text:
2017 World's Strongest Man
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2017 World's Strongest Man
Host city
Gaborone, Botswana
Winner
Eddie Hall[1]
Athletes participating
29
← Kasane 2016
The 2017 World's Strongest Man was the 40th edition of the World's Strongest Man competition. It was held in Gaborone, Botswana from May 20-28 2017.
The tournament was won by Eddie Hall of the United Kingdom , with Hafþór Júlíus Björnsson of Iceland second and defending champion Brian Shaw of the United States third. Hall announced after the competition that he would not defend his title.[2] Multiple time champion Zydrunas Savickas of Lithuania finished in ninth place; this marked the first time in his career that he failed to finish in the top three after qualifying for the final.
Qualifying[edit]
A change was made to the qualifying rounds for 2017. Each group participated in five normal events, with the highest scoring competitor at the end of those events being declared the group winner and automatically qualifying for the final. The lowest scoring competitor was eliminated from further competition.
In a throwback to early competitions, where a head to head competition determined the overall champion, the four remaining competitors faced off in an event called Last Man Standing. The event consisted of a hurdle placed in the middle of an octagon with a white square in the middle, in which was placed an Atlas Stone.
The event was conducted in a stepladder format, with the fifth place and fourth place competitors beginning the event. Each competitor took turns lifting the stone from their side of the square and dropping it over the hurdle. The lift had to be started from within the square and each competitor was given ten seconds to lift and drop the stone. Once one of them could not complete the task, he was eliminated from the event and the third place competitor stepped in. The survivor of that matchup took on the second place competitor, with the winner of the event joining the overall group winner in the final.
Final standings[edit]
Name
Nationality
Pts
Eddie Hall 51
Hafþór Júlíus Björnsson 50
Brian Shaw 48
Martins Licis 36.5
Jean-François Caron 35.5
Mateusz Kieliszkowski 29
Laurence Shahlaei 25.5
Konstantine Janashia 23
Zydrunas Savickas 21.5
Nick Best 10
References[edit]
Jump up ^ "Eddie 'The Beast' Hall crowned World's Strongest Man". BBC. 29 May 2017. Retrieved 29 June 2017.
Jump up ^ "Eddie Hall retires from World's Strongest Man competition after Brit claims historic victory". Daily Mirror. 28 May 2017. Retrieved 29 June 2017.

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Six Flags Magic Mountain 1981
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Christchurch 1983
Mora 1984
Cascais 1985
Nice 1986
Not held 1987
Budapest 1988
San Sebastián 1989
Joensuu 1990
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Tangier 1998
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Chengdu 2005
Sanya 2006
Anaheim 2007
Charleston 2008
Valletta 2009
Sun City 2010
North Carolina 2011
Los Angeles 2012
Sanya 2013
Los Angeles 2014
Putrajaya 2015
Kasane 2016
Gaborone 2017
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Protection of Freedoms Act 2012
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Protection of Freedoms Act 2012
United Kingdom
Long title
An Act to provide for the destruction, retention, use and other regulation of certain evidential material; to impose consent and other requirements in relation to certain processing of biometric information relating to children; to provide for a code of practice about surveillance camera systems and for the appointment and role of the Surveillance Camera Commissioner; to provide for judicial approval in relation to certain authorisations and notices under the Regulation of Investigatory Powers Act 2000; to provide for the repeal or rewriting of powers of entry and associated powers and for codes of practice and other safeguards in relation to such powers; to make provision about vehicles left on land; to amend the maximum detention period for terrorist suspects; to replace certain stop and search powers and to provide for a related code of practice; to make provision about the safeguarding of vulnerable groups and about criminal records including provision for the establishment of the Disclosure and Barring Service and the dissolution of the Independent Safeguarding Authority; to disregard convictions and cautions for certain abolished offences; to make provision about the release and publication of datasets held by public authorities and to make other provision about freedom of information and the Information Commissioner; to make provision about the trafficking of people for exploitation and about stalking; to repeal certain enactments; and for connected purposes.
Citation
c. 9
Introduced by
Theresa May
Dates
Royal assent
1 May 2012
Status: Unknown
Text of statute as originally enacted
The Protection of Freedoms Act 2012 is an Act of the Parliament of the United Kingdom.[1] As the Protection of Freedoms Bill, it was introduced in February 2011, by the Home Secretary, Theresa May. The Bill was sponsored by the Home Office.[2] On Tuesday, 1 May 2012 the Protection of Freedoms bill completed its passage through Parliament and received Royal Assent.
Contents
1 History
2 Part 1: Regulation of biometric data
3 Part 2: Regulation of surveillance
4 Part 3: Protection of property from disproportionate enforcement action
5 Part 4: Counter-terrorism powers
6 Part 5: Safeguarding vulnerable groups, criminal records etc.
7 Part 6: Freedom of information and data protection
8 Part 7: Miscellaneous and general
9 References
10 Further reading
11 External links
History[edit]
The concept developed from the Great Repeal Bill proposed in 2008 by Conservative Party representatives Douglas Carswell MP and Dan Hannan MEP as part of a radical "Twelve months to renew Britain".[3][4] After the 2010 general election, the Conservatives and Liberal Democrats formed a coalition government whose agreed programme initially promised a Freedom (Great Repeal) Bill or "a Freedom or Great Repeal Bill",[5][6] "Freedom" being the Liberal Democrats' preferred title, "Great Repeal" the Conservatives'.[7] The ensuing Queen's Speech referred to "A Freedom or Great Repeal Bill" which:[5]
would address concerns around what has been described as a tidal wave of criminal justice legislation in recent years. It also provides an opportunity to strengthen the accountability of bodies receiving public funding in light of lessons learnt so far from the operation of the Freedom of Information Act.
The programme was later changed to refer to a Freedom Bill.[8] After the Protection of Freedoms Bill was introduced in 2011, critics claimed it was piecemeal, incoherent, and too focused on protection from public-sector intrusion without sufficient focus on private-sector intrusion.[9] Nick Clegg said, "There may even be a great repeal act down the road that would look at some of the laws not addressed in this bill."[10]
In 2011, Jonathan Djanogly said in answer to a parliamentary question that a Repeals Bill would be a separate civil liberties measure from "the abolition of ID cards; the Protection of Freedoms Bill; and the Your Freedom public engagement exercise which took place over the summer".[11]
Part 1: Regulation of biometric data[edit]
Chapter 1 makes provision in respect of the destruction, retention, and use of fingerprints, footwear impressions and DNA samples. In addition it covers profiles taken in the course of a criminal investigation. Under the new scheme provided for in this Chapter, the fingerprints and DNA profiles taken from persons arrested for or charged with a minor offence will be destroyed following either acquittal or a decision not to charge.
This Part amends or omits Sections from the Police and Criminal Evidence Act 1984 and Crime and Security Act 2010 relating to the retention of fingerprints.
Section 20 of Chapter 1 instructs the Secretary of State to appoint a Commissioner, to be known as the Commissioner for the Retention and Use of Biometric Material, to review the use and retention of biometrics by the government
Section 24 of Chapter 1 instructs the Secretary of State to make arrangements for a "National DNA Database Strategy Board" to oversee the operation of a DNA database.
Chapter 2 requires schools and colleges to obtain consent of one parent of a child under 18 for acquiring and processing the child's biometric information and gives the child rights to stop the processing of their biometric information regardless of any parental consent. It also states that processing of biometric information it must be discontinued if any parent of the child objects.
Part 2: Regulation of surveillance[edit]
See also: Automatic number plate recognition in the United Kingdom
Chapter 1 creates new regulation for, and instructs the Secretary of State to prepare a code of practice towards closed-circuit television and automatic number plate recognition. Chapter 2 amends the Regulation of Investigatory Powers Act 2000.
Part 3: Protection of property from disproportionate enforcement action[edit]
Chapter 1 reforms and repeals aspects of the powers to enter land and to review existing powers of entry legislation. It would implement restrictions as to the premises over which the power may be exercised, who can exercise them, and which conditions can be satisfied for them to be exercised.
Chapter 2 makes it a criminal offence for a private person on private or public land to immobilise a vehicle (e.g. by clamping or obstructing), or to move a vehicle, with a view to denying the owner access to it. Section 99 of the Road Traffic Regulation Act 1984 is amended to extend and amend the powers of public authorities to move vehicles parked obstructively, illegally, or dangerously, including on private land. However, clamping is still permitted where an Act of Parliament or byelaw permits the practice, such as the Railway Byelaws.[12]
Clamping of vehicles and provisions relating to charging registered keepers of vehicles where a contract has been entered into with landowners or their agents is dealt with by Clauses 54-56 and Schedule 4 of the Act. These would have the effect of making it possible for private landowners and their agents to attempt to recover unpaid parking charges on private land (providing certain conditions are met) from the registered keeper of a vehicle in cases where it is not known who was driving at the time of the parking charge notice being issued. Paragraph 3 defines "relevant land" as excluding highways maintainable at the public expense (within the meaning of section 329(1) of the Highways Act 1980). Under the original wording of the Bill as introduced, clamping would be unlawful on private car-parks unless entrances are barriered.[13][14] However, Clause 54 was amended at Report stage in the House of Commons such that clamping would be unlawful regardless of the existence of a barrier.[15]
Part 4: Counter-terrorism powers[edit]
Clause 57 reduces the pre-detention of terrorist suspects to a maximum of 14 days.
This Part removes the 'stop and search' regulations of the Terrorism Act 2000 and reforms the operation of the power to search people and vehicles, in addition to creating new Code of Practice rules in respect of these powers.
Part 5: Safeguarding vulnerable groups, criminal records etc.[edit]
This section needs to be updated. Please update this article to reflect recent events or newly available information. (September 2015)
Chapters 1 and 2 amend the Safeguarding Vulnerable Groups Act 2006 and Police Act 1997 with regards to carers and criminal record checks. The Bill also proposes removing the Controlled Activity and Monitoring sections from the Safeguarding of Vulnerable Groups Act.
Chapter 3 creates a new body corporate to be known as the Disclosure and Barring Service, which merges the functions of the Independent Safeguarding Authority and Criminal Records Bureau.
Chapter 4 allows people to apply for the Secretary of State to disregard criminal convictions for homosexual acts by consenting adults under section 12 of the Sexual Offences Act 1956, or the "gross indecency between men" section of that Act. Clause 86 confirms that the effect of a successful application would ensure the person is considered as having not committed, nor been charged, prosecuted or convicted of a homosexual act.
Part 6: Freedom of information and data protection[edit]
This part extends the existing Freedom of Information Act 2000, extending the scope of the Act and amending the role of the Information Commissioner. This includes widening the rules on applying for and receiving datasets from public authorities for re-use.
Part 7: Miscellaneous and general[edit]
Section 113 repealed section 43 of the Criminal Justice Act 2003 which makes provision for trials on indictment to be conducted without a jury in certain fraud cases. Sections 44-50 of that Act, which make provision for trials on indictment to be conducted without a jury where there is a danger of jury tampering, were not affected.
Section 114 repealed the restrictions that prohibit solemnizing marriages and civil partnerships during evenings and at night. Since the Marriage Act 1836 it had been forbidden to marry between the hours of six in the evening and eight in the morning.[16]
References[edit]
Jump up ^ "Sweeping reforms to restore British liberties - GOV.UK". www.homeoffice.gov.uk.
Jump up ^ Protection of Freedoms Bill Home Office
Jump up ^ McElroy, Wendy (11 August 2010). "The Great Repeal Bill". Future of Freedom Foundation. Retrieved 21 May 2015. The current evolving bill undoubtedly has roots in similar legislation that was proposed in a book entitled The Plan: 12 Months to Renew Britain written by Douglas Carswell and Daniel Hannan, which argued for openness in politics, business-friendly policies, deregulation, and more direct democracy
Jump up ^ Carswell, Douglas; Hannan, Daniel (August 2008). "8: The Great Repeal Bill". The Plan: Twelve Months to Renew Britain. Lulu.com. pp. 116–125. ISBN 9780955979903. Retrieved 21 May 2015.
^ Jump up to: a b "Freedom (Great Repeal) Bill". Queen's Speech. Government of the United Kingdom. 25 May 2010. Retrieved 21 May 2015.
Jump up ^ "Liberal Democrat coalition negotiations; Agreements reached". Conservative Party. 11 May 2010. p. 6. Archived from the original on 16 May 2010. Retrieved 21 May 2015. This will include: - A Freedom or Great Repeal Bill.
Jump up ^ "Major Bill to slash power of state". Metro. 25 May 2010. Retrieved 21 May 2015. Its name reflects the make-up of the new Government, including the Liberal Democrats preferred “Freedom Bill” and the Tory’s “Great Repeal” message.
Jump up ^ "Civil Liberties". The Coalition: our Programme for Government. Archived from the original on 19 September 2010. Retrieved 21 May 2015. We will introduce a Freedom Bill
Jump up ^ Cran, Donald (25 March 2011). "Rollback of state surveillance". New Law Journal. Retrieved 21 May 2015.
Jump up ^ Porter, Henry (13 February 2011). "Why we should believe Nick Clegg when he promises to restore liberties stolen by Labour". The Observer. Retrieved 21 May 2015.
Jump up ^ "Law: Repealed". House of Commons Hansard. UK Parliament. 5 Apr 2011. pp. c.795W Q.51332. Retrieved 21 May 2015.
Jump up ^ "Archived copy" (PDF). Archived from the original (PDF) on 16 August 2014. Retrieved 11 July 2014.
Jump up ^ Vehicle immobilisation (clamping) ... The Protection of Freedoms Bill No. 4 Law and Lawyers
Jump up ^ Goodbye Clamping Of Interest to Lawyers
Jump up ^ Westminster, Department of the Official Report (Hansard), House of Commons,. "House of Commons Hansard Debates for 10 Oct 2011 (pt 0004)". www.publications.parliament.uk.
Jump up ^ "Night-time weddings to be allowed". BBC News Online. 12 February 2011.
Further reading[edit]
"How Protection of Freedoms Bill will work". BBC News Online. 1 March 2011.
External links[edit]
Wikiversity has learning resources about Protection of Freedoms Act 2012
Protection of Freedom Bill
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Banking in India
From Wikipedia, the free encyclopedia
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Structure of the organised banking sector in India. Number of banks are in brackets.
Banking in India, in the modern sense, originated in the last decades of the 18th century. Among the first banks were the Bank of Hindustan, which was established in 1770 and liquidated in 1829–32; and the General Bank of India, established in 1786 but failed in 1791.[1][2][3][4]
The largest bank, and the oldest still in existence, is the State Bank of India (S.B.I). It originated as the Bank of Calcutta in June 1806. In 1809, it was renamed as the Bank of Bengal. This was one of the three banks founded by a presidency government, the other two were the Bank of Bombay in 1840 and the Bank of Madras in 1843. The three banks were merged in 1921 to form the Imperial Bank of India, which upon India's independence, became the State Bank of India in 1955. For many years the presidency banks had acted as quasi-central banks, as did their successors, until the Reserve Bank of India[5] was established in 1935, under the Reserve Bank of India Act, 1934.[6][7]
In 1960, the State Banks of India was given control of eight state-associated banks under the State Bank of India (Subsidiary Banks) Act, 1959. These are now called its associate banks.[6] In 1969 the Indian government nationalised 14 major private banks, one of the big bank was Bank of India. In 1980, 6 more private banks were nationalised.[8] These nationalised banks are the majority of lenders in the Indian economy. They dominate the banking sector because of their large size and widespread networks.[9]
The Indian banking sector is broadly classified into scheduled and non-scheduled banks. The scheduled banks are those included under the 2nd Schedule of the Reserve Bank of India Act, 1934. The scheduled banks are further classified into: nationalised banks; State Bank of India and its associates; Regional Rural Banks (RRBs); foreign banks; and other Indian private sector banks.[7] The term commercial banks refers to both scheduled and non-scheduled commercial banks regulated under the Banking Regulation Act, 1949.[10]
Generally banking in India is fairly mature in terms of supply, product range and reach-even though reach in rural India and to the poor still remains a challenge. The government has developed initiatives to address this through the State Bank of India expanding its branch network and through the National Bank for Agriculture and Rural Development (NABARD) with facilities like microfinance.
Contents
[hide]
1 History
1.1 Ancient India
1.2 Medieval era
1.3 Post-Independence
1.4 Nationalisation in the 1960s
1.5 Liberalisation in the 1990s
2 Current period
2.1 Payments Bank
2.2 Small finance banks
3 Banking codes and standards
4 Adoption of banking technology
4.1 Automated teller machine growth
4.2 Cheque truncation initiative
4.3 Expansion of banking infrastructure
5 Data Breaches
5.1 2016 Indian Banks data breach
6 See also
7 References
8 Further reading
9 External links
History[edit]
Ancient India[edit]
The Vedas (2000–1400 BCE) are earliest Indian texts to mention the concept of usury. The word kusidin is translated as usurer. The Sutras (700–100 BCE) and the Jatakas (600–400 BCE) also mention usury. Also, during this period, texts began to condemn usury. Vasishtha forbade Brahmin and Kshatriya varnas from participating in usury. By the 2nd century CE, usury seems to have become more acceptable.[11] The Manusmriti considers usury an acceptable means of acquiring wealth or leading a livelihood.[12] It also considers money lending above a certain rate, different ceiling rates for different caste, a grave sin.[13]
The Jatakas also mention the existence of loan deeds. These were called rnapatra or rnapanna. The Dharmashastras also supported the use of loan deeds. Kautilya has also mentioned the usage of loan deeds.[14] Loans deeds were also called rnalekhaya.[15]
Later during the Mauryan period (321–185 BCE), an instrument called adesha was in use, which was an order on a banker directing him to pay the sum on the note to a third person, which corresponds to the definition of a modern bill of exchange. The considerable use of these instruments has been recorded[citation needed]. In large towns, merchants also gave letters of credit to one another.[15]
Medieval era[edit]
The use of loan deeds continued into the Mughal era and were called dastawez. Two types of loans deeds have been recorded. The dastawez-e-indultalab was payable on demand and dastawez-e-miadi was payable after a stipulated time. The use of payment orders by royal treasuries, called barattes, have been also recorded. There are also records of Indian bankers using issuing bills of exchange on foreign countries. The evolution of hundis, a type of credit instrument, also occurred during this period and remain in use.[15]
9,[16] first as a private joint stock association, then partnership. Its proprietors were the owners of the earlier Commercial Bank and the Calcutta Bank, who by mutual consent created Union Bank to replace these two banks. In 1840 it established an agency at Singapore, and closed the one at Mirzapore that it had opened in the previous year. Also in 1840 the Bank revealed that it had been the subject of a fraud by the bank's accountant. Union Bank was incorporated in 1845 but failed in 1848, having been insolvent for some time and having used new money from depositors to pay its dividends.[17]
The Allahabad Bank, established in 1865 and still functioning today, is the oldest Joint Stock bank in India, it was not the first though. That honour belongs to the Bank of Upper India, which was established in 1863 and survived until 1913, when it failed, with some of its assets and liabilities being transferred to the Alliance Bank of Simla.
Foreign banks too started to appear, particularly in Calcutta, in the 1860s. Grindlays Bank opened its first branch in Calcutta in 1864.[18] The Comptoir d'Escompte de Paris opened a branch in Calcutta in 1860, and another in Bombay in 1862; branches followed in Madras and Pondicherry, then a French possession. HSBC established itself in Bengal in 1869. Calcutta was the most active trading port in India, mainly due to the trade of the British Empire, and so became a banking centre.
The first entirely Indian joint stock bank was the Oudh Commercial Bank, established in 1881 in Faizabad. It failed in 1958. The next was the Punjab National Bank, established in Lahore in 1894, which has survived to the present and is now one of the largest banks in India.
Around the turn of the 20th Century, the Indian economy was passing through a relative period of stability. Around five decades had elapsed since the Indian rebellion, and the social, industrial and other infrastructure had improved. Indians had established small banks, most of which served particular ethnic and religious communities.
The presidency banks dominated banking in India but there were also some exchange banks and a number of Indian joint stock banks. All these banks operated in different segments of the economy. The exchange banks, mostly owned by Europeans, concentrated on financing foreign trade. Indian joint stock banks were generally under capitalised and lacked the experience and maturity to compete with the presidency and exchange banks. This segmentation let Lord Curzon to observe, "In respect of banking it seems we are behind the times. We are like some old fashioned sailing ship, divided by solid wooden bulkheads into separate and cumbersome compartments."[citation needed]
The period between 1906 and 1911 saw the establishment of banks inspired by the Swadeshi movement. The Swadeshi movement inspired local businessmen and political figures to found banks of and for the Indian community. A number of banks established then have survived to the present such as Catholic Syrian Bank, The South Indian Bank, Bank of India, Corporation Bank, Indian Bank, Bank of Baroda, Canara Bank and Central Bank of India.
The fervour of Swadeshi movement led to the establishment of many private banks in Dakshina Kannada and Udupi district, which were unified earlier and known by the name South Canara (South Kanara) district. Four nationalised banks started in this district and also a leading private sector bank. Hence undivided Dakshina Kannada district is known as "Cradle of Indian Banking".[citation needed]
The inaugural officeholder was the Britisher Sir Osborne Smith(1 April 1935), while C. D. Deshmukh(11 August 1943) was the first Indian governor.On September 4, 2016, Urjit R Patel begins his journey as the new RBI Governor, taking charge from Raghuram Rajan.
During the First World War (1914–1918) through the end of the Second World War (1939–1945), and two years thereafter until the independence of India were challenging for Indian banking. The years of the First World War were turbulent, and it took its toll with banks simply collapsing despite the Indian economy gaining indirect boost due to war-related economic activities. At least 94 banks in India failed between 1913 and 1918 as indicated in the following table:
Years
Number of banks
that failed
Authorised Capital
(₹ Lakhs)
Paid-up Capital
(₹ Lakhs)
1913 12 274 35
1914 42 710 109
1915 11 56 5
1916 13 231 4
1917 9 76 25
1918 7 209 1
Post-Independence[edit]
During 1938-46, bank branch offices trebled to 3,469[19] and deposits quadrupled to ₹962 crore. Nevertheless, the partition of India in 1947 adversely impacted the economies of Punjab and West Bengal, paralysing banking activities for months. India's independence marked the end of a regime of the Laissez-faire for the Indian banking. The Government of India initiated measures to play an active role in the economic life of the nation, and the Industrial Policy Resolution adopted by the government in 1948 envisaged a mixed economy. This resulted in greater involvement of the state in different segments of the economy including banking and finance. The major steps to regulate banking included:
The Reserve Bank of India, India's central banking authority, was established in April 1935, but was nationalized on 1 January 1949 under the terms of the Reserve Bank of India (Transfer to Public Ownership) Act, 1948 (RBI, 2005b).[20]
In 1949, the Banking Regulation Act was enacted, which empowered the Reserve Bank of India (RBI) "...to regulate, control, and inspect the banks in India."
The Banking Regulation Act also provided that no new bank or branch of an existing bank could be opened without a license from the RBI, and no two banks could have common directors.
Nationalisation in the 1960s[edit]
Despite the provisions, control and regulations of the Reserve Bank of India, banks in India except the State Bank of India (SBI), remain owned and operated by private persons. By the 1960s, the Indian banking industry had become an important tool to facilitate the development of the Indian economy. At the same time, it had emerged as a large employer, and a debate had ensued about the nationalisation of the banking industry. Indira Gandhi, the then Prime Minister of India, expressed the intention of the Government of India in the annual conference of the All India Congress Meeting in a paper entitled "Stray thoughts on Bank Nationalization."[21] The meeting received the paper with enthusiasm.
Thereafter, her move was swift and sudden. The Government of India issued an ordinance ('Banking Companies (Acquisition and Transfer of Undertakings) Ordinance, 1969') and nationalised the 14 largest commercial banks with effect from the midnight of 19 July 1969. These banks contained 85 percent of bank deposits in the country.[21] Jayaprakash Narayan, a national leader of India, described the step as a "masterstroke of political sagacity." Within two weeks of the issue of the ordinance, the Parliament passed the Banking Companies (Acquisition and Transfer of Undertaking) Bill, and it received the presidential approval on 9 August 1969.
A second dose of nationalisation of 6 more commercial banks followed in 1980. The stated reason for the nationalisation was to give the government more control of credit delivery. With the second dose of nationalisation, the Government of India controlled around 91% of the banking business of India. Later on, in the year 1993, the government merged New Bank of India with Punjab National Bank.[22] It was the only merger between nationalised banks and resulted in the reduction of the number of nationalised banks from 20 to 19. Until the 1990s, the nationalised banks grew at a pace of around 4%, closer to the average growth rate of the Indian economy.
Liberalisation in the 1990s[edit]
In the early 1990s, the then government embarked on a policy of liberalisation, licensing a small number of private banks. These came to be known as New Generation tech-savvy banks, and included Global Trust Bank (the first of such new generation banks to be set up), which later amalgamated with Oriental Bank of Commerce, UTI Bank (since renamed Axis Bank), ICICI Bank and HDFC Bank. This move, along with the rapid growth in the economy of India, revitalised the banking sector in India, which has seen rapid growth with strong contribution from all the three sectors of banks, namely, government banks, private banks and foreign banks.
The next stage for the Indian banking has been set up, with proposed relaxation of norms for foreign direct investment. All foreign investors in banks may be given voting rights that could exceed the present cap of 10% at present. It has gone up to 74% with some restrictions.[citation needed]
The new policy shook the Banking sector in India completely. Bankers, till this time, were used to the 4–6–4 method (borrow at 4%; lend at 6%; go home at 4) of functioning. The new wave ushered in a modern outlook and tech-savvy methods of working for traditional banks. All this led to the retail boom in India. People demanded more from their banks and received more.
Current period[edit]
Main article: List of Banks in India
The Indian banking sector is broadly classified into scheduled banks and non-scheduled banks.All banks included in the Second Schedule to the Reserve Bank of India Act, 1934 are Scheduled Banks. These banks comprise Scheduled Commercial Banks and Scheduled Co-operative Banks. Scheduled Co-operative Banks consist of Scheduled State Co-operative Banks and Scheduled Urban Cooperative Banks.Scheduled Commercial Banks in India are categorised into five different groups according to their ownership and/or nature of operation:
State Bank of India and its Associates
Nationalised Banks
Private Sector Banks
Foreign Banks
Regional Rural Banks
Small Finance Banks
In the bank group-wise classification, IDBI Bank Ltd. is included in the category of other public sector bank.
Growth of Banking in India of Scheduled Commercial Banks[23]
Indicators
31 March of
2005
2006
2007
2008
2009
2010
2011
2012
2013
Number of Commercial Banks 284 218 178 169 166 163 163 169 151
Number of Branches 70,373 72,072 74,653 78,787 82,897 88,203 94,019 102,377 109,811
Population per Banks (in thousands) 16 16 15 15 15 14 13 13 12
Aggregate Deposits ₹17,002 billion (US$250 billion) ₹21,090 billion (US$310 billion) ₹26,119 billion (US$390 billion) ₹31,969 billion (US$480 billion) ₹38,341 billion (US$570 billion) ₹44,928 billion (US$670 billion) ₹52,078 billion (US$780 billion) ₹59,091 billion (US$880 billion) ₹67,504.54 billion (US$1.0 trillion)
Bank Credit ₹11,004 billion (US$160 billion) ₹15,071 billion (US$220 billion) ₹19,312 billion (US$290 billion) ₹23,619 billion (US$350 billion) ₹27,755 billion (US$410 billion) ₹32,448 billion (US$480 billion) ₹39,421 billion (US$590 billion) ₹46,119 billion (US$690 billion) ₹52,605 billion (US$780 billion)
Deposit as percentage to GNP (at factor cost) 62% 64% 69% 73% 77% 78% 78% 78% 79%
Per Capita Deposit ₹16,281 (US$240) ₹19,130 (US$290) ₹23,382 (US$350) ₹28,610 (US$430) ₹33,919 (US$510) ₹39,107 (US$580) ₹45,505 (US$680) ₹50,183 (US$750) ₹56,380 (US$840)
Per Capita Credit ₹10,752 (US$160) ₹13,869 (US$210) ₹17,541 (US$260) ₹21,218 (US$320) ₹24,617 (US$370) ₹28,431 (US$420) ₹34,187 (US$510) ₹38,874 (US$580) ₹44,028 (US$660)
Credit Deposit Ratio 63% 70% 74% 75% 74% 74% 76% 79% 79%
By 2010, banking in India was generally fairly mature in terms of supply, product range and reach-even though reach in rural India still remains a challenge for the private sector and foreign banks. In terms of quality of assets and capital adequacy, Indian banks are considered to have clean, strong and transparent balance sheets relative to other banks in comparable economies in its region. The Reserve Bank of India is an autonomous body, with minimal pressure from the government.
With the growth in the Indian economy expected to be strong for quite some time-especially in its services sector-the demand for banking services, especially retail banking, mortgages and investment services are expected to be strong. One may also expect M&As, takeovers, and asset sales.
In March 2006, the Reserve Bank of India allowed Warburg Pincus to increase its stake in Kotak Mahindra Bank (a private sector bank) to 10%. This is the first time an investor has been allowed to hold more than 5% in a private sector bank since the RBI announced norms in 2005 that any stake exceeding 5% in the private sector banks would need to be vetted by them.
In recent years critics have charged that the non-government owned banks are too aggressive in their loan recovery efforts in connexion with housing, vehicle and personal loans. There are press reports that the banks' loan recovery efforts have driven defaulting borrowers to suicide.[24][25][26]
By 2013 the Indian Banking Industry employed 1,175,149 employees and had a total of 109,811 branches in India and 171 branches abroad and manages an aggregate deposit of ₹67,504.54 billion (US$1.0 trillion or €860 billion) and bank credit of ₹52,604.59 billion (US$780 billion or €670 billion). The net profit of the banks operating in India was ₹1,027.51 billion (US$15 billion or €13 billion) against a turnover of ₹9,148.59 billion (US$140 billion or €120 billion) for the financial year 2012–13.[23]
Pradhan Mantri Jan Dhan Yojana (Hindi: प्रधानमंत्री जन धन योजना, English: Prime Minister's People Money Scheme) is a scheme for comprehensive financial inclusion launched by the Prime Minister of India, Narendra Modi, in 2014.[27] Run by Department of Financial Services, Ministry of Finance, on the inauguration day, 1.5 Crore (15 million) bank accounts were opened under this scheme.[28][29] By 15 July 2015, 16.92 crore accounts were opened, with around ₹20,288.37 crore (US$3.0 billion) were deposited under the scheme,[30] which also has an option for opening new bank accounts with zero balance.
Payments Bank[edit]
Payments bank is a new model of banks conceptualised by the Reserve Bank of India (RBI). These banks can accept a restricted deposit, which is currently limited to ₹1 lakh per customer. These banks may not issue loans or credit cards, but may offer oth current and savings accounts. Payments banks may issue ATM and debit cards, and offer net-banking and mobile-banking. The banks will be licensed as payments banks under Section 22 of the Banking Regulation Act, 1949, and will be registered as public limited company under the Companies Act, 2013.[31]
Small finance banks[edit]
Main article: Small finance bank
To further the objective of financial inclusion, the RBI granted approval in 2016 to ten entities to set up small finance banks. Since then, all ten have received the necessary licenses. A small finance bank is a niche type of bank to cater to the needs of people who traditionally have not used scheduled banks. Each of these banks is to open at least 25% of its branches in areas that do not have any other bank branches (unbanked regions). A small finance bank should hold 75% of its net credits in loans to firms in priority sector lending, and 50% of the loans in its portfolio must be less than ₹25 lakh (US$38,000).
Banking codes and standards[edit]
Main article: The Banking codes and standards Board of India
The Banking Codes and standards Board of India is an independent and autonomous banking industry body that monitors banks in India.To improve the quality of banking services in India S S Tarapore (former deputy governor of RBI) had the idea to form this committee.
Adoption of banking technology[edit]
The IT[clarification needed] revolution has had a great impact on the Indian banking system. The use of computers has led to the introduction of online banking in India. The use of computers in the banking sector in India has increased many fold after the economic liberalisation of 1991 as the country's banking sector has been exposed to the world's market. Indian banks were finding it difficult to compete with the international banks in terms of customer service, without the use of information technology.
The RBI set up a number of committees to define and co-ordinate banking technology. These have included:
In 1984 was formed the Committee on Mechanisation in the Banking Industry (1984)[32] whose chairman was Dr. C Rangarajan, Deputy Governor, Reserve Bank of India. The major recommendations of this committee were introducing MICR technology in all the banks in the metropolises in India.[33] This provided for the use of standardised cheque forms and encoders.
In 1988, the RBI set up the Committee on Computerisation in Banks (1988)[34] headed by Dr. C Rangarajan. It emphasised that settlement operation must be computerised in the clearing houses of RBI in Bhubaneshwar, Guwahati, Jaipur, Patna and Thiruvananthapuram. It further stated that there should be National Clearing of inter-city cheques at Kolkata, Mumbai, Delhi, Chennai and MICR should be made operational. It also focused on computerisation of branches and increasing connectivity among branches through computers. It also suggested modalities for implementing on-line banking. The committee submitted its reports in 1989 and computerisation began from 1993 with the settlement between IBA and bank employees' associations.[35]
In 1994, the Committee on Technology Issues relating to Payment systems, Cheque Clearing and Securities Settlement in the Banking Industry (1994)[36] was set up under Chairman W S Saraf. It emphasised Electronic Funds Transfer (EFT) system, with the BANKNET communications network as its carrier. It also said that MICR clearing should be set up in all branches of all those banks with more than 100 branches.
In 1995, the Committee for proposing Legislation on Electronic Funds Transfer and other Electronic Payments (1995)[37] again emphasised EFT system.[35]
In July 2016, Deputy Governor Rama Gandhi of the Central Bank of India "urged banks to work to develop applications for digital currencies and distributed ledgers."[38]
Automated teller machine growth[edit]
The total number of automated teller machines (ATMs) installed in India by various banks as of end June 2012 was 99,218.[39] The new private sector banks in India have the most ATMs, followed by off-site ATMs belonging to SBI and its subsidiaries and then by nationalised banks and foreign banks, while on-site is highest for the nationalised banks of India.[35]
Branches and ATMs of Scheduled Commercial Banks as of end December 2014
Bank type
Number of branches
On-site ATMs
Off-site ATMs
Total ATMs
Nationalised banks 33,627 38,606 22,265 60,871
State Bank of India 13,661 28,926 22,827 51,753
Old private sector banks 4,511 4,761 4,624 9,385
New private sector banks 1,685 12,546 26,839 39,385
Foreign banks 242 295 854 1,149
TOTAL
53,726
85,000
77,409
1,62,543
Cheque truncation initiative[edit]
In 2008 the Reserve Bank of India introduced a system to allow cheque truncation—the conversion of checks from physical form to electronic form when sending to the paying bank—in India, the cheque truncation system as it was known was first rolled out in the National Capital Region and then rolled out nationally.
Expansion of banking infrastructure[edit]
Physical as well as virtual expansion of banking through mobile banking, internet banking, tele banking, bio-metric and mobile ATMs is taking place [40] since last decade and has gained momentum in last few years.
Data Breaches[edit]
2016 Indian Banks data breach[edit]
Main article: 2016 Indian Banks data breach
A huge data breach of data of debit cards issued by various Indian banks was reported in October 2016. It was estimated 3.2 million debit cards were compromised. Major Indian banks- SBI, HDFC Bank, ICICI, YES Bank and Axis Bank were among the worst hit.[41] Many users reported unauthorised use of their cards in locations in China. This resulted in one of the India's biggest card replacement drive in banking history. The biggest Indian bank State Bank of India announced the blocking and replacement of almost 600,000 debit cards.[42]
See also[edit]
History of banking
Institute of Banking Personnel Selection
Banking Frontiers – a monthly magazine, published in Mumbai
Indian Rupee
References[edit]
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Further reading[edit]
The Evolution of the State Bank of India (The Era of the Imperial Bank of India, 1921–1955) (Volume III)
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