Fluke, or, I Know Why the Winged Whale Sings Chapter 14

CHAPTER FOURTEEN Down to the Harbor Down to the harbor they went – past the condos, the cane fields, the golf course, the Burger King, the Buddhist cemetery with its great green Buddha blissed out by the sea, past the steak houses, the tourist traps, the old guy riding down Front Street on a girl's bike with a macaw perched on his head – down to the harbor they went. They waved to the researchers at the fuel dock, nodded to the haglets at the charter booths, shakaed the divemasters and the captains, and schlepped science stuff down the dock to start their day. Tako Man stood in the back of his boat eating a breakfast of rice and octopus as the Maui Whale crew – Clay, Quinn, Kona, and Amy – passed by. He was a strong, compact Malaysian with long hair and a stringy soul-patch beard that, along with the bone fishhooks he wore in his ears, gave him the distinct aspect of a pirate. He was one of the black-coral divers who lived in the harbor, and this morning, as always, he wore his wet suit. â€Å"Hey, Tako,† Clay said. The diver glanced up from his bowl. His eyes looked as if someone had poured shots of blood into them. Kona noticed that the small octopus in the diver's bowl was still moving, and he scampered down the dock feeling a case of the creeps fluttering to life in his spinal cord. â€Å"Nightwalkers, gray ones, on your boat last night. I seen them,† said Tako Man. â€Å"Not the first time.† â€Å"Good to know,† said Clay, patronizing the diver and moving down the dock. You had to keep peace with anyone who lived in the harbor, especially the black-coral divers, who lived far over the edge of what most people would consider normal life. They shot heroin, drank heavily, spent all day doing bounce dives to two hundred feet looking for the gemstone-valuable black coral, then spent their money on weeklong parties that had, more than once, ended with one of them dead on the dock. They lived on their boats and ate rice and whatever they could pull out of the sea. Tako Man had gotten his name because on any given afternoon, after the divers came in for the day, you'd see the grizzled Malaysian carrying a net bag full of tako (octopus) that he had speared on the reef for their supper. â€Å"Hi,† Amy said sheepishly to Tako Man as they passed. He glared at her through his bloody haze, and his head bobbed as he almost nodded out into his breakfast. Amy quickened her pace and ran a Pelican case she was carrying into the back of Quinn's thigh. â€Å"Jeez, Amy,† Quinn said, having almost lost his footing. â€Å"Do those guys dive in that condition?† Amy whispered, still sticking to Quinn like a shadow. â€Å"Worse than that. Would you back up a little?† â€Å"He's scary. You're supposed to protect me, ya mook. How do they keep from getting into trouble?† â€Å"They lose one or two a year. Ironically, it's usually an overdose that gets them.† â€Å"Tough job.† â€Å"They're tough guys.† Tako Man shouted, â€Å"Fuck you, whale people! You'll see. Fucking nightwalker fuckers. Fucking fuck you, haole motherfuckers!† He tossed the remains of his breakfast at them. It landed overboard, and tiny fish broke the water fighting for the scraps. â€Å"Rum,† said Kona. â€Å"Too much hostility in dat buzz. Rum come from da cane, and cane come from slavin' the people, and dat oppression all distilled in de bottle and come out a man mean as cat shit on a day.† â€Å"Yeah,† said Clay to Quinn. â€Å"Didn't you know that about rum?† â€Å"Where's your boat?† asked Quinn. â€Å"My boat?† â€Å"Your boat, Clay,† said Amy. â€Å"No,† said Clay. He stopped and dropped two cases of camera equipment on the dock. The Always Confused, the spiny and powerful twenty-two-foot Grady White center-console fisherman, Clay's pride and joy, was gone. A life jacket, a water bottle, and various other familiar flotsam bobbed gently in a rainbow slick of gasoline where the boat had once been. Everyone thought someone else should say something, but for a full minute no one did. They just stood there, staring at what should have been Clay's boat but instead was a big, boatless gob of tropical air. â€Å"Poop,† Amy finally said, saying it for all of them. â€Å"We should check with the harbormaster,† said Nate. â€Å"My boat,† said Clay, who stood over the empty slip as if it were his recently run-over boyhood dog. He would have nuzzled it and stroked its little dead doggy ears if he could have, but instead he fished the oily life jacket out of the water and sat on the dock rocking it. â€Å"He really liked that boat,† Amy said. â€Å"Can I get a duh for the sistah?† exclaimed the dreaded blond kid. â€Å"I paid the insurance,† Nate said as he moved away, headed for the harbormaster. Tako Man had come down the dock from his own boat to stare at the empty water. Somber now. Amy backed up into Kona for protection, but Kona had backed up into the next person behind him, which turned out to be Captain Tarwater, resplendent in his navy whites and newly Kona-scuffed shoes. â€Å"Irie, ice cream man.† â€Å"You're on my shoes.† â€Å"What happened?† asked Cliff Hyland, coming down the dock behind the captain. â€Å"Clay's boat's gone,† said Amy. Cliff moved up and put his hand on Clay's shoulder. â€Å"Maybe someone just borrowed it.† Clay nodded, acknowledging that Cliff was trying to comfort him, but comfort fell like sandwiches on the recently bombed. By the time Quinn returned from the harbormaster's office with a Maui cop in tow, there were a half dozen biologists, three black-coral divers, and a couple from Minnesota who were taking pictures of the whole thing, thinking that this would be something they would want to remember if they ever found out what was happening. As the cop approached, the black-coral divers faded to the edges of the crowd and away. Jon Thomas Fuller, the scientist/entrepreneur who was accompanied by three of his cute female naturalists, stepped up beside Quinn. â€Å"This is just horrible, Nate. Just horrible. That boat represented a major capital investment for you guys, I'm sure.† â€Å"Yeah, but mainly we liked to think of it as something that floated and moved us around on the water.† Nate actually had a great capacity for sarcasm, but he usually reserved it for those things and people he found truly irritating. Jon Thomas Fuller was truly irritating. â€Å"Going to be tough to replace it.† â€Å"We'll manage. It was insured.† â€Å"You might want to get something bigger this time. I know there's a measure of safety working off of these sixty-five-footers we have, but also with the cabin you can set up computers, bow cameras, a lot of things that aren't really possible on little speedboats. A good-size boat would add a lot of legitimacy to your operation.† â€Å"We sort of decided to go with the legitimacy we get from doing credible research, Jon Thomas.† â€Å"We didn't make those figures up.† Fuller caught himself raising his voice. The cop interviewing Clay looked over his shoulder, and Fuller lowered his tone. â€Å"That was just professional jealousy on the part of our detractors.† â€Å"Your detractors were the facts. What did you expect when your paper concluded that humpbacks actually enjoyed being struck by Jet Skis?† â€Å"Some do.† Fuller pushed back his pith helmet and ventured a smile of sincerity, which collapsed under its own weight. â€Å"What's your angle, Jon Thomas?† â€Å"Nate, I can get you a boat like ours, with all the trimmings, and an operating budget, and you'd just have to do one little project for me. One season of work, maximum. And your operation can keep the boat, sell it, do whatever you want.† Unless Fuller was about to ask him to shove him off the dock into the oily water, Quinn pretty much knew he was going to turn down the offer, but he had to ask. Those were really nice boats. â€Å"Make your proposal.† â€Å"I need you to put your name on a study that says that human-dolphin interaction facilities are not harmful to the animals, and do a study that says that building one at La Perouse Bay wouldn't have a negative impact on the environment. Then I'd need you to stand up at the appropriate meetings and make the case.† â€Å"I'm not your guy, Jon Thomas. First, I'm not a dolphin guy, and you know that.† Nate avoided adding what he wanted to say, which was Second, you are a feckless weasel out to make a buck without any consideration for science or the animals you study. Instead he said, â€Å"There are dozens of people doing studies on captive dolphins. Why don't you go to them?† â€Å"I have the animal study. You don't have to do the study. I just want your name on it.† â€Å"Won't the people who actually did the study have some objection to that?† â€Å"No. They'll be fine with it. I need your name and your presence, Nate.† â€Å"I don't think so. I can't see myself testifying before impact committees and county planning boards.† â€Å"Okay, fair enough. Clay or Amy can do the stand-ups. Just put your name on the paper and do the environmental impact study. I need the credibility of your name.† â€Å"Which I won't have as soon as I let you use me. I'm sorry, but my name is all I really have to show for twenty-five years of work. I can't sell it out, even for a really nice boat.† â€Å"Oh, right, the nobility of starvation. Fuck that, Nate, and fuck your high ideals. I'm doing more for these animals by exposing the public to them than you'll do in a lifetime of graphing out songs and recording behavior. And before you retire to your ivory tower on the ethical high ground, you'd better take a good look at your people. That kid is a common thief, and no one has ever heard of your precious new assistant.† Fuller turned and signaled to his chorus line of whalettes that they were going to their boat. Quinn looked for Amy, saw her on the other side of the cop who was talking to Clay, helping him fill in details. He ran up behind Fuller, grabbed the smaller man's arm, and spun him around. â€Å"What are you talking about? Amy studied at Woods Hole, with Tyack and Loughten.† â€Å"That right? Well, maybe you'd better give them a call and ask them. Because they've never heard of her. Despite what you think, I do my research, Nate. Do you? Now, get back to your one-boat operation, would you.† â€Å"If I find out you had anything to do with this†¦Ã¢â‚¬  Fuller wrenched his arm out of Quinn's grip and grinned. â€Å"Right, you'll what? Become more irrelevant? Screw you, Nate.† â€Å"What did you say?† But Fuller ignored him and boarded his million-dollar research vessel, while Quinn skulked back down the dock to his friends. Oily flotsam seemed to be losing its allure, however, and the crowd had dispersed somewhat, leaving only Amy, Clay, the cop, and the couple from Minnesota. â€Å"You. You're somebody aren't you?† asked the woman as Nate walked up. â€Å"Honey, this guy is someone. I remember seeing him on the Discovery Channel. Get my picture with him.† â€Å"Who is he?† said  «honey » as his wife took Nate by the arm and posed like he'd just handed her a check. â€Å"I don't know, one of those ocean guys,† she said through a grin, acting as if she were posing with one of the carved statues that decorated doorways around Lahaina. â€Å"Just take the picture.† â€Å"Are you one of those Cousteau fellas?† â€Å"Oui,† said Nate. â€Å"Now I muss speak with my good fren' Sylvia Earle,† he continued in his French-by-way-of-British-Columbia-and-Northern-California fake accent as he went over to Amy. â€Å"I need to talk to you.† â€Å"Sylvia Earle! She's a National Geographic person. Get their picture together, honey.† â€Å"He's lying, Nathan,† Amy said. â€Å"You can check if you want. It was all on the resume I gave to Clay.† She didn't appear angry, just hurt, betrayed perhaps. Her eyes were huge and teary, and she was starting to look vaguely like one of those creepy Keane sad-eyed-kid pictures. Quinn felt like he'd just smacked a bag of kittens against a truck bumper. â€Å"I know,† he said. â€Å"I'm sorry. I just†¦ well, Jon Thomas is an asshole. I let him get to me.† â€Å"It's okay,† Amy sniffed. â€Å"It's just†¦ just†¦ I've worked so hard.† â€Å"I don't need to check, Amy. You do good work. My fault for doubting you. Let's get Clay squared away and get to work.† He tentatively put his arm around her and walked her back to where Clay was finishing up his interview with the cop. Clay saw the tear tracks down Amy's face and immediately took her in his arms and pressed her head to his shoulder. â€Å"I know, honey. I know. It was a great boat, but it was just a boat. We'll get another one.† â€Å"Where's Kona?† Nate asked. â€Å"He was around here a second ago,† said Clay. Just then Nate's cell phone rang. He worked it out of his shirt pocket and answered it. â€Å"Nathan, it's me,† said the Old Broad. Nate covered the mouthpiece. â€Å"It's the Old Broad,† Nate said to Clay. â€Å"Amy, you go round up Kona while I finish up with the officer, okay?† Clay said. Amy nodded and was off down the dock. Clay turned back to the officer. The Old Broad went on, â€Å"Nathan, I spoke to that big male again today, and he definitely wants you to take a hot pastrami on rye with you when you go out. He said it's very important.† â€Å"I'm sure it is, Elizabeth, but I'm not sure we're even going out today. Something's happened to Clay's boat. It's gone.† â€Å"Oh, my, he must be distraught. I'll come down and look after him, but you have to get out in the channel today. I just feel it's very important.† â€Å"I don't think you'll need to come down, Elizabeth. Clay will manage.† â€Å"Well, if you say so, but you have to promise me you'll go out today.† â€Å"I promise.† â€Å"And you'll take a pastrami on rye for that big male.† â€Å"I'll try, Elizabeth. I have to go now, Clay needs me for something.† â€Å"With Swiss cheese and hot mustard!† the Old Broad said as Nate disconnected. Clay thanked the policeman, who nodded to Quinn as he walked off. Even the couple from Minnesota had moved on, and only Clay and Quinn were left on the dock. â€Å"Where are the kids?† asked Nate, cringing at the whole idea: he and Clay, the middle-aged couple being responsible and boring while the kids went off to play and have adventures. â€Å"I asked Amy to find Kona. They could be anywhere.† â€Å"Clay, I need to ask you something before they get back.† â€Å"Shoot.† â€Å"Did you check any of Amy's references before you hired her? I mean, did you call anyone? Woods Hole? Her undergrad school – what was it?† â€Å"Cornell. Nope. She was smart, she was cute, she seemed to know what she was talking about, and she said she'd work for free. The bona fides looked good on paper. Gift horse, Nate.† â€Å"Jon Thomas Fuller said that he checked and that no one at Woods Hole has heard of her.† â€Å"Fuller's an asshole. Look, I don't really care if she finished high school. The kid has proven herself. She's got balls.† â€Å"Still, maybe I should call Tyack. Just in case.† â€Å"If you need to. Call him this afternoon when you get back in.† â€Å"I'm sure Fuller was just yanking my chain. He tried to offer us a boat like his if we backed his dolphin-park project.† â€Å"And you turned him down?† â€Å"Of course.† â€Å"But those are really nice boats. Our armada has been reduced by fifty percent. Our nautical resources have declined by more than one-half. Our boatage is deficient by point five.† â€Å"What's up?† Amy said. She'd come back down the dock and seemed to have shaken off her earlier melancholy. â€Å"Clay's being scientific. Fuller offered us a sixty-foot research vessel like his, with operating budget, if we back his dolphin project.† â€Å"Do I have to sleep with him?† â€Å"We haven't put that on the table,† Clay said, â€Å"but I'll bet we could get a sonar array if you're enthusiastic.† â€Å"Hell, Nate, take it,† Amy said. â€Å"It would mean selling out my credibility,† said Quinn, appalled at what total whores his colleagues had become. â€Å"We'd be going over to the dark side.† Amy shrugged. â€Å"Those are really nice boats.† The corner of her mouth twitched as if she was trying not to grin, and Nate realized that she was probably goofing on him. â€Å"Yeah,† said Clay. â€Å"Nice.† Clay was goofing, too. He'd be all right. Nate shook his head, looking as if he were fighting disbelief, but actually he was trying to shake the memory of his dream of driving a big cabin cruiser through the streets of Seattle with Amy displayed as the bikinied figurehead. â€Å"If you're okay, Clay, we really should get out before the wind comes up.† â€Å"Go,† Clay said. â€Å"I'll get the police report for the insurance company.† To Amy he said, â€Å"You find Kona?† â€Å"He's down there with that Tako guy.† â€Å"What's he doing down there?† â€Å"It looked like he was building a saxophone. I didn't go close.† Quinn strode down the dock and looked to where Kona was talking with Tako Man. â€Å"No, that's his bong. It breaks down for easy portage.† â€Å"What's a bong?† â€Å"Cute, Amy. Help me get the equipment in the boat.† Suddenly Kona started shouting and running down the dock toward them. â€Å"Bwanas! I found the boat!† Clay perked up. â€Å"Where?† â€Å"Right there. Tako Man says it's right there. He dove down there this morning.† Kona was pointing to a patch of murky jade green water in the center of the harbor. Jade green because of all the waste flushed from the live-aboards, as well as the bait, fish guts, seasickness, and bird poop that went into the water faster than the scavengers could clean it out, and so it caused a perpetual algae bloom. â€Å"My boat,† said Clay, looking forlornly at the empty water. Amy stepped up and put her arm around Clay's shoulders to resume stage-two comfort. â€Å"He dove in that water?† â€Å"The nightwalkers sank it, Bwana Clay. Tako Man saw them. Skinny blue-gray guys. He called them nightwalkers. I think aliens.† â€Å"Aliens are always gray, aren't they?† inquired Quinn. â€Å"That's what I say to him,† said Kona. â€Å"But he say no, not with the lightbulb head. He say they tall and froggy.† â€Å"You're high,† said Clay. â€Å"Tako Man got dank mystical buds, brah. Was a spiritual duty.† â€Å"He's not criticizing you, Kona,† Quinn explained. â€Å"We just assume that you're high. Clay's just doubting the credibility of your story.† â€Å"You don't believe I? Give a man a mask, I'll dive down and get a ting off da boat for proof.† â€Å"Hepatitis, that's what you'll bring up,† said Amy. â€Å"I'm going to work,† said Nate. â€Å"My boat,† said Clay. Nate decided that perhaps he should offer a measure of solace. â€Å"Look at the bright side, Clay. At least whales are big.† â€Å"How is that the bright side?† â€Å"We could be studying viruses. You have any idea what it costs to replace a scanning electron microscope?† â€Å"My boat,† said Clay.

Constraints in Popularising Debit Card

A SUMMER PROJECT REPORT ON Constraints in Popularization of Bank of Baroda Debit Card By PRAVIN MANDORA [pic] STEVENS BUSINESS SCHOOL A report submitted in partial fulfillment of the requirements of MBA Program Submitted to Bank of Baroda Acknowledgement The completion of any task depends upon the co-operation, coordination and consolidated efforts of several resources of knowledge, energy, and time and above all the proper guidance of the experienced bankers. Therefore I approached this matter of Acknowledgement through these lines trying my best to give full credit where it deserves.I wish to express my gratitude to our institute, which has provided me the opportunity to fulfil the most cherished desire to reach my goal. I am thankful to all those who generously helped me to compile this project with their knowledge and expertise. Firstly I owe a great debt to, STEVENS BUSINESS SCHOOL for obliging the project, thus giving me chance to broaden my horizon and providing me all necessa ry resources in college to assist me in the project. Also I owe a great debt to Mr. B. N. Menon, Sr.Manager (IT) of Bank of Baroda who has been nominated as mentor for my project and also thankful to all staffs of BOB as well as Head Office of Bank of Baroda for providing me the necessary guidelines regarding the project, for helping me to track the first hand information and supporting me in the carrying out the project successfully. As well as reposing a belief in me, this was essential for the completion of this project. I express my sincere thanks to Mr. PRIYA KUMAR, Senior Manager (HRM) at Regional Office Bank of Baroda Ahmedabad for giving me the opportunity to choose this topic and the project.I would also like to thank all the persons for their contribution for shaping up of this project, which helped me directly or indirectly in completing this project. 2. Preface The project is prepared during the vocational training under taken on partial fulfillment of the course of â₠¬Å"Master of Business Administration† Hence, this report is designed with the objective to gain practical knowledge. According to old saying there is a huge difference between â€Å"To say and to do†. To take theorical knowledge is important but it becomes more valuable when we apply it in the practice.So, there is a huge difference between theory & practical. For filling this requirement training in Bank of Baroda is very practical exposure for me. This training provides golden opportunity for every student, for better understanding in a working environment in the organization. Hence, this report is designed with the objective to gain practical knowledge. Table of Context |Sr no. |Topic |Pg No. |1 |Indian Banking Industry |5 | |2 |Opportunities in the Indian Banking Sector   |17 | |3 |History of BOB |19 | |4 |Personal Banking Services |27 | |5 |Debit Card |30 | |6 |Bank Of Baroda Debit Card |34 | |7 |SWOT Analysis |38 | |8 |Findings |41 | |9 |Research and develop ment |59 | |10 |Learning |61 | |11 |Experience at Bank of Baroda |62 | |12 |Bibliography |63 | [pic] Indian banking industry Introduction to Indian Banking Industry The banking system remains, as always, the most dominant segment of the financial sector. Indian banks continue to build on their strengths under the regulator's watchful eye and hence, have emerged stronger.In the annual international ranking conducted by UK-based Brand Finance Plc, 18 Indian banks have been included in the Brand Finance ® Global Banking 500. In fact, State Bank of India (SBI), which is the first Indian bank to be ranked among the Top 50 banks in the world, has improved its position from 36th to 34th, as per the Brand Finance study released on February 1, 2011. The brand value of SBI has enhanced to US$ 1. 12 billion. ICICI Bank, the only other Indian bank in the top 100 club has improved its position with a brand value of US$ 2. 5 billion. Indian banks contributed 1. 7 per cent to the total global brand value at US$ 14. 74 billion and grew by 19 per cent in 2011, according to the study. Nationalized banks, as a group, accounted for 51. per cent of the aggregate deposits, while State Bank of India (SBI) and its associates accounted for 22. 5 per cent, according to Reserve Bank of India's (RBI) ‘Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks: September 2010'. The share of New private sector banks, Old private sector banks, Foreign banks and Regional Rural banks in aggregate deposits was 13. 5 per cent, 4. 5 per cent, 5. 2 per cent and 3. 1 per cent respectively. With respect to gross bank credit also, nationalized banks hold the highest share of 50. 9 per cent in the total bank credit, with SBI and its associates at 23. 1 per cent and New Private sector banks at 13. 7 per cent.Foreign banks, Old private sector banks and Regional Rural banks held relatively lower shares in the total bank credit with 5. 2 per cent, 4. 5 per cent and 2. 5 per cent respectively. The report also found that scheduled commercial bank offices (with deposits of US$ 2. 25 or more) accounted for 66. 2 per cent of the bank offices, 96. 6 per cent in terms of aggregate deposits and 93. 8 per cent in total bank credit. Bank loans registered a growth of 21. 38 per cent in 2010-11, while deposit growth stood at 15. 84 per cent, according to data released by RBI. Analysts and bankers said a growth rate of 18 per cent in deposits and 20 per cent in credit should be sustainable for banks in 2011-12. India's foreign exchange reserves stood at US$ 308. billion as on April 8, 2011, according to the data in the weekly statistical supplement released by RBI. Indians who live and work abroad have remitted US$ 55 billion in 2010 as compared to US$ 49. 6 billion in 2009 and have topped the world list in sending money back home, according to World Bank's Migration and Remittances Fact book 2011. With online money transfer services provided by many banks becoming popu lar, remitting money from any corner of the world is no more a problem. History of Indian Banking Industry Banking in India originated in the first decade of 18th century with The General Bank of India coming into existence in 1786. This was followed by Bank of Hindustan. Both these banks are now defunct.The oldest bank in existence in India is the State Bank of India being established as â€Å"The Bank of Bengal† in Calcutta in June 1806. A couple of decades later, foreign banks like Credit Lyonnais started their Calcutta operations in the 1850s. At that point of time, Calcutta was the most active trading port, mainly due to the trade of the British Empire, and due to which banking activity took roots there and prospered. The first fully Indian owned bank was the Allahabad Bank, which was established in 1865. By the 1900s, the market expanded with the establishment of banks such as Punjab National Bank, in 1895 in Lahore and Bank of India, in 1906, in Mumbai – both of which were founded under private ownership.The Reserve Bank of India formally took on the responsibility of regulating the Indian banking sector from 1935. After India's independence in 1947, the Reserve Bank was nationalized and given broader powers. Nationalization By the 1960s, the Indian banking industry has become an important tool to facilitate the development of the Indian economy. At the same time, it has emerged as a large employer, and a debate has ensued about the possibility to nationalize the banking industry. Indira Gandhi, the-then Prime Minister of India expressed the intention of the GOI in the annual conference of the All India Congress Meeting in a paper entitled â€Å"Stray thoughts on Bank Nationalisation. † The paper was received with positive enthusiasm.Thereafter, her move was swift and sudden, and the GOI issued an ordinance and nationalised the 14 largest commercial banks with effect from the midnight of July 19, 1969. Jayaprakash Narayan, a nationa l leader of India, described the step as a â€Å"masterstroke of political sagacity. † Within two weeks of the issue of the ordinance, the Parliament passed the Banking Companies (Acquition and Transfer of Undertaking) Bill, and it received the presidential approval on 9th August, 1969. A second dose of nationalization of 6 more commercial banks followed in 1980. The stated reason for the nationalization was to give the government more control of credit delivery. With the second dose of nationalization, the GOI controlled around 91% of the banking business of India.After this, until the 1990s, the nationalized banks grew at a pace of around 4%, closer to the average growth rate of the Indian economy. Liberalization In the early 1990s the then Narasimha Rao government embarked on a policy of liberalization and gave licenses to a small number of private banks, which came to be known as New Generation tech-savvy banks, which included banks such as UTI Bank (now re-named as Axis Bank) (the first of such new generation banks to be set up), ICICI Bank and HDFC Bank. This move, along with the rapid growth in the economy of India, kick started the banking sector in India, which has seen rapid growth with strong contribution from all the three sectors of banks, namely, government banks, private banks and foreign banks.The next stage for the Indian banking has been setup with the proposed relaxation in the norms for Foreign Direct Investment, where all Foreign Investors in banks may be given voting rights which could exceed the present cap of 10%,at present it has gone up to 49% with some restrictions. The new policy shook the Banking sector in India completely. Bankers, till this time, were used to the 4-6-4 method (Borrow at 4%; Lend at 6%; Go home at 4%) of functioning. The new wave ushered in a modern outlook and tech-savvy methods of working for traditional banks. All this led to the retail boom in India. People not just demanded more from their banks but al so received more. Current Situation Currently (2007), banking in India is generally fairly mature in terms of supply, product range and reach-even though reach in rural India still remains a challenge for the private sector and foreign banks.In terms of quality of assets and capital adequacy, Indian banks are considered to have clean, strong and transparent balance sheets relative to other banks in comparable economies in its region. The Reserve Bank of India is an autonomous body, with minimal pressure from the government. The stated policy of the Bank on the Indian Rupee is to manage volatility but without any fixed exchange rate-and this has mostly been true. With the growth in the Indian economy expected to be strong for quite some time-especially in its services sector-the demand for banking services, especially retail banking, mortgages and investment services are expected to be strong. One may also expect M, takeovers, and asset sales.In March 2006, the Reserve Bank of India allowed Warburg Pincus to increase its stake in Kotak Mahindra Bank (a private sector bank) to 10%. This is the first time an investor has been allowed to hold more than 5% in a private sector bank since the RBI announced norms in 2005 that any stake exceeding 5% in the private sector banks would need to be vetted by them. Currently, India has 88 scheduled commercial banks (SCBs) – 28 public sector banks (that is with the Government of India holding a stake), 29 private banks (these do not have government stake; they may be publicly listed and traded on stock exchanges) and 31 foreign banks. They have a combined network of over 53,000 branches and 17,000 ATMs.According to a report by ICRA Limited, a rating agency, the public sector banks hold over 75 percent of total assets of the banking industry, with the private and foreign banks holding 18. 2% and 6. 5% respectively. Growth of Indian banking industry The growth in the Indian Banking Industry has been more qualitative than quantitative and it is expected to remain the same in the coming years. Based on the projections made in the â€Å"India Vision 2020† prepared by the Planning Commission and the Draft 10th Plan, the report forecasts that the pace of expansion in the balance-sheets of banks is likely to decelerate. | | The total assets of all scheduled commercial banks by end-March 2010 are estimated at  Rs. 40, 90,000 crores. That will comprise about 65 per cent of GDP at current market prices as compared to 67 per cent in 2002-03.Bank assets are expected to grow at an annual composite rate of 13. 4 per cent during the rest of the decade as against the growth rate of 16. 7 per cent that existed between 1994-95 and 2002-03. It is expected that there will be large additions to the capital base and reserves on the liability side. The Indian Banking Industry can be categorized into non-scheduled banks and scheduled banks. Scheduled banks constitute of commercial banks and co-operative banks. T here are about 67,000 branches of Scheduled banks spread across India. As far as the present scenario is concerned the Banking Industry in India is going through a transitional phase.The Public Sector Banks (PSBs), which are the base of the Banking sector in India account for more than 78 per cent of the total banking industry assets. Unfortunately they are burdened with excessive Non Performing assets (NPAs), massive manpower and lack of modern technology. On the other hand the Private Sector Banks are making tremendous progress. They are leaders in Internet banking, mobile banking, phone banking, ATMs. As far as foreign banks are concerned they are likely to succeed in the Indian Banking Industry. Types of Banks The operations of all the banks in India are controlled by the Reserve Bank of India. All the Indian banks are governed by the RBI or Reserve Bank of India. This governing body took over the reasonability of formally regulating the Indian banks in 1935.The Reserve Bank of India was announced as the official Central Banking Authority for the smooth supervision of the banking industry in India. Banks in India are classified into 2 broad categories namely, Public sector banks and Private sector banks. The banking scenario in India has already gained momentum, with the domestic and international banks gathering pace. All the banks in India are following the ‘cost', determined by revenue minus profit model. This means that all the resources should be used efficiently to improve the productivity and ensure a win-win situation. To survive in the long run, it is essential to focus on cost saving. Previously, banks focused on the ‘revenue' model which is equal to cost plus profit.Post the banking reforms, banks shifted their approach to the ‘profit' model, which meant that banks aimed at higher profit maximization. The  History of banking  in India dates back to the early half of the 18th century. 3 Presidency Banks that were established in the country namely the Bank of Hindustan, Bank of Madras and Bank of Bombay can also be referred to as some of the oldest banking institutions in the country. The State Bank of India that was earlier known as the Bank of Bengal is also one of the oldest in the genre. To know about the types of banks in India, it is necessary that we first comprehend the banking system so as to be able to distinguish about its various types.All  types of Banks in India  are regulated and the activities monitored by a standard bank called the Reserve Bank of India that stands at the apex of the banking structure. It is also called the Central Bank, as major banking decisions are taken at this level. The other types of banks in India are placed below this bank in the hierarchy. The major types of banks in India are as follows: [pic] Public sector banks in India All government owned banks fall in this variety. Besides the Reserve Bank of India, the State Bank of India and its associate banks and about 20 nationalized banks, all comprises of the public sector banks. Many of the regional rural banks that are funded by the government banks can also be clubbed in this genre.Banks such as State Bank of India, Bank of Baroda, Syndicate Bank and Canara Bank are known as Public sector banks. Public sector banks are controlled and managed by the Government of India. Public sector banks have been serving the nation for over centuries and are well known for their affordable and quality services. The banking sector in India is mostly dominated by the Public sector banks. The Public sector banks in India alone account for about 75 percent of the total advances in the Indian banking industry. Public sector banks have shown remarkable growth over the last five four decades. Allahabad Bank was the first fully owned Indian bank. It was founded in the year 1865. Private sector banks in IndiaA new wave in the banking industry came about with the private sector banks in India. With policies o n liberalization being generously taken up, these private banks were established in the country that also contributed heavily towards the growth of the economy and also offering numerous services to its customers. Some of the most popular banks in this genre are: Axis Bank, Bank of Rajasthan, Catholic Syrian Bank, Federal Bank, HDFC Bank, ICICI Bank, ING Vysya Bank, Kotak Mahindra Bank and SBI Commercial and International Bank. The Foreign Banks in India like HSBC, Citibank, and Standard Chartered bank etc can also be clubbed here. Private Banks are banks like HDFC bank, ICICI Bank, UTI bank and IDBI bank.The concept of private banking was introduced about 15 years ago. These are the banks that do not have any government stakes. Private Banks have gained quite a strong foothold in the Indian banking industry over the last few years especially because of optimum use of technology. The Private Banks are accountable for a share of 18. 2 percent of the Indian banking industry. IndusInd Bank was the first private bank in India. Currently the bank is among the fastest growing Bank Private Banks in the country. IDBI which is ranked as the tenth largest global development bank is counted as one of the finest financial institutions in the subcontinent. List of Public sector and Private sector banks in India Public Sector Banks |Private Sector Banks | |Bank of Baroda |Bank of Rajasthan | |Allahabad Bank |Catholic Syrian Bank | |Central Bank of India |Bank of Punjab | |State Bank of Patiala |Dhanlakshmi Bank | |Andhra Bank |HDFC Bank | |Canara Bank |Karur Vysya Bank | |State Bank of Hyderabad |ING Vysya Bank | |Oriental Bank of Commerce |Laxmi Vilas Bank | |Dena Bank |Karnataka Bank | |State Bank of Mysore |South Indian Bank | |State Bank of Indore |United Western Bank | |UCO Bank |UTI Bank | |Vijaya Bank |Centurion Bank | |Syndicate Bank |City Union Bank | |State Bank of India |Development Credit Bank | |Bank of India |Federal Bank |Corporation Bank |ICICI Bank | |Ind ian Bank |IndusInd Bank | |Union Bank of India |Jammu & Kashmir Bank | |Punjab National Bank- | | |State Bank of Bikaner and Jaipur | | |State Bank of Travancore | | |Bank of Baroda | | Comparison between Private and Public Sector BanksThe Private sector banks introduced the concept of online banking in India. This was mostly because the private banks were technologically well equipped. Online banking is extremely common today since you can sit anywhere and go ahead with your banking transactions. You do not have to personally visit your bank. The Private sector banks were using state of the art technology and fully computerized systems since the time they entered the Indian market whereas the Public sector banks were not. However despite the technological challenges the public sector banks in India are still the preferred destinations for many as they are considered as safer options for money deposit.Cooperative banks in India With the aim to specifically cater to the rural pop ulation, the cooperative banks in India were set up through the country. Issues like agricultural credit and the likes are taken care of by these banks. Opportunities in the Indian Banking Sector In the five decades since independence, the Indian banking system has evolved through four distinct phases. The major reform took place in the fourth phase, with the recommendations of Narasimham Committee (1991). The important initiatives that were introduced were the provisioning and capital adequacy, deregulation of interest rates and easing of norms to enter the banking sector.Further, the merger and acquisition in the sector will add a new growth dimension, as it would create 3 -4 global sized banks. The presence of these banks will help the country to attract foreign direct investments, which in turn will drive the future growth in the Indian Banking sector. The report titled ‘Opportunities in the Indian Banking Sector’ provides a crisp and comprehensive analysis of the c urrent status and overall growth prospects of the Indian banking industry. The report provides an insight into the use of Information Technology in the sector and the impact of the Union Budget 2010-11 on the growth of the sector. The research presents a detailed PEST analysis of the industry which is substantiated with key findings.The report aims to investigate the opportunities that have been created in the industry in the areas of pension fund, rural banking and e banking. Moreover, the research also explains the impact of the Basel 3 norms on the functioning of the Indian Banks. ‘Opportunities in the Indian Banking Sector’ is an outcome of comprehensive research and analysis of the Indian Banking sector. The team has also mapped the competitive landscape of the sector and tried to shed light on the operations/strategies of the key players. Thus, the information available in the report is expected to enable the target audience in understanding the contemporary indus try scenario. Key findings in the report include: The Indian banking industry has been able to sustain the global economic crisis much better than other developing countries due to its robust capital structure. The implementation of Basel 3 norms will make it more immune to crisis and will guard the banking industry against market risk, interest rate risk and operational risk. Moreover, the creation of capital buffer will provide a cushion for periods of stress and will not lead to situations of insolvency. †¢ In a major move, undertaken by RBI to elevate financial inclusion in the country, additional branch licenses will be granted to private sector banks and NBFCs. This will further assist to ease the entry norms in the industry and attract new players.Additionally, the setting up of new branches will help in extending banking products and services to remote areas of the country. †¢ A paradigm shift in the banking system has been witnessed with the use of information tec hnology for implementation of total banking automation. Various software companies are launching software application packages for banks. For instance, Infosys has rolled out Finnacle which a core banking software, designed to offer solutions for e banking, CRM for requirements of retail, corporate and universal banking and core banking. Moreover, with the introduction of interbank mobile payment service by The National Payment Corporation of India, the retail customers can now avail 24*7 fund transfers.History of Bank of Baroda[pic] [pic] About Bank of Baroda A saga of vision and enterprise It has been a long and eventful journey of almost a century across 25 countries. Starting in 1908 from a small building in Baroda to its new hi-rise and hi-tech Baroda Corporate Centre in Mumbai, is a saga of vision, enterprise, financial prudence and corporate governance. It is a story scripted in corporate wisdom and social pride. It is a story crafted in private capital, princely patronage an d state ownership. It is a story of ordinary bankers and their extraordinary contribution in the ascent of Bank of Baroda to the formidable heights of corporate glory.It is a story that needs to be shared with all those millions of people – customers, stakeholders, employees & the public at large – who in ample measure, have contributed to the making of an institution. Our mission statement To be a top ranking National Bank of International Standards committed to augmenting stake holders' value through concern, care and competence. Our Logo Our new logo is a unique representation of a universal symbol. It comprises dual ‘B’ letterforms that hold the rays of the rising sun. We call this the Baroda Sun. The sun is an excellent representation of what our bank stands for. It is the single most powerful source of light and energy – its far reaching rays dispel darkness to illuminate everything they touch.At Bank of Baroda, we seek to be the source that w ill help all our stakeholders realise their goals. To our customers, we seek to be a one-stop, reliable partner who will help them address different financial needs. To our employees, we offer rewarding careers and to our investors and business partners, maximum return on their investment. The single-colour, compelling vermillion palette has been carefully chosen, for its distinctiveness as it stands for hope and energy. We also recognize that our bank is characterized by diversity. Our network of branches spans geographical and cultural boundaries and rural-urban divides. Our customers come from a wide spectrum of industries and backgrounds.The Baroda Sun is a fitting face for our brand because it is a universal symbol of dynamism and optimism – it is meaningful for our many audiences and easily decoded by all. Our new corporate brand identity is much more than a cosmetic change. It is a signal that we recognize and are prepared for new business paradigms in a globalised wor ld. At the same time, we will always stay in touch with our heritage and enduring relationships on which our bank is founded. By adopting a symbol as simple and powerful as the Baroda Sun, we hope to communicate both. The Heritage It all started with a visionary Maharaja's uncanny foresight into the future of trade and enterprising in his country.On 20th July 1908, under the Companies Act of 1897, and with a paid up capital of Rs 10 Lacs started the legend that has now translated into a strong, trustworthy financial body,  THE BANK OF BARODA. It has been a wisely orchestrated growth, involving corporate wisdom, social pride and the vision of helping others grow, and growing itself in turn. The founder,  Maharaja Sayajirao Gaekwad, with his insight into the future, saw â€Å"a bank of this nature will prove a beneficial agency for lending, transmission, and deposit of money and will be a powerful factor in the development of art, industries and commerce of the State and adjoinin g territories. † The Ethics Between 1913 and 1917, as many as 87 banks failed in India. Bank of Baroda survived the crisis, mainly due to its honest and prudent leadership.This financial integrity, business prudence, caution and an abiding care and concern for the hard earned savings of hard working people, were to become the central philosophy around which business decisions would be effected. This cardinal philosophy was over years of its existence, to become its biggest asset. It ensured that the Bank survived the Great War years. It ensured survival during the Great Depression. Even while big names were dragged into the Stock Market scam and the Capital Market scam, the Bank of Baroda continued its triumphant march along the best ethical practices. The Heroes No history is complete without mention of its heroes, mostly ordinary people, who turn in extra-ordinary performances and contribute to building an institution.Over the years, there have been thousands of such people. The Bank salutes these â€Å"unknown soldiers† who passionately helped to create the legend of Bank of Baroda. There were also the leaders, both corporate and royal, who provided the vision and guided the Bank through trail blazing years, and departing, left behind footprints on the sands of time. This Roll of Honor will be incomplete without mention of men, of the stature of  Maharaja Sayajirao Gaekwad, Sampatrao Gaekwad, Ralph Whitenack, Vithaldas Thakersey, Tulsidas Kilachand and NM Chokshi. Bank of Baroda salutes these leaders whose vision helped to create an institution. Offices and branches [pic] [pic]Shower of Awards & Accolades On Bank Of Baroda ? Bank of Baroda receives Skoch Award ? Bank of Baroda bags Bank of the year 2010 (for India) ? Bank of Baroda has bagged three awards from Association of Business Communicators of India in an award function held at Mumbai. ? Bank of Baroda has been conferred upon Best Bank 2010 award by the prestigious financial magazine, Business India in recognition of its consistent performance ? Bank of Baroda has been conferred upon Silver Award by Dainik Bhaskar group (DNA) ? Bank of Baroda has been awarded with prestigious Dalal Street- DSIJ PSU Award. ? CMD Shri M. D. Mallya is seen receiving the Skoch Challenger Award from Dr. C.Rangarajan, Hon’ble Chairman, Economic Advisory Council to the Prime Minister. ? Association of Business Communicators of India gives awards every year in various categories of Business Communication. Bank of Baroda got the Gold Trophy for the Indian Language Publication, Silver Trophy for the Corporate Website of the Bank, Bronze trophy for Bilingual Internal Magazine and CMD’s message. The Awards were received by Smt. Vindhya Ramesh, Dy. General Manager along with team members in an award function held in Mumbai. ? Shri Nandan Srivastava, General Manager in-charge (Official Language) receiving the   prestigious Millennium National Rajbhasha Shield constituted by Nat ional Hindi Academy Bank of Baroda has been conferred â€Å"Bank of the year† Award at India Leadership Conclave held in Delhi. ? Bank has won award for the leading Public Sector Bank in â€Å"Global Business Development† category at the Dun & Bradstreet Banking Awards 2009, held in Mumbai, on wednesday 18th February 2009. Journey from 1908 to 2009: 1908-1958 ? 1908: Maharaja Sayajirao Gaekwad III set up Bank of Baroda (BOB). ? 1910: BOB established its first branch in Ahmadabad. ? 1953: BOB established a branch in Mombasa and another in Kampala. ? 1954: BOB opened a branch in Nairobi. ? 1956: BOB opened a branch in Dar-es-Salaam. ? 1957: BOB established a branch in London. ? 1959: BOB acquired Hind Bank. 1960s-1970 1961: Merger of New Citizen Bank of India with BOB helped it increase its branch network in Maharashtra. ? BOB also opened a branch in Fiji ? 1962: BOB opened a branch in Mauritius. ? 1963: BOB acquired Surat Banking Corporation in Surat, Gujarat. ? 1964: B OB acquired two banks, Umbergaon People’s Bank in southern Gujarat and Tamil Nadu Central Bank in Tamil Nadu state. ? 1964: BOB lost its branch in Narayanjanj (East Pakistan) due to the Indo-Pakistan war. It is unclear when BOB had opened the branch. ? 1965: BOB opened a branch in Guyana. ? 1967: The Tanzanian government nationalized BOB’s three branches there and transferred their operations to the Tanzanian government-owned National Banking Corporation. 1969: The Government of India nationalized 14 top banks, including BOB. BOB incorporated its operations in Uganda as a 51% subsidiary, with the government owning the rest. 2000s ? 2000: BOB established Bank of Baroda (Botswana). ? 2002: BOB acquired Benares State Bank in Benares at the Reserve Bank of India’s request. ? 2002: Bank of Baroda (Uganda) was listed on the Uganda Securities Exchange (USE). ? 2003: BOB opened an OBU in Mumbai. ? 2004: BOB acquired the failed Gujarat Local Area Bank, and returned to Ta nzania by establishing a subsidiary in Dar-es-Salaam. ? BOB also opened a representative office each in Kuala Lumpur, Malaysia, and Guangdong, PRC. 2005: The Reserve Bank of India (RBI), has approved a joint venture between BOB, Bank of Maharashtra (BOM), and Oriental Bank of Commerce (OBC) to set up a bank in Malaysia. The new bank will reside in Kuala Lumpur, which has a large population of Indians. The initial capital required will be US$78 million; BOB will invest 40%, and the other two banks will invest 30% each. The JV is awaiting approval from the Malaysian Central Bank. Bank has built and commissioned its own State-of-the-Art Global Data Centre (DC) in Mumbai for running its centralized banking solution(CBS) and other applications in 1900+ branches across India and 20 other counties where the Bank is operating. ? BOB also opened a representative office in Thailand. ? 2006: BOB established an Offshore Banking Unit (OBU) in Singapore. 2007: In its centenary year, BOB's total b usiness crossed 2. 09 lakh crores, its branches crossed 1000, and its global customer base 29 million people. ? 2008: BOB opened a branch in Guangzhou, China (02/08/2008). ? 2009: Bank of Baroda registered with the Reserve Bank of New Zealand, enabling it to trade as a bank in New Zealand (2009/09/01) Personal Banking Services Bank of Baroda  believes in the strength and integrity of relationships built with its customers like you. With over 102 years of experience in the banking industry and a wide network of over 3412 branches  all over the country, we have always been active in extending financial support and adapting to your changing needs.Bank’s  Deposit Products,  Retail Loans,  Credit Cards  and  Debit Cards  help you with your growing financial needs. With facilities like  Lockers  we ensure that your valuables are safe with us. BOB’s countrywide branches offer convenience and ease in operating one’s account wherever they are. BOBâ₠¬â„¢s 24-hour ATMs enable to withdraw cash, check account balance and request for a new cheque book even after banking hours. Faster technology for better service Baroda Internet Banking / Baroda Mobile Banking, our latest Internet and Mobile banking initiatives enable you to operate your account just as you would in any of our branches. You can through the Internet check your balance, request for cheque books and print account details.Choose from our various products and services, that we sincerely feel will put a smile on your face; an investment we would like to bank on forever. | | | | Deposits Bank of Baroda  offers various deposit plans that you can choose from depending on the term period, nature of deposit and its unique saving and withdrawal features. Apart from competitive interest rates and convenient withdrawal options, BOB’s deposit plans offer other features such as overdraft facility, outstation cheque collections, safe deposit lockers, ATM's etc. Choose from   Fixed,  Current  and  Savings  Deposit plans. Fixed deposits are categorized into deposits with a term period of less than 12 months, more than 12 months and recurring deposits.These deposit plans offer convenient solutions to both working individuals as well as senior citizens. Current and saving deposits are ideal for individuals who wish to take advantage of multiple benefits within the same plan and even be eligible to opt for overdrafts. Deposit Products & Services Fixed Current Saving Gen Next Services Gen- Next Junior Gen- Next Life style Gen- Next Power Gen- Next Suvidha Retail Loans A wide range of solutions for your financial needs Bank of Baroda  offers a wide range of retail loans to meet your diverse needs. Whether the need is for a new house, child's education, purchase of a new car or home appliances, BOB’s unique and need specific loans will enable his/her to convert dreams to realities. Products Home Loan | |Home Improvement Loan | |Loan Again st Future Rent Receivables | |Advance Against Securities | |Baroda Career Development Loan | |Two Wheeler Loan | |Traders Loan | |Baroda Ashray | |Home Loan TO NRIs/PIOs | |Mortgage Loan | |Education Loan | |Auto Loan | |Loan To Doctors | |Personal Loan | | | | | | | | | |Debit Card | |The  Bank of Baroda International Debit Card  is accepted at over  50000 Visa Electron ATMs in India and 1000000 ATMs worldwide. The | |card is also accepted at any 350000 merchant outlets in India and around 29 millions globally.The card enables you to enjoy the | |convenience of cash-less purchasing power without the fear of overdrawing your account | |Key Benefits and Features | |ATM daily cash withdrawal limit Rs: 25,000 (per transaction limit Rs. 15,000) and Point of Sales (POS) daily limit Rs. 50,000. | |Take advantage of the most widely accepted card and be able to withdraw from any ATM displaying the VISA logo, in India and | |abroad. | |At VISA Electron merchant shops, it can also serve as your electronic purse, and money gets debited instantly from your account, | |as you pay. | |The Card allows you to get mini-statements from Bank of Baroda ATMs, or to check the balance in your account, avoiding visits to | |even our nearest branches. | | | | | | | | | | | | | | | | | | | | |What's a Debit Card? | |A debit card is issued to an account and card holder uses the card the debit transaction is directly affected to his/her account | |to the extent of balance available. Whereas in credit card there is no need of account but a credit limited is granted up to which| |one can spend. | |How Does a Debit Card Work? | |When you use a debit card, the linked account is checked for the balance availability and the transaction debits (withdraws) the | |amount from the linked account, immediately.You can use a debit card to get cash from  ATM machines  or have it swiped like a | |credit card at shops or restaurants or swipe it through a pay phone to make a call. | |Making a Travel Budget With a Debit Card | |Naturally, you can't rely on your debit card for all your international transactions – imagine haggling with a street vendor, | |getting the price right and then trying to give him/her plastic! Remote hostels and many restaurants in third world countries | |don't accept credit cards (which is how debit cards are viewed in the business world).Thus, you'll need to make budget plans | |before you leave home so that you have traveler's checks and cash  and  some money in your checking account for use on your debit | |card. | |Let's assume you have a budget of $2000 for your trip. Decide how you're comfortable splitting that into the way you'll use it; | |$100 in traveler's checks (although travelers' checks are dead as disco, because carrying them is a pain on several levels — | |we've had banks in other countries refuse to cash them, we've lost them, etc. and so on), $400 in cash and $1500 left in your | |checkin g account, for example — that's $1500 on your debit card. | |If that $2000 represents your entire cash portfolio, consider setting up emergency precautions before you leave home.If someone, | |like Dad, is willing to loan you money, leave deposit slips with him so that if you spend all your money abroad, you can dial for | |dollars (using your debit card) and he can get some money into your account. If your debit card (your checking account) is almost | |empty, ask him to tell the bank to â€Å"memo post† the deposit so that the cash is immediately available and your debit card is | |quickly back in business. | |How to Get a Debit Card | |Chances are you were automatically offered a debit card when you opened your checking account. If you don't have a checking | |account, go open one now.Look for a bank that doesn't charge checking account fees, and ask for a debit card. | |It takes a few days to two weeks to get a debit card after you order it. When the card arrives, sign the back; have photo id with | |your signature handy when you use the card – merchants may want to compare your face and your signatures to protect themselves | |from fraud. | |How to Choose a Debit Card PIN Number | |Your debit card comes with a PIN (personal identification number) which can be changed to a number you can easily remember. | |Memorize it; if you have to write it down, keep that separate from your card.Don't choose an obvious number, like your birthday, | |in order to lessen the chances of someone else being able to guess your PIN number if they come into possession of your card. | | | | | |If You Lose Your Debit Card†¦ | |If your card is lost or stolen, call your bank a sap (Skype's a good, cheap choice for international calls from anywhere you can | |find a computer) before someone else spends your money. Write down your bank's number before you leave home and keep it in a | |couple of places – your journal, your guidebook. Set up an  i nternational snail mail address before you leave home so your bank can| |send you a different card if yours does get lost or stolen. | | | | | | |When to Use Your Debit Card | |Debit cards are handy when making a long distance room reservation or any internet reservation, including plane tickets. You can't| |use a debit card just like a credit card when renting a car – the companies require a major credit card, which offer a certain | |amount of insurance in case you have a fender bender. |About Debit Card Fees and Overseas Transaction Fees | |International ATM machines will charge a fee  when you use your debit card; the amount is determined by the ATM owner. Most fees | |are under $5 — a notice on the ATM machine will tell you what the fee is. More than $2 is too much — look for another ATM | |machine. | |The real fee problem with a debit card comes from your own bank — the card issuer may charge you up to 3 percent for a foreign | |transaction, in cluding an ATM withdrawal. Call your bank long before you go — if you don't like the fee, call around and ask what| |other banks are charging for foreign transactions made with a debit card; be sure to ask what, if any, fees the bank will charge | |for an ATM withdrawal made on foreign soil, even at an â€Å"international bank. | | | | | | | | | | | | | | | |Bank Of Baroda Debit Card | |What is a debit card? | |Debit Card is an electronic purse, which allows the holder to withdraw cash from ATMs and also enables him to purchase goods or | |services from the member establishments. Debit Cards are mostly issued in collaboration either with VISA or MASTER Card. | |What is Bank of Baroda’s Debit Card? | |Bank is issuing globally accepted Debit Card in association with VISA, which will be the easiest way to access customer’s account. |A debit card will allow the customer to purchase goods at VISA Electron merchant establishments and withdraw Cash from any VI SA | |ATM in India and abroad. It is a 24 hours banking facility. | |What is the difference between a Debit Card and a Credit Card? | |The basic difference between a Debit Card and a Credit Card is that the Debit Card gives the customer access to his own money | |whereas the credit card is a form of loan and allows line of credit offered by the Bank. As in case of Debit Card, there will be | |on line debit to the customer’s account, there are no hassle of receiving bills, making payments on due dates, making payment of | |interest on the amount not paid etc. |What is the advantage of a debit card? | |The debit card provides tremendous convenience in payments and helps the customers reduce the amount of cash they need to carry. | |Besides that customer always stays in control of his finances as he can spend only what he has in his account. It also gives an | |unparalleled access to his account, whenever he wants, wherever he goes. | |No Interest / service Charges | |Suits to the Indian psyche of limited expenditure. | |Debit card is not included in the list of Compulsory Income Tax Return Filing. |Usable at POS and hence no carry cash | |Same Card usable at ATMs | |Will customers be entitled to get an additional card in case of joint accounts? | |All the joint account holders, if the operating instructions in the account are ‘either or survivor’, are eligible to get an | |additional card in his/her own name. | |What are the charges for issuing of a Debit Card? | |There are no charges for issuing a debit card. | |What should customer do on receipt of DEBIT CARD? | |Customers are advised to immediately sign on the panel on the back of the Card. However, to prevent any possible misuse, even | |before delivery of Card to customer, it has been made mandatory that Customer should first use the Card at ATM, which requires PIN| |to be entered..Debit Card will be activated for use at POS only after it is used at ATM. | |What is PIN? | |PIN is a FOU R Digits Personal Identification Number, which is issued to the customer in a CLOSED Jacket and is delivered to him | |separately. Customers are requested to ensure that PIN jacket is received by them INTACT and they are also requested to change his| |PIN immediately. Under no circumstance, PIN should be divulged to anyone including to any official from the Bank. | | | |Where will Bank Of Baroda Debit Card be accepted? | |The  Bank of Baroda International Debit Card  is accepted at over 32000 Visa Electron ATMs in India and 1000000 ATMs worldwide.The | |card is also accepted at any 350000 merchant outlets in India and around 29 millions globally. The card enables you to enjoy the | |convenience of cash-less purchasing power without the fear of overdrawing your account. | |What are the facilities available at ATMs? | |At BANK OF BARODA’s ATM network, Customer will be able to withdraw Cash, make a balance enquiry, change his PIN and print a mini | |statement of his account. However, at all other banks ATMs he will be able to withdraw cash and enquire the balance only. | |Whether there are any charges for using CARD at ATMs? | |There will not be any charges for using the Card at Bank of Baroda’s own ATM network.However, if the Card is used at other banks | |ATM, whether in India or abroad, customer is required to pay the charges as per tariff of charges, which will be declared by the | |Bank from time to time. | |And what about charges for using the Card at POS? | |There will not be any charge for using the Card at the POS, either in India or abroad except a nominal service charge is levied if| |the card is used at Petrol Pumps and Indian railways. | |How the amounts withdrawn abroad or purchases made outside India are debited into the account? | |Normally the Cash can be withdrawn and payments for purchases can be made upto the amount of balance available in the account of | |the customer.However, for safety reasons Bank has fixed PER DAY limit of Rs 15000/- for withdrawing the Cash at ATMs and Rs | |25000/- for making purchases at the POS, subject to maximum of balance available in SB account. These limits are also subject to | |using the card MAXIMUM of FOUR times in a day. | |Are any formalities required to be completed by the Bank for international transactions? | |NO, the customer is required to use the Card as per his foreign exchange entitlements only and necessary formalities as required | |under FEMA 1999 are to be complied with by the customer. | | | |What will be the mode of payment in case of a Debit Card? | |The account of the customer will be debited instantly to the extent of purchases made and amount withdrawn from the ATMs. |Therefore, there will not be any monthly outstanding as in case of Credit Cards. | |If customer returns the goods to POS or cancel the transactions, will his account be credited online? | |In case he cancels the transaction immediately, customer’s account will be credited imme diately. However if any customer returns | |the goods later, merchant will make the payment to our Base branch through acquirer. Switch will pass on the credit to customer’s | |account thereafter. | |What is the procedure to be followed in case of loss of Debit Card? | |In case of loss of card, customer will be required to report the loss IMMEDIATELY over phone to our 24 hours Customer Care Toll | |free number 1800 220 400. He will also be required to report the loss to nearest police station and inform the Bank in writing | |along with a copy of information duly acknowledged by the Police. | |When will the customer get replacement card in lieu of lost one? | |Replacement card will be issued to customer after receipt of above information and a request for issuing of replacement card from | |the base branch of the customer. | |How can Customer prevent misuse of card in event of getting it misplaced? | |Customers are protected from the misuse/losses on the Debit Card after they report the loss to the Bank. They will be covered | |automatically under an insurance cover. Please note that this cover will be available to customers only for misuse of card atPOS,| |because at ATM misuse without PIN is not possible. Customer is neither supposed to divulge his PIN to anyone nor record the PIN | |anywhere. | [pic] SWOT Analysis SWOT ANALYSIS STRENGTH: ? Financially strong bank ? Very old bank ? Aggressive marketing ? Good repo ? Technological advanced WEAKNESS: ? Guidelines are not flexible ? Power is not decentralized OPPORTUNITIES: ? New area is developing. So, there is vast chance for housing loan. ? Guidelines to be designed in such a way that needs of the all type of prospective borrowers should be fulfilled. THREATS: ? This is the nationalized bank so, competition may be with private banks ?Aggressive marketing strategies by private banks ? Entry of foreign banks in near future. [pic] Findings and Research Methodology Findings Q. 1. Are you a customer of BOB ? [pic] Interpretation:- Around 91. 60% are Bank of Baroda customer, because these surveys are conducted in various branches of BOB only. So majority are customer of BOB. Q. 2. Which type of A/C do you maintain? [pic] Interpretation:- According to survey there are majority of respondent are maintaining saving account. It’s very easy to maintain and also only 1000Rs. are required for opening these type of account. Q. 3. How long are you banking with BOB? [pic] Interpretation:-According to total respondent 29 respondent are banking with Bank of Baroda lies between 1-5 years and 26 respondent are banking with BOB more than 5 years. Q. 4. Which of the following facilities of BOB you use? [pic] Interpretation:- According to respondent 40 customer are using ATM/Debit Card and 18 customer are using Net banking. These show those customers are using ATM/Debit card facilities more than other facilities. Q. 5. How frequently do you use AMT/Debit card? [pic] Q. 6. What purpose you are us ing AMT/Debit card? [pic] Q. 7. Select the type of Baroda Connect a/c you use? Q. 8. How did you come to know about Baroda Connect? [pic] Q. 9.Which of the following do you use in Baroda Connect facility? [pic] Q. 10. How frequently do you use Baroda Connect (net banking facility)? [pic] Q. 11. Select some of the benefits of using Baroda Connect? [pic] Q. 12. Do you have demate A/C? [pic] Q. 13. Satisfaction level of using ATM/Debit card: [pic] Q. 14. Satisfaction level of using Baroda Connect (Net Banking): [pic] Q. 15. How frequently do you visit the branch? [pic] Q. 16. What are purpose of visiting the brand? [pic] Personal Detail:- ? Gender:- [pic] ? Education:- [pic] ? Monthly Income (Rs. ):- [pic] Research & Development ACTUAL COLLECTION OF DATA Data sources: The sources of data include either secondary data or primary data and even ome times the combination of both. The present study is more concentration on both primary and secondary data. Primary data: Primary data is colle cted through face-to face interaction with customers of the telecom companies, by meeting them in personal. Secondary data: The secondary data used for their study are inclusive of the data collected from the internet, catalogues and brochure. SAMPLING PLAN 1 Define Population ? Elements: Customers ? Sampling Units: Businessmen, Professional, House wives, Students. ? Extent: West, North, South, East 2 Sampling Frame ? Various Branches of Bank of Baroda, Ahmedabad city. 3 Sampling Method ? Random Sampling METHODOLOGYThe study will conduct on the bases of survey through questionnaires given to respondents. Sampling Design Population: Ahmadabad Sample Size: Population of 60 LEARNINGS The most important part is that they make me feel employee of the organization rather than a trainee and allow me to flourish in each and every department. They were so generous to me that at any mistake, rather scolding they taught me how to correct it & allow me to learn from that mistake. Learning inclu de, 1. Overview of the banking industry & their operation 2. Deep Knowledge of ATM/Debit Cards 3. Familiar with third party Products and Alternative delivery Channels 4. Gain knowledge of loan 5.Proposals that the bank has approved for the disbursement of loan 6. Working on CRISIL and learning some of its function 7. The most important learning of CIBIL& how to learn this CIBIL 8. Knowledge & functioning of LAPS software 9. Also Updated with SME Loans, City back offices, Service branch, MICR centre. 10. How to come out from the different problems & how to interact with customer. 11. Awareness of FINACLE software. Experience at Bank of Baroda I would like to conclude my project with a feeling of having gained enormous knowledge in the field of advances. My project has taught me a lot and has helped me sharpen my management skills for application aspect.I had wonderful experience for which I am greatly thankful to the entire staff of BOB who have continuously taught me by guiding in each and every step. It was a memorable experience of working in such a lively & dedicated atmosphere. Not to forget to mention that my two months training has removed my misconceptions regarding the working of public sector bank. Lastly, I would conclude it was such a memorable experience for me to be a part of BOB. Thanks a lot to all staff members of BOB for such a good co-operation. BIBILIOGRAPHY ? www. bankofbaroda. com ? www. google. com ? http://www. ibef. org/industry/Banking. aspx ? www. cibil. com ? www. crisil. com [pic] ———————– [pic]

How to Break a Bad Habit Essay

Research says that 40 percent of our actions are habits not conscious decisions. A Habit is defined as â€Å"a settled or regular tendency or practice, especially one that is hard to give up†. Generally habits are good things; but what about the bad habits- biting your nails, smoking, procrastination, etc.? Habits are learned, therefore they can’t just be deleted, but they can be replaced by more desired behaviors. Many people have habits that they want to break, but they feel like they can’t do it, the idea of it seems impossible or too difficult to challenge. Breaking a habit is easier than it seems. In order to break a bad habit we must first define the habit. What is the behavior you want to stop and why do you want to stop it? Many people are on board the idea of breaking a habit without being sure they really want to make the change and why they want to make the change. Once you recognize the habit you want to stop and the reason as to why you want/ need to stop it you then need to identify what triggers this habit. Many habits are habitual behaviors that have evolved because they have been rewarded in some way. Most bad habits come out as a way of dealing with situations that may cause stress, anger, boredom, etc. For example, many people who smoke look at it as a stress reliever. In order to break a habit it is important to identify what triggers the habit. What is the cue that sets you off? Is it a time a day, a memory, an emotion? Ask yourself â€Å"do I do this habit whenever blank occurs?† Once you are able to define whether it is a situational or emotional context that triggers the habit you are better able to find ways to break the habit and develop another healthier way of achieving the same reward. Next we need to identify the reinforcement and replace it with something that gives you the same satisfaction. What are you really getting out of this action/habit? This can be a really difficult step. By smoking you can get unhealthy skin, the risk of lung cancer, brown teeth, but it relieves your stress and so it’s justifiable, right? What can you do that is better for yo u and will give you the same satisfaction? For example you smoke because for you it relieves stress after you smoke you feel a sense relieve. What else gives you a sense of relief? Go to the gym, listen to music, chew gum, or cook. Visualize your success, in your mind practice breaking the habit by imagining yourself engaging in the desired  behaviors rather than the old ones. For example, if your goal is to eat better than visualize yourself in the kitchen preparing health meals. Visualize that in a short period of time you will lose the 10 pounds you’re trying to lose. Remember it is okay to think about the habit you’re trying to break, just remember to visualize and remind yourself of the outcome from breaking this bad habit. Support is very important when breaking a habit. When trying to break a habit tell supportive people about your plan, it’s a great feeling to have support and encouragement. Invite friends to call you out when you slip up and there be consequences. An example of this would be if you’re trying to stop cursing; keep a swear jar and every time you slip up you have to put a dollar or an amount you would hate to give up into your husband/wife/support jar as well as your own jar. Stick to this whenever you slip up. Eventually you’ll become more cautious of the things you’re saying because you’ll get tired of paying up. Habits are created when a behavior is rewarded in some way as I mentioned earlier. With that being said find a way to reward yourself for good behavior. For example, if you’re trying to break the habit of being late to class, you can reward yourself with something you like, like a caramel flan latte from Starbucks that you love so much every day that you’re on time to class, until the reward is no longer needed. However, the most successful reward will be the one that comes after that breaking that habit. Lastly, when breaking a bad habit, be patient. Behavioral training is a long process, and breaking a habit take time. Studies show that in most cases it takes 28 days to break a habit. However, reality is a lot more complicated and it progress depends on the individual and the habit. The first few days will be the hardest, but it important to stay focused and think about the outcome. There will be times when you want to give up there may even be times when you slip up but you must continue to push. Remember to you can do it!

What are the weaknesses of the European Concert System Essay

What are the weaknesses of the European Concert System - Essay Example Further Europe’s great powers signed a treaty to increase mutual cooperation and to prevent the recurrence of hegemony. This was known as the Congress of Vienna and was chaired by the Austrian statesman Klemens Wenzel von Metternich. Its purpose was to redraw the political map of Europe, which was in disarray due to the Napoleonic wars. France was excluded from this exercise as its boundaries had already been decided by the Treaty of Paris, signed on May 30, 1814. The specific aim of this Concert was to prevent the outbreak of revolution in their countries. This was due to the fact that the French Revolution of 1789 had spread terror amongst the leading powers of Europe. To this end, Austria, Prussia, Russia, Great Britain and France convened at the Congress of Vienna. The Great Powers met periodically and made efforts to ensure peace in Europe. A beneficial result was the formation of a framework for international diplomacy and negotiation. An example of this endeavor is the 1827 intervention by these Great Powers leading to the defeat of the Ottoman Empire in the Battle of Navarino. The main weakness of the European Concert was that it consisted of countries with different ideologies and this resulted in the lack of consensus. The European countries, with the exception of Britain, were interested in maintaining the political status quo in western and central Europe in order to suppress revolutionary outbreaks. However, Britain abstained from opposing any such threats to Spanish and Portuguese rule in Latin America.

The High Court, The Crown Court and Magistrates Court Essay

The High Court, The Crown Court and Magistrates Court - Essay Example As district judges are legally trained, they can work through case quicker, and have better technical and legal knowledge(Daryl Williams, 2001, p.146). Lay Magistrates can also be referred to as 'justices of the peace'. The Lord Chancellor appoints JP's. This is officially done beneath a document called 'commission of the peace'. This is carried out in two ways. moreover in respect of counties, where it is beneath the advice of the lord lieutenant of the county and help by the advisory committee, or in respect of urban areas. In this case, it is on suggestion of the advisory committee only(Anthony Blackshield, 2000, p.428). No doubt, these committees were kept clandestine, until 1992, but have since been re-published so that all names are renowned. The Lord Chancellor has to take into account that the panel has a wide-cross part. This means that there be supposed to be a diversity of dissimilar people from dissimilar ethnic and social backgrounds. This is to make sure that the panel of JP's is delegate of all possible defendants, and all feature of society(Michael White, p. 152). In order to become a JP, it is important to be reliable and committed. The lay people must either live or work, within a 15-mile radius of the area being scrutinized on behalf of the defendant. JP's must also be able to sit in court for a minimum of 26 sessions-one session making up one half day. The lay people are not paid, therefore they are reimbursed for loss of earrings, travel expenses and lunch etc. it is vital for lay people to be aged between 21 and 65, although there are not may 21 year old JP'S and the youngest age usually ranges from 26-27. This is due to lack of life experience. Above all it is important for the potential JP'S to not have a criminal record this refers to bankruptcy, theft, tax etc(Enid Campbell, 2001, p.95). Critical Analysis Of The Use Of Magistrates Courts There are lots of advantages of having lay magistrates. As they are not paid, the government save money. The magistrate's court is therefore contemptible to run. It would be extremely luxurious for the courts otherwise, to hire legally trained judges. The magistrates are usual people. They have understanding of the kind of live the defendants have. This variety of people shows that there is more of a representation (Cracknell DG). The judiciary is made up of a wider cross-section. 45% are women. though there are not numerous ethnic minorities there are still a vast amount, and the numbers are rising. The magistrates also get hold of local knowledge. As they live inside 15 miles of the area, they know what the circumstances re like, and they are aware of certain difficulty so they can empathize with the people(Anthony Blackshield, pp.427-28). There are also some disadvantages to. Sometimes, as the lay people are described as being 'middle class, middle aged and middle minded' they do not always cover a very wide cross-section of the real, for example if there was young defendant on trail, the older lay people wouldn't be able to fully understand him, and his thought and feeling (Zander M). This would be bad, as the younger people would be treated unfairly. There will be little common with the younger defendants and the older lay magistrates. Although a

Business Law Essay Example | Topics and Well Written Essays - 250 words - 24

Business Law - Essay Example dismissing the contract because they no longer have confidence in Lewis to continue with the business because he does not have sufficient equipment, but they will still win so long as they demonstrate that there is an existing law, which is related to the issue of market price. In addition, the court may not be able to grant a summary of judgment if both parties dispute against a material fact. In this case, Lewis can defend himself by providing evidence that such law does not exist, or that it affect their contract, if it exists (Jorgensen 250). Both Nine Mile Mine and Lewis can defend their position; in support of the motion or opposition of the motion respectively, by use of information obtained during the initial stages of the proceedings, such as answers to interrogatories, deposition testimony, and answers to wishes for production. In addition, the disputing parties can use affidavits from experts to oppose or support the motion. If any parties lose on the judgment, then they are free to seek appeal, though the chances of overturning summary judgments on appeal are extremely rare (Jorgensen

Pain spectacles rule the roost Essay Example | Topics and Well Written Essays - 500 words

Pain spectacles rule the roost - Essay Example Of all other discriminations that we are aware of, Peter Singer (5 April 1973) had reminded us, â€Å"one should always be wary of talking of â€Å"the last remaining form of discrimination,†Ã¢â‚¬  which is the discrimination carried out by humans towards animals. He argued that like any racist or sexist, we believe that animals have an inferior status to us because they belong to some other species and calls this attitude, ‘speciecism’ (Singer, 5 April 1973). It is true that humans have never had the habit of viewing animals as equals. But are we as a species, sympathetic to even other human beings’ pain, once we shed the cultural and moralistic attires that we have learned to wear through human history, and stand naked in our basic human instincts? A comparison of our attitudes towards animals, especially in the context of our habit of entertaining ourselves in watching dog-fighting and bull fighting can be made with our attitude towards violence in spo rts. The logic is quite compulsive. Singer (5 April 1973) has rather been blunt in his arguments regarding animal liberation. He observed nonchalantly that â€Å"people who eat pieces of slaughtered non-humans every day find it hard to believe that they are doing wrong† (5 April 1973). The Roman elites who enjoyed the fighting spectacle between the enslaved humans used to bring perfumed hand kerchiefs to the venue to avoid the distasteful smell of blood becoming too strong.

Tough Love Parenting Research Paper Example | Topics and Well Written Essays - 1000 words

Tough Love Parenting - Research Paper Example Tough parenting refers to the act of being aggressive and stern in acting towards behavioral problems with an aim of assisting children to be good people. Although the actions towards bad behavior may seem like an act of cruelty to the child, it is aimed at making the child realize the need to change a given behavioral attitude in preparation to be good people in the future. For example, a parent may decide to withhold all entertainment opportunities to a child until school grades are improved. In extreme cases, a parent may decide to withhold all the financial support to a drug-addicted child until the child sees the need to go to a rehabilitation or correctional facility. According to Zodkevitch, tough love parenting is indeed important and necessary. Zodkevitch argues, â€Å"Tough love action steps a take parents from chaos to functionality, but tough love requires a change from whish-washy parenting to parenting with purpose on a daily basis (Zodkevitch 102). This presents a ver y interesting point of argument. What is the exact cause of behavioral problems to children? Is it poor parenting or a more complex problem that lies within the family and the society? its seems logical to claim that if the problem stems from poor family or societal set up, then tough love parenting may not work at all since it does not address the specific problem. On the other hand, the children may be experiencing behavioral problems due to poor parenting. When the same parents exercise tough love, then the problem escalates rather than solving the issue. A research conducted by Demos based on parenting behavior found that â€Å"high levels of parental warmth and attachment until the age of 10, combined with strict discipline by the time they are 16, play a powerful role in reducing the likelihood that a child would go on to be a binge drinker† (Doward web). This raises a question on what is the best time to implement tough love parental approach. This is because there is still a possibility that the child may develop behavioral problems even at early age. Conversely, it is possible for a child to grow maturely without behavioral problems even without tough parental love. However, the research findings by Demos can be taken as a precursor to the most appropriate period to initiate or stop tough parental love. Based on these findings, it can be argued that continued tough parental love beyond the age of 16 may not work since other factors come into play. For instance, teens over the age of 16 may no longer see the need to be supported by the parents. However, Heineman and Pieper have a very different and perhaps a counter approach to the issue of parenting. They advocate for â€Å"smart parenting† as opposed to tough love parenting. They claim â€Å"you can enjoy a relationship that’s based on mutual respect. You don’t have to get tough-you can get smart† (Heineman and Pieper 2). However, this raises the question of what co nstitutes smart parenting. The two extremes may not work at all situations but it seems more logical to assume that any methodology would apply depending on the particular situation. Therefore, tough love finds profound use when cases of indiscipline have gone overboard. However, on a normal situation, smart parenting should surely prevail. The degree of behavioral problem that may warrant tough love

Insurance Law Dissertation Example | Topics and Well Written Essays - 1500 words

Insurance Law - Dissertation Example Indeed in the current scenario of uncertainties and risks, both within and outside the home, insurance in various areas of business and personal domain has increasingly become critical part of improved lifestyle (Ward, 2000). But interestingly, while the concept of insurance is similar the format of insurance, especially the criteria of framework and regulation of insurance differs significantly in Islamic countries like Saudi Arabia and western countries like UK. In the recent times, Islamic insurance has rapidly emerged as one of the most popular and also a highly effective strategy to reduce financial risk of the individuals and the government as a whole (Anderson, 1976; Habshi & Othman, 1997; Ahmad, 1972). Indeed, the growth and penetration of Islamic insurance across the non Islamic countries has been seen as a positive trend in the insurance sector. The paper would therefore, be focusing on the question as to why should there be development of Islamic insurance in Saudi Arabia and UK? Meaning of Islamic Insurance Islamic insurance is mainly guided by Shariah or Islamic laws that forbid business based on unethical practices. Various products of insurance are strongly influenced by Shariah principles that prohibit gain through means like gambling, uncertainties or interest income (Mortuza, 1989; Ismail, 1997,98). Uncertainties are involved in life insurance as the outcome is unknown at the time of entering into contract and could vary. Gambling refers to gain of wealth under some defined conditions and interest income is unethical as it is not reward against hard work (Maysami, 1998; Sharif, 1997; Siddiqui, 1971). Thus, new concept of insurance emerged under ‘Takaful’ that worked within the precincts of Islamic laws. Islamic laws fundamentally rely on equitable distribution of wealth. Takaful is based on the ethical practices and is free from gambling, uncertainties and interest income (Ahmad, 2009: Anwar, 2008; and Saleh, 1986). It broadly ref ers to contributions made by individuals to be used in times of crisis or need. Rather than individuals, the family as a whole becomes the main beneficiary. Stagg-Massey (2007) state that Takaful has been taken from ‘kafal’ which is an Arabic word that means guaranteeing each other and taking care of each other’s needs. Thus, Takaful is a cooperative mechanism that promotes fair practice and spreads the risks and reduces financial loss suffered by an individual within the group. Need for Islamic insurance in Saudi Arabia and UK Middle East and African nations have lagged behind in insurance primarily because of the restraints imposed by religion and the prevalent poverty of the region. The development processes and growth have become major paradigms that necessitate insurance coverage. After 1970s, the discovery of oil and gases in the Gulf region has transformed the economy of the region. The large investment in the infrastructure and rapid growth in internation al trade has spurred the need for insurance amongst the working and non working population of the oil rich countries. Takaful not only facilitates the poor to survive with dignity under excruciating circumstances but also encourages ethical practices that are fair and justified (SAMA). Saudi Arabia being a leading Islamic nation is therefore morally bound to promote Takaful. In western countries like UK, insurance has fast transformed into major industry that is motivated by vested interests of making profit by exploiting the

The Business Environment of Tesco Plc Case Study

The Business Environment of Tesco Plc - Case Study Example In its website, Tesco Plc clearly identifies its mission by the statement "Our core purpose is to create value for customers to earn their lifetime loyalty" (Tesco Plc 2008) This statement is in recognition that the success of the giant retailer is highly dependent on two key identified stakeholders-"the people who shop with us and the people who work with us" (Tesco Plc 2008). Thus, the company also expresses its two core values which are focused on the satisfaction of these two groups of stakeholders. For customers, Tesco maintains that in their stores "No-one tries harder for customers," (Tesco Plc 2008) while for its employees, it stresses that it would "Treat people as we like to be treated" (Tesco Plc 2008). This analysis will focus on three stakeholders of Tesco Plc, two of which are already identified above as its customers and employees. It should be noted that the success of the business organization is dependent on the customers' decision to purchase in the retail store. This in part is attainable only through the direct cooperation and effort of its employees to pursue its overall strategy of providing good products, excellent service, creation of a convenient shopping atmosphere and making shopping as enjoyable as possible. The mission of Tesco to retain loyal people both its customers and employees is created in recognition to this fact. Since the mission statement revolves around customers and employees, the company's values are also geared towards the satisfaction of these stakeholders. Tesco further expounds on how it satisfies its customers by identifying the direct ways on how to boost customer value: "Customers have told us what they want-clear aisles, to be able to get what they want at a good price, no queues and great staff. We call this our Every Little Helps Shopping Trip for customers and use it every day to ensure we are always working hard to make Tesco a better place to shop, at home and abroad" (Tesco Plc 2008). The identification of customers as key stakeholders of Tesco becomes a primary importance when it formulated its values. For its employees, Tesco Plc is committed in making the company a "great place to work" by listening to what its workforce wants: "Our staff have told us what is important to them - to be treated with respect, having a manager who helps them, having an interesting job and an opportunity to get on. Helping achieve what is important to our staff will help us to deliver an Every Little Helps Shopping Trip for our customers" (Tesco Plc 2008). Recognizing that Tesco's customers can be satisfied by its staff, the retailer also focuses on the satisfaction of its people to look after and deliver value to its customers. The four pronged objectives of Tesco Plc together with the identified mission and values altogether work for the maximization of the wealth of its other key stakeholders-its shareholders. Every business organization pursues the same goal and that is to be able to generate a sizable profit for its

Individual Person Essay Example for Free

Individual Person Essay 1.1 Person centred is about providing care and support that is centred or focused on the individual and their needs. We are all individual and just because two people might have the same medical condition, for eg.Dementia, it does not mean that they require the same care and support. As a care worker I need to understand what the values are. There are eight person centred values: individuality rights choice independency dignity respect partneship equal opportunities I need to listen to S/U, they know themselves best, even if disagree, the care plan is theirs unless the capasity to understand is diminished and then advice must be sought from other person involved in an S/U‘s support plan,even legal advice should be sought in some ases. 1.2  Explain why person centred values must influence all aspects of social care work. The why is because it is embedded in social policy and legislation eg Putting People First, Valuing People Now and the Essential Standards. 1.3  Explain how person centred values should influence all aspects of social care work It’s important to respect the rights of the individual to be at the centre of their own care. This means that workers must focus on what the individual wants and how they want it to be provided. 1.2/1.3 vvv Person-centred care values must influence all aspects of health and social care work. Health and social care should be based on person-centred values, and should be individualised as this is a law requirement (Human Rights Act 1998, Health and Social care Act 2012, Codes of practice for Social Care Workers, etc). If person-centre values that underpin all work in the health and social care sector are followed as they should be then all individuals should feel that and health and social workers ensure that: †¢ the individual is supported in accessing their rights †¢ the individual is treated has an individual †¢ the individual is supported to exercise choice †¢ ensure the individual have privacy if they want it †¢ support the individual to be as independent as possible †¢ treat all individuals with dignity and respect To ensure the above is followed will influence all aspect of health and social care it is important to ensure that all individuals are treated as such and person- centred care should ensure this.

Statement of Cash Flow Essay Example for Free

Statement of Cash Flow Essay The importance of cash the cash flow statement help businesses and creditors understand how liquid a company is. Team A discussed some important factors about the statement of cash flow. The purpose of the statement of cash flow and how it is used in accounting is explained. The direct and indirect method of preparing a statement is used. Steps in preparation and classification are explained. The team also examines things that they struggled with and also things that they were comfortable with. The purpose of the statement of cash flow Statement of cash flows purpose is to provide information of cash payment, cash receipt of a business during a period. It also provides answer to question for future investors wanting to make investment in the company. The investors will looks at the business cash flow statement â€Å"where did the cash come from during the period, what was the cash used for during the period, what was the change in the cash balance during the period† (Kieso, Weygandt, Warfield, 2010, p. 198). This shows the business economic and solvency which is more attracted to the investors. The statement of cash flow reports has four major categories, and they are 1) Cash effect of operating during a period. 2) Investing transactions transaction. 3) Financing transaction and 4) the net cash increase or decrease during the period. Between the four every aspect of a business transaction is covered. Statement of cash flow documents shows incoming and outgoing cash of the business. The document makes available a direction in which help guide decision of potential investor, reader, or lender understand the company financial report. Because this document is prepared last it will show a company income statement, balance sheet, owner equity statement, as the result, the report adds validity and accountability to the company financial statements. For example, investors, analysts, potential investors, stockholders, and lender use the statement cash flow report to evaluate the financial strength of the business. How the statement of cash flow used in accounting A company will use the statement of cash flows to illustrate cash payments and receipt payments for a specific period. This report shows how cash changes because of transactions that occur in daily operations such as investment transactions, financing transactions. This report will illustrate to investors and managers the level of liquid resources the company has available. Understanding a company’s cash flow will show the source of cash, the uses for the cash spent, and the balance of cash at the end of the period. This report will tie the information given on the income statement and on the balance sheet. The combination information provided in these statements provides a company’s inflows and outflows of cash. The statement of cash flows removes transactions not related to cash events and allows a person to look at the areas within the business that generate cash or the areas that cause a loss of cash (Luft, 2012). Analyzing the statement of cash flow gives investors and managers a history of how the cash earned and how the cash was used along with the amount of cash remaining at the end of the month. The usefulness of the Statement of Cash Flow The usefulness of the statement of cash flow is for businesses to understand how they are dong financially. Businesses use the statement of cash flow to know how quickly their assets can be converted into cash. Creditors are concern about how they will be paid. When a company can produce a high amount of cash, they can pay their bills. The statement of cash flow also provides information about a companys spending habits. Because a company has net income does not mean their business thriving. Knowing the companys net cash will provide the information needed to know whether or not to do business with them (Kieso, Weygandt, Warfield, 2010). The inflow and out flow The statement of Cash Flow outlines the inflow and outflow of cash from a company for a given period. Inflows include the transfer of funds to a company from another party as a result of core operations, investments or financing (Nordmeyer, 2012). The inflow of cash is generated when businesses either sell their products or perform a service for revenue. Theses inflows can range from collections on accounts, monies from investors, or interest on loans. Cash outflow, on the other hand, is money leaving a company. The outflow of cash from a company can include dividends paid to stockholders, bills, or the materials purchased to complete the products a company sells. Steps in preparation There are three major steps in preparing a Cash Flow Statement. The first step is to â€Å"determine the change in cash† (). This is calculated by comparing the current year’s cash balance to the previous year’s cash balance. For example, XYZ Inc. has a cash balance on its balance sheet of $100,000 and $90,000 for years ending December 31, 2011 and December 31, 2012 respectively. Their change in cash would be a decrease of $10,000. The second step is to â€Å"determine the net cash flow from operating activities† (). This step is depends on the method chosen. The â€Å"direct method reports cash receipts and disbursements from operating activities† (). XYZ, Inc. reported the following: revenues of $80,000, accounts receivables $20,000, accounts payable $30,000 and operating expenses of $50,000. To calculate the net cash flow they would subtract accounts receivable from revenues ($80,000-$20,000 = $60,000) to determine cash collected from revenues. Then, subtract accounts payable from operating expenses ($50,000-$30,000 = $20,000) to determine cash payments for expenses. Cash collected from revenues minus cash payments for expenses equals net cash provided by operating expenses ($40,000). This does not take into consideration income taxes. In contrast, the â€Å"indirect method adjusts net income for items that affected reported net income but did not affect cash. † This is done by adding back noncash charges in the income statement to the net income and deducting noncash credits (). Finally, the third step â€Å"determines the net cash flow from investing and financing activities. † This step determines â€Å"whether any other changes in balance sheet accounts caused an increase or decrease in cash† (). This step could include changes in common stock, retained earnings, or bonds. The hardest part in grasping the cash flow steps was learning when to add or subtract an increase or decrease. However, through research I could learn an increase in accounts receivable, prepaid expenses, and how accounts payable is subtracted and a decrease is added (Investopedia, 2012). Increases are added and decrease are subtracted for prepaid expenses and inventory (Investopedia, 2012). This week reflect on the statement of cash flow. Team A spoke about the importance of the statement of cash flow. It is need to determine where a company is financially. It is also use to understand the liquidity of a business. Why companies use the direct method or indirect method of preparing a statement is explained. Steps in preparation and classification are explained. The team also examines things that they struggled with and also things that they were comfortable with.