...FINANCIAL INCLUSION USING PRADHAN MANTRI JAN-DHAN YOJANA - A CONCEPTUAL STUDY 1. Mr. Divyesh Kumar, Research Scholar, Assistant Professor, Dayananda Sagar Academy of Technology and Management, Udayapura, Kanakapura Road, Bangalore – 560082 email: divyesh.kumar4@gmail.com Mob: +91 9448888381 2. Dr. H R Venkatesha, Research Guide, Director, Acharya Bangalore B School, 5th cross, Syndicate Bank Employees Housing society layout, Off Magadi Road, Andrahalli Main Road, Bangalore – 560091 email: hrvenkatesha@gmail.com Mob: +91 9448407444 DECLARATION This is to certify that the paper titled “FINANCIAL INCLUSION USING PRADHAN MANTRI JAN-DHAN YOJANA - A CONCEPTUAL STUDY” is an original work by us and the same has not been submitted earlier for any publication / conferences / seminars. Divyesh Kumar Dr. H R Venkatesha ABSTRACT Financial inclusion or inclusive financing is the delivery of financial services at affordable costs to sections of disadvantaged and low-income segments of society, in contrast to financial exclusion where those services are not available or affordable. An estimated 2.5 billion working-age adults globally have no access to the types of formal financial services delivered by regulated financial institutions. Financial inclusion is an innovative concept which enables the alternative techniques to promote the banking habits and acts as enabler in reducing the poverty and the launch of Pradhan Mantri Jan Dhan Yojana (PMJDY) by Government...
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...8707; Fax: +91 124 230 9520 e-mail: contact@m-cril.com ; website: www.m-cril.com Study Sponsored by Swiss Agency for Development and Cooperation Micro-Credit Ratings International Limited Table of Contents Section Background Executive Summary 1 2 3 4 Introduction The Importance of Rural Banks Recent Performance of the Rural Banking System Reforms and the Rural Banks 4.1 A huge effort to reform the cooperative system 4.2 Sensible proposals for reorienting the Regional Rural Banks but… 5 Will Reforms Enable Inclusion? 5.1 Cooperative reform – is it good money after bad? 5.2 RRB reform – has the inclusion objective been sidelined? 6 Conclusion Page v vii 1 3 7 8 8 12 15 15 17 18 M-CRIL Review of Rural Banking in India Background This study follows from the discussion of issues in the performance of Regional Rural Banks (RRBs) written by Sanjay Sinha, Managing Director, M-CRIL and published in The Economic Times (newspaper) on 17 March 2007. In relation to financial inclusion, many of the issues raised there affect the performance of cooperative banks as well as the RRBs. These issues include • The effect of government ownership of RRBs on their ability to operate efficiently and effectively to fulfil the financial inclusion mandate; the domination of (district) cooperative bank managements by government functionaries and by landed elites with (usually) little interest in financial inclusion. Social control of interest rates on small value loans (less than Rs2 lakhs); the...
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...Trabelsi Institute of the High Commercial Studies of Sfax (IHEC), University of Sfax, Tunisia. A B S T R A C T This paper empirically tests whether the low contemporaneous returns-earnings association set by previous empirical researches may be explained by lack of timeliness of accounting numbers. It hypothesises that if the criteria for accounting recognition yield a multi-period lag in earnings recognitions of economic events and if these events affect an informed market immediately when they occur, then future periods’ earnings would have explanatory for current returns as well as current earnings. To assess the significance of future earnings as an explanatory variable for stock returns we regress at first step annual returns on current earnings and at second step, annual returns on current earnings and successively next period and next two periods’ earnings. Results show that future earnings continue to explain current returns. The evidence is characteristic of a substantial recognition lag in earnings that extends to the immediate next period. However, over one year, earnings do not seem reflecting any relevant economic event impounded in security prices at previous period. The earnings recognition lag seems to decrease after one year. Keywords: Value-relevance, Accounting earnings, Lack of timeliness. INTRODUCTION Accounting recognition is “the process of formally recording or incorporating an item in the accounts and financial statements of an entity” (FASB 1980, SFAC...
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...Value of Expected Cash Flows versus Exit Value As a Proxy for Fair Value Yolando Robinso SFAC 7 asserts that present value techniques should be used to estimate fair value and recommends using an expected cash flow approach. Critically discuss the contents of this SFAC and critically compare it to using exit value as the proxy for fair market value. Statement of Financial Accounting Concepts (SFAC) No. 7 was introduced by Financial Accounting Standards Board (FASB) in February 2000 as an answer to a need. To begin, let us first see what was needed. Traditionally, professionals have used the Historical Model for valuation of assets, both tangible and intangible. However, as the use of present value techniques became more widely used in accounting and financial fields, it raised questions and discussions prompting the introduction of SFAC 7. It is designed to offer guidance on present value techniques in accounting measurements . “It is expected to serve the public interest by providing structure and direction to financial accounting and reporting to facilitate the provision of evenhanded financial and related information that helps promote the efficient allocation of scarce resources in the economy and society, including assisting capital and other markets to function efficiently.” We understand that the public is interested in the amount, timing and uncertainty of future cash flow, which will allow them to come to a consensus affecting the market price, and thereby...
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...other non-financial information by shareholders and users of financial statements. In early 2000’s the stakeholders and shareholders are only concerned with the financial performance but now the trend has changed as that the shareholders and stakeholders who believed that the organization should be responsible to the environment and society in which they operate the business, and therefore it needs to be good for the community. This has caused that many laws and regulations such as environmental and social laws, employment laws, anti-corruption laws and good governance laws developed by the states to protect the environment and social issues icons. The concept of social responsibility has been raised in the context of this because the organization must be committed to run the business ethically and contribute for the growth of the economy, and at the same time improving the standard of life of employees and their families as well as for the society they operate their business and future generation. REQUIREMNT OF THE CURRENT CONCEPTUAL FRAMEWORK Conceptual framework is a guideline issued by international accounting standard board (IASB) for the development of international accounting standards (IAS). It is a practical tool that assist IASB to develop standards and assist preparers to develop consistent accounting policies when there is no standards and assist others stakeholders to understand and interpret the standards. It states that the objective of financial reporting...
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...1. Introduction The Hariyo Ban program is an ambitious program designed to benefit nature and people in Nepal. It was started with the vision of reducing adverse impacts of climate change and threats to biodiversity, by restoring and conserving forests while improving livelihoods, and building resilience to climate change in both people and ecosystems in 2011. It works on three core interwoven components – biodiversity conservation, sustainable landscapes and climate adaptation – with livelihoods, gender and social inclusion being important crosscutting themes. Hariyo Ban is a USAID-funded consortium of four core partner organizations – World Wildlife Fund (WWF), Cooperative for Assistance and Relief Everywhere (CARE), Federation of Community Forestry Users, Nepal (FECOFUN) and the National Trust for Nature Conservation (NTNC) – with WWF serving as the managing partner. The program finds its inspiration from the popular saying ‘Hariyo Ban Nepal Ko Dhan’ (Healthy green forests are the wealth of Nepal) which emphasizes the links between people and forests that underpins the project’s approach (Sundar Safalta, part 1). CHAL covers the 32057 square km area from Terai 200 m to Himal 8091 m above to see level in central Nepal. The landscape includes all or part of 19 districts and is drained by six major perennial rivers and their tributaries of the broader Gandaki River System. In this region varity of climates (hot in terai to cold in Himalaya) can be found. More than 35 percent...
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...[pic]® Part II Team A Joseph Akonner, Cory Ash, Ira Hutchinson Jr., Michelle Radix Professor David Bowers PM587 August 21, 2011 Memo To: From: CC: Date: Re: Part II Team Paper Tennessee Natural Gas Pipeline The use of natural gas is the cleanest burning hydrocarbon currently being used as a fuel. With over 49% of households relying on natural gas for everyday heating of their homes it has become just as important as the standard crude oil. With Oil prices taking a rise and fall in the most recent years the move to natural gas has become an important decision for the regular consumer. Even though U.S retail price for all grades of gasoline fell this month to 6.8 cents from the prior week to $3.662 per gallon in accordance to the Energy Information Administration (EIA), it still remains at a high average for the regular consumer (American Petroleum Institute Statistic, 2011). Although the resources for natural gas pumps are not readily available Chesapeake Energy, Inc. plans to break ground and be at the forefront of this venture, and make natural gas an affordable commodity to all levels of income brackets. Components of Retail Regular Gasoline Prices [pic] Sources: U.S. Dept of Energy, U.S. Dept of Labor, and API This memo will recommend and introduce a new project to be considered for implementation into the SBU portfolio. This...
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...This Google strategy case study is updated for each new edition of my Internet marketing or E-business book. Since marketers need to keep up-to-date with the implications of Google changing the functionality of their search and advertising services I have regular updates on my Smart Insights site on the latest developments in Google marketing. Google mission Google’s mission is encapsulated in the SEC filing statement “to organize the world’s information …. and make it universally accessible and useful”. Google explains that it believes that the most effective, and ultimately the most profitable, way to accomplish our mission is to put the needs of our users first. Offering a high-quality user experience has led to strong word-of-mouth promotion and strong traffic growth. Read further details on the culture and ethics of Google in their Ten Things Manifesto. Notable tenets of the Google philosophy are: Focus on the user and all else will follow. It's best to do one thing really, really well. You can make money without doing evil (the founders are well known and chastised for making this statement). Putting users first is reflected in three key commitments illustrated in the Google SEC filings: “1. We will do our best to provide the most relevant and useful search results possible, independent of financial incentives. Our search results will be objective and we will not accept payment for inclusion or ranking in them. We will do our best to provide the most relevant...
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...Jaewoo Kim, University of Iowa Jaewoo Kim’s research dissertation is encompassed entirely by the concept of “accounting conservatism”. The report stems from prior research and empirical evidence that concludes accounting conservatism has an inverse relationship with a firm’s tendency to overinvest. It’s also conceptualized based on previous reports that examine the role accounting conservatism plays with the inclusion of specific characteristics of debt contracts (such as covenants, provisions, etc.). This reports seeks to move away from the relationship conservatism has with overinvestment and beyond the relationship it has with pre-existing debt contracts. More specifically, this report’s primary research questions asks “Does accounting conservatism have an effect on a firm’s ability to acquire debt from private markets when other access to debt is constrained?” Kim seeks to examine whether a firm’s accounting conservatism can be used as a tool to access new avenues of capital debt when that firm’s previous debt financing has been constrained. This is an interesting study because it can produce important information that might be crucial for firms that are troubled with constrained access to certain capital markets. When shocking systematic or idiosyncratic news events occur, certain capital markets can be constrained or temporarily eliminated for a period of time. Kim uses the junk bond collapse during 1990-1991 as a natural, historical example of such a situation in this report...
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...ANNEXURE-II Guidelines relating to Project Work (Report 50 marks + Viva-Voce 50 marks) for B.Com. Part III (Honours) Course: Paper 3.5 HA /HM / HT /HeB • Each of the students has to undertake a Project individually under the supervision of a teacher and to submit the same following the guidelines stated below. • Language of Project Report and Viva-Voce Examination may be English or Bengali. The Project Report must be typed and spirally bounded. • Failure to submit the Project Report or failure to appear at the Viva-voce Examination will be treated as “Absent” in the Examination. He /she has to submit the Project Report and appear at the Viva-Voce Examination in the subsequent years (within the time period as per University Rules). • No marks will be allotted on the Project Report unless a candidate appears at the Viva-Voce Examination. Similarly, no marks will be allotted on Viva-Voce Examination unless a candidate submits his/her Project Report. • Evaluation of the Project Work to be done jointly by one internal expert and one external expert with equal weightage, i.e., average marks of the internal and external experts will be allotted to the candidate. • A candidate has to qualify in the Project Work separately, obtaining a minimum marks of 40 (Project Report and Viva-Voce taken together) in paper 3.5. • Marking Scheme for Project Report and Viva-Voce Examination: Project Report (50 marks) Chapter 1: Introduction...
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...The contribution of IFRS to UK accounting standards Name Institutional Affiliation INTRODUCTION International Financial Reporting Standards (IFRS) are principles based on standards and the interpretations implemented by the Board of International Accounting Standards as the global financial reporting framework. IFRS are guidelines and definitions that require to be applied in the preparation of financial statements by the international companies. Before IFRS was referred to as International Accounting Standards (IAS), then in 2001 the board of the international accounting standards (IASB) took the control of setting the IAS. Then the IASB developed the standard known as IFRS. According to (Shim, Siegel, Shim & Shim, 2012), the designing of IFRS is done as a common language to be used by business affairs so that the accounts of the company are comparable and understandable across the international boundaries. They result from the rapidly growing trade and international shareholding, and they offer best solutions to the companies trading in several countries. Many different national accounting standards are progressively being replaced by the IFRS. They provide set rules to be followed by the accountants in the provision and maintenance of the accounts books which are reliable, comparable, relevant and understandable as per the users external and internal. IFRS was adopted in the UK in 2005, and all the public companies were required to use the IFRS policies for...
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...Article history: Received 22 December 2008 Received in revised form 19 November 2012 Accepted 23 January 2013 Available online 1 February 2013 We provide evidence that firms with more transparent earnings enjoy a lower cost of capital. We base our earnings transparency measure on the extent to which earnings and change in earnings covary contemporaneously with returns. We find a significant negative relation between our transparency measure and subsequent excess and portfolio mean returns, and expected cost of capital, even after controlling for previously documented determinants of cost of capital. & 2013 Elsevier B.V. All rights reserved. JEL classification: D8 G12 M4 M41 Keywords: Cost of capital Earnings transparency 1. Introduction This study provides evidence that firms with more transparent earnings enjoy a lower cost of capital. Firms with more transparent earnings are those whose earnings better reflect changes in the economic value of the firm. We operationalize transparency by developing a measure based on the explanatory power of the returns-earnings relation, i.e., the extent to which earnings and change in earnings covary contemporaneously with stock returns. We find that firms with more transparent earnings have a lower cost of capital as reflected in subsequent excess...
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...Procedure below for details. Performance objective Candidates will need to conduct individual research of available materials and local resources (web, phone book, etc.) and show initiative and problem-solving skills to develop a conference concept; a full conference plan that meets the needs of the organisation; and to produce a cross-section of documents that support their conference plan. Assessment description You are required to complete this task in three parts. Part One requires you to develop a conference concept document. The concept document is designed to help a conference manager in developing a scoping document for a conference to be held. You are required to review the case study outline below, and create and complete all aspects of the concept document. Case study You are one of the senior administrative staff who work in the marketing department of MacVille Pty Ltd. The MacVille events steering committee with ultimate authority in convening the conference have requested that you plan and manage a conference that they would like run in the next 4–6 months. The purpose of the conference is to promote the Mezzo range of imported Italian espresso that the firm has recently secured the rights to distribute in Australia. MacVille senior management believe that the conference will primarily secure sales leads of the espresso coffee machines as well as increase awareness of MacVille’s association with the specialist espresso coffee market and build relationships...
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...é The Effects of Mandatory IFRS Adoption in the EU: A Review of Empirical Research October 2014 Information for Better Markets An initiative from the ICAEW Financial Reporting Faculty The Effects of Mandatory IFRS Adoption in the EU: A Review of Empirical Research forms part of the Information for Better Markets thought leadership programme of ICAEW’s Financial Reporting Faculty. ICAEW operates under a Royal Charter, working in the public interest. As a world leading professional accountancy body, ICAEW provides leadership and practical support to over 142,000 members in more than 160 countries, working with governments, regulators and industry to ensure the highest standards are maintained. The ICAEW Financial Reporting Faculty provides its members with practical assistance and support with IFRS, UK GAAP and other aspects of business reporting. It also comments on business reporting issues on behalf of ICAEW to standard setters and regulators. Its Information for Better Markets thought leadership programme subjects key questions in business reporting to careful and impartial analysis so as to help achieve practical solutions to complex problems. The programme focuses on three key themes: disclosure, measurement and regulation. We welcome comments and enquiries on this report and on the other aspects of the Information for Better Markets programme. To contact us, please email bettermarkets@icaew.com. © ICAEW 2014 All rights reserved. If you want...
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...banking system has emerged as a vibrant sector in the Indian economy. Strong regulatory mechanism, inherent strength in the economy, and progressive policy framework which supports, nurtures, and helps in growing the financial institutions. Indian financial services industry is dominated by the banking sector that contributes significantly to the level of economic activity. The banking structure in India is broadly classified into public sector banks, private sector banks and foreign banks. The public sector banks continue to dominate the banking industry, in terms of lending and borrowing, and it has widely spread out branches which help greatly in pooling up of resources as well as in revenue generation for credit creation. The role of banks in accelerating economic development of the country has been increasingly recognized since the nationalization This facilitated the rapid expansion of banking in terms of its geographical reach covering rural India, in turn leading to significant growth in deposits and advances. Eventually, however, the government used banking sector to finance its own deficit by frequently increasing cash reserve ratios (CRR) and statutory liquidity ratio (SLR). Deregulation of the Indian financial system in 1991 followed by various financial sector reforms during the period 1990 through 1998 led to a major restructuring of the Indian banking industry. India has entered high growth trajectory with the initiation of economic reforms in the early 1990s with...
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