GS3 › Financial Markets and Institutions

Revision note: Insurance, Pensions and Non-Banking Financial Companies

  • FSDC 2010, chaired by FM; regulators RBI, SEBI, IRDAI, PFRDA, IFSCA
  • Insurance: LIC 1956, GIC 1972, Malhotra Committee 1994, IRDA Act 1999 (Hyderabad); FDI 26 → 49 (2015) → 74 (2021) → 100% proposed in 2025; penetration ~3.7%; PM-JAY 2018 (70+ from 2024); LIC IPO 2022
  • Pensions: NPS from 1 Jan 2004; PFRDA Act 2013; UPS from 1 Apr 2025 (50% of last 12-month average basic pay after 25 years; minimum ₹10,000); APY 2015; PM-SYM 2019
  • NBFCs: RBI Act Chapter III-B; no demand deposits; not in payment system; SBR framework Oct 2022 (4 layers); IL&FS 2018; DHFL first financial firm under IBC
Revision card summarising Insurance, Pensions and Non-Banking Financial Companies
One-page visual summary of the key points to revise.

Source: https://upscprep.in/upsc/gs3/financial-markets-and-institutions/insurance-pensions-and-non-banking-financial-companies/ · UPSCPrep.in

← Read the full lesson