In 1865, the Allahbad Bank was established, and scientific writing services company, for the first time, exclusively by Indians, Punjab National Bank Ltd. was set up in 1894 with headquarters at Lahore. Between 1906 and 1923, Banks of India, Central Bank of India, Bank of Baroda, Canara Bank, Indian Bank and Bank of Mysore were set up. The Reserve Bank of India (RBI) was established in 1935. 1975: Creation of regional rural banks Training Need Assessment is to identify the gap between the model situation and the actual situation and the way in which it can be bridged. As the gaps are identified, they are evaluated to determine the manner in which the gaps can be bridged. Some situations will indicate training needs. Some may need nonâ”training solutions (e.g. financial aspects, institutional strengthening, providing the right tools etc.). The results of training needs analysis will highlight the subject wise need to bridge the gap, to help in the preparation of training modules and facilitate in the development of Bank Employees. The second phase of nationalization of Indian banks was carried out in 1980, with seven more banks being nationalized. This step brought 80 percent of the banking segment in India under government ownership The Government of India has taken the following steps to regulate banking institutions in the country: Training now a day has started becoming professionalized and with it come the systematic body of knowledge, skills standard mla format for essays, and attitude for development of human beings. Ongoing development is today’s new form of job security. People need to learn continuously. By developing, stretching and continually challenging themselves, employees can build a skill base; reputation and a network of contacts which will make them fit to be always ’employable’ Some of the characteristics of a training policy are: The financial system of India has shown a great deal of resilience. It is sheltered from any crisis triggered by any external macroeconomic shock as other East Asian countries suffered. This is all due to a flexible exchange rate regime, high foreign reserves, the not yet fully convertible capital account, and limited foreign exchange exposure to banks the their customers. Figure 1.3: Structure of Indian Banking System Training policy helps in drawing the training roadmap keeping in view the resources, constraints and dynamics of internal and external organizational factors. “Training policy addresses many key issues like whom to train, when to train compose thesis, how to train and also the roles and responsibilities of various stakeholders. Man is the only creature that not only begins a new generation, but can take the advantage of the knowledge which has accumulated through the centuries. a) Based on careful analysis of organizational needs, best practice and relevant laws Thus, history of training is as old as man and civilization but it has changed its form according to the need of the hour and society. Training and education are both different facets of learning. Training is concerned with increasing the technical skills and knowledge and operating skills in doing a particular job. Hence sample essay for yourself, mostly employers train their employees for a particular job. But the scope of education is broader. It includes acquiring not only technical skills and knowledge, but also behavioral skills and knowledge, genera1 knowledge, social knowledge and the like. Thus, the purpose of education is to develop individuals. It is concerned with the changing environmental research paper on business administration, political and social developments. Education is not only through formal instruction in the educational institutes, but also through training, observation, awareness and so on and so forth. âTraining normally has got a more immediate and specific purpose whereas education has long run and general utility.âAccording to Dale Yoder “The use of-the terms training and development in today’s employment setting is far more appropriate than training alone since human resource can exert their full potential only when the learning process goes far beyond simple routine. The difference between training and education is as under: e) Job Analysis: Job analysis is the formal process of identifying the content of a job in terms activities involved and attributes needed to perform the work and identifies major job requirements. 1949: Enactment of Banking Regulation Act a) Observation: A Needs Assessment can be an informal assessment based on observations. Observation means exactly what it sounds. It is a method of data collection based on watching a process or skill and systematically recording the events. For example, observing how clients use a workstation in the Information Center and keeping track of their requests for assistance with the product can be the first step to understanding what training would make the product easier to use. Search our thousands of essays: Also the need to look at business beyond the national boundaries and thinking strategically have forced many organizations to accord training and development due attention. For instance, the continued dominance of free market worldwide had forced many organizations to seriously examine international opportunities and face competitions in areas where they had no solid technological base. As a result, organizations have to continue to deal with two urgent challenges. The first is to improve their competitive position by reducing costs and the second is to learn how to manage the impact of technological development. This reality according to Goldstein and Gillian (1990); and Zager (1988), has magnified the importance of successful training and development programs with measurable results. Consequently training and development has become one of the most critical aspects of human resource management effectiveness. History of training is as old as man himself. It is generally thought that human beings began amassing knowledge at the beginning of the Stone Age. As the invented tools, weapons, clothing, shelter and language, the need for training became an essential ingredient in the march of civilization. 2) Bank of Maharashtra b) Who is eligible for training? a) Act of increasing the knowledge and skills of an employee for a particular job. During the first phase, the growth was very slow and banks also experienced periodic failures between 1923 and 1948. There were approximately 1100 banks, mostly small. As per the Reserve Bank India Act of 1934, the Reserve Bank of India (RBI) was constituted as an apex bank without major government ownership. To streamline the functioning and activities of commercial banks, the Government of India came up with the Banking Companies Act, 1949 which was later changed to Banking Regulation Act, 1949. As per the Banking Regulation (Amendment) Act of 1965 (Act No. 23 of 1965), RBI was vested with extensive powers for the supervision of banking in Indian as the Central Banking Authority. During those days, the public confidence in banks was somewhat low and, so, deposit mobilization was slow. Abreast of it the savings banks facility provided by the postal department was comparatively safer. Moreover, funds were largely given to traders. Training could be compared to this metaphor – if I miss one meal in a day, then I will starve to death. The survival of the organization requires development throughout the ranks in order to survive, while training makes the organization more effective and efficient in its day-to-day operations. Human resource management is a process of bringing people and organizations together so that the goals of each are met. It is that part of the management process which is concerned with the management of human resources in an organization. It tries to secure the best from people by winning their whole hearted cooperation. In short, it may be defined, as the art of procuring, developing and maintaining competent workforce to achieve the goals of an organization in an efficient and effective manner. Training and Development got a tremendous movement during 1970âs and 1980âs.training for learning is now changed and it is now called as T&D. Now it is not limited to learning technical skills and knowledge acquiring but its horizons cover the behavioral skills, attitudinal development, value formation, increasing job motivation, etc,. 1.35 Steps in Training Needs Assessment This historicity of this environment and the objectives has a strong bearing on the operations and management of present day. To appreciate any economic dimension of the banking industry in India in a proper perspective, understanding of the path of evolution of the industry is a must. The origin of banking industry may be tacked back to establishment of Bank of Bengal in Calcutta in 1786. Since then the industry has witnessed substantial growth and radical changes. As on March 2011, Indian banking industry consisted of the 234 Commercial Banks. 1971: Creation of Credit Guarantee Corporation f) Turning Data into Information, The purpose of training is to improve knowledge, skills and attitude. It can increase confidence, motivation and job satisfaction. It can provide recognition. enhance responsibility, and possibility of increased pay and promotion. It can give a feeling of personal achievement and broaden opportunities for career progression. The expedition towards a knowledge economy demands the new additional type of competencies like team spirit, assistance, etc. To arrive at this in high productivity places like banks, the lifelong learning concept should be applied to its personnel. With the kind of reforms and the resulting changes that are currently overawing the Indian banks example of writing an opinion essay, the exigency to instill such competencies among the workforce is getting heaped on in the banking sector. 1.3 TRAINING NEED ASSESSMENT 1) Central Bank of India d) Chances of promotion- Employees acquire skills and efficiency during training. They become more eligible for promotion. They become an asset for the organization. Figure 1.4: Relating Needs to Discrepancies between What Is (Current Results) and What Should Be (Desired Results) 1.34 Why Conduct a Training Needs Assessment? d) Peer Evaluation: Peer Evaluation is a process in which staff members use their own direct knowledge and experience to examine and judge the merit and value of another member in the organization. 1.32 Need Assessment c) Meeting the Client. Employee training is different from management development or executive development. “While the former refers to training given to employees in the operational, technical and allied areas, the latter refers to developing an employee in the areas of principles, and techniques of management, administration, organization and allied ones. 3. Scope Specific task General concept Area Training Education b) Whether they are important a) Questioning the Business Case and Need, 14) Bank of India Training needs identification is the diagnostic part of the whole training process. Failure to conduct a sound analysis may result in wastage of efforts and training may not achieve its objectives. “The difference in the actual performance and desired performance [discrepancy] identifies the immediate and / or long range training needs. However, all performance issues are not training issues. Thus, if the problem or issues concern peopleâs behavior such as, knowledge, skill, attitude, technique and judgment social work cases study examples, it is almost certain to be a training matter. b) Process by which the attitudes, skills and abilities of employees to perform specific jobs are increased. 1.12 Evolution of Indian Banking: Table 1.1: Difference between Training and Education The private players however cannot match the PSBâs great reach fsu college essay help, great size and access to low cost deposits. Therefore one of the means for them to combat the PSBs has been through the merger and acquisition (M& A) route. Over the last few years, the industry has witnessed several such instances. For instance, HDFC Bankâs merger with Times Bank, ICICI Bankâs acquisition of ITC Classic, Anagram Finance and Bank of Madura, Centurion Bank, IndusInd Bank, Bank of Punjab, Vysya Bank are said to be on the lookout. The UTI bank- Global Trust Bank merger however opened a Pandoraâs box and brought about the realization that all was not well in the functioning of many of the Private Sector Banks Many organizations have already shifted their thinking about the training function. They have seen for themselves that training is where skills are developed, attitudes are changed, ideas evolve and the organization is reinvented. In the course of learning the skills that will increase sales, build effective teams, improve qualify, standards or meet a wide range of other objectives, employees create a new organizational culture. In India, though we appear to be rich in human resources essay about stress at work, our industries run short of useful human resources. One of the reasons for the companyâs success is the highest level of customer satisfaction which has been maintained through providing the consistent performance and quality and that can be maintained only when the employees are highly efficient and skilled. Severance/End of Service Given the corporate governance reforms undertaken by the State Bank of Pakistan and the emphasis laid down on improved HR systems to enhance banking performance it is high time to test the Central Bank's observation regarding the positive impact of 'quality of human resources' on 'profitability of banking industry'. A firm's future profitability is best indicated by its 'customer satisfaction ratings'. Studies have found customer satisfaction significantly associated with increased profitability. stockholder value. and return on assets. Thus, in order to design effective human resource systems, which contribute to economic development of the country, by influencing bank's profitability, we must answer two fundamental questions: (1) What (human resource practices) leads to improved quality of human resources (skilled and committed employees). and (2) How (the process through which) this improvement is transformed into customer satisfaction? Strategic human resource management is an area of organizational analysis which provides the necessary framework to answer these questions. Previous researches have shown that social-settings like family, school, college, neighborhood etc. influences the psychological and social makeup of individuals. Early socialization experiences define human personality which, ultimately, determines the work-related attitudes and behavior of the individuals at work, or simply employees. Due to a family-centered national culture, historically most of the Pakistani organizations have transformed 'organizational life' into 'community life', where relationships prevail over merit and influences human resource practices of selection, performance appraisal, promotion and even compensation. Decision making is limited to the top most echelons of the organization and employee participation and involvement in decision making is an alien concept. Nevertheless, in last couple of decades much of the organizational life have changed, partly because of more university graduates who are taught American management practices at local business school and partly due to thrust of globalized economy. Today Pakistani entrepreneurs and managers are following American management models to run their businesses . As already noted at the end of section 4.3, to improve the efficiency of banking sector in general and state owned banks in particular, major reform measures were designed and implemented during the last almost two decades. Privatization is promoted as one major intervention for such improvement. However professional written essays, the advocates of privatization were rightfully aware that it (privatization) is just a tool for delivery of better services to the customers. In his speech delivered at the 50th annual general meeting of Institute of Bankers, Pakistan on 24th, February 2001 definition essays on heroes, the then governor SBP said, ". privatization should not be considered as the sole remedy of removing all financial and administrative ills of these institutions. A hardened effort to improve the level of services would be most desirable to impart the fruits of privatization to the consumers." The importance of customers and thus customer services in the success of a bank is well understood and time and again underlined by researchers and practitioners of the field. In her address to Institute of Bankers, Pakistan convocation held on 13th March, 2008 in Lahore, Shamshad Akhtar (Governor, SBP, 2007-09) called upon the bankers to ". adopt good governance practices and customer service standards in order to build public confidence in credibility of their operations." Training and Development Considering the importance of sound banking sector in the economic development, the observation of the SBP is an indication of the fact that human resource management (HRM), as a functional area of organization, is now being recognized as one of the key contributors to nation's economic development. Nevertheless, to fully exploit the potentials of human resource management (HRM) as a tool of economic development, it is must that we shall engage in serious academic research with an aim to explore the mechanisms through which the former contributes to the later, especially in the context of a developing country like ours. Research of such a nature will be of immense value as it would have the potential to fulfill at least three important objectives. First, it will help in identification of HR practices which, by the virtue of our unique social, cultural, religious and economic makeup, are most influential in the achievement of desired organizational outcomes. Secondly it will add to our theoretical understanding of HR-Performance linkage, and third, it will also help human resource professionals in designing their HR systems in most optimal way. This study is an attempt to meet the aforesaid objectives. Published: 23rd March, 2015 Last Edited: 23rd March, 2015 In addition to fees and loans, banks are also involved in various other types of lending and operations including, buy/hold securities, non-interest income, insurance and leasing and payment treasury services. A limit order is an order that sets the maximum or minimum at which you are willing to buy or sell a particular stock. With. Learn why earnings per share (EPS) is often considered to be one of the most important variables in determining a stock’s. Banking systems have been with us for as long as people have been using money. Banks and other financial institutions provide security for individuals, businesses and governments, alike. Let's recap what has been learned with this tutorial: However, other financial institutions exist that are not restricted by such regulations. Such institutions include: savings and loans, credit unions, investment and merchant banks, shadow banks, Islamic banks and industrial banks. A bank is a financial institution licensed to receive deposits or issue new securities to the public. (a) They mobilize deposits by offering attractive rates of interest, thus converting savings. which otherwise would have remained inert, into active capital. In this connection, the banks perform two important functions: In the under-developed countries, not only is the capital stock extremely small but, as pointed out above, the current rate of capital formation is also very low. The serious capital deficiency in under-developed countries is reflected in the small amount of capital equipment per worker and in limited knowledge, training and scientific advance. (b) They distribute these savings through loans among enterprises which are connected with economic development. In this way, they promote the development of agriculture, trade and industry.
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