✍️ 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...
A constitutional body or an institution is the one which is specifically mentioned in the text of the constitution either originally or by virtue of some amendment, whereas a non-constitutional body is the one which isn’t mentioned in the text of the constitution. ELECTION COMMISSION Article 324 of the Constitution mentions about the election commission mentioned in part XV . The institution of Election Commission presently consists of the chief election commissioner and two other election commissioners, appointed by the President. They hold office for a term of six years . The age of retirement is 65 years , whichever comes earlier. The first election commissioner of India was Sukumar Sen. UNION PUBLIC SERVICE COMMISSION Mentioned under articles 315 to 323 in Part XIV of the Constitution (Article 315 mentions about the public service commission for the union and the states). ...