Overview Of Banking Sector In India Finance Essay - Free Essay Example

Sample details Pages: 5 Words: 1459 Downloads: 3 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? India is the second largest country in the world with population just a little less than China. India is a country with great diversity of cultures, geographic conditions and also disparities in citizens income. Developed areas in India have a very advanced technology and telecom skills with highly educated citizens which also leads all other industries ahead in the country, including the banking industry, however only 30-35 percent of the population resides in these areas. Don’t waste time! Our writers will create an original "Overview Of Banking Sector In India Finance Essay" essay for you Create order Nowadays India has a well-developed banking system and has been through three main phases of reform. Policy makers including the Reserve Bank of India, Ministry of Finance and other government and financial sector regulator entities. The countrys banking system started in 1786 with the first bank established, called The General Bank of India which is obsolete already. Nationalization of Indian Banks happened since 1969 due to independence of the country and a total of 21 banks were nationalized at that time. The main aim of nationalization is to spread banking infrastructure in rural areas so even farmers are available to enjoy banking and finance services. Since 1991, liberalization of banking practices in India made phone and net banking possible and also made the system more convenient and time saving. Till now oldest and largest commercial bank in India is the State Bank of India and is ranked one of the top five banks in the world. Reserve Bank of India The Reserve Bank of India (RBI) was established in 1935 and nationalized in 1949. It serves as the monetary authority of the country and monitors and controls the monetary policy of the countrys banking system. It plays an important role in maintaining the monetary stability in India and manages the foreign exchange policy. The RBI also supervises and regulates the financial system of the country at the same time creates and destroys circulatory currencies around the country. It centralizes and maintains the banking accounts of scheduled banks in India. The above functions of RBI are governed by a central board of directors of 20 members from different levels of citizens which is appointed by the Government of India. Scheduled Commercial Banks in India The commercial banking system consists of two types of banks: Scheduled Commercial Banks Unscheduled Commercial Banks However only the Scheduled Commercial Banks operate under the Banking Regulation Act of India. Unscheduled Commercial Banks are not controlled by RBI, so below will only be focusing on Scheduled Commercial Banks in India only. Public Sector Banks in India Public Sector Banks are also called government owned banks which are listed in National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). There are totally 27 banks listed under Public Sector Banks. And the largest bank with seven subsidiaries in the list is the State Bank of India (SBI) mentioned above. SBI provides different baking services and also home loan services to customers. SBI also offers a credit card which is acceptable in India and Nepal. SBI also has 52 offices in 34 countries and serves international customers who focuses on India-related business. SBI now serves more than 90 million customers through a network of 9,000 branches. Another major bank is the United Bank of India, in 1969, which is the period of nationalization, United Bank of India was one of the major banks that underwent nationalization. Because of the expansion of the bank after nationalization, especially into rural and semi-urban regions, it helped a lot in the growth and development of the banking system in India. United Bank of India acts as a Lead Bank in several districts in India such as the States of West Bengel and Assam. Private Sector Banks in India Private banks are banks that do not have government stakes. Induslnd Bank was the first private bank in India. It is one of the fastest growing banks in the Private Sector Banks. IDBI ranked the tenth largest global development bank and is regarded as one of the finest financial institutions. The top private bank in India is the Housing Development Finance Corporation (HDFC) Bank and is the first private bank to receive an in principle approval from RBI. HDFC Bank provides loan services like personal loans, education loans, new car loans, etc. It also provides credit, debit, and prepaid cards for customers and supports facilities like insurance, mutual funds and even financial planning. Private Banks in India is different from Public Banks because of several reasons. First of all, private banks make more use of technology to support and provide more convenient and time saving banking services. The banks are using state of art technology with fully computerized systems in the business process. While public banks still stick to a more traditional way in performing their banking services. Online banking is also brought to the industry by private banks. However customers may choose public banks over private ones because government banks can be more reliable than private banks. Foreign Banks in India Foreign Banks such as Standard Chartered Bank, Citi Bank and Hong Kong and Shanghai Banking Corporation have been starting their branches in India since 1858. The moving in of foreign banks brought new banking practices and latest technologies into Indias banking industry. Due to the mature and satisfactory banking and financial services provided by these banks, they are able to capture and keep a large customer base. Foreign banks have also brought up the foreign exchange market. Between 2005-2006, foreign banks registered a turnover of 41% while in 2007-2008 their shares raised to 51%. The introduction of foreign banks have greatly increased the competition between banks in public and private sectors and this indirectly changed the banking practices of different banks even in public sector. Because of the competition, public banks are starting to introduce different types of technology in order to boost the performance of the banking services for their customers. They also str eamlined their operation and started to apply better banking practices in order to survive in the increasingly competitive banking industry in India. Cooperative Banks in India Cooperative banks play an important role in the Indian Financial System. They function on the basis of no-profit, no-loss and they do not aim at providing services to maximize their profit, theoretically. Their services focuses on both banking in rural areas and finance under several aspects such as farming, hatchery, cattle, etc and also banking services in urban areas like basic loans and financing services, however, the focus is usually in rural areas. As a result their customers are usually form the middle class population. These banks have much more interaction and contact with citizens as a result the growth of cooperative banks is actually faster than that of private banks. These banks are highly supported by the central government, state government and also the RBI. Though cooperative banks might not have facilities as latest as private banks, their business process is less strict which allow clients to apply loans more quickly and also the interest rates provided are more competitive comparing to that of other banks in other sectors. However, some of the cooperative banks have political stance, so customers should be careful when choosing a cooperative bank. Indian Banks Association (IBA) The Indian Banks Association (IBA) was formed in 1946 and till now there are already more than 156 members including banks from public, private, foreign, cooperative banks and other financial institutions. The IBA aims at promoting sound and progressive banking principles and practices. It also evaluates the appropriateness, effectiveness and efficiency of banking practices. They are even responsible to hold social gatherings and promote healthy lifestyle to employees within the banking industry. As a result, promoting a healthy and good image to the public about the banking industry of India. Conclusion Being a large country with great diversification within the region in different aspects. It is lucky that India can make it through and develop a mature and comprehensive banking system. However if the government still wants the country to keep moving on, they should not let the gap between two extremes of living situation continue to widen. The government should also start focusing on managing different problems in the banking system separately, such as the problem of helping banks in public sectors to keep up with private and foreign banks. Competitiveness of banks should be kept close in order to maximize the development pace of the banking industry. Introducing technology that public banks dont have can already improve the situation of banks. Policy makers should also minimize the effect of political factors of cooperative banks affecting customers, though the factors are impossible to rule out, but someone should be responsible for teaching customers the best way to choose ban ks to rely on. If problems in the industry can be eliminated one by one, eventually India can also have the great chance of having one of the best banking system in the world.

Essay about Health Care Graded Unit - 1138 Words

I am currently studying HNC Health Care and as part of my course I have to complete a graded unit, this will entail three stages; Planning, development and evaluation. This will be carried out while on placement within a hospital setting, within the planning stage I have to choose a patient and assist them with a nursing activity. I have chosen to follow Roper Logan and Tierney twelve activities of daily living the reason for this is that I find it to be the nursing model that is most effective as each activity has its own importance to the survival of life; also it follows the objectives of my graded unit. I have chosen the AL of eating and drinking as the patient I have chosen has severe Rheumatoid arthritis and has lost the use of her†¦show more content†¦After reading through Mrs A’s notes I now feel I have a better understanding of her needs so I have decided to carry out the activity on Wednesday 18th April at breakfast time I will implement a contingency plan that if I am unable to complete the activity then I will at the next available meal time. I will follow appropriate policies and procedures to maintain a save environment in line with the health and Safety at work act (1974) and I will make sure that confidentiality is paramount as this conforms with the data protection act (1998) All aspects of Mrs A’s personal care will be met whilst in hospital this is something that that Mrs A has in place in her home life with the support of a home care team. The White Paper caring for people (DoH 1989b, paragraph 11), placed as a priority: â€Å"the promotion and development of domiciliary, day and respite services to enable sick and dependant people to continue living in their own homes wherever possible and sensible† (Kenworthy,Snowley,Gilling,p244.) After having a chat with Mrs A she has told me that the hours she receives are being cut due to socio economic factors with funding within her community this is something that up sets her. Mrs A has a condition called Rheumatoid arthritis this this is a chronic progressive inflammatory autoimmune disease that commonly affects the hands and feet but also inShow MoreRelatedp1 unit 14788 Words   |  4 Pagesservice you have been asked to investigate the response to emergency service incidents. You should describe how emergency incidents are graded by a selected public service call centre. Firstly, you should give examples of emergency incidents as described in the Civil Contingencies Act 2004. 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The Baderman Island Resort Word Processing Software Upgrade Free Essays

Smith Systems Consulting is IT services provider delivering business and office automation solutions country wide. We have expertise in project management, software application design, deployment and support. We also provide computing hardware and network installation services. We will write a custom essay sample on The Baderman Island Resort Word Processing Software Upgrade or any similar topic only for you Order Now To provide Baderman the most suitable word processing solution, our experts have worked out a plan comprising of three staged project plan based on time tested proprietary standards. Need Assessment Our experts will be involved in identifying current as well as future word processing needs for all users at Baderman. This activity will include documenting all features currently used such as word processing, desktop publishing, web publishing etc. Consultants will conduct interviews throughout the organization to document and compile an exhaustive in-use feature list. We will also collect valuable information about the current hardware and software configurations such, versions of operating systems, memory and processing power, currently used word processing software etc. Our IS auditors will collect all policies, procedures and guidelines governing the purchase, use and upgrade of computer hardware and software at Baderman. The objective of need assessment is to document all the requirements from various business units. It is an essential element of developing a business-case for any recommended solution. This business-case will help management understand the utility of such an investment, and create the executive’s buy-in necessary for the success of such a project. Product Identification Following need-assessment we will provide details of product(s) identified to best suit the current and future needs at Baderman. Our goal during this phase will be to provide a choice of options supported by data collected during need-assessment. The management may decide to opt for mix of products for different department such as word processing software for many and desktop publishing, web authoring systems for communication and marketing etc. Our proposed solution will accommodate such possibilities to avoid any repeat of work. As standard procedure we will also submit an impact analysis for each of the chosen products, on the currently deployed infrastructure. This will help develop accurate budget and expenditure forecast. Implementation The implementation phase will be further divided into three stages. Each stage will target a group of workers chosen to minimize loss of productivity in operational activities. First group will comprise of top managers from all the various business units. Installation and training will be provided to these leaders and consultants will monitor the progress continuously. These managers will provide the necessary momentum required to successfully implement the change at lower level. This exercise will create stake holders at department level ready to take a lead in adopting new solution Next in line will be line managers reporting to lead managers, and lastly all the knowledge workers using word processing software will be targeted. Following a strict step by step regime will allow deployment and training teams to focus attention on groups. This will deliver measurable and repeatable process for adoption of upgrades or new technology. We strive to provide the best quality of service to all our customers. Our planners, consultants and engineers will provide the right mix of skills and expertise to deliver favorable results. How to cite The Baderman Island Resort Word Processing Software Upgrade, Papers