Farewell to Arms

People often find meaning in their lives by devoting themselves to a certain passion or conviction. In Ernest Hemingway’s A uk/farewell-to-manzanar-2/">Farewell to Arms, individuals struggle to find meaning and order in an otherwise chaotic and war-torn world. For example, Frederic Henry, who has little sense of direction or purpose from his demoralization from war, seems to find solace in love, which serves as the conviction Frederic needs to obtain peace and stability. Although his attempts to find order fail and lead to great suffering for him, Frederic ends up maturing greatly, with a better understanding of life.Hemingway uses Frederic’s conflict between his duty as a soldier and his love for Catherine to demonstrate that maturity and true solace come from following a conviction and gracefully accepting the hardships that may follow. Frederic begins the war as a naive and detached young man seeking for a purpose in life to guide him through life’s troubles. He lacks the conviction needed for him to direct his decisions and live a meaningful life; he thus tries to find structure by enrolling in the war.However, since he is an American with little connection to Italy, Frederic does not have a viable reason to feel committed to the Italian army, evident when he says: â€Å"Well, I knew I would not be killed. Not in this war. It did not have anything to do with me† (37). Even the promise of honor and the duties of patriotism mean little to Henry. Frederic voices his opinion of the irrationality of the war rhetoric by saying: â€Å"I had seen nothing sacred, and the things that were glorious had no glory and the sacrifices were like the stockyards at Chicago if nothing was done with the meat except to bury it† (185).Despite the romanticized ideals about the war, Frederic feels that countless people were dying, not in dignity but in futility, and were rewarded with a disregard that is comparable to animals getting slaughtered i n stockyards only to be buried right after. Frederic is unwilling to sacrifice for the war, as he feels neither an attachment to the Italian army’s cause nor an interest in the patriotic war rhetoric. Frederic slowly restores the passionate and expressive side of him that was lost from the war; his love for Catherine outweighs his loyalty to the army, enabling him to flee the war and find peace.As he talks with Frederic about the void in their lives of religion, Count Greffi states: â€Å"you are in love. Do not forget that is a religious feeling† (237). True to the Count’s remark, both Frederic and Catherine treat their love with a religious devotion. As a result, Frederic develops a sense of meaning and purpose by isolating himself with Catherine, away from the chaotic and corrupt world around them. He finally finds peace when he separates himself from his chaotic surroundings to follow his desire: â€Å"I was going to forget the war.I had made a separate pea ce† (243). His newfound sense of purpose is strong enough that Frederic can bring himself to ignore the potential risks of abandoning his military obligation in favor of following his passion. Frederic suffers through great heartbreak by following his desires rather than his moral duty, but through these experiences, he obtains wisdom and an acceptance of life’s tragedies. After Catherine’s tragic death, he acknowledges that â€Å"I haven’t any life at all anymore† (300).Fredric realizes too late that Catherine was mistakenly the only source of order and strength in his life and is truly devastated as a result. But, as he says when talking to the priest about peasants fighting in the Italian army: â€Å"They were beaten to start with. They were beaten when they took them from their farms and put them in the army. That is why the peasant has wisdom, because he is defeated from the start. Put him in power and see how wise he is† (179). Frederic himself believes that enduring hardships leads to a greater wisdom and understanding of the world.As if predicting the tragic end of his relationship, Frederic says: â€Å"If people bring so much courage to this world the world has to kill them to break them, so of course it kills them. The world breaks every one and afterward many are strong at the broken places† (249). Frederic, through his own suffering, is forced to understand that peace and stability must come from within himself, not from external means such as people or institutions, for the world is cruel and unpredictable.Because of the suffering that ensued from following his conviction, Frederic is able to obtain a wisdom that would be unattainable had he not done so. The love Frederic feels for Catherine outweighs the moral obligation he feels to the Italian army and gives him something to live for. Though he initially suffers from his growing pains, at the end of the story, he is noticeably more mature and accep ting of his hardships. Ultimately, Frederic’s love and his military obligation, two of his many solaces to the chaos during the war, serve merely as stepping stones in his search for true meaning in life.

International Trade and Tariff Essay

Tariffs Explain the various impacts of an import tariff in small nations vs. large nations. The impact of an import tariff in a small nation is entirely unlike then an import tariff from a larger nation. When smaller nations imposes a tariff, it does not affect world prices, however the price of the importable commodity will start to rise, usually by the amount of the tariff for manufacturers and trade in the small nation. When large nations impose a tariff, it will reduce the volume of trade. Large nation tariffs also improve terms of the nation’s trade. Since the volume of trade is being reduced, it tends to lesson the nation’s welfare. However it also can improve the nation’s welfare. It depends on the welfare of the nation to if it actually rises or falls depending on the two conflicting forces. What are the three main reasons governments prefer using a tariff to restrict imports versus quotas? A few reasons why tariffs are better option than import quotas is because, tariffs can generate revenue for the Government, import quotas can lead to administrative corruption, and import quotas can cause smuggling. The reason the government can make money off of tariffs is because there can be a percentage put on imported goods that will generate extra money. There are millions of different things that are imported into a country and the small percentage of tariffs generates a lot of revenue that would be lost of the government unless their trade had an authorizing fee on goods being imported. This can lead to administrative corruption, if there are no restrictions on importing goods then the government has the ability to pick and choose who can import and who cannot. This can give the custom officials a lot of power since they would have the ability to favor and only allow certain corporations. Tariff system helps to rid the possibility of corruptions. This not just the price, but also the quantity sold through supply and demand. Smuggling can occur with an import quota when there are large shortages. A tariff cannot provide a set number on the goods or products that are coming into the country so the number of imports will increase when the demand for it goes up. Should our government use a weak dollar exchange rate policy to make imports more expensive in order to help our exporters? The weakening of the U. S. dollar means that the dollar has fallen in value compared other currency. The weak dollar is good for exports, but not good for importers. The value of currency will decrease when the demand for that specific currency is low, which will make importing goods more expensive. A weak dollar can make things difficult for exporters that are selling to the United States. If a foreign company wants to sell goods to the U. S. it either needs to up the price of the product or sell it at a lower price because of the exchange rate. What roles do the IMF and WTO play in trade and the use of tariffs? The IMF or International Monetary Fun is an global business of countries that strives to guarantee the constancy of the worldwide financial and economic system. The IMF tries to make sure that there is balanced growth to international trade, it promotes exchange constancy and helps to give countries a way to balance payment issues. Tariff rate data comes from the IMF database and the country’s authority figures. The WTO or World Trade Organization is a global company that works on the rules of trade between two countries. It helps to ensure that international trade moves smoothly and generously. It also gives countries a helpful and just outlet for dealing with arguments over importing issues. The WTO regulations permit a nation to defend certain businesses if the elimination of tariffs would have detrimental side effects, such as the loss of necessary national trade.

“Death of a Salesman” by Arthur Miller, Essay

In the books Death of a Salesman by Arthur Miller, and Fences by August Wilson, there are common themes that run throughout the book. Among these are two, hard working men that can be a bit disillusioned by life. The main character of each book, Willy Loman and Troy Maxson are similar in many ways. They both try hard to be good men and fathers, but unfortunately, they are imperfect in both aspects. Troy distances his self from his youngest son, and many could say that he is too hard and cold towards him. Willy in a way believes that his grown sons could not have done any wrong when they were younger and do no wrong now. But these two fathers are not totally bad. There are many good personal traits that they both display in these books. But as stated as before, they weren’t perfect at all. In many ways, both Willy and Troy were in fact good fathers. They worked hard to provide for their families and tried to set an example for their sons by their own actions. Willy was extremely supportive of Biff’s high school football success and went to all the games. Troy tries to instill certain values such as responsibility into his son Cory and explains to him that he shouldn’t go through life worrying if people like him or not. He tells him he takes care of him not because he likes him, but because it is his duty. Troy seems to be a bad father more visibly. He does not encourage Cory’s high school football career in anyway, in fact he tells him to tell the scout he is not interested and thinks having a job is more important. His attitude toward Cory the majority of the time is cold and harsh, as if he regards his son as someone he must deal with and take care of. Willy had a few problems of his own. First he let himself get caught with his mistress by his son, which devastated him. He also acted like his sons were perfect, which they weren’t. He should have made sure his son passed math so he could have graduated, but he put that into the hands of their next-door neighbor, Bernard. Willy also sets a bad example telling his sons that being â€Å"well-liked† is very important and holds it as a measure of success. He also leads them to believe that he is doing well financially, when in fact he is not. He has to get $50 from his next-door neighbor and Bernard’s father Charley. Although Willy and Troy weren’t the best or worse fathers they did raise their sons. The outcome of these men are different, however. Cory, who did not have a good father-son relationship or interaction with Troy moved out and joined the United States Marine Corps. Seven years later he returns for Troy’s funeral, no doubt successful and providing for himself. Biff and Happy, on the other hand, who both had a pretty decent relationship with their father ended up with menial jobs living with their parents at the age of 34. Happy is a philanderer with horrible ethics that sleeps with his supervisors’ girlfriend. Biff is unable to hold a steady job and has a new money making idea every week. It is hard to judge both Willy and Troy as good or bad if we aren’t in their shoes. Whether others may agree or disagree, it can be said that both fathers raised their sons the best that the could under their circumstances and most likely the best they knew how. The outcome of a person does not wholly depend on his or her parent. Their outlook on life and how much they want to accomplish while on this earth are other factors

Financial statement auditing analysis Case Study

Financial statement auditing analysis - Case Study Example This essay seeks to examine five areas of heightened audit risk relating to the audit of the Havelock Company under study. As a point of departure, the management commentary on credit and liquidity risks indicates existence of unsound control systems on revenues and the general expenditure of the company. This study will focus on the profitability, liquidity, financial leverage, working capital and valuation ratios. These instruments are essentially the reflection of the company’s financial position in terms of control system management. This follows that; analytical examination of the ratios will play a fundamental role in exhibiting the potential risks areas of Havelock Company (RODGERS, 2007). These ratios include Gross profit margin, Operating margin and net profit margin. These ratios aid in investigating profitability status of an organization through comparison of the income aspects with sales. This follows that, upon examining and comparing Havelock Company’s profitability ratios of 2011 and 2012, auditing assumptions will be made consequently, identifying the possible risk audit areas (VOGEL, 2007). The gross margin profit implies that the amount of sales revenue which remains after the cost of goods. The ratios above indicate the in 2011 the sales revenue left was significantly low compared to 2013. There is a shift from -0.36 to 0.07. This tells the auditors that the significant change should be widely investigated, particularly on the element of sales. The significant rate of the sales revenue remained might be investigated based on sale of goods of other brands from outside, hence creating a backlog of the company’s goods. This is a potential audit area for Havelock Company, which might be attributed to issues of disclosure (VOGEL, 2007). These ratios aid in establishing the company’s capacity to meet its short-term debts. The current ratio for Havelock went down from 5.43 in 2011 to 2.88 in 2012. This implies that the

Easy Jet Airline Company Term Paper Example | Topics and Well Written Essays - 1250 words

Easy Jet Airline Company - Term Paper Example Easy Jet Airline Company Since its establishment in 1994, the company has undergone a lot of improvements including base openings and acquisitions. For a company to survive in the market, it should employ marketing strategies that are compatible with the market and profitability of the company (Koenigsber, Muller & Vilcassim 279). Easy Jet has applied a unique marketing strategy that has enabled it to survive in the competitive market (Koenigsber, Muller & Vilcassim 281). The mission of the company is to provide customers with exceptional value and point-to-point airline services. The company also aims at offering and effecting reliable and consistent fares and products that appeal to business markets and leisure on various European routes. By 2009, the company had employed more than 6107 employees. Easy Jet has been one of the most successful and competitive low-cost and short-haul airline with a clear pricing structure (Mayer 16). All prices for a given flight are quoted one way; this means that a single p rice prevails in any point of the flight. The prices of the airline are low early on, but increase as the date of departure nears. Easy Jet applies various and distinct strategies in its operations. First, the company does not offer a last minute deal. One cannot get a flight ticket at the last minute of the flight. Secondly, the company offers a single class of travelers unlike other airline companies where there are different travelling classes. Price is the only variant that controls the demand for flight tickets at Easy Jet Company (Mayer 17). The third strategy applies to the duration of sale of tickets. The company varies the time in which its tickets are offered on the market. The first two strategies can be contrasted to the traditional airline pricing strategy. Most of the competitors of Easy Jet Company offer the last minute deals through resellers or directly to customers (Koenigsber, Muller & Vilcassim 282). The prevailing pricing strategy at Easy Jet also aims to contro l the demand through seat allocation to certain classes of people. This is done by making price the only variable that controls demand for travelling tickets, and offering equal services to all customers. Ryanair is one of the airlines, which compete with Easy Jet. The two companies use the same pricing strategy that insists on providing air services that are cheaper than other competitors. The low prices set by the two companies are feasible through reducing all possible costs, and having no frills. They use indicative ways to reduce their costs such as little product differentiation, reducing the costs of research and development and reducing the advertising and selling costs (Jones 28). The two companies also use efficient scale facilities; any innovations can only be adopted when the other competitors have tried and implemented them successfully. This helps in reducing the risks that may arise after implementing these innovations. A competitive advantage of the two companies lie s in the fact that they have a combination of high frequency services and low cost fares (Mayer 17). They also have an excellent network of routes where they increase the number of flights. Having reduced prices, Easy Jet and Ryanair do not offer drinks, food, or other services offered by other competitors. This way, the company lowers the expenses thus reducing the prices. Easy Jet has succeeded in reducing the costs

To what extent have policies aimed at enhancing flexibility been Essay

To what extent have policies aimed at enhancing flexibility been successful in reducing unemployment in Europe since the early 1990s - Essay Example um wages and policies of the labor market to empower employees, discouraging the employers from flexible working practices that could boost employment. It also affected the rates of tax, thereby making it difficult for employers to absorb more employees in from the labor market (Brodsky 1994 p. 68) The policy on minimum wages does not help employers in hiring more workers, especially the unskilled entry level graduates. It is believed that the rate of unemployment in Europe has steadily increased from 1970 to a high of more than 8% of the labor force in 2002. From 1990 and 1993, unemployment increased by 2.3%. This is an indicator of failure of labor market policies to enhance employment creation. It is mainly attributed to their rigidity. In order to solve this problem, â€Å"the OECD recommended an improvement in labor market flexibilities† (Brodsky 1994 p. 60) which include; non-wage labor cost reductions, enhancement of income re-distribution through re-assessment of the role of statutory minimum wages, job security provisions reforms and reforms in the benefits related to unemployment. These were the major policy drivers in Europe employed to reduce unemployment. Research indicates that the benefits associated with unemployment are highest in the European Union. More over, they are known to be prolonged and easily accessible to the population of the unemployed in the labor market. This is one factor that is seen to maintain the high unemployment rates. This provides evidence of lack of enough labor market flexibility that could enhance employment. It is what Nickell (1998) describes as â€Å"generous replacement rates† which have maintained the high unemployment patterns in European Countries. Even though there have been several draw backs in the efforts to reduce unemployment, the active labor market policies have served as a major tool for the government to increase the capability and motivation towards taking up the available jobs, including part time jobs.

Public History Project Essay Example | Topics and Well Written Essays - 750 words

Public History Project - Essay Example The paper will explore various aspects of this museum and its significance in providing to us the historical context of American Civil War in relation to abolition of slavery in America.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Freedom House Museum is situated in the state of Alexandria in United States. It is based on the building that was originally possessed by a trading firm that used to deal in slaves. It was back in 1800’s when this company came into being to fulfill the requirements of people who wanted to own slaves for money. The slaves were basically Blacks who were deprived of any right to claim their freedom and were thus treated as slaves by birth. It was the result of the lack of realization of basic human rights in that era. The slavery had been started from 1706 with the advent of trade with Africans. The Africans were forced to the other areas where people purchased them on account of money. However, the advent of domestic slavery took place in 1860’s where natives Amer icans were being held captives. Not only adult men and women were enslaved but children were also being kept as slaves.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  The historians have narrated various incidents, which shed light on the type of treatment slaves had to go through. The people visiting Freedom House Museum can witness the artifacts providing an overview of the life of slaves before the start of Civil War in America. The people bought as slaves were treated worse than animals and were whipped often. There was no difference being considered among the enslavement of an adult and a child. In a book, ‘Slavery and the Making of America’, the author throws light on the pathetic life of slaves by narrating heartrending tales by slaves themselves. The book describes the torture the Black slaves had to undergo that was based on occasional beating, chaining down with other severe punishments that were being imposed on a minor mistake committed by the slave. The slaves were forced to do a ny kind of work their master assigned them and were not appreciated for their work. Instead, it was considered their duty to please their master without questioning anyone about their slavery.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  The slaves were used for various purposes among which using them as laborers to work in fields or other jobs was a common practice by Americans. They were also made to construct buildings that were basically the earliest ones to be constructed. Moreover, there was a high demand of slaves for working in cotton fields which was met by the slave trading firms that provided domestic slaves on payment of money. Nearly 1000 slaves were being sold by a trading firm by Franklin and Armfield in a year. In the museum, there are numerous artifacts with pictures of the owners of slave trading firm. There are heavy iron shackles as well that were used to chain down the slaves. The area brings to one’s mind the sad aspects of history where the value of a human being was lesser than an animal.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  While going through the Freedom House Museum, one gets an insight into the history of US Civil War as well which was caused to end slavery from America. Abraham Lincoln once the president of America is credited with the abolition of slavery who initiated a campaign to end the enslavement of Blacks. A civil war came into place from 1861 to 1865 that resulted in the deaths of thousands of militants and innocent civilians. The Northern America succeeded in civil war that was

Case study of Union carbide and Bhopal Essay Example | Topics and Well Written Essays - 750 words

Case study of Union carbide and Bhopal - Essay Example Most Americans considering its controversial nature overwhelmingly waited for the verdict on Martha Stewart’s case on 27th, December 2001.However, the question on whether Stewart committed the crime is open to question. Martha Stewart was found at fault for selling her ImClone shares. The US attorneys accused her of obstructing fairness and that she was deceitful to investigators. According to attorneys, Stewart was blameworthy of insider trading. I strongly do not accept as true that Stewart committed an insider trading crime given that she acted on her stockbroker’s knowledge. Sam Waksal, the ImClone CEO did not either clue-up Stewart or her stock brokers the defiance of Food and Drug Administration (FDA) to appraise the untried cancer drug, Erbitux. Fascinatingly, Sam, on selling his shares, was just speculating on the decision that could be taken by FAD. He did not have the packed information and for that, could not reveal any to Stewart. Decisively, Martha did not commit insider-trading crime (Drew 707-708). Tight spot is whether the US Attorneys and the Securities and Exchange Commission (SEC) used good decision in indicting Martha Stewart. Stewart, having been advised by Bacanovic who was her stockbroker to sell her shares if ImClon shares fall below $60 saved $ 45,673. Banacovic complained that his worksheet had been altered but was considered malice. Although, SEC filed a civil complaint against Stewart, the resolution arrived at in indicting her is doubtful. The issue was supposed to be inside trading but was twisted to conspiracy, obstruction and lying to the investigators. Martha overtly denied accusations against inside trading. Though she got a call that Sam was selling her shares and went ahead to sell her shares too before calling Sam, she was not a victim of inside trade. She just relied on her friend’s trustworthiness. Prosecutors must have had additional motive for pursuing the case. Instead of filling a suit of inside tr ade against Stewart, which was supposed to be a criminal case, the issue of inside trade was left and the suit was certainly turned to a civil case. The prosecutor must have had a motive of proving a point to the public that even celebrities cannot escape the rule of law. There was no enough evidence to rule the case. The government simply wanted to show that it was strict on business crime (Drew 708-710). I certainly do not concur with the jury that Martha was guilty beyond reasonable doubt. How even in a nonprofessional’s language, can failure to provide evidence by an individual’s guilt be termed as obstruction of justice? Surprisingly, no one stood on the courtroom as a casualty of Stewart’s action. The fact that Stewart kept mum was not enough to declare her guilty. Stewart postulates that she acted upon receiving information that Sam was selling his stock. The information that she got was from a competent individual whom she solely depended on for guidance when it comes to stock matters. Upon hearing the information, she decided to sell her stock. Like any other individual, she could have not waited any further but to save her money before loss. In addition, Sam although he was the CEO of ImClone, did not receive any information from the Food and Drug Administration that their drug was going to be rejected. He further did not leak any information to Stewart that could make her gain inside knowledge about the

Analyzing Geoff Moore's Chasm Model Research Paper

Analyzing Geoff Moore's Chasm Model - Research Paper Example This group needs to be first taken into consideration for they would help in endorsing the new technology being introduced. The second group relates to such people who are known as the early adopters. These people tend to identify the benefits related to a technological innovation and thereby tend to increasingly link such benefits to the operations conducted in their firm or organization. Further these people tend to work more based on the level of their intuition and thereby does not tend to depend on any referred source of study or knowledge. The third adopter segment identified in this model is referred to as early majority. Like early adopters these people also work on their level of intuition in regards to decision making or purchase actions. However unlike early adopters these people work in a pragmatic fashion such that they measure or evaluate their actions against referred or authentic sources of information. Hence they not only successful into entering new territories but also can gain high amount of revenue and profits. Another adopter group in the fourth category relates to late majority people. These people however tend to avoid being drawn to new technologies or innovations. Rather they tend to depend on standardized and well recognized sources to gain resources for their business. Thus gaining over this source helps the research and development team to counter the loss of profits and rather meet the expenses incurred. The final group of adopters in the fifth category relate to a population known as laggards that do not go for new technology products. Rather they tend to depend on other products for their survival. Moore’s Chasm thus refers to the difference between the two segments of technological diffusion relating to the early adopters and the groups known as the early majority. The first group is understood as potential visionaries that tend to bring about new thoughts and ideologies while the latter are held to depend on pragmatic id eas (Dams 88; Moore 12-13). The Chasm Model in Regards to Consumer Behavior The Chasm theory of Moore’s when dealt in regards to consumer behavior identifies early adopters as those people that rush over to the market place in sight of new technology or products being introduced. In other words the early adopter group of consumers tends to take to higher purchase risks in that they go for untested products that have been introduced in the market. However it must also be understood in here that the early adopters also endeavor to look for specific value in regards to the products they ought to procure from the market. Thus a separate culture needs to be developed where the consumers would be introduced to the values and benefits they ought to obtain from the product or service. Unlike the early adopters the early majority consists of such population groups that would not go for rightly procuring a product or service unless and until they have rightly evaluated such to satisfy their needs and aspirations. Henceforth these people need not be introduced to values and benefits of the products. Rather they endeavor to conduct a market research on the people who have been using such product or service. The process through which the behavior pattern of the early adopters can be infused to look for proper benefits and positive experiences before procuring such can be held as a means to earn a breakthrough in

Surface modification to control stem cell differentiation in vitro Essay

Surface modification to control stem cell differentiation in vitro - Essay Example The stem cells within a developing embryo can differentiate into all sorts of specialized cells (known as pluripotent cells), while they can also sustain the normal turnover of revitalizing organs, such as skin, blood, or intestinal tissues (Keller, 1995). (National Institute of Health, 2001) It is getting more and more apparent that stem cells are extensively sensitive to their surroundings and react to prompts rendered by, hardness in two (2D) and three-dimensional (3D), chemistry, topography and culture. Surface modification involves changing the surface of an object by bringing chemical, biological or physical characteristics distinct from those detected originally on the surface of that object. In biomaterials, the surface modification performs a substantial role in ascertaining the consequence of the interactions of biological-materials. The surface of a material can be customized by using a particular modification in the surface of material to improve adhesion, cell interactio ns and biocompatibility. Accordingly surface modification is critical in the designing and development of new medical devices and biomaterials. The principle for the surface modification within the biomaterials is thus to continue the fundamental physical characteristics of a biomaterial while changing only the outmost surface to regulate the bio-interaction. In case such kind of surface modification is appropriately accomplished the functionality and mechanical properties of the device will remain unaffected, however, the bio-response associated to the device-tissue boundary will be modulated or improved. These surface modifications can be accomplished by utilizing mechanical, physiochemical or biological methods (Ratner, 2004). Objectives Stem cells are amazing cells, having both the abilities of differentiation to adult somatic cells and self-renewal in-vitro and in vivo. They possess various characteristics and advantages that can be coupled with the surface modification techniq ues to revolutionise healthcare applications and drug development. Stem cells provide a consistent and limitless furnish of physiologically applicable cells from formalized pathogen-free origins for practical applications like drug discovery, replacement therapies, toxicology studies and disease modelling (Roy, 2010). (National Institute of Health, 2001) Controlling Stem Cell Differentiation and Lineage Commitment The eventual purpose of bioengineering of stem cells is to become able to recognize and perhaps control the lineage commitment and differentiation of stem cells in vitro. Once this objective is attained, a huge number of therapeutic applications can be visualized. For instance one such application could be the production of different kinds of neurons in order to treat the injuries of spinal cord, Alzheimer’s disease or Parkinson’s disease. Similarly the development of the muscle cells of heart for patients who have suffered heart attacks can also be imagined. Moreover, the production of pancreatic cells relevant in the secretion of insulin-secreting can also be considered to treat those suffering from Diabetes (Type I), along with the production of stem cells of hair follicle to treat some specific kinds of baldness. Complete Organ Generation These bioengineering techniques could also

Heroes Essay Example | Topics and Well Written Essays - 1000 words - 2

Heroes - Essay Example Since the 9/11 attacks, heroes have erupted in America like mushrooms. This has caught the attention of the analysts and critics which is why, it is an important topic of discussion in the literature these days. In his article, (Thompson) says that the definition of hero has evolved over time. Historically, hero was somebody with extraordinary powers lesser than the gods but more than the humans. The definition has particularly evolved with important events that have taken place in the history of America. One incident in particular, terrorist attacks of September 11 particularly led to the inflation of heroism in America. Qualities that have been deemed necessary to regard an individual as a hero in America include bravery, nobility, success, and victimhood. In contrast to the old definition of a hero, the modern definition does not imply that a hero necessarily do something as noble victimhood is enough. Thompson suggests that there might exist a strategic reason for the concoction of these criteria that is manifested in politics. Heroism in America is being used to drive people’s emotions in the direction desired by the people in power. While that has yielded favorable results in the aftermath of Sep. 11, the general implications of this practice are negative. Thompson has criticized the criteria that have evolved in America to refer to somebody as a hero, suggesting that these criteria are too unrelated, weak, and subjective to be used for something as special and sacred as heroism. One of the examples of this cynicism is Thompson’s belief that if John F. Kennedy were to compete for presidency today, use of his Addison’s disease to gain presidency would have stood him a better chance of becoming a president than emphasizing his past political achievements. Thompson has supported his claims with facts and examples drawn from the history of America like J. Joseph Moakley becoming a hero only after getting leukemia. The article leads the re ader to think that doing job honestly and whole-heartedly in America has probably become close to a miracle which is why some people who do that and come in public notice are rewarded with the status of a hero. Americans have become a little too generous in empathizing with others and declaring them hero. (Klinkenborg) also suggests that since the 9/11 attacks, America has started to use too much of this word â€Å"hero†. Soldiers returning from war physically impaired are declared heroes. Excessive use of this word can mean different things; an attempt to dwarf the elitism of the word by creating too many heroes, and a feeling of security associated with a world full of heroes. While it is inappropriate to suggest that the soldiers returning from war should not be declared hero, it must be realized, at the same time, that the definition of the word â€Å"hero† has become very hollow. Knowing this, the soldiers are not quite as enthusiastic about endorsing this term fo r themselves as the American civilians are about giving it to them. This word has become a gesture of lack of comprehension in the American society not only with respect to the meaning of the word â€Å"hero† but also with respect to the war against terrorism going on. Klinkenborg has mainly used pictures of the American soldiers

The Treaty of Waitangi Essay Example for Free

The Treaty of Waitangi Essay The historical and contemporary interpretation of the treaty of Waitangi and the Doctrine of aboriginal title in New Zealand case law and statute, reflects the pattern of what Moana Jackson refers to as the â€Å"colonizing context† the treaty itself came into being on 6th February 1840. It was signed between the British crown representatives and different Maori chiefs who were from the Northern North Island. With the signing of the treaty, a British governor post was established in this region and Maori people became the British subjects. In this research paper I’ll analyze the circumstances surrounding the signing of the treaty, effects of the treaty and various tribunals and cases involving the treaty. I’ll also discuss how clear understanding of the colonizing context can lead to adjustment of the constitution. The basis of Moana Jackson’s argument is as a result of the difference between the British’s and Maori language with reference to the treaty of Waitangi. The interpretation between the two languages differed and so there is no agreement as to what the original treaty was because it was differently interpreted. To the British, the treaty mandated them to rule New Zealand and created the post of a governor who was bestowed with full powers to run all affairs affecting this territory but on the other hand, the Maori had a different understanding. Both parties disagreed on various issues even after the treaty was signed. The treaty also gave these people the right to maintain their properties and land. Since the treaty was signed in 1840, the treaty was never valued and existed in ‘darkness’ up to 1970s. All this time the courts never recognized it. It did not address their ownership rights plus they were not fairly treated by the British government. Form the 1960s up to date, the Waitangi treaty has been reviewed a number of times and so many problems have been brought to the light. A commission to inquire on the treaty was formed in 1975 to address the affected areas and this is what came to be referred to as the Waitangi Tribunal. It was supposed to establish and solve the breaches that were committed by the crown or by its agents. To many, the treaty is referred to as the founding document of the state of New Zealand though there are various reasons that made Moana Jackson to refer to it as a â€Å"Colonizing Context† and one of this reason was that, though the treaty was as a result of mutual understanding between British and Maori, the treaty was not recognized until recently when it received limited acknowledgement. In the past, the New Zealand governors and the colonial office clearly supported the treaty for it gave to rule over Maori people as well as to be the leader of New Zealand. After the 19th century case, the treaty was declared null and void and this meant that the treaty was not to be honored both by the government and courts. This declaration was entrenched by the claim that was being advanced by the British’s that New Zealand became a colony after the January’s proclamation of 1840 was passed. The treaty only worked in favor of British and Hobson used the treaty as a pretext to claim leadership of North Island. They breached the terms of agreement to the treaty and denied Maori people the ownership right of the island. They claimed that it was uninhabited when they first arrived in that region arguing that maori’s population was small and sparsely distributed and this did not give them any right to do that and arguing that they Maori of that time were not organized is racism and Euro centrism. According to the doctoring of aboriginal title these people had a right to maintain their soveignity as it was something that had persisted as customary and native rights. The aboriginal title was analogous to â€Å"freehold ownership† also meant not complete ownership. To make a valid constitution, both parties must sit down argue and reason together. The question over whether the treaty was binding or not was decided over a number of court cases such as WI parata versus Bishop Wellington in 1877. In this case the judge dismissed the treaty as neither binding nor valid. In the case of Te Heuhen Tukino Vaotea district Maori land board, the treaty was ruled to be valid in 1938 especially where it talked about the transfer of power and sovereignty but was he was quick to add that it was not what that was agreed â€Å"All dealings with the aborigines for their land must be conducted on the same principles of sincerity, justice and good faith as must govern your transactions with them for the recognition of†¦ they must not be permitted to enter in to any contracts in which they might be the ignorant and unintentional authors of injuries to them serves.† The treaty according to the crown led to the establishment of fair relationship between the two groups. Cooperation determined the relationship between the community and distinctive development but it should be known that there could be no cooperation without mutual understanding. The Waitangi tribunal was created under the 1975’s Act of the Treaty. Its main aim was to investigate complains that were made by the Maori people on the violation of the treaty by the crown. Also in 1988, through the amendments that were made, the tribunal was supposed to investigate whether the treaty was feasible and whether some activities that were being done by the crown were consistent with the treaty. The treaty according to Moana Jackson was a ‘colonial context’ as it led the Maori not to lose land to other people except to the crown. This made British to buy more and more land due to the competitive amount that they paid for a piece of land. This attracted many settlers from England for they were sure that from then the land was theirs. Thus it is evident that the treaty was a vehicle to colonization. The signing of this treaty paved way for colonization of New Zealand by Britain. They spread their culture to every facet until it became the culture of the 19th and 20th centuries. Many colonialists migrated to New Zealand after being enticed by their counterparts with pieces of land in this region. The colonialisation process followed the views of the British governor Gibbon Wakefield who wanted the colonial settlement to emulate those in their mother country. When a large number of colonialists arrived, land started to become a scarce commodity and as a result disputes emerged over land between the local people and the British’s. Maori became angry and started making complains over lack of adherence to the Waitangi treaty and in 1860s, the colonialists with the help of troops from Britain steadied themselves in the region by suppressing these rebellions. As wars persisted many Maori died in the process and this worked to the advantage of the colonialists who took these pieces of land. Loosing sovereignty was a big blow to the liberty of Maori. The signing of the treaty led chiefs to pass their mandate to the European authority. They were forced to do that so that they would be offered protection and citizenship as well as duties and privileges given to the British. The Maori’s were allowed to sell their land only to the British something that made other European nations to keep off. By knowing the colonizing context of this treaty, it is possible to make adjustments to the constitutional framework. Before any amendment is made or before a new law could be made, the impact of the same must be weighed. Because it is clear now that the treaty of Waitangi led to the alienation of land for the Maori people. Safe in this knowledge, some provisions could be passed so that this problem can be addressed so as to prevent further alienation. The findings of this research paper are that the treaty was signed on understanding that the British personnel would rule over Maori people but their rights to own properties. The British violated the contract and used it a tool for advancing their politics. All complains that were made by the Maori people should be addressed in the constitution as it is the governing body that protects the interest of all citizens. A policy like selling land only to the British should be abolished as everybody has a right to do whatever they want. Bibliography. Adams P. 1977. Fatal Necessity: British Intervention in New Zealand 1830- 1847.Auckland University Press. Christchurch library. Treaty of Waitangi: The Waitangi Tribunal. Accessed at http://library.christchurch.org.nz/reference/treatyofWaitangi/tribunal/ on March 28, 2008. Claudia O. 1990. An Illustrated History of the Treaty of Waitangi. Welling Allen and Union Manutukutuku T.E. 1989. Newsletter of the Waitangi Tribunal Macmillan Brown Library HD 1120.5 AL- M294 Mc Neil K.1989. Common Law Aboriginal Title. L4NZULR 97. Ministry for Culture and Heritage, 2007. Waitangi Tribunal claim Maori Language Week Retrieved at http://www.nzhistory.net.nz/culture/maori-language- week/waitangi-tribunal-claim on Monday, March 31, 2008. Wakalahama T. 1993.A Guide to the Waitangi Tribunal. 2nd Edition. Km 78 Z7- N5328 Macmillan Brown Library.

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