Civil Services of India

Civil Services is the backbone of administrative machinery of India. It is referred as permanent bureaucracy.

Values

A member of the civil service in discharge of his/her functions is to be guided by maintaining absolute integrity, allegiance to the constitution and the law of the nation, patriotism, national pride, devotion to duty, honesty, impartiality and transparency.

Codes

The Government of India promotes values and a certain standard of ethics of requiring and facilitating every civil servant:

1. To discharge official duty with responsibility, honesty, accountability and without discrimination.
2. To ensure effective management, leadership development and personal growth.
3. To avoid misuse of official position or information.
4. To serve as instruments of good governance and foster social economic development.

Classification

The Civil Services of India can be classified into two types – the All India Services and the Central Civil Services (Group A and B). The recruits are university graduates (or above) selected through a rigorous system of examinations, called the Civil Services Examination (CSE) conducted by the Union Public Service Commission (UPSC).

All India Civil Services (AIS)

All appointments to All India Civil Services are made by the President of India.

Indian Administrative Service
Indian Forest Service
Indian Police Service

Central Civil Services (CCS)

The Central Civil Services are concerned with the administration of the Union Government.

Group A

All appointments to Civil Services, Group A are made by the President of India.

1. Indian Foreign Service, Group A
2. Central Secretariat Service, Group A (Selection Grade and Grade I officers only)
3. Indian Revenue Service, Group A
4. Indian Economic Service, Group A
5. Indian Audits and Accounts Service, Group A
6. Indian Postal Service, Group A
7. Indian Defense Accounts Service, Group A
8. Indian Defence Estates Service, Group A
9. Indian Statistical Service, Group A
10. Indian Telecommunication Service, Group A
11. Indian Posts and Telegraphs Accounts and Finance Service, Group A
12. Indian Cost Accounts Service, Group A
13. Indian Civil Accounts Service, Group A
14. Indian Meteorological Service, Group A
15. Indian Ordnance Factories Service, Group A
16. Indian Salt Service, Group A
17. Indian Frontier Administrative Service, Group A
18. Indian Information Service, Group A
19. Indian Supply Service, Group A
20. Indian Engineering Service, Group A
21. Indian Railway Traffic Service, Group A
22. Indian Railway Personnel Service, Group A
23. Indian Railway Accounts Service, Group A
24. Central Engineering (Electrical and Mechanical) Service, Group A
25. Central Water Engineering Service, Group A
26. Central Power Engineering Service, Group A
27. Central Engineering Service (Roads), Group A
28. Central Health Service, Group A
29. Central Revenues Chemical Service, Group A
30. Indian Trade Service, Group A
31. Central Legal Service (Grades I, II, III and IV only)
32. Indian Archaeological Service, Group A
33. Geological Survey of India, Group A
34. Zoological Survey of India, Group A
35. Botanical Survey of India, Group A
36. General Central Service, Group A
37. Mercantile Marine Training Ship Service, Group A
38. Directorate General of Mines Safety, Group A
39. Overseas Communications Service, Group A
40. Survey of India, Group A
41. Railway Inspectorate Service, Group A
42. Telegraph Traffic Service, Group A
43. Company Law Board Service, Group A
44. Labour Officers of the Central Pool, Group A
45. Armed Forces Headquarters Civil Services, Group A

Group B

All appointments to Group B are made by the authorities specified by a general or special order of the President.

1. Indian Foreign Service, Group ‘B’ – (General Cadre, Grade I and General Cadre, Grade II only)
2. Central Secretariat Service, Group ‘B’ (Section and Assistants’ Grade officers only)
3. Indian Posts and Telegraphs Accounts and Finance Service, Group ‘B’ Telecommunication Wing.
4. Indian Posts & Telegraphs Accounts & Finance Service, Postal Wing, Group ‘B’
5. Indian Salt Service, Group ‘B’
6. India Meteorological Service, Group ‘B’
7. Central Secretariat Official Language Service, Group ‘B’
8. Central Secretariat Stenographers’ Service, (Grade I, Grade II and Selection Grade officers only)
9. Central Health Service, Group ‘B’
10. Income Tax Service, Group ‘B’
11. Botanical Survey of India, Group ‘B’.
12. Geological Survey of India, Group ‘B’.
13. Geological Survey of India, Group ‘B’.
14. Survey of India, Group ‘B’.
15. Zoological Survey of India, Group ‘B’.
16. Central Electrical Engineering Service, Group ‘B’.
17. Central Engineering Service, Group ‘B’.
18. Central Power Engineering Service, Group ‘B’
19. Postal Superintendents’ Service, Group ‘B’
20. Postmasters’ Service, Group ‘B’
21. Telecommunication Engineering Service, Group ‘B’
22. Telegraphs Traffic Service, Group ‘B
23. Central Excise Service, Group ‘B’
24. Customs Appraisers Service, Group ‘B’- (Principal Appraisers and Head Appraisers)
25. Customs Preventive Service, Group ‘B’ – (Chief Inspectors)
26. Defence Secretariat Service
27. Union Territories Administrative Service
28. Union Territorries Police Service

State Civil Services (SCS/PCS)

The State Civil Services (also known as Provincial Civil Services) examinations and recruitments are conducted by the individual states of India. The state civil services deals with subjects such as land revenue, agriculture, forests, education etc. The officers of the state civil services are recruited by different States through the State Public Service Commissions. The categories of services to which candidates are selected through the state civil services (SCS) examination are as under:

1. State Civil Services, Class-I (SCS)
2. State Police Service, Class-I (SPS).
3. State Forest Service, Class-I (SFS).
4. Block Development Officer.
5. Tehsildar/Talukadar/Assistant Collector.
6. Excise and Taxation Officer.
7. District Employment Officer.
8. District Treasury Officer.
9. District Welfare Officer.
10. Assistant Registrar Cooperative Societies.
11. District Food and Supplies Controller/Officer.
12. Any other Class-I/Class-II service notified as per rules by the concerned State.

Employment by Agency

Federal Government executive branch civilian employment:
1. Ministry of Defence
2. Ministry of Finance
3. Ministry of External Affairs
4. Ministry of Home Affairs
5. Ministry of Agriculture
6. Ministry of Tribal Affairs
7. Ministry of Panchayati Raj
8. Ministry of Micro, Small and Medium Enterprises
9. Ministry of Science and Technology
10. Ministry of Earth Sciences
11. Ministry of Health and Family Welfare
12. Ministry of Power
13. Ministry of Corporate Affairs
14. Ministry of New and Renewable Energy
15. Ministry of Petroleum and Natural Gas
16. Ministry of Urban Development
17. Ministry of Overseas Indian Affairs
18. Ministry of Civil Aviation
19. Ministry of Communications and Information Technology
20. Ministry of Urban Development
21. Ministry of Human Resource Development
22. Ministry of Information and Broadcasting
23. Ministry of Law and Justice
24. Ministry of Minority Affairs
25. Ministry of Labour and Employment
26. Ministry of Road Transport and Highways
27. Ministry of Commerce and Industry
28. Ministry of Textiles
29. Ministry of Heavy Industries and Public Enterprises
30. Ministry of Culture
31. Ministry of Housing and Urban Poverty Alleviation
32. Ministry of Tourism
33. Ministry of Steel
34. Ministry of Shipping
35. Ministry of Parliamentary Affairs
36. Ministry of Social Justice and Empowerment
37. Ministry of Railways
38. Ministry of Rural Development
39. Ministry of Chemicals and Fertilizers
40. Ministry of Coal
41. Ministry of Statistics and Programme Implementation
42. Ministry of Mines
43. Ministry of Women and Child Development
44. Ministry of Environment and Forests
45. Ministry of Development of North Eastern Region
46. Ministry of Youth Affairs and Sports
47. Ministry of Consumer Affairs, Food and Public Distribution
48. Ministry of Food Processing Industries
49. Ministry of Civil Aviation
50. Ministry of Culture
51. Ministry of Drinking Water and Sanitation
52. Ministry of Minority Affairs
53. Ministry of Water Resources
54. Ministry of Petroleum and Natural Gas
55. Independent agencies:
56. Main article: List of Indian agencies
57. Reserve Bank of India
58. Securities and Exchange Board of India
59. Department of Space
60. Department of Atomic Energy
61. Planning Commission
62. Directorate General of Economic Enforcement
63. Directorate General of Income Tax Investigation
64. Directorate of Income Tax Intelligence and Criminal Investigation
65. Directorate General of Anti-Evasion
66. Directorate of Revenue Intelligence
67. National Advisory Council
68. Central Bureau of Investigation
69. Intelligence Bureau
70. Central Vigilance Commission
71. National Security Guards

Union Public Service Commission (UPSC)

Articles 315 to 323 of the constitution of India of its part 14 deal elaborately with the provisions about the composition, appointment and removal of member along with the functions, powers and independence of the Union Public Service Commission (UPSC). It Functions as the central recruiting agency in India. As it has been created directly by the constitution itself, it is considered as an independent constitutional body.

Structure of UPSC – Union Public Service Commission

Appointment and Removal

The Union Public Service Commission consists of a chairman and other members who are appointed by the President of India. The Constitution has not specified the strength of the commission. Its composition has been left to the discretion of the President to determine.

The UPSC usually consists of 9 to 11 members including its chairman. It has been provided in the constitution that ‘one- half of the members of the commission should be such parsons who have held office for at least ten years under either the Government of India or under the Government of the state’ (Clause one Article 316). It is up to the president to determined the conditions of service of the members of the commission.

According to Clause 1A of Article 316 of the constitution, ‘if the office of the chairman of the commission becomes vacant or if any such chairman is by reasons of absence or for any other reason unable to perform the duties of his office,…. those duties shall be performed by such one of the other members of the commission as the President may appoint for the purpose.’

According to clause 2 or the article 316, the Chairman and members can hold office for a term of six years or until they attain the age of 65 tears, whichever is earlier. However, the Chairman and the members can quit their offices at any time by addressing their resignation to the President.

According to clause 1 of Article 317, the Chairman and any other member of the commission can be removed from his office by the order of the President on the ground of misbehaviour. But the President, in this case, at first has to refer the matter to the Supreme Court.
If the Supreme Court, after conducting the inquiry with the procedure prescribed under Article 145, upholds the cause the removal and advice so, then the President can order the removal of the Chairman and any other member of the commission. The constitution has clearly established that the advice of the Supreme Court is binding on the President. However, the President can suspend the Chairman or any other members of the commission even during the course of enquiry by the Supreme Court.

According to clause 3 Article 317, the president can also order the removal of the Chairman or any other member of the commission from his office under the following conditions:

(a) If he is adjudged an insolvent (that is, ‘has become bankrupt’)

(b) If he engages, during his term of office, in any paid employment outside the duties of his office, or

(c) If he ‘is, in the opinion of the president, unfit to continue in office by reason of infirmity of mind or body.’

Defining the term ‘misbehaviour’ the constitution states that is slapped on the face by another, it is a case of misbehaviour under Article 317 (1) and renders the latter member liable to be removal.

To safeguard and ensure the independent and impartial functioning of the commission, the constitution has made following provisions:

(a) The Chairman or any other members of the commission can be removed by the President only in the manner Prescribed in the constitution. Therefore, it can be said that they enjoy security of tenure.

(b) Although the President determines the conditions of service of the Chairman or a member, these conditions cannot be varied to his disadvantage after his appointment (Article 318).

(c) The entire expenses including allowance, salaries and pensions of the Chairman and members of the commission are not subject to vote of Parliament. They are charged on the Consolidated Fund of India.

(d) The Chairman of the Commission (on ceasing to hold office), according to Article 319, shall be ineligible for further employment either under the Government of India or under the Government of a state.

(e) A member (on ceasing to hold office) except the Chairman of the commission is eligible for appointment as the chairman of the commission or a State Public Service Commission (SPSC), but not for any other employment either in the Government of India Or in the Government of a state (Article 319).

(f) The Chairman or a member of the commission, after completing his first term, becomes ineligible for reappointment to that office.

Functions of UPSC

According to the Article 320 of the constitution the commission performs the following functions:

(a) It is the duty of the UPSC to conduct examination for appointments to the services of the Union and the services of the State respectively.

(b) It is also the duty of the commission (If requested by two or more states to do so) to help state in framing and operating schemes of joint recruitment for any service for which candidates possessing special qualifications are required.

(c) The commission is consulted on the following matters:

(1) All matters relating to methods of recruitment of civil services and for civil posts.

(2) The principles to be followed in making appointments to civil services and posts and in making promotions and transfers from one service to another and on the suitability of candidates for such appointments, promotions or transfers.

(3) All disciplinary matters affecting a person serving under the government of India in a civil capacity including memorials or positions relating to such matter. These consist of:

– Compulsory retirement

– Withholding of increments

-Dismissal from service

– Reduction to lower service or rank (Demotion)

-Censure (severe disapproval)

-Removal from service

– Withholding of promotions

-Dismissal from service

– Recovery of pecuniary loss.

(The distinction between ‘Removal’ and ‘Dismissal’ is that a dismissed candidate disqualifies for the future employment under the Government whereas the removed candidate does not disqualify for the same.)

(4) Any claim for compensation of legal expenses incurred by a civil servant in defending legal proceedings instituted against him in respect of act done in the execution of his official duties.

(5) Any claim for the award of a pension in respect of injuries sustained by a person while serving under the Government of India and question as to the amount of any such award.

It is the duty of the Union Public service Commission to advise on any matter referred to them by the President. All regulations made, and is to be subjected to such modifications whether by way of repeal or amendment as both Houses of Parliament may make during the session in which they are so laid.

In one of its important decision the Supreme Court in 1992, has held ‘If before the selection is held, the Government withdraws its requisition from the Public Service Commission, neither the candidate nor the UPSC itself can insist on continuing the process of selection.
The constitution describes that the President, in respect to the All-India Services and Central Services and posts may make regulations specifying the matters, in which it shall not be necessary for the UPSC to be consulted.
The matters on which the Commission (UPSC) is not consulted are:

(a) Reservations of appointments or posts in favour of any backward class

(b) Considering the claims of scheduled castes and scheduled tribes in making appointments to services and posts.

(c) On the selection for Chairmanship or membership of commissions or tribunals, posts of the highest diplomatic nature and a bulk of group C and group d services.

(d) On the selection for temporary or officiating appointment to a post if the appointed person is not likely to held the post for more than a year.

Article 322 of the constitution states that the Parliament can make an Act relating to the services of the union and also relating to the services of any local authority or other body corporate constituted by law or of any public institutions.

Article 323 of the Constitution, that deals with the expenses of the Commission, states that ‘The expenses of the Union Public Service Commission shall be charged on the consolidated Fund of India.’

Article 323 or the Constitution, that deals with reports of the Commission states that ‘It shall be the duty of the Union Commission to present annually to the President a report.’ Then it is the duty of the President to place the report before both the Houses of Parliament, along with a memorandum ‘explaining the cases where the advice of the Commission was not accepted and reasons for such non-acceptance. It can be ascertained lastly that the role of the Commission is not only limited, but also recommendations made by it are not mandatory but are only of advisory nature, and, therefore, not binding on the Government. The Government has final authority to accept or reject that advice. The Government can also make rules which regulate the scope of the advisory functions of the Commission. Such rules are named as the UPSC (Exemption from consultation) Regulation.

The emanation of Central Vigilance Commission (CVC) in 1964 influenced the role of the Commission in disciplinary matters. Because the Government consults both agencies while taking disciplinary action against a civil servant. However, the Commission, as an independent constitutional body, has an edge over the CVC. CVC was created by an executive resolution of the Government and conferred a statutory status in October 2003.

IMPORTANT SCHEMES & SERVICES OF VARIOUS BANKS...by (PSL GROUP)

1. TAB BANKING FACILITY = SBI

2. BOUTIQUE FINANCING SCHEME = SBI

3. Twitter Handle Account = SBI

4. Asha Home loan = AXIS BANK

5. Airtel money = AXIS BANK +AIRTEL

6. Kisan card = AXIS BANK

7. M-Pesa = ICICI + Vodafone

8. Branch on Wheel = ICICI(in odisa)

9. I-Mobile app for windows phone = ICICI

10. Instant money transfer = BOI

11. M-Wallet = Canara Bank

12. E-Wallet = IRCTC

13. Student Travel Card = ICICI

14. E-KYC = SBI

15. Jifi, (a fully integrated social bank account that incorporates social networking platforms like Twitter and Facebook with mainstream banking) = Kotak Mahindra Bank

16. ‘Connect Card’, (ATM cum Debit card in association with VISA that can be used for ecommerce across five lakh merchant outlets) = India

BANKING ABBREVIATIONS

1.  PSBs:  PUBLIC SECTOR BANKS
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2.  SNBCs:  SCHEDULE NON COMMERCIAL BANKS 
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3.  SENSEX:  SENSITIVE  INDEX  OF STOCK  EXCHANGE  
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4.  GNP: GROSS NATIONAL PRODUCT 
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5.  KYC: KNOW YOUR CUSTOMER 
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6.  RTGS: REAL TIME GROSS SETTLEMENT
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7.  NEFT: NATIONAL ELECTRONIC MONEY TRANSFER
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8.  EFT: ELECTRONIC FUND TRANSFER
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9.  CBS:  CORE  BANKING  SOLUTIONS  
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10.  LIBOR:  LONDON  INTERBANK OFFERED RATE 
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11.  MIBOR:  MUMBAI INTERBANK OFFERED RATE 
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12.  MIBID:  MUMBAI INTERBANK BID RATE 
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13.  SARFAESI:  SECURITISATION  AND  RECONSTRUCTION  OF FINANCIAL  ASSETS  AND  ENFORCEMENT  OF  SECURITY INTEREST  
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14.  CAMELS:  CAPITAL  ADEQUECY  RATIO,  ASSET  QUALITY, MANAGEMENT  OF  EFFECTIVENESS,  EARNING  OF PROFITABILITY,  LIQUIDITY,  SYSTEM  AND  CONTROLS  
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15.  CAR:  CAPITAL  ADEQUECY RATIO  
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16.  FIIs:  FOREIGN  INSTITUTIONAL  INVESTMENTS
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17.  FDI:  FOREIGN  DIRECT  INVESTMENT  
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18.  IPO:  INITIAL  PUBLIC  OFFERING  
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19.  MICR:  MAGNETIC INK CHARACTER READER 
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20.  INFINET : INDIAN  FINANCIAL  NETWORK
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21. OLTAS  -  On-line  Tax  Accounting  System  (OLTAS)  for  Direct Taxes
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22.  TIN  -  Tax  Information  Network  (TIN)
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23.IMPS  -  Interbank  Mobile  Payment  Service  (IMPS)  or Immediate  Payment  Service
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24.  CDR- Corporate  Debt Restructuring
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25.CAD- Capital  Account  Deficit
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26. REITs:  Real  Estate  Investment  Trusts
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27.InvITs:  Infrastructure  Investment  Trusts
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28. ALM- Asset Liability  Management
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29.ASBA:  Application  Supported  by  Blocked  Amount
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30.CBS: Core  Banking  Solution
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31. PIN:  Personal  Identification  Number
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32.  CCEA – Cabinet Committee  on Economic  Affairs
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33.CECA  -  Comprehensive  Economic  Cooperation  Agreement
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34.CEPA  –  Comprehensive Economic  Partnership  Agreemeny
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35.DTAA – Double Taxation  Avoidance  Agreement
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36.ECBs  -  External  Commercial  Borrowings
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37.EFSF – European  Financial  Stability  Facility
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38. FINO- Financial  Inclusion  Network  Operation
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39. FIPB  –  Foreign  Investment  Promotion  board
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40.  FSLRC  –  Financial  Sector  Legislative  Reforms  Commission
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41. CRAR: Capital  to  Risk-weighted  Assets  Ratio
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42.LCR: Liquidity  Coverage  Ratio
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43. TARC  - Tax Administration  Reform  Commission
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44.GIRO  -  Government Internal  Revenue  Order
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45.FRBMA:  Fiscal  Responsibility  and  Budget  Management  Act
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46. AMFI- Association  of  Mutual  Fund  in  India.
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47. TIEA  –  Tax  Information  exchange  Agreement
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48. GAAR - General anti  avoidance rule
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49. GSLV - Geo-Synchronous Launch  Vehicle
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50.  PPP  – Public  Private  Partnership  &  Purchasing  Power  parity
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51. PSLV – Polar  Satellite  Launch  vehicle
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52. TAPI  -  Turkmenistan-Afghanistan-Pakistan-India.
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53.  QFI -Qualified  Foreign  Investors
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54.AD-Authorized  Dealer.
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55. ASSOCHAM-Associated  Chambers  of  Commerce  and Industry  of  India.
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56. BCSBI-Banking  Codes  and  Standards  Board  of  India.
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57.BIS-Bank  for  International  Settlements.
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58.BIRD:  BANKERS INSTITUTE  OF  RURAL DEVELOPMENT
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59.IBA:  INDIAN  BANK ASSOCIATION  
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60.BPLR:  BENCHMARK PRIME LENDING  RATE 
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61. ICICI: INDUSTRIAL CREDIT AND  INVESTMENT CORPORATION  OF INDIA 
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62.HDFC:  HOUSING  DEVELOPMENT FINANCE CORPORATION 
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63. SWOT:  STRENGETH,  WEEKNESSES,  OPPORTUNITIES  AND THREATS  
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64. SWIFT:  SOCIETY  FOR  WORLDWIDE  INTERBANK FINANCIAL  TELECOMMUNICATION  
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65.FERA:  FOREIGN  EXCHANGE  REGULATORY ACT  
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66.FEMA:  FOREIGN  EXCHANGE  MANAGEMENT ACT 
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67.CASA:  CURRENT AND SAVING ACCOUNT 
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68.NDTL:  NET DEMAND AND TIME LIABILITIES 
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69.NASDAQ:  NATIONAL  ASSOCIATION  FOR  SECURITIES DEALERS  AUTOMATED QUOTATIONS  
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70.CRISIL:  CREDIT  RATING  AND  INVESTMENT  SERVICES INDIA  LIMITED  
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71.CIBIL:  CREDIT  INFORMATION  BUREAU OF INDIA LIMITED  
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72. NAV:  NET ASSET VALUE 
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73.ICRA:  INDIAN  CREDIT  RATING  AGENCY 
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74. CARE:  CREDIT ANALYSIS  AND RESEARCH LIMITED  
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75.WMAs: WAYS AND MEANS ADVANCES 
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76.ALM:  ASSET LIABILITY  MANAGEMENT
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78.CDS-Credit  Default  Swap.
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79.  CEPA-Comprehensive  Economic  Partnership  Management.
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80. FIMMDA-Fixed  Income  Money  MARKETS  and  Derivatives Association.
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81.FPI-Foreign  Portfolio  Investment.
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82. IBRD-International  Bank  For  Reconstruction  And Development.
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83. UIDAI-Unique Identification Authority of India.

List of all important Regulators in India

1. Money Market – RBI (Reserve bank of India)
(Governor – Raghuram Rajan & Headquarter – Mumbai)

2. Capital Market – SEBIn(Security Exchange Board of India)

3. Insurance companies –IRDAI (Insurance regulatory  development authority of India)

4. Commodity Market – FMC (Forward Market Commission)
(It is now being merged in SEBI)

5. Chit Funds – Respective State Governments

6. Merchant Banking companies – SEBI

7. Foreign Exchange or Forex Market – RBI

8. Housing Finance Companies – NHB (National Housing Bank)

9. Venture Capital Fund – SEBI

10. Stock broking companies – SEBI

11. Nidhi Companies – Ministry of corporate affairs, Government of India

12. Cooperative banks and RRBs Regional Rural Banks (RRBs) – NABARD (National Bank for agriculture and Rural Development)

13. Micro-Finance Regulatory Authority – NABARD

14. Algorithmic Trading – SEBI

15. Pension fund – PFRDA (Pension fund regulatory and Development authority)

16. Credit Rating agencies – SEBI

17. Public health & Food Safety – FSSAI (Foods safety and Standards Authority of India)

18. Telecommunication Business – TRAI (Telecom Regulatory Authority of India)

19. Pharmaceuticals drugs in India – NPPA (National Pharmaceutical Pricing Authority)

20. Civil Aviation – DGCA (Directorate general of civil aviation)

21. Warehouses – WDRA (Warehousing Development and Regulatory Authority)

22. Financial Audit and Accounting Professions – ICAI (Institute of charted accounts in India

List of Recent Appointments in India

Acharya Dev Vrat--->Governor of Himachal Pradesh

AI Rajwani---->Gillette India Managing Director

Ajit Seth---->Chairman of the Public Enterprises Selection Board

Ajya Mathur----->Director General of TERI

AK Jha----->Interim CMD of NTPC

Alka Panda---->Director General of BIS

Amitabh Mattoo----> Appointed as Advisor to J&K CM Mufti Mohammad Sayeed

Amitava Ghosh---->Snapdeal VP- Engineering

Amol Palker----->Chairman of India’s Oscar Jury

Ananth Narayanan----->Chief Executive Officer of Myntra

Anindya Basu---->MD of Accenture of India

Anjuly Chib Duggal----->Secretary of Department of Financial Service

Ashish Bahuguna----->Chairman of Food Safety regulatory FSSAI

Ashwani Lohanii----->CMD of Air India

Atul Sobti---->CMD of BHEL

B. Roychowdhury----->Chairman of ASCI

CD Baliji---->Director of the Aeronautical Development Agency

Chandrasekaran Ramkrishnan---->CFO of Tata Motor’s Group

CVR Rajendran---->CEO of AMFI

Dilip Vengsarkar----->President of Cricket Statisticians Body

Geoge Baker,Professor Richard Hay---->Member of Lok Sabha

Girish Sahni----->Director General of CSIR

Gopal Singh----->CMD of NMDC Limited

Hasmukh Adhia----->Revenue Secretary

Hormusji N Cama----->Chairman of Press Trust of India

J Manjula----->Director of General of ECS( Electronics and Communication system)

Justice Madanlal Laxmandas Tahaliyani---->New Lokayukta of Maharashtra

Kishor Piraji Kharat---->MD and CEO of IDBI

KN Tripathi----->Additional Charge of Governor of Tripura

Krishnan Balakrishanan---->Chief Financial Officer (CFO) of GO Air

LC Goyal---->CMD of India Trade Promotion Organization

Lt General Man Mohan Singh Rai---->Vice Chief of Indian Army

Om Prakash Rawat---->Election Commission of India

P S jayakumar---->MD and CEO of Bank of Baroda

Pankaj Munjal---->CMD of Hero Motrs group

PK Singh---->Chairman of SAIL

Prabhat Singh---->MD and CEO of Petronet of LNG

Prashant pathrabe---->Interim Director of Film of television Institute of India

Raghav Chandra---->Chairman of NHAI

Rahul Bhatnagar---->MD and CEO of Bharti Enterprises

Rajan S Katoch---->Director of the Environment Directorate (ED)

Rajiv Mehrishi----> Home Secretary

Rakesh Sahni---->Chairman of Narmada Valley Development Authority

Rakesh Sharma---->MD and CEO of Canara bank

Ram Nath Kovind---->Governor of Bihar

Ram Sevak Sharma---->Chairman of TRAI

Ramesh Chand---->Appointed as New member of NITI Aayog

Rana Kapoor---->MD and CEO of YES bank

Ratan P Watal---->Finance Secretary

Rekha Menon---->Chairman of Accenture of India

S K Sharma---->Chairman of Bhakra Beas Management of Board

Sanjay Jalona---->MD and CEO of L&T Infotech

Shaktikanta Das---->Economics Affairs Secretary

Shashidhar Sinha---->Chairman of Audit Bureau of Circulation (ABC)

Sourav Ganguly---->President of Cricket Association of Bengal

Sriram Kalyanarman---->MD and CEO of National Housing Bank

Swati Maliwal---->Chairperson of Delhi Commission for Women

Zayan Khan---->President of Federation of Motor Sports Club of India

BANKING AND FINANCIAL TERMS

Active Market

This is a term used by stock exchange which specifies the particular stock or share which deals in frequent and regular transactions. It helps the buyers to obtain reasonably large amounts at any time.

Administered Price

The administrative body e.g., the government a marketing board or a trading group determines this price. The competitive market force are not entitled to determine this price. The government fixes a price in accordance with demand supply portion in the market.

Ad-valorem TaxAd-valorem tax is a kind of indirect tax in which goods are taxed by their values. In the case of ad-volorem tax, the tax amount is calculated as the proportion of the price of the goods. Value added Tax (VAT) is an ad-volorem Tax.

Advanced Countries

Advanced countries are countries which are industrially advanced, having high national and per capita income and ensure high rate of capital formation. These countries possess highly developed infrastructure and apply most updated and advanced technical know-how in their productive activities. A strong and well organised financial structure is found in these advanced countries.

Amalgamation

It means ‘merger’. As and when necessity arises two or more companies are merged into a large organisation. This merger takes place in order to effect economies, reduce competition and capture market. The old firms completely lose their identity when the merger takes place.

Appreciation

Appreciation means an increase in the value of something e.g., stock of raw materials or manufactured goods. It also includes an increase in the traded value of a currency. It is the antonym of Depreciation. When the prices rise due to inflation, appreciation may occur. It causes scarcity or increase in earning power.

Arbitrage

When a person performs functions of middle man and buys and sells goods at a particular time to cash the price differences of two markets, this action is termed as arbitrage. Purchases are made in the market where price is low and at the same time, goods are sold in other market where the price are high. Thus the middleman earns profit due to price difference in two markets.

Arbitration

Where there is an industrial dispute, the Arbitration comes to the force. The judgement is given by the Arbitrator. Both the parties have to accept and honour the Arbitration. Arbitration is the settlement of labour disputes that takes place between employer and the employees.

Auction

When a commodity is sold by auction, the bids are made by the buyers. Whose ever makes the highest bid, gets the commodity which is being sold. The buyers make the bid
taking into consideration the quality and quantity of the commodity.

Autarchy

If a country is self-sufficient, it does not require the imports for the country. Autarchy is an indicator of self-sufficiency. It means that the country itself can satisfy the needs of its population without making imports from other countries.

Automation

Automation means the use of machinery & technology to replace the labour’s work. Automation increases the demand of skilled workers. Unskilled and semiskilled workers are reduced as a result of automation.

Balanced Budget

When the total revenue of the government exactly equals the total expenditure incurred by the government, the budget becomes a balanced budget. But it is a conservative view point. In present days, the welfare government has to regulate a number of economic and social activities which increase the expenditure burden on the government and results in deficit budget.

Balance of Payment

Balance of payment of a country is a systematic record of all economic transactions completed between its residents and the residents of remaining world during a year. In other words, the balance of payment shows the relationship between the one country's total payment to all other countries and its total receipts from them. Balance of payment is a comprehensive term which includes both visible and invisible items. Balance of payment not only include visible export and imports but also invisible trade like shipping, banking, insurance, tourism, royalty, payments of interest on foreign debts.

Balance of Trade

Balance of trade refers to the total value of a country's export commodities and total value of imports commodities. Thus balance of trade includes only visible trade i.e., movement of goods (exports and imports of goods). Balance of trade is a part of Balance of payment statement.

Balance Sheet

Balance sheet is a statement showing the assets and liabilities of a business at a certain date. Balance sheet helps in estimating the real financial situation of a firm.

Bank

Bank is a financial institution. It accepts funds on current and deposit accounts. It also lends money. The bank pays the cheques drawn by customers against current and deposits accounts. The bank is a trader that deals in money and credit.

Bank Draft

Banker's draft is a negotiable claim drawn upon a bank. Drafts are as good as cash. The drafts cannot be returned and unpaid. Draft is issued when a customer shows his unwillingness to accept cheque in payment for his services or mercantile goods. Bank Draft is safer than a cheque.

Bank Rate

Bank Rate is the rate of discount at which the central bank of the country discounts first class bills. It is the rate of interest at which the central bank lends money to the lower banking institutions. Bank rate is a direct quantitative method of credit control in the economy.

Bilateralism

It implies an agreement between two countries to extend to each other specific privileges in their international trade which are not extended to others.

Birth Rate

Birth Rate (or Crude Birth Rate) is number of the births per thousand of the population during a period, usually a year. Only live births are included in the calculation of birth rate.

Black Money

It is unaccounted money which is concealed from tax authorities. All illegal economic activities are dealt with this black Money. Hawala market has deep roots with this black money. Black money creates parallel economy. It puts an adverse pressure on equitable distribution of wealth and income in the economy.

Blue Chip

It is concerned with such equity shares whose purchase is extremely safe. It is a safe investment. It does not involve any risk.

Blue Collar Jobs

These Jobs are concerned with factory. Persons who are unskilled and depend upon manual jobs that require physical strain on human muscle are said to be engaged in Blue Collar Jobs. In the age of machinery, such Jobs are on the decline these days.

Brain-Drain

It means the drift of intellectuals of a country to another country. Scientists, doctors and technology experts generally go to other prominent countries of the world to better their lot and earn huge sums of money. This Brain-Drain deprives a country of its genius and capabilities.

Bridge Loan

A loan made by a bank for a short period to make up for a temporary shortage of cash. On the part of borrower, mostly the companies for example, a business organization wants to install a new company with new equipments etc. while his present installed company / equipments etc. are not yet disposed off. Bridge loan covers this period between the buying the new and disposing of the old one.

Budget

It is a document containing a preliminary approved plan of public revenue and public expenditure. It is a statement of the estimated receipt and expenses during a fixed period, it is a comparative table giving the accounts of the receipts to be realized and of the expenses to be incurred.

Budget Deficit

Budget may take a shape of deficit when the public revenue falls short to public expenditure. Budget deficit is the difference between the estimated public expenditure and public revenue. The government meets this deficit by way of printing new currency or by borrowing.

Bull

Bull is that type of speculator who gains with the rise in prices of shares and stocks. He buys share or commodities in anticipation of rising prices and sells them later at a profit.

Bull Market

It is a market where the speculators buy shares or commodities in anticipation of rising prices. This market enables the speculators to resale such shares and make a profit.

Buoyancy

When the government fails to check inflation, it raises income tax and the corporate tax. Such a tax is called Buoyancy. It concerns with the revenue from taxation in the period of inflation.

Business Cycle

Business cycle (also known as trade cycle) are species of fluctuations in the economic activity of organised communities. It is composed of period of good trade characterised
by rising prices and low unemployment, alternating with period of bad trade characterised by falling prices and high unemployment. Every trade cycle have five different subphases–depression, recovery, full employment, prosperity (boom) and recession.

Call Money

Call money is in the form of loans and advances which are payable on demand or within the number of days specified for the purpose.

Capital Budgeting

Capital budgeting represents the process of preparing budget for a period of a year or even for several years allocating capital outlays for the various investment projects. In other words, it is the process of budgeting capital expenditure by means of an annual or longer period capital budget.

Capital-labour Ratio

Latest models of machinery and equipment raise the labour efficiency and the output is maximized. Capitallabour ratio is the amount of capital against the given labours that a firm employs. Capital-labour ratio is the ratio of capital to labour.

Capital Market

Capital market is the market which gives medium term and long term loans. It is different from money market which deals only in short term loans.

Capitalism

Capitalism is an economic system in which all means of production are owned by private individuals Selfprofit motive is the guiding feature for all the economic activates under capitalism. Under pure capitalism system economic conditions are regulated solely by free market forces. This system is based on ‘Laissez-faire system’ i.e., no state intervention. Sovereignty of consumer prevails in this system. Consumer behaves like a king under capitalism.

Cash Reserve Ratio (CRR)

The commercial banks are required to keep a certain amount of cash reserves at the central bank. This percentage amount is called CRR. It influences the commercial bank’s volume of credit because variation in CRR affects the liquidity position of the banks and hence their ability to lend.

Census

Census gives us estimates of population. Census is of great economic importance for the country. It tells us the rate at which the total population is increasing among different age groups. In India census is done after every 10 years. The latest census in India has been done in 2001.

Central Bank
Central Bank may be defined as the apex barking and monetary institution whose main function is to control, regulate and stabilize the banking and the monetary system of the country in the national interest.

Cheque

Cheque is an order in writing issued by the drawer to a bank. If the customer has sufficient amount in his account, the cheque is paid by the bank. Cheques are used in place of cash money.

Clearing Bank

Clearing bank is one which settles the debits and credits of the commercial banks. Even of the cash balances are lesser, clearing bank facilitates banking operation of the commercial bank.

Clearing House

Clearing house is an institution which helps to settle the mutual indebtedness that occurs among the members of its organisation.

Closed Economy

Closed economy refers to the economy having no foreign trade (i.e., export and import). Such economies depend exclusively on their own internal domestic resources and have
no dependence on outside world.

Collusion

Producers of an industry reduce competition among themselves to raise their profits. They fix the price themselves with a clear understanding in this regard. This understanding among different firms is called collusion.

Coinage

Art and practice of making coins is called coinage. The metal is melted and moulded to shape into a coin. The coinage is a medium of exchange (money).

Collectivism

Collectivism is a belief that nation's interest is superior to individual interest. This is the collective thinking of the society and polity national leaders and also communist opine the theory of collection.

Commercial Bank

Commercial Bank is an institution of finance. It deals with the banking services through its branches in whole of the country. Operation of current accounts, deposits, granting of loans to individuals and companies etc. are various functions of the commercial bank.

CommunismCommunism is a political and economic system in which the state makes the major economic decision State owns the bulk of capital assets. Responsibility for production and distribution lies with the state in this system.

Core SectorEconomy needs basic infrastructure for accelerating development. Development of infrastructure industries like cement, iron and steel, petroleum, heavy machinery etc. can only ensure the development of the economy as a whole. Such industries are core sector industries.

Corporation Tax

It is a tax on company's profit. It is a direct tax which is calculated on profits after interest payments and allowance (i.e., Capital allowance) have been deducted but before dividends are allowed for.

Cost-push InflationIt arises due to an increase in production cost. Such type of inflation is caused by three factors : (i) an increase in wages, (ii) an increase in the profit margin and (iii) imposition of heavy taxation.

Credit RationingCredit rationing takes place when the banks discriminates between the borrowers. Credit rationing empowers the bank to lend to some and to refuse to lend to others. In this way credit rationing restricts lending on the part of bank.

Credit SqueezeMonetary authorities restrict credit as and when required. This credit restriction is called credit squeeze. Monetary authorities adopt the policy of credit squeeze to control inflationary pressure in the economy.

Custom DutyCustom duty is a duty that is imposed on the products received from exporting nations of the world. It is also called protective duty as it protects the home industries.

Cyclical UnemploymentIt is that phase of unemployment which appears due to the occurrence of the downward phase of the trade cycle. Such an employment is reduced or eliminated when the business
cycle turns up again.

Dear Money

Dear money is that money which can only be borrowed at a high rate of interest. In dear money policy, bank rate and other rates of interest are high and as a result borrowing becomes expensive. Dear money policy is deliberate policy which is adopted by the monetary authorities to check inflation in the economy.

Death Duty

It is a direct tax which is imposed on the estate of deceased person. Death duty or Death Tax is a form of personal tax on property which is levied when property passes from one person to other at the time of death of the former.

Death Rate

Death rate signifies the number of deaths in a year per thousand of the population. It is mostly known as crude death rate. Life expectancy is important determinant of death rate.
A country having high life expectancy will have a high crude death rate.

DecentralisationDecentralisation means the establishment of various unit of the same industry at different places. Large scale organisation or industry can not be run at one particular place or territory. In order to increase the efficiency of the industry, various units at different places are located.

Debt Service (Total)

The sum of principal repayments and interest actually paid in foreign currency, goods and services on longterm debt (having maturity of more than one year), interest paid on shortterm debt and repayments to IMF.

Deficit Financing

It is a practice resorted to by modern government of spending more money than it receives in revenue. It is a policy of bridging a deficit between governments expenditure and revenue. Deliberately budgeting for a deficit is called deficit financing. This practice was popularised by Prof. J. M. Keynes to deal with the depression and unemployment situations and to stimulate economic activity. Deficit financing, though having inflationary effects, has now become a common practice in all countries.

Deflation

Deflation is the reverse case of inflation. Deflation is that state of falling prices which occurs at that time when the output of goods and services increases more rapidly than the volume of money in the economy. In the deflation the general price level falls and the value of money rises.

Devaluation

The loss of value of currency of a country relative to other foreign currency is known as devaluation. Devaluation is a process in which the government deliberately cheapens the exchange value of its own currency in terms of other currency by giving it a lower exchange value. Devaluation is used for improving, the balance of payment situation in the country.

Direct Tax

A tax is said to be a direct tax when it is not intended to be shifted to anybody else. The person who pays it in the first instance is also excepted to bear it. Thus the impact and incidence of direct tax fall on the same person shifting of direct tax is not possible Income Tax is a example of direct tax.

Disinflation

It refers to a process of bringing down prices moderately from their high level without any adverse impact on production and employment. Thus, disinflation is an anti-inflationary measure.

DissavingDissaving occurs when expenditure exceeds income. Raising of loans or utilization of past accumulated savings takes place in such eventuality.

Dividend

Dividend is the amount which the company distributes to shareholders when the profits of the company are calculated by the board of directors.

Economic Integration

Economic integration appears when two or more nations coordinate themselves and their economies are linked up. It may exhibit itself in the form of free trade area or a full economic union. EEC is an example of economic integration.

Engel's Law

This law was formulated by Ernst Engel. This law states that, with given taste and preference, the portion of income spend on food diminishes as income increases. According to this law, smaller a person's income, the greater the proportion of it that he will spend on food and vice versa.

Estate DutyIt is a tax which is levied on the estate of a decreased person. It is also known as death duty. The ownership of state changes hands only after the payments of the estate duty. It is an progressive tax in nature.

Excise Duty

It is a tax which is imposed on certain indigenous production (e.g., petroleum products, cigarettes etc.) of the country. Excise duty may be imposed either to raise revenue or to check the consumption of the commodities on which they are imposed. Excise duty is progressive in nature.

Face ValueIt refers to that normal value of coin at which the coin circulates and is accepted in the discharge of debit or obligation. Broadly speaking, the face value refers to domination stamped on a coin / or documents when it is issued. In securities, it refers to par value.

Fascism

It is a form of political system. In it every economic consideration rests on one criterion—the increase in the people's standard of living. It also lays emphasis on military
strength and prestige of the country. It is the extreme nationalism and the ultimate goal is self-sufficiency.

Federal EconomyIt refers to a federation which is an association of two and more states. A federal state is a union of state in which authority is divided between the federal (or central) government and the state governments. In a federal economy both the centre and the states are independent in the exercise of this authority.

Fiduciary IssueGenerally bank-note are backed by gold. But when they are not backed by gold and government securities replace gold, it is called fiduciary issue. Such fiduciary issue results in inflation.

Fertility Rate

The term fertility refers to the actual bearing of children or ‘occurrence of births’. Fertility rate measures the average number of the live births per 1000 women. This rate is one of the most important and useful aids to population projection. It helps in assessing population trends in the economy.

Fiscal PolicyFiscal policy is that part of government economic policy which deals with taxation, expenditure, borrowing, and the management of public debt in the economy. Fiscal policy primarily concerns itself with the flow of funds in the economy. Fiscal policy primarily concerns itself with the flow of funds in the economy. It exerts a very powerful influence on the working of economy as a whole.

GEM

GEM (Gender Empowerment Measure) is a composite index measuring gender inequality in three basic dimensions of empowerment–economic participation and decision making, political participation and decision making, and power over economic resources.

GDI

GDI (Gender Related Development Index) is a composite index measuring average achievement in the three basic dimensions captured in the human development index–a long and healthy life, knowledge and a decent standard of living–adjusted to account for inequalities between men and women.

Gini-coefficientIt represents the measurement of inequality derived from the ‘Lorenz Curve,’ with every increase in the degree of inequality, the curvature of the Lorenz Curve also increases and
the area between the curve and 45° line becomes larger.
The Gini-coefficient is measured as—
G =Area between Lorenz Curve & 45° Line/Area above the 45° Line

Giffin Goods

Giffin goods have the positive relationship between price and quantity demanded and as a result demand curve of Giffin goods slopes upward from left to right. This phenomenon was first observed by Sir Robert Giffin in relation to the demand for bread by poor labours.

Gresham's Law

“Bad money (if not limited in quantity) drives good money out of circulation”—This statement was given by Sir Thomas Gresham, the economic Adviser of Queen Elizabeth. This law states that people always want to hoard good money and spend bad money when two forms of money are in circulation at the same time.

Gross Domestic Product (GDP)It is the money value of all final goods and services produced within the geographical boundaries of the country during a given period of time (usually a year). GDP can be calculated both at current prices and at constant prices. If we add net factor income from abroad to the GDP, we get ‘Gross National Product’ (GNP).

Gross National Product (GNP)

It refers to the money value of total output or production of final goods and services produced by the nationals of a country during a given period of time, generally a year.

Gross National Product Deflator

It is a Price Index Number used to correct the money value of Gross National Product (GNP) for price changes so as to isolate the changes which have taken place in the physical output of goods and services.

Guild Socialism

This form of socialism accepts the leadership of artisans. The operation of the whole economy specially the management and control of industries lies in the hands of artisans Socialism established by artisans is termed a Guild Socialism.

HDI

HDI (Human Development Index) is a composite index measuring average achievement in three basic dimensions of human life–a long and healthy life, knowledge and a decent standard of living.

Import Duty

Import duty is a tax on imports imposed on an ad-valorem basis i.e., fixed in the form of a percentage on the value of the commodity imported.

Indirect Tax

Indirect tax is that tax which is levied on goods or services produced or purchased. Indirect taxes are those which are demanded from one person in the expectation and intention that he shall indemnify himself at the expense to another.

Inflation

A situation of a steady and sustained rise in general prices is usually known as inflation. Inflation is a state in which the value of money is falling i.e., prices are rising.

Joint Demand

Joint demand appears in case of complementary goods. When two commodities are complementary to one another and cannot be used separately, they have joint demand. Bread and butter, sugar and tea, pen and ink are a few examples of joint demand. In joint demand a change in demand of one commodity bring about the proportionate change in demand for the other.

Joint Sector

When a sector is jointly owned, managed and run by both public and private sector, it is called joint sector. This sector indicates the partnership between the two i.e., public and private sector.

Labour Union

Labour union represents that organisation of workers which works for improving working condition of labours and also for raising their wage by adopting ‘collective bargaining’ measures with the management of the industry in particular.

Laffer Curve

This curve is given by American economist Prof. Arthur Laffer. It represents relationship between total tax revenue and corresponding tax rates.

Laissez Faire

It is a French word meaning ‘non-interference’. This doctrine was popularised by classical economists who gave the view that government should interfere as little as possible in the economic activities of the individuals.

Life Expectancy at Birth

The number of years a newborn infant would live if prevailing pattern of age specific mortality rates at the time of birth were to stay the same throughout the child’s life.

Liquidation

It refers to the termination (or winding up) of a registered company. Liquidation takes place because of company's insolvency. In liquidation, assets are turned into cash for settling outstanding debts and for apportioning the balance, if any, amongst the owners.

Liquidity

Assets which can easily be converted into cash money are said to have liquidity. Land does not possess liquidity at it takes longer time to get converted into cash.

Liquidity Ratio

The commercial banks under banking regulations have to maintain a certain specified proportion of their total deposits of various categories in liquid assets. This maintainable proportion is called liquidity ratio.

Lock-out

Lock-out refers to such a situation when the management does not permit the workers to work unless they agree to accept the employer's term. Lock-out is the closing of work by the management for an uncertain period of time to put pressure on the labour union. It is an action by the employer equivalent to a strike by employees.

Lorentz Curve

This curve shows the degree of inequalities of a frequency distribution in a graphical manner. It is a curve on a graph which shows the cumulative proportion of a statistical population against this cumulative share of some characteristic. This curve is commonly used to depict income distribution showing the cumulative percentage of people from the poorest up and their cumulative share of national income.

Lump Sum Tax

Lump sum tax is a fixed amount which has imperative nature irrespective of the income level. This tax is not equitable in nature.

Merit Goods

Merit goods refer those goods that are very essential to the society as a whole and hence the government ensures their availability to all consumers, regardless of their ability to pay to reasonable price.

Mixed EconomyIt refers to that economic system in which both private and public sector co-exists. Indian economy is an example of a mixed economy.

Monetary Policy

Monetary policy comprises all measures applied by the monetary authorities with a view to produce a deliberate impact on the nature and volume of money so as to achieve the objectives of general economic policy. It aims at regulating the flow of currency, credit and other money substitutes in an economy with a view to affect the total stock of such assets as well as to influence the demand of the community for such assets.

Monetary Reforms

When a new currency is introduced in a country due to hyperinflation or due to a deliberate policy measure (such as decimalization) it is termed as monetary reform.

Monopoly

Monopoly refers to that market structure where there is only one seller in the market who controls the entire market supply and no substitute of the product is available in the market.

Monopsony

Monopsony is that market situation in which there is only one single buyer of the product in the market. In other word, ‘buyer's monopoly’ is termed as monopsony.

Multinational Company

It is a large scale company which has its production base in several countries and the bulk of the production is produced in outside nations. This company produces more overseas
than they do in its parent country. Increased trade and economies of scale have encouraged such type of companies in the recent years.

National Income

In the simplest way it can be defined as ‘factor income accruing to the national residents of a country.’ It is the sum of domestic factor income and net factor income earned from abroad. Net national product at factor cost is called national income.

Net National Product (NNP)

When depreciation is deducted from GNP i.e., Gross National Product, we get Net National Product (NNP).

Oligopoly

Oligopoly is that form of imperfect competition in which there are only a few firms in the industry (or group) producing either homogeneous products or may be having product differentiation in a given line of production.

Open Economy

Open economy is that economy which is left free and the government imposes no restrictions on trade with areas outside that economy.

Okun’s Law

Arthur Okun presented an empirical relationship between cyclical movements in GNP and unemployment. Okun found that an annual 2•5% increase in the rate of real growth above the trend growth results in a 1% decrease in the rate of unemployment. This relationship is known as Okun’s Law.

Perfect Competition

Perfect competition is the market in which there are many firms selling identical products with no firm large enough relative to the entire market to be able to influence market price.

Poverty Line

Poverty line is a virtual line demarcating persons living below and above it. In India all those persons are treated living below poverty line who are not able to earn that much of income which is not sufficient to acquire food equivalent to 2100 calories per person per day in urban areas and 2400 calories per person per day in rural areas. As per UNDP, one US dollar (1993 PPP US $) per person per day is treated as poverty line.

PQLI

PQLI is known as Physical Quality of Life Index which is used to assess the level of social development. This index was developed by Jim Grant for The Overseas Development Council PQLI is calculated by using indices of (i) Adult literacy rate, (ii) IMR, (iii) Life Expectancy.

Price Mechanism

Price mechanism signifies the working of those market forces which establishes equilibrium in the economy. Laissez faire policy is the basis for the working of price mechanism.

Price Ring

It is an unofficial syndicate by which the prices are controlled with the prior understanding among the traders. These dealers under a price ring decide not to over-bid one another at the public auction to keep the prices low. This price ring may discourage outsiders from coming to the auctions.

Private Sector

Private Sector is that part of the economy which is not owned by the government and is under the hands of private enterprise. In other words, private sector is not under direct government control. Private sector includes the personal as well as the corporate sector.

Privatisation

Privatisation is the antithesis of nationalisation. When the government owned public industries are denationalised and the disinvestment process is initiated, it is called privatisation.

Public Debt

Public debt represents borrowing by the state and public authorities. All loans taken by the public authorities constitute public debt.

Public Goods

Public goods are those goods which belong to the entire community. None of the individual of the society can be made deprived of using these public goods. National defence, Police, Street lighting etc. are examples of public goods.

Public SectorPublic sector signifies those undertakings which are owned, managed and run by public authorities. Public sector includes direct government enterprise, the nationalized industries and public corporations. In this sector of the economy the government acts itself as an entrepreneur.

Peril Point

It indicates that point beyond which tariff reductions would threaten the existence of domestic industry.

Quick Asset

Those assets are quick assets which are liquid or nearly liquid in nature and easily be turned into cash.

Quoted Company

That company is called quoted company whose share prices are quoted on a stock exchange.

Reflation

It signifies general increase in the level of business activity in the economy. Reflation generally involves greater government expenditure and the easing of credit to encourage increased production.

Regressive Tax

It is a tax in which rate of taxation falls with an increase in income. In regressive taxation incidence falls more on people having lower incomes than that of those having higher incomes.

Repressed Inflation

It is a state in which aggregate demand is greater than the total supply of goods and services in an economy, but prices are prevented from rising to eliminate excess demand. The holding down of price is sometimes done by government as a means of suppressing inflation.

Reserve Asset Ratio

It is the ratio of a bank’s reserve assets to its eligible liabilities.

Revolving Credit

It is a bank credit that is renewed automatically until notice of cancellation is received. Revolving credits may be sanctioned for an unlimited amount in total but with a limit on
the amount that may be drawn at any one time or within a specified period, e.g., one month.

Seasonal UnemploymentIt is that unemployment which is caused by seasonal variation in demand for labour by various industries, such as agriculture, construction and tourism. Seasonal unemployment
normally declines in spring as more outdoor work can be undertaken.

Security

Security refers to a share, bond or government stock that can be bought and sold, usually on the stock exchange or on a secondary market, and carries a right to some form of income, either in the form of a fixed rate of interest or dividends.

Shadow PriceIt is an imputed value for a good based on the opportunity costs of the resources used to produce it such values are of particular significance in resolving problems of resource allocating with respect to the effect on welfare.

Share Capital

It is the amount of money raised by a company by issuing shares. The authorized share capital is the amount that a company is allowed to issue as laid down in its Articles of Association. The issued share capital is the amount actually issued i.e., the number of issued shares multiplied by their par value. Fully paid share capital is the amount raised by payment of the full par value of the issued shares.

Single Tax System

It is a system in which all tax revenues are raised from one form of taxation.

Socialism

The political doctrine that the means of production (machines, materials and output) should be owned by society and specifically either by the state, as in the case of nationalized industries or by the workers directly, as in the case of producer co-operatives.

Social SecurityProvision by the state out of taxation of welfare assistance to those in need as a result of illness, unemployment, or old age compare national insurance refers to social security.

Soft CurrencyA currency with limited convertibility into gold and other currencies, either because it is depreciating due to balance of payments difficulties or because controls have been placed on it to prevent the exchange rate falling.

Special Drawing Rights (SDRs)

It is a reserve asset (known as ‘Paper Gold’) created within the framework of the International Monetary Fund in an attempt to increase international liquidity, and now forming a part of countries official reserves along with gold, reserve positions in the IMF and convertible foreign currencies.

Special Tax (Unit Tax)

It is a tax imposed per unit of a commodity rather than on the value of the commodity compare ad-valorem.

Stabilization Policy

It is Government economic policy announced at reducing the cyclical and other fluctuations that take place in a market economy.

Stagflation

It is a state of the economy in which economic activity is slowing down, but wages and prices continue to rise. The term is a blend of the words stagnation and inflation.

Surplus Value

It is the difference between the amount paid to a factor and the revenue earned by selling the output it produced.

Tariff

It is a tax or a duty on imports, which can be levied either on physical units, e.g., per tonne (specific), or on value (ad-valorem). Tariffs may be imposed for a variety of reasons including; to raise government revenue, to protect domestic industry from subsidized or low-wage imports, to boost domestic employment, or to ease a deficit on the balance of payments.

Trade Gap

It signifies the size of the deficit (or surplus) in the balance of trade i.e., the difference in value between visible imports and exports.

Trade Union

It is an organisation of employees who join together to further their interests. Trade Unions negotiate on behalf of their members in collective bargaining with employers, and in the event of a dispute may put pressure on employers by withdrawing labour (i.e. strike) or by some less drastic form of action (i.e. go-slow, working to rule).

Transfer PaymentIt is a payment made by public authority other than one made in exchange for goods or services produced. Transfer payments are not the part of National Income. Examples includes unemployment benefit and child benefits.

Vital Statistics

Vital statistics refers to those data which are associated with vital events of masses like birth, death, marriage divorce etc.

VAT (Value Added Tax)

VAT seeks to tax the value added at every stage of manufacturing and sale, with a provision of refunding the amount of VAT already paid at the earlier stages to avoid double taxation. In other words, the tax already paid can be claimed at the next stage of value addition.

Wealth Tax

Wealth tax is that tax which is imposed on the value of total assets but the wealth upto a certain limit is exempted from such tax.

Welfare State

It refers to a nation that provides to all at least the minimum standards in respect of education, health, housing, pensions and other social benefits.

Wholesale Price Index
Wholesale Price Index is that index which is calculated on the basis of wholesale prices. It is calculated in a similar way to the Retail Price Index.

Banks and their Chairman

Bank Name ----------- Chairman

1 Allahabad Bank -------- Rakesh Sethi

2 Andhra Bank ------------ Satish Kumar Kalra

3 Bank of Baroda --------- P S Jayakumar

4 Bank of India ----------- M O Rego

5 Bank of Maharashtra ------ Sushil Muhnot

6 Canara Bank ---------------- Rakesh Sharma

7 Central Bank of India ------- Rajeev Rishi

8 Corporation Bank ------------ Sadhu Ram Bansal

9 Dena Bank -------------------- Aswini Kumar

10 Indian Bank ----------------- Mahesh Kumar Jain

11 Indian Overseas Bank ------ R. Koteeswaran

12 Oriental Bank of Commerce ------ Animesh Chauhan

13 Punjab National Bank ------- Usha Anantha Subramanian

14 Punjab & Sind Bank --------- Jatinder Bir Singh

15 Syndicate Bank -------------- Arun Srivastava

16 Union Bank of India --------- Arun Tiwari

17 United Bank of India -------- P. Srinivas

18 UCO Bank --------------------- Arun Kaul

19 Vijaya Bank ------------------- Kishore Kumar Sansi

20 IDBI Bank Ltd ---------------- Kishor Kharat Piraji       

21 Bharatiya Mahila Bank ------ Usha Ananthasubramanian

State Bank Group

1 State Bank of India ----------- Arundhati Bhattacharya

2 State Bank of Bikaner & Jaipur ------ Arundhati Bhattacharya

3 State Bank of Patiala --------- Arundhati Bhattacharya

4 State Bank of Hyderabad ----------- Arundhati Bhattacharya

5 State Bank of Mysore -------- Arundhati Bhattacharya

6 State Bank of Travancore ---------- Arundhati Bhattacharya

Private Sector Banks

1 AXIS Bank Ltd. ------------ Shika Sharma

2 Citi Union Bank Ltd.------- N. Kamakodi

3 Coastal Local Area Bank Ltd. ------ D. Jagapathi Raju

4 DCB Bank Limited -------- Nasser Munjee

5 Dhanlaxmi Bank Ltd ----- G N Bajpal

6 ICICI Bank Ltd ----------- Chanda Kochhar

7 IndusInd Bank Ltd. ----- Romesh Sobti

8 ING Vysya Bank Ltd. ------ Shailendra Bhandari

9 Karnataka Bank Ltd. ------ P. Jayaram Bhat

10 Kotak Mahindra Bank Ltd. ------ Uday Kotak

11 Krishna Bhima Samruddhi Local Area Bank -------- Vijay Nadarni

12 RBL Bank. ----------- Narayan Ramachandran

13 Tamilnad Mercantile Bank Ltd. --------- H.S.U. Kamath

14 The Catholic Syrian Bank Ltd. ---------- Rakesh Bhatia

15 The Federal Bank Ltd. --------- Shyam Srinivasan

16 HDFC Bank Ltd. --------------- Aditya puri

17 The Jammu & Kashmir Bank Ltd. --------- Mushtaq Ahmed

18 The Karur Vysya Bank Ltd. -------- K. Venkataraman

19 The Lakshmi Vilas Bank Ltd. ------ Rakesh Sharma

20 The Nainital Bank Ltd. ------------- Animesh Chauhan

21 South Indian Bank Ltd. ----------- V.A. Joseph

22 Yes Bank Ltd. ----------------------- Rana Kapoor

Banks and their Tagline

Bank Name ----------- Tagline

1 Allahabad Bank -------- A tradition of trust

2 Andhra Bank ------------ Where India Banks

3 Bank of Baroda --------- India’s International Bank

4 Bank of India ----------- Relationships beyond Banking

5 Bank of Maharashtra ------ One Family One Bank

6 Canara Bank ---------------- Together we Can

7 Central Bank of India ------- Build A Better Life Around Us, Central to you since 1911

8 Corporation Bank ------------ Prosperity for all

9 Dena Bank -------------------- Trusted Family Bank

10 Indian Bank ----------------- Taking Banking Technology to Common Man, Your Tech- friendly bank

11 Indian Overseas Bank ------ Good people to grow with

12 Oriental Bank of Commerce ------ Where every individual is committed

13 Punjab National Bank ------- The Name you can Bank Upon

14 Punjab & Sind Bank --------- Where service is a way of life

15 Syndicate Bank -------------- Your Faithful And Friendly Financial Partner

16 Union Bank of India --------- Good people to bank with

17 United Bank of India -------- The Bank that begins with “U”

18 UCO Bank --------------------- Honours Your Trust

19 Vijaya Bank ------------------- A friend You can Bank Upon

20 IDBI Bank Ltd ---------------- Banking for all

21 Bharatiya Mahila Bank ------Empowering women, Empowering India

State Bank Group

1 State Bank of India ----------- The Nation banks on us; Pure Banking Nothing Else; With you all the way

2 State Bank of Bikaner & Jaipur ------           -

3 State Bank of Patiala --------- Blending Modernity with Tradition

4 State Bank of Hyderabad ----------- You can always bank on us

5 State Bank of Mysore -------- Working for a better tomorrow

6 State Bank of Travancore ---------- A Long Tradition of Trust

Private Sector Banks

1 AXIS Bank Ltd. ------------ Everything is the same except the name.

2 Citi Union Bank Ltd.------- Trust and Excellene since 1904

3 Coastal Local Area Bank Ltd. ------         -

4 DCB Bank Limited --------         -

5 Dhanlaxmi Bank Ltd ----- Tann. Mann. Dhan

6 ICICI Bank Ltd ----------- Khayal Aapka

7 IndusInd Bank Ltd. ----- We make money simple

8 ING Vysya Bank Ltd. ------ Jiyo easy

9 Karnataka Bank Ltd. ------ Your family bank across India

10 Kotak Mahindra Bank Ltd. ------ Let’s make money simple

11 Krishna Bhima Samruddhi Local Area Bank --------       -

12 RBL Bank. -----------            -

13 Tamilnad Mercantile Bank Ltd. --------- Be a step ahead of life

14 The Catholic Syrian Bank Ltd. ---------- Support all the way

15 The Federal Bank Ltd. --------- Your perfect banking partner

16 HDFC Bank Ltd. --------------- We understand your world

17 The Jammu & Kashmir Bank Ltd. --------- Serving to Empower

18 The Karur Vysya Bank Ltd. -------- Smart way to bank

19 The Lakshmi Vilas Bank Ltd. ------ The Changing Face of prosperity

20 The Nainital Bank Ltd. ------------- Banking with personal touch

21 South Indian Bank Ltd. ----------- Experience Next Generation Banking

22 Yes Bank Ltd. ----------------------- Experience our expertise

Banks and their Headquarters

Bank Name ----------- Headquarter

1 Allahabad Bank -------- Kolkata 

2 Andhra Bank ------------ Hyderabad 

3 Bank of Baroda --------- Mumbai 

4 Bank of India ----------- Mumbai 

5 Bank of Maharashtra ------ Pune 

6 Canara Bank ---------------- Bangalore 

7 Central Bank of India ------- Mumbai 

8 Corporation Bank ------------ Mangalore 

9 Dena Bank -------------------- Mumbai 

10 Indian Bank ----------------- Chennai 

11 Indian Overseas Bank ------ Chennai 

12 Oriental Bank of Commerce ------ New Delhi 

13 Punjab National Bank ------- New Delhi 

14 Punjab & Sind Bank --------- New Delhi 

15 Syndicate Bank -------------- Manipal 

16 Union Bank of India --------- Mumbai 

17 United Bank of India -------- Kolkata 

18 UCO Bank --------------------- Kolkata 

19 Vijaya Bank ------------------- Bangalore 

20 IDBI Bank Ltd ---------------- Mumbai 

21 Bharatiya Mahila Bank ------ New Delhi

State Bank Group

1 State Bank of India ----------- Mumbai

2 State Bank of Bikaner & Jaipur ------ Jaipur

3 State Bank of Patiala --------- Punjab

4 State Bank of Hyderabad ----------- Hyderabad

5 State Bank of Mysore -------- Bangalore

6 State Bank of Travancore ---------- Thiruvananthapuram

Private Sector Banks

1 AXIS Bank Ltd. ------------ Mumbai

2 Citi Union Bank Ltd.------- Tamilnadu

3 Coastal Local Area Bank Ltd. ------ Andhra Pradesh

4 DCB Bank Limited -------- Maharashtra

5 Dhanlaxmi Bank Ltd ----- Tamilnadu

6 ICICI Bank Ltd ----------- Mumbai

7 IndusInd Bank Ltd. ----- Mumbai

8 ING Vysya Bank Ltd. ------ Bangalore

9 Karnataka Bank Ltd. ------ Mangalore

10 Kotak Mahindra Bank Ltd. ------ Mumbai

11 Krishna Bhima Samruddhi Local Area Bank -------- Mahabubnagar

12 RBL Bank. ----------- Kolhapur

13 Tamilnad Mercantile Bank Ltd. --------- Tuticorin

14 The Catholic Syrian Bank Ltd. ---------- Thrissur

15 The Federal Bank Ltd. --------- Kerala

16 HDFC Bank Ltd. --------------- Mumbai

17 The Jammu & Kashmir Bank Ltd. --------- Jammu and Kashmir

18 The Karur Vysya Bank Ltd. -------- Tamil Nadu

19 The Lakshmi Vilas Bank Ltd. ------ Tamil Nadu

20 The Nainital Bank Ltd. ------------- Uttaranchal

21 South Indian Bank Ltd. ----------- Kerala

22 Yes Bank Ltd. ----------------------- Mumbai