Master of Commerce (M.Com.) Money and Banking Syllabus - Mumbai University

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Syllabus for Money and Banking

Elective course · Semester 3 · M.Com. Business Economics · 4 credits

Module I: Introduction to Monetary System (2 CREDITS)

Unit I Nature and Functions of Money
Definition and types of money, Functions of money: Medium of exchange, unit of account, store of value, standard of deferred payment
Evolution of money: From barter to digital currency. Monetary and Liquidity Aggregates: M0, M1, M2, M3 and L1, L2, L3
The demand for money: Classical, Keynesian, and modern approaches
Unit II Monetary Systems and Theories
Monetary standards: Metallic, paper, and managed currency standards, The quantity theory of money: Fisher and Cambridge equations.
Modern monetary theories: Monetarism, New Classical, and New Keynesian perspectives, Heterogeneous Agent New Keynesian (HANK) Models: Meaning, Need, and Features of this
models
Interest Rate Structure: Expectations Theory, Liquidity Preference Theory, and Market
Segmentation Theory.

Module II: Banking Reforms and Monetary Policy in India (2CREDITS)

Unit III Banking Structure, Operations and Reforms in India
Overview of the banking system: Commercial banks, cooperative banks, and development
banks, Banking operations: Asset-liability management, risk management, and bank
profitability
Major banking reforms in India since 2014: NPA Resolution Mechanism: Asset Quality
Review (2015), Insolvency and Bankruptcy Code (2016), Prompt Corrective Action
Framework (2017) and National Asset Reconstruction Company Limited (2021), Bank
Capitalization: Indradhanush Plan (2015), Bank Recapitalization Plan (2017), Consolidation
of public sector banks: Merger of Associate Banks with SBI (2017) and Mega Bank Merger
Plan (2019), Technology Initiatives: Unified Payments Interface (2016), Aadhaar-Enabled Payment
System and Digital Banking Units (2022), Digital banking products and services (UPI, IMPS, NEFT, RTGS). Financial Inclusion: Pradhan Mantri Jan DhanYojana (2014), Pradhan Mantri
MUDRA Yojana (2015), and Start-Up India Scheme (2016).
Unit IV Central Banking and Monetary Policy in India
Functions of a central bank: Issuer of currency, banker to the government, and banker’s
bank. The role of the RBI in India’s monetary policy. Objectives of monetary policy: Price
stability, financial stability, and economic growth, Monetary policy tools: Open market
operations, reserve requirements, the discount rate, Marginal Standing Facility (MSF) Rate
and Liquidity Adjustment Facility (LAF).
Regulation and supervision of banks: The role of the Reserve Bank of India (RBI) and other
regulatory bodies. Basel III Implementation and Large Exposures Framework. Banking
Ombudsman Scheme (2017) and Internal Ombudsman Scheme (2018).
Contemporary issues in central banking: Global financial crises, Cyber Fraud Mitigation
regulatory challenges, and the impact of digital currencies.
SuggestedReferences:
Online:
1 https://www.egyankosh.ac.in/bitstream/123456789/19708/1/Unit-3.pdf
2 https://www.imf.org/en/Publications/fandd/issues/2023/03/modern-monetary-policy-kaplan-moll-violante
3 https://violante.mycpanel.princeton.edu/Teaching/Sintra2021_Violante_v5.pdf
4 https://indiafoundation.in/articles-and-commentaries/economic-reforms-since-2014/
5 https://economictimes.indiatimes.com/news/economy/policy/beyond-the-jargon-heres-what-rbi-meant-by-msf- laf-and-repo-rate-measures/articleshow/22806778.cms?from=mdr
6 https://rbi.org.in/Scripts/BS_ViewBulletin.aspx
7 https://www.brookings.edu/research/the-banking-sector-in-india-emerging-issues-and-challenges/
8 https://www.rbi.org.in

Books

1 Bhole, L. M., &Mahakud, J. (2017). Financial institutions and markets: Structure, growth and innovations (6th ed.). Tata McGraw-Hill Education.
2 Dholakia, R. H. (2017). Monetary economics for India. Sage Publications India.
3 Galí, J. (2015). Monetary policy, inflation, and the business cycle: An introduction to the New Keynesian framework and its applications (2nd ed.). Princeton University Press.
4 Mishkin, F. S. (2018). Money, banking, and financial markets (12th ed.). Pearson.
5 Mishkin, F. S., & Eakins, S. G. (2018). Economics of money, banking, and financial markets (11th ed.). Pearson.
6 Moenjak, T. (2014). Central banking: Theory and practice in sustaining monetary and financial stability. Wiley.
7 Mohan, R. (2011). Growth with financial stability: Central banking in an emerging market. Oxford University Press.
8 Reserve Bank of India. (2020). Report on trend and progress of banking in India 2019-20. RBI.
9 Shekhar, K. C., &Shekhar, L. (2019). Banking theory and practice (22nd ed.). Vikas Publishing House.
10 Viney, C., & Phillips, P. (2018). Financial institutions, instruments, and markets (9th ed.). McGraw-Hill Education.
11 Walsh, C. E. (2017). Monetary theory and policy (4th ed.). MIT Press.

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

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