IILS India



MODULE- XIPUBLIC CORPORATIONS-VSTATE BANK OF INDIA (SBI) The State Bank of India (SBI) is an Indian multinational, public sector banking and financial services statutory body. It is a government corporation statutory body headquartered in Mumbai, Maharashtra. SBI is ranked as 236th in the Fortune Global 500 list of the world's biggest corporations of 2019. It is the largest bank in India with a 23% market share in assets, besides a share of one-fourth of the total loan and deposits market. The bank descends from the Bank of Calcutta, founded in 1806, via the Imperial Bank of India, making it the oldest commercial bank in the Indian subcontinent. The Bank of Madras merged into the other two "presidency banks" in British India, the Bank of Calcutta and the Bank of Bombay, to form the Imperial Bank of India, which in turn became the State Bank of India in 1955. The Government of India took control of the Imperial Bank of India in 1955, with Reserve Bank of India (India's central bank) taking a 60% stake, renaming it the State Bank of India.DAMODAR VALLEY CORPORATION (DVC) Damodar Valley Corporation (DVC) is an Indian governmental organization which operates in the Damodar River area of West Bengal and Jharkhand states of India. The corporation operates both thermal power stations and hydel power stations under the Ministry of Power, Govt of India. DVC is headquartered in the city of Kolkata, West Bengal, India. DVC emerged as a culmination of attempts made over a whole century to control the wild and erratic Damodar River. The valley has been ravaged frequently by floods at varying intensities. The river spans over an area of 25,235 sq.?km covering the states of Bihar (now Jharkhand) & West Bengal. The catastrophe caused by the 1943 flood, led to serious public indignation against the Government. As a result, the Government of Bengal appointed a board of Enquiry titled "Damodar Flood Enquiry Committee” with the Maharaja of Burdwan and the noted physicist Dr. Meghnad Saha as members for suggesting remedial measures. The Damodar Flood Enquiry Committee suggested the creation of an authority similar to the Tennessee Valley Authority in the USA and recommended the construction of dams and storage reservoirs at the sites with a total capacity of 1.5 million acre-ft. (1.850 million cu. M) and highlighted the possibilities of multipurpose development in the valley area. The Government of India then commissioned the ‘Central Technical Power Board’ to study the proposal and appointed Mr. W L Voorduin, a senior engineer of the TVA to study the problem at the Damodar and to make his recommendation for comprehensive development of the valley. Accordingly, in August 1944 Mr. W L Voorduin submitted his ‘Preliminary Memorandum on the unified Development of the Damodar River.’ Mr. Voorduin's "Preliminary Memorandum" suggested a multipurpose development plan designed for achieving flood control, irrigation, power generation and navigation in the Damodar Valley. Four consultants appointed by the Government of India examined it. They also approved the main technical features of Voorduin's scheme and recommended early initiation of construction beginning with Tilaiya to be followed by Maithon. By April 1947, full agreement was practically reached between the three Governments of Central, West Bengal and Bihar on the implementation of the scheme and in March 1948, the Damodar Valley Corporation Act (Act No. XIV of 1948) was passed by the Central Legislature, requiring the three Governments, The Central Government and the State Governments of West Bengal and Bihar to participate jointly for the purpose of building the Damodar Valley Corporation. The Corporation came into existence on 7 July 1948 as the first multipurpose river valley project of independent India. Command area: 24,235?km2 spread across the Damodar basin. Jharkhand: 2 districts fully (Dhanbad and Bokaro) and parts of 8 districts (Hazaribagh, Koderma, Chatra, Palamau, Ranchi, Revanth Loherdaga, Giridih, and Dumka) West Bengal: 6 districts (Purba Bardhhaman, Paschim Bardhhaman, Hoogly, Howrah, Bankura, Purulia) The Damodar Valley Corporation has been generating and transmitting power since 1953. InfrastructureDVC developed and expanded its infrastructure to six thermal power stations'(7410 MW)'and three hydro-electric power stations with a capacity of 147.2 MW which contribute to a total installed capacity of 7557.2 MW. Presently DVC has 49 sub-stations and receiving stations more than 8900-circuit km of transmission and distribution lines. DVC has also four dams, a barrage and a network of canals (2494?km) that play an effective role in water management. The construction of check dams, development of forests and farms and upland and wasteland treatment developed by DVC play a vital role in eco conservation and environment management.Life Insurance Corporation of India Life Insurance Corporation of India (abbreviated as LIC) is an Indian state-owned insurance group and investment corporation owned by the Government of India. The Life insurance Corporation of India was founded on September 1, 1956, when the Parliament of India passed the Life Insurance of India Act that nationalized the insurance industry in India. Over 245 insurance companies and provident societies were merged to create the state-owned Life Insurance Corporation of India.[2][1] As of 2019, Life Insurance Corporation of India had total life fund of ?28.3 trillion. The total value of sold policies in the year 2018-19 is ?21.4 million. Life Insurance Corporation of India settled 26 million claims in 2018–19. It has 290 million policy holders. Founding organisationsThe Oriental Life Insurance Company, the first company in India offering life insurance coverage, was established in Kolkata in 1818. Its primary target market was the Europeans based in India, and it charged Indians heftier premiums. Surendranath Tagore had founded Hindustan Insurance Society, which later became Life Insurance Corporation. The Bombay Mutual Life Assurance Society, formed in 1870, was the first native insurance provider. Other insurance companies established in the pre-independence era included Postal Life Insurance (PLI) was introduced on 1 February 1884Bharat Insurance Company (1896)United India (1906)National Indian (1906)National Insurance (1906)Co-operative Assurance (1906)Hindustan Co-operatives (1907)Indian MercantileGeneral AssuranceSwadeshi Life (later Bombay Life)Sahyadri Insurance (Merged into LIC, 1986)The first 150 years were marked mostly by turbulent economic conditions. It witnessed India's First War of Independence, adverse effects of the World War I and World War II on the economy of India, and in between them the period of worldwide economic crises triggered by the Great depression. The first half of the 20th century saw a heightened struggle for India's independence. The aggregate effect of these events led to a high rate of and liquidation of life insurance companies in India. This had adversely affected the faith of the general in the utility of obtaining life cover. In 1955, parliamentarian Feroz Gandhi raised the matter of insurance fraud by owners of private insurance agencies. In the ensuing investigations, one of India's wealthiest businessmen, Ramkrishna Dalmia, owner of the Times of India newspaper, was sent to prison for two years. The Parliament of India passed the Life Insurance of India Act on 19 June 1956 creating the Life Insurance Corporation of India, which started operating in September of that year. It consolidated the business of 245 private life insurers and other entities offering life insurance services; this consisted of 154 life insurance companies, 16 foreign companies and 75 provident companies. The nationalization of the life insurance business in India was a result of the Industrial Policy Resolution of 1956, which had created a policy framework for extending state control over at least 17 sectors of the economy, including life insurance.ROAD TRANSPORT CORPORATION (RTCs)Various State Governments have established Road Transport Corporations for their respective States under the Road Transport Corporations Act, 1950, for example, Gujarat State Road Transport Corporation. A Road Transport Corporation is managed by a Chief Executive Officer, a General Manager and a Chief Accountant appointed by the State Government concerned. The primary function of the Corporation is to provide efficient, adequate, economical and a properly coordinated system of road Transport services in the country. ................
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