Difference Between RBI And IRDA

Hii sir, will you please Differentiate Reserve bank of India And Insurance Regulatory and Development Authority : in terms of their Function ?

As you Asking the Difference Between the Reserve bank of India And Insurance Regulatory and Development Authority : in terms of their Function the Difference is given below


Reserve Bank of India : Reserve Bank of India is the apex monetary Institution of India. It is also called as the central bank of the country. Whereas IRDA was Decvloped to to protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto."


Duties :

RBI

It Acts as the apex monetary authority of the country. The Central Office is where the Governor sits and is where policies are formulated.

Though originally privately owned, since nationalization in 1949, the Reserve Bank is fully owned by the Government of India. The preamble of the reserve bank of India is as follows:

"...to regulate the issue of Bank Notes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage."

IRDA

IRDA is the regulatory authority of insurance business its functions are protectinginterest of policy holders,specifing proper training,qualification etc to

nsurance people, levying fees ,commision etc for conducting insurance business, specifing the manner in which insurance company maintain their books of accounts, specifing margin of solvency, specifing general and life insurance business which company can take.

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Answered By StudyChaCha Member