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Does model code of conduct bar RBI from announcing vacancies? Also when do you expect the grade B 2019 vacancies to be announced? Is it also possible that they might not announce at all? Anyone working with RBI who may want to shed some light on this?
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:::Gross Fixed Capital Formation:::
Gross Fixed Capital Formation (GFCF) is a net investment concept within national account which measures the net increase in fixed capital. It measures private and public sector investment spent on formation of fixed capital which includes land improvement, construction of roads, railways, dwelling units, commercial buildings, new machinery etc. It must be noted that land purchases and depreciation are not part of GCF.
Significance of GFCF
An increase in gross fixed capital formation signifies increase in investment in fixed assets which further translated into higher rate of economic growth in long run. Generally developing countries devotes higher percentage of GDP to investment for fixed capital.
IMPORTANT ESSAY TOPIC:
Is Farm loan waiver good for the country?
Indian agriculture is often compared to the act of gambling in the monsoon. With the prevailing drought conditions and falling agricultural outputs in certain areas has fuelled the farmer suicides throughout the country. However, the loan waiver scheme provides relief for many families thereby encouraging them to invest in the next crop. But these benefits don’t offer long term economic gain for farmers. Many economic experts feel that the money waived could be used for investing in infrastructure projects which help to eliminate middlemen and help them to reap maximum benefits of their products.
History of farm loan waivers
In 1990, first ever nation wide farm loan waiver was announced and it cost around Rs 10,000 crore. In 2008, Rs 52,000 crore was released by the Indian government as part of the Agricultural Debt Waiver and Debt Relief Scheme (ADWDRS) which was mainly done to remove the financial indebtedness of the farmers. But it was done before the 2009 general election. In 2014, the Andhra Pradesh government announced a farm loan waiver of Rs 40,000 crore and Rs 20,000 crore farm loan waiver was announced in Telangana region. In 2017, Uttar Pradesh announced a farm loan waiver of Rs 36,000 crore. With state government’s move, Maharashtra followed the scheme with a Rs 35,000 crore waiver
Are farm loan waivers really effective?
According to a report, the loan waiver scheme (1990) proved a costly affair for the banks and economy. It was stated after the years after the waiver witnessed a decline in the recovery rates from financial institutions, since it installed belief among farmers believed that they could default with freedom, leading to defaults of such a high scale that it took the banks several years to recover from its impact. In 2008, the CAG audit revealed lapses and errors. It included fake claims, an inclusion of ineligible beneficiaries, huge reimbursement from a lending institution without proper verification. Many occasions, the farmers entitled to receive the benefits were not included in the list of beneficiaries by the lending institutions. Many farmers tend to use the loans for non-agricultural purposes. Besides, loan application receipts or acknowledgements from farmers weren’t properly maintained. Lending institutions like banks were responsible for implementing the scheme and also monitoring of their own work – which is a clear case of conflict of interest. No nodal agencies where appointed for the monitoring the work. Debt waiver/relief certificates were not issued in many cases for eligible beneficiaries.
In 2014, when another loan waiver of a large magnitude called “Runa Mafi”, in 2014 in Andhra Pradesh and the newly formed state of Telangana. This announcement invited several warnings and criticism from the Reserve Bank of India and the several financial experts. While it cost Rs.40,000 crore in Andhra Pradesh, it is expected to cost Rs. 20,000 crore in Telangana was aimed at helping farmers, who suffered in the cyclone Phailin, that severely damaged crops, the complete details of the waiver schemes in the two states are not available. Besides, there isn’t any clarity about the eligibility conditions , extent of crop loss due to the natural calamity. However, neither loan waiver curbed the rising farmer suicides in both the states. The National Crime Records Bureau (NCRB) data shows that while 160 farmers were reported to commit suicide in 2014 in Andhra Pradesh, the number went up to 516 in 2015. Similarly, in Telangana, farmer suicides recorded an increase of 50% in 2015 compared to 2014.
Why farm loans are waived?
In India, agriculture is primarily dependent on monsoon rains. Since most of the farmers aren’t rich, they invest heavily on crops by taking loans. A good shower brings good yields and repayment of the loan. If there isn’t any rains or insufficient market demand, farmers are unable to pay the loan amount or interest. When there is a continuous monsoon failure, farmers are trapped, with no other option, the farmer are forced to commit suicides. So, farm loans waiver is a good step towards curbing the crisis. Besides, many farmers are force to flee from agriculture to find better career elsewhere, which could lead drop in agricultural yields. So in order to avoid such situations, farm loan waiver acts as a good initiative to attract and retain the farmers. Finally, most of the farmers borrow money from moneylenders who charge exorbitant interest rates and get trapped in a very problematic cycle of debt trap. Farm loan schemes and waivers will divert these farmers to borrow money from banks.
Why farm loan waivers are bad for economy?
Loan waiver schemes disturb loan and credit discipline for the any financial system. Though waivers can be an attractive tool for retaining farmer’s interest in agriculture and avoid fatal incidences, it could lead willful defaults among the farmers. If farm loan waivers are done more than twice, farmers will start to wait for the next loan waiver scheme, which is bad for the economy and agriculture. Besides, taxpayers are at a loss, because loans will be waived only with hard earned money of taxpayers. Rich farmers could take advantage of the situations and push to take loans even if there is no need, in the hope of the next loan waiver scheme. This will impact the poor farmers who are genuinely in need of loans for crops.
Conclusion
Loan waiver is not a permanent solution for agriculture until the fundamental problems are solved. Though it is instant temporary relief from debt preventing suicides, it largely failed on many occasions to contribute to farmers’ welfare in the long term. Besides, there is always a question that to what extent this relief measure can help bring farmers out of indebtedness and suffering always remains a question. Since waivers in India are filled with lack of accountability and lack of proper monitoring reduces the effectiveness of the loan waivers. This coupled with the fact that not all the debt is formal, reduces their effectiveness even more. Since most of the working population of India is dependent on agriculture, loan waiver cannot be avoided. But a proper system of accountability and transparency of waiver will alone ensure the effective working of waiver scheme.
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Guys how to cover all the old government schemes?
Levels of Management: Top, Middle and Operational
Levels of management
Different managers manage their enterprise at different level. Management is bound together in hierarchy of relationships.
There are three levels of management in the hierarchy of an organization. These are:
1. Top Management
2. Middle Management
3. Operational ManagementLets’ discuss these levels one by one.
Levels of Management: Top Management
They consist of the senior-most executives of the organisation. Top management is a team consisting of managers from different functional levels, heading finance, marketing etc.
They integrate diverse elements and coordinate the activities of different departments according to the overall objectives of the organisation
They are responsible for the welfare and survival of the organisation.
They analyse the business environment and its implications for the survival of the firm.
They formulate overall organisational goals and strategies for their achievement
They are responsible for all the activities of the business and for its impact on society
Middle Management
It is the link between top and lower level managers. They are subordinate to top managers and superior to the first line managers. They are usually referred as division heads.
They are responsible for implementing and controlling plans and strategies developed by top management.
They are responsible for all the activities of first line managers.
They carry out the plans formulated by the top managers
Supervisory or Operational Management
Foremen and supervisors comprise the lower level in the hierarchy of the organisation.
Supervisors directly oversee the efforts of the workforce.
They interact with the actual work force and pass on instructions of the middle management to the workers.
The authority and responsibility of supervisors is limited according to the plans drawn by the top management.
The quality of workmanship and the quantity of output depends on the hard work, discipline and loyalty of the workers.
Can anyone suggest any good book for reasoning..? Will "How to Prepare for Logical Reasoning for CAT" by Arun Sharma be good for grade B?
Please suggest if there are any other good books which covers the syllabus..
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RBI GA
Gross Fixed Capital Formation (GFCF)
Gross Fixed Capital Formation (GFCF) is a net investment concept within national account which measures the net increase in fixed capital. It measures private and public sector investment spent on formation of fixed capital which includes land improvement, construction of roads, railways, dwelling units, commercial buildings, new machinery etc. It must be noted that land purchases and depreciation are not part of GCF.
Significance of GFCF
An increase in gross fixed capital formation signifies increase in investment in fixed assets which further translated into higher rate of economic growth in long run. Generally developing countries devotes higher percentage of GDP to investment for fixed capital.
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Word limit is 250, essay written in 264 words. Kindly evaluate out of 40 marks. Thanking you in advance.
Globalization and its effects in rural India
Globalization means integration of two or more nations socially, politically and economically. In 1991 India reached to the epitome of financial instability due to which IMF urged India to accept Liberalisation, Privatisation and Globalization norms. "Was there a need of Globalization ?"
Some of the positive effects of globalization in rural India are:
1. Import of better quality seeds, manures and fertilizers from other nations which helped farmers to increase the productivity of crops and improve their livelihood.
2. Export of various rabi and kharif crops as well as oilseeds, pulses and ornamental crops to international markets for consumption.
3. Funding from World Bank and other international institutions for projects like Pradhan Mantri Atal Bhujal Yojana, National Watershed Programme.
Every coin has 2 sides, same is the case with globalization. Some of its ill effects are:
1. Domestic farmers have to face stiff competition from imported products from other nations.
2. Technological upgradation brought in from foreign countries in rural economy is increasing disguised unemployment.
"Be all be happy, be all be connected." Globalization has had a very positive effect in rural as well as urban India. All the commodities required by the community can not be manufactured at one place. Because of globalization exports from rural economy are expected to reach 30 billion dollars by 2030, which would drastically improve the living standards of farmers and people residing in rural areas. The pace of globalization should be increased and no stone should be left unturned as this tool can lead us to build a healhy and prosperous India.
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