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Jahrbücher für Nationalökonomie und Statistik

Presently the PSBs with a predominantly high share in infrastructure financing are observed to be facing the highest amount of stress in their asset quality and profitability. Despite their developmental objectives, PSBs as financial intermediaries, need to operate on commercial considerations, to remain viable. Therefore, the business models of PSBs, their capital structures and dividend policies need a review. On the other hand, while there is a need to promote financial inclusion, it needs to be executed in a manner that is not detrimental to established commercial banking practices.

If the implementation of financial inclusion is pushed beyond a point, it may have negative costs to the system. If the inherent strengths of PSBs, in terms of their reach and experience in delivering banking services to a larger geographical and demographical domain are to be used, their efforts should be suitably compensated on commercial considerations.

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This also reveals a cross-subsidisation by better banks given their relatively higher pay outs but a disproportionately higher capital infusion into weaker banks by the government. This pattern of dividend pay outs is not consistent with the dividend irrelevance theory. The comprehensive FIPs capture data relating to progress based on various parameters including basic savings bank deposit accounts BSBDAs , small credits and business correspondent-information and communication technology BC-ICT transactions. While the entry of these new types of banking institutions is expected to bring about far-reaching changes in the landscape of the Indian banking sector and increase the competition in the banking industry, the primary objective of these differentiated banks is furthering financial inclusion.

Further, to work out a medium-term five-year measureable action plan for financial inclusion, the Reserve Bank has constituted a committee on Medium-term Path on Financial Inclusion. The objective of setting up of small finance banks SFBs is furthering financial inclusion by i providing savings vehicles primarily to unserved and underserved sections of the population, and ii supplying credit to small business units, small and marginal farmers, micro and small industries, and other unorganised sector entities, through high technology-low cost operations.

A working group has been formed to examine and finalise the regulatory and supervisory framework for payment banks and small finance banks. The group is currently examining the various issues that need to be addressed considering the size and scope of these banks. MFs, however, have shown consistent net investments in equities, starting from June The first half of financial year 16 witnessed substantial investments by DIIs, mainly on account of net investments by MFs and outflows on account of FPIs, in 4 out of 6 months, Chart 3.

More importantly, from amongst the DIIs, MFs, with their larger investments in equities, have acted as the major countervailing force to the net selling positions of FPIs in Indian equities often becoming net buyers during the referred periods Chart 3.

Each depositor insured to at least $250,000 per insured bank

The Global Financial Stability Report GFSR October , has also discussed the impact of changes in market structures on liquidity and concentration risks in respect of larger holdings of corporate bonds by MFs and other institutional investments, along with the possible adverse impact of proliferation of small bond issuances on liquidity in the bond market. However, the proportion of such MFs having more than the average level of exposure to corporate bonds is small Table 3.

The highest level of proportion of exposure to downgraded bond is about 9 per cent for one asset management company AMC and for the rest of the AMCs the exposure of their debt oriented funds to downgraded bonds was in the range of 1 to 3 per cent. Thus, such exposure levels are not expected to assume systemic proportions, unless the rate of credit downgrades or corporate defaults increase unexpectedly.

The level of risk was required to be depicted by colour code boxes blue where principal is at low risk, yellow for medium risk and brown for high risk. Subsequent to this merger, SEBI has issued guidelines on the comprehensive risk management framework 19 to align and streamline the risk management framework across national commodity derivatives exchanges in India. This framework will be operationalised latest by January 01, SEBI has also prescribed risk management norms for regional commodity derivatives exchanges 20 which are to be implemented latest by April 01, Most of these start-ups have innovative business models and need huge risk capital in the initial years.

As their valuation models vary depending upon the technology and types of service involved, they are analysed by the specialised institutional investors and the risk-return profiles may not be generally understood by common investors.

Jahrbücher für Nationalökonomie und Statistik

Given their limitations in raising funds, these companies tend to tap foreign capital markets. Therefore, it is a challenge to provide the right incentives, including a simplified regulatory regime, for start-ups to raise funds from domestic sources even while shielding the small investor from the potentially higher risk of failures, as compared to companies which have already grown larger and have a reasonably long track record to refer to.

The framework stipulates eligibility criteria, composition of capital, disclosure, allocation of funds to institutional investors and discretionary allotment Box 3. The Institutional Trading Platform ITP is accessible to companies which are intensive in their use of information technology, intellectual property, data analytics, bio-technology, nano-technology to provide products, services or business platforms with substantial value addition and with at least 25 per cent of the pre-issue capital being held by Qualified Institutional Buyers QIBs , or any other company in which at least 50 per cent of the pre-issue capital is held by QIBs.

Further, no person individually or collectively with persons acting in concert in such a company shall hold 25 per cent or more of the post-issue share capital. Only two categories of investors, i. In case of public offer, allotment to institutional investors may be on a discretionary basis whereas to NIIs it shall be on proportionate basis. Allocation between these two categories shall be in the ratio of 75 per cent and 25 per cent respectively. In case of discretionary allotment to institutional investors, no institutional investor shall be allotted more than 10 per cent of the issue size.

All shares allotted on discretionary basis shall be locked-in, in line with requirements for lock-in by anchor investors i. The number of allottees in case of a public offer must be more than The company is given the option to migrate to main board after 3 years subject to compliance with eligibility requirements of the stock exchanges.

Such stress tests should be carried out internally at least on a monthly basis, and if the market conditions require so, AMC should conduct more frequent stress tests. Each AMC should also have documented guidelines, to deal with the adverse situation effectively. This framework will allow fund managers to continually monitor and adjust their portfolios depending on existing and anticipated market conditions and construct portfolios to withstand severe stress and ensure financial stability.

Stress tests conducted by MFs in past did not reveal any vulnerability in case of most MFs, except in case of one MF, wherein, based on the vulnerability revealed by a specific stress test scenario, corrective action was taken by the concerned MF. Insurance is funded by upfront premium, giving insurers strong operating cash flows. Further, insurance policies especially in life insurance are generally long-term in tenor, with controlled outflows. Insurers aim to match the duration of assets and liabilities and consequently hold long-term assets against longer term liabilities, and they do not generally leverage their asset bases by incurring short-term liabilities see para 3.

Insurance risk is idiosyncratic and, for the most part, independent of the economic cycle. Further, large insurers are typically well diversified both geographically and across lines of business.

The Design and Implementation of Deposit Insurance Systems:

In contrast, bank specific risks tend to be highly correlated with the economic cycle. Asset-liability management is the core activity for insurance companies.

Insurers hold large amounts of assets that they match against their liabilities. Insurance companies are large investors and they especially life insurers typically have longer-term investment horizons. In addition, valuation norms of investments have been specified in accounting regulations, which predominantly provide for valuation of the assets on amortised cost except in case of equity where insurers are allowed to value them at fair value.

These insurers may have exposure to non-traditional and non-insurance products which may entail systemic risks. The Pension Fund Regulatory and Development Authority PFRDA , therefore seeks to ensure that benefits of a sustainable pension system reach out beyond the currently served target groups without unduly straining the fiscal discipline of the government and simultaneously providing long-term investment funds for the economy. Hence, creating a viable old age security system has become an imperative to counter the fast dwindling demographic dividend.

Tenuous labour market attachments, intermittent incomes and poor access to social security make unorganised sector workers highly vulnerable to economic shocks during their productive years and without access to some kind of retirement incomes or benefits they are also likely to face old age poverty. The Atal Pension Yojana APY launched in June aims to provide an assured income level and sustainable retirement solution to the unorganised sector with flexibility and ease of operations that may be able to cover the challenges of seasonality of employment and indebtedness in the old age.

Under NPS, rated infrastructure debt funds IDFs and infrastructure bonds are considered eligible for investment under the debt category of all the NPS schemes, provided the investment is made in instruments having an investment grade rating from at least two credit rating agencies.

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Hence, subsequent to the notification of the PFRDA Act, there is a need to align the investment framework for government employees. The choice of pension funds and investment patterns should rest with an individual employee. Aras, G. Atik, H. Ayhan, R. Ayzit, M.

Balaban, E.

Battal, A. Beck, T. Bernet, B.

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