Differences in classical and modern rhetoric

Differences in classical and modern rhetoric Differences in classical and modern rhetoric Historically rhetoric has been studied and argued by philosophers, educators and mankind in general, all in an effort to offer proof of the true meaning of the word. It has been accepted by all that rhetoric is a form of communication. Whether it is considered an art of using language in a persuasive manner or it is the clever misuse of words to gain trust and to persuade, can only be determined by an individual’s perception and interpretation of the words they hear (Elliot Aronson, 1992). The definition of rhetoric is as simple as the art of persuasion, but what makes rhetoric effective is the way it is applied. In order to use rhetoric in writing and in speech, the meaning of rhetoric and its purpose must be clearly understood. Rhetoric involves more than just what is written, but how it is arranged. Other writing tactics also are used to make rhetoric what it is. Rhetoric can be described as the art of effective, eloquent, and persuasive writing and or deliverance of a spee ch. The use of rhetoric ages back to the times of the ancient Greek. Plato, a famous Greek philosopher, saw rhetoric only useful and admirable if it was an expression of truth. Aristotle, another Greek philosopher, disagreed. He felt that rhetoric was focused on the invention of the argument. In Aristotle s point of view, the argument was meant to seek the truth and also appeal to reason, ethics, and emotion. Although both of the great philosophers saw rhetoric in two slightly different aspects, it was still used to persuade an audience (Anthony Pratkanis, 1992). For many people, the word rhetoric conjures up images of doubletalk political or advertising language used to befuddle and confuse its audience. This common usage of the word causes problems for the serious modern student of rhetoric, because the term can legitimately be defined, as it is in my Random House dictionary, as the undue use of exaggeration or display concerned with mere style or effect. However, this is not the only, or even the primary, definition of the word. Its simply the one with which most people are familiar, and its currency can cause difficulty for someone interested in the discipline of rhetoric (Elliot Aronson, 1992). Such a problem didnt always exist. As one of the classical liberal arts, rhetoric, along with its sister arts grammar (not what we call grammar, but more akin to the modern discipline of semantics) and dialectic (a system of learned disputation similar to what we now call informal logic), was one of parts of the trivium, the foundation of education in classical and medieval times. Thus it is that my Random House dictionary defines rhetoric also as the art of influencing the thought and conduct of an audience through the use of effective language. In this, its primary use, the term rhetoric has been around for over 2500 years. In fact, rhetoric was an important part of a European education right into this century (Anthony Pratkanis, 1992). Classical rhetoric is important because it established the basic theories of persuasion that were taught until this century. These theories still hold true today, and we can become better, more persuasive communicators if we adhere to the best of them. If you stop and think about it for a minute, you will note that the most influential and powerful people in our society are good communicators. Politicians who make our laws are generally excellent speakers. People whom you admire (outside of sports) are often good communicators (George A. Kennedy, 1999). Rhetoric is not limited to any particular discipline; as a method of analysis, it can be applied, for example, to political discourse, though it is not political science; to literary works, though it is not literary criticism; and to scientific discourse, though it is not science (Anthony Pratkanis, 1992). In fact, whenever we use discourse to influence someone elses actions or thoughts, in whatever field, we are using, often without realizing it, ancient principles of rhetoric. Thus the discourse of any field may be fruitfully studied, not for the quality of its politics, literature, or science, but for its rhetorical significance and effectiveness (George A. Kennedy, 1999). Quintilian was a Latin scholar who used five different elements to perfect the art of rhetoric. These five steps helped the speaker or writer use rhetoric to its fullest. Inventio is the first of the five elements, and is the Latin word for invention. The idea is to first recognize what kind of audience the essay or speech is directed at, and then invent arguments that appeal to the audience ethically, logically, and or emotionally. Dispositio is the second element, which means arrangement in Latin (Anthony Pratkanis, 1992). In order for an argument to be effective it must be arranged properly. The third element in Quintilian s arrangement is Elocutio. In Latin, Elocutio, means style. This is the way the author or speaker uses diction and syntax. Memoria, which is the fourth element, is Latin for memory. This element is necessary for effective speeches, but it not a vital element in essays and other writings (George A. Kennedy, 1999). When a speech is memorized it flows more smoothly , and doesn t allow unintended breaks to distract the audience. The last of the five elements is pronuntiatio. In Latin this is the word for delivery. In writing this is the tone in which the author uses in his writing, where as, in speech it is the speaker s voice and his gestures that matter (Mark Robson, 2007). Although Quintilian s five elements help a person compose a rhetorical essay or speech, they do not include certain schemes that construct rhetoric. A few of the basic schemes of rhetoric are parallelism, anaphora, and climax. These schemes help enhance persuasive arguments. Parallelism is the arrangement of a series of related words. An example of this is found in Abraham Lincoln s second inaugural address. It states, with malice toward none; with charity for all; with firmness in the right Anaphora is the repeated use of the same group of words used to begin successive sentences or clauses. An example of this can be found in Ecclesiastes 3:1-2. For everything there is a season, and a time for every matter under heaven: a time to be born, and a time to die; a time to plant, and a time to pluck up what is planted Climax is the way words and sentences are arranged to imply the order of rising events that led to the magnitude of the story. An example of this is in Melville s novel, Mob y Dick (Mark Robson, 2007). Despite Augustine, the so-called Rhetorica ad Herennium, ‘or â€Å"Rhetoric written for [friend] Herennius† and called in later medieval and Renaissance times the â€Å"new† rhetoric, to distinguish it from the â€Å"old† rhetoric represented by Cicero’s earliest work, the De inventione (â€Å"On invention†Ã¢â‚¬â€the first part of the rhetorical curriculum), became an all-time record hit textbook for the Greek and Roman art of persuasion in the period c.400 – 1600 A.D (Elliot Aronson, 1992). Written at around the same time as Cicero’s De inventione, that is, in the first two decades of the last century B.C., the â€Å"Rhetoric written for [friend] Herennius† was soon lost and then rediscovered around 400 A.D. It achieved its premier status because it dealt with the whole rhetorical curriculum (the finding of the most appropriate arguments, the arrangement of them, the memorization of them, the delivery of them and the orn amentation of them with graceful figures of speech and thought), and it was written in simple, didactic Latin—the universal learned language of the time. It was also illustrated with easy and relevant examples, many of them composed by the writer himself, who believed that you should illustrate your rhetorical precepts with your own compositions rather than purple passages taken from prior writings (Mark Robson, 2007). The â€Å"Rhetoric written for [friend] Herennius,† together with certain advanced Greek and Roman textbooks, gathered momentum over the thousand and more years following the Herennius text’s â€Å"rediscovery† and even the highly opinionated view of certain late-fifteenth-century rhetorical teachers that it was not by Cicero, did not dent its popularity. By the time the long road from Aristotle’s textbook on rhetoric and its near-contemporary, anonymous, â€Å"Rhetoric for Alexander† (fourth century B.C.10) had been traversed; the â€Å"old† and the â€Å"new† rhetoric amounted to a pretty formidable arsenal of techniques and practices for constructing â€Å"truth† and persuading others of it (Laura R. Micciche, 2007). Aristotle recognized the value of rhetoric and the manner it could be directed to a specific audience. He perceived it as a form of speaking to an audience comprised of ordinary citizens and the idea that it makes use of a common idea or belief shared by the speaker and the audience (enthymeme). He believed that rhetoric was a techno and identified the need to understand characteristics of human emotions and the elements of an argument in order to speak with authority on any given subject. He identified the integrity and believability of a speaker as the key ingredient (Laura R. Micciche, 2007). But what are we today to make of this huge and effective corpus and in what senses can there be today a further â€Å"new rhetoric†? As George Pullman says below, â€Å"The old rhetoric, it seems, is something difficult to outrun.† In this Pullman echoes the statement of Edward P.J.Corbett, who, in his Classical Rhetoric for the Modern Student, wrote: (Edward P.J Corbett, 1998). â€Å"The author believes that the elaborate system of the ancients, which taught the student how to find something to say, how to select and organize his material, and how to phrase it in the best possible way, is still useful and effective, perhaps more useful and effective than the various courses of study that replaced it.† We may well argue that today all the ancient techniques of persuasion are utilized knowingly or unknowingly in our modern systems of marketing and advertising—though we do not build into these systems the ethical and moral imperatives that great rhetorical writers of the past, such as Aristotle, Cicero and Quintilian, did. Nor do we make sure that our young are fully familiar with all the techniques of oral and written persuasion that may be available to them, as was common in former times. Here the warning of Pratkanis and Aronson is very pertinent: â€Å"We believe that, in an age of propaganda, the most important thing for the survival of democracy is the existence of communicators who know how to present their message clearly and fairly, coupled with an informed electorate that knows the difference between a fair presentation and a con job. It is toward achieving these ends that we wrote this book.† Rhetoric, indeed, is too important to be left to today’s marketing experts. Use of the term has expanded enormously in recent times, to include all cultures, genders, classes and even animals. We must ourselves nowadays understand the history and meaning of the word and how it might empower us today to meet and deal effectively with the explosion of new technologies of persuasion and communication, particularly in regard to the new electronic age and the infinite changes and possibilities associated with it. The authors of the present volume are fully aware of the inherited rhetorical tradition and of the â€Å"changes† that must be incorporated into the â€Å"new† rhetoric for our own times (Mark Robson, 2007). A rhetor can use a variety of strategies to communicate the message, or to create the kinds of appeal that will best move the audience. The rhetor must engage the audience, gaining their attention and maintaining it in order to reveal the exigence as a problem in the world that the audience can change. The speaker must then, using only discourse, motivate them to change the situation the discourse has identified (Mark Robson, 2007). Finally, if the rhetor is to be truly effective, he or she must in some way enable or empower the audience to take the action requested. The rhetor must do all this in a subtle way, so that the method of influence the use of the modes of appeal does not call attention to it, but instead allows its effect to be felt directly. Thus the intended audience for a discourse, who are moved to action by its appeals, would be unlikely to analyze how they are being persuaded; they will feel convinced, but often are in no position to perceive, much less articulate, how that persuasion has occurred. That role belongs to the rhetorical critic (Laura R. Micciche, 2007). By contrast with the audience, the rhetoricians role is not to be persuaded by the discourse, but to understand how the discourse works to influence its intended hearers. A rhetoricians job is to mine an existing discourse to reveal the underlying strategies and common-sense assumptions upon which the argument has been constructed. Among other questions a rhetorician asks is What view of the world would the audience need in order for this discourse to make sense to them? What assumptions of theirs are being taken for granted? Both the rhetor who constructs the discourse and the rhetorician who analyzes its appeals are assisted by a thorough understanding of rhetorical principles, which are built, like most such theories, from a study of effective practice. A rhetorician who studies, for example, political autobiography, will be able to comment on three distinct levels. First, the rhetorical critic will be able to reveal how the specific discourse under consideration achieves its purpose how it has been adapted to its intended audience, and the nature of the ethos, logos, and pathos appeals it uses. The critic will consider its engagement, motivating, and enabling strategies. Second, the rhetorici an will be able to comment on the nature of political autobiography as a genre; he or she will show how, by comparison with other works in the same genre, the author has adhered to, or departed from, the generic conventions, which have acted as constraints upon the rhetor. The rhetorical critic will point out no teworthy effects of the discourse as a representative of its type, how it conforms to or challenges its generic constraints (Laura R. Micciche, 2007). Finally, this rhetorician can contribute something to the understanding of how in general discursive appeals work to persuade an audience. He or she may even be able to infer broad theoretical principles from the situated instance of discourse that is being studied, considering how it fits into the theoretical framework of the discipline as a whole (George A. Kennedy, 1999). The study of rhetoric, both as a situated art and as a body of theoretical material, is important. It is a critical tool that helps us to understand how discourse shapes the way people act or think, not only in the case of situated instances of rhetorical discourse but also in much broader terms. Such study leads to a fuller understanding of how discourse, and particularly persuasive discourse, is able to move an audience. As human beings, as citizens, as teachers and scholars, we use language all the time to modify and influence events in the world around us. Equally, other people use language to influence our thoughts and behavior. It is important for us, as educated people, to know as much as we can about how this influence is affected. Such knowledge is useful not only for its practical benefits, but because it forms a critical and analytical foundation for approaching many of the tasks that face us daily as we construct and respond to the discourse that shapes our experience of the world (George A. Kennedy, 1999). From the time of the ancient Greeks until present, rhetoric has been used effectively in works of writing and in speeches. Plato, Aristotle, and Quintilian have illustrated the use and tactics of rhetoric wonderfully. Though in the ancient Greeks time rhetoric was meant to be used only to persuade something truthful or seek something truthful, it now it is used heavily by politicians. Although its purpose has somewhat changed over the years, its function has stayed the same. References Anthony Pratkanis and Elliot Aronson In Age of Propaganda: The Everyday Use and Abuse of Persuasion New York: Freeman, 1992. George A. Kennedy Classical Rhetoric and Its Christian and Secular Tradition from Ancient to Modern Times The University of North Carolina Press, February 1999. Mark Robson The Sense of Early Modern Writing: Rhetoric, Poetics, Aesthetics, Manchester University Press, July 2007. Laura R. Micciche Doing Emotion: Rhetoric, Writing, Teaching, Boynton/Cook publisher, August 2007. Edward P.J Corbett Classical Rhetoric for the Modern Student, New York: Oxford University Press, August 1998.

Functions of Reserve Bank of India Essay

1. Information. Fights against economic crisis and ensures economic and price stability in the country 2. Promotional Functions 3. Promotional of banking habit and expansion of banking systems. Provides refinance for export promotion. Expansion of facilities for the provision of agricultural credit through NABARD 4. Extension of facilities for the Small Scale Industries. 5. Helping the co-operative sector. 6. Prescription of minimum statutory requirements. Innovations in banking business. A. Traditional Functions The RBI functions on the traditional lines regarding the following activities. 1. Monopoly of Note Issue In terms of Section 22 of the Reserve Bank of India Act, the RBI has been given the statutory function of note issue on a monopoly basis. The note issue in India was originally based upon â€Å"Proportional Reserve System†. When it became difficult to maintain the reserve proportionately, it was replaced by â€Å"Minimum Reserve System â€Å". According to the RBI Amendment Act of 1957, the bank should now maintain a minimum reserve of Rs.200 crore worth of gold coins, gold bullion and foreign securities of which the value of gold coin and bullion should be not less than Rs.115 crore. RBI manages circulation of money through currency chests. Originally RBI issued currency notes of Rs.2 and above. However, due to higher cost of printing small denomination notes these denominations are now coincides and issued by Government. Currency Chests Currency Chests are receptacles in which stocks of issuable and new notes are stored along with rupee coins. Currency Chests are repositories run by RBI, SBI, subsidiaries of SBI, public sector banks, Government Treasuries and Sub treasuries. Currency Chests help in expansion and contraction of currency in the country. The advantages for a bank having currency chest are: (i) The bank can draw funds whenever it is required for its use and deposit funds when found surplus. (ii) Exchange old and mutilated notes for new notes and coins (iii) Enjoy remittance facilities (iv) Cash remitted to currency chests by banks can be taken into account for maintenance of CRR. The currency chests maintained by public sector and few private sector banks are the property of RBI. The value of currency held in the chest belongs to RBI. There are as many as 4150 currency chests with banks in India. 2. Banker to the Government The RBI acts as banker to the Government under Section 20 of RBI Act. Section 21 provides that Government should entrust its money remittance, exchange and banking transactions in India to RBI. Under Section 21A RBI has to conduct similar transactions for State Governments also. RBI earns no income by conducting those functions but earns commissions for managing the government’s public debt. Where RBI has no branch, SBI or its subsidiaries are appointed as agents and sub-agents under Section 45 of the RBI Act. Agency Banks receive commission on all transactions conducted on turnover basis. The RBI extends ‘ ways and means ‘ advances to Central and State Governments. Ways and Means Advances: â€Å"Ways and Means Advances† (WMA) is not a commercial bank credit. It is a system under which the RBI provides credit to Central and State Governments for meeting temporary shortfall in government revenues as compared to the monthly expenditures. In other words, this facility is provided to meet temporary mismatches between revenue collections and revenue expenditures of governments. The maximum volume and period of such advances are governed by agreements between RBI and the concerned government. To the State Governments, this facility is extended under three categories known as 1. Normal WMA 2. Special WMA and 3. as an overdraft facility. It also acts as adviser to Government on economic and financial matters. In brief, as a banker to the Government the RBI renders the following functions: (a) Collects taxes and makes payments on behalf of the Government (b) Accepts deposits from the Government (c) Collects cheques and drafts deposited in the Government accounts. (d) Provides short-term loans to the Government (e) Provides foreign exchange resources to the Government. (f) Keep the accounts of various Government Department. (g) Maintains currency chests in treasuries at some importance places for the convenience of the government. (h) Advises governments on their borrowing programmes. (i) Maintains and operates Central Government’s IMF accounts. 3. Agent and Adviser of the Government The RBI acts, as the financial agent and adviser to the Government. It renders the following functions: (a) As an agent to the Government, it accepts loans and manages public debts on behalf of the Government. (b) It issues Government bonds, treasury bills, etc. (c) Acts as the financial adviser to the Government in all important economic and financial matters. 4. Banker to the BanksThe RBI acts as banker to all scheduled banks. Commercial banks including foreign banks, co-operative banks and RRBs are eligible to be included in the second schedule of RBI Act subject to fulfilling conditions laid down under Section 42 (6) of RBI Act. RBI has powers to delete a bank from the second schedule if the bank concerned fails to fulfill the laid down conditions such as erosion in paid up capital below the prescribed limits and the banks’ activities became detrimental to the interest of depositors, etc. All banks in India, should keep certain percentage of their demand and time liabilities as reserves with the RBI. This is known as Cash Reserve Ratio or CRR. At end November 1999, it is 3 per cent for RRBs and co-operative banks; 9 per cent for commercial banks. They also maintain Current Account with RBI for various banking transactions. This centralization of reserves and accounts enables the RBI to achieve the following: (a) Regulation of money supply credit. (b) Acts as custodian of cash reserves of commercial banks. (c) Strengthen the banking system of the country (d) Exercises effective control over banks in Liquidity Management. (e) Ensures timely financial assistance to the Banks in difficulties. (f) Gives directions to the Banks in their lending policies in the public interest. (g) Ensures elasticity in the credit structure of the country. (h) Quick transfer of funds between member banks. 5. Acts as National Clearing House In India RBI acts as the clearing house for settlement of banking transactions. This function of clearing house enables the other banks to settle their interbank claims easily. Further it facilitates the settlement economically. Where the RBI has no offices of its own, the function of clearing house is carried out in the premises of the State Bank of India. The entire clearing house operations carried on by RBI are computerized. The inter-bank cheque clearing settlement is done twice a day. There is a separate route for clearing high value cheques of Rs.1.00 lakh and above. Cheques drawn on banks in metropolitan cities are cleared on the same day. The RBI carries out this function through a cell known as National Clearing Cell. In 1998, there were in all 860 clearing houses in operation of which 14 were run by RBI, 578 by SBI and others by public sector banks. The RBI acts as a lender of last resort or emergency fund provider to the other member banks. As such, if the commercial banks are not able to get financial assistance from any other sources, then as a last resort, they can approach the RBI for the necessary financial assistance. In such situations, the RBI provides credit facilities to the commercial banks on eligible securities including genuine trade bills which are usually made available at Bank Rate. RBI rediscounts bills under Section 17 (2) and 17 (3) and grants advances against securities under Section 17 (4) of RBI Act. However, many of these transactions are practically carried out through separate agencies like DHFI, Securities Trading Corporation of India, primary dealers. The RBI now mainly provides refinance facilities as direct assistance. Rediscounting of bills fall under the following categories: (i) Commercial Bill: A bill arising out of bonfire commercial or trade transaction drawn and payable in India and mature within 90 days from the date of purchase or discount is eligible for rediscount. (ii) Bills for Financing Agricultural Operations: A bill issued for purpose of financing seasonal agricultural operations or the marketing of crops and maturing within 15 months from the date of purchase or rediscount. (iii) Bills for Financing Cottage and Small Scale Industries: Bills drawn or issued for the purpose of financing the production and marketing of products of cottage and small industries approved by RBI and mature within 12 months from the date of discount. Refinance under agricultural and small scale industries activities are now provided by NABARD by obtaining financial assistance from RBI. Bill for holding or trading in Government securities: Such a bill should mature within 90 days from the date of purchase or rediscounting and be drawn and payable in India, (iv) Foreign bills: Bonfire bill arising out of export of goods from India and which mature within 180 days from the date of shipment of goods are eligible. As lender of last resort the RBI facilitates the following: (a) Provides financial assistance to commercial banks at the time of financial needs. (b) It helps the commercial banks in maintaining liquidity of their financial resources. (c) Enables the commercial banks to carry out their activities with minimum cash reserves. (d) As a lender of last resort, the RBI can exercise full control over the commercial banks. 7. Acts as the Controller of Credit The RBI controls the credit creation by commercial banks. For this, the RBI uses both quantitative and qualitative methods. The important methods used by RBI are, (i) Bank Rate Policy (ii) Open Market Operation (iii) Variation of Cash Reserve Ratio (iv) Fixing Margin Requirements (v) Moral Suasion (vi) Issue of Directives (vii) Direct Action By controlling credit, the RBI achieves the following: (a) Maintains the desired level of circulation of money in the economy. (b) Maintains the stability in the price level prevailing in the economy. (c) Controls the effects of trade cycles (d) Controls the fluctuations in the foreign exchange rate (e) Channelize credit to the productive sectors of the economy 8. Custodian of Foreign Exchange Reserves The RBI acts as the custodian of foreign exchange reserves. Adequate reserves may help maintain foreign exchange rates. In order to minimize the undue fluctuations in the rates it may buy and sell foreign currencies depending upon the situations. Its purchase and sale of foreign currencies from the market is done like commercial banks. However, the objective of the RBI will not be profit booking. It may buy the foreign currency to build up adequate reserves or to arrest unwarranted rise in the value of rupee which may be due to sudden inflow of foreign currencies into India. It may also buy and sell foreign currencies in international market to switch the portfolio of investments denominated in different international currencies depending upon circumstances and needs. The value of India’s Foreign Exchange reserves held by RBI as on June 1998 amounted to Rs.115001 crore. This amount comprises of gold Rs.12826 crore, foreign currency assets and value of IMF currency, viz., SDR (Special Drawing Rights). These reserves are increased to Rs. 1, 38,005 crore in March 1999. The value of foreign currency assets of RBI, which form the largest portion in India’s Foreign Currency reserves, is subject to changes even on daily basis depending upon ruling exchange rates, inflow and outflow of currencies, intervention policy of the RBI, etc. 9. Exchange Control When a country faces Balance of Payment of problems usually when its foreign exchange payments exceed foreign exchange receipts it controls the whole gamut of fore (foreign exchange) transactions and regulates payment system for its advantage. Ever since the beginning of Second World War in 1939 India faced shortage of forex for its development and growth. A Foreign Exchange Regulation Act was originally put in operation from March 1947 and later a new act known as Foreign Exchange Regulation Act (FERA) 1973 was introduced from 1st January 1974. Under this Act, RBI is empowered to regulate foreign exchange outgo and inflow, for example, we cannot buy everything we need from abroad and pay for it in forex. Trade side imports, i.e., merchandise imports are regulated by Director General Foreign Trade in the Ministry of Commerce. Payment for invisible transactions like tourism, foreign visit, dividend/interest payment, etc. is regulated by RBI. Similarly, all forex received or earned by residents in India, like exporters and relatives of NRIs [Non-resident Indian] should be surrendered to banks having license from RBI to deal in forex. However, since 1992, the receivers of forex are permitted to retain certain part of this forex in a separate foreign currency account if they so desire. Such account is known as Exchange Earners’ Foreign Currency Account or EEFC Account. Further, since 1994 many controls exercised by RBI on forex payments were relaxed. These days the RBI regulates forex transactions only to a minimum level and soon the Act, FERA may be replaced by a new Foreign Exchange Management Act. While the purchase and sale of forex, maintenance of foreign exchange reserves/gold, are handled in the Department of External Investment and operations the control and regulations of various other forex transactions are handled in the Exchange Control Department of Reserve Bank of India. The RBI by its operation of credit control and price stability maintains the internal value of domestic currency and ensures its stability External Value of Rupee In terms of preamble to RBI Act, the Bank is also required to maintain external, value of the Rupee. It, however, depends upon many factors like inflation levels, interest rates Balance of payments situation, etc., ruling in different countries on which RBI does not have control. Earlier, till 1993 the RBI uses to prescribe the Exchange Rate of Rupee. The external value of rupee is now determined by market forces. RBI by virtue of its position as the Central Bank of the country and custodian of large forex reserves can influence the level of External Value in the short run. Publishes the Economic Statistics and Other Information The RBI collects statistics on economic and financial matters. It publishes periodically an analytical account of the operations of joint stock and co-operative banks. It presents the genuine financial position of the government and companies. The publications like the report on currency and finance, the report on the trend and progress of banking in India, the review of co-operative movement present a critical account and a balanced review of banking developments commercial, economic and financial conditions of the country. Fights against Economic Crisis The RBI aims at economic stability in the country whenever, there is a danger to the economic stability, it takes immediate measures to put the economy on proper course by effective policy changes and implementation thereof. Promotional Functions These are non-monetary functions. They include the following: 1. Promotion of Banking Habits The RBI institutionalizes saving through the promotion of banking habit and expansion of the banking system territorially and functionally. Accordingly RBI has set up Deposit Insurance Corporation in 1962, Unit Trust of India in 1964, the IDBI in 1964, the Agricultural Refinance Corporation in 1963, Industrial Reconstruction Corporation of India in 1972, NABARD in 1982 and the National Housing Bank in 1988, etc. It has helped to bring into existence several industrial finance corporations such as Industrial Finance Corporation of India, Industrial Credit and Investment Corporation of India for industrialization of the country. Similarly sector specific corporations took care of development in their respective spheres of activity. 2. Provides Refinance for Export Promotion The RBI takes the initiative for widening facilities for the provision of finance for foreign trade particularly of exports. The Export Credit and Guarantee Corporation (ECGC) and Exam Banks render useful functions on this line. To encourage exports the RBI is providing refinance facilities for export credit given by commercial banks. Further the rate of interest on export credits continues to be prescribed by RBI at a lower rate. The ECGC provides an insurance cover on Export receivables. EXIM Bank extends long term finance to project exporters and foreign currency credit for promotion of Indian exports. Students should know that many of these institutions were part of Reserve Bank earlier although they are currently functioning as separate financial institutions. 3. Facilities for Agriculture The RBI extends indirect financial facilities to agriculture regularly. Through NABARD it provides short-term and long-term financial facilities to agriculture and allied activities. It established NABARD for the overall administration of agricultural and rural credit. Indian agriculture would have starved of a cheap credit but for the institutionalization of rural credit by RBI. The Reserve Bank was extending financial assistance to the rural sector mainly through contributions to the National Rural Credit Funds being operated by NABARD. RBI presently makes only a symbolic contribution of Rs.1.00 crore. It, however, extends cheap indirect financial assistance to the agricultural sector by providing large sums of money through General Line of Credit to NABARD. The loans and advances extended to NABARD by RBI and outstanding as on June 1999 amounted to Rs.5073 crore. 4. Facilities to Small Scale Industries The RBI takes active steps to increase the supply of credit to small industries. It gives directives to the commercial banks regarding the extension of credit facilities to small scale industries. It encourages commercial banks to provide guarantee services to SSI sector. Banks advances to SSI sector are classified under priority sector advances. SSI sector contributes to a very great extent to employment opportunities and for Indian Exports. Keeping this in view, RBI has directed commercial banks to open specialized SSI bank branches to provide adequate financial and technical assistance to SSI branches. There are around 30 lakh SSI units operating in India. Meeting their financial needs is one of the prime concerns of RBI. 5. Helps Co-operative Sector RBI extends indirect financing to State Co-operative Banks thereby connects the cooperative sector with the main banking system of the country. The finance is mostly, is routed through NABARD. This way the financial needs of agricultural sector are taken care of by RBI. 6. Prescription of Minimum Statutory Requirements for Banks The RBI prescribes the minimum statutory requirements such as, paid up capital, reserves, cash reserves, liquid assets, etc. RBI prescribes reserves requirements both under Banking Regulation Act and RBI Act to ensure different objectives. For example, SLR prescription is done to ensure liquidity position of the bank. CRR prescription is done to have effective monetary control and money supply. Statutory Reserves Appropriation is done to ensure sound banking system, etc. It also asks banks to set aside provisions against possible bad loans. With these functions, it exercises control over the monetary and banking systems of the country to ensure growth, price stability and sound banking practices. C. Supervisory Functions The Reserve Bank of India performs the following supervisory functions. By these functions it controls and administers the entire financial and banking systems of the country. 1. Granting License to Banks The RBI grants license to the banks, which like to commence their business in India. Licenses are also required to open new branches or closure of branches. With this power RBI can ensure avoidance of unnecessary competitions among banks in particular location evenly growth of banks in different regions, adequate banking facility to various regions, etc. This power also helps RBI to weed out undesirable people from starting banking business. 2. Function of Inspection and Enquiry RBI inspects and makes enquiry in respect of various matters covered under Banking Regulations Act and RBI Act. The inspection of commercial banks and financial institutions are conducted in terms of the provisions contained in Banking Regulation Act. These refer to their banking operations like loans and advances, deposits, investment functions and other banking services. Under such inspection RBI ensures that the banks and financial institutions carry on their operations in a prudential manner, without taking undue risk but aiming at profit maximization within the existing rules and regulations. This type of inspection is carried on periodically once a year or two covering all branches of banks. Banks are obliged to take remedial measures on the lapses / deficiencies pointed out during inspection. In addition RBI also calls for periodical information concerning certain assets and liabilities of the banks to verify that the banks continue to remain in good health. This type of inspection / verification is known as off- site inspection. The RBI team visiting bank offices to conduct verification of books and records is known as on- site inspection. RBI inspects banks under RBI Act only when there is a threat to close down a bank for mismanagement and there is a need to verify the fulfillment of conditions for the status of ‘scheduled bank’. RBI presently conducts inspection of commercial banks, Development Financial Institutions like IDBI, NABARD, etc. Urban Co- operative Banks and non banking financial companies like Lease Financing Companies, Loan Companies. 3. Implementing the Deposit Insurance Scheme RBI Implements the Deposit Insurance Scheme for the benefit of bank depositors. This supervisory function has improved the standard of banking in India due to this confidence building exercise. Under this system, deposits up to Rs.1.00 lakh with the bank branch are guaranteed for payment. Deposits with the banking system alone are covered under the scheme. For this purpose banking system include accounts maintained with commercial banks, co- operative banks and RRBs. Fixed Deposits with other financial institutions like ICICI, IDBI, etc. and those with financial companies are not covered under the scheme. ICICI is since merged with ICICI Bank Ltd. and IDBI is getting converted into a bank. 4. Periodical Review of the Working of the Commercial Banks The RBI periodically reviews the work done by commercial banks. It takes suitable steps to enhance the efficiency of the banks and make various policy changes and implement programmes for the well-being of the nation and for improving the banking system as a whole. 5. Controls the Non-Banking Financial Corporations RBI issues necessary directions to the Non-Banking financial corporations and conducts inspections through which it exercises control over such institutions. Deposit taking NBFCs require permission from RBI for their operations.

History on the Middle East Essay

Middle East Conflicts Question’s 1. The zionest is a movement founded in the 1890’s to promote the establishment of a Jewish homeland in Palestine 2. The 1917 Balfour Declaration declared that the British favored a Jewish homeland in Palestine 3. Divide palestine into two states one for the palestinians and one for the jews. The jews supported it but the palestinians did not. 4. The Israeli Declaration of Independence was read out on Friday, the 14th of May 1948 by David Ben Gurion, who then became the first Prime Minister of the new state. 5. The Arab-Isreali conflicts broke out when five arab nations invaded Isreal. 6. In 1956 the isrealies attacked the suez canal,Israel held the Gaza Strip and had advanced as far as Sharm al-Sheikh along the Red Sea. 7. The Six-Day War took place in June 1967. Arab countries attacked isreal, and Isreal gained control of old city Jersalem, the Sinai Peninsula, the Golan heights, and the West bank. 8. On October 6, 1973, hoping to win back territory lost to Israel during the third Arab-Israeli war, in 1967, Egyptian and Syrian forces launched a coordinated attack against Israel on Yom Kippur, the holiest day in the Jewish calendar. Taking the Israeli Defense Forces by surprise, Egyptian troops swept deep into the Sinai Peninsula, while Syria struggled to throw occupying Israeli troops out of the Golan Heights. Israel counterattacked and recaptured the Golan Heights. A cease-fire went into effect on October 25, 1973. 9. The Palestine Liberation Organization it was formed in 1964 the laeder ofthe group was Yasir Arafat. 10. On september 17, Egypt and Isreal signed two agreements, the leader of Egypt was Anwar Sadat and the prime minister Menachem begin. 11. Egypt recognized Isreal as a state, and Isreal returned the Sinai Pennisula to Egypt. 12. President Anwar Sadat angered arabs and was assinated in 1981. 13. The intifadas were unarmed teenagers who attacked Isrealie soldiers. 14. The people involved in the Oslo Peace Records were Isreal(yitzhak Rabin) and palestine(Arafat) 15. Isreal, under the leadership of Yitzhak Rabin agreed to grant the palestinians self-rule in the gaza strip and the west bank. 16. Yitzak was assainated by a right-wing jewish extremist who opposed concessions to the palestinians.

1.) In Your Opinion, Is Wundt’S Finding That We Cannot

1.) In your opinion, is wundt’s finding that we cannot attend to more than one stimulus at a time still valid in today’s world of constant exposure to multimedia experiences? Why? Why not? Multitasking can be characterized as the endeavor to perform at least two errands at the same time; in any case, inquire about demonstrates that when multitasking, individuals commit more errors or play out their undertakings all the more gradually. Consideration must be separated among the greater part of the segment assignments to perform them. In partitioned attention,individuals go to or offer regard for various wellsprings of data on the double in the meantime or perform more than one errand. Majority of research and flow inquire about on human†¦show more content†¦3.) Describe the differences between founding and originating in science. Establishing is a consider and purposeful act. It includes individual capacities and qualities that vary from those vital for splendid logical commitments. Establishing requires the mix of earlier learning and the production and advancement of the recently composed material. Starting in science has more to do with how the learning base in the field is assembled. Beginning a science is more intelligent of the logical work itself, as opposed to its promoting. 4.) Describe Wundt s cultural psychology. How did it lead to division within psychology? Wundt trusted that the less difficult mental capacities, for example, sensation and discernment, must be concentrated through research facility techniques. For examining the higher mental procedures, for example, learning and memory, in any case, logical experimentation is conceivable on the grounds that these procedures are adapted by dialect and different parts of our social preparing. To Wundt, the higher point of view could be moved toward just by the non-test implies utilized as a part of humanism, humanities, and social brain science. Social brain science managed the different phases of human mental advancement as communicated in dialect, workmanship, myths, social traditions, laws,Show MoreRelatedPsychology Ncert Book 1 Chapter Notes11190 Words   |  45 PagesChapter 1 Psy What is Psychology? After reading this chapter, you would be able to †¢ †¢ †¢ †¢ understand the nature and role of psychology in understanding mind and behaviour, state the growth of the discipline, know the different fields of psychology, its relationship with other disciplines, and professions, and appreciate the value of psychology in daily life to help you understand yourself and others better. Contents Introduction What is Psychology? Psychology as a Discipline Psychology asRead MorePsychology and Ob9277 Words   |  38 PagesChapter 1 What is Psychology? (Corresponds to Prologue and Chapter 1 in Myers Text; NOTE that page numbers on this do NOT correspond to the Myers text) MULTIPLE CHOICE 1. Psychology is defined as the scientific study of a) behavior and mental processes. b) diagnosis and treatment of behavioral disorders. c) conscious and unconscious mental processes. d) the mind. ANS: a DIFF: 1 PG: 1-4 TYPE: R OB: 1 2. The scientific study of