Recent Trends in Indain Banking Sector Essay Example for Free

Recent Trends in Indain Banking Sector Essay The economy can be divided in the entire spectrum of economic activity into the real and monetary sectors. The real sector is where production takes place while the monetary sector supports this production and in a way is the means to the end. We know and we accept the financial system is critical to the working of the rest of the economy. In fact, the Asian crisis of the nineties, or for that matter what happened in Latin America and Russia subsequently and also Dubai Crisis have shown how a fragile financial sector can wreak havoc on the rest of the economy. Therefore the banking sector is crucial and we want to express our views to explore how this sector can work in harmony with the real sector to achieve the desired objectives. the b Banking sector has been immensely benefited from the implementation of superior technology during the recent past, almost in every nation in the world. Productivity enhancement, innovative products, speedy transactions seamless transfer of funds, real time information system, and efficient risk management are some of the advantage derived through the technology. Information technology has also improved the efficiency and robustness of business processes across anking sector. Indias banking sector has made rapid strides in reforming and aligning itself to the new competitive business environment. Indian banking industry is the midst of an IT revolution. Technological infrastructure has become an indispensable part of the reforms process in the banking system, with the gradual development of sophisticated instruments and innovations in market practices. IT in Banking Indian banking industry, today is in the midst of an IT revolution. A combination of regulatory and competitive reasons has led to increasing importance of total banking automation in the Indian Banking Industry. Information Technology has basically been used under two different avenues in Banking. One is Communication and Connectivity and other is Business Process Reengineering. Information technology enables sophisticated product development, better market infrastructure, implementation of reliable techniques for control of risks and helps the financial intermediaries to reach geographically distant and diversified markets. The bank which used the right technology to supply timely information will see productivity increase and thereby gain a competitive edge. To compete in an economy which is opening up, it is imperative for the Indian Banks to observe the latest technology and modify it to suit their environment. Not only banks need greatly enhanced use of technology to the customer friendly, efficient and competitive existing services and business, they also need technology for providing newer products and newer forms of services in an increasingly dynamic and globalize environment. Information technology offers a chance for banks to build new systems that address a wide range of customer needs including many that may not be imaginable today. Following are the innovative services offered by the industry in the recent past: Electronic Payment Services – E Cheques Nowadays we are hearing about e-governance, e-mail, e-commerce, e-tail etc. In the same manner, a new technology is being developed in US for introduction of e-cheque, which will eventually replace the conventional paper cheque. India, as harbinger to the introduction of e-cheque, the Negotiable Instruments Act has already been amended to include; Truncated cheque and E-cheque instruments. Real Time Gross Settlement (RTGS) Real Time Gross Settlement system, introduced in India since March 2004, is a system through which electronics instructions can be given by banks to transfer funds from their account to the account of another bank. The RTGS system is maintained and operated by the RBI and provides a means of efficient and faster funds transfer among banks facilitating their financial operations. As the name suggests, funds transfer between banks takes place on a ‘Real Time basis. Therefore, money can reach the beneficiary instantaneously and the beneficiarys bank has the responsibility to credit the beneficiarys account within two hours. Electronic Funds Transfer (EFT) Electronic Funds Transfer (EFT) is a system whereby anyone who wants to make payment to another person/company etc. can approach his bank and make cash payment or give instructions/authorization to transfer funds directly from his own account to the bank account of the receiver/beneficiary. Complete details such as the receivers name, bank account number, account type (savings or current account), bank name, city, branch name etc. should be furnished to the bank at the time of requesting for such transfers so that the amount reaches the beneficiaries account correctly and faster. RBI is the service provider of EFT. Electronic Clearing Service (ECS) Electronic Clearing Service is a retail payment system that can be used to make bulk payments/receipts of a similar nature especially where each individual payment is of a repetitive nature and of relatively smaller amount. This facility is meant for companies and government departments to make/receive large volumes of payments rather than for funds transfers by individuals. Automatic Teller Machine (ATM) Automatic Teller Machine is the most popular devise in India, which enables the customers to withdraw their money 24 hours a day 7 days a week. It is a devise that allows customer who has an ATM card to perform routine banking transactions without interacting with a human teller. In addition to cash withdrawal, ATMs can be used for payment of utility bills, funds transfer between accounts, deposit of cheques and cash into accounts, balance enquiry etc. Point of Sale Terminal Point of Sale Terminal is a computer terminal that is linked online to the computerized customer information files in a bank and magnetically encoded plastic transaction card that identifies the customer to the computer. During a transaction, the customers account is debited and the retailers account is credited by the computer for the amount of purchase. Tele Banking Tele Banking facilitates the customer to do entire non-cash related banking on telephone. Under this devise Automatic Voice Recorder is used for simpler queries and transactions. For complicated queries and transactions, manned phone terminals are used. Electronic Data Interchange (EDI) Electronic Data Interchange is the electronic exchange of business documents like purchase order, invoices, shipping notices, receiving advices etc. in a standard, computer processed, universally accepted format between trading partners. EDI can also be used to transmit financial information and payments in electronic form. Implications The banks were quickly responded to the changes in the industry; especially the new generation banks. The continuance of the trend has re-defined and re-engineered the banking operations as whole with more customization through leveraging technology. As technology makes banking convenient, customers can access banking services and do banking transactions any time and from any ware. The importance of physical branches is going down. Challenges Faced by Banks, vis-Ã  -vis, IT Implementation It is becoming increasingly imperative for banks to assess and ascertain the benefits of technology implementation. The fruits of technology will certainly taste a lot sweeter when the returns can be measured in absolute terms but it needs precautions and the safety nets. It has not been a smooth sailing for banks keen to jump onto the IT bandwagon. There have been impediments in the path like the obduracy once shown by trade unions who felt that IT could turn out to be a threat to secure employment. Further, the expansion of banks into remote nooks and corners of the country, where logistics continues to be a handicap, proved to be another stumbling stock. Another challenge the banks have had to face concerns the inability of banks to retain the trained and talented personnel, especially those with a good knowledge of IT. The increasing use of technology in banks has also brought up ‘security concerns. To avoid any pitfalls or mishaps on this account, banks ought to have in place a well-documented security policy including network security and internal security. The passing of the Information Technology Act has come as a boon to the banking sector, and banks should now ensure to abide strictly by its covenants. An effort should also be made to cover e-business in the countrys consumer laws. Some are investing in it to drive the business growth, while others are having no option but to invest, to stay in business. The choice of right channel, justification of IT investment on ROI, e-governance, customer relationship management, security concerns, technological obsolescence, mergers and acquisitions, penetration of IT in rural areas, and outsourcing of IT operations are the major challenges and issues in the use of IT in banking operations. The main challenge, however, remains to motivate the customers to increasingly make use of IT while transacting with banks. For small banks, heavy investment requirement is the compressing need in addition to their capital requirements. The coming years will see even more investment in banking technology, but reaping ROI will call for more strategic thinking. Future Outlook Everyone today is convinced that the technology is going to hold the key to future of banking. The achievements in the banking today would not have make possible without IT revolution. Therefore, the key point is while changing to the current environment the banks has to understand properly the trigger for change and accordingly find out the suitable departure point for the change. Although, the adoption of technology in banks continues at a rapid pace, the concentration is perceptibly more in the metros and urban areas. The benefit of Information Technology is yet to percolate sufficiently to the common man living in his rural hamlet. More and more programs and software in regional languages could be introduced to attract more and more people from the rural segments also. Standards based messaging systems should be increasingly deployed in order to address cross platform transactions. The surplus manpower generated by the use of IT should be used for marketing new schemes and banks should form a ‘brains trust comprising domain experts and technology specialists. Conclusion The banking today is re-defined and re-engineered with the use of Information Technology and it is sure that the future of banking will offer more sophisticated services to the customers with the continuous product and process innovations. Thus, there is a paradigm shift from the sellers market to buyers market in the industry and finally it affected at the bankers level to change their approach from conventional banking to convenience banking and mass banking to class banking. The shift has also increased the degree of accessibility of a common man to bank for his variety of needs and requirements.

Public Schools in America :: Argumentative Persuasive Essays Education

Public Schools in America To respond to the statement made by Kozol regarding the nature of public school in America, one must consider the question of what exactly education is for in this country; what is it's purpose. I believe that education is used to produce what Kozol refers to as "good citizens:" "defeated, unprovocative" people that will fill the necessary jobs, pay the necessary taxes, and perform all the other duties put forth by the government such as voting and jury duty. This is why the situation in America's public schools has not changed since the time Kozol wrote The Night Is Dark..., and why things will probably not change without a revolution within the public school system. For my part, I do not think that schools are the places for children to learn morals and ethics. I believe that those are things someone must learn on their own. The method of authority, described by Charles Peirce in his writings, has no place in the formation of anyone's beliefs. Beliefs are totally subjective--that is, there are no "right," or "wrong" beliefs to hold. Therefore, why should the teaching of morals and ethics, which fall into the category of beliefs, be condoned. According to Kozol, "the first act of an ethical child... might well be to start the demolition of a manifestly anti-ethical structure like a public school," and "no institution goes about the conscious task of subsidizing it's own demolition." If public schools are inherently unethical, why would we want them teaching America's children ethics? The answer, of course, is that we would not want them to. If, for arguments sake, the schools were ethical, then teaching ethics to children would not result in "it's own demolition," just a change in how it teaches. Obviously, though, to change the way the public schools teach, the people in power, who currently run the schools, must be removed. They are the ones who will not "subsidize" their own demolition. One of the problems with America's public school system, as well as democracy, is human nature. Once someone is in a position of power, they generally do not want to leave, even if their act of staying is detrimental to the organization they are involved in. The problem of the "lack of morals and ethics" in this country is a large one, however, and is continually growing. It is understandable that some, or maybe a majority of the people, look at the state of the country, and think that reform of the public schools is the answer.

Lord of Flies

Write on one of the following essay prompts. The essay must be a formal literary multi-paragraph essay Oust like you learned last year) with a hook, pr ©CICS, a clear thesis with reasons, topic sentences, Cad's, Cam's, conclusion, third person, present tense, proper MEAL heading, citations. The number of paragraphs often depends on your organization of ideas. It always must be a fully fleshed out, insightful interpretation of this novel with specific information drawn from the text.For this essay you must organize your essay into a 4 paragraph essay. If you do not have quotes for Cad's, it is an automatic â€Å"F† because all literary essays must have proof to support your opinion. I will be looking for an insightful discussion and convincing argument supporting your views of this novel. Remember, unlike an objective exam, you are in control when you write an essay. Show what you know. The only materials you may bring into class are your book with your quotes slighted, your text annotated, or tabs to help you locate pages you will need.You will only have the one period to complete your essay, so you need to have thought about your ideas ahead of time. You may also put Cad's (but only Cad's on a 3 by 5 card) PROMPT #1 In the novel the Lord of the Flies, author William Gilding constantly has the reader questioning the true nature of humans?whether it is good or bad. Write an essay that discusses Gildings theme that humans are essentially good OR that humans are essentially bad. Choose ONE SIDE and convince your audience with at least two cited examples from the text for each supporting paragraph.You may include examples from history as part of your discussion and reasoning in your commentary, remember, your essay is an analysis of THE NOVEL showing how Gilding treated the idea that humans are essentially good OR that humans are essentially bad. PROMPT #2 During pre-election campaigns, Presidential candidates can say absolutely anything about their oppone nts and their own qualities as leaders, the policies they will Hampton, and the direction they will lead the nation if they are elected.However, citizens can reach the most reliable evaluation of their Presidential potentials through analyzing their candidates' past and their established records of leadership (How have Ralph and Jack already demonstrated leadership qualities) In Lord of the judging by their records, which boy would make the best national leader? Write an essay that discusses whether Jack or Ralph would make the best national leader.You may consider such areas as personal freedoms, environmental policy, labor/industry, citizen satisfaction, law and order, etc. Choose ONE SIDE and convince your audience with at least two cited examples from the text for each supporting paragraph. You may include examples from history as part of your discussion and reasoning within your commentary, but your essay is an analysis of THE NOVEL. What have Ralph and Jack actually DONE in th e novel that Gilding is demonstrating to reveal which one would make the best leader? Lord of Flies Humankind seems to have an enormous capacity for savagery, for brutality, for lack of empathy, for lack of compassion. † This quote introduces the idea that humans have a brutal nature and are drawn away from the civilized ways of life because of it. When true human nature is allowed to be seen, these savagely characteristics are made visible and these other courteous ways of life are forgotten.In the novel Lord of the Flies by William Gilding, the boys choose to allow Jack's violent and fearful leadership, abandoning Rally's authority based on order and civilized norms, proving that rule based on savagery appeals to mans dark human nature and will overshadow leadership based on civility to the detriment of society. This realization is shown in the novel when, at the beginning, all of the boys follow the same rules that have been put on them for their whole lives, but as the story progresses Jack follows his savagery human instincts and some boys follow.At he end of the story a ll of the boys true selves are exposed and savagery and brutality have consumed the boys. At the start of the novel,while on the island the boys follow the rules that society has always made them follow, making the Island a peaceful and organized society but very early on it is made known that the boys don't want to follow these norms that have been put on them their entire life. When they first get to the island, they keep order by electing a leader. â€Å"†¦ We ought to have a hive to decide things†¦Let's have a vote†¦ TLS toy of voting was almost as pleasing as the conch. † peg. 22. Voting Is something that is done In a normal society and they boys take this systematic way of making decisions and use It on the Island. This shows that for a small amount of time, their regular ways of living stay with them because this Is what seems normal to them. They have been taught these ways to do things their entire life and they have been enforced by adults so they con tinue to do this while on he Island.Adding on to that, the boys also take things that they have learned In school and apply It to the Island. While deciding who should talk during assemblies, Ralph suggests that, ‘We'll have to have ‘Hands up' Like at school†¦ Then I'll give him the conch†¦ He can hold It when he's speaking. † peg. 33 Ralph, suggests this because this Is what they have been taught to do In school when they have something to say that way chaos and commotion Is prevented.

Essay on Informative Speech - 713 Words

Zongyu Chai October 26, 2013 Darfur Genocide Specific Purpose: I want to inform my audience on the genocide that occurred in Darfur that started in 2003 and the impact it has made on the United Nations policy of international aid. Introduction I. In high school I was given the opportunity to volunteer as a tour guide at the National Holocaust Museum. a. Part of a new exhibit that was opened at my time there was a â€Å"Never Again† exhibit that shines lights on current genocides. b. What is Genocide? Genocide is a term to describe the mass killings of one specific group of people based on religious or political backgrounds. (â€Å"What is genocide†) c. After the horrors of the Holocaust were known, the world said â€Å"never again† will such†¦show more content†¦Even though the United Nations has ordered the Sudanese President to disarm the Janjaweed, many of them are still performing mass killings, rape, and abuse of the refugee (Totten 45) d. In a unanimous vote, the US House of Representative declares the crisis in Darfur to be a case of genocide and urged the US government to take immediate actions e. At least 70,000 people has died since March 2004 (March to October) (Steidle 15) III. Ending of the Crisis 2005-2006 a. After many attempts by the United Nations to stop the Sudanese president of his actions, there were still reports of mass killing and rape of citizen b. United Nations personnel, as well as forces that were sent in to help with food distribution were relocated due to the threats of the Janjaweed (Totten 72) c. On May 1, 2006, a day of protest was held across the globe to ask for international aid and a solution to this crisis (Steidle 71) d. June 2006- The two rebel fractions signed an annex to the peace agreement e. UN Peacekeeping will be deployed in 2007 to regulate the peace agreement IV. Present Day a. Reports from length investigation still shows that a large number of citizens are being killed and raped (Human rights council) b. There are still suspicious activities that have been reported Conclusion I. The genocide of Darfur had been named one of the worst that has happened since the Holocaust II. Understanding this incident will help theShow MoreRelatedInformative Speech Essay855 Words   |  4 Pagestype of speech would the speaker choose. Well chapter 13 contents the creative process for informative speaking. What informative speaking is how to choose a focused informative topic, how to conduct a research and informative outline? The chapter also contains how to organize the body, introduction, and conclusion of the informative speech. Lastly chapter 13 contents explain how to prepare to present the speech and evaluate and informative speech. 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