Thursday, April 16, 2015

Reserve Bank of India : 12 Points we must know

1.       RBI was established during the British Rule and it commenced its operations on 1st April 1935; it was founded to respond to the economic troubles after the first World War. Originally the shares were owned by private shareholders. RBI was nationalised on 1st January 1949.

2.       The general superintendence and direction of the RBI is entrusted with the 21-member Central Board of Directors: the Governor (Dr. Raghuram Rajan), 4 Deputy Governors, 2 Finance Ministry representatives, 10 government-nominated directors to represent important elements from India's economy, and 4 directors to represent local boards headquartered at Mumbai, Kolkata, Chennai and New Delhi.

3.       The original choice for the seal of RBI was The East India Company Double Mohur, with the sketch of the Lion and Palm Tree. However it was decided to replace the lion with the tiger, the national animal of India.

4.       After the Partition of India in 1947, the bank served as the central bank for Pakistan until June 1948 when the State Bank of Pakistan commenced operations.

5.       The Banking Ombudsman Scheme has been formulated by the Reserve Bank of India (RBI) for effective addressing of complaints by bank customers.

6.       The bank issues and exchanges or destroys currency notes and coins that are not fit for circulation. The objectives are giving the public adequate sups of RBI are to issue bank notes, to maintain the currency and credit system of the country to utilize it in its best advantage, and to maintain the reserves.

7.       It is the duty of the RBI to control the credit through the CRR, bank rate and open market operations. As banker's bank, the RBI facilitates the clearing of cheques between the commercial banks and helps inter-bank transfer of funds.

8.       In order to curb the fake currency menace, RBI has launched a website to raise awareness among masses about fake notes in the provides information about identifying fake currency.

9.       RBI lends (no collateral required for long term lendings) to the commercial banks through its discount window to help the banks meet depositors' demands and reserve requirements for long term. The interest rate the RBI charges the banks for this purpose is called bank rate or Repo Rate.

10.   Every commercial bank has to keep certain minimum cash reserves with Reserve Bank of India. Consequent upon amendment to sub-Section 42(1), the Reserve Bank, having regard to the needs of securing the monetary stability in the country, RBI can prescribe Cash Reserve Ratio (CRR) for scheduled banks without any floor rate or ceiling rate.

11.   Apart from the CRR, banks are required to maintain liquid assets in the form of gold, cash and approved securities. Higher liquidity ratio forces commercial banks to maintain a larger proportion of their resources in liquid form and thus reduces their capacity to grant loans and advances, thus it is an anti-inflationary impact. A higher liquidity ratio diverts the bank funds from loans and advances to investment in government and approved securities.

12.   A report titled "Trend and Progress of Banking In India" is published annually, as required by the Banking Regulation Act of 1949. The report sums up trends and developments throughout the financial sector.

Monday, March 16, 2015

Three Gen Next Careers as an Entrepreneur in India which are highly worth pursuing

Three Gen Next Careers as an Entrepreneur in India which are highly worth pursuing

1.       Application Developers: Online and Smart phone frenzy has shot a whole new range of professionals. People with basic and functional knowledge of platforms such as Flash, Java, CSS, and Python etc may choose anyone of them to work upon. The career is highly rewarding both in the terms of entrepreneurship and employment. Software professionals of both creative and analytical proficiency may start up by pooling nominal funds. It’s easy to learn from others creations and experience and having an original and utility centric idea. Young professionals generally develop simply and utility centric applications and initially release them and popularise the “app” among the friends and relatives. Later on the popularity is carried forward and handsome revenues can be made through advertisements and other media.

2.       Event Management: Be it personal or professional events managing them is a mammoth task. Success of an event is a direct factor to reputation and goodwill of the host. A person having a flair for creating the entire environment and has the potential to manage the multi-challenging task of managing end to end of an event is welcome to the arena of event management. The scale of industry is more than USD 500 billion and there is a lot of gap in terms of demand and supply of able professionals. In India there are many esteemed institutes which provide professional courses in event management viz. Pearl Academy, Delhi, Indian Institute of Learning and Advanced Development, Gurgaon, EMDI Institute of Media and Communications, Bengaluru. Further there is a host of conferences that are held to add on various aspects of Event Management as a career. After a careful assessment of abilities, professional training and gaining hands on experience the career may be pursued and a lot more can work through creativity.

3.       Interior Designer: Rapid urbanization and shrinking of residential space calls for professional designing of the interiors to help the home or workplace more comfortable, beautiful and rejuvenating. As an interior designer, you will be trained to design exclusive furniture artefacts and fittings besides learning managerial skills. With the help of a course in interior designing, you will come out with a professional designing solution that is efficient, eye-catching and at the same time safe. The basic qualification to get into most of these programs is a 10+2. Moreover, you will also have to get through an entrance examination that judges your drawing and design skills. There is enormous demand for qualified interior designers in India. So to be professionally qualified from a reputed institution is a must. With professional qualification comes the assurance of a good job.  And with adequate experience, you can start your own interior decoration business.

“The only thing that will teach you how to startup is working at a startup or building a startup! “ Prukalpa Sankar, SocialCops

With India turning into the youngest and the most dynamic nation there is a need, space and growth grounds for the budding risk takers. Programs like ‘Make in India’, subsidizing of SME and SSI mechanization and opening up of liberal marketing channels along with rapid urbanization demands for young think tanks. Virtual space has become the new super market and online retailing logistics has called for less physical maintenance and more creative outlook and analytical flair.

Tuesday, February 17, 2015

Economy of India – Some Quick Data each one of us must know

The most commonly asked questions in the interviews and almost every topic in the group discussions revolve around the economy. When it comes to the knowledge of economy and speaking on it for validating the point we wish to make, it is critical to substantiate our point with specific data. We cannot know or remember all the data but with the knowledge of a few critical data we can correlate and add value to the argument we make.
We have compiled some significant facts which must be kept in our mind before we go for any GDPI.
1.       Indian Economy is the 10th largest Economy in the world in terms of the GDP and 3rd largest in terms of Purchasing Power Parity.
2.       India ranks 2nd in the world in terms of farms output and agriculture and allied activities account for 17% of GDP while 51% of workforce is employed in these activities.
3.       According to the World Bank reports in 2012, India’s industrial manufacturing GDP output was 10th largest in the world on current USD basis.
4.       Industry accounts for 26% of GDP and employs 22% of the total workforce.
5.       India hosts many oil refinery and petrochemical operations, including the world's largest refinery complex in Jamnagar, run by Reliance Industries limited that processes 1.24 million barrels of crude per day.
6.       India's mining industry was the 4th largest producer of minerals in the world by volume, and 8th largest producer by value in 2009.
7.       India's services sector has the largest share in the GDP, accounting for 57% in 2012, up from 15% in 1950. It is the 12th largest in the world by nominal GDP and fourth largest when purchasing power is taken into account.
8.       In 2009, seven Indian firms were listed among the top 15 technology outsourcing companies in the world.
9.       As of 2009, India is the fourth largest producer of electricity and oil products and the fourth largest importer of coal and crude-oil in the world.
10.   Indian Railways is the fourth largest rail network in the world, with a track length of 114,500 kilometers and 7,172 stations. This government owned and operated railway network carried an average of 23 million passengers a day, and over a billion tons of freight a year.
11.   Retail industry contributes between 14–15% to 20% of India's GDP. The Indian retail market is estimated to be US$450 and one of the top five retail markets in the world by economic value. India is one of the fastest-growing retail markets in the world and is projected to reach $1.3 trillion by 2020.
12.   India accounts for 1.44% of exports and 2.12% of imports for merchandise trade and 3.34% of exports and 3.31% of imports for commercial services trade worldwide.
13.   India is a founding-member of General Agreement on Tariffs and Trade (GATT) since 1947 and its successor, the WTO.
14.   Since independence, India's balance of payments on its current account has been negative.
15.   In 2011, Transparency International ranked India at 95th place amongst 183 countries in perceived levels of public sector corruption.
16.   India's literacy rate had grown from 52.2% in 1991 to 74.04% in 2011, which is lower than the worldwide average and the country suffers from a high dropout rate.
17.   India became the 10th largest insurance market in the world in 2013, rising from 15th rank in 2011.
18.    India with 17.5% of total world's population had 20.6% share of the world's poorest in 2013.
The aspirants are advised to make a note of aforementioned points and keep revising for a successful and impacting GDPI experience.
All the Best!

Wednesday, February 4, 2015

English then and now

Teaching of English began when the British had brought almost the whole of India under their subjugation. At first, the teachers were all English because no Indian was yet competent enough to teach the subject.
After a few decades, there were a large number of Indian teachers of English. They were competent because they themselves were taught by English teachers.
People like Raja Ram Mohan Roy, Swami Vivekanand, Pt.Moti Lal Nehru, and Poet Rabindra Nath Tagore were all products if that age. Their English was impeccable.
Conferences and meetings were all conducted in English. All our heroes of freedom struggle used English as they belonged to different states and their native languages were not known to each other.
After India gained independence, continuance of English as the official language was debated all over the country. Some people were of the opinion that English should be driven out of country along with ‘The English’. Then commonsense prevailed and English held its place as the second official language.
During the past few decades, importance of English has grown manifold because of the development of information technology world trade, inter depence of the countries due to many political and economical reasons and it was realized that people could not make progress unless they knew good English.
The need to know English grow manifold but the standard of teaching English went down and down. The teachers themselves could neither speak nor write good, intelligible English. They came to know that ‘Grammar’ but they did not know that teaching of grammar as a separate subject is not desirable as the students should first acquire the ‘Language skills’ i.e.
1.       They must listen and understand.
2.       They must speak in a way that other people may understand that.
3.       They must be able to read and comprehend.
4.       They must be able to write good, informal English but they do need grammar in a different way.

Grammar should be taught with the help of the language and not the other way round. The teachers themselves should know grammar very well otherwise they will not be able to tackle the mistakes committed by the students.  So the teachers should know grammar and use it himself when necessary.
So what is needed is to build up an army of teachers who can speak English well. No particular ‘approach’ or ‘method’ will be needed if the teacher is good in English himself.
If he speak in English in the class of the students will be compelled to listen to him and understand what he is saying. If the teacher insists on using English when they answer the questions put by him, the students will be able to speak. Similarly if the students are given some topic for writing, the teacher should guide him all the way, this way their mistakes will be fewer.
So what we need is a posse of teachers who can speak and write correct, idiomatic English used in everyday life. We need competent people to teach and train such teachers over a period of time.
That is the only way to raise the standard of English in India which is destined to become a world power in near future.

Written by

Mrs. Roma Chakraborty
        P.E.S. Retd.Associate Professor
    English Language Training Institute

Tuesday, December 23, 2014

Equipped to learn IIT PMT 

Cracking IIT & PMT is the dream of every Engineering and Medical student but the student should judge themselves on certain parameters so that they can adopt a more modest and methodical approach while preparing for the examination. To help them understand their strengths and weakness, a seminar "The Road to IIT & PMT" was conducted on the same.

A seminar the road to IIT & PMT based on how to crack the entrance examination was held at Hotel Kanha Shyam on 21st December 2014, at 11 am, Allahabad. The event was co-hosted by Education Times and Career Launcher, Allahabad part of Panacea People. Its main purpose was to throw light on philosophy, Scope and Content for the IIT PMT. Panacea People, being a diversified unit, has been into education sector for more than 12 years. Partnered with some of the esteemed organization, Panacea People provides employability and business solutions.

The program was anchored by Mr.Ajoy Chakraborty and the eminent speakers of the seminar was Mr.Sanjeev Mishra (Expert Maths) & Mr.Manish Bhatnagar (IIT kanpur, Ex Kota Faculty), who has been into teaching for over a decade and has helped thousand of students preparing for IIT PMT and other competitive examinations. They apprised the participants about question paper and how one should prepare for the examination. 

The hall was jam-packed with students from almost all the reputed schools of Allahabad who are aspiring to engineering and Medical as their dream career. Giving details about the various sections of the entrance paper, Mr.Mishra briefed the participants about the syllabus and how to manage their time and other chores. Sharing 'success mantra' on how to crack IIT PMT, Mr. Bhatnagar gave valuable tips to the students of class X, XI, & XII.

The event witnessed the foot fall of 1500+ participants and around 400+ parents. Speaking on the occasion, Gaurav Agrawal and Vishal Gulati of Career Launcher, Allahabad stated that Career Launcher has been involved in many such initiatives designed for the benefit of the students.  They even thanked Education Times for lending support in making this event a success.

A ' Scholarship cum Aptitude Test ' for the students will be conducted by Career Launcher on December 22nd, 2014, at Career Launcher, Allahabad to test their knowledge. 

The event was appreciated by the students and parents alike and many more looked forward to such informative events that help them to take an informed choice. 

Thursday, December 11, 2014

The "Indrajaal" of Online Spree
Every other day I find the city covered with large hoardings to publicize a random festival which makes us lucky enough to save a lot of money by shopping through one of the many Online Retailers. New Gen buyers are now into even more love with their Smart Phones (smarter than the owners sometimes) which has a dedicated App (software application, to be precise) which lets them break free. The app comes with some additional discounts moreover. Is it the next level? Has our nation moved to the 3G of retail? Let us try to answer.
The second generation of Indian retail was the Brick-and-Mortar shopping malls which made the people buy their needs under almost every product category from grocery to durable under one roof. Commonly known as organized retail stores. The organized retail didn't even spread its wings over a considerable part of the Indian retail pie and co meth the Click Retail. The youngsters are the soft targets. The people you are tech savvy, give lesser worth to the traditional touch-and-feel buying and have a good purchasing power are the best suited segment for the 3G retail.
The delivery person has now become the new regular visitor to almost all offices where the average age of Human capital is between 25 to 35 years. Grabbing good deals in online sale is the new tatkal ticket booking. If you do not log in on the right time the best deals get sold out. We are given a lot of choices and a lot of discounts. The benign online sellers have successfully saved our lac of rupees, if we believe what they tell us.
Beneficiaries in disguise, we the people sitting with our hands on the keypad we actually are paying for the heavy publicity costs. Traditional retailers pay a hefty proportion of their costs for storage, handling and physical showroom upkeep but the online lords are immune to these hits. With zero warehousing and physical display requirements any name can easily become a brand. Fine prints are skipped for the fear of losing the deal. And now we have a young India that has a less idea of saving and investment and more idea of saving through spending.
If we look at the online shopping from a macroeconomic point of view a major part of spending is done through Credit Cards which further invites interest and other consequent charges. So did we actually save? The virtual discount that led to notional savings gets converted in actual spending and interest liabilities which are as high as 3 percent per month in some cases. On one hand we sacrifice the opportunity to touch, look, try and feel the products and we end up paying interest on the other.
So, just be a little more careful and a little less jittery when a pretty face says something about large savings on a huge billboard on your way. Calculate and think. about the pains you have been bearing to get your Plastic Money loaded.

Monday, November 17, 2014

On Children’s Day : The Curious case of Growing up

Something we all constantly look forward and admire is growing up. Every child waits to grow up. Eventually, we become grownups and then start the confrontation with the world. A curious child becomes a sophisticated adult. As an adult we still do not know everything but we stop being curious. We stop letting others know our inability to know everything. We stop putting questions. But if look upon our growth as a human being closely, it is only the inquisitive nature of humans that made us grow. Somewhere in the journey and urge to answer the questions we grew. Our curiosity made us different from other species and our urge to find answers made us grow.

A child’s best quality is curiosity and it must be retained till we grow up. We must have courage to ask when we are not sure. We must have an urge to know when we do not know. We must have openness to answer when others ask. There are a lot of things that we can learn from a child, I would enlist a few:

1.       Accept criticism: Whenever we criticize a child and tell him that something he did is wrong, the child accepts that. The child has courage to apologize and an intention to not repeat that. We must learn to offer open hands to critics, we must be courageous enough to apologize for what we did not do in the proper way. Adulthood doesn’t mean creating walls rather, adulthood is supposed to be open. The more open we would be the more growth would come to us.

2.       Failure is not permanent: When a child falls, the first thing he does is standing up. This is the attitude we must nurture. When we face failures, we must remember that failure is not permanent. Life moves ahead and we must have strength to rise and walk once again. Giving up is the easiest and the most stupid way of living. But moving on takes courage and strength. When we stand once again it symbolizes that we have enough strength to sustain the blow of fall and we have sufficient patience to face life once again.

3.       Everyone is family: Being adults we often tend to categorize people as friends, good friends, and best friends and so on. Children know that these categories are situational and momentary, they are happy with everyone and they offer a smile to everyone. As an adult we must come forward and help others. We should not bind us in these categories. Friendship is earned; it cannot be imposed on people. When we offer smile, help and openness we earn friends; when we categorize and draw lines we are just being adults.

4.       Ask: Have courage to put questions, don’t worry. No question is a silly question. We are not supposed to know everything and no matter at what level we are; people appreciate the ones who ask. No one likes a person who shows that he knows everything. Remember curiosity and the urge to get the answers is the key to grow. Humanity has grown because of curiosity. Be a child, ask.

Children spread positivity, not because they are not grownups but because they are different from us. Children are positive for everything. However stressed you may be the moment you see a child smiling for you, you forget all hassles and smile back. That’s the spirit, key and way to live.

In the words of Pablo Picasso, “All children are artists. The problem is how to remain an artist once he grows up.