Essay : Role of Technology In Banking Sector

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Role of Technology In Banking Sector

Technology has been a boon to many industries and especially to the banking industry. With the help of technology banks are able to reach out to more customers and provide better services to them. Also, it helps them function in an organized and in a secure way. 


As for us (the customers) we have ATMs, Cash deposit machines, online banking, mobile banking etc which are all fruits of technological advances which have made our banking experience much easier.

The following points prove the importance of technology in banking industry:

1. Mobile banking: Telephone or Mobile banking is a service provided by a banks and financial institution where customer performs their transaction, over the telephone. This technology facilitates to call the bank and give order to a bank computer for carrying out of operation under your account.

2. Automated Teller Machine: An automated teller machine is a computerized device that provides access for financial transaction in a public place. The customer can have access to his bank account to make cash withdrawals and check balances. Apart from these functions ATM facilitates to transfer money from one account to another and can request for a cheque book.

3. Debit cards: A Debit card is a plastic card with a magnetic strip that can be used by a consumer as a means of payment. Unlike a credit card, there is no line of credit; the debit card is linked to the account.

Funds charged to a debit card are directly deducted from the bank account it is associated with. It is card that provides an alternative payment method to cash for making purchases. It can also be called as electronic cheque.

4. Internet Banking: Internet banking means conducting financial transaction through a website. In Internet banking consumers have an access to their account through a server. It provides various services like online trading, online bill payment, shop online etc.

Conclusion: Emerging technologies have changed the banking industry from paper and branch based banks to ”digitized and networked banking services. Therefore we can conclude that "Technology has played a big role in reducing fraud in banks which protects its clients".

04:45 - By Unknown 0

All About लोक सभा !

Dear readers, As General Elections are round the corner, we are presenting you an article on Lok Sabha, which will provide you a detail knowledge about the Lok Sabha (The Lower House of Indian Parliament).

Parliament of India consists of two houses: The Lok Sabha or House of the people and the Rajya Sabha (राज्य सभा)) or Council of States.

The Lok Sabha (लोक सभा) or House of the People is the lower house of the Parliament of India.  Lok means "people" and Sabha means "assembly" in Sanskrit.

The maximum strength of the House envisaged by the Constitution is 552, which is made up by election of upto 530 members to represent the States, upto 20 members to represent the Union Territories and not more than two members of the Anglo-Indian Community to be nominated by the Hon'ble President, if,  in his/her opinion, that community is not adequately represented in the House.

The total elective membership is distributed among the States in such a way that the ratio between the number of seats allotted to each State and the population of the State is, so far as practicable, the same for all States.

Lok Sabha, unless sooner dissolved, continues for five years from the date appointed for its first meeting and the expiration of the period of five years operates as dissolution of the House.

However, while a declaration of emergency is in operation, this period may be extended by Parliament by law for a period not exceeding one year at a time and not extending, in any case, beyond a period of six months after the proclamation has ceased to operate.

Background:

The Lok Sabha was duly constituted for the first time on 17 April 1952 after the first General Elections held from 25 October 1951 to 21 February 1952.

The first Session of the First Lok Sabha commenced on 13 May 1952. As many as 15 General Elections to the Lok Sabha have been held till date. The Fifteenth General Elections was held from 16 April to 13 May 2009.

Qualifications of a Member of Lok Sabha:

Article 84 Part V of Indian Constitution sets qualifications for being a member of Lok Sabha, which are as under:-

1. He/She is a citizen of India, and makes and subscribes before some person authorized in that behalf by the Election Commission of India an oath or affirmation according to the form set out for the purpose in the Third Schedule of Indian Constitution.

2. He/She, in the case of a seat in the House of the People, should not be less than twenty-five years of age; and

3. He/She possesses such other qualifications as may be prescribed in that behalf by or under any law made by Parliament.

However, a member can be disqualified of being a member of Parliament:-

1. if he/she holds office of profit;

2. if he/she is of unsound mind and stands so declared by a competent court

3. if he/she is an undischarged insolvent;

4. if he/she is not a citizen of India, or has voluntarily acquired the citizenship of a foreign State, or is under any acknowledgment of allegiance or adherence to a foreign State;

5. if he/she is violating party discipline (as per Tenth schedule of the constitution);

6. disqualified under Representation of People Act.

Furthermore, as per article 101 (Part V.—The Union) of Indian Constitution:

A person cannot be :-

(1) a member of both Houses of Parliament and provision shall be made by Parliament by law for the vacation by a person who is chosen a member of both Houses of his seat in one House or the other.

(2) a member both of Parliament and of a House of the Legislature of a State.

System of elections to Lok Sabha:

For the purpose of holding direct elections to Lok sabha each state is divided into territorial constituencies. In this respect the constitution of India makes the following two provisions:

1. Each state is allotted a number of seats in the Lok sabha in such a manner that the ratio between that number and its population is same for all the states of India. This provision does not apply for states having a population of less than 6 million (60 lakhs)

2. Each state is divided into territorial constituencies in such a manner that the ratio between the population of each constituency and the number of seats allotted to it remain the same throughout the state

Powers:

1. Motions of no confidence against the government can only be introduced and passed in the Lok Sabha. If passed by a majority vote, the Prime Minister and the Council of Ministers resigns collectively. The Rajya Sabha has no power over such a motion, and hence no real power over the executive.

2. Money bills can only be introduced in the Lok Sabha, and upon being passed, are sent to the Rajya Sabha, where it can be deliberated on for up to 14 days.

If not rejected by the Rajya Sabha, or 14 days lapse from the introduction of the bill in the Rajya Sabha without any action by the House, or recommendations made by the Rajya Sabha are not accepted by the Lok Sabha, the bill is considered passed.

The budget is presented in the Lok Sabha by the Finance Minister in the name of the President of India.

3. Equal Powers with the Rajya Sabha in initiating and passing any Bill for Constitutional Amendment (by a majority of the total membership of the House and at least two-thirds majority of the members present and voting).

4. Equal Powers with the Rajya Sabha in initiating and passing a motion for the impeachment of the President (by two-thirds of the membership of the House).

5. Equal Powers with the Rajya Sabha in initiating and passing a resolution declaring war or national emergency (by two-thirds majority) or constitutional emergency (by simple majority) in a state.

6. If the Lok Sabha is dissolved before or after the declaration of a National Emergency, the Rajya Sabha becomes the sole Parliament. It cannot be dissolved. This is a limitation on the Lok Sabha. But there is a possibility that president can exceed the term to not more than 1 year under the proclamation of emergency and the same would be lowered down to six-month if the said proclamation ceases to operate.

Important Points to be remember:

1. Shri G.V. Mavalankar was the first Speaker of Lok Sabha (15 May 1952- 27 February 1956).

2. Shri M. Ananthasayanam Ayyangar was the first Deputy Speaker of Lok Sabha (30 May 1952-7 March 1956).

3. Smt. Meira Kumar is the Present Speaker of the Lok Sabha.

4. Shri Kariya Munda is the Deputy Speaker of the Lok Sabha.

5. Shri  Sushil Kumar Sambhajirao Shinde is the leader of the house in the Fifteenth Lok Sabha.

6.  Smt. Sushma Swaraj is the leader of the opposition in the Lok Sabha.

7. Shri T. K. Viswanathan is the Sec. – General of the Lok Sabha.

8. In the Fifteenth Lok Sabha, two members, i.e. Smt. Ingrid Mcleod and Shri Charles Dias are the nominated members.

9. Shri Basudeb Acharia and Shri Manikrao Hodlya Gavit are the longest serving members in the Lok Sabha.

10. Normally three Sessions of the Lok Sabha are held in a year:

1. Budget Session - February - May

2. Autumn or Monsoon Session  -  July - August

3. Winter Session -   November - December

Lok Sabha also called the popular Chamber: The Lok Sabha is composed of representatives of the people chosen by direct election on the basis of adult suffrage.  That is why it is called the popular chamber.

Note:

1. The 16th general election will be held in nine phases, the longest election in the country's history, from 7 April to 12 May 2014 to constitute the16th Lok Sabha in India.

2. Voting will take place in all 543 parliamentary constituencies of India to elect Members of Parliament in the Lok Sabha.

3. The result of this election will be declared on 16 May 14, before the 15th Lok Sabha completes its constitutional mandate on 31 May 2014.

4. According to the Election Commission of India, the electoral strength in 2014 is 81.45 crores (814.5 million), the largest in the world.

5. This also will be the longest and the costliest general election in the history of the country with the Election Commission of India estimating that the election will cost the exchequer Rs 3,500 crores, excluding the expenses incurred for security and individual political parties.

00:31 - By Unknown 0

Most Important Achievements of Indian Cricketer

1.    First Cricket tournament

- The Bombay Triangular which later became the Bombay Quadrangular ( 1912-1936

2.    First Cricket Club in India

- Oriental Cricket Club , 1848

3.    First  Cricket Test Match

- Against England at Lord’s June, 25, 1932

4.    First ODI Match

- Against England at Leeds July 13, 1974

5.    First T20 Match

- Against South Africa 1^st December, 2006

6.    First Test Captain

- CK Nayudu, 1932 tour of England

7.    First ODI Captain

- Ajit Wadekar, 1974

8.    First ODI Won

- 1975 against East Africa under captaincy of S Venkataraghavan

9.    First Test Won

- Against England in Madras, 1951 - 52

10.  First Test Series Victory

- Against Pakistan, 1952

11.  First Test Series Victory outside Indian Subcontinent

- Against New Zealand, 1967 - 68

12.  First Indian Bowler to take wicket

- Mohammad Nissar

13.  First Cricketer to score a half century

- Amar Singh

14.  First Cricketer to score a century

- Lala Amarnath in 1933 against England in South Bombay

15.  First Cricketer to score a double century in Test

- Polly Umrigar , 223 against New Zealand at Hyderabad in 1955- 56

16.  First Cricketer to score a triple century in Test

- Virender Sehwag, 309 against Pakistan in Multan in 2004

17.  First Cricketer to score a century in ODI

- Kapil Dev, 175* against Zimbabwe in the 1983 Cricket World Cup.

18.  First Cricketer to score a double century in ODI

- Sachin Tendulkar , 200* against South Africa at Gwalior , 24 February 2010.

19.  First Hat- Trick in Test Match

- Harbhajan Singh against Australia in March 2001

20.  First Hat – trick in ODI match

- Chetan Sharma against New Zealand in 1987

21.  First Cricketer World Cup Championship Win

- At the 1983 Cricket World Cup

22.  First Batsman to complete 10,000 runs in Test Cricket

- Sunil Gavaskar ( He was the in the world to achieve this feat.

23.  First Batsman to complete 10,000 runs in ODI Cricket

- Sachin Tendulkar ( He was the in the world to achieve this feat.)

24.  Bowler to take all 10 wickets in an innings

- Anil Kumble, 10/74 against Pakistan in Delhi, 1999

25.  First Batsman to score 50 centuries in Test Cricket

- Sachin Tendulkar

26.  First Batsman to score two centuries in the same test match

- Vijay Hazare against Autralia in Adelaid, 1947- 48

27.  First Batsman to score pair of ducks in same test match

- Vijay Hazare against England in Kanpur, 1951- 52

28.  First Batsman to score 1000 runs

- Vijay Hazare

29.  First Indian Player to score a century in three successive Test matches

- Vijay Hazare

30.  India’s first ever foreign coach

- John Wright

31.  First stadium to host a Test match in India

- Gymkhana Ground in Bombay, 1933

32.  6 sixes in an over

– Yuvraj Singh, against England 2007

33.  Fastest Half Century in T20

– Yuvraj Singh against England 2007 in 12 balls

34.  Fastest Test century on Debut

- Shikar Dhavan , against Australia, 85 balls.

35.  Most sixes in ODI Innings

- Rohit Sharma , 16 Sixes against Australia in Bangalore, 2013

00:30 - By Unknown 0

10 Important things to know about Khushwant Singh And Some Questions about him

Khushwant Singh one of the most renowned names of the literary world passed away on 20th March, 2014 at the age of 99. The award winning author leaves behind a legacy of sorts be it with his sharp and witty sense of humour or the erotica through his novels or simply the loved short stories. On his 98th birthday, the writer came up with ‘Khushwantnama: The Lessons of My Life’ which talked about the evergreen life of Khushwant Singh.

1. Khushwant Singh was born in 1915 in Hadali District Khushab, Punjab now a part of Pakistan. He was a pupil at St. Stephen’s College, Delhi and King’s College London. He practiced law at the Lahore High Court for several years before joining the Indian Ministry of External Affairs in 1947.

2. In 1951 Khushwant Singh joined All India Radio. Later he became the founder-editor of Yojana, an Indian journal. He was the editor of the Illustrated Weekly of India, the National Herald and the Hindustan Times.

3. Khuswant Singh was awarded with Padma Bhushan in 1974, which he returned in his protest against the use of Army forces into the Golden Temple.

4. He was the recipient of India’s second highest civilian award Padma Vibhushan in 2007 for his immense contribution in the literature world. He had also been honoured with “Order of Khalsa” (Nishaan-e-Khalsa), the highest honour within the Sikhs community.

5. In his book ‘Khushwantnama: The Lessons of My Life’ he confesses of doing evil deeds like killing sparrows, pigeons in his earlier days.

6. Khushwant Singh had published over 80 best-selling books and two weekly columns syndicated in over 40 English publications.

7. Khushwant Singh is the original creator of Santa Singh and Banta Singh for carrying them in his best-selling books and gaining them popularity through his columns.

8. Khushwant Singh’s love for alcohol is well known. He started drinking at the age of 25 and his favourite was Premium Scotch.

9. Khushwant Singh was Member of Parliament, Rajya Sabha, from 1980 to 1986.

10. Khushwant Singh’s autobiography ”Truth, Love and a Little Malice”, was published by Penguin Books in 2002.

 Question Quiz 

1.    Khushwant Singh was born in which Province of Pakistan ?

(a) sindh

(b) Punjab

(c) Balochism

(d) Khyber Pakhtunkhwa

2.    Khushwant Singh was the founder - editor of which Indian government journal ?

(a) Weekly times

(b) Steps

(c) Yojna

(d) Ateet

3.    Khushwant Singh got died in which age ?

(a) 87

(b) 91

(c) 95

(d) 99

4.    Khuswant Singh was awarded with which award in 1974 ?

(a) Padma Vibhushan

(b) Padma Bhushan

(c) He never returned any prize

(d) Bharat Ratna

5.    Which award Khuswant Singh returned in his protest against the use of Army forces into the Golden Temple ?

(a) He never returned any prize

(b) Padma Vibhushan

(c) Padma Bhushan

(d) Bharat Ratna

6.    In which of his book,Khushwant Singh confesses of doing evil deeds like killing sparrows, pigeons in his earlier days ?

(a) Khushwantnama

(b) I Shall Not Hear The Nightingale

(c) Paradise And Other Stories

(d) More Malicious Gossip

7.    How many best-selling books Khushwant Singh had published ?

(a) Around 40

(b) Around 80

(c) Around 120

(d) Around 160

8.    Khushwant Singh was Member of Parliament, Rajya Sabha, from?

(a) 1960 to 1966

(b) 1970 to 1976

(c) 1980 to 1986

(d) 1990 to 1996

9.    Which was the last book of Khushwant Singh ?

(a)  I Shall Not Hear The Nightingale

(b) Paradise And Other Stories

(c) More Malicious Gossip

(d) The Good, The Bad and The Ridiculous

10.  Which of these award was not won by Khushwant Singh ?

(a) Honest Man of the Year

(b) Punjab Rattan Award

(c) Sahitya academy fellowship award

(d)  Best columinst award

ANSWERS:

1	b
2	c
3	d
4	b
5	c
6	a
7	b
8	c
9	d
10	d

00:21 - By Unknown 0