Which of the following is a statutory corporation?

Which of the following is a statutory corporation?

Answer. Examples: Reserve Bank of India, State Bank of India, Life Insurance Corporation, Unit Trust of India, Employees State Insurance Corporation, Oil and Natural Gas Corporation etc. are some examples of statutory corporations.

Which are the statutory corporations in India?

Here is a List of Some Public Corporation Statutory Organisations in India:

• Life Insurance Corporation (LIC)
• Reserve Bank of India (RBI)
• Air India Corporation.
• Food Corporation of India (FCI)
• State Bank of India (SBI)
• Central Warehousing Corporation (CWC)
• Oil and Natural Gas Commission (ONGC)

What are the features of a statutory corporation?

Features of Statutory Corporations

• It is a Corporate Body. It is an artificial person created by law & is a legal entity.
• Owned by State. State provides help to such corporations by subscribing to the capital fully or wholly.
• Answerable to the Legislature.
• Own Staffing System.
• Financial Independence.

What is a statutory corporation Australia?

Australia. In Australia, statutory corporations are a type of statutory authority created by Acts of state or federal parliaments.

Which are the statutory companies?

A statutory company definition is defined as a company that is created by a Special Act of the Parliament….Statutory Companies

• Reserve Bank of India.
• State Bank of India.
• Industrial Finance Corporation.
• Food Corporation of India.
• Life Insurance Corporation of India.

Is LIC a statutory corporation?

The LIC is a statutory body constituted under the Insurance Act which connects various stakeholders of the life insurance sector and assists the sector in developing and co-ordinating discussions between the government, IRDA and the public.

What is meant by statutory corporation give two examples?

Statutory corporations are body corporates formed by a special act of parliament or by the central or state legislature. Its powers, objects, limitations etc. are also decided by the act of the legislature. Examples include Air India, State Bank of India, Life Insurance Corporation of India etc.

Is BSNL a statutory corporation?

Bharat Sanchar Nigam Limited (d/b/a BSNL) is a government owned telecommunications service provider headquartered in New Delhi, India….Bharat Sanchar Nigam Limited.

What are the examples of registered companies?

Registered Companies A company can’t operate its business operations without registration. Google India Pvt. Limited, Walmart, State Grid, and Toyota are some of the major examples of registered companies.

Is BHEL a statutory corporation?

b. Statutory corporation: Reserve Bank of India, Life Insurance Corporation of India, Food Corporation of India. c. Government company: Bharat Heavy Electricals Limited BHEL, and Steel Authority of India Limited SAIL.

What are statutory organisations?

Statutory refers to organisations and bodies that are defined by a formal law or a statute. These bodies are entities shaped by an Act of Parliament and set up by the Government to consider the data and make judgments in some area of activity.

Is SBI a statutory corporation?

SBI is an Indian multinational, public sector banking and financial services statutory body, fostering the nation’s 2.6 trillion-dollar economy and serving the hopes of its vast population.

Is Railway a statutory corporation?

Indian Railways (IR) is a statutory body under the ownership of Ministry of Railways, Government of India that operates India’s national railway system. It manages the fourth largest national railway system in the world by size, with a total route length of 67,956 km (42,226 mi) as of 31 March 2022.

Is PNB a statutory corporation?

Punjab National Bank, as distinguished from the Punjab National Bank Ltd., is not a company incorporated pursuant to the provisions of the Companies Act, but is a body created by statute, namely, the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970. It is wholly owned by the Central Government.

Is railways a statutory corporation?

Is RBI a statutory corporation?

The Reserve Bank of India (RBI) is the central bank of India whose primary function is to manage and govern the financial system of the country. It is a statutory body established in the year 1935 under the Reserve Bank of India Act, 1934.

Is the police a statutory organisation?

It sets the framework for operational and training standards, professional development and a knowledge base. It operates independently of government and will be established as a statutory body once the necessary legislation is in place.

What is meant by statutory company?

Statutory corporations are defined as autonomous corporate bodies that are created by a special act of Parliament or state legislature having predefined functions, duties, powers and immunities as defined by the act of the legislature.