The Dream World

What most people call normality was the dream world of the 1930s and 1940s through the 1980s being “a better time”. When reality is thought of, what do we think of? Mom, Apple Pie and Sweet Sovereign Capitalist America? Well, that whole “normal thing” was the genuine dream world that never really existed.

I, with so many of the rest of you wish at times that really existed even for a genuine moment in history. In reality, though, it never has. It is mythology like the fables of Aesop or the tales of Homeric glory, really.

The other day I was watching ninety to one-hundred year old soldiers from “The Greatest Generation of World War II” on television hoping they were really fighting for those values I am alluding to in those previous paragraphs, hoping so hard that reality showed on their faces in their old age, while the genuine “glory mongers” who knew what was really going on, for the most part went on to the next world right down to Richard Nixon and Bob Dole. Indeed, capitalism and apple pie greatness is a dream world invented like “The Matrix” to ‘keep the suckers pacified and all right with it all while getting fleeced by the reality that they are sheep to the slaughter, and not exactly human to the powers that be’. Men like Richard Nixon and Bob Dole, and all the Masters of War glory mongers were human beings to the powers that be because they could function in reality knowing what it really is without going genuinely crazy and horribly flinching or rebelling, but reveling in the evil that is considered the warped good of this reality.

I remember a movie with actors Clint Eastwood, Donald Sutherland, Telly Savalas and Carroll O’Connor called “Kelly’s Heroes” that actually showed a parody-like reality of what would happen if the “little guy” really understood what the “big guys” were doing and pulling. Understand the full message of that movie, and you get the real message of this article. The history books are for the “big guys” and the “little guys” that escape the dream world of those “big guys” history books end up disgusted exploiters and Reality Winner (the multi language Middle-East translator and code breaker turned nonconformist and “criminal leaker” that was on 60 Minutes a night before this writing) type traitors out for themselves and out to screw the glory mongering “big guys” every sleeping “little guy” reveres and wants to be like until they make it there as a “big guy” and realizes: “Damn, it is not all it seems, is it?” To be honest, white-hat loser/black-hat winners like me are where the hoax ends. That would have been true of Malcolm X, JFK, RFK, James Earl “Jimmy” Carter, Jr., John Thomas Grinder, Jr., Richard Wayne Bandler and every other “little guy” including Jesus and Gandhi who really wants better and to change things like me and is woke to it all for real, in reality. Woke is not a religion, it is a reality whose time has come and is coming. So, I end with a question: We all love to win, but who really wants to do it honestly without shortcuts, cheating or “dirty tricks” like the white-hat normally approved winners/black-hat normally approved loser news anchors, politicians, talking heads, game players, glory mongers and technological trick pulling jokers of the “glorious” establishment. Gee, this has been “pathetic and maligned” Brand X speaking. The past does not equal the future, we live in the present forever always. That is all I wanted to say in this article without flinching.

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Impact Of Technology In Banking

In the world of banking and finance nothing stands still. The biggest change of all is in the, scope of the business of banking. Banking in its traditional from is concerned with the acceptance of deposits from the customers, the lending of surplus of deposited money to suitable customers who wish to borrow and transmission of funds. Apart from traditional business, banks now a days provide a wide range of services to satisfy the financial and non financial needs of all types of customers from the smallest account holder to the largest company and in some cases of non customers. The range of services offered differs from bank to bank depending mainly on the type and size of the bank.

RESERVE BANK’S EARLY INITIATIVES
As a central bank in a developing country, the Reserve Bank of India (RBI) has adopted development of the banking and financial market as one of its prime objectives. “Institutional development” was the hallmark of this approach from 1950s to 1970s. In the 1980s, the Reserve Bank focused on “improvements in the productivity” of the banking sector. Being convinced that technology is the key for improving in productivity, the Reserve Bank took several initiatives to popularize usage of technology by banks in India.

Periodically, almost once in five years since the early 1980s, the Reserve Bank appointed committees and working Groups to deliberate on and recommend the appropriate use of technology by banks give the circumstances and the need. These committees are as follows:
-Rangarajan committee -1 in early 1980s.
-Rangarajan committee -11 in late 1980s.
-Saraf working group in early 1990s.
-Vasudevan working group in late 1990s.
-Barman working group in early 2000s.

Based on the recommendations of these committees and working groups, the Reserve Bank issued suitable guidelines for the banks. In the 1980s, usage of technology for the back office operations of the banks predominated the scene. It was in the form of accounting of transactions and collection of MIS. In the inter-bank payment systems, it was in the form of clearing and settlement using the MICR technology.

Two momentous decisions of the Reserve Bank in the 1990s changed the scenario for ever there are:
a) The prescription of compulsory usage of technology in full measure by the new private sector banks as a precondition of the license and
b) The establishment of an exclusive research institute for banking technology institute for development and Research in Banking Technology.

As the new private sector banks came on the scene as technology-savvy banks and offered several innovative products at the front office for the customers based on technology, the demonstration effect caught on the reset of the banks. Multi channel offerings like machine based (ATMs and pc-Banking), card based (credit/Debit/Smart cards), Communication based (Tele-Banking and Internet Banking) ushered in Anytime and Anywhere Banking by the banks in India. The IDRBT has been instrumental in establishing a safe and secure, state of the art communication backbone in the from of the Indian Financial NETwork (INFINET) as a closed user group exclusively for the banking and financial sector in India.

CHANGING FACE OF BANKING SERVICES
Liberalization brought several changes to Indian service industry. Probably Indian banking industry learnt a tremendous lesson. Pre-liberalization, all we did at a bank was deposit and withdraw money. Service standards were pathetic, but all we could do was grin and bear it. Post-liberalization, the tables have turned. It’s a consumer oriented market there.

Technology is revolutionizing every field of human endeavor and activity. One of them is introduction of information technology into capital market. The internet banking is changing the banking industry and is having the major effects on banking relationship. Web is more important for retail financial services than for many other industries.

Retail banking in India is maturing with time, several products, which further could be customized. Most happening sector is housing loan, which is witnessing a cut-throat competition. The home loans are very popular as they help you to realize your most cherished dream. Interest rates are coming down and market has seen some innovative products as well. Other retail banking products are personal loan, education loan and vehicles loan. Almost every bank and financial institution is offering these products, but it is essential to understand the different aspects of these loan products, which are not mentioned in their colored advertisements.

PLASTIC MONEY
Plastic money was a delicious gift to Indian market. Giving respite from carrying too much cash. Now several new features added to plastic money to make it more attractive. It works on formula purchase now repay later. There are different facts of plastic money credit card is synonyms of all.

Credit card is a financial instrument, which can be used more than once to borrow money or buy products and services on credit. Banks, retail stores and other businesses generally issue these. On the basis of their credit limit, they are of different kinds like classic, gold or silver.

Charged cards-these too carry almost same features as credit cards. The fundamental difference is you can not defer payments charged generally have higher credit limits or some times no credit limits.
Debit cards-this card is may be characterized as accountholder’s mobile ATM, for this you have to have account with any bank offering credit card.

Over the years, the banking sector in India has seen a no. of changes. Most of the banks have begun to take an innovative approach towards banking with the objective of creating more value for customers and consequently, the banks. Some of the significant changes in the banking sector are discussed below.

MOBILE BANKING
Taking advantages of the booming market for mobile phones and cellular services, several banks have introduced mobile banking which allows customers to perform banking transactions using their mobile phones. For instances HDFC has introduced SMS services. Mobile banking has been especially targeted at people who travel frequently and to keep track of their banking transaction.

RURAL BANKING
One of the innovative scheme to be launched in rural banking was the KISAN CREDIT CARD (KCC) SCHMME started in fiscal 1998-1999 by NABARD. KCC mode it easier for framers to purchase important agricultural inputs. In addition to regular agricultural loans, banks to offer several other products geared to the needs of the rural people.

Private sector Banks also realized the potential in rural market. In the early 2000’s ICICI bank began setting up internet kiosks in rural Tamilnadu along with ATM machines.

NRI SERVICES
With a substantial number of Indians having relatives abroad, banks have begun to offer service that allows expatriate Indians to send money more conveniently to relatives India which is one of the major improvements in money transfer.

E-BANKING
E-Banking is becoming increasingly popular among retail banking customers. E-Banking helps in cutting costs by providing cheaper and faster ways of delivering products to customers. It also helps the customer to choose the time, place and method by which he wants to use the services and gives effect to multichannel delivery of service by the bank. This E-Banking is driven by twin engine of “customer-pull and Bank-push”.

CONCLUSION
Technology has been one of the most important factors for the development of mankind. Information and communication technology is the major advent in the field of technology which is used for access, process, storage and dissemination of information electronically. Banking industry is fast growing with the use of technology in the from of ATMs, on-line banking, Telephone banking, Mobile banking etc., plastic card is one of the banking products that cater to the needs of retail segment has seen its number grow in geometric progression in recent years. This growth has been strongly supported by the development of in the field of technology, without which this could not have been possible of course it will change our lifestyle in coming years.

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