operations.

c) Commercial banks raise funds through mobilization of public deposits to a large extent. Shadow banks, on the other hand, raise funds mostly through market-based instruments such as commercial paper, debentures, or other such structured credit instruments.

d) While the liabilities of the shadow banks are uninsured, commercial banks’ deposits enjoy Government guarantee to a limited extent generally.

e) During times of distress, banks have access to multiple recourses set up by the body responsible for regulatory oversight such as direct access to central bank liquidity etc. However, shadow banks have no such options, and will have to fend for themselves

There is a stark differences in the way the shadow banks operate as compared to other traditional banks. However, in certain instances there is only a thin line separating the two.


Regulation of Shadow Bank Activities

Shadow Banking institutions exploit the prevalent economic system’s inefficiencies through financial innovations. However, the sub-prime crisis exposed the extent of damage that can be caused by unregulated banking activities. The crisis and the recession that followed it provoked a call for increased regulation of the markets globally. USA passed the Dodd-Frank Act in 2010 to strengthen the arms of the Federal Reserve to regulate all institutions of systemic importance. The EU (European Union) has also put in place some measures regulating securitization and credit rating agencies. Also, the Financial Security Board, at the specific request of G-20 countries, has been working towards ‘strengthening the oversight and regulation of the shadow banking system so that the risks emanating from them may be mitigated.’ India is also working towards improving the regulatory framework so as to curb the shadow banking activities that risk financial stability.


Dangers of Shadow Banking

Financial Stability and Systemic Risk Concerns

Shadow Banking acts as a means to escape regulatory oversight. In many instances, banks themselves composed part of the shadow banking chain by floating a specialized subsidiary to carry out shadow banking activities. Also, banks may invest in financial products issued by other shadow banking entities. And since shadow bank entities have no access to recourse to central bank funding or any other safety nets, they remain vulnerable to shocks. Such inter-linkages and the huge size of shadow bank activities give rise to systemic risk concern, as a seemingly minor issue affecting one entity may amplify and send shocks through the system. And the capacity of shadow banks to precipitate systemic crisis as manifested in the recent global financial crisis is still fresh in the minds of the people.


Regulatory arbitrage spread across geographical jurisdictions

Shadow banking activities are spread across border and different legal and regulatory frameworks across geographical jurisdictions pose a handicap in curbing them. For instance, high taxation in some countries may lead to adoption of tax avoidance strategies by financial firms. Tax haven countries keep taxes low to attract foreign capital and create jobs. So, companies in high taxation countries restructure their financial activity by shifting some high tax activities to low tax countries. This, at times, has an adverse effect on financial stability, especially when the whole global economy is highly integrated and interconnected.


Challenges in the conduct of Monetary Policy

‘Opaqueness of structure, size, operations and inter-linkages of shadow banks with commercial banks and other arms of the financial sector distorts the information content of monetary policy indicators and undermines the conduct of monetary policy.’ Central Banks and other regulatory agencies depend on domestic indicators while determining monetary policy, which is modified at regular intervals. Lack of clarity as to the activities conducted in the financial system prohibits it from formulating a coherent policy that tackles all the urgent issues. Since these entities broadly remain outside the regulatory purview, a clear picture of the extent of their activities and involvement in the financial system is lacking. Therefore, these non-bank financial intermediaries act as an impediment to the successful implementation of monetary policy as they remain immune to direct central bank control. A Study has found that ‘growing level of intermediation activities of the non-bank financial intermediaries causes a shift in deposits from banks to non-banks in South-East Asian Countries.


Procyclicity and amplification of business cycles

Shadow banking activities have a tendency to act pro-cyclically. Pro-cyclicity means that that there is a positive correlation between the activity in question and the overall condition of the economy. This means that when there is an economic boom, the activities of shadow banks are on the rise and when there is a downturn, they shrink their activities. This amplifies financial and economic cycles. ‘Their leverage would rise during booms as they face little problem in arranging funds as assets price rise and margins on secured lending remain low. On the contrary, during the downturn phase as the funding becomes difficult and asset prices fall, the margins on secured loan become tighter, shadow banks get compelled to undertake deleveraging.’ Also, pro-cyclicality of shadow banks worsen due to their inter-connectedness with banks. According to the Financial Stability Board, inter-connectedness of the shadow banks with the banks heighten the risks of asset price bubbles like the one that occurred before 2008.


Shadow Banking in the Indian context

In the Indian financial arena, shadow banks are known as Non-Banking Finance Companies (NBFCs). However, NBFCs in India have been regulated by the RBI (Reserve Bank of India) since 1963.

a) Regulation of NBFCs in India began in the wake of failure of several banks in the late 1950s and early 1960s where a large number of ordinary depositors lost money. The Deposit Insurance Corporation was formed by RBI to provide the necessary safety net for the bank depositors.

b) Later in 1996, the regulatory structure over the NBFCs was further tightened with rigorous registration requirements, enhanced reporting and supervision.

c) RBI also prohibited NBFCs from raising deposits from the public. However, this led the NBFCs to source their funding from the banking system, thereby raising systemic risk issues. So, the RBI brought asset side prudential regulations onto the NBFCs.



Though the disadvantages and risks of shadow banks have been highlighted here, it is undeniable that shadow banks, including NBFCs and other service a need of the population that is left unaddressed by the mainstream banks. Shadow banks subserve the economy by playing a complimentary and supplementary role to mainstream banks and also aid in furthering financial inclusion, which is an important issue for India. Large banks due to their reluctance to enter into less profitable areas, have left 41% of Indian households without bank accounts, thus making them an easy target for chit funds. Hence, instead of aiming to completely abolish shadow banking, the Government must increase regulatory oversight and keep the law/rules updated to dealing with the changing economic environment. While enabling prudential growth of the sector, financial stability must be maintained and consumers’ and depositors’ interests must be protected.



a) It don’t take deposits like commercial banking

b) It is also called as the unregularly activities done by regular institutions.

c) It works in lesser transparency, rules and regulations as compared to commercial banking.

d) Shadow banks make money by market instruments like debentures, commercial paper.

e) Shadow bank’s liability is not insured. It deals with the high level of risk.

f) Shadow banking make most of their money by being a mediate between the borrowers and lenders.

g) They earn revenue the fees charges for service and interest rates spreads.

h) No need to follow regulations like initial capital requirements.

i) It has come under the increased scrutiny since 2008. This system is prominent worldwide.

j) It is a complex system of investments like Asset-backed securities, derivatives, Credit default swaps and repurchase agreements.

Special Drawing Rights (SDR)

Special Drawing Rights (SDR)



Special drawing rights (SDR) refer to an international type of monetary reserve currency created by the International Monetary Fund (IMF) in 1969 that operates as a supplement to the existing reserves of member countries. Created in response to concerns about the limitations of gold and dollars as the sole means of settling international accounts, SDRs augment international liquidity by supplementing the standard reserve currencies.


SDR Calculation

SDR is calculated based on the basket of five international currencies

The five currencies include

a) US Dollar

b) Euro

c) Yen

d) Pound

e) Yuan


Role of SDR

a) SDR had a dominant role in the world economy and trade during the fixed rate regime

b) SDR role diminished after the collapse of fixed rate regime

c) The floating rate regime saw huge accumulations of international currency reserves

d) In 2009, SDR regained popularity by allocating 182.6 billion SDR to global economy amidst the global economic crisis

e) IMF helped world nations to get out of the financial crisis through SDR allocation

f) Now, SDR has become a dominant force in international economic scenario


Value of SDR

a) SDR is an international reserve asset

b) SDR is not a currency

c) It is also not a claim on the IMF

d) SDR exchanged for freely usable currencies

e) Allocated to members of IMF from time to time

f) SDR is a potential claim on the IMF member countries

g) 204 billion SDRs is equivalent to $285 billion in value

h) Valuation and weight of the IMF currencies basket done once in 5 years

i) Next valuation to be done on September 30, 2021


SDR Weightage

Following is the weight assigned to the basket of five currencies

a) US Dollar – 41.73 %

b) Euro – 30.93 %

c) Yuan – 10.92 %

d) Yen – 8.33 %

e) Pound Sterling – 8.09 %


Criteria to get added to SDR

a) SDR basket of currencies determined by the IMF Executive board

b) Export criteria – The exports of the country must have the largest value in five years

c) Holders of SDRs can obtain freely usable in exchange for their SDRs in two ways: first, through the arrangement of voluntary exchanges between members; and second, by the IMF designating members with strong external positions to purchase SDRs from members with weak external positions.

d) A “freely usable” currency is defined in the IMF’s Articles of Agreement to mean a currency that the IMF determines

     (i) is, in fact, widely used to make payments for international transactions, and

     (ii) is widely traded in the principal exchange markets.

e) Earlier in 1999, Euro was included in the SDR basket replacing Franc

f) In 2016, Chinese Yuan was included in the SDR basket


SDR Interest Rate

a) Interest rate is determined weekly by IMF

b) Interest rate charged on IMF loans and SDR allocations

c) Interest rate is given to members of IMF based on their SDR holdings

d) Interest rate determined on short-term debt instrument basis prevailing in the money market of SDR currency basket



a) SDR of IMF is going to play a crucial role in the global economy

b) SDR allocations to member countries of IMF is focused on recovering from an economic turmoil

c) SDR basket of currencies are considered as a global standard of currency exchange

d) The currencies included in the IMF SDR currency basket will play a dominant role in the world economy

e) The five nations in SDR are considered to be politically important and dominant in the international affairs

f) The recent inclusion of Chinese Yuan is considered a political victory for China over the USA

g) World trade is to be dominated by the SDR basket of currencies with a great boost in international relations

Inflation - Types, Causes, Measurement and Effects

Inflation - Types, Causes, Measurement and Effects



What is inflation?

Inflation is a sustained rate at which the general level of prices of goods or services are increasing, and at the same time the rate of purchasing power of currencies are decreasing. Inflation is measured as an annual change in percentage.


Prices of things rise over time under conditions of inflation and as it does, every currency you own buys smaller percentage of service/good. Therefore, when prices rise and currencies fall, you have inflation. The purchasing power is the expression of the value of currencies. Purchasing power, is the amount of tangible/real goods/services the money can buy at a moment in time. When there’s inflation, there’s decline in the purchasing power of money.

According to Crowther, “Inflation is State in which the Value of Money is Falling and the Prices are rising.”

In Economics, the word ‘inflation’ refers to General rise in Prices Measured against a Standard Level of Purchasing Power.


Example –

In 2014 1 Kg of Rice = Rs 40

In 2016 1 Kg of Rice = Rs 60

The above increase in price of rice. The purchasing power of money has decline as the same amount of good is available at higher price. Hence, the above price rise of rice over a period of time is called as inflation that is affecting the purchasing power of the people .This in turn reduces the value of money as for each commodity we have to spend more than the previous one.


What causes inflation?

There’s no single theory behind the cause of inflation that economists/academics agree upon. However, there are a few commonly held hypotheses:

1. Demand-pull inflation

This theory can be summarized as “too much money chasing too few goods”. It is a mismatch between demand and supply , if demand is growing faster than supply, prices will increase. This usually occurs in growing economies as more people gain purchasing power while the supply is not able to catch up to growing demand.When the government of a country print money in excess, prices increase to keep up with the increase in currency, leading to inflation.


2. Cost-push inflation

According to cost-push inflation, inflation is caused when production costs of companies rise. When production costs (taxes, wages, imports, etc.) increase, companies increase the prices of their goods/services to maintain their profit margins.


3. Monetary inflation

According to this theory, inflation is caused by the excessive supply of money in economies. Prices of commodities are determined by their demand & supply. When the supply is excess, the prices of commodities go down. If the commodity is money, excess supply of money reduces its value and the result is that the prices of everything else priced in currencies (dollars, rupees, etc.) must go up.


What are the different types of inflation?

A. Creeping inflation:

Creeping is a mild inflation, which occurs when there is price rise of 3% or less a year. According to the Federal Reserve, when there’s a rise of 2% or less in prices, it benefits the economic growth. The creeping inflation makes consumers expect that the prices will keep increasing, which in turn boosts demand for goods and services, as consumers now want to buy a lot to beat the future prices. And this, is how creeping inflation drives economic expansion. This is also the reason for Federal Reserve to set 2% as its target inflation rate.


B. Walking inflation:

Walking is a stronger inflation, somewhere with price rise between 3% to 10% a year. Walking inflation is harmful to the economy, as it accelerates economic growth (too fast). As a result consumers start purchasing goods/services more than their requirement to avoid higher future prices. This further increases the demand so much that it’s challenging for suppliers to keep up with the demands. This results in common services/goods being priced out of reach of most people.


C. Galloping inflation:

When inflation rises to 10% of more, there’s a havoc wrecked on the economy. The currencies lose value so drastically that incomes of employees and business can’t keep up with prices and costs. This leads to instability in the Economy and loss in credibility of the government leaders. This is the type of inflation that must be prevented at all costs.


D. Hyperinflation:

Increase in inflation beyond the inflation range of 2 or 3%, could lead to hyperinflation, a condition where inflation quickly rises out of control. Hyperinflation occurs when prices skyrocket more than 50% a month. Hyperinflation is a rare phenomenon. Some examples of hyperinflation are Germany in 1920s, Zimbabwe in 2000s and America during its civil war.


E. Stagflation:

Stagflation is when the growth in economy becomes stagnant, but there’s still price inflation. This seemingly contradictory phenomena is rare like hyperinflation, but can create havoc in economy by combining high unemployment rate, severe inflation and poor economic growth. Stagflation is a huge challenge to Central banks, due to increase in risks associated with monetary policy responses and fiscal. Central banks usually increase interest rates to combat high inflation, but doing so during stagflation could increase unemployment further. Therefore, central banks need to keep a limit on their ability to decrease rates during stagflation. Possibly the most difficult inflation to manage.


F. Core inflation:

This type of inflation measures the rising prices of all commodities except energy and food, due to the fact that gas prices increase every summer.


G. Wage inflation:

Wage inflation occurs when wages of workers rise faster than the cost of living. Wage inflation occurs when there are labor unions demanding higher wages, when workers control their pay or when there’s a shortage of workers.


H. Asset inflation:

Asset inflation refers to increase in prices of one asset class (gold, oil, housing, etc.). Asset inflation is often overlooked by inflation watchers when the overall inflation is low.


I. Suppressed Inflation:

Existing inflation disguised by government Price controls or other interference in the economy such as subsidies. Such suppression, nevertheless, can only be temporary because no governmental measure can completely contain accelerating inflation in the long run. It is Also Called Repressed Inflation.


Effect of Inflation –

a) They add inefficiencies in the market, and make it difficult for companies to budget or plan long-term.

b) Uncertainty about the future purchasing power of money discourages investment and saving.

c) There can also be negative impacts to trade from an increased instability in currency exchange prices caused by unpredictable inflation.

d) Higher income tax rates.

e) Inflation rate in the economy is higher than rates in other countries; this will increase imports and reduce exports, leading to a deficit in the balance of trade.


Measurement of Inflation

Inflation is measured by calculating the percentage rate of change of a price index, which is called the inflation rate.

Inflation is often measured either in terms of Wholesale Price Index or in terms of Consumer Price Index.


Wholesale Price Index(WPI) :

The Wholesale Price Index is an indicator designed to measure the changes in the price levels of commodities that flow into the wholesale trade intermediaries. The index is a vital guide in economic analysis and Policy formulation. It is a basis for price adjustments in business contracts and projects. It is also intended to serve as an additional source of information for comparisons on the international front.


Consumer Price Index (CPI):

Consumer price index is specific to particular group in the population. It shows the cost of living of the group. It is based on the changes in the retail prices of goods or services. Based on their incomes, consumer spends money on these particular set of goods and services. There are different consumer price indices. Each index tracks the changes in the retail prices for different set of consumers.


Consequences of Inflation –

Adverse effect on production

Adverse effect on distribution of income

Obstacle to development

Changes in relative prices

Adverse effect on the B.O.P (Balance of Payment)


Measures of Inflation –

Monetary policy

Credit Control

Demonetization of Currency

Issue of New Currency


Fiscal policy

Reduction in Unnecessary Expenditure

Increase in Taxes

Increase in Savings

Surplus Budgets

Public Debt


Other Measures

To Increase Production

Rational Wage Policy

Price Control


Inflation a threat to Indian economy -

a) Inflation has become a household name for millions of Indians who are finding it extremely difficult to make both ends meet. Prices are growing faster than the household income almost for all products and services including real estate, food, transportation, luxuries.

b) The global economic crisis saw many economies stumble but India rebounded faster and was surging ahead with a growth rate of 9%. But the inflationary pressure is forcing the government to adopt measures which are taking the steam out of the Indian growth story

c) For the last two years India is witnessing double digit food inflation which had reached a high of around 18% in December 2010 with prices of onions, garlic and tomatoes skyrocketing. Lentils, milk and meat have witnessed a steady rise in prices which is putting pressure on the home budget of millions of Indians.

d) Millions of poor people in India are struggling to arrange a two-square meal for their family members. We are running the risk of having an entire generation of malnourished children who are otherwise considered the future of India.

e) The tightening of the economy may control inflation in the long run but it is also slowing our economy and as predicted by the IMF India’s growth will be only around 6-7% instead of 9%.


Current status of inflation in India –

  • Currently inflation rate is around 9.44% in India, much above the acceptable rate of 5%.
  • The food price index is at 8.31% causing much discomfort to the policymakers. which under the current scenario seems impossible.


How to Control Inflation

Monetary Measures –

  • Credit Control
  • Issue of new currency


Fiscal Measures –

  • Reduction in Unnecessary Expenditure
  • Increase in taxes
  • Increase in savings
  • Surplus Budgets
  • Public Debts
  • To increase in production
  • Rational wage policy
  • Price control
  • Rationing