CURRENT AFFAIRS

Detailed explanation-1: -It is a statutory authority established by the Indian Government. It is an authority to develop and regulate financial services, financial products and financial institutions in the International Financial Services Centre (IFSC) in India.

Detailed explanation-2: -The development of financial services and products in IFSCs would require focussed and dedicated regulatory interventions. Therefore, a unified financial regulator for IFSCs in India would provide world class regulatory environment to financial market participants.

Detailed explanation-3: -The primary financial regulator bodies in India include the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority of India (IRDAI), Small Industries Development Bank of India (SIDBI), Ministry of Corporate Affairs, etc.

Detailed explanation-4: -The Reserve Bank regulates financial markets within the overarching statutory framework of the Reserve Bank of India Act, 1934, the Government Securities Act, 2006, Foreign Exchange Management Act, 1999, the Bilateral Netting of Qualified Financial Contracts Act, 2020 and the Payment and Settlement Systems Act, 2007.

Detailed explanation-5: -The Reserve Bank of India Act, 1934 (RBI Act) empowers the Reserve Bank of India (RBI) to issue rules, regulations, directions and guidelines on a wide range of issues relating to banking and the financial sector. The RBI is the central bank of India, and the primary regulatory authority for banking.