Master of Commerce (M.Com.) Indian Financial System Syllabus - Mumbai University 2026

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Syllabus for Indian Financial System

Mandatory course · Semester 2 · M.Com. Business Economics · 4 credits

Module I: Indian Financial System – Structure, Regulation, Markets and

Recent Developments (2 Credits)
Unit 1 Introduction to Indian Financial System
Overview of the Indian financial system- Meaning, Characteristics, Significance. The Structure and Components of the Indian Financial System- Financial Institutions, Financial
Assets, Financial Services, Financial Markets.
Regulatory Bodies and their Roles - Role of RBI, SEBI, IRDAI, PFRDA etc
Recent Developments and Reforms in the Indian Financial System.- Financial Sector
Reforms in the last decade in the country.
Unit 2 Financial Markets in India
Money Market: Meaning, Components, Structure and participants. Capital Market:
Primary and secondary market, stock exchanges, and trading mechanisms- major scams in capital market
Commodity Market: Types of commodities, trading platforms, and regulatory framework in the commodity market, MCDEX
Recent Developments and reforms in the Indian Financial Market. Narasimham
Committee Reforms and latest reforms in last decade.

Module II: NBFC, Financial Services and Instruments (2 Credits)

Unit 3 Banking and Non-Banking Financial Institutions (NBFIs)
Types of Banks and their Functions—commercial banks, foreign banks, co-operative
banks, Regional Rural banks , payment banks, Digital Banking Units (DBUs) etc.
Role and Functions of NBFIs—Retail Financing, Infrastructural Funding, Hire Purchase
services, Asset Management Companies, Venture Capital service, Leasing services.
Financial Inclusion Initiatives—Meaning of Financial Inclusion—Pradhan Mantri Jan Dan
Yojana, Mudra Yojna, Pradhan Mantri Suraksha Bima Yojna, Atal Pension Yojna, etc.
Recent trends in banking and NBFIs -UPI banking, Digital Payment initiatives, National
Company Law Tribunal [NCLT] and Insolvency Code etc.
Unit 4 Financial Services and Instruments
Overview of Financial Services – Insurance, Investment Banking, Mutual funds, Portfolio
Management, Merger and Acquisitions etc. Types of Financial Instruments – Derivatives, Currency Market etc
Role of Technology and Innovation in shaping Financial Services and Instruments- Fintech Companies, Cloud Banking, Block Chain, Online banking, Cyber Security issues.
Recent Trends in Financial Services and Instruments- Embedded finance, Robotic
Process Automation, Use of AI in Financial System, Challenges.

Suggested References

(1) Bhole, L. M. (2008): Financial Institutions and Markets, Growth and Innovation, Tata McGrawHill, New Delhi. (2) Khan, M.Y. (2007): Financial Services, Tata McGraw Hill, New Delhi. (3) Machiraju, Indian Financial system, Vikas publishing house, 2nd edition, 2002. (4) Pathak, Bharati (2008) : The Indian Financial System-Markets, Institutions, and Services, (2nd Edition), Pearson Education, New Delhi. (5) Strong, R. A. (2002): Derivatives: An introduction; Thomson Asia Pte Ltd, Bangalore. (6) Varshney P N and Mittal D K, Indian financial system, sultan Chand and sons , New Delhi, 2002. (7) Mestry Komal (2024) : Fintech in India

Reproduced from the University of Mumbai syllabus for M.Com. (Business Economics) under NEP 2020, in force from the academic year 2023-24. Wording is as printed in that syllabus. Module numbering is as printed there too.

The complete syllabus

This subject is cut from the University circular for its specialisation. Open a document here if you want the whole thing rather than a single subject.

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