The Great Depression Essay Example for Free

The Great Depression Essay In a Bull Market, the stock market experiences a general rise in prices and stock trading volume for shares over a period of time. While in a Bear Market, the Stock market experiences a general decline in prices of stock. Not all stocks experience a decline in value, but most do. 2) Stock Market Crash- (1929) Plunge in stock market prices that marked the beginning of the Great Depression. 3) New Deal- the historic period (1933-1940) in the U. S. during which President Franklin Roosevelts economic policies were implemented. Three components of the New Deal. The first R was the effort to help the one-third of the population that was hardest hit by the depression, ; included social security and unemployment insurance. The second R was the effort in numerous programs to restore the economy to normal health, achieved by 1937. Finally, the third R let government intervention stabilize the economy by balancing the interests of farmers, business and labor. There was no major anti-trust program. 4) 100 Days- FDR began sending bill after bill to Congress. Between March 9 and June 16, 1933 which came to be called the HUNDRED DAYS. Congress passed 15 major acts to meet the economic crisis setting a pace for new legislation that has never been equaled. Later became known as 1st New Deal. 5) Bank Holiday- closing of banks for four days during the Great Depression, March 6-10. Roosevelt declared this holiday to prelude opening banks on a sounder basis. 6) Dust Bowl- Late in 1933 a prolonged drought struck the states of the trans-Mississippi Great Plains. The resulting dust storms were caused by drought, wind, and dry-farming techniques and mechanization. Tens of thousands of refugees fled their ruined acres. ) Brain Trust- Group of expert policy advisers who worked with FDR in the 1930s to end the great depression. 8) Social Security- guaranteed retirement payments for enrolled workers beginning at age 65; set up federal-state system of unemployment insurance and care for dependent mothers and children, the handicapped, and public health 9) Court Packing- Roosevelts proposal in 1937 to reform the Supreme Court by appointing an additional justice for every justice over age 70; following the Courts actions in striking down major New Deal laws, FDR came to believe that some justices were out of touch with the nations needs. Congress believed Roosevelts proposal endangered the Courts independence and said no. 10) NRA/ â€Å"Blue Eagle†- The National Recovery Administration was designed to assist industry, labor, and the unemployed. Labor, under the NRA, was granted additional benefits. Workers were guaranteed the right to organize and bargain collectively through representatives of their own choosing. A blue eagle was described as the symbol of the NRA. 11) SEC- In 1934, Congress took further steps to protect the public against fraud, deception, and inside manipulations. It authorized the Securities and Exchange Commission, which was designed as a watchdog administrative agency. 12) WPA- New Deal program that provided relief to the unemployed in fields such as theater, literature, entertainment, and art. One of the largest alphabet agencies. 13) Herbert Hoover- President of the United States from 1929 to 1933. Republican candidate who assumed the presidency in March 1929 promising the American people prosperity and attempted to first deal with the Depression by trying to restore public faith in the community. 4) Franklin Roosevelt- He was president from 1933-1945 and was elected four times, he led the countrys recovery from the Depression and to victory in World War II. He died in office, however, just weeks before Germanys surrender. He is generally considered the greatest president since Abraham Lincoln. 15) Eleanor Roosevelt- FDRs Wife and New Deal supporter. She was a great supporter of civil rights and opposed the Jim Crow laws. She also worked for birth control and better conditions for working women. 16) Huey Long- Senator of Louisiana, who was said to have more brass than a government mule. He used his abundant rabble-rousing talents to publicize his â€Å"Share Our Wealth† program, which promised to make â€Å"Every Man a King. Every family was to receive $5000, supposedly at the expense of the prosperous. Fear of Long’s becoming a fascist dictator ended when he was shot by an assassin in the Louisiana state capitol in 1935. 17) Isolationism- Abstention from alliances and other international political and economic relations. American foreign policy. It’s what America strives to do in order to keep out of European problems and wars. 8) Appeasement- Policy pursued by the Western democracies towards Nazi Germany, consenting to concessions in which Hitlers demands to annex the German-inhabited Sudetenland of Czechoslovakia were acquiesced to in hopes of achieving peace in our time; although Hitler promised the Sudetenland would be his last territorial claim, he broke this vow only a few months later. 19) Fascism vs. Communism- Fascism is a political s ystem headed by a dictator that calls for extreme nationalism and racism and no tolerance of opposition. Communism is a political system characterized by a centrally planned economy with all economic and political power resting in the hands of the central government. 20) Blitzkrieg- Tactics used by Germany in invasion of Poland in 1939. Also called lightning war. Involved a surprise attack, and then overwhelming with force! 21) Pearl Harbor- was the site of an unexpected attack on an American naval fleet by Japanese bombers on December 7, 1941. The United States suffered 3,000 casualties and the loss of several naval and aircrafts. And Congress declared war on Japan the following day, and Italy and France soon after. 2) Midway- (battle) It was a U. S. naval victory over the Japanese fleet in June 1942, in which the Japanese lost four of their best aircraft carriers. It marked a turning point in World War II. 23) D-Day- June 6, 1944 Led by Eisenhower, over a million troops (the largest invasion force in history) stormed the beaches at Normandy and began the process of re-taking France. It was the turning point of World War II. 24) Japanese Internment- Carried out through Executive Order 9066, which took many Japanese families away from their homes and into internment camp. Motivated (somewhat) by racism and fear of spies. 5) Hiroshima/Nagasaki- The first dropped on August 6, 1945 and the second dropped on August 9, 1945. These two events are the only active deployments of nuclear weapons in war to date. For six months, the United States had made use of intense strategic fire-bombing of 67 Japanese cities. US clued for surrender of Japan in the Potsdam Declaration on July 26, 1945. The Japanese government ignored this ultimatum. By executive order of President Harry S. Truman, the U. S. dropped the nuclear weapon Little Boy on the city of Hiroshima on Monday, August 6, 1945, followed by the detonation of Fat Man over Nagasaki on August 9. 6) Occupation of Japan- Occupied by American army under MacArthur, he carried out his program for the democratization of japan with stunning success. Top Japanese war criminals were tried in Tokyo . The Japanese cooperated to astonishing degree when they saw that good behavior and the adoption of democracy would speed the end of the occupation. a MacArthur-dictated constitution renounced militarism and introduced western-style democratic government paving the way for a phenomenal economic recovery that within a few decades made japan one of worlds mightiest industrial powers. Occupation of Germany- Four zones France in the southwest, Russia in the east, us in the south, and UK in the northeast. Likewise, berlin was split into east and west. This maintained that Germany would be nonaggressive while rebuilding and under allied and Russian control. 28) Douglas MacArthur- (1880-1964), U. S. general. Commander of U. S. (later Allied) forces in the southwestern Pacific during World War II, he accepted Japans surrender in 1945 and administered the ensuing Allied occupation. He was in charge of UN forces in Korea 1950-51, before being forced to relinquish command by President Truman. 29) Dwight D. Eisenhower- Supreme Commander of the US Forces in Europe during World War II; became president and during his two terms presided over the economically prosperous 1950s. He was praised for his dignity and decency, though criticized for not being more assertive on civil rights 30) Admiral Yamamoto- Japanese admiral who planned Pearl Harbor Attack. Japan stealthily came in from the North.

Standard Chartered Bank in India Analysis

Standard Chartered Bank in India Analysis Executive Summary The competition in the banking sector is increasing at a tremendous rate. MNC banks in India are doing well in India and Standard Chartered Bank being one of them wants to increase the consumer base. Therefore, it is trying to do this through retail banking. At this point of time the bank is expanding and is coming up with new branches all over India. It has recently opened a new branch there and if yes then how it can acquire new Customers. In two months time I was supposed to promote and sell their products (especially deposits) and to do a market study to know customers needs and requirements so that bank can improvise on them if possible. This time period was not enough to do an intense study. Therefore, I could collect limited data and kept my study limited to small a sample INTRODUCTION An overview of SCB Standard Chartered is the worlds leading emerging markets bank. It employs 29,000 people in over 500 offices in more than 50 countries in the Asia Pacific Region, South Asia, the Middle East, Africa, United Kingdom and the Americas. The Bank serves both Consumer and Wholesale banking customers. The Consumer Bank provides credit cards, personal loans, mortgages, deposit taking activity and wealth management services to individuals and medium sized businesses. The Wholesale Bank provides services to multinational, regional and domestic corporate and institutional clients in trade finance, cash management, custody, lending, foreign exchange, interest rate management and debt capital markets. With 150 years in the emerging markets the Bank has unmatched knowledge and understanding of its customers in its markets. Standard Chartered recognizes its responsibilities to its staff and to the communities in which it operates A brief history of Standard Chartered Standard Chartered is the worlds leading emerging markets bank headquartered in London. Its businesses however, have always been overwhelmingly international. This is summary of the main events in the history of Standard Chartered and some of the organizations with which it merged. The early years Standard Chartered is named after two banks, which merged in 1969. They were originally known as the Standard Bank of British South Africa and the Chartered Bank of India, Australia and China. Of the two banks, the Chartered Bank is the older having been founded in 1853 following the grant of a Royal Charter from Queen Victoria. The moving force behind the Chartered Bank was a Scot, James Wilson, who made his fortune in London making hats. James Wilson went on to start The Economist, still one of the worlds pre-eminent publications. Nine years later, in 1862, the Standard Bank was founded by a group of businessmen led by another Scot, John Paterson, who had immigrated to the Cape Province in South Africa and had become a successful merchant. Both banks were keen to capitalize on the huge expansion of trade between Europe, Asia and Africa and to reap the handsome profits to be made from financing that trade. The Chartered Bank opened its first branches in 1858 in Chennai and Mumbai. A branch opened in Shanghai that summer beginning Standard Chartered unbroken presence in China. The following year the Chartered Bank opened a branch in Hong Kong and an agency was opened in Singapore. In 1861 the Singapore agency was upgraded to a branch, which helped provide finance for the rapidly developing rubber and tin industries in Malaysia. In 1862 the Chartered Bank was authorized to issue bank notes in Hong Kong. Subsequently it was also authorized to issue bank notes in Singapore, a privilege it continued to exercise up until the end of the 19th Century. Over the following decades both the Standard Bank and the Chartered Bank printed bank notes in a variety of countries including China, South Africa, Zimbabwe, Malaysia and even during the siege of Marketing in South Africa. Today Standard Chartered is still one of the three banks, which prints Hong Kongs bank notes. Expansion in Africa and Asia The Standard Bank opened for business in Port Elizabeth, South Africa, in 1863. It pursued a policy of expansion and soon amalgamated with several other banks including the Commercial Bank of Port Elizabeth, the Colesberg Bank, the British Kaffarian Bank and the Fauresmith Bank. The Standard Bank was prominent in the financing and development of the diamond fields of Kimberly in 1867 and later extended its network further north to the new town of Johannesburg when gold was discovered there in 1885. Over time, half the output of the second largest goldfield in the world passed through the Standard Bank on its way to London. In 1892 the Standard Bank opened for business in Zimbabwe, and expanded into Mozambique in 1894, Botswana in 1897, Malawi in 1901, Zambia in 1906, Kenya, Zanzibar and the Democratic Republic of Congo (D.R.C.), in 1911 and Uganda in 1912. Of these new businesses, Botswana, Zanzibar and the D.R.C. proved the most difficult and the branches soon closed. A branch in Bo tswana opened again in 1934 but lasted for only a year and it was not until 1950 that the Bank re-opened for business in Botswana. In Asia the Chartered Bank expanded opening offices in, Myanmar in 1862, what is now Pakistan and Indonesia in 1863, the Philippines in 1872, Malaysia in 1875, Japan in 1880 and Thailand in 1894. Some 34 years after the Chartered Bank appointed an agent in Sri Lanka it opened a branch in 1892 to take advantage of business from the tea and rubber industries. During 1904 a branch opened in Vietnam. Both the Chartered and the Standard Bank opened offices in New York and Hamburg in the early 1900s. The Chartered Bank gaining the first branch licence to be issued to a foreign bank in New York. The impact of war Even the First World War offered opportunities for expansion when the Standard Bank set up a branch in Tanzania shortly after British troops occupied the formerly German administered Dar es Salaam in September 1916. Both banks survived the inter-war years but the world trade slump led to the closure of operations in the Canary Islands, Liberia, the Netherlands, and Equatorial Guinea. Disaster struck the Chartered Banks office in Yokohama, Japan, when an earthquake in 1923 killing a number of staff destroyed it. The Second World War particularly affected the Chartered Bank when numerous Asian countries were occupied by Japan. Standard Chartered in India The Chartered Bank opened its first overseas branch in India, at Calcutta, on 12 April 1858 Eight years later the Calcutta agent described the Banks credit locally as splendid and its business as flourishing particularly the substantial turnover in rice bills with the leading Arab firms. When the Chartered Bank first established itself in India, Calcutta was the most important Commercial city and was the centre of the jute and indigo trades. With the growth of cotton trade and the opening of the Suez Canal in 1869, Bombay took over from Calcutta as Indias main trade centre. Today the Banks branches and sub-branches in India are directed and administered from Mumbai (Bombay) with Calcutta remaining an important trading and banking centre. Standard Chartered is the largest international banking Group in India. Key businesses include Consumer Banking-Primarily credit cards, mortgages, personal loans and wealth management and wholesale Banking, where the Bank specializes in the provision of cash management trade, finance, treasury and custody services. It is the largest international banking group in India with an employee base of nearly 3500 people across the country. It also boast the largest branch network amongst all international banks in India-with 61 branches in 15 cities. With over 2.3 million retail customers, and a Credit Card base in excess of 1.3 million, it is the leaders in the consumer banking business. The wholesale bank has over 1200 corporate customers with a 33% market share in value with over 270 top transnational companies in India. INDUSTRY PROFILE What is Banking: Banking, in a traditional sense is the business of accepting deposits of money from public for the purpose of lending and investment. These deposits can have a distinct feature of being withdrawable by cheques, which no other financial institution can offer. In addition, banks also offer various other financial services which include. Issuing Demand Drafts Travellers Cheques Credit Cards Collection of Cheques, Bills of exchange Safe Deposit Lockers Issuing Letters of Credit Letters of Guarantee Sale and Purchase of Foreign Exchange Custodial Services Investment Insurance services The business of banking is highly regulated since banks deal with money offered to them by the public and ensuring the safety of this public money is one of the prime responsibilities of any bank. That is why banks are expected to be prudent in their lending and investment activities. Every bank has a Compliance Department, which is responsible to ensure that all the services offered by the bank, and the processes followed are in compliance with the local regulations and the Banks corporate policy. The major regulations and acts that govern the banking business are Banking Regulations act, 1949 Foreign Exchange Management Act, 1999 Indian Contract Act Negotiable Instruments Act, 1881 Banks lend money either for productive purposes to individuals, firms, corporates etc, or for buying house property, cars and other consumer durable and for investment purposes to individuals and others. However, banks do not finance any speculative activity. Lending is risk taking. Banking in the New Millennium Were living in a world dominated by the new idea economy, ticking to the beat of Internet time, where customers are quality conscious, time conscious and price conscious. Technology is creating new agile players making the existing ones obsolete. In this scenario, the role of internet and its impact on banking still appears to be a puzzle. Banks around the world are subject to the same radical changes -new competition, technology, deregulation, and globalization. But, eventually, the classic rules of business will reassert themselves in this virtual environment and the winners will be the first and best movers. The challenges in this millennium for the banking industry are enormous. The technology and Banking sector reforms, together are lifting the competitive intensity of the Banking business. In Banking, embedding knowledge into products can enhance value, and connecting different knowledge sources can create innovative products. The banks that are first to market with the right mix of technologies, strategies and partnerships would be the sure winners. The banking environment worldwide is undergoing massive transformation. Despite the, not so favorable, market sentiments and an apparent backlash against dotcoms, serious players in established industries like banking, remain convinced that the Internet will have a profound impact on the banking sector. Mergers and acquisitions are changing the financial landscape, and cross-border linkages are drastically altering the business characters, in general and banking operations, in particular. But drawing firm conclusions can be dangerous, as mergers and consolidation take many different forms and the impact can give mixed results. But, there is growing concern as to whether mergers deliver the expected benefits and whether cross-border deals are feasible, particularly in Europe, where cultural considerations are seen as barriers to success. In Europe, players are beginning to assert themselves, as the Nat West battle is resolved. Nat west, one of the UKs biggest banks, was forced to accept a hostile takeover bid from a smaller rival, Royal Bank of Scotland in December 2000. Earlier in November 1999, Nat west rejected a similar bid by another small bank, Bank of Scotland. This move left the scene set for Royal Bank of Scotland to submit its long anticipated bid for Nat West. It was follo wed by a flurry of bid and counter bid by the two Scottish banks as Nat west fought to keep its independence. The Royal Bank of Scotland finally won by convincing the Nat West shareholders to accept its  £25 bn offer. This outcome has set the tone for a long overdue round of consolidation in the European financial sector. Coming home, Indian banking sector has come a long way from being a sleepy business institution to a highly proactive and dynamic entity. Indian banking system is in the midst of a technological revolution. It is impacting the Indian industry in three ways firstly, by providing efficient and effective delivery Channels, secondly, it is dramatically influencing the client profile, which in turn leads to the third change i.e. the Human Resources Management. As a service sector, it calls for a change in the attitude of the personnel that would have a salutary effect on customers. Indian Banking that was operating in a highly comfortable and protected environment till the beginning of 1990s has been pushed into the choppy waters of intense competition. Mergers and acquisitions, have been heating up in the new private banking sector since the HDFC-Times Bank merger came through in November 1999. The deal shook an otherwise placid Indian banking world and generated a kind of pressure on banks to shake hands with their peers to cope up with the competition. Going forward, the premium valuations of private banks compared to public sector banks depend on their ability to maintain high earnings growth and quality of assets. The current downturn in the economic activity could result in the increase of non-performing assets for most of the banks. The winner in the market would be the one who can sustain the high growth in business without compromising the asset quality. In this millennium, banks should strive to achieve significant increases in their productivity, efficiency, and profitability. The areas of challenges that lie ahead for the Indian banking sector would be: Restructuring and Reorganizing banks setup, leaner offices, merging and forging of strategic alliances to take advantage of the geographic spread of branch network of banks, develop new products and services that would meet the emerging needs of customers and professional Management structures that would be responsive to the changes in the business environment. The book Banking In The New Millennium examines this changing landscape for the banking services. The purpose of this book is to present the current trends, the emerging scenario and the building blocks in banking sector. A brief section is also dedicated to retail banking that is growing in a big way. The book is divided into four sections analyzing the various aspects of the banking scenario. Packed with the right mix of articles on e-banking, retail banking, and mergers and acquisitions, this book is intended to serve as an executive reference book on Banking. Challenges And Future In Banking Sector Mergers in the Banking, NPA, New Technology, Electronic Cash Transfer After the nationalization of Banks, increasing adoption of technology, continuous mergers in the banking, modernizing backroom operation in the banks and competition pave the path of growth of Indian banking. By the mid-1990, the near monopoly of public sector banks faced the competition by the more customer-focused private sector entrants. This competition forced older and nationalized banks to revitalize their operations. Year 1992 was the golden period of Indian Banking system due to the scam-tainted stock market. Large proportion of household saving moved into the banking system, which recorded an annual growth of 20 percent in deposit. But along with the continuous growth and modernization, there are several challenges confronting the banking sector. The main challenges facing the banking sector are the deployment of funds in quality assets and the management of revenues and costs. The problem of NPA (non- performing assets), overall credit recovery systems still exist. There is a continuous reforms and modernization is in process. A number of recon mediations of two Narasimham committees have been implemented. Foreign Banks focusing on corporate and on the middle class consumer and providing then better service. Nationalized Banks are also attempting to get on the path of automation. Strong Banks will acquire the weaker banks. The member of foreign banks operating in India has increased significantly and their share of total assets has also increased. In the year 2001 estimated foreign bank account for 14.7 percent of the total net profit of commercial banking sector in India. In spite tangible progress and the contribution of Narasimham I and Narasimham committee reports the banking sector in India suffering from systemic and structural problem. OBJECTIVES The main objective of this project report is to make an analytical study of Standard Chartered Bank It includes History of the Bank Product Analysis Service Banks Accounts Comparison of the saving accounts with other leading Banks of India REASEARCH METHODOLOGY Data collection has been done from both sources primary as well as secondary. Primary data : by meeting various managers of the Standard Chartered Bank, Citibank, ABN-AMRO Bank, ICICI, HDFC, HSBC, GTB, UTI and IDBI. Secondary data: From newspaper, magazines, Libraries. CONCEPTUAL FRAMEWORK Investment in India Banking Banking System Introduction The Reserve Bank of India (RBI) is Indias central bank. Though public sector banks currently dominate the banking industry, numerous private and foreign banks exist. Indias government-owned banks dominate the market. Their performance has been mixed, with a few being consistently profitable. Several public sector banks are being restructured, and in some the government either already has or will reduce its ownership. Private and foreign banks The RBI has granted operating approval to a few privately owned domestic banks; of these many commenced banking business. Foreign banks operate more than 150 branches in India. The entry of foreign banks is based on reciprocity, economic and political bilateral relations. An inter-departmental committee approves applications for entry and expansion. Capital adequacy norm Foreign banks were required to achieve an 8 percent capital adequacy norm by March 1993, while Indian banks with overseas branches had until March 1995 to meet that target. All other banks had to do so by March 1996. The banking sector is to be used as a model for opening up of Indias insurance sector to private domestic and foreign participants, while keeping the national insurance companies in operation. Banking India has an extensive banking network, in both urban and rural areas. All large Indian banks are nationalized, and all Indian financial institutions are in the public sector. RBI banking The Reserve Bank of India is the central banking institution. It is the sole authority for issuing bank notes and the supervisory body for banking operations in India. It supervises and administers exchange control and banking regulations, and administers the governments monetary policy. It is also responsible for granting licenses for new bank branches. 25 foreign banks operate in India with full banking licenses. Several licenses for private banks have been approved. Despite fairly broad banking coverage nationwide, the financial system remains inaccessible to the poorest people in India. Indian banking system The banking system has three tiers. These are the scheduled commercial banks; the regional rural banks that operate in rural areas not covered by the scheduled banks; and the cooperative and special purpose rural banks. Scheduled and non-scheduled banks There are approximately 80 scheduled commercial banks, Indian and foreign; almost 200 regional rural banks; more than 350 central cooperative banks, 20 land development banks; and a number of primary agricultural credit societies. In terms of business, the public sector banks, namely the State Bank of India and the nationalized banks, dominate the banking sector. Local financing All sources of local financing are available to foreign-participation companies incorporated in India, regardless of the extent of foreign participation. Under foreign exchange regulations, foreigners and non-residents, including foreign companies, require the permission of the Reserve Bank of India to borrow from a person or company resident in India . Regulations on foreign banks Foreign banks in India are subject to the same regulations as scheduled banks. They are permitted to accept deposits and provide credit in accordance with the banking laws and RBI regulations. Currently about 25 foreign banks are licensed to operate in India. Foreign bank branches in India finance trade through their global networks. RBI restrictions The Reserve Bank of India lays down restrictions on bank lending and other activities with large companies. These restrictions, popularly known as consortium guidelines seem to have outlived their usefulness, because they hinder the availability of credit to the non-food sector and at the same time do not foster competition between banks. Indian vs foreign banks Most Indian banks are well behind foreign banks in the areas of customer funds transfer and clearing systems. They are hugely over-staffed and are unlikely to be able to compete with the new private banks that are now entering the market. While these new banks and foreign banks still face restrictions in their activities, they are well-capitalized, use modern equipment and attract high-caliber employees. Government and RBI regulations All commercial banks face stiff restrictions on the use of both their assets and liabilities. Forty percent of loans must be directed to priority sectors and the high liquidity ratio and cash reserve requirements severely limit the availability of deposits for lending.The RBI requires that domestic Indian banks make 40 percent of their loans at concessional rates to priority sectors selected by the government. These sectors consist largely of agriculture, exporters, and small businesses. Since July 1993, foreign banks have been required to make 32 percent of their loans to these priority sector. Within the target of 32 percent, two sub-targets for loans to the small scale sector (minimum of 10 percent) and exports (minimum of 12 percent) have been fixed. Foreign banks, however, are not required to open branches in rural areas, or to make loans to the agricultural sector. Commercial banks lent dols 8 billion in the Indian financial year (IFY, April-March) 1997/98, up sharply from dols 4.4 billion in the previous year. The deployment of gross loans was as follows: FINDINGS AND ANALYSIS BUSINESS Consumer Bank Consumer Banking Offers a wide range of premium banking products and services through the network of 90 branches in 19 cities across the country to cater to customers diverse financial needs. Wealth management offers a complete and comprehensive range of products to fulfill a gamut of customer investment and financial needs. These include domestic and NRI transaction accounts (with several value-add products and services like ATM and globally valid Debit Card, phone banking, extended banking, any branch banking, door step banking and investment advisory services), distribution of capital market and insurance products and dematerialization services and finances against shares. Standard Chartered also offers Priority Banking that is personalized banking for the privileged few. Standard Chartered Group is a leading credit card issuer in India and has several firsts to its credit. These include issuance of the first Global Credit Card in India, the first Photo card, the first Picture Card. Our card division under Unsecured Payments is also the first in South Asia to be accorded an ISO 9002 certification. The credit Cards and Personal Loans Offer include co-branded cards with unique value propositions and cards like Sapnay for the middle-market segment. The division offers a range of personal loan products and also a personal line of credit through products such as Smart Credit. Our Secured Loan Division offers mortgage auto loans and also unique overdraft products like ‘Mileage that offer revolving credit facility against the security of a used or new car. Standard Chartered Finance (SCF), an NBFC is our Centre for Excellence in Service and product distribution arm. Products include loans/leases for new passenger cars, used cars commercial vehicles and medical equipment. Standard Chartered Finance has an extensive network of branches in India. Wholesale Bank Corporate and Institutional Bank Standard Chartered is particularly strong in Institutional relationships and is the preferred correspondent bank for over 300 domestic and international bank, the largest such private sector network in India. The Bank focuses on service quality and all its operational units in trade, cash management, treasury and custody are ISO certified. Standard Chartered is Indias largest foreign trade finance bank and offers a full complement of trade finance products, including export credit in foreign currency, export letters of credit confirmations, merchanting trade and buyer credits. It is one of the few banks in India to offer services like channel financing forfeiting, without recourse export finance, project export and service export approvals and sponsorships. As a leading cash management supplier across emerging markets, Standard Chartered Offers Complete end to end cash management solutions for corporate and institutions. The Greenwich survey for 2001 nominated Standard Chartered the Best Cash Management Service Quality Bank in India Range of Products include vostro accounts, draft drawing, telegraphic transfers and an international payments facility that allows foreign currency payments without a separate account. Standard Chartereds custody and clearing service unit has served Foreign Institutional Investors in India with Superior client servicing, supported by Sophisticated and flexible computerized systems. It is the only custodian in India to earn the ISO 9001:2000 standards certification. Standard Chartered has received top ratings in Industrys benchmark surveys the Global custodian survey 2000 and the Global Investor Survey 2000. Global Markets Standard Charted provides a complete 24 hour coverage of the worlds foreign exchange markets. It provides a broad range of products like Exotic currencies, Derivatives, Debt Capital markets, Currency Options and Electronic trading. Standard Chartered was the first bank in India to introduce its on-Line Treasury, a browser enabled dealing system that enables real-time transactions. Standard Chartered is also recognized as a leading market for the Indian Rupee. The Banks Treasury-the No.1 Treasury in India-is amongst the most active treasuries in the country, being a market maker in local currency and money markets. While we seek to provide advice, treasury products and services to our global clients in the Indian market, we also have active relationships with some of the biggest and most diversified Indian companies and many medium sized companies. With a large specialized sales force, we cater to all foreign exchange, money market and risk management needs of our corporate clients. Treasury has an active inter bank desk which, apart from being a market maker in the Indian Rupee spot and the forwards market, actively quotes for other currencies. The money Market Desk is a leading player in the Rupee markets and in Government and corporate debt trading. The derivative Desk is a market maker in the Rupee Interest rate swap market. We also run one of Indias largest derivative books and offer products up to 7 years tenor. The corporate desk is amongst the largest among the foreign banks in India. With a presence in 5 major cities with state of the art dealing rooms and a corporate sales force of over 20 dealers, we have an unmatched reach and service capability across India. In addition to servicing currency market and investment needs of corporate clients, our corporate desk is active in advisory services pertaining to structuring and risk management. Standard Chartered Mutual Fund is one of the largest and fastest growing debt funds in the market. Standard Chartered Mutual Fund is the only fund that focuses only on the debt segment and prides itself on having developed one of the finest interest rate tracking models. Consumer Bank-Products Types of Deposits Bank Deposits B Standard Chartered Bank in India Analysis Standard Chartered Bank in India Analysis Executive Summary The competition in the banking sector is increasing at a tremendous rate. MNC banks in India are doing well in India and Standard Chartered Bank being one of them wants to increase the consumer base. Therefore, it is trying to do this through retail banking. At this point of time the bank is expanding and is coming up with new branches all over India. It has recently opened a new branch there and if yes then how it can acquire new Customers. In two months time I was supposed to promote and sell their products (especially deposits) and to do a market study to know customers needs and requirements so that bank can improvise on them if possible. This time period was not enough to do an intense study. Therefore, I could collect limited data and kept my study limited to small a sample INTRODUCTION An overview of SCB Standard Chartered is the worlds leading emerging markets bank. It employs 29,000 people in over 500 offices in more than 50 countries in the Asia Pacific Region, South Asia, the Middle East, Africa, United Kingdom and the Americas. The Bank serves both Consumer and Wholesale banking customers. The Consumer Bank provides credit cards, personal loans, mortgages, deposit taking activity and wealth management services to individuals and medium sized businesses. The Wholesale Bank provides services to multinational, regional and domestic corporate and institutional clients in trade finance, cash management, custody, lending, foreign exchange, interest rate management and debt capital markets. With 150 years in the emerging markets the Bank has unmatched knowledge and understanding of its customers in its markets. Standard Chartered recognizes its responsibilities to its staff and to the communities in which it operates A brief history of Standard Chartered Standard Chartered is the worlds leading emerging markets bank headquartered in London. Its businesses however, have always been overwhelmingly international. This is summary of the main events in the history of Standard Chartered and some of the organizations with which it merged. The early years Standard Chartered is named after two banks, which merged in 1969. They were originally known as the Standard Bank of British South Africa and the Chartered Bank of India, Australia and China. Of the two banks, the Chartered Bank is the older having been founded in 1853 following the grant of a Royal Charter from Queen Victoria. The moving force behind the Chartered Bank was a Scot, James Wilson, who made his fortune in London making hats. James Wilson went on to start The Economist, still one of the worlds pre-eminent publications. Nine years later, in 1862, the Standard Bank was founded by a group of businessmen led by another Scot, John Paterson, who had immigrated to the Cape Province in South Africa and had become a successful merchant. Both banks were keen to capitalize on the huge expansion of trade between Europe, Asia and Africa and to reap the handsome profits to be made from financing that trade. The Chartered Bank opened its first branches in 1858 in Chennai and Mumbai. A branch opened in Shanghai that summer beginning Standard Chartered unbroken presence in China. The following year the Chartered Bank opened a branch in Hong Kong and an agency was opened in Singapore. In 1861 the Singapore agency was upgraded to a branch, which helped provide finance for the rapidly developing rubber and tin industries in Malaysia. In 1862 the Chartered Bank was authorized to issue bank notes in Hong Kong. Subsequently it was also authorized to issue bank notes in Singapore, a privilege it continued to exercise up until the end of the 19th Century. Over the following decades both the Standard Bank and the Chartered Bank printed bank notes in a variety of countries including China, South Africa, Zimbabwe, Malaysia and even during the siege of Marketing in South Africa. Today Standard Chartered is still one of the three banks, which prints Hong Kongs bank notes. Expansion in Africa and Asia The Standard Bank opened for business in Port Elizabeth, South Africa, in 1863. It pursued a policy of expansion and soon amalgamated with several other banks including the Commercial Bank of Port Elizabeth, the Colesberg Bank, the British Kaffarian Bank and the Fauresmith Bank. The Standard Bank was prominent in the financing and development of the diamond fields of Kimberly in 1867 and later extended its network further north to the new town of Johannesburg when gold was discovered there in 1885. Over time, half the output of the second largest goldfield in the world passed through the Standard Bank on its way to London. In 1892 the Standard Bank opened for business in Zimbabwe, and expanded into Mozambique in 1894, Botswana in 1897, Malawi in 1901, Zambia in 1906, Kenya, Zanzibar and the Democratic Republic of Congo (D.R.C.), in 1911 and Uganda in 1912. Of these new businesses, Botswana, Zanzibar and the D.R.C. proved the most difficult and the branches soon closed. A branch in Bo tswana opened again in 1934 but lasted for only a year and it was not until 1950 that the Bank re-opened for business in Botswana. In Asia the Chartered Bank expanded opening offices in, Myanmar in 1862, what is now Pakistan and Indonesia in 1863, the Philippines in 1872, Malaysia in 1875, Japan in 1880 and Thailand in 1894. Some 34 years after the Chartered Bank appointed an agent in Sri Lanka it opened a branch in 1892 to take advantage of business from the tea and rubber industries. During 1904 a branch opened in Vietnam. Both the Chartered and the Standard Bank opened offices in New York and Hamburg in the early 1900s. The Chartered Bank gaining the first branch licence to be issued to a foreign bank in New York. The impact of war Even the First World War offered opportunities for expansion when the Standard Bank set up a branch in Tanzania shortly after British troops occupied the formerly German administered Dar es Salaam in September 1916. Both banks survived the inter-war years but the world trade slump led to the closure of operations in the Canary Islands, Liberia, the Netherlands, and Equatorial Guinea. Disaster struck the Chartered Banks office in Yokohama, Japan, when an earthquake in 1923 killing a number of staff destroyed it. The Second World War particularly affected the Chartered Bank when numerous Asian countries were occupied by Japan. Standard Chartered in India The Chartered Bank opened its first overseas branch in India, at Calcutta, on 12 April 1858 Eight years later the Calcutta agent described the Banks credit locally as splendid and its business as flourishing particularly the substantial turnover in rice bills with the leading Arab firms. When the Chartered Bank first established itself in India, Calcutta was the most important Commercial city and was the centre of the jute and indigo trades. With the growth of cotton trade and the opening of the Suez Canal in 1869, Bombay took over from Calcutta as Indias main trade centre. Today the Banks branches and sub-branches in India are directed and administered from Mumbai (Bombay) with Calcutta remaining an important trading and banking centre. Standard Chartered is the largest international banking Group in India. Key businesses include Consumer Banking-Primarily credit cards, mortgages, personal loans and wealth management and wholesale Banking, where the Bank specializes in the provision of cash management trade, finance, treasury and custody services. It is the largest international banking group in India with an employee base of nearly 3500 people across the country. It also boast the largest branch network amongst all international banks in India-with 61 branches in 15 cities. With over 2.3 million retail customers, and a Credit Card base in excess of 1.3 million, it is the leaders in the consumer banking business. The wholesale bank has over 1200 corporate customers with a 33% market share in value with over 270 top transnational companies in India. INDUSTRY PROFILE What is Banking: Banking, in a traditional sense is the business of accepting deposits of money from public for the purpose of lending and investment. These deposits can have a distinct feature of being withdrawable by cheques, which no other financial institution can offer. In addition, banks also offer various other financial services which include. Issuing Demand Drafts Travellers Cheques Credit Cards Collection of Cheques, Bills of exchange Safe Deposit Lockers Issuing Letters of Credit Letters of Guarantee Sale and Purchase of Foreign Exchange Custodial Services Investment Insurance services The business of banking is highly regulated since banks deal with money offered to them by the public and ensuring the safety of this public money is one of the prime responsibilities of any bank. That is why banks are expected to be prudent in their lending and investment activities. Every bank has a Compliance Department, which is responsible to ensure that all the services offered by the bank, and the processes followed are in compliance with the local regulations and the Banks corporate policy. The major regulations and acts that govern the banking business are Banking Regulations act, 1949 Foreign Exchange Management Act, 1999 Indian Contract Act Negotiable Instruments Act, 1881 Banks lend money either for productive purposes to individuals, firms, corporates etc, or for buying house property, cars and other consumer durable and for investment purposes to individuals and others. However, banks do not finance any speculative activity. Lending is risk taking. Banking in the New Millennium Were living in a world dominated by the new idea economy, ticking to the beat of Internet time, where customers are quality conscious, time conscious and price conscious. Technology is creating new agile players making the existing ones obsolete. In this scenario, the role of internet and its impact on banking still appears to be a puzzle. Banks around the world are subject to the same radical changes -new competition, technology, deregulation, and globalization. But, eventually, the classic rules of business will reassert themselves in this virtual environment and the winners will be the first and best movers. The challenges in this millennium for the banking industry are enormous. The technology and Banking sector reforms, together are lifting the competitive intensity of the Banking business. In Banking, embedding knowledge into products can enhance value, and connecting different knowledge sources can create innovative products. The banks that are first to market with the right mix of technologies, strategies and partnerships would be the sure winners. The banking environment worldwide is undergoing massive transformation. Despite the, not so favorable, market sentiments and an apparent backlash against dotcoms, serious players in established industries like banking, remain convinced that the Internet will have a profound impact on the banking sector. Mergers and acquisitions are changing the financial landscape, and cross-border linkages are drastically altering the business characters, in general and banking operations, in particular. But drawing firm conclusions can be dangerous, as mergers and consolidation take many different forms and the impact can give mixed results. But, there is growing concern as to whether mergers deliver the expected benefits and whether cross-border deals are feasible, particularly in Europe, where cultural considerations are seen as barriers to success. In Europe, players are beginning to assert themselves, as the Nat West battle is resolved. Nat west, one of the UKs biggest banks, was forced to accept a hostile takeover bid from a smaller rival, Royal Bank of Scotland in December 2000. Earlier in November 1999, Nat west rejected a similar bid by another small bank, Bank of Scotland. This move left the scene set for Royal Bank of Scotland to submit its long anticipated bid for Nat West. It was follo wed by a flurry of bid and counter bid by the two Scottish banks as Nat west fought to keep its independence. The Royal Bank of Scotland finally won by convincing the Nat West shareholders to accept its  £25 bn offer. This outcome has set the tone for a long overdue round of consolidation in the European financial sector. Coming home, Indian banking sector has come a long way from being a sleepy business institution to a highly proactive and dynamic entity. Indian banking system is in the midst of a technological revolution. It is impacting the Indian industry in three ways firstly, by providing efficient and effective delivery Channels, secondly, it is dramatically influencing the client profile, which in turn leads to the third change i.e. the Human Resources Management. As a service sector, it calls for a change in the attitude of the personnel that would have a salutary effect on customers. Indian Banking that was operating in a highly comfortable and protected environment till the beginning of 1990s has been pushed into the choppy waters of intense competition. Mergers and acquisitions, have been heating up in the new private banking sector since the HDFC-Times Bank merger came through in November 1999. The deal shook an otherwise placid Indian banking world and generated a kind of pressure on banks to shake hands with their peers to cope up with the competition. Going forward, the premium valuations of private banks compared to public sector banks depend on their ability to maintain high earnings growth and quality of assets. The current downturn in the economic activity could result in the increase of non-performing assets for most of the banks. The winner in the market would be the one who can sustain the high growth in business without compromising the asset quality. In this millennium, banks should strive to achieve significant increases in their productivity, efficiency, and profitability. The areas of challenges that lie ahead for the Indian banking sector would be: Restructuring and Reorganizing banks setup, leaner offices, merging and forging of strategic alliances to take advantage of the geographic spread of branch network of banks, develop new products and services that would meet the emerging needs of customers and professional Management structures that would be responsive to the changes in the business environment. The book Banking In The New Millennium examines this changing landscape for the banking services. The purpose of this book is to present the current trends, the emerging scenario and the building blocks in banking sector. A brief section is also dedicated to retail banking that is growing in a big way. The book is divided into four sections analyzing the various aspects of the banking scenario. Packed with the right mix of articles on e-banking, retail banking, and mergers and acquisitions, this book is intended to serve as an executive reference book on Banking. Challenges And Future In Banking Sector Mergers in the Banking, NPA, New Technology, Electronic Cash Transfer After the nationalization of Banks, increasing adoption of technology, continuous mergers in the banking, modernizing backroom operation in the banks and competition pave the path of growth of Indian banking. By the mid-1990, the near monopoly of public sector banks faced the competition by the more customer-focused private sector entrants. This competition forced older and nationalized banks to revitalize their operations. Year 1992 was the golden period of Indian Banking system due to the scam-tainted stock market. Large proportion of household saving moved into the banking system, which recorded an annual growth of 20 percent in deposit. But along with the continuous growth and modernization, there are several challenges confronting the banking sector. The main challenges facing the banking sector are the deployment of funds in quality assets and the management of revenues and costs. The problem of NPA (non- performing assets), overall credit recovery systems still exist. There is a continuous reforms and modernization is in process. A number of recon mediations of two Narasimham committees have been implemented. Foreign Banks focusing on corporate and on the middle class consumer and providing then better service. Nationalized Banks are also attempting to get on the path of automation. Strong Banks will acquire the weaker banks. The member of foreign banks operating in India has increased significantly and their share of total assets has also increased. In the year 2001 estimated foreign bank account for 14.7 percent of the total net profit of commercial banking sector in India. In spite tangible progress and the contribution of Narasimham I and Narasimham committee reports the banking sector in India suffering from systemic and structural problem. OBJECTIVES The main objective of this project report is to make an analytical study of Standard Chartered Bank It includes History of the Bank Product Analysis Service Banks Accounts Comparison of the saving accounts with other leading Banks of India REASEARCH METHODOLOGY Data collection has been done from both sources primary as well as secondary. Primary data : by meeting various managers of the Standard Chartered Bank, Citibank, ABN-AMRO Bank, ICICI, HDFC, HSBC, GTB, UTI and IDBI. Secondary data: From newspaper, magazines, Libraries. CONCEPTUAL FRAMEWORK Investment in India Banking Banking System Introduction The Reserve Bank of India (RBI) is Indias central bank. Though public sector banks currently dominate the banking industry, numerous private and foreign banks exist. Indias government-owned banks dominate the market. Their performance has been mixed, with a few being consistently profitable. Several public sector banks are being restructured, and in some the government either already has or will reduce its ownership. Private and foreign banks The RBI has granted operating approval to a few privately owned domestic banks; of these many commenced banking business. Foreign banks operate more than 150 branches in India. The entry of foreign banks is based on reciprocity, economic and political bilateral relations. An inter-departmental committee approves applications for entry and expansion. Capital adequacy norm Foreign banks were required to achieve an 8 percent capital adequacy norm by March 1993, while Indian banks with overseas branches had until March 1995 to meet that target. All other banks had to do so by March 1996. The banking sector is to be used as a model for opening up of Indias insurance sector to private domestic and foreign participants, while keeping the national insurance companies in operation. Banking India has an extensive banking network, in both urban and rural areas. All large Indian banks are nationalized, and all Indian financial institutions are in the public sector. RBI banking The Reserve Bank of India is the central banking institution. It is the sole authority for issuing bank notes and the supervisory body for banking operations in India. It supervises and administers exchange control and banking regulations, and administers the governments monetary policy. It is also responsible for granting licenses for new bank branches. 25 foreign banks operate in India with full banking licenses. Several licenses for private banks have been approved. Despite fairly broad banking coverage nationwide, the financial system remains inaccessible to the poorest people in India. Indian banking system The banking system has three tiers. These are the scheduled commercial banks; the regional rural banks that operate in rural areas not covered by the scheduled banks; and the cooperative and special purpose rural banks. Scheduled and non-scheduled banks There are approximately 80 scheduled commercial banks, Indian and foreign; almost 200 regional rural banks; more than 350 central cooperative banks, 20 land development banks; and a number of primary agricultural credit societies. In terms of business, the public sector banks, namely the State Bank of India and the nationalized banks, dominate the banking sector. Local financing All sources of local financing are available to foreign-participation companies incorporated in India, regardless of the extent of foreign participation. Under foreign exchange regulations, foreigners and non-residents, including foreign companies, require the permission of the Reserve Bank of India to borrow from a person or company resident in India . Regulations on foreign banks Foreign banks in India are subject to the same regulations as scheduled banks. They are permitted to accept deposits and provide credit in accordance with the banking laws and RBI regulations. Currently about 25 foreign banks are licensed to operate in India. Foreign bank branches in India finance trade through their global networks. RBI restrictions The Reserve Bank of India lays down restrictions on bank lending and other activities with large companies. These restrictions, popularly known as consortium guidelines seem to have outlived their usefulness, because they hinder the availability of credit to the non-food sector and at the same time do not foster competition between banks. Indian vs foreign banks Most Indian banks are well behind foreign banks in the areas of customer funds transfer and clearing systems. They are hugely over-staffed and are unlikely to be able to compete with the new private banks that are now entering the market. While these new banks and foreign banks still face restrictions in their activities, they are well-capitalized, use modern equipment and attract high-caliber employees. Government and RBI regulations All commercial banks face stiff restrictions on the use of both their assets and liabilities. Forty percent of loans must be directed to priority sectors and the high liquidity ratio and cash reserve requirements severely limit the availability of deposits for lending.The RBI requires that domestic Indian banks make 40 percent of their loans at concessional rates to priority sectors selected by the government. These sectors consist largely of agriculture, exporters, and small businesses. Since July 1993, foreign banks have been required to make 32 percent of their loans to these priority sector. Within the target of 32 percent, two sub-targets for loans to the small scale sector (minimum of 10 percent) and exports (minimum of 12 percent) have been fixed. Foreign banks, however, are not required to open branches in rural areas, or to make loans to the agricultural sector. Commercial banks lent dols 8 billion in the Indian financial year (IFY, April-March) 1997/98, up sharply from dols 4.4 billion in the previous year. The deployment of gross loans was as follows: FINDINGS AND ANALYSIS BUSINESS Consumer Bank Consumer Banking Offers a wide range of premium banking products and services through the network of 90 branches in 19 cities across the country to cater to customers diverse financial needs. Wealth management offers a complete and comprehensive range of products to fulfill a gamut of customer investment and financial needs. These include domestic and NRI transaction accounts (with several value-add products and services like ATM and globally valid Debit Card, phone banking, extended banking, any branch banking, door step banking and investment advisory services), distribution of capital market and insurance products and dematerialization services and finances against shares. Standard Chartered also offers Priority Banking that is personalized banking for the privileged few. Standard Chartered Group is a leading credit card issuer in India and has several firsts to its credit. These include issuance of the first Global Credit Card in India, the first Photo card, the first Picture Card. Our card division under Unsecured Payments is also the first in South Asia to be accorded an ISO 9002 certification. The credit Cards and Personal Loans Offer include co-branded cards with unique value propositions and cards like Sapnay for the middle-market segment. The division offers a range of personal loan products and also a personal line of credit through products such as Smart Credit. Our Secured Loan Division offers mortgage auto loans and also unique overdraft products like ‘Mileage that offer revolving credit facility against the security of a used or new car. Standard Chartered Finance (SCF), an NBFC is our Centre for Excellence in Service and product distribution arm. Products include loans/leases for new passenger cars, used cars commercial vehicles and medical equipment. Standard Chartered Finance has an extensive network of branches in India. Wholesale Bank Corporate and Institutional Bank Standard Chartered is particularly strong in Institutional relationships and is the preferred correspondent bank for over 300 domestic and international bank, the largest such private sector network in India. The Bank focuses on service quality and all its operational units in trade, cash management, treasury and custody are ISO certified. Standard Chartered is Indias largest foreign trade finance bank and offers a full complement of trade finance products, including export credit in foreign currency, export letters of credit confirmations, merchanting trade and buyer credits. It is one of the few banks in India to offer services like channel financing forfeiting, without recourse export finance, project export and service export approvals and sponsorships. As a leading cash management supplier across emerging markets, Standard Chartered Offers Complete end to end cash management solutions for corporate and institutions. The Greenwich survey for 2001 nominated Standard Chartered the Best Cash Management Service Quality Bank in India Range of Products include vostro accounts, draft drawing, telegraphic transfers and an international payments facility that allows foreign currency payments without a separate account. Standard Chartereds custody and clearing service unit has served Foreign Institutional Investors in India with Superior client servicing, supported by Sophisticated and flexible computerized systems. It is the only custodian in India to earn the ISO 9001:2000 standards certification. Standard Chartered has received top ratings in Industrys benchmark surveys the Global custodian survey 2000 and the Global Investor Survey 2000. Global Markets Standard Charted provides a complete 24 hour coverage of the worlds foreign exchange markets. It provides a broad range of products like Exotic currencies, Derivatives, Debt Capital markets, Currency Options and Electronic trading. Standard Chartered was the first bank in India to introduce its on-Line Treasury, a browser enabled dealing system that enables real-time transactions. Standard Chartered is also recognized as a leading market for the Indian Rupee. The Banks Treasury-the No.1 Treasury in India-is amongst the most active treasuries in the country, being a market maker in local currency and money markets. While we seek to provide advice, treasury products and services to our global clients in the Indian market, we also have active relationships with some of the biggest and most diversified Indian companies and many medium sized companies. With a large specialized sales force, we cater to all foreign exchange, money market and risk management needs of our corporate clients. Treasury has an active inter bank desk which, apart from being a market maker in the Indian Rupee spot and the forwards market, actively quotes for other currencies. The money Market Desk is a leading player in the Rupee markets and in Government and corporate debt trading. The derivative Desk is a market maker in the Rupee Interest rate swap market. We also run one of Indias largest derivative books and offer products up to 7 years tenor. The corporate desk is amongst the largest among the foreign banks in India. With a presence in 5 major cities with state of the art dealing rooms and a corporate sales force of over 20 dealers, we have an unmatched reach and service capability across India. In addition to servicing currency market and investment needs of corporate clients, our corporate desk is active in advisory services pertaining to structuring and risk management. Standard Chartered Mutual Fund is one of the largest and fastest growing debt funds in the market. Standard Chartered Mutual Fund is the only fund that focuses only on the debt segment and prides itself on having developed one of the finest interest rate tracking models. Consumer Bank-Products Types of Deposits Bank Deposits B

Globalization And The Impacts Of E Commerce

Globalization And The Impacts Of E Commerce One of the most vital processes of the last several decades has been the emergence and development of the process of globalisation. According to the definition given by Andrew Heywood globalization is the emergence of a complex web of interconnectedness that means our lives are increasingly shaped by the events that occur, and the decisions that are made, at a greater distance from us. The central feature of globalization is therefor the geographical distance is of a declining relevance and the territorial boundaries, such as those between nation states are becoming less significant  [1]  . One of the significant characteristic of globalisation is the Time- space compression. Through the advances in technology, it is easier to communicate and travel internationally and also that the speed at which these things are accomplished has greatly increased  [2]  . This aspect of globalisation has a wider impact on the global commerce were the advances in technology have led to an integration and interconnectedness of the global economy. The pace at which transactions can take place has led to an increased global focus on the integration of economies and has led to the increased involvement of private business actors in the realm of international finance and international markets. Modern technologies have moreover facilitated a scale and speed of communication that is unprecedented  [3]  . The UNDP human development report  [4]  explains that the fusion of computing and communications especially through the internet has broken the bounds of cost, time and distance la unching an era of global information networking. The Internet, digital technologies and the evolution of E-commerce (Electronic Commerce) raised new challenges for the Intellectual property right holders in the digital world. Materials protected by copyright and related rights constitute much of the valuable subject matter of ecommerce. This situation has a wide-ranging impact on the right of copyright holders because they permit new ways of creating, using, and duplicating works of authorship. In the digital world copies can be made cheaply and distributed widely by individuals. The copyright laws that were set to compact with the problems in the physical world had to deal with the issues in the digital world. To achieve the same the copyright laws has to undergo drastic changes. In this context this paper attempts to analyse the evolution of Ecommerce in the background of globalisation and its implications on the Copyright laws. The paper will also focus on the various measures adopted by the national governments to prevent the i nfringement of copyright in the digital world. The paper excludes the disputes related to domain names, Patents and Trademarks. EVOLUTION OF E COMMERCE In the 1990s the information technology led to a new revolution through the commercialization of internet. The limitations of networked systems like the cost structure and that related to geographical limits became irrelevant. Old traditions about the cost structure and geographic limits of networked systems turn out to be irrelevant and it became easy to form a worldwide system quickly and inexpensively. Business people seized this opportunity and responded by creating entirely new types of businesses and fundamentally altering existing businesses. The once limited strategic use of information technology became widespread. Thus new terms were created to label this revolution: electronic commerce (more commonly called ecommerce) and electronic business (eBusiness)  [5]  . In the present scenario we can see the business world is transitioning from a physical reality based on atoms to a digital one of bits  [6]  .The term commerce is viewed by some as transactions conducted between business partners. Therefore, the term eCommerce seems to be fairly narrow to some people. Thus the term eBusiness refers to a broader definition of eCommerce, not just buying and selling but also servicing customers and collaborating with business partners, and conducting electronic transactions within an organization. Business-to-business eCommerce is the largest gold rush international commerce has seen for decades. It may be the largest ever Bridging the profound gap between the way traditional businesses are run and the way virtual communities will be built.  [7]   The rapid growth of the Internet and associated technologies have created a new business environment and opened up numerous new possibilities for conducting and managing businesses. Terms such as digital economy, eBusiness, and eCommerce are being used to characterize these developments.  [8]  Businesses have become internet worked eBusiness enterprises. The Internet and Internet-like networks inside the enterprise (intranets), between an enterprise and its trading partners (extranets), and other types of networks are now the primary information technology infrastructure of many organizations. The Internet is a network of networks. The internet worked eBusiness enterprise enables managers, business professionals, teams, and workgroups to electronically exchange data and information anywhere in the world with other end users, customers, suppliers, and business partners. Companies and workgroups can thus collaborate more creatively, manage their business operations and resources mo re effectively, and compete successfully in todays fast-changing global economy  [9]  . PRINCIPLES of E COMMERCE Organization of Economic Corporation and Development (OECD) deals with five broad themes for a better understanding of eCommerce.  [10]   1. Ecommerce transforms the marketplace: ecommerce is changing the way business is conducted. Traditional intermediary functions will be replaced, new products and markets will be developed, and new and far closer relationships will be created between business and consumers. It will change the organization of work: new channels of knowledge diffusion and human interactivity in the workplace will be opened with more flexibility and adaptability will be needed, and workers functions and skills will be redefined. 2. Ecommerce has a catalytic effect: Ecommerce will serve to accelerate and diffuse more widely changes that are already under way in the economy, such as the reform of regulations, the establishment of electronic links between businesses (EDI), the globalization of economic activity, and the demand for higher-skilled workers. Likewise, many sectorial trends already underway, such as e-banking, direct booking of travel, and one-to-one marketing, are accelerated by ecommerce. 3. ECommerce over the Internet vastly increases interactivity in the economy: These linkages now extend down to small businesses and households and reach out to the world at large. Access will shift away from personal computers to cheap and easy-to-use TVs and telephones to devices yet to be invented. People will increasingly have the ability to communicate and transact business anywhere, anytime. This will have a profound impact, not the least of which will be the erosion of economic and geographic boundaries. 4. Openness is an underlying technical and philosophical tenet of the expansion of ecommerce: The widespread adoption of the Internet as a platform for business is due to its non-proprietary standards and open nature as well as to the huge industry that has evolved to support it. The economic power that stems from joining a large network will help to ensure that new standards remain open. More importantly, openness has emerged as a strategy, with many of the most successful eCommerce ventures granting business partner and consumers unparallel access to their inner workings, abases, and personnel. This has led to a shift in the role of consumers, who are increasingly implicated as partners in product design and creation. An expectation of openness is building on the part of consumers/citizens, which will cause transformations, for better (e.g. increased transparency, competition) or for worse (e.g. potential invasion of privacy) in the economy and society. 5. Ecommerce alters the relative importance of time: Many of the routines that help define the look and feel of the economy and society are a function of time: mass production is the fastest way of producing at the lowest cost; ones community tends to be geographically determined because time is a determinant of proximity. Ecommerce is reducing the importance of time by speeding up production cycles, allowing firms to operate in close coordination and enabling consumers to conduct transactions around the clock. As the role of time changes, so will the structure of business and social activities, causing potentially large impacts. In a nutshell the benefits of Ecommerce are, they offer personalization, high quality customer service and improved supply-chain management. This features of ecommerce has led to a wide scope of Intellectual Property transactions, especially the copyright works in the digital world and thus raise the challenges of protection of the same in the digital world. IMPACT of ECOMMERCE on COPYRIGHT Copyright is a legal term describing rights given to creators for their literary and artistic works. The kinds of works covered by copyright include literary works such as novels, poems, plays, reference works, newspapers, and computer programs; databases; films, musical compositions, and choreography; artistic works such as paintings, drawings, photographs and sculpture; architecture; and advertisements, maps, and technical drawings  [11]  . Copyright motivates the creative activity of authors and thereby provides the public with the products of those creators. By granting authors exclusive rights, the public receives the benefit of literature and music and other creative works that might not otherwise be created or disseminated. Effective copyright protection promotes a new Cyber-marketplace of ideas, expression, and products  [12]  . The internet has paved the way for new ways of creating, using and duplicating copyrighted works. Internet and other digital technologies raise new issues for copyright law because they permit new ways of creating, using, and duplicating works of authorship. Copies are made cheap and the distributions of the same are done at a greater pace in the digital world. This creates the major challenge in the present scenario for copyright holders. In this context it is worth to discuss the implications of globalisation of information and its impact on intellectual property laws. The growth of digital information in the background of globalisation has a wider impact on the domestic and international intellectual property regimes. This has led to the standardization of Intellectual Property laws and demand for greater protection. The literature of recent years advocates that these effects on Intellectual Property have positive impact on the intellectual property producing nations and transnational corporations. Another argument put forth in this context is that the sovereignty of the state is compromised to strong and powerful private entities .It is possible that the prevalence of such writings in the literature is a response to the movement toward harmonization and stronger intellectual property protections and an attempt to ensure that some of the less heard voices are expressed.  [13]  Globalization of intellectual prope rty laws is leading to an erosion of state sovereignty or, at least, profound transformations in our notions of sovereignty  [14]   The Internet poses a threat to copyright laws, especially in the areas of illegal music copying and distribution. The Internet is made up of millions of sites with millions of users potentially viewing those sites daily. It is very easy for users to download information from other peoples sites and in many cases this activity is not easily monitored. A user with a personal web page may also upload files to the server where the page is located and then allow other users to copy that file, regardless of the fact that it may be copyrighted.  [15]   The international character of E commerce raises questions about the nature of traditional legal systems in general, and intellectual property law in particular. They are based on notions of sovereignty and territoriality. The Internet, in contrast, like the movement of weather within the global climate, largely ignores distinctions based on territorial borders. Instead, infrastructure, code and language have thus far had a greater bearing on the reach of its currents  [16]  . For example, the most fundamental issue raised for the fields of copyright is the determination of the scope of protection in the digital environment involving how rights are defined, and what exceptions and limitations are permitted. Other important issues include how rights are enforced and administered in this environment; who in the chain of dissemination of infringing material can be held legally responsible for the infringement; and questions of jurisdiction and applicable law. The Internet is multi-jurisdictional. Users can access the Internet from almost any place on earth. The unique feature of digitized information is that they travel through various countries and jurisdictions before reaching its final destination. The major legal issue arise in this context is the problem of jurisdiction to adjudicate a dispute at a particular location. Secondly there arises the question of law that can be made available to the disputes and finally the recognition and enforcement of judgements in courts in foreign jurisdictions. The economic pressures and the growing international significance of copyright have led to new laws. These new laws are overwhelmingly in furtherance of expanding protection, easier protection, and longer protection.  [17]   There is no standard international copyright law, but an international system exists were a set of norms based on national laws. There exist two different traditions with regard to copyrighted works such as common law and the civil law. Public benefit is the principal focus of copyright systems for which the countries the countries that followed common law tradition. In the civil law tradition copyright works are treated as an authors natural human rights, or part of ones right of personality. Thus, under this system, the protection of an authors moral rights is as essential as the corresponding protection of his/her economic rights. The concept of copyright itself witnessed a drastic change along with the development of technology. In the age of printing press copyright was a restriction on the publishers and authors rather than on the readers. Now in the present context the age of the printing press is coming to an end and the age of the computer networks has taken the way. The computer networks and the transactions in the digital world are now taking us back to a scenario that existed at the age of printing press were anybody who can read can also make a copy of his own. This has directed to a different situation were the there is a drastic change in the working of the copyright laws; Copyright law is now no longer an industrial regulation rather it is a draconian restriction on the general public. Earlier the copyright laws were used to restrict the publishers and to protect the authors now in the present scenario copyright laws are used to restrict the public for the sake of publishers. In the present scenario the publishers are vigilant in protecting their copyright and they wish to increase copyright powers to the maximum extent point where they have complete control over the information. The publishers in fact started compelling the national governments for more copyright powers. These situations led to creation of stringent laws were more powers were given to the publishers and freedoms of the public are being taken away to a large extent. The Passing of Digital Millennium Copyright Act by the US can be cited in this context. Similar laws were passed in Australia and European countries as well. In order to prevent the infringement of copyright in the digital world various methods have been adopted. Firstly harsh punishments are inflicted on copyright violators. The word pirate was earlier used to refer the publishers who failed to pay the authors, but in the present scenario it is used to refer the public who escapes from the control of the publisher. In the globalised era of information it is observed that the publishers are compelling the governments to amend the copyright laws to give themselves more power. The publishers are purchasing the laws to empower themselves. Secondly the publishers are also trying to extend the duration of copyright. So the publishers are purchasing laws to give themselves more power. In addition, theyre also extending the duration of the copyright. This can be assumed from the speech delivered by Richard Stallman were he points out The U.S. Constitution says that copyright must last for a limited time, but the publishers want copyright to last forever. However, getting a constitutional amendment would be rather difficult, so they found an easier way that achieves the same result. Every 20 years they retroactively extend copyright by 20 years. So the result is, at any given time, copyright nominally lasts for a certain period and any given copyright will nominally expire someday. But that expiration will never be reached because every copyright will be extended by 20 years every 20 years; thus no work will ever go into the public domain again. This has been called perpetual copyright on the instalment plan.  [18]   The law which was passed in US in the year 1998 that extended the copyright protection for twenty more years was called the Mickey Mouse Copyright Extension Act. One of the main champions of this law was Disney. The copyright of Disney was about to fall in the public domain by the year 2003 and to extend the duration of their copyright they compelled the US government to amend the copyright law. Similar instances can be pointed out from various national copyright legislations across the world. CONCLUSION In the current environment it is seen that globalisation is carried out by a number of policies that are done in the name of economic efficiency or free trade treaties. These treaties are drafted in such a way to empower the Business corporates over laws and policies. Theyre not really about free trade. These treaties transfer power to business corporates and the national governments find themselves in a situation were they cant protect the interest of their own citizens. In the present scenario it is the foreign companies having more power than citizens of the country. The copyright treaties that were designed in the in the 90s begin to impose copyright throughout the world in more powerful and restrictive way. The distinctive features of these treaties were they are controlled by corporate giants. It is an accepted reality that strong Copyright protection hinders the development of a country. When the US was a developing country, The US failed to recognize foreign copyrights because they were well aware of the fact that it can be an obstacle in their development, but in the present scenario the developing countries are compelled to amend their copyright laws for empowering the publishers of developed nations and to protect their copyright in the digital world. The US threatens the developing nations to go against their own interest. In the present scenario it is seen that the existing legal regime for protecting the copyright in the era of digitisation doesnt serve the interest of the public. Developing countries like India are also vigilant in protecting the copyright especially in the felid of softwares. In the recent years, the Indian court shows growing concern and willingness to enforce intellectual property rights. In the 21st century, intellectual property plays an ever more important role on the international stage. The evolution of ecommerce in the context of globalisation had a widespread impact on the Intellectual Property copyrights. There are further digital copyright issues yet to be successfully addressed in the world of ecommerce.

Death and the African American Literature Essay -- Racial Relations, R

Racism in the United States is without a doubt one of the most gruesome forms of inhumanity. This disease generated the dehumanization of slavery which has taken the lives of innumerable innocent African Americans. It has also robbed a whole race of their identities, heritages and cultures. Throughout the myriad of novels, excerpts, poems, videos and other forms of literature that we encountered in this course, it is unmistakable that the African American literary tradition demonstrates that the past (the unbelievable sufferings of African Americans) can never be arrested and forgotten. The many that have perished at the feet of racism are the history of African Americans themselves, and the African American literary tradition makes it a priority to be true to that history. So why is death a theme in the African American literary tradition? Death, in itself, is a universal phenomenon, with no exception; it touches the lives of all persons regardless of their social status or ethnic heritage. Likewise, death is a universal theme in literature, but its relevance in the African American literature is particularly poignant because of the loyalty that African American writers have to their history. With the help of works of Frederick Douglass’ Narrative of the Life of Frederick Douglass an American Slave , Negro spirituals (â€Å"I feel like my time ain’t long† and â€Å"Many Thousands Gone†) and Abel Meeropol’s â€Å"Strange Fruits,† modern African American literature like late sermons from Martine Luther King Jr. and Elizabeth Alexander’s â€Å" Praise Song for the Day† has utilize the universal theme of death to symbolize the racial injustice that African Americans experience in the own country and they also utilize such a strong theme to declare ... ...rt-breaking result of racism in the United States and the subject has made its way into the African American literary tradition. Slave narratives such as Douglass’ Narratives and Negro spirituals such as â€Å"I feel like my time ain’t long† and â€Å"Many Thousands Gone† have made African American literature true to the history that has been recorded. A present day controversial subject in our society is why can’t people, especially African Americans, forget about slavery and the adversity against African Americans? It is believed that African Americans have progressed and made advancement since that time; however, with writers like Elizabeth Alexander, the past just can’t go away forgotten; especially a past that was as gruesome as that of African Americans. Every single bloody lash, death and groaning happened and as she said we have to â€Å"say it plain† that it happened.

Educational Goals and Philosophy :: Education Teaching Essays

Educational Goals and Philosophy Webster defines philosophy as a critical study of fundamental beliefs and the grounds for them. There are major aspects of philosophy that people use in everyday life: metaphysics, ethics, aesthetics, and epistemology. One of the my personal views of philosophy is the nature of students. I believe that everyone can learn, just at different levels. Physical Education will be the field that I will be concentrating on. I've always enjoyed learning how to play different sports when I was in grade school and my dream was to be able to teach kids how to play these sports that I was once taught how to play. I know that mostly all kids favorite subject is Physical Education so it will be easier to teach a class to kids that want to be there and want to cooperate as well. In that sense, I will try to relate to students in a way that they can enjoy Physical Education just as much as I want to teach it to them. My classroom will basically be in the gymnasium. It will be run in the same matter, as I was once taught. I'll let the students socialize for a few moments before class starts. Once the bell rings I will have them stand in single file lines. After this is successfully completed I will lead the class in stretching exercises to avoid injury such as arm and leg stretches as well as jumping jacks and sit-ups. This is a good way to organize the class as well as motivating them for the rest of the period as well. After this is done, I will have the whole class sit down while I explain the unit of the sport they are going to learn. I will have separate units lasting a week. After each unit, the class will take a short quiz on the sports they had just performed. Discipline is something that falls with involvement. If the students want to be in my class then they need to have good organization as well as motivation. Everything falls into the category of Discipline. That's why I love this field. I can handle any obstacle that may come my way, and I know that kids love Physical Education more then anything else.

Simplicity and change as a child

I remember finding that first rock. We were digging in the woods behind my house. The entire neighborhood: Alec, Julien, Westley, Blake, Nathaniel, and I. It was a giant pink quartz, the size of a grapefruit. The creases were packed with dirt. Chipping away at the frostbitten ground in November, we began finding more and more rocks: a small white crystal, a green gem, a slab of mica, coral, and fossils. We now had a fairly large pile of artifacts in the shoebox under my bed. I would go and look through them, thinking I had found the biggest treasure in the world. I remember Nathaniel saying how we’d all be millionaires and the two brothers fighting over what we’d spend in on. Did we want a pool for the neighborhood? A new PlayStation? The possibilities were endless, but we’d be famous anyway, the kids that discovered it all! When we had excavated the last of the rocks, we looked them over to clean out the dirt that had plastered itself into all the cracks and holes. We decided to keep it a secret, a dusty cardboard box hidden under all the other old school work under my mattress. I remember sawing back and forth against the plywood. Our swing was going to be amazing. My arm was sore and salty sweat speckled my lip. Summer sun is the most unforgiving heat, dry and merciless. I remember the metallic jingling in our pockets of the coins we had scrounged from the junk drawer. We bought some red paint and metal hooks from the hardware store downtown. I remember the kind chuckle the cashier gave us, a bunch of kids counting out all our quarters and dimes. I remember the countless tries it took to throw the ropes over the outstretched arm of that pine tree. I remember the refreshing rush of air, and not feeling solid ground on my calloused and dirty bare feet. I remember years later, seeing the swing lifeless and dangling, a paint chipping, rope rotting, rust infected memory. I remember the numbness, watery eyes, and stuffy nose. I remember the way snowflakes looked through the orange light of the street lamp. Let the battle begin. We rushed behind the wall of our castle. Westley, Nathaniel, and I, verse all. Packing the snow together with wet mittens I took an iceball to the lip. I remember the strength it took not to cry. The war began to die down; I remember leaning back and falling into the forgiving snow and watching my breaths turn into soft clouds against the piercing black sky. I remember snowflakes on my eyelashes; we were all going to be friends forever. I remember the day Julien moved away. I remember the day Westely started middle school. I remember the day Alec didn’t want to come play football. I remember the day Nathaniel had too much homework to go outside. I remember the day I realized the unforgiving nature of time, the inevitability of change, and the pricelessness of simplicity. Everyone gets the, â€Å"have fun now, ‘cause it won’t last forever kid!† from a sassy grandparent who you don’t want to believe. Sure, nothing can last forever, but I’ve got plenty of time to be a kid. The memories of simplicity that I hold onto so closely are the things that I appreciate most. They are what construct the skeleton that the layers and complications of my life cling to. Every day I feel how precious it is to have modesty, clarity, and sincerity. I remember simplicity.

Applying Lean Logistics to Scm

Applying Lean Logistics to SCM The system of interconnected businesses used to push a product from supplier to consumer is defined as a supply chain. Supply chain management (SCM)[1] focuses on managing the supply chain in an effort to improve the quality and time it requires to manufacture a product. The marriage of lean production and supply chain management creates lean supply chain management, which provides a much leaner and more economical supply chain for the product to flow through. Much uncertainty about what supply chain management entails is present in today’s society.Many people treat supply chain management as being synonymous with logistics, which is the management of the flow of goods from the origin to the consumers. However, supply chain management encompasses much more than the purchasing or management of goods to the consumer. Supply chain management is the combination of art and science that goes into improving the way your company finds the raw components it needs to make a product or service and deliver it to customers. The following are five basic components of SCM. [2]The concept of Supply Chain Management is based on two core ideas. The first is that practically every product that reaches an end user represents the cumulative effort of multiple organizations. These organizations are referred to collectively as the supply chain. The second idea is that while supply chains have existed for a long time, most organizations have only paid attention to what was happening within their â€Å"four walls. † Few businesses understood, much less managed, the entire chain of activities that ultimately delivered products to the final customer.The result was disjointed and often ineffective supply chains. Supply chain management, then, is the active management of supply chain activities to maximize customer value and achieve a sustainable competitive advantage. It represents a conscious effort by the supply chain firms to develop and run supply chains in the most effective and efficient ways possible. Supply chain activities cover everything from product development, sourcing, production, and logistics, as well as the information systems needed to coordinate these activities.Lean is how a properly designed and operated supply chain should function. A lean supply chain process has been streamlined to reduce and eliminate waste or non-value added activities to the total supply chain flow and to the products moving within the supply chain. Waste can be measured in time, inventory and unnecessary costs. Value added activities are those that contribute to efficiently placing the final product at the customer. The supply chain and the inventory contained in the chain should flow. Any activity that stops the flow should create value.Any activity that touches inventory should create value. Supply chains gain waste and non-value added activities for many reasons, both internal to the company and external. Regaining the lean supply chain may mean addressing many of the same issues that created the problems of extra and unneeded time, inventory and costs. The ideal approach is to design the perfect supply chain and fit your company’s operation onto it. Supply chain management is meant to reduce excess inventory in the supply chain. A supply chain should be demand driven.It is built on the pull approach of customers pulling inventory, not with suppliers pushing inventory. Excess inventory reflects the additional time with the supply chain operation. So the perfect supply chain would be lean with removing wasteful time and inventory. A supply chain, with the pull, flows back from deliveries to the store or to the customer warehouse back through to purchase orders placed on suppliers. Anything that delays or impedes this flow must be analyzed as a potential non-value added activity.To develop a lean supply chain, firms should: understand lean is an ongoing, continuous improvement approach as compare d to business process reengineering which can be viewed as a one-time change, build a multi-discipline team for the project-one that understands lean supply chain management, analyze the total supply chain process, not just the outbound part or just the inbound part, calculate the risks of the lean supply chain, rationalize the process, improve the process to drive change.Lean supply chain management is not about â€Å"fixing† what someone else is doing wrong. It is about identifying and eliminating waste as measured in time, inventory and cost across the complete supply chain. This requires continuous effort and improvement. ———————– [1] http://en. wikipedia. org/wiki/Supply_chain_management [2] http://www. cio. com/article/40940/Supply_Chain_Management_Definition_and_Solutions