Economic planning is the procedure through which a State makes or influences key economic decisions. The Indian government has come up with various objectives such as utilizing the country’s human resources by increasing employment level, economic development, self-sufficiency, and social justice, in its economic planning. Economic Development and self-sufficiency are the major objectives of Indian…
Significant achievements of Five Year Plans in India are as follows; Growth of agriculture output: India became self-sufficient in food grains. An increase in farm output during the First Plan helped to end inflation, stabilized the economy, and paved the way for a higher rate of development during the Second Plan. Many irrigation projects were…
It is not possible to give any precise or universally acceptable definition of Economic Planning. There is no unanimity among political thinkers and economists about the concept of planning. Different economists across the world have defined economic planning in a variety of ways. Mrs.Brbara Wooton the Director of studies in economics at Girton defines “Economic…
At the time of Independence, India’s accounted for only three per cent of the world’s GDP, or about Rs 2.7 lakh crores. Per-capita income figures from 1947 are vague but according to some estimates, India’s share of total world income fell to as low as 3.8 percent. India had a population of 340 million and…
Mail transfer and telegraphic transfer (TT) are used to send money to accounts of the customers of the same bank from one place to another. Though increasingly convenient earlier; mail transfers and Telegraphic transfers are slowly getting outdated because of their slow processing periods. Now, customers have instant banking solutions like anywhere banking (AWB) of…
A demand draft (DD) is a pre-paid instrument that allows a bank customer to transfer money to another individual or business at a different destination. The demand draft is originated at one branch of a bank drawn at another branch of the bank ordering to pay a sum of amount to the individual/business entity or…
The provisions of nomination are found in various financial products like Life Insurance, Provident Fund, Gratuity, Co-operative societies and banking regulation acts (section 45ZC to 45 ZF) and Banking Companies (Nomination) rules 1985 and the relevant provisions of the Indian Succession Act. The nomination facility is available only to individual depositors and not to any…
A portfolio manager is a person who provides portfolio management services to clients. A portfolio manager can be an individual or a corporate that has obtained a valid certificate of registration from the Securities and Exchange Board of India (SEBI). Some banks in India provide Portfolio Management Services (PMS) to high-net-worth individuals (HNWIs)—not the general…
Group Insurance Scheme is as the name suggests insurance protection to groups of people. Irrespective of the size of the group, group insurance covers all members under the same plan. The plan may be in the form of group life insurance, group health insurance, group travel insurance, or group personal accident insurance. According to IRDAI…
An insurance plan or a policy can be defined as a legal contract between the insured (an individual) and the insurer (insurance company). Under the contract, you pay regular amounts of money (as premiums) to the insurer, and they pay you the sum assured in specific situations of suffering to cover the losses, against payment…