Indian Economy
🔒 Log in to trackRegulators, exchanges and international organisations
🔒 Log in to trackDomestic regulators & institutions
| Body | Year | HQ | Head (2026) |
|---|---|---|---|
| RBI | 1935 (nationalised 1949) | Mumbai | Governor Sanjay Malhotra |
| SEBI | 1988 (statutory 1992) | Mumbai | Tuhin Kanta Pandey (since Mar 2025) |
| IRDAI | 1999 (Act 2000) | Hyderabad | — |
| PFRDA | 2003 (Act 2013) | New Delhi | — |
| NABARD | 12 July 1982 | Mumbai | Refinances agriculture/rural credit (Shivaraman Committee) |
| SIDBI | 1990 | Lucknow | Refinances MSME credit |
| BSE | 1875 — Asia's oldest exchange | Mumbai | SENSEX 30 stocks |
| NSE | 1992 (trading 1994) | Mumbai | NIFTY 50 stocks |
International organisations (economy-facing)
| Org | Year | HQ | Chief (2026) |
|---|---|---|---|
| IMF | 1944 (Bretton Woods) | Washington DC | MD Kristalina Georgieva; SDR quota reforms; reports: World Economic Outlook, Global Financial Stability Report |
| World Bank | 1944 (IBRD 1945) | Washington DC | President Ajay Banga (since Jun 2023); World Development Report |
| WTO | 1995 (succeeded GATT 1947) | Geneva | DG Ngozi Okonjo-Iwealla; India a founding member |
| ADB | 1966 | Manila | President Masato Kanda (2025) |
| AIIB | 2016 | Beijing | India a founding member (2nd largest shareholder) |
| NDB (BRICS) | 2015 | Shanghai | First president K.V. Kamath |
| OECD | 1961 | Paris | India is not a member |
Detailed notes
Regulators — who watches which market
- SEBI — securities market regulator; set up 1988 (executive), statutory by the SEBI Act, 1992 (after the Harshad Mehta episode); HQ Mumbai.
- IRDAI — insurance regulator under the IRDA Act, 1999; HQ Hyderabad.
- PFRDA — pension regulator (interim 2003; statutory by the PFRDA Act, 2013); runs NPS and APY; HQ New Delhi.
- RBI — banks, NBFCs, payment systems. Others worth a line: NABARD (rural credit apex), SIDBI (small-industry finance), real-estate RERA (2016).
Development finance institutions
- NABARD — 12 July 1982, on the Shivaraman committee's advice, taking over RBI's agricultural-refinance functions; apex for rural credit, refinances RRBs and co-operative banks; HQ Mumbai; owned by the Government of India.
- SIDBI — 1990, HQ Lucknow; refinance window for small industries and the fund manager for MUDRA.
- EXIM Bank — 1982, trade finance; NHB — 1988, housing finance regulator-turned-developer of the housing market.
Markets and exchanges
The BSE (1875) — Asia's oldest exchange, began as the Native Share & Stock Brokers' Association — publishes the Sensex (30 stocks). The NSE (incorporated 1992, trading from 1994) brought screen-based trading and publishes the Nifty 50. NPCI (2008), the payments umbrella body, built UPI (2016), RuPay, IMPS, FASTag. Shares are held electronically with two depositories — NSDL and CDSL — while the FSDC (Financial Stability and Development Council, 2010) coordinates regulators at the apex level, chaired by the Union Finance Minister.
Multilateral institutions — HQs to memorise
| Institution | Year | HQ | Note |
|---|---|---|---|
| IMF | 1944 (Bretton Woods) | Washington DC | quotas, SDRs, BoP support |
| World Bank | 1944 | Washington DC | IBRD + IDA |
| WTO | 1995 (GATT 1947/48 before) | Geneva | 164 members, trade rules |
| ADB | 1966 | Manila | regional development bank |
| AIIB | 2016 | Beijing | India an early, large shareholder |
| New Development Bank | 2015 | Shanghai | BRICS bank; first president K.V. Kamath |
| FATF | 1989 | Paris | money-laundering watchdog (India member since 2010) |
Quick revision
- SEBI 1992 Act, Mumbai; IRDAI 1999, Hyderabad; PFRDA 2013 Act, New Delhi (NPS).
- NABARD 12-7-1982 (Shivaraman; from RBI agri refinance); SIDBI 1990 Lucknow; EXIM 1982; NHB 1988.
- BSE 1875 (Asia's oldest) → Sensex 30; NSE 1992/94 → Nifty 50; NPCI 2008 → UPI 2016.
- IMF/WB 1944 Washington; WTO 1995 Geneva; ADB 1966 Manila; AIIB 2016 Beijing; NDB 2015 Shanghai (BRICS); FATF Paris.
Types of questions asked
Every way this subtopic shows up in exams — how to recognise it, the formula or logic to use, and a solved example.
Type 1: Regulator ↔ sector matchingvery common3 practice Q
'SEBI regulates', 'the insurance regulator is', 'who runs the NPS', matching each regulator with its market.
- One line each: SEBI — securities; IRDAI — insurance; PFRDA — pensions (NPS/APY); RBI — banks, NBFCs, payments.
- Year hooks: SEBI statutory 1992; IRDAI 1999; PFRDA statutory 2013 (interim 2003).
- If the question names 'stock broker' or 'mutual fund', the answer is SEBI; 'policy-holder' points to IRDAI.
Example: The regulation of the securities market in India vests in —
SEBI, constituted in 1988 and made statutory by the SEBI Act, 1992; headquartered in Mumbai.
Type 2: Institution ↔ headquarterscommon3 practice Q
'SIDBI is headquartered at', 'the IRDAI sits in', matching development banks and regulators with cities.
- Financial-sector HQs: SIDBI — Lucknow (the classic answer); IRDAI — Hyderabad; SEBI, NABARD, EXIM — Mumbai; NHB and PFRDA — New Delhi.
- Multilaterals: IMF/World Bank — Washington; ADB — Manila; AIIB — Beijing; NDB — Shanghai; WTO — Geneva; FATF — Paris.
- Lucknow and Hyderabad are the two 'surprise' HQs exams love.
Example: The Small Industries Development Bank of India (SIDBI) is headquartered in —
Lucknow — set up in 1990 as the apex refinancer for small industries (and MUDRA's fund manager).
Type 3: Year ↔ founding eventcommon2 practice Q
'NABARD was established in', 'Asia's oldest stock exchange is', matching years with institutions.
- India: BSE 1875 (Asia's oldest); NSE 1992/1994; NPCI 2008; NABARD 1982; SIDBI 1990; EXIM 1982; NHB 1988.
- Multilaterals: IMF/WB 1944 (Bretton Woods); WTO 1995 (GATT 1947 before); ADB 1966; NDB 2015; AIIB 2016.
- 'Oldest exchange in Asia' = BSE, born as the Native Share & Stock Brokers' Association.
Example: Which is Asia's oldest stock exchange?
The BSE, Bombay (1875) — founded as the Native Share & Stock Brokers' Association; the NSE followed only in 1992.
Type 4: Multilateral banks and fundscommon2 practice Q
'The New Development Bank is headquartered at', 'which bank do BRICS countries own', 'the ADB was set up in', matching multilaterals with HQ and membership.
- NDB (2015, Shanghai) = the BRICS bank; first president K.V. Kamath.
- AIIB (2016, Beijing) — India an early member and second-largest shareholder.
- IMF = balance-of-payments support, quotas and SDRs; World Bank = long-term development lending; both born at Bretton Woods, 1944.
Example: The New Development Bank, set up by BRICS nations in 2015, is headquartered in —
Shanghai — with K.V. Kamath as its first president; it funds infrastructure and sustainable development.
Type 5: Indices, exchanges and payment railscommon2 practice Q
'The Sensex comprises', 'Nifty belongs to which exchange', 'UPI is operated by', matching index ↔ exchange and product ↔ operator.
- Sensex — 30 stocks, BSE; Nifty 50 — NSE; both free-float market-cap weighted.
- NPCI (2008) operates UPI, RuPay, IMPS, FASTag, NACH; UPI went live in 2016.
- Depositories: NSDL and CDSL hold shares electronically — a frequent fourth option in such questions.
Example: UPI is built and operated by —
NPCI (National Payments Corporation of India, est. 2008) — the umbrella body behind UPI (live 2016), RuPay, IMPS and FASTag.
Shortcut tricks
⚡ Regulator HQ pairs
RBI-SEBI-NABARD = Mumbai; IRDAI = Hyderabad; SIDBI = Lucknow; PFRDA = New Delhi.
Example: SIDBI headquarters?
Lucknow (set up 1990).
⚡ Bretton-Woods twins
IMF + World Bank both born at Bretton Woods (1944), both in Washington DC; WTO (1995, Geneva) replaced GATT (1947).
Example: Where is the WTO headquartered?
Geneva.
⚡ Asian banks map
ADB 1966 → Manila; AIIB 2016 → Beijing; NDB (BRICS) 2015 → Shanghai. India founding member in all three.
Example: NDB headquarters?
Shanghai.
Where students lose marks
Placing SEBI in New Delhi — it is Mumbai; PFRDA is the Delhi one.
Saying India is an OECD member — India is not (it engages as a Key Partner).
Assuming the IMF chief is always a European — tradition, not rule; Georgieva (Bulgarian) is the current MD.
Practice sets — 12 questions
Sets of 10, mixed across the question types above. Each answer comes with a step-by-step explanation.
Topic test · 12 questions
Suggested time 5 min · wrong answers go to your mistake notebook automatically.