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banking terms

By Victor S. Fischer
  ✍️ CRR Cash Reserve Ratio is the minimum fraction of total deposits of a bank’s customers that banks have to hold as reserves with the central bank. ✍️ SLR Statutory Liquidity Ratio is the ratio of liquid assets to the net demand and time liabilities. ✍️ LAF Liquid Adjustment Facility is a tool to allow banks to borrow money through repurchase agreements. It consists of repo and reverse repo operations. ✍️ MSF Marginal Standing Facility allows scheduled banks to borrow funds overnight from RBI against approved government securities. ✍️ MSS Market Stabilization Scheme is a monetary policy intervention by RBI to withdraw excess liquidity by selling government securities in the economy. ✍️ OMO Open Market Operations refers to the buying and selling of government securities in the open market so as to expand or contract the amount of money in the banking system. ✍️ REPO Repo...
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Overview of Panchayati Raj System in India

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Panchayati Raj System Is based on the principle of Decentralisation. Panchayati Raj System generally refers to the rural local self-government system in India. The Panchayati Raj institutions (PRI) consists of a three-tier system at district, zilla, and village level.In 1992, vide 73rd constitutional amendment, part IX titled “The Panchayats” were introduced in the Constitution of India.

Panchayat System or rural local self-government means the ruling of a local area by a body of people of the same locality, which is mainly under the control of the State Government.


Panchayati Raj System


Three-tiersystem

The three tiers of Rural Local Government or Panchayati Raj System are:

1. District council or Zilla Parishad or Zilla Panchayat is the district level panchayats.

2. Panchayat Samiti or Taluka Panchayat is the link between Zila parishad and Gram panchayats.

3. Village or Gram Panchayats are the base level panchayats. There are around 250,000 gram panchayats in India.

Duties and Responsibilities


The Panchayat system is now being constituted as a basic unit of self-government, as in the past.

The Panchayat may be a useful agency for the improvement of agriculture by collective fanning, management of Government lands by distributing them amongst the agriculturists according to necessity, and maintaining forests and reserves.

The Panchayat are also looking after general sanitation, and building roads, tanks and schools for boys and girls. They are also given the responsibility of irrigation, regaining of fallow lands and planting of trees, saving cattle, and many other duties.

Functions


The main functions of the Panchayat are the:


  • supply of potable water,

  • construction of roads,

  • making ponds for public use,

  • improvement of public health,

  • prevention of wide-ranging diseases,

  • establishment of pasture-fields,

  • cemeteries, and burial-grounds,

  • engaging manual laborers for the improvement of villages and several other beneficial measures.


Besides these, the Panchayats may be entrusted with other responsibilities, like the foundation of various kinds of teaching institutions, charitable dispensaries, hygienic centers, maternity hospitals, etc.

Conclusion


The Panchayati Raj system can achieve its purpose only by the honesty and spirit of social service of the people. When the Panchayat are able to do their full duties, the State will certainly become strong and rich.

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By Victor S. Fischer

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