Banking Role In Banking

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A STUDY ON VERTICAL MOBILITY OF EMPLOYEES IN PRIVATE BANKING SECTOR WITH SPECIAL REFERENCE TO CUDDALORE DISTRICT CHAPTER-1 INTRODUCTION 1.1 INTRODUCTION TO BANKING Bank is defined in many ways by various authors in the book son economics and commerce. It is very difficult to define a bank; because a bank performs multifarious functions may be defined in many ways according to their functions. The evolution of different types of banks, each specializing in a particular field, gives emphasis on each and every kind of bank. A general and comprehensive definition to cover all types of banking institutions would be unscientific and probably impossible. Each type of bank should have its own definition, explaining its specialized functions. Legislators…show more content…
By the 1960s, the Indian banking industry had become an important tool to facilitate the development of the Indian economy. At the same time, it had emerged as a large employer, and a debate had ensued about the nationalization of the banking industry. Indira Gandhi, the then Prime Minister of India, expressed the intention of the Government of India in the annual conference of the All India Congress Meeting in a paper entitled ‘Stray thoughts on Bank Nationalization.’ The meeting received the paper with enthusiasm. Thereafter, her move was swift and sudden. The Government of India issued an ordinance (‘Banking Companies (Acquisition and Transfer of Undertakings) Ordinance, 1969’) and nationalized the 14 largest commercial banks with effect from the midnight of 19 July 1969. These banks contained 85%of bank deposits in the country. Jayaprakash Narayan, a national leader of India, describes the step as a ‘masterstroke of political sagacity.’ Within two weeks of the issue of the ordinance, the Parliament passed the Banking Companies (Acquisition and Transfer of Undertakings) Bill, and it received the presidential approval on 9 August…show more content…
Employee mobility is the geographical and occupational progress of workers. Employee mobility is best estimated by the lack of impediments to such mobility. Impediments to mobility are divided into two distinct classes with one being personal and the other being systemic. Personal impediments include location and mental ability. The systemic impediments include educational opportunities as well as various laws, political contrivances, even barriers and hurdles arising from historical coincidence. Increasing and maintaining a high level of employee mobility allows more efficient allocation of resources. Employee mobility has proven to be a forceful driver to enhance the organizations upliftment. Employee mobility is an issue that has taken on a whole new meaning as more businesses have gone global. The company does not want to find itself faced with loss of productivity, or worse, loss of its best managers because of lack of planning. Being prepared to address the issues related to employee mobility should be included in the company’s strategic

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