Department of financing services, these controls a lot of vital programs,/initiatives and rehabilitating of some government concerning the bank sector. The Insurance Sector; and the pension sector in India.
However, matters relating to International Banking relations are also ensured survived by the Department.
The basic role of Department of Financial Services
When Department of Financial Services was created
The term department of financial services was established in the year 2011 by the consolidation of the functions of the now defunct new York state banking department and the new York state insurance department. It handles not less than 1,500 lenders and institutions with assets totaling about $2.6 trillion and 1,400 insurers with assets valued at $4.7 trillion.
Department. It oversees about 1,500 lenders and institutions with assets totaling about $2.6 trillion and 1,400 insurers with assets valued at $4.7 trillion.
Importance of department of financial services
This is finance department that effectively offers, company management with information necessary to make strategic decisions such as; which markets or projects to pursue,
the payback periods for large capital purchases, decision on what should be given out as dividend out of the company’s earnings and what to plough back into the business.
The financial services regulations
While we should regulate financial services
Financial regulation is very important to ensure stability of the overall financial systems and prudent behavior of financial institutions to minimize risks for consumers and financial institutions themselves. However, this institution ensure they regulate or preventing money laundering and financing of terrorism.
Advantage of financial services
this is a sector that ensure promotion of domestic as well as foreign trade. The presence of factoring and forfeiting companies ensures increasing sale of goods in the domestic market and export of goods in the foreign market. Banking and insurance services further contribute to step up such promotional activities
Disadvantage of department of financial services
In the department of financial services Practice cost is certainly known for time-consuming and expensive activity for commercial enterprises.
However, Financial management demands the use of a variety of financial control instruments for the purpose of managing and measuring costs. These instruments are both expensive and time-consuming to use.
What is developed under department of financial services
The Department of Financial Services ensures it protects, Banks, Insurance, and Financial Services that is offered by various government agencies and private corporations. It also covers pension reforms and Industrial Finance and Micro, Small and Medium Enterprise.
The risk to avoid in the department of financial services
- Bankruptcy.
- Equity Market Downturn.
- Schedule and Resource Contingency.
- Project Overspend.
- Financial Reconciliation
The body that regulates financial services institution
For this body, that is financial service sector, to be regulated effectively it has to appoint the federal reserve supervises and regulates many large banking institutions, the reason is that the federal regulates for bank holding company.
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Frequent questions people ask
Before now, many comes up with series of question, of them you can still look on some them here below.
What financial services include?
The term Financial services is a sector that has a very wide range of specific activities, such as banking investing, and insurance. Financial services are limited to the activity of financial services firms and their professionals, While financial products are the actual goods, accounts, or investments they offer.
How do I become a financial service provider?
What are the main sectors in the financial services industry?
- Accounting and Bookkeeping.
- Banking and General Financial Services.
- Financial Markets and Planning.
- Insurance and Superannuation.
- Mortgage and Financial Broken
- Specialized Financial Services.
What are the financial services?
- To provide interest on deposits, issue cheque books, credit cards, debit cards, keep safe the depositors’ money and valuable items like gold.
- To offer loans to individuals and companies like personal loans, commercial loans and mortgage loans.
Who provide financial services?
How do I start a financial service?
- Obtain their DSC and DIN.
- Choose and get the Name approved from the ROC. …
- Apply for a License to do the social work in India, from the Central Government.
- On receipt of License approval, apply for Incorporation.
What are the main characteristics of financial services?
- Financial services are Intangible.
- Financial services are customer oriented.
- The production and delivery of a service are simultaneous functions therefor are inseparable.
- They are perishable in nature and cannot be stored.
What do you mean by fee based financial services?
What is the world largest financial institution?
The Industrial and Commercial Bank of China (ICBC) was established in 1984 and has grown rapidly to become the world’s largest bank by assets. The total value of its assets as of this writing is staggering: $3.47 trillion.
Conclusion
The importance of financial products has grown to such an extent that lack of access can create a real challenge for financially excluded citizens to be fully active and integrated in society. Currently, the market for financial services offers products to a large range of citizens.