A Study on Collective Bargaining of Workers Through Trade Unionism with Special Reference to Kerala Private Bus Operators Association, Kottayam

LUX MONTIS Vol. 8 No.1 January 2020

A STUDY ON COLLECTIVE BARGAINING OF WORKERS THROUGH TRADE UNIONISM WITH SPECIAL REFERENCE TO KERALA PRIVATE BUS OPERATORS ASSOCIATION, KOTTAYAM.

Dr.SUJADEVI.V Girideepam Business School , Kottayam

ABSTRACT Industrial relations by itself means relationship that emerges out of day to day working and association of labour and management. The relation between an employee and employer in the course of running an industry may project itself to the spheres which may transgress to the areas of quality control, marketing, price fixation and disposition of profit among others. Good industrial relation refers to harmonious relation between the labour union and management in an organisation. Such relations can lead industrial peace, higher productivity, industrial democracy, collective bargaining ,fare benefit to workers ,high morale etc.

A significant feature of collective bargaining agreement is the wages that will be paid for the work done by the employees. This study examines how trade union is actually involved in enhancing, collective bargaining which is an effective tool of resolving industrial dispute. A strong and stable union is essential for the success of collective bargaining. The employers can easily ignore a weak union on the plea that it hardly represents the workers. The question of entering into negotiation with such a union does not arise because agreement with such a union will hardly be honoured by a large section of workforce. There would be permanent danger to its being sabotaged by non-union members.

Key words: Collective bargaining, Trade union, Industrial relations

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Industrial relations Industrial Relation refers to dynamic and developing concept which is not limited to “the complex of relation between trade unions and management but also refers to the general web of relationship normally obtaining between employers and employees-a web much more complex than the simple concept of labor capital conflict”.

Trade union Section 2 (h) of the Trade Union Act, 1926 has defined “Trade Union means any combination whether temporary or permanent formed primarily for the purpose of (a) regulating the relations(I) between workers and employers(ii) between workmen and workmen(iii) between employers and employers; or (b) for imposing restrictive conditions on the conduct of trade or business, and includes any federation of two or more trade unions”.

Major Trade Unions in India. 1. The Indian National Trade Union Congress (INTUC) 2. All- India Trade Union Congress (AITUC) 3. Hind Mazdoor Sabha (HMS) 4. Centre Of Indian Trade Union (CITU) 5. United Trade Union Congress (UTUC) 6. Bharatiya Mazdoor Sangh (BMS) 7. National Front of Indian Trade Unions (NFITTU)

Collective bargaining Collective Bargaining is opposite of individual bargaining which takes place between management and a worker as an individual apart from his fellow employees Collective bargaining plays a significant role in improving labour-management relations and in ensuring Industrial harmony.

Features of Collective Bargaining 1. It is a ‘group’ process where in one group representing the employers and another representing employees sit together to negotiate terms of employment. 2. It is a process in the sense that it consists of a number of steps. 3. It is a continuous process. 4.Collective bargaining is not competitive process but is essentially a complementary process. 5. It is a two-party process. 6. It is flexible and mobile, and not fixed or static.

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Objectives of the study 1. To study about the workers collective bargaining through Trade Unionism. 2. To evaluate the level of collective bargaining of workers. 3. To offer suggestions for improving collective bargaining through trade unionism.

Scope of the study The study concentrates mainly on the impact of the collective bargaining through trade unionism among the members in Kottayam Private Bus Operators Association. Limitations of the study 1. The study is mainly on the opinion of employees in relation to various collective bargaining factors. 2. The time constraints of the study have affected the effectiveness of the study. 3. The study is confirmed to the geographical limits of one district Kottayam. 4. Primary data is primarily used in this study. So all inherent limitations of primary data followed.

Research methodology The present study is based on both primary and secondary data but it is mainly based on primary data from field source that is from employees in the Private Bus in Kottayam District.

Primary data: The primary data are collected by using structural interview schedule from 50 respondents identified randomly from the employees who are working in the Private Buses, in Kottayam District. To elicit the views of respondents the researcher with a schedule personally contacts them and their opinions categorized under 6 broad heads namely Strong and Stable Union, Recognition, Permanent Bargaining Machinery, Mutual Accommodation, Political Climate, Bargainers Authority. Respondents were asked to express their level of agreement or disagreement on a 5-point scale.

Secondary data: Secondary data collected from the office of Kottayam Private Bus Operators Association, journals,articles,and websites.

Hypotheses of study 1. Collective bargaining through Trade Unionism in Kottayam Private Bus Operators Association is favorable. 2. There is no variation in collective bargaining across the different workers.

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3. There is no variation in collective bargaining through trade unionism among the employees belonging to different age groups. 4. There is no variation in collective bargaining through Trade Unionism among the employees belonging to different educational backgrounds. 5. There is no variation in collective bargaining through trade unionism among the workers belonging to different job designation.

Tools of analysis Percentage analysis,mean, standard mean score, and Likert’s scaling technique were used for this study,

Relevance of the study Collective bargaining is pragmatic and democratic method regarding the terms and conditions of employment. It is a voluntary process without any third-party intervention and at the same time it results in better understanding between employees and employers. It provides a flexible means of adjusting wages and conditions of employment to changes in economic. social. technological and political environment. It negotiates and bargains with the management to settle terms and conditions of employees. Thus, this study aims to understand the collective function of trade unions to protect and promote the interests of its members within a given socio- economic system.

Overall Analysis on various elements combined

SLNO. ELEMENTS NO. OFRESPONDENTS TOTAL

SCORE Mean score REDUCED MEAN STD RANK SCORE SCORE 1 SSU 50 1583 31.66 4.52 1050 I 2 RCG 50 791 15.82 3.16 750 V 3 PBM 50 825 16.5 4.12 600 III

4 MA 50 877 17.54 4.38 600 II

5 PC 50 1464 29.28 3.66 1200 IV

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Table 1: Overall analysis on various elements combined Diverse factors such as Strong and Stable Union, Recognition, Permanent Bargaining Machinery, Mutual Accommodation, Political Climate, Bargainers Authority were considered for the study.

All the 6 elements are ranked on the basis of Mean Score. Reduced mean score per variable is used to rank various elements of collective bargaining through trade unionism. It is obvious that SSU, MA, PBM, are ranked from 1 to III on the basis of reduced mean score. The other elements namely RCG PC, BA assumed last three positions.

Summary of Findings . I. Sample Profile:. A. Out of 50 respondents’ male employees dominate the sample population. B. Majority of employees are middle aged C. Employees do not have high educational qualification as such the respondents have either S.S.L.C. or below less qualification.

II. Elements of Collective bargaining All the 6 elements are ranked on the basis of Mean Score. Reduced mean score per variable is used to rank various elements of collective bargaining through trade unionism. It is obvious that SSU, MA, PBM are ranked from I to III on the basis of reduced mean score. The other elements namely RCG, PC,BA assumed last three positions. The actual score is much higher than standard score. It is clear that collective bargaining through trade unionism, Recognition, Permanent Bargaining Machinery, Mutual Accommodation, political climate is favorable among the employees excluding Bargainers Authority and Bargainers Authority should be uplifted among the employees.

Analysis of job designation in terms of collective bargaining found that there is no association between collective bargaining and job designation. It is nominally high in cleaners as compared to drivers and conductors

Analysis in terms of all the elements of collective bargaining reveals that it is more favourable to age group of 40-49 years and 50 above age group.It is found that the collective bargaining through trade unionism is more intensive among the middle aged employers

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Analysis of education in terms of all the elements reveals that collective bargaining through trade unionism is more favorable to the employees who possess either below SSLC or SSLC qualification

Element wise there is a strong inverse relationship between age and strong and stable union among the employees who have above the age of 30. The mean score is less in the age group of below 30 and high among the 50 age category group. It reveals that there is a variation in collective bargaining among the youngsters and elders.

Analysis of age, education and job designation in terms of bargainers authority pointed that it is different among the employees in respect to their age, education and job designation.

The actual mean score is less than the standard mean score. Thus it extended the factor that collective bargaining in terms of bargainers authority is not favourable to them.

Conclusion This study is intended to explore the favorableness or unfavorableness of the collective bargaining of worker’s through trade unionism in Kottayam Private Bus Operator’s Association. Through the analysis of 6 determinant elements such as SSU, RCG PBM, MA, PC, BA. overall collective bargaining through trade unionism is favorable to employees and there is no significant variation in the collective bargaining through trade unionism across different employees on the basis of sex, age, educational qualification and job designation.

As a conclusion the researcher can concluded that overall collective bargaining through trade unionism Kottayam Private Bus Operators Association is satisfactory which was analyzed among the employees on the basis of certain elements such as SSU, RCG, PBM, MA, PC, BA.

REFERENCE  Ramachandran Nair K ., 1973, Industrial Relations in Kerala, Sterling Publishers Pvt. Ltd , New Delhi.  Mukhtar, Report ofLabour conditions in the Coir Mats and Mattings Industry, 1945 Labour Investigation Committee, Government of India , Delhi.

 Govindan K. C., 1986, Memories of an early Trade Unionist, Centre for Development Studies, ‘Trivandrum.  Ramachandran Nair K., 1994, ‘Trade Unionism in Kerala’, Prakash B.A. (ed) Kerala’s Economy: Performance, Problems, Prospects, Sage Publications,

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New Delhi.

 Kannan K. P., 1981, Evolution of Unionisation and changes in labour process under lower forms of capitalist production- A study of Cashew Industry in Kerala, - Working paper, Centre for Development Studies, Trivandrum. Websites:

Https://www.newindianexpress.com/states/kerala/2019/sep/09/fight-for- right- the-curious-case-of-keralas-fiery-union-activists-2030870.html https://economictimes.indiatimes.com/news/economy/indicators/trade-unions-are- with-us-and-era-of-red-tape-is-over-kerala-cm-p-vijayan-to-Investors/articleshow/ 67954711.cms?from=mdr

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A STUDY ON MEDICAL TOURISM AND ITS IMPLICATIONS FOR SUSTAINABLE DEVELOPMENT IN KERALA

NAJA B Research Scholar SN College, Kollam

ABSTRACT

Medical tourism is a thrust area which opens new avenues of tourism development of Kerala. More than twenty percent of the tourists are attracted by this product. Western medical tourism has been gaining much popularity among foreign tourist particularly tourists from the Asian countries due to the advantage of low medical cost; which is one-tenth of the cost in Western countries, low waiting time, and maintaining international standard, use of advanced equipments and expert doctors and Para medical staff. Therefore, more patients from foreign countries particularly from the European countries, the USA and the Asian countries will choose Kerala as the best medical tourism hub in the World. Kerala health tourism should have high quality healthcare infrastructure and a variety of tourist attractions that help the patients to rejuvenate his body, mind and soul. While evaluating the potentials of Kerala in health tourism, its tourism resources and health care resources should be identified. This journal describes health tourism products of Kerala and the strengths in Kerala’s health tourism.

1. Introduction Tourism industry in Kerala is growing at a faster rate than any other industry in the state. It is a major economic and social activity of the present time. It is the temporary movement of the people to some destination outside their normal place of residence and place of work for the purpose of leisure, healthcare, recreation, entertainment, education, pilgrimage etc. It is the biggest

8 LUX MONTIS Vol. 8 No.1 January 2020 industry in the world which creates a new job in every ten seconds. India is a big country, blessed with a 5000 year old civilization, enriched with a plenty of natural resources, coupled with geographical and cultural diversity. Kerala is famed as “God’s own country” it look like a ‘fairy land’ with its fresh green hills, dense forest, palm fringed lakes, back waters and lagoons. Almost all tourism products in the world are also available in this small piece of land.

In India, medical tourist grows at an annual rate of 30%. It caters to patients mainly from US, Europe, West Asia and Africa. The main strength of health tourism in the country start with short waiting and low medical cost which is one-tenth of the cost in western countries. Foreign tourist attract to Indian hospital mainly because of long waiting time faced by them in their native countries to consult a doctor. Moreover experienced doctors, paramedical staff and hospitals of international standards are the added advantage of medical tourist in the country.

Kerala with its unique tourist experience and quality health care facility will be a significant beneficiary of the growth in health care tourism. Kerala is already a renowned destination for Ayurvedic health care tourism. Health care tourism in the state is known in the name of Ayurvedic health tourism. The state in maintaining international standard of health care and medical facilities. In Kerala so many super speciality hospitals are available which maintain international standards using most modern technology equipped with world famous and experienced doctors and paramedical staff, offers medical treatment at cheaper rate which comes only about 10% cost in western countries. Patient get the golden opportunity to enjoy the beauty of back waters and participate in other adventure activities during their recuperation and extensive tourist in Kerala is an experience but also actively contributes to the patient’s recovery hence health tourism in Kerala is a potential tourism product.

2. Significance of the study In the coming years health tourism will be a major tourism product of our state. In this contest, Kerala is the most potential health tourism hub to foreigners. Hence the study of medical tourism is imperative for tapping the potential flow of tourist to our state and generating more income by way of tourism which accelerate employment opportunity and economic development of our state.

3.Scope of the study In the present study ‘’ A study on medical tourism and its implications for sustainable development in Kerala’’covers tourism in modern medicine and auervadic medicine. This study is not only related to foreign tourism but also tourist from other state as well as non resident Indians..

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4. Objectives of the study To study the avenues of health tourism in Kerala. To study the strength of health tourism in kerala

5.Methodology Present study is conceptual in nature. The findings furnished here are based on results of various researchers conducted. The data required for the study has been collected from books, published articles in national and international journals, websites, and research report published by various research agencies. Hence, only secondary data has been used for the purpose of the study.

6.Findings and discussion of the study The concept of health tourism includes two components. That is health care and tourism attractions. It includes travelling for healthcare and enjoying the tourist attractions of the healthcare destination that is taking treatment in a relaxed mood. Tourism attractions bring the patients a mood of recreation and relaxation. Cost effectiveness and taking the advantage of tourism are the eager factors involved in health tourism. To take the advantage of health tourism place, a tourist destination should have high quality healthcare infrastructure and a variety of tourist attractions that help the patients to rejuvenate his body, mind and soul. While evaluating the potentials of Kerala in health tourism, its tourism resources and health care resources should be identified. This journal describes health tourism products of Kerala and the strengths in Kerala’s health tourism.

1.To study the avenues of health tourism in Kerala:-

Allopathy The term “allopathy” was invented in 1842 by C.F.S. Hahnemann to designate the usual practice of medicine as opposed to homeopathy, the system of therapy that he founded based on the concept that disease can be treated with drugs thought incapable of producing the same symptoms in healthy people as the disease itself. This system of medical practice treats disease by the use of remedies which produce effects different from those produced by the disease under treatment9. Treatment packages under allopathy system of medicine are: a. Orthopaedics Minimally invasive surgery for total knee, Hip Replacement, Joint Replacement, Shoulder Replacement.

10 LUX MONTIS Vol. 8 No.1 January 2020 b. Spine Surgery Plastic and Cosmetic SurgeryLiposuction Abdominoplasty Breast Augmentation Breast Reduction Breast liftRhinoplastBat ear correctionEye lid liftFace lift c. Interventional CardiologyCoronary AngiographyMinimally Invasive Coronary Artery Bypass GraftBalloon ValvuloplastyBiventricular Pacemaker Implantation. d. Transplant Surgeries Kidney transplant with keyhole donor Nephroctomy,Liver transplant,Bone marrow transplant e. Infertility Packages In Vitro FertilisatioIntra Cytoplasmic Sperm Injection f. Dental treatment includes: Root Canal Treatment Dental Implants Ceramic Crowns Gum Treatment Cosmetic Dentistry Oral Surgery Orthodontics Teeth Whitening g. Eye care treatment includes: Eye Lasik Refractive Packages,Lasik Eye Surgery Eye Care Treatment,Lasik Treatment Refractive Surgery,Laser Refractive Surgery,Refractive Eye Correction Package,Natural Eye Care Treatment,Vision and Eye Care,Eye Refractive Care Packages etc.

Ayurveda Ayurveda is a holistic system of healing that has a tradition of 3000 years old. Kerala and Ayurveda are synonymous to each other, as it is the only place on earth where Ayurveda is practised with absolute authenticity and dedication. The methods of Ayurveda are unique and universal. Instead of treating the symptoms of a disease, it treats the individual and caring is given for the entire body. Ayurveda medicines are purely natural and absolutely free of side effects.

Following are the rejuvenation treatments: 1. Rejuvenation Therapy (RasayanaChikista): It includes head and face massage with medicated oils and creams, body massage with herbal oil or powder, by hand and foot, internal rejuvenative medicines and medicated steam bath. Herbal baths are also used. 2. Body Immunisation and Longevity Treatment (KayakalpaChikitsa): Prime treatment for retarding the ageing process, arresting the degeneration of body cells and immunisation of the system. It includes intake of Rasayana. 3. Body Sudation (Sweda Karma): Medicated steam baths eliminate impurities from the body, improve the tone and complexion of the skin, reduce fat. 4. Body Slimming: Medicated herbal powder and medicated herbal oil massages and an Ayuvedic diet of herbal juices are part of the programme.

11 LUX MONTIS Vol. 8 No.1 January 2020 5. Beauty Care: Beauty care programmes include herbal face pack, intake of herbal tea, herbal oil massage etc for improving the complexion and beautifies the body. 6. Mental And Physical Well Being (Meditation and Yoga) : Mental and physical exercises meant to isolate the ego from the body and mind - designed to hone your concentration

Yoga and Meditation Yoga, the science of man, based on ancient Indian wisdom and culture, is an art of living a healthy, balanced, peaceful and compete life. Conceived by the great sages in their quest for self-realization, it has come to be recognized during its long travails from the hermitages to the cities - as the science of man, a philosophy of old life, a code of conduct, an attitude and an approach, as well as an art of living which is capable not only of ensuring physical well-being, mental peace harmony, moral elevation and spiritual uplift of man but also of transforming man from his gross animal existence to the sublime heights of divinity.

Unani and Siddha Unani, the system of medicine originated in Greece and flourished in Asia, especially India bears similarities with Ayurveda.According to Unani, the basic elements of nature are earth, water, air and fire. These four elements are known asARKAN. Each element has its own properties and goes into the making of everything in the universe.

Siddha,Herbs and minerals found in the nature are used in the production of Siddha medicine. The medicines are simple, yet effective. All types of diseases have medicine in Siddha. The resources used in the production of Siddha medicines include leaves, bark, root and other parts of plants and trees, metals like silver, gold, iron and mercury

Naturopathy

Naturopathy is a system of healing science stimulating the body’s inherent power to get back to health with the help of five great elements of nature– Earth, Water, Air, Fire and Ether. Naturopathy is a call to “Return to Nature” The methods applied for cure in Naturopathy as follow as: - Water therapy.Air therapy,Speace therapy,,fire therapy,Mud therapy,Food therapy,Message therapy,Acupressure therapy,Magneto therapy,Chromo therapy etc.

2.To study the strength of health tourism in kerala Strengths:

12 LUX MONTIS Vol. 8 No.1 January 2020 Strengths in health tourism can be classified as healthcare resources, tourism resources and others. Clinical outcomes of hospitals of Kerala are par with the world’s best canters. Highly competent and internationally qualified doctors, nurses and other paramedical staff. International standards in infection control measures State of the art equipment and technology Internationally experienced medical professionals World class medical facilities Latest technology and procedure Kerala nurses are getting international exposure

Number of software technologists facilitating revolution in healthcare Strong Pharma- sector gaining world recognition and fast emerging as major drug research and development centre.

High concentration of expatriate Indian medical staff working abroad particularly in the US and UK give patients confidence in healthcare in India. Foreigners are already used to the expertise and professionalism ofKerala medical staff.

Renowned doctors specialized in almost all major disciplines Trained paramedical staffs and technicians available in Kerala Higher hygienic standards

Multi speciality hospitals are located in major towns of Kerala near to airport

Ayurveda and spa is available in all major resorts

Established and well known medical education system.

Practice of alternative medicines like Ayurveda, naturopathy, unani etc.

Medical tourism is a thrust area which opens new avenues of tourism development of Kerala. More than twenty per cent of the tourists are attracted by this product. It is surprising that more than sixty three per cent of tourists from the Asian countries are deeply attracted by medical tourism. No tourist who experienced this product placed any complaint against this

13 LUX MONTIS Vol. 8 No.1 January 2020 product. So, western medical tourism has been gaining much popularity among foreign tourist particularly tourists from the Asian countries due to the advantage of low medical cost; which is one-tenth of the cost in Western countries, low waiting time, and maintaining international standard, use of advanced equipments and expert doctors and Para medical staff. Moreover, increase in the life expectancy of the people will drive up the cost of healthcare and nursing which cannot be affordable to the low income group patients of western countries in their home country. Therefore, more patients from foreign countries particularly from the European countries, the USA and the Asian countries will choose Kerala as the best medical tourism hub in the World.

Conclusion Kerala has massive potential to emerge as one of the world’s best health tourism destinations. Its splendid flora and fauna, beaches, back waters; festivals etc. have the ability to lure more and more tourists. It is incapable of becoming a heaven for wellness tourists by highlighting holistic treatments such as Ayurveda, spa, yoga, meditation, naturopathy etc. Emergence of accredited multi speciality hospitals gives boost to medical tourism. Health tourism is not a one time business. Satisfied health tourists will suggest Kerala as a health tourism destination to their nearby. Hence health tourism providers should try to maintain service quality. This study also evaluates idea about the healt tourism in kerala.

References Tourism Brochure. Retrieved. from. Department of Tourism Kerala http://www.kerala.gov.in/dept_tourism/achievements.htm Antony Joseph. G., The Role of Kerala Tourism Development Corporation Ltd. In the Promotion of Tourism, PhD Thesis University of Kerala, 1997. R. Thompson (2011) “Health Tourism” Discovery Publishing House Pvt Ltd.First Edition. R.Kumar & Dr.Raj Bahadur (2008) “Medical Tourism in India”DEEP & DEEP Publications Pvt Ltd

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A DIACHRONIC STUDY OF THE RECURRENCE OF NATURE IN LITERATURE AND ART AS A REVISIONIST NARRATIVE STRATEGY

ANN MARY JACOB, Asst. Professor, Dept. of English, GIAL, Vadavathoor

ABSTRACT

This paper scrutinizes the narrative strategy of attributing a significant participatory role for natural phenomena in the gradual unfolding of the plot. The forces of nature serving as Deus Ex Machina, Natural agents assuming the role of narrator thus replacing human narrators, increasing concern to preserve ecology through the contrived autobiographies of natural elements and life narratives in connection with nature constitute some of the major areas of investigation. Equally significant is the function of nature as an Uddipana Vibhava in Song of Songs and certain other songs of lyrical quality. The Bergsonian Time existing in human consciousness like a flowing river with ever connected past, present and future gets its manifestations through various songs which evoke natural images. While stirring up nostalgia and in foreseeing future writers seem to employ nature conveniently, thus reminding us of the inseparable link between human mind, time and nature.

Nature being the most appealing and conspicuous of all paraphernalia in the art of narration, an attempt is inevitable to discover how it has been employed variedly by different narrators across literary history.

Nature as dues ex machina Natural forces such as water, wind etc and environmental calamities like earthquake and

15 LUX MONTIS Vol. 8 No.1 January 2020 flood have assumed increasingly significant roles in plot development. Since natural elements often occur as agents of resolution, they deserve being called dues ex machina.

“Dues ex machina is the Latin word for a ‘god from a machine’. It designates the practice of some Greek playwrights to end a drama with a God, lowered to the stage by a mechanical apparatus, who by his judgement and commands resolves the dilemmas of the human characters. The phrase is now used for any forced or improbable device- a telltale birthmark, an unexpected inheritance, the discovery of a lost will or a letter, by which a hard pressed author resolves a plot.” 1

In fictional narratives and movies, when there seems to be is no other way to find a way out of the maze, the writer tactfully employs forces of nature to kill the villain or to overcome the crisis, thus qualifying natural agents as dues ex machina.

In the movie, Madhuranomabarakattu , 2 we see a rural school which is in a dilapidated state. The school authorities, parents and students live under the threat of an imminent gale which would unscrupulously shatter the school building. To accentuate this dilemma, the narrator brings in certain anti-social elements who occupy the school rooms at night leaving the place filthy. The villain is unquestionably arrogant. Towards the end of the movie, when the heroine is at the verge of a sexual abuse by the villain, the school building collapses in a gale culminating in the death of the villain. The much feared situation turns out to be a blessing and relief thus resolving the conflict in the movie. The timely intervention of wind is a clear instance of dues ex machina.

In the movie, Sundara Killadi , 3 the narrator familiarizes us with a human community living in a fictive world called ‘Swapna bhumi’ wherin people suffer due to the absence of water resources. Digging a well in Swapna bhumi is challenging and actor Dileep plays the role of a well-digger. He falls in love with a girl in swapnabhumi which is against the rules of the community. In spite of the warnings they meet each other and the involved girl is to be excommunicated in ritualistic ways. The only possible way of reverting her fate is by washing off her impurities using the water which is drawn from Swapnabhumi itself. The situation seems helpless until when Dileep senses the presence of water in the well that he had been digging. The timely appearance of water in the well, ie, a force of nature, thus makes possible a refinement of archaic rules and reconciliation.

Mythical Narratives provide examples of nature’s decisive intervention in human life. The story of Infant Krishna and that of Moses clearly portray how the water bodies reacted in certain important situations. Lord Krishna was born in a jail where his mother, Devaki, and father, Vasudeva were being kept in the prison by Kamsa. Soon after his birth Krishna was

16 LUX MONTIS Vol. 8 No.1 January 2020 shifted to Nandavrajam where he was brought up by his foster mother Yashoda and his foster father Nanda who were Yadavas. Kamsa who awaited Krishna’s birth plots to kill the baby soon as it is born so as to ensure his immortality. To rescue Infant Krishna, Vasudeva brings the baby in a cascade to the river banks of Yamuna and plans to move towards Mathura. The water of the Yamuna was roaring with waves and the whole span was full of foam. Still, in that furious feature, the river gave passage to Vasudeva to cross, just as the Great Indian Ocean gave way to Lord Rama when he was bridging over the gulf. 4

In the case of Sita, we see how mother earth opened up a chasm to receive her daughter from further injustices of the mundane world. Nature safeguards the honour and dignity of Sita. When Sita realizes that her sons have been united with their father, she considers her life’s mission complete. Rama approaches her and requests her to come back to him. But Sita is no longer willing to return to Rama or Ayodhya and instead chooses to use final refuge in the arms of her loving mother, Bhoomidevi. Sita requests Bhoomidevi to have mercy on her and give her release from this unjust world and a sad life. The earth suddenly and dramatically splits open and Bhoomidevi appears from inside and takes Sita by hand and lovingly ushers her away, to a better world, the Swargaloka. 5

The Bible as well offers us sound proof for nature’s timely and favourable help in overcoming exacting conditions. Moses who was assigned with the great ordeal of rescuing the Israelites saw the partition of the Red sea before him which eventually paved a way outside the vexing situation. Moses held out his staff and the Red sea was parted by god. The Israelites walked on the dry ground and crossed the sea followed by the Egyptian army. Once the Israelites have safely crossed, Moses lifts his arms again, the sea closes, and the Egyptians are drowned. 6

From Anthropocentric point of view to Eco centric point of view

Narrating an event or a story from the perspective of an ecological element provides scope for a revisionist appreciation. Such a narrative mode existed as early as the Anglo Saxon period. The Dream of the Rood is an Old English poetry which throws light upon the interesting novelty of such a perspective shift from human centred narration to nature centred narration. Objectivity is better attained when the story is narrated from a non human third person point of view.

In this poem, assumed to have been written either by Caedmon or Cynewulf, the narrator recalls a vision he received in a dream, where he encounters the rood on which Jesus Christ was crucified. In the second section of the poem we find the crucifixion story from the perspective of the Cross. It begins with the enemy coming to the tree and carrying it away. The tree learns that

17 LUX MONTIS Vol. 8 No.1 January 2020 it is not to be the bearer of a criminal, but instead Christ is crucified. The Lord and the Cross become one and they stand together as victors, refusing to fall, taking on insurmountable pain for the sake of mankind. The Rood and the Christ are one in the portrayal of passion-they are both pierced with nails, mocked and tortured. Then, just as with Christ the Cross is resurrected and adorned with gold and silver. It is honoured above all trees just as Jesus is honoured above all men. The Cross then charges the visionary to share all that he has seen with others. 7

A contemporary usage of this narrative strategy is adopted by the Director of the movie, Alamara . 8 The friction between a newly married couple is based on an almirah that was gifted to the bride by her parents soon after her marriage. The tree begins its narration by drawing our attention to its fall and transformation into a beautiful piece of furniture. Carved out as a cup- board, it relates how, when and why it becomes the pivot of discord at the household of the young couple. The hilarious account of the subsequent events is brought forth from the tree’s perspective. The style of narration is sarcastic and novel. An otherwise common thread is thus modified using an engaging narrative strategy.

Nature in Narrative History: Autobiography of natural elements Autobiographical narration by the elements of ecology can have many dimensions. For instance, an autobiographical account of a prominent river like Ganga or a tree or a mountain can reawaken societal concern to preserve natural resources. Besides, they can be skilfully employed to chronicle a century instead of relying on plain factual historical narratives. Though History and Literature are regarded as separate disciplines, they influence each other. It is inevitable to know History in order to know Literature. Thus, autobiographical writings from the perspective of nature brings forth a possibility of fusing history and literature in an unbiased narrative fashion. K.V Mammen, an elderly member of Nilackal Orthodox Church, Puthuppally has scripted the autobiography of a Mango tree located at the frontage of the church. He tactfully uses this narrative history to unravel the early stories on the origin, growth, administration and the ups and downs of the church.

River Meenachil, having witnessed the flourishing of a culture can be used to create an autobiographical text for recording the happenings in and around Kottayam in an admirable style than that of a typical historical narrative. It also creates an increased awareness of how nature and human beings followed the dictum of mutual support.

In Lakkidi, there is a tree popularly known as Changalamaram attributed with divine significane. It is associated with a myth about the tribals. One may intelligibly choose to write the regional history of the place in the form of an autobiography of this tree. 9

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Nature as a Co participant in Life Narratives Eco-biography portrays ecological kinships between humans and animals, plants and landscapes. By writing the self in nature, a new vision of life story emerges, one that contemplates the writer as a part of an interdependent ecosystem. It is an ecology based memoir or life writing text that narrates and reflects upon life events and experiences as influenced by a connection with elements of the natural world. 10

“Her Garden” by Meena Alexander gives a reflection of her grandmother’s death. The persona wishes to imagine that her grandmother died while in the garden. “Our Casuarina Tree” by Toru Dutt presents the tree as a link between herself, her past and her home. It symbolizes unity. Nature is portrayed as something that shares feelings with humans. Similarly, The Woodrose by Abhuri Chaya Devi, is a short story about the issue of ageing. The elderly woman starts developing an identification with the creeper plant which is ‘dependent’ just like herself. The Arjun tree by Mahasweta Devi is centered around the tribals who live in the lap of nature. Here we find the literary tradition of explicating the inseparable relation between humans and nature.

The current unpredictability of our ecosystem and the wavering of climatic conditions necessitate serious deliberations on the ways to spread awareness among the public about the role of human beings as just a component in the great chain of ecology. Vaikom Muhammad Basheer has set an all inclusive literary trend that values all biotic elements equally. Bhoomiyude Avakashikal, Pathummayude Aadu etc are the best of all examples. Writings on human lives shall be interspersed with natural connections more than ever. Manju , is a stream-of-consciousness novel by M.T Vasudevan Nair and the snow-clad mileau is a concretization of the insensitive life of the spinster heroine.

In Malayalam movie industry, eco biographical narration seems to have acquired considerable momentum. Mayilpeelikkavu 11 is a movie which narrates the story of the rebirth of a couple of lovers and the kaavu recurs as a rendezvous suggesting the inevitable role of nature in human relationships. The movie, Perumazhakkalam 12 is a life narrative of two married women of whom one is a widow and the other is the wife of the accused. The incessant rains in the movie foregrounds the correlation between human emotions and nature.

The movie, Kuttan pillayude Shivarathri, 13 weaves a tale around a Jackfruit tree and a cop . The film maker says that the real protagonist of the movie is the Jackfruit tree. As the son- in-law plans to cut down the tree to be used in the construction of his new home, Kuttanpillai reacts firmly denying permission for the same. At the end of the story, we find Kuttan pillai’s soul lurks around the garden and the yard agitated at the thought of losing his favourite tree. Fortunately

19 LUX MONTIS Vol. 8 No.1 January 2020 his wife prevents all others from touching the tree which was once dear to her husband. The blockbuster movie, Pulimurugan 14 , relates an account of human life in proximity to the jungle.

Nature as Uddipana Vibhava in Biblical narratives The aim of all narration is to influence the Sahrudaya or the competent reader. Vibhavas are determinants or the root cause of an emotion. Uddipana Vibhava helps to arouse the desired sentiment or Rasa. To evoke erotic sentiments, anger, indignation, fear, serenity etc biblical narratives often resort to nature imagery.

For example, Solomon’s Song of Songs, a series of lyrical poems, is constituted by the abundance of natural images. It is suggestive of youthfulness, love and sexual longing between man and woman. “My sweet heart, my bride, is a secret garden A walled garden, a private spring; There the plants flourish They grow like an orchard of pomegranate trees And bear the finest fruits.” 15 (Song of Songs, Chapter 4, verses 12 & 13) The following verse is a cry for help, uttered in intense anxiety. “ Save me, O God The water is up to my neck I am sinking in deep mud And there is no solid ground” 16 Adbhuta or Wonder is realized as follows, “Then the earth trembled and shook The foundations of the mountains rocked and quivered Because God was angry” 17

Nature images in film songs: Reinforcing Bergsonian theory of Time and Consciousness “Duration is a theory of time and consciousness posited by the French philosopher Henry Bergson. Duration is ineffable and can be shown indirectly through images that can never reveal a complete picture. It can only be grasped through a simple intuition of the imagination.” 18

Time is subjective and it is embedded in human consciousness. The flight of human consciousness from the present to the past as well as to the future takes place often through the

20 LUX MONTIS Vol. 8 No.1 January 2020 medium of natural images. It is recurrent in the popular lyrical songs. Human characters drift to the past in a nostalgic mood evoked by natural elements. Analepsis and Prolepsis via nature imagery, thus reinforce Bergsonian concept of time as embedded in human consciousness. Given below are two examples of how the text of songs push human consciousness to a point in the past. “Ee puzhayum, kulir kaatum, maanchodum malarkkavum, Maanodum thazhvarayum, ormayile marmarangal..” 19 “Ee puzhayum, sandhyakalum Neela mizhiyithalukalum Ormakalil..peeli neerthi Odiyethumbol Pranayini nin Smrithikal..” 20

In order to refer to a point in future, nature images makes way as follows. “Iniyoru kaalatheykoru poo Vidarthuvan Ivide njanoru maram nattu..” 21

In concluding, nature is a narrative tool that replenishes itself through multiple roles of significance

References 1 , M.H Abrams & Geoffrey Galt Harpham, A Glossary of Literary Terms , Eleventh Edition.p.87 2 Madhuranombarakkattu , Malayalam Film directed by Kamal in the year 2000. 3 Sundarakkilladi , Malayalam Film directed by Murali Krishnan in the year1998. 4 https://vaniquotes.org 5 https://www.quora.com 6 https://en.m.wikipedia.org

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7 https://www.britannica.com 8 Alamara , Malayalam Film directed by Midhun Manuel Thomas in 2017. 9 https://www.mathrubhumi.com , “Chathiyude Kadha Parayunna Changalamaram” 10 Ecobiography.com 11 Mayilpeelikkavu , Malayalam Film directed by Anil Babu in 1998. 12 Perumazhakkalam, Malayalam Film directed by Kamal in 2004. 13 Kuttan pillayu de Shivarathri, Malayalam Film directed by Jean Markose in 2018. 14 Pulimurugan , Malayalam Film directed by Vysakh in 2016. 15 Song of Songs, Chapter 4, verses 12 & 13 16 Book of Psalms , Chapter 69, verse 1 17 Book of Psalms , Chapter 18, Verse7 18 https;//en.m.wikipedia.org 19 “Ee puzhayum”, Mayukham , Composed by Bombay Ravi, Lyricist: Mankombu Gopalakrishnan.2005. 20 “Ee puzhayum Sandhyakalum”, Indian Rupee , Composed by Shahabaz Aman, Singer: Viyay Yesudas.2011. 21 “Iniyoru kaalatheykkoru poo”. Poomaram , Composed by Leela L Girikuttan, Lyricist: Ajeesh Dasan, 2018.

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E-BANKING IN INDIA: OPPORTUNITIES AND CHALLENGES

ANUSHA M M Guest Faculty, College of Applied Science, Kuthuparamba Email: [email protected]

ABSTRACT India is still in the early stages of E Banking growth and development. Competition and changes in technology and lifestyle in the last 10 yearshave changed the face of Banking. The changes that have taken placeimpose on banks tough standards of competition and compliance. Theissue here is in the scheme of E-Banking. Electronic banking refers to several types of services through which bank customers can request information and carry out most retail banking services via computer, television or mobile phone .E Banking is likely to bring ahost opportunities as well as unprecedented risks to the fundamentalnature of Banking in India. The concept of Scope of E Banking is stillevolving several initiatives taken by Government of India as well asCountry’s Central Bank. The Reserve Bank of India have facilitated thedevelopment of E-Banking in India.E- banking had forced the banking sector to recognize, restructure and reconsider its institutional arrangements. The challenges of e-banking services would be successful for banks only if fraudulent activities could be controlled, transparency in transaction could be maintained, ethical rules and regulation to be followed so that e-banking could be widely acceptable among customers. This paper aims to present the E-Banking challenges and opportunitiesin India .

Keywords : E-banking, Digital banking

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INTRODUCTION With the Indian economy moving on to a high growth trajectory, consumption levels soaring and investment riding high, the Indian banking sector is at a watershed. Further, as Indian companies globalize and people of Indian origin increase their investment in India, several Indian banks are pursuing global strategies. The concept of e-banking is a delivery channel for banking services. Banks have used electronic channels for years to communicate and transact business with both domestic and international corporate customers. With the development of the Internet and the World Wide Web (WWW) in the latter half of the 1990s, banks are increasingly using electronic channels for receiving instructions and delivering their products and services to their customers. This form of banking is generally referred to as e-banking or Internet banking, although the range of products and services provided by banks over the electronic channel vary widely in content, capability and sophistication. E-banking is defined as the automated delivery of new and traditional banking products and services directly to customers through electronic, interactive communication channels. Electronic banking can also be defined as a variety of following platforms: (i) Internet banking (or online banking), (ii) telephone banking, (iii) TV-based banking, (iv) mobile phone banking, and e-banking (or offline banking).

E-banking includes the systems that enable financial institution customers, individuals or businesses, to access accounts, transact business, or obtain information on financial products and services through a public or private network, including the Internet or mobile phone. Customers access e-banking services using an intelligent electronic device, such as a personal computer (PC), personal digital assistant (PDA), automated teller machine (ATM), kiosk, or Touch Tone telephone. The common definition for e-banking comes from the Basel Committee Report on Banking Supervision, “e-banking refers to the provision of retail and small value banking products and services through electronic channels. Such products and services can include deposit-taking, lending, account management, the provision of financial advice, electronic bill payment, and the provision of other electronic payment products and services such as electronic money”.

E-banking had forced the banking sector to recognize, restructure and reconsider its institutional arrangements. Electronic banking is inferred to be safe and secured, compared to physical banking. E-banking ensures qualitative banking operations compared to traditional banking. However, it has its own limitations and challenges when we talk about security, on the contrary. The discussion throughout the paper revolves around the challenges that Indian banks are facing in term of e-banking, opportunity to increase awareness and measures adopted for safe and secure e-banking .

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PRODUCTS AND SERVICES PERSPECTIVE OF E-BANKING IN INDIA: Banking industry becomes a technology-intensive industry next to the airline industry. Technology has created a paradigm shift in the client services and has led to reengineering of banking operation and process. The financial reforms that were initiated in the early 1990s and opening up to the wider world of globalization and liberalization have brought in a completely new operating environment to this sector in India.

India is pre-dominantly a cash economy. Cash is the only form of transactions for about 40% of population in India. But there is a growing number of middle-class and their incomes are steadily rising. There are also sizeable fake notes circulating in India which are around 3 to 6 per cent. The opportunity for non-cash payment methods is considerable. Indian banking system, therefore, can spread its tentacles in such areas by means of providing e-banking services. The innovative and attractive technology-based banking services and products are;

1. Internet Banking: Internet banking or cyber banking has changed the way business is conducted. By harnessing the information technology, banks have been providing varied financial services to their customers. The proliferation of internet has changed the traditional business paradigms and is increasingly playing a significant role in improving the services in the banking industry. Consequently, it offers new possibilities for growth in the banking sector.

Types of Services in Internet Banking:

Through Internet banking, customers can not only get account balance and see statements of account online but they can also transfer funds, order demand drafts, pay utility bills, etc (Kumar et al, 2007). Following types transactions or operations can be performed under internet banking. 1. Account information. 2. Bill presentation and premium payment. 3. Online payment for shopping done on Internet. 4. Loan applications. 5. Standing instructions. 6. Request and intimations. 7. Financial advice.

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8. Credit and debit cards. 9. Investment transactions. 10. Customer correspondence. 11. Opening accounts. 12. Insurance. 13. Other value added/premium service etc.

2. Telephone Banking, Mobile Banking and SMS Banking: The banks are aiming to be more accessible by introducing telephone banking. Telephone banking refers to using a telephone to access the account, transfer funds, request statements or cheque book simply by following recorded message and touching the keys on our phone. Mostly telephone banking use an Interactive Voice Response (IVR) which in this kind of facility customer dials the tool free telephone number and is guided by a voice response for each banking services namely: 1. Balance in the account 2. Transaction status, e.g. whether cheque deposited is cleared or not 3. Request for issue of cheque book 4. Request for issue of bank statement

Mobile banking is also a new and growing facility for banks clients in recent years. Most of banks are providing SMS alert facility to their customers these days. In normal course, all above activities would have involved customer visit to a branch. With 800 million mobile connections and more than 200 million debit and credit card holders in India, mobile handsets offer a far wider reach than other forms of banking. The mobile device can be an important tool to cover the large unbanked population in the country. Handsets offer convenience by providing the ability to transact anytime, anywhere. For banks, it serves as a cost-efficient mechanism, with the cost of transaction on a mobile estimated to be one-tenth of the transaction cost of a bank branch and one-sixth the cost of a transaction through an ATM. Due to these advantages over conventional forms of banking, Mobile banking has significant potential and is likely to witness strong growth. Also, according to industry experts, Mobile banking is the cheapest way to reach rural customers.

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3. TV banking: TV banking enables you to get information regarding loans, accounts, deposits and lot more while you are watching your favorite TV program. In television banking you have full access to all your account related tools and services. It is similar to Internet banking where you have full access to your account services.

TV banking comes along with numbers of benefits. TV banking saves a lot of time. It makes easy for customers to access banking services while you are at home watching your TV programs.

4. ATM (Automated Teller Machine): An automated teller machine, also known as a cash machine and by several other names, is a computerized telecommunication device that provides the clients of a financial institution with access to financial transactions in a public space without the need for a cashier, human clerk or bank teller . It can be said, ATM is an electronic machine, which is operated by the customer himself to make deposits, withdrawals, and other financial transactions. ATM is a step in improvement in customer service. The ATMs which are situated on the premises of the bank are known as on-site ATMs and the one that are located at some busy places are known as offset ATMs like food worlds, railway station, bus stops, shopping malls, petrol pumps etc.

DIGITAL PAYMENT AS A TOOL OF E-BANKING The RBI Ombudsman scheme for digital transactions defines a ‘Digital Transaction’ as “Digital Transaction means a payment transaction in a seamless system effected without the need for cash at least in one of the two legs, if not in both. This includes transactions made through digital / electronic modes wherein both the originator and the beneficiary use digital / electronic medium to send or receive money.”

The growth of financial services in India has largely been led by the banks. The regulator as well as the banks have led the initial thrust, development and support of digital payments infrastructure and systems. Non-banks have entered the market and expanded the range of payment services available to the Indian consumer backed by their strength in technology and customer centric innovation. Banks and non-banks are partnering to offer the combination of trust (banks) and innovation (nonbanks) to the Indian consumer. This “best of both worlds” approach, which has resulted in a recent growth in the number of digital payments, should continue. The digital payments ecosystem has made substantial progress on the supply or the issuance side. It must now balance through an improvement on the demand or acceptance side of the ecosystem. On the issuance side, a wide range of payment services have been offered through

27 LUX MONTIS Vol. 8 No.1 January 2020 bank accounts, bank branches, business correspondents, cards, mobile phone and related devices, backed by robust and resilient payments infrastructure including RTGS, NEFT, IMPS, BHIM UPI, Card Networks, POS, BQR, ATMs, NACH, ECS, Mobile Wallets etc.

As per RBI’s report of the committee on deepening of digital payments, high cost structures, including interchange fees, as well as limited financial service offerings impede merchants from accepting digital payments. Cash - with its ease of usage, universal availability and acceptance, low cost to consumer, and no requirement of KYC – continues to play a significant role in payments. The committeenoted the recent growth in volume of digital payments by a factor of 10 over five years and has set a target for additional growth of 10x in three years. This growth will be driven by a shift from high value, low volume, high cost transactions to low value, high volume, low cost transactions. Over a longer period, this will eventually lead to a decline in cash requirements. However, the committee draws attention to and promotes the fundamental principle of supporting universal consumer access through standardization, to support interoperability, and safety. The committee encourages banks and non-banks to continue to compete, innovate and grow the ecosystem. The committee has made recommendations to remove friction and to: • Expand the acceptance infrastructure across the country. • Correct for the cost structures that currently inhibit acquirers and merchants. • Reduce the “overall” cost to the consumer such as KYC process at multiple stages of the transaction and service charges for digital payments. • Increase consumer confidence in digital transactions • Offer solutions for feature phone as well and ‘no mobile phone’ segments.

To shift transactions from cash to digital modes, a useful reference point to keep in mind is that acceptance ecosystem for digital payments will essentially need to compete with and win over the robust acceptance ecosystem of cash. Market forces must result in transaction pricing that creates a viable ecosystem. However, in the case of card payments, the committee noted with concern the possible market failure, which led to a sluggish growth of the acceptance infrastructure. As a result, the committee recommends that the regulator should adjust the interchange rate and let the market compete on Merchant Discount Rate ultimately growing the acceptance ecosystem rather than inhibiting it.

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Figure 1:Digital Payments by Volume Source: RBI report on deepening of digital payments, 17 may 2019

OPPORTUNITIES OF E- BANKING IN INDIA 1. Increasing Internet Users & Computer Literacy: To use internet banking it is very important or initial requirement. People should have knowledge about internet technology so that they can easily adopt the internet banking services. The fast increasing internet users in India can be a very big opportunity and banking industry should en-cash this opportunity to attract more internet users to adopt internet banking services.

2. Initiatives Taken by Government Agencies for Financial Literacy: Financial literacy and education play a crucial role in financial inclusion, and inclusive growth. A study reported that there is significant impact of financial literacy on use of internet banking, If customers are not financially educated they will simply avoid using new online services and not change their traditional way of banking, thus banks will not be able to convert users into their new online banking strategies. Various government institutions like RBI, SEBI, IRDA and various other market players have taken a number of initiatives on financial education. They have prepared a school curriculum along with various topics including internet banking, banking product and services, net banking to educate the school students, college students, working executives, middle income group, home makers, retired personnel, self-help groups etc.

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3. Competitive Advantage: The benefit of adopting e-banking provides a competitive advantage to the banks over other players. The Implementation of e-banking is beneficial for bank in many ways as it reduces cost to banks, improves customer relation increases the geographical reach of the bank, etc. The benefits of e-banking have become opportunities for the banks to manage their banking business in a better way.

4.Innovation in Mobile Banking Services: Mobile banking companies have come a long way. Innovation in mobile banking has grown in sophistication, using advanced technologies such as touch and voice capabilities and machine learning algorithms. Mobile banking innovators focus on enabling customers to bank the way they want to with minimum limitations, using mobile banking apps.

5. Innovation in Financial Services though Digital Banking: Customers are rapidly adopting technology in their daily lives driven by the growth in internet and mobile penetration, availability of low cost data plans and shift from offline to online commerce. Banks are keeping abreast of their evolving needs and behavior and have enabled access to a wide range of banking and financial services through different digital platforms. Banks in India are putting in place robust foundations for digital infrastructure and are innovating using digital technologies across all channels to deliver the power of speed and convenience to all customer segments across urban and rural markets. Some incumbents, in order to defend market share, have encouraged the development of a whole ecosystem of digital banking products and services built upon their infrastructure.

·Some banks in India are proposing to form a block chain consortium along with other global banks such as SBI, Citi, Deutsche, JP Morgan, Nomura, HSBC, UBS, Barclays, Bank of America, BNP, RBS, Macquarie, Westpac, etc.

·Some of the banks are also collaborating with Indian IT service providers in areas of voice enabled system for the customers to open new accounts on the basis of Aadhaar authentication.

·Banks are also collaborating with IT service providers for e-Sign (digital signature) facility to help digitally signing the loan documents. This will help in faster approval process, lesser paper work and lesser paper storage space.

CHALLENGES OF E-BANKINGIN INDIA

India is the IT and technological services outsourcing hotspot of the world, it’s surprising that Internet banking has not really taken off. Despite the advent of a very tech-savvy and vast

30 LUX MONTIS Vol. 8 No.1 January 2020 consumer class in recent years, a mix of industry issues and unique challenges continue to thwart the expansion of e-banking in India. Technology challenges, IT practices, certain cultural issues, industry lethargy, and workplace constraints have affected widespread acceptance of Internet banking.

1. Low Broadband Internet Penetration India has one of the lowest broadband connectivity penetration rates in Asia as compared to Japan, Taiwan, Korea and Singapore. While the bigger cities such as Mumbai, Delhi, Chennai, and Bangalore have relatively better broadband penetration rates, PC users in smaller cities and towns still use dial-up options to connect to the Internet. Slow connectivity speeds often dampen the online banking experience for many customers eager to use such services.

2. Banks’ Ambivalent Commitment Levels. In the middle of this decade, multinational and domestic private banks started offering internet banking services as a competitive differentiator. Only recently, state-owned and public sector banks have started doing likewise. However, banks’ ambivalent commitment levels and their reluctance to allocate huge budgets for net banking branding initiatives, as well as a lack of industry advocacy efforts, have resulted in poor acceptance levels of Internet banking by customers.

3. Customers’ Preference for Traditional Branches There are thousands of highly active traditional bank branches in India’s crowded cities and major towns. Office workers take longer lunch breaks to finish banking activities and transactions at these branches rather than conduct them online. Most customers prefer the personal touch and customized service offered by staff in brick-and-mortar bank branches. Many Indians are also averse to calling call centers and banks’ customer contact lines to address issues related to online bank accounts.

4. Fear of Online Threats/Scams: Ubiquitous and prevalent online threats about hackers, identity theft, stolen passwords, viruses, worms and spy ware tend to make customers wary just like in any other country. Conservative Indian bank customers used to years of saving in an erstwhile mixed-socialist economy are always fearful of losing hard-earned savings in online scams. These customers are also not sure about the efficacy of banks’ websites and their commitment to allocate funds for reliable encryption mechanisms and robust back-end technologies and systems.

5. Impersonal: Transacting on the internet can be very impersonal. In other words, you only do business with the use of a computer. No individual to receive and check your money or correct some wrong information that you might have written on a certain form. And so for people

31 LUX MONTIS Vol. 8 No.1 January 2020 comfortable dealing with real people who provide personalized services and using paper and money, internet banking is not ideal.

6. Difficult for first users: For a first time user, navigating through a website of an internet bank may be hard and may take some time. Opening an account could also take time as some sites ask for numerous personal details including a photo identification which can inconvenience the potential customer. Because of this complexity, they may be discouraged to use this internet banking service. Tutorials and live customer support may be provided, though, to help the client in his or her needed tasks so it’s best to take the time to know the virtual environment.

7. Security fraud: Many people shy away from electronic banking because of the security threat. They can’t help but worry about this aspect what with news on fraudulent bank transactions that pop up every now and then. However, this should not be a problem as banks that provide internet banking services prioritize security above anything else. Since they value their customers, they always use the most advanced security technology in protecting their websites.

8. Regulation and Legalities: Internet banking makes it possible for banks and their customers to do business from anywhere in the world. This greatly increases the bank’s potential client base. Nevertheless, according to Andrea Schechter of All Business, the global approach to banking that internet banking permit makes it extremely difficult for regulatory authorities to enforce finance laws. Additionally, regulations differ from nation to nation and banks are not always proficient in the financial laws for every nation in which they have business. Schechter asserts that this lack of proficiency opens banks and their clients up to law violations and lawsuits.

9. Digital and Financial Divide

A digital divide exists between banks — i.e., not every bank has access to the hardware and software necessary to make internet banking possible. This problem may be related to size and financial support a bank has. Smaller banks tend not to use internet banking because it is not cost-effective for them. To make Internet banking more commercially fair to banks and customers, all banks would need a sufficient funding source so that banks could eliminate this digital divide.

RECOMMENDATIONS FOR A SAFE AND STRONG E-BANKING SCENARIO · Reduce real costs in the system: The acquirer could switch away from acquiring hardware, so that the merchant only uses their phone, and a QR code. The system could move away from credit to debit products, thus reducing transaction costs. Other costs that could be reduced in the system relate to merchant on-boarding, and KYC.

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· Incentivize the transaction: The issuer could provide a discount to the consumer. Mandating the issue and use of only EMV chip and PIN-based cards has helped build public confidence as it provides more security than the ‘Magnetic stripe only’ cards.The discount could be also result in an increase in the number of transactions. In either case, it would increase the number of transactions per POS, making acquiring more viable.

· Educate the users / Increase transactions The payment system operators could also educate the users (merchants, and customers), so that they are more aware of the benefits of transacting digitally (convenience, safety, low transaction costs, ease of reconciliation, the value of digital footprints for formalization, and subsequent credit), and the various benefits bundled with these products (insurance, etc.).

· Promote Digital Transactions at Rural Farmers Markets: The last mile availability of Post terminals is relatively lower in India and much needs to be done in this regard.

· Remove language and accessibility barriers: The Government with the help of financial service providers could be reduced the accessibility barriers and may educate users on the benefits of digital transactions including safety, convenience, etc. and activate them to use digital transactions for various purposes.

· Monitor telecom infrastructure: To encourage usage of e-banking facilities, telecom infrastructure is required to be robust, strong and secure.

CONCLUSION E-banking is an electronic connection between bank and customer in order to prepare, manage and control financial transactions. Internet adoption among Indian banks has been rapidly increasing over the last one decade. Indian banks have also risen to the occasion by offering new channels of delivery to its customer. Now digital innovation practice has reached a critical mass, banks are shifting gears to create a stronger innovation culture via the Internal Social Collaboration platform and adopting cutting edge technologies like Artificial Intelligence, Block Chain and Internet of Things (IOT), among others. Customers are taken into a new world of multi-channel banking, where they can access services from home, at the office, or on-the-go through Mobile Banking, SMS Banking, Phone Banking, ATMs and Net Banking.proportionately Indian customers of internet banking are less than that in the developed nations. safety and security are the main challenge of e-banking in India. The challenges of e-banking services would be successful for banks only if fraudulent activities could be controlled, transparency in transaction could be maintained, ethical rules and regulation to be followed so that e-banking could be widely acceptable among customers.

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REFERENCES

·Report of the RBI’s working group on FinTech and digital banking, 08-February 2018.

·Report of the RBI’s high level committee on Deepening of digital payments, 17 may 2019 · Vinayagamoorthy, A. & Senthilkumar, K., “ROLE OF REACH OF INTERNET BANKING IN INDIA”

· Sekar, G.V.,”Emerging Trends in Technology Adoption by Indian Banks and IT Governance – A Practical Guide” · Mohammed, S. and Shariq, S. (2011), “A study of ATM usage in banks in Lucknow “,International Journal of Engineering and Management Studies.Vol.2, No. l, pp.47- 53.7.

· Aladwani, M. Adel (2001), Online Banking: a field study of drivers, development challenges,and expectations, International Journal of Information Management, pp. 213- 225.8.

· http://www.wikipedia.org

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IMPACT OF FOREIGN INSTITUTIONAL INVESTORS IN INDIAN STOCK MARKETS

ABHILASH.L.S. Research Scholar, PG Department of Commerce & Research Centre, MG College, Thiruvananthapuram

Dr.DILEEP.A.S. Assistant Professor & Research Guide, PG Dept. of Commerce & Research Centre, MG College, Thiruvananthapuram

ABSTRACT The New Economic Policy implemented in 1991 brought dramatic change in functioning of Indian Stock Markets. Globalisation, deregulation, foreign institutional investors and foreign portfolio investors made the stock marketshypercompetitive and efficient in their functioning. The role of investors is thekey to success of market guided economic system. Since it is FIIs who pumptheir savings into markets, their investments need to be channelized to the mostrewarding sectors of the economy. One of the most dominant investors groupsthat have emerged to play a critical role in the overall performance of the stockmarket are Foreign Institutional Investors (FIIs). Being a developing country,India attracts a large sum of FIIs every year. These foreign investments have agreat impact on Indian economy. Indian Stock Markets which acts as abarometer for the economic growth is also affected by foreign investmentsmade in the country. The Foreign Institutional flows bring great advantage sincethey act as an engine of growth and capital formation. This paper analyses whether Foreign Institutional Investors really have an impact on the Indianstock markets.

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Key words : FII, FPI, LPG, CAGR, Index

INTRODUCTION The New Economic Policy paved the way to better economic prospects and growth for Foreign Institutional Investors to Indian Stock Markets. The unleashed structural reforms on economy and industry have resulted in a giant leap in volume and transactions in Indian bourses. Since then, our economy has undergone a phenomenal metamorphosis in terms of institutions and instruments. In the last two decades, the Indian Capital Markets witnessed growth in volume of funds raised and it emerged as a promising paradise to foreign investors.

A Foreign Institutional Investor is an institution incorporated outside India, but invests in Indian stock market securities. They can invest their own funds or invest funds on behalf of their overseas clients registered with SEBI. The access to foreign investors to Indian bourses lowers the cost of capital, supplements domestic savings and leads to better value discovery and price in stock markets. FIIS have been playing a significant role in Indian Stock Markets.

REVIEW OF LITERATURE P.K Mishra, K.B.Das et.al (2009), conducted a study on ‘Role of FIIs in Indian Capital Market’ by taking 17 year monthly data of FII inflows and Sensex index. The study reveals that there is a positive correlation between the foreign net flows and the stock market returns. It further adds that the movement of Indian Bourses can be better explained with the help of FII net inflows.

Rahul Dhiman (2012) studied the impact of foreign institutional investor in the stock markets. The study emphasis that FIIs increased role has given a new outlook to Indian stock market. FIIs have brought both qualitative and quantitative change. It increased the breadth and depth of Indian stock markets.

OBJECTIVES OF STUDY 1) To study the growth trend of FIIs. 2) To analyse the relation between Foreign Institutional Flows and Indian stock market index 3) To understand whether the stock market is affected by the foreign investment

METHODOLOGY The study is based on secondary data. This paper provides an analysis of the relationship between the investment by FIIs in India and the performance of the India stock market.The

36 LUX MONTIS Vol. 8 No.1 January 2020 indices are the ones in which the FIIs are most likely to invest in. Thus, the study uses yearly data on Sensex and Nifty and Net Investments by FIIs in the Indian Capital Market to examine the impact of net FII flows on the performance of the Indian capital market. The relevant data are collected from the SEBI Annual Reports for the period 1996 to 2015. The most popular statistical technique, Correlation Analysis and CAGR are used to examine the relation between the index and FII flows.

SCOPE OF THE STUDY The paper is done to study the relation between the stock index movements of the Indian stock market and the FII flow into Indian markets. The study takes 20 years data into consideration from 1996-2015. The period has been selected so that the impact on Indian stock market can be ascertained from the initial period FII investment was permitted in India. BSE SENSEX and NIFTY 50, the two biggest indices, have been selected for the study.

FOREIGN INVESTMENTS Foreign investments has been defined as, “a transfer of funds or materials from one country to another in return for a direct or indirect participation in the earnings of that enterprise.”

Foreign investments can be made through three routs namely, 1) Foreign Direct Investment 2) Foreign Portfolio Investment 3) Foreign Venture Capital Investment

The investment by FIIs can further be classified into two namely, equity Investments and 100% Debt investments. This paper solely deals with Foreign Equity Investment route.

A foreign institutional investor means an institution established or incorporated outside India which proposes to make investment in Indian securities. Pension Funds, Mutual Funds, Investment Trusts, Insurance Companies, Endowment Funds, University Funds, Foundations or Charitable Trusts, AMC, Nominee Companies, Trustees, Banks, Foreign Government Agency, Foreign Central Bank, International Organisations etc. are eligible to register as FIIs.

Since the implementation of New Economic Reforms in 1991, Foreign Institutional Investors (FIIs) have been playing a dominant role in the Indian capital market in the process of capital formation and economic development of our country. India, being a capital scarce country, has taken many measures to make the investment environment encouraging for Foreign Institutional

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Investment since the beginning of reforms. The term ‘Foreign Institutional Investors’ is most commonly used in India to refer the companies that are established or incorporated outside India and are investing in the financial markets of India by registering themselves with the Securities & Exchange Board of India (SEBI). The term FIIs include overseas pension funds, mutual funds, investment trusts, asset management companies, nominee companies, banks, institutional portfolio managers, university funds, endowments, foundations, charitable trusts, charitable societies, a trustee or power of attorney holder incorporated or established outside India proposing to make proprietary investments on behalf of a broad-based fund. FIIs can invest their own funds as well as invest on behalf of their overseas clients registered as such with SEBI. Foreign Institutional Investment is basically short-term in nature and mostly made in the financial markets. India opened its stock market to foreign investors in September 1992, and in January 1993, received portfolio investment from foreigners in the form of foreign institutional investment in equities. This has become one of the main channels of FII in India for foreigners. Now, FIIs are allowed to invest in equity, bonds and derivative instruments, but subject to limits of foreign ownership for various sectors as well as ceilings on total investment per FII. Regular FIIs follow the ‘70:30’ rule, i.e., they must invest no less than 70% of their funds in equity-related instruments and may invest the remainder in debt-related instruments. In policy circles, FII flows are considered to increase the domestic investment without increase in foreign debt. FII flows can raise stock prices, lower cost of equity and stimulate investment by Indian firms and lead to improvements in securities market design and corporate governance. Thus, FIIs increase the depth and breadth of the market; expand securities business, and their policy of focusing on fundamentals of the shares cause efficient pricing of shares. However, market experts often attribute fall of the stock market to the flow of funds by FIIs. FIIs are known to rush out at the slightest hint of trouble in the host country leaving an economic crisis, like Mexico in 1994 and India in 2008. Thus, FIIs exacerbate small economic problems in a country by making large and concerted withdrawals. And, they can be held responsible for spreading financial crisis – causing ‘contagion’ in international markets. In recent past, the positive impacts of FIIs have made the Indian capital market more attractive to FIIs and Indian capital market has witnessed a Bull Run till mid-2008, which was driven by increased buying by the FIIs.

ANALYSIS AND INTERPRETATION The study is carried out to analyse the relationship between the foreign inflows of FIIs and their impact on Indian Stock Markets. The Table 1 shows the net foreign inflows and yearly closing values of Sensex and Nifty for two decade.

TABLE-1: NET INVESTMENT OF FIIS

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AVERAGE AVERAGE YEAR NET FLOWS CLOSING CLOSING VALUE OF VALUE OF SENSEX NIFTY 1996 9,569.37 3388.70 990.53 1997 6,439.53 3801.587 1080.87 1998 -930.96 3568.71 966.71 1999 6,422.77 3753.86 1211.34 2000 6,202.51 4167.02 1417.61 2001 13,422.99 4605.91 1121.55 2002 37,34.92 3486.99 1056.02 2003 31,325.35 3872.96 1233.70 2004 39,200.27 5563.08 1754.58 2005 45,969.37 7392.89 2268.91 2006 33,617.25 11440.04 3357.09 2007 71,486.30 15563.59 4571.29 2008 -52,375.96 14492.67 4344.74 2009 87,987.6 13700.82 4113.96 2010 1,79,674.6 18206.91 5461.12 2011 35,392.80 17777.76 5335.91 2012 1,63,350.1 17617.03 5341.52 2013 62,287.90 19722.42 5915.90 2014 2,56,211.85 24638.95 7360.30 2015 63,662.21 27352.17 8285.91

Source: SEBI Annual Report

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CHART 1 FII NET FLOWS & STOCK MARKET INDICES

TABLE 2 CORRELATION VALUES & CAGR VALUE FIIs net flow and Sensex FIIs net flow and Nifty CAGR of Net FII Flow r = +0.6350 r = +0.6345 P.E = 0.09 P.E = 0.09 CAGR = +9.93% S.E = 0.133 S.E = 0.133

INTERPRETATION

The Karl Pearson Coefficient of Correlation between FII net flows and Sensex is +0.6350 and Correlation between FII net flows and Nifty is +0.6345.

This implies that there exist high positive correlation between the foreign flows and the benchmark indices.

The r value is six times more than the probable error, which implies the correlation is practically certain and the value of correlation is highly significant.

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The Compounded Annual Growth Rate of net FII flow is 9.9% over the last twenty years which implies a steady growth in FII flows into our economy.

CONCLUSION: This paper studies the impact of Foreign Institutional Investors on the performance of Indian Stock market. By examining the relation between stock market return and FII flows, it can befound that the FII net inflows are not only correlated with the stock market return but fairly explain the movements in the Indian capital market.The degree of correlation is very strong which explains the effect of foreign investment in Indian Equities. This reflects thestrong economic fundamentals of the country, as well as the confidence of the Foreign Institutional Investors in the growth and stability of the Indian capital market. Besides, improved regulatory standards, high quality of disclosureand corporate governance requirement, accounting standards, shortening of settlement cycles, efficiency of clearingand settlement systems and risk management mechanisms led FIIs to perceive great potential for investment in theIndian economy.

In a nut shell it can be concluded that the Indian stock markets moves in tandem with the FII flows.

SUGGESTION FII do have significant impact on the Indian Stock Market but there are other factors like government policies, budgets, bullion market, inflation, economic and political condition, etc. do also have an impact on the Indian stock market. Govt. should encourage industries to grow to make FIIs an attractive junction to invest and should adopt more investor friendly measures to attract foreign investors.

REFERENCES:

1. Banaji J., 1998. Foreign Portfolio Investment in Indian Equity Markets: Has the Economy Benefitted? QEH Working Paper No. 54.

2. Batra, A., 2003. The Dynamics of Foreign Portfolio Inflows and Equity Returns in India.Working Paper No. 109.ICRIER, New Delhi, India.

3.P. K. Mishra1, K. B. Das and B. B. Pradhan, 2009Role of FIIs In Indian Capital Market.The Research Network Vol.4, No.2, June.

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MARKETING MIX- THE INEVITABLE RELEVANCE OF 4PS OR THE AVOIDABLE IRRELEVANCE OF 7PS,

SHAILESH.S.NAIR Research Scholar, GBS

ABSTRACT

The article is purely subjective and personal.It is not intended to contradict or challenge any marketing mantras or “isms”. The relevance and inevitability of 4Ps or Marketing-Mix is quiet obvious in Business/Marketing strategies.But unfortunately the explanation regarding the 7Ps(additional 3 Ps is has been found confusing in many articles ,definition and explanation.The article stresses on the significance of 4Ps and the Irrelevance of 7Ps.As far as Business point of view is concerned, the 4Ps is given more importance .

Key words: Markeitng Mix

The purpose of business is to create “customer”, but with the leverage of ‘Marketing Mix”. Marketing mix is the ultimate and unavoidably an absolutely indispensable ingredient of any organization and are deemed to be the prime requisite of any organization to run their day to day affairs profitably and successfully.

According to Stanton,” Marketing-mix is a combination of four elements –product, pricing structure , distribution system and promotional activities.-used to satisfy the needs of organizations target market and .at the same time ,achieve its marketing objectives”. It is otherwise known as 4 Ps, Coined by E.J McCarthy .Taken together these four P’s-”the marketing mix variables”-compose the marketing strategy that companies use to market their product to different customer segments. Each variable acts as a lever that can be used to increase sales.

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Every discipline/principle has been formed on a strong and unshakable foundation of ideas or concepts that have been scientifically proved and experimented.Furthermore each theory or discipline evolves has a direct or indirect implication on a newly created concept. The order of their dependence i.e., one discipline depends on another for growth or one discipline can be the cause and reason for the growth of another discipline.The new theories never contradicts or refutes the old one but further advances into a new dimension with a totally a new set of refined statement that are not only alien to the old ones but also forms its own independent identity . The old theories can be extended to form a new one or it can possibly beget a similar or a dissimilar theory but seldom challenges the old. Very seldom we come across definition and theories contradicts and challenges the other but on the contrary there are “N” number of theories that only complements and supplements the ‘already’ stated norms and theories

This is relevant in every aspect of discipline and also particularly in this topic. Marketing Mix then it was considered as the 4Ps but the contemporary concept of Marketing Mix has undergone a slight change and is redefined as 7Ps. Nonetheless the question is , “Is it necessary to disrupt and redefine this concept of Marketing mix.”?

4Ps

Product Price Place Promotio n

What are the 7ps?

Product Price Place Promotio People Process Physical Evidence n

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1).PRODUCT .

Product-mix involves planning , developing and producing the right type of product and service to be marketed by the firm. It involves:= -Quality of the product, -Size of the product. -Product Ranges, -Packaging -Features, product variety , branding . -Warranties -Product presentation

2).PRICE: The second element of marketing mix is price. Price stands for the monetary value that customers pay to obtain the product. In pricing, the company must determine the right price for its products and then decide on strategies related to retail and wholesale pricing, discounts, allowances and credit terms. Before fixing price for a product, the company should be clear about its pricing objectives and strategies. The objectives may be set low initial price and raising it gradually or o set high initial price and reducing it gradually or fixing a target rate of return or setting price to meet the competition etc. But the actual price setting is based on three factors namely : -Cost of production, -Level of demand and, -Competition.

With regards to retail pricing, the company may adopt two policies:- The company must allow the retailers to fix any price without interfering in their right. Secondly the organization may want to exercise control over the products pricing strategy .Discounts and allowances results in a deduction from the base price.

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The price-mix includes the following decisions a. Determination of the unit price of the product. b. Pricing policies and strategies. c. Discounts, rebates a and levels of margins. d. Credit policy. e. Terms of delivery , payment, etc.

3. PROMOTION.

Promotional –mix includes: a. Advertising. . b. Sales-promotion. c. Publicity. d. Public-relation. e. Direct-marketing.

4. PLACE/Physical Distribution.

It includes:- a. Channel selection. b. Channel coverage. c. Inventory management. d. Storage and Warehousing. e. Distribution logistics.

The purpose of determining the marketing-mix(MARKETING-DECISIONS) is to satisfy the needs of the customer in a most effective and efficient manner .

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4Ps concept from sellers point of view

4C’s and 4A’s can be explained from buyers point of view

4Ps 4Cs 4As

Product = Customer solution /satisfaction = Availability

Price = Customer cost/value = Affordability

Place = Convenience = Accessibility

Promotion = Communication = Awareness

The ADDITIONAL 3 Ps are :

5. The People: Every business concerns define their intention and strategies through the marketing mix . The marketing mix is the cause of businesses running profitably and successfully, and undoubtedly “customer” is the main cause of profit and income generation .

The 4Ps are indispensably focused on customer , but then why is it necessary to specify the people as one of the 7Ps. When the whole purpose of the business is to create long term relationship with the people /customer ,just like any successful marriage based on mutual trust –love and commitment to take care of each other . It will remain until anyone dies or passes away. The “P” of ‘People’ is very implied, obvious and apparent. The whole of affairs is to woo the people –A successful business is not about the organization or product ,its about them-”the people” .The people is the ultimate destination of business to reach .The significance and the relevance of the 4Ps ,as an indispensable tools ,is undeniably an instrumental force in reaching the people. Once again the relevance of “People” as one of the 7Ps in the Marketing mix is questionable and furthermore the views are purely based on authors subjective expressions.

6. The Process: All the 4Ps of Marketing mix require a systematic planning and process ,it has to be infallibly taken care of.The success in making the product or service profitable , require an efficient and effective strategies in each of the 4Ps

Unfortunately, “Process” as the Sixth P has become irrelevant,because it is obvious that to make the customer buy and thereby provide a ‘satisfaction’ subsequently is the key mantra of any organization.

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It is implied in the 4Ps .A Product to be brought into the market requires an effective formulation of programs and process, it is equally applicable to Promotion, Price or Place. Effective process is a part and parcel of the 4Ps.

7. Physical : Customer are perceptive about the message that brand are giving them all the time . Merchandising , advertising , customer service, after sales support , company’s attitudes, pricing discounts , reaction to changes in the environment are all vital ingredients of the mix.

The Infrastructure and the premises of the product and service must be appealing to the senses. They are the vital ingredients of marketing strategy. Any inconsistency in the marketing mix arouses doubts and can undo all the good work done in building brand till then. But instead of “Physical”, Promotion can be an appropriate term that is more appealing than the “Phyiscal”. Because Promotion beautifies the product and service and the Organization as whole.

INPUTS Business strategy OUTPUTS (Resource ) Shaped into ; Goods & • Man Right Product, Services as • Money Profit Right Price, desired and • Machine Right Promotion, needed by Maximization • Materials Right Place people • Methodologies • Information

CONCLUSION Everything is contained in the 4Ps of Marketing-Mix. To segment and bifurcate the 4Ps into 7Ps may sometimes create confusion. To keep it simple and effective can prove profitable to all organization. The explanation of 7Ps may be more theoretical rather than practical in nature.

References ·Andreasen , A. R. 2006 . Social Marketing in the 21st Century. Newbury Park, CA : Sage. ·Walters, D., 2002, “Operations Strategy”, Palgrave Macmillan ·Sheehy,B., Bracey, H. and Frazier, R., 1996, “Winning the Race for Value – Strategies to Create Competitive Advantage in the Emerging Age of Abundance”, American Marketing Association.

47 LUX MONTIS Vol. 8 No.1 January 2020 ·Bovet, D., and Martha, J., 2000, “Value Nets – Breaking the Supply Chain to Unlock Hidden Profits”, John Wiley and Sons. ·Hutt, M. D., and Speh, T. W., 1998, “Business Marketing Management – A Strategic iew of Industrial and organisational Markets”, Dryden Press. ·Porter E.Michael.,1985, “Competitive advantage”, Free press, New York . ·Kotler, Philip. Marekting Management Prentice-Hall of India ,New Delhi,1999 ·Keller, Kevin, Lane .Strategic Brand Management ,Pearson Education, New Delhi 2004 ·Ramaswamy , Namakumari. Marketing Management –Global Perspective Indian context Macmillan Publishers India LtD otler, Philip, “Marketing Management-Analysis, planning, implementation and control”, Prentice Hall of India, 9 th edition, 1997. ·Adner, R., (2006), “Match Your Innovation Strategy to Your Innovation Ecosystem”, Harvard Business Review (April): 98-107 ·Min, S., Kalwani, M.U. and W.T. Robinson (2006), “Market Pioneer and Early Follower Survival Risk: A Contingency Analysis of Really New Versus Incrementally New Product- Market”, Journal of Marketing, Vol. 70, (January 2006), pp.15-33. ·Mittal, S. and S. Swami, (2004), “What Factors Influence Pioneering Advantage of Companies?”, Vikalpa, Vol. 29, No. 3, (July-September), pp.15-33. ·Stewart, T.A. and L. O’Brien, (2005), “Execution without Excuses, Interview with Michael Dell and Kevin Rollins”, Harvard Business Review (March): 102-111. ·Urban, G.L., Carter, T., Gaskin, S. and Z. Mucha, (1986), “Market Share Rewards to Pioneering Brands: An Empirical Analysis and Strategic Implications,” Management Science, Vol. 32, No.6, 645-659 ·Zahra, S.A, Nash, S. and D.J. Bickford, (1998), “Transforming Technological Pioneering into Competitive Advantage”, in: Thompson, A.A. and A. J. Strickland III, Readings in Strategic Management, tenth edition, McGraw-Hill, Boston ·Anderson H.Carol and Vincze W.Julian. (2006), “StrategicMarketing”,second edition Biztantra , New Delhi The Economic Times Business Line

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EFFECT OF PERSONALITY TYPES ON FINANCIAL MANAGEMENT BEHAVIOUR OF INDIVIDUALS:WITH REFERENCE TO SALARIED CLASS FROM KERALA

Ms. ASWATHY MOHAN Assistant Professor, Bhavans Royal Institute of Management, Tripunithura, Ernakulam-Kerala [email protected]

Ms. RESHMA RAMESH [email protected]

ABSTRACT The study of psychology of financial decision-making known as behavioural finance extends to how emotions and other personality traits affect financial management and investment decisions. The main objective of this study is to identify how Big Factor Theory of Personality impact the Financial management behaviour of the salaried class pertaining to areas in financial management like goals and savings, record keeping, delaying tactics, controlling expenditure, do-it-yourself techniques, and cost cutting strategies.The research design used for this study was descriptive research and for primary data collection a standardized questionnaire has been used and the research has used SEM for the analysis.The study revealed that people with personality dimensions like neuroticism, extraversion, openness to experience, conscientiousness have an effect in the areas pertaining to financial management behaviour like setting financial goals and saving habit, record keeping, delaying tactics, controlling expenditure, do-it-yourself techniques, and cost cutting strategies. Results indicate that extravert and those open to experience have

49 LUX MONTIS Vol. 8 No.1 January 2020 more goal keeping and saving habit. Neurotics have the habit of record keeping. But delaying tactics is seen on conscientious people. The findings would be useful for the financial service providers as well as individuals as it helps them to try out financial planning measures based on their personality types which paves way to better financial security.

Key Words: Behavioural finance, Big-Five Personality Types, Financial Management behaviour

1. Introduction Behavioural finance is a new paradigm in the area of finance, which tries to supplement the standard theories of finance by introducing behavioural aspects to the financial decision making process.Traditional finance plays a limited role in addressing issues like how individual investors trade, how do they choose from various financial products and how do they plan their personal finance. These are considered as the main pedagogical goals of behavioural finance, which sheds light on active investing and management of personal finance. Thus the study of psychology of financial decision-making known as behavioural finance extends to how emotions and other personality traits affect financial management and investment decisions. In other words, behavioural finance takes the insights of psychological research and applies them to financial decision making. Behavioural researchers have taken the view that finance theory should take account of observed human behaviour. They use research from psychology to develop an understanding of financial decision making and create the discipline of behavioural finance. Researchers in psychology have proven that individuals behave differently while taking decisions related to money. The findings of the studies related to behavioural finance have real-world applications for financial planning and investing.

Personality differ from person to person. The effect of this personality changes on various investment decision comes under the discipline of behavioural finance. This study tries to analyse the effect of personality type on financial management behaviour of individual which is yet another unexplored area in behavioural finance which is having significance from the point of view of a financial services provider as well as an individual who manage his own finance.

This study tries to understand the effect of personality types on the financial management behaviour. The study analyse personality types on the basis of Big five traits and its impact on the financial management behaviour. This will help in understanding the possible relationship between both the variables and can result in identifying the individual preference. Preferences of people can be analysed easily through their personality or traits. Through this behaviour analysis it will be much convenient to identify exact need of the investors by developing tailor made financial products.

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In this backdrop, it is important to study the impact or effect of personality type on the financial management behaviour among the salaried class . The study tries to explore how the various personality types according to Big Factor Theory of Personality affects the financial management behaviour of the individual pertaining to areas like goals and savings, record keeping, delaying tactics, controlling expenditure, do-it-yourself techniques, and cost cutting strategies.

2. Review of Literature and Hypotheses Insights from the studies conducted in the field of behavioral finance can help understand why people do not act rationally when it comes to financial decision making. For example, increase savings rates by recognizing a client’s cognitive biases and using techniques to neutralize them. Goal-based planning is a practical method of using mental accounting to overcome the tendency of people to procrastinate when it comes to savings and counteract the lack of self- control and tendency to procrastinate that prevents people from saving, as they value spending more in the present than in the future (i.e., present biased and/or hyperbolic discounting).Behavioural finance is a discipline that attempts to explain and increase understanding regarding how the cognitive errors (mental mistakes) and emotions of investors influence the decision making process. It integrates the field of psychology, sociology, and other behavioural sciences to explain individual behaviour, to examine group behaviour, and to predict financial markets. According to behavioural finance people are not always rational: many investors fail to diversify trade too much, and seem to selling winners and holding losers. Not only that, but they deviate from rationality in predictable ways.

Richard Thaler (1999) states “Behavioural finance is no longer as controversial a subject as it once was. As financial economists become accustomed to thinking about the role of humanbehaviour in driving stock prices, people will look back at the articles published in the past 15 years and wonder what the fuss was about. I predict that in the not-too-distant future, the term “behavioural finance” will be correctly viewed as a redundant phrase. What other kind of finance is there? In their enlightenment, economists will routinely incorporate as much “behaviour” into their models as they observe in the real world. After all, to do otherwise would be irrational.”

Thaler’s view is likely to prove optimistic. Finance researchers are likely to be studying large, highly competitive asset markets and largely ignore behavioural modifications to traditional theory. Even relatively new field, Behavioural Finance is growing very fast, in explaining not only how people make financial decisions andhow markets functions, but also how to improve them. Behavioural finance is integration of various fields as explained in figure below:

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Figure1 Evolution of behavioural finance

As the evidence of the influence of psychology and emotions on decisions became more convincing, behavioural finance has received greater acceptance.

“Behavioural finance relaxes the traditional assumptions of financial economics by incorporating these observable, systematic and very human departures from rationality into standard models of financial markets. The tendency for human beings to be overconfident causes the first bias in investors, and the human desire to avoid regret prompt the second” (Barber and Odean,1999)

Personality is defined by Schiff man (2008) as that the unique dynamic organization of characteristics of a particular person, physical and psychological, which influence behaviour and responses to the social and physical environment. There are several different theories about how personality traits should be measured, but the most popular and widely used approach in recent years is the “Big Five” or the Five Factor Model. This theoretical framework assumes that there are five major personality traits: openness to experience, conscientiousness, extraversion, agreeableness and neuroticism. Similarly,in explaining the differences between investor behaviors, lots of studies argued the role of personality on investing behaviour. Personality influences risk perceptions or risk tolerance of investors and these risk reflections form the investor behavior

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(Mayfield et al., 2008). It is said that personality has a relation to regret feeling regarding current investment as well as investment preferences (Xiao et al., 2009). Some research argued Type A personality, Myers-Briggs personality type or sensation seeking on financial risk taking (Carducci and Wong, 1998; Sjöberg and Engelberg, 2009; Filbeck et al., 2005) while other research employed Big Five personality traits in predicting financial behavior (Xiao et al., 2009; Mayfield et al., 2008; Hunter and Kemp, 2004). Big five personality classification operationalizes personality traits and reduces it into five bilateral dimensions (i.e., extraversionness, agreeableness, conscientiousness, neuroticism, openness to experience). It is mentioned that big fiverelates to several personality scales (McCrae and John, 1992).Following are some of the researches done in the area of behavioural finance :”Financial Planning and Counseling Scales” by John E. Grable·Kristy L. Archuleta· R. RoudiNazarinia. Financial counseling and planning forms one facet within the interdisciplinary profession of personal ûnance. The profession is focused on equipping consumers and families with the skills and knowledge to make informed ûnancial choices to improve their quality of life. The disciplines of economics, sociology, and psychology have informed the pedagogy, research, and practice of personal ûnance. First and foremost, a need has existed for a compilation of valid and reliable measures in personal ûnance. Previous research has typically been based on theoretical frameworks from economics, family studies, sociology, psychology, and business. Other ûelds have published collections of research while personal ûnance has not. This book ûlls a void and at the same time provides a much needed starting point. (Nazarinia, 2013)Investment management and personality type” was a study conducted by Cliff Mayûeld, Grady Perdue, Kevin Wooten. Study examine several psychological antecedents to both short-term and long-term investment intentions, with speciûc focus on the Big Five personality taxonomy. The effects of speciûc personality traits are evaluated using structural equation modeling (SEM). The results indicate that individuals who are more extraverted intend to engage in short-term investing, while those who are higher in neuroticism and/or risk aversion avoid this activity. Risk adverse individuals also do not engage in long-term investing. Individuals who are more open to experience are inclined to engage in long-term investing; however, openness did not predict short-term investing. (Cliff Mayûeld, 2008)The paper by Rajib Bhattacharya (2012), this paper aims at discussed three relevant aspects of behavioural finance. Firstly the paper discusses the factors causing such irrational behaviour and also to build a conceptual model identifying the causal factors for investment behaviour of people and the mode in which investment behavior is affected by such factors. The second objective of this paper is to suggest measures to counter such factors and enable the investors to take more rational decisions thereby reducing the chance of market inefficiencies. Thirdly the paper aims at identifying the possible area for further research on behavioural finance. The result of this study the knowledge about this fact can help the investors to train themselves and avoid committing the mistakes while taking investment / divestment decisions and act as a deterrent to erosion of their net wealth. Investors, if aware of the common follies they commit due to impact of psychology on rational investment

53 LUX MONTIS Vol. 8 No.1 January 2020 decision, can insulate partially themselves from making sub-optimal asset allocations.The study by Jake Morris, Mariella Marzano, Norman Dandy, Liz O’Brien , (2007)12, the researcher will focus on six heuristics and biases that entrepreneurs are seemingly prone to exhibit. Firstly, entrepreneurs tend to be overconfident. Secondly, the manner in which a problem is framed will influence the choice that is made. Thirdly, entrepreneurs make decisions on what information is available to them. Fourthly, entrepreneurs exhibit loss aversion. Fifthly, entrepreneurs tend to separate their money into several mental accounts. Finally, entrepreneurs tend to form judgment on stereotypes. The results have shown that entrepreneurs do manifest these heuristics and biases in their decision-making. On the strengths of the results, entrepreneurs should be conscious of the use of heuristics and biases in decision-making. The study by Andrey Kudryavtsev Gil Cohen and Shlomit Hon-Snir (2014 )28, The main goal of this study was to analyse the effects of five well documented behavioural biases—namely, the disposition effect, herd behaviour, availability heuristic, gambler’s fallacy and hot hand fallacy—on the mechanisms of stock market decision making and, in particular, the correlations between the magnitudes of the biases in the cross-section of market investors. The result in this study finding suggests that an investor who is more inclined to employ a certain intuitive decision-making technique will most likely accept other techniques as well. Furthermore, they determine that the correlation coefficients between the biases are higher for more experienced investors and male investors, indicating that these categories of investors are likely to behave more consistently, or, in other words, are more likely to decide for themselves whether to rely on simplifying decision-making techniques in general or to reject all of them.

The hypothesis formulated for the study is:

H0: There is no significant relationship between personality types and financial management behaviour among the salaried class

H1: There exist significant relationship between personality types and financial management behaviour among the salaried class

3. Methodology

3.1 Research Goal Based on the review of literature done, the conceptual model of the study as seen (in Fig.1) was developed. The study aims to understand whether there is a significant effect of various personality types on financial management behaviour. The five big factor traits of personality are Neuroticism, Extraversion, Openness to experience, Agreeableness,

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Conscientiousness.Financial management behaviour of the individual pertains to areas like setting financial goals and saving habit, record keeping, delaying tactics, controlling expenditure, do-it- yourself techniques, and cost cutting strategies and the like.

Figure 1: Conceptual Model

Big Five Personality Financial Management Traits Behaviour

3.2 Sample and Data Collection The study used descriptive research design. Sample constituted of salaried class from the state of Kerala. The sample for the study was chosen through stratified random sampling. The state of Kerala was divided into three strata namely: north, south and central and randomly selected three districts from each stratum which are Kozhikode, Ernakulum and Kollam. A total of 300 respondents were chosen randomly from private and government sectors from all the aforesaid districts.

The data for the study was collected with the help of a pre-structured questionnaire. The first part of the questionnaire dealt with the class of questions like age, gender, year of service, annual income. Personality was operationalized using the ûve measures from the BigFive pointFive theory (Costa and McCrae, 1992a, 1995, 1997; Digman, 1997; Goldberg, 1992; McAdams, 1992).a shortened version of the Big Five, using 15 items to measure each of the ûve scales. Each item used a ûve-point scaled anchor, ranging from strongly disagree, disagree, neutral, agree, to strongly agree.Shown in Table 1 are the descriptions of the Big Five traits.

Table 1 Descriptions of the Big Five personality traits

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For measuring financial management behaviour 15 statements pertaining to areas like setting financial goals and saving habit, record keeping, delaying tactics, controlling expenditure, do-it-yourself techniques, and cost cutting strategieswere prepared.Danes, S. M., Huddleston- Casas, C., & Boyce, L. (1999). JariahM., Husniyah, A.R., Laily, P.,&Brits.(2004). were reviewed for the financial management statements. The questionnaire was pre-tested before actually administering it. The questionnaire was administered among respondents in the selected sample and checked whether they understand it in the right perspective and is capable of answering them. As it was a validated as expected there was no necessity of effecting changes in the questionnaire.

3.3 Analysis and Results

The analysis of data was done through SEM usingWarpPLS. The result of the analysis is shown below.

The reliability and validity of measurements instrument were assessed. The Cronbach’s alpha, composite reliability (CR), and average variance extracted (AVE) are shown in the below table.

Variable Alpha Coefficients Composite AVE Reliability Personality 0.639 0.698 0.238 Financial management 0.729 0.791 0.237 Behavior

Source: - Data Analysis Cronbach’s alpha was used to examine the internal consistency (reliability) of the scale measurement items used for the study. The results of the Cronbach’s alpha presented in the above table suggest that all measures in this study, ranged from 0.675 to 0.804, are reliable as recommended by Hair et al. (2003), and well above the required threshold of 0.6 (Goffee, 1996). In order to validate the measurement model, convergent validity was assessed by investigating composite reliability and average variance extracted (AVE) values from the measures. As suggested by Chin et al. (2003), acceptable values for composite reliability should be above 0.70. In this study, the composite reliability values for all variables of the model are exceeding the recommended value of 0.70. The AVE measured values are seen to be below the generally accepted cut-off value of 0.50 (Fornell and Larcker, 1981).

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The goodness of fit for the proposed model was also analyzed. The various goodness of fit statistics is shown in the below table. According to Kock (2013), the model has a good fit to the data.

Measure Value P-values Average path coefficient (APC) (<0.05) -0.164 P<0.001 Average R-squared (ARS) (<0.05) -0.214 P<0.001 Average adjusted R-squared (AARS) -0.201 P<0.001 Average block VIF (AVIF) -1.889 Good if <= 5, ideally <= 3.3 Average full collinearity VIF (AFVIF) -1.288 Acceptable if <= 5, ideally <= 3.3 TenenhausGoF (GoF) -0.355 Small >= 0.1, medium >= 0.25, large >= 0.36 Sympson’s paradox ratio (SPR) 0.800 Acceptable if >= 0.7, ideally = 1 R-squared contribution ratio (RSCR) 0.996 Acceptable if >= 0.9, ideally = 1

Source: - Data Analysis

The above values are indicative of a good fit of the model to the data.

The results of the relationship between Personality factors and Financial Management behaviour are presented below.

Figure No: 2 Model Showing the Result

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Source: - Data Analysis According to the Big Factor Theory, personality have five traits. Here the diagram shows that personality traits like neuroticism, extraversion, openness, conscientiousness will definitely have an effect on their financial management behaviour because these four dimensions have p<.01 and an R 2 value of 0.21 which depicts the strength of the model. Whereas, agreeableness has a p value of .43 which is more than 0.05, this says that this trait does not have an impact on the financial management behaviour or it is insignificant. Among the significant variables, that is,neuroticism, extraversion, openness to experience, agreeableness and conscientiousness, the beta value of openness to experience is the highest at 0.27. This depicts that the openness to experience is one of the personality traits which has a greater influence on the dependent variable financial management behaviour.

4. Discussion and Conclusion The study examines the effect of personality traits on financial management behaviour. The empirical results reveal that there is a direct relation between personality traits and financial management behaviour.The study revealed that people with personality dimensions like neuroticism, extraversion, openness to experience, conscientiousness have an effect in the areas pertaining to financial management behaviour like setting financial goals and saving habit, record keeping, delaying tactics, controlling expenditure, do-it-yourself techniques, and cost cutting strategies. It was found that people with personality dimensions’ openness to experience and extraversion are more inclined to setting financial goals and saving habit whereas the habit of record keeping and cost cutting is common among neurotics i.e. those people who are always anxious and worried about things. Delaying tactics like postponement of expenses was seen amongthe people with dimension conscientiousness who seems to be hard working, organized and achievement oriented. It was also learned that people who seems to be active and excitement seeking i.e. the extraverts make use of offers and other tactics to control expenditure and people who are creative, imaginative and more open to experiences depend on do-it yourself techniques like doing household repairs in areas they are skilled and so on. The financial service providers can make customised products by analysing the behaviour or personality of the people as individual’s with different personality will be opting for different financial products.Moreover, advertisements on financial products and investing habits can be made more effective by exactly identifying the target group. From the point of view of individuals, the study helps them to try out financial planning measures based on their personality types which paves way to better financial security in future.

Despite the implications, the limitations of this study which generates opportunities for future research which can study whether there are factors which has a moderating effect on

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Personality-Financial management behaviour. In sum, behavioural finance literature has grown by leaps and bounds in recent years. However, much work remains to be done in the field.

References

1. Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50, 179–211.

2. Ashly Lynn Joseph, Prakash M. (2014). “ A Study On Preferred Investment Avenues Among The People And Factors Considered For Investment ”. International Journal of Management and Commerce Innovations

3. Barrick, M. R., & Mount, M. K. (1991). The Big Five personality dimensions and job performance: A meta-analysis. Personnel Psychology, 44, 1–26 Bhandari, G., &Deaves, R. (2006). The Demographics of Overconûdence. The Journal of Behavioral Finance, 7, 5–11.

4. Brahmabhatt, Raghi Kumari Ps, SharmiraMalekar. (2012). “ A Study of Investor Behavior on Investment Avenues in Mumbai Fenil” . Asian Journal of Marketing Management Resaerch

5. Carducci, B. J., & Wong, A. S. (1998). Type A and risk taking in everyday money matters. Journal of Business and Psychology, 12, 355–359. Chen, H., & Volpe, R. (1998). An analysis of personal ûnancial literacy among college students. Financial Services Review, 7, 107–128.

6. Cliff Mayûeld, G. P. (2008). Investment management and personality type . Houston: Financial Service review.

7. De Boele, R. (2000). The Big Five Personality Factors: The Psychological Approach to Personality. Seattle, WA: Hogrefe& Huber.

8. K.C. Mishra a, M. J. (2015). A study on the impact of investment . Banglore: IIMB.

9. Mehmet Islamoðlu, M. A. (2015). Determination of Factors Affecting Individual Investor Behaviours: A Study on Bankers. Turkey: International Journal of Economics and Financial Issues.

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10. Nazarinia, J. E. (2013). Financial Planning and Counseling Scales. Springer.

11. POMPIAN, M. M. (2014). Behavioural Finance and Wealth Management . John Wiley & Sons, Inc.

12. Rajib Bhattacharya. (2012). “Behavioural Finance ”. Johnson School Research Paper Series, 38(6), 1 - 16.

13. Salgado, J. F. (1997). The ûve factor model of personality and job performance in the European community. Journal of Applied Psychology, 82, 30–43.

14. Wong, A., & Carducci, B. J. (1991). Sensation seeking and ûnancial risk taking in everyday money matters. Journal of Business and Psychology, 5, 525–530.

15. Zhao, H., & Seibert, S. (2006). The Big Five personality dimensions and entrepreneurial status: A meta-analytical review. Journal of Applied Psychology, 91, 259–271.

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SATISFACTION LEVEL OF PATIENTS ON HOSPITAL PERFORMANCE AND INFRASTRUCTURE AT PRIVATE MEDICAL COLLEGE HOSPITALS IN THRISSUR DISTRICT, KERALA

ANTONY. T. K Research Scholar, Department of Management studies, Karpagam Academy of Higher Education. Coimbatore -641021

Dr. REMA DEVI. T Research Guide, Department of Management studies, Karpagam Academy of Higher Education. Coimbatore -641021

ABSTRACT Patient satisfaction has been an important issue for health care managers. Many previous studies have developed and applied patient satisfaction as a quality improvement tool for health care providers. The opinions of the family should also be considered. It also has been described as a particularly passive form of establishing consumer’s views .the patient/client’s evaluation of a service may be largely independent of actual care received Satisfaction is easy to understand but hard to define. overall mean response shows that there is good level of patient satisfaction according to hospital structure.Overall mean response was shows that there is fair level of satisfaction. Mean response on hospital performance shows that there is good level of patient satisfaction.

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INTRODUCTION Patient satisfaction has been an important issue for health care managers. Many previous studies have developed and applied patient satisfaction as a quality improvement tool for health care providers. Increased levels of competition and the emphasis on consumerism, patient satisfaction has become an important measurement for monitoring health care performance of health plans. This measurement has developed along with a new feature: the patient’s perspective of quality of care. Patient satisfaction is multifaceted and a very challenging outcome to define. Patient expectations of care and attitudes greatly contribute to satisfaction; other psychosocial factors, including pain and depression, are also known to contribute to patient satisfaction scores.

NEED OF STUDY Satisfaction is achieved when the patient/client’s perception of the quality of care and services that they receive in healthcare setting has been positive, satisfying, and meets their expectations. But it is important to recognize that patient/clients range from people who are in receipt of ongoing care, personal assistance services and other community delivered supports to people admitted to hospital on a once off or episodic basis. The opinions of the family should also be considered. It also has been described as a particularly passive form of establishing consumer’s views .the patient/client’s evaluation of a service may be largely independent of actual care received Satisfaction is easy to understand but hard to define. The idea of satisfaction overlaps with similar themes such as happiness, contentment, and quality of life. Satisfaction is not some pre-existing phenomenon waiting to be measured, but a judgment people form over time as they reflect on their experience. The meetings of patient/client expectations are assumed to play a role in the process by which an outcome can be said to be satisfactory or unsatisfactory. Expectations are an important influence on the patient/client’s overall measurement of satisfaction with a health care experience. Patient/client satisfaction is influenced by the degree to which care fulfils expectation

REVIEW OF LITERATURE Mishra, P. H., & Gupta, S. (2012) Patients and their relatives coming to the hospital not only expect world-class treatment, but also other facilities to make their stay comfortable in the hospital. This change in expectation has come due to tremendous growth of media and its exposure, as well as commercialization and improvement in facilities. The aim of this study was to evaluate the level of patient/relatives satisfaction at tertiary care teaching hospital and feedback from them for improvement of the same. Eighty two percent people were satisfied with the service at admission counter while 81% were satisfied with room preparation at the time of admission. The nursing services satisfied 80% of people while 92% were satisfied with explanation about disease and treatment by doctor. The behavior of nurses, doctors and orderlies satisfied 92, 92 and 83% of

62 LUX MONTIS Vol. 8 No.1 January 2020 people. The cleanliness of toilets satisfied only 49% while diet services satisfied 78% of people.

Al-Abri, R., & Al-Balushi, A. (2014) This article investigates in-depth a number of research studies that critically discuss the relationship of dependent and independent influential attributes towards overall patient satisfaction in addition to its impact on the quality improvement process of healthcare organizations. Various elements of patient satisfaction ranging from its measurement, predictors for improving overall patient satisfaction and impact of collecting patient information to build up strategic quality improvement plans and initiatives has shed light on the magnitude of the subject. It thus provides the opportunity for organization managers and policy makers to yield a better understanding of patient views and perceptions, and the extent of their involvement in improving the quality of care and services. Furthermore, mangers implement effective change by unfreezing old behaviors, introducing new ones, and re-freezing them for better healthcare.

Mishra, Param Hans., and Mishra, Tripti. (2014) their study evaluates the patients or relatives satisfaction in the hospital and the response for the improvement of the care. The study done by getting response from 100 patients and their relatives. The results of the study shown that there are major satisfying variables include the doctor’s behavior, disease and treatment description, courtesy, total behavior and nurses’ cooperation.

RESEARCHMETHODOLOGY

Objectives To assess the satisfaction of the patients who have utilized the services

Objectives of Patient Satisfaction Survey 1. To study the patient satisfaction on hospital structure, 2. To study the patient satisfaction on hospital process

. Data

The present study is based on two types of data:

·Primary data Primary data are collected by personal interview and 4 parts of questionnaire, which is to be filled by the patients coming at outpatient department . Most of the questions are of multiple choices and close ended type based on four or five point scale and filled by using survey method.

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·Secondary data Secondary data is collected from internet, journals and books. Area of the Study The present research study is carried out in the different departments.

Tools The data from present study is analyzed by different statistical methods like mean, standard deviation and standard error and t test.

DATA ANALYSIS AND INTERPRETATION This study was conducted to determine the patient satisfaction with health care services at outpatient department (OPD) of .100 patients were interviewed at the outpatient department. Structured questionnaire were facilitated for data collection. The result was presented in tables as well as descriptive form.

TABLE No.I Satisfaction of Male and female Patients on the basis of Hospital Performance

Total

S.No Statement Mean S.D S.E t RESPECT GIVEN BY 1 DOCTOR 3.99 .611 .061 3.99

WAY OF EXPLANING 2 TREATMENT 3.57 .902 .090 3.57

PURPOSE AND SIDE- EFFECT OF 3 3.08 .950 .095 3.08 MEDICINES

INTERPERSONAL 4 SKILLS 3.82 .595 .060 3.81

CONCERN BY 5 NURSES 3.85 .611 .067 3.854

RESPONSIVENESS 6 3.73 .738 .081 3.73

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COURTESY of LAB 7 PERSONAL 3.18 .866 .101 3.176

HOSPITAL STAFF 8 3.67 .700 .071 3.673

INFORMATION on 9 DIAGNOSTIC TESTS 3.97 .833 .097 3.973

TREATMENT AND 10 FOLLOW-UP 3.22 .949 .095 3.220

LISTEN YOUR 11 PROBLEMS 3.60 .752 .075 3.600

EFFECTIVENESS OF 12 TREATMENT 3.76 .605 .061 3.760

Overall score 3.537 0.76 .080 3.537

In the description of table most of the patients had given good response to the hospital process which includes courtesy and respect by doctors, responsiveness of the nurses and laboratory staff and required explanation about diagnostic tests and treatment plan and at the last overall effectiveness of the treatment.

Mean response on hospital performance of total mean response was 2.537± 0.76. This shows that there is good level of patient satisfaction according to hospital performance.

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TABLE No. II Male and Female patients level of Satisfaction on Basis of Hospital Structure, Process and Performance

TOTAL

STATEMENTS Mean S.D S.E t

HOSPITAL 3.73 0.57 0.05 3.43 STRUCTURE

HOSPITAL 3.18 0.93 0.09 3.18 PROCESS

HOSPITAL 3.54 0.76 0.08 3.54 PERFORMANCE

OVER ALL SCORE 3.48 0.75 0.08 3.38

In the description of table 2, the researcher included three aspects i.e. hospital structure, hospital process and hospital performance. During calculating the mean response the result of overall values of level of patient satisfaction total mean response was 3.48±0.75.This shows that overall there is fair level of patient satisfaction according to hospital structure, hospital process amd hospital performance.

According to this table most of the patient had good response towards hospital building and female patients was more satisfied with hospital structure, process and performance than male patients.

CONCLUSION Most of the patients were revisits to the hospital for their treatment. · overall mean response shows that there is good level of patient satisfaction according to hospital structure. · Overall mean response was shows that there is fair level of satisfaction . · Mean response on hospital performance shows that there is good level of patient

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BIBLIOGRAPHY 1. Mishra, P. H., & Gupta, S. (2012) Study of patient satisfaction in a surgical unit of a tertiary care teaching hospital. Journal of clinical orthopaedics and trauma.vol. 3(1),pp: 43–47. 2. Al-Abri, R., & Al-Balushi, A. (2014) Patient satisfaction survey as a tool towards quality improvement. Oman medical journal. Vol. 29(1), pp: 3–7. 3. Mishra, Param hans., and Mishra, Tripti. (2014) Study of Patient Satisfaction at a Super Specialty Tertiary Care Hospital. Indian Journal of Clinical Practice, Vol. 25, No. 7,pp:624-634. 4. Draper, M. and Hill, S. (1995), The role of patient satisfaction surveys in a national approach to hospital quality management, Australian Government Publishing Service 5. Delbanco, T., 1996. Quality of care through the patient’s eyes. Satisfaction surveys are just the start of an emerging science. British Medical Journal 313:832-833. 6. The Journal of Heart and Lung Transplantation,Volume 18, Issue 3, Pages 202–210rch 1999. 7. Patient Satisfaction Surveys in Public Hospitals in India: Srilata Sivalenka,2000. 8. https://www.icmr.nic.in 9. www.gmsctr.org 10. www.who.int

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ROLE OF BUSINESS INCUBATORS IN PROMOTING ENTREPRENEURSHIP

Dr. V S SANTHOSH Associate Professor and Head, Department of Commerce, M .G. College, Trivandrum.

ASWATHI C R M Com Student, M. G. College, Trivandrum

ABSTRACT

Business incubators are considered as initiation cushion for business start-ups. The cycle of any new start-up business needs a number of support services at its different phases to manage with dynamic environmental and operational challenges. Hence, business incubator mechanism portfolio creation aligned with phases of start-up is an important domain to explore, which is intended in this conceptual study. Assessing an incubator is a complex task and this article makes an attempt to highlight the significance of such start-ups in enhancing the entrepreneurial traits and economic development of the country. It presents a set of benchmarking procedure which helps the facility tools to be more impactful and thus maintain the sustainable operation. There is a mismatch between start-up’s expectations and incubator’s offerings. Hence, this study acquires importance on the perspective Kerala and its contributions to the growth of the Nation. The study is limited to three different incubators viz. Kerala Start-up Mission, Kerala State Industries Development Corporation and Agro-park in the Ernakulam district.

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Key words: Business, incubators, start-up business, entrepreneurship, Industrial growth.

INTRODUCTION Business incubators are designed to nurture the development of newly shaped entrepreneurial companies by providing them with an array of targeted business support services and resources, which comprise: management guidance, technical advice, consulting, appropriate rental space, shared basic business services and equipment, networking support, marketing assistance, and financing necessary for company growth. The most common goals of incubation programs are to improve the survival and the growth of new start-up firms substantially, create jobs and wealth, enhance entrepreneurial climate, create and retain businesses, commercialize new technologies, build or accelerate growth in a local industry, and diversify economies.

BACKGROUND OF THE STUDY This study attempts to explore the relationship between entrepreneur, entrepreneurship and business incubation. While entrepreneur reflects the individual, entrepreneurship relates to the process and business incubator is a tool to flourish entrepreneurship and further economic growth of the country. The study contributes to the body of knowledge which can serve researchers and practitioner in the planning and execution of incubation facilities as a novel approach to strengthen start-up conductive ecosystem.

SIGNIFICANCE OF THE STUDY Start-ups and Start up villages are prominent in developing nations like India, playing a key role in economic prosperity, service catering employment creation and value - addition with direct influence on standard of living of consumers and society. It provides initiators with workspace, high-speed internet connectivity, legal and intellectual property services and access to high-profile investors. Companies can also grab the Start-up Village Angel Fund, Crowd funding, and Seed Capital. They also have access to all the workshops, networking events and contests at Start-up Village. In this context, the present study assumes greater significance.

STATEMENT OF THE PROBLEM Compared with that of countries like USA, China, Germany, Brazil, Korea etc, the business incubation environment in India lags behind and therefore it needs qualitative and quantitative transformation. In India, roughly over 5000 start-ups take birth every year but due to lack of effective support, the mortality rate of the start-up ventures is very high. Majority of the incubators offer an incubation program which is rental based and which lacks structured mentoring.

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There is a mismatch between start-up’s expectations and incubator’s offerings. Hence, this study acquires importance on Kerala’s perspective and its contributions to the growth of the nation. There is only one study conducted in Kerala and that too with regard to the start-up village. So there are wide research possibilities in this field which is the research gap of the study.

OBJECTIVES OF THE STUDY

The study has the following objectives:

1. To study the role of incubators in entrepreneurship development.

2. To analyse the extent of services provided by incubators.

SCOPE OF THE STUDY

The present study has been undertaken to analyze role of business incubators in promoting entrepreneurship. The assessment has been made by considering the perception of initiators of start-ups operating from Cochin start-up village. Scope of the study is limited to Ernakulam district, during 2019 - 2020.

METHODOLOGY OF THE STUDY

A sample of 150 respondents has been selected by adopting judgment sampling method for the purpose of study. The primary data were collected from the respondents based on structured interview schedule. The secondary data were collected from official website of the three different incubators viz. Kerala Start-up Mission, Kerala State Industries Development Corporation and Agropark. The data collected were suitably classified and analysed keeping in view the objectives of the study. One way Anova and t-test were used via SPSS for the analysis.

HYPOTHESES OF THE STUDY

Ho 1. There is no significant difference in the opinion of respondents among the three different incubators regarding the role of incubators in entrepreneurship development.

Ho 2. There is no significant difference in the opinion of respondents among the three different incubators regarding the success rate of business organizations floated by incubators.

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REVIEW OF LITERATURE

Ø Von Zedtwitz (2003) opined that by offering shared office services and equipment, business incubators at a minimum level provide opportunities to reduce costs and to save time for entrepreneurs who want to start their businesses immediately. Ø Peters et al (2004) proposed that the entrepreneurial ventures established through an incubator are directly affected by the services offered by the incubator and the filter process (selection processes) carried out by incubator directors. It was also proposed that when the objectives of the incubator match those of the tenants there will be a higher number of graduates. Ø Phan et al (2005) suggested that there is a failure to understand the dynamic nature of the incubator as well as that of the companies located on them and that there is a lack of clarity regarding their nature of performance. Ø Daood Hamdani (2006) concluded that research in business incubation has focused on the individual components of the process and a complete evaluation framework that links these various elements and, how an organization develops within the protected environment of an incubator has received little attention. Taking the case of Korean business incubators. Ø Chandra (2007) opined that Business incubators, by providing timely help and support to new ventures, hold the potential to create and develop entrepreneurial talent at the micro-level and foster an environment for entrepreneurship at the macro level. Ø McAdam and McAdam (2008) showed that a high technology business firm’s propensity to make effective use of the university science park incubator’s resources and support increases as the lifecycle stage of the company increases and the smallfirm searches for independence and autonomy. Ø Hanadi et. all. (2010) recognized that business incubators impact a wide range of economic activities such as building confidence among the finance community, supporting start up’s, promoting a cultural change and help in fostering a culture of entrepreneurship. TESTING OF HYPOTHESIS 1. Ho 1 - There is no significant difference in the opinion of respondents among the three different incubators regarding the role of incubators in entrepreneurship development.

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Table : 1 Descriptive 95% Confidence Std. Std. Interval for Mean Minim Maxi N Mean Deviation Error Lower Upper um mum Bound Bound Agropark 30 52.57 15.558 2.840 46.76 58.38 19 88 Keralastartup mission 30 45.73 11.626 2.123 41.39 50.07 23 90 KSIDC 40 45.78 12.889 2.038 41.65 49.90 18 86 Total 100 47.80 13.630 1.363 45.10 50.50 18 90

Source: Primary Data

The descriptive statistics of these three categories is given in Table 1. The mean value of agropark is highest (52.57) then KSIDC (45.78) and Kerala start-up mission (45.73). The standard deviation of agropark is 15.558, KSIDC is (12.889) and Kerala startup mission is (11.626). Table: 2 ANOVA Sum of Df Mean F Sig. Squares Square Between Groups 973.792 2 486.896 2.711 .071 Within Groups 17418.208 97 179.569 Total 18392.000 99

Source: Primary Data

The Table 2 reveals the description based on ANOVA. The table reveals that the sum of squares between groups is 973.792: that of within group is 17418.208 and the total is 18392.000 with the respective degree of freedom of 2, 97 and 99. The mean squares between groups are 486.896 and within group are 179.569. The f-value is 2.711 and the corresponding Sig. value is given as 0.071, greater than 0.05. Hence, the null hypothesis can be accepted, which means that there is no significant difference in the opinion of respondents among the three different incubators regarding the role of incubators in entrepreneurship development.

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2. Ho 2 - There is no significant difference in the opinion of respondents among the three different incubators regarding the success rate of business organisations floated by incubators.

Table: 3 Descriptive N Mean Std. Std. 95% Confidence Mini Maxi Deviatio Error Interval for Mean mum mum n Lower Upper Bound Bound Agropark 30 48.30 11.597 1.907 44.43 52.16 22 81 Kerala start-up 30 51.74 16.874 3.247 45.07 58.42 19 88 mission KSIDC 40 44.33 12.289 2.048 40.18 48.49 18 90 Total 100 47.80 13.630 1.363 45.10 50.50 18 90 Source: Primary Data

The descriptive statistics of these three categories is given in Table 3. The mean value of Kerala Start-Up Mission is highest (51.74) then agropark (48.30) and Kerala States Industries Development Corporation (44.33). The standard deviation is least in agropark which is 11.597, KSIDC is (12.289) and Kerala startup mission is (16.874).

Table: 4 ANOVA Sum of Df Mean Square F Sig. Squares Between Groups 861.085 2 430.543 2.382 .098 Within Groups 17530.915 97 180.731 Total 18392.000 99

Source: Primary Data

Table 4 the description based on ANOVA. The table reveals that the sum of squares between groups is 861.085, and that of within group is 17530.915 and the total is 18392.000 with the respective degree of freedom of 2, 97 and 99. The mean squares between groups are

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430.543 and within group are 180.731. The f-value is 2.382 and the corresponding Sig. value is given as 0.098, greater than 0.05. Hence, the null hypothesis can be accepted, which means that there is no significant difference in the opinion of respondents among the three different incubators regarding the success rate of business organizations floated by incubators.

Major Findings From the study it can be seen that there is a disparity in incubates’ expectation and the services they actually received. Incubation period is not sufficient enough to float the business in the economy. Periodical assessments and controlling are utter failure in this regard. The study also reveals that, entrepreneurship based on agriculture has started showing a positive trend. Alongside, there has also been a shift of business bases into rural areas. Respondents put forward moderate opinion on entrepreneurship promotion programmes like workshop, trade fair etc. Government initiatives have been successful in regenerating confidence with regards to business.

The study also makes known that incubators are acting as catalysts in developing business plans. Human Resource services provided to the incubators has been dissatisfactory. Majority of the respondents have conveyed that the incubators failed in providing financial infrastructure. The current incubation duration is inadequate for the businesses to develop. A significant percentage of respondents expect long-run profitability from their business. The study also reveals that, majority of respondents registered under Kerala Start-up Mission exhibit the highest success rate.

Suggestive strategies · A longitudinal study on various business incubation centre indicators can be conducted for comparison between incubators and against industry baseline. · A comparison of business incubation centres with other entrepreneurial development programmes can provide insights into their effectiveness. · Government should consider providing more subsidies for minimising cost. · It would be better to make an impact assessment of the incubation centres in terms of three indicators: Impact and outreach, effectiveness, and sustainability. · Revise all academic plans especially those of the scientific, engineering, commerce, and information technology and make adjustments and modifications by approving new courses to prepare students for market needs and develop their entrepreneurial skills and competencies. · Academic institutions and faculties need to take initiative to arrange seminars, workshops projects and other activities and invite local industrialists and other players for discussions and participation. It will give inspiration to the budding entrepreneurs. 74 LUX MONTIS Vol. 8 No.1 January 2020

· Proper research and development activities can help entrepreneurs to conduct feasibility study. Thus, research centres both at the centre and state should be initiated for this purpose. · Develop interdisciplinary studies and specializations to cover market needs and support the development process. · There is a requirement for a better platform to study and analyse, success rate and profitability which should ensure comparability. · The government and non-government organisations should give more importance in this area so as to reap a better result in future, as we have a good number of educated unemployed youth. · A research on the returns from public investments in business incubation initiatives need to be considered.

Conclusion The data analysis revealed a fact that the majority of the start -ups were incorporated by female dominance showing high gender disparity, incorporations were done in corporate form, of which majority were registered to female. Majority of the start-ups were engaged in agri- based business, with education backing from graduation discipline, it took nearly one year for companies to come up with a feasible product market fit, though modern source of favorable funding schemes were available.

References Ø Adegbite, Oyeyemi, ‘Business Incubators and Small Enterprise Development: The Nigerian Experience’, Small Business Economics, 17 (3), 2001, pp. 157–66.

Ø Chandra Aruna., He, Wei., and Fealey, Tim, ‘Business Incubators in China: A Financial Services Perspective’, Asia Pacific Business Review, 13(1), 2007, pp. 79-94

Ø Kim, H. and Ames, M., ‘Business Incubators as Economic Development Tools: Rethinking Models Based on the Korea Experience’, International Journal of Technology Management, 33(1), 2006, pp.1–24.

Ø Klofsten Magnus, Maier C. Jan, and Heydebreck Peter, ‘Innovation Support for New Technology Based Firms: The Swedish Teknopol Approach’, R&D Management, 30(1), 2000, pp. 89-100.

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Ø Lalkaka, Rustam, ‘Technology Business Incubators to Help Build an Innovation- Based Economy’, Journal of Change Management, 3 (2), 2002, pp. 167-176

Ø McAdam, Maura. and McAdam, Rodney, ‘High Tech Start ups in University Park Incubator: The Relationship between the Start up’s Life Cycle Progression and Use of the Incubator’s Resources’, Technovation, 28(5), 2008, pp. 277-290.

Ø Peters, Lois, Rice, Mark P., and Sundararajan, Malavika, ‘The Role of Incubators in the Entrepreneurial Process’, The Journal of Technology Transfer, 29 (1), 2004, pp. 83–91.

Ø Sherman, Hugh and Chappell, David, S., ‘Methodological Challenges in Evaluating Business Incubator Outcomes’, Economic Development Quarterly, November, 12 (4) 1998, pp. 313 – 321.

Ø Totterman, Henrik., and Jan. Sten, ‘Start-ups: Business Incubation and Social Capital’, International Small Business Journal, 23 (5), 2005, pp. 487–511

Ø Von Zedtwiz, Maximilian, ‘Classification and Management of Incubators: Aligning Strategic Objectives and Competitive Scope for New Business Facilitation’, International Journal of Entrepreneurship and Innovation Management, 3(1/2), 2003, pp. 176-96 as reported in Abduh Muhamad, D’Souza Clare, Quazi Ali, and Burley Henry T, ‘Investigating and Classifying Clients’ Satisfaction with Business Incubator Services’, Managing Service Quality, 17(1), 2007, pp. 74- 91.

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ATTITUDE OF POLICY HOLDERS TOWARDS LIC POLICIES AND SERVICES- A STUDY AT AZHIKODE GRAMA PANCHAYATH

RAMSEENA AZEEZ Assistant professor, P.G Dept of Commerce, Sir Syed College, Taliparamba,Kannur

ABSTRACT Life is never free from risks. The presence of risks and uncertainly in life, business and industry and in fact in every undertaking makes people debt, careful and imaginative in planning to counteract these uncertainties. So it is important to examine some techniques for meeting the problem of risks. Insurance is a means of protection from financial loss. A person or entity took the policy is known as an insured or as a policy holder. The amount of money charged by the insurer to the insured for the coverage set forth in the insurance policy is called the premium. LIC provides both safety and protection to individuals and encourages savings. The insurance sector is one of the important sectors of the liberalized Indian economy. In Indian only less than 20% of the total insurable population has covered under various life insurance schemes. In India the level of insurance awareness in general is very high and it is very poor in rural area. Therefore customer does not approach the branches of LIC directly to buy the insurance policy and the agents play a major role in this regard.

The study is conducted in Azhikode Grama Panchayath in Kannur District of Kerala state. The present study is an attempt to know theattitude of policy holders towards LIC policies and services. The study is designed as an empirical one based on the survey method. To gather primary data convenience sampling technique is used. An interview and questionnaire was prepared to collect information regarding, services and policies of LIC, problems faced by policy holders, opinion about services provided by them, ranking of satisfaction of customers etc. By analyzing

77 LUX MONTIS Vol. 8 No.1 January 2020 services provided by LIC and the attitude of policy holders in Azhikode GramaPanchayath in Kannur District of Kerala state , the researcher adopt some suggestive measures for the improvement of the services of LIC.

1.INTRODUCTION Insurance is a means of protection from financial loss. A person or entity who took insurance is known as an insured or as a policy holder. The amount of money charged by the insurer to the insured for the coverage set forth in the insurance policy is called the premium. LIC provides both safety and protection to individuals and encourages savings. The insurance sector is one of the important sectors of the liberalized Indian economy. In Indian only less than 20% of the total insurable population has covered under various life insurance schemes. LIC was challenged. Due to growing pressure the task of providing and maintaining higher level of customer satisfaction become one of the most important challenges for insurance companies. The LIC continues to be a dominating insurance company in India devised several life policies to satisfy the diversified needs wants of the customers. Life insurance is an agreement between an insurance company and a policy holder, Under which the insurer guarantees to pay an assured some of the money to the nominated beneficiary in the unfortunate event of the policy holders demise during the term of policy life insurance provides a monitory benefit to decedents family or other designated beneficiary, and may specifically provide income to and insured persons family, burial, funeral and other final expanses.

In India the level of insurance awareness in general is very high and it is very poor in rural area. Therefore customer does not approach the branches of LIC directly to buy the insurance policy and the agents play a major role in this regard.

During the ancient days, insurance is one of the major segments of financial market. The insurance business is unique in the sense that it is rewarded for managing the risk of other parties. The major objective of this research is to ascertain the socio-economic profile of the sample respondents and identify the awareness is and satisfaction level of policy holder in LIC services. LIC is a contract for payment of some of money to assured on the happening of the event insured against.

OBJECTIVE OF THE STUDY 1. To assess the awareness among policy holders regarding the policies and services. 2. To identify problems faced by the policy holders. 3. To analyse the satisfaction level of policy holders towards LIC in Azhikode grama Panchayath .

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3.METHODOLOGY The study is designed as an empirical one based on the survey method. The samples under the study are taken from the policy holders of LIC at Azhikode Punchayath in Kannur District of Kerala state. The study conducted during the month of march 2019. The total samples are taken 50 policy holders. The study is primarily based on the primary data collected from the respondent . To gather primary data convenience sampling technique is used. The direct interrogation and questionnaire was prepared to collect information regarding awareness level of respondents,factors motivated,problems faced by themand their satisfaction level etc. The secondary data has been collected from various publications, journals and periodical and articles related with the study. Random sampling method is used for selecting the respondents. The collected data statistically analyzed and presented here.

4.FINDINGS OF THE STUDY

4.1 Age wise classification of respondents

Age groups Number of respondents Percentage Below 25 11 22 25-50 30 60 Above 50 9 18 Total 50 100

Source: Field Survey The analysis of survey results among the respondents reveal that the majority of the respondents i.e. 60 percent are from between 25-50 years while only 22 percent respondents belong to the age group of below 25 years. 18 percent are above 50 years.

4.2 Awareness about LIC policy & new schemes

Response No of respondents Percentage Aware 12 24 Not aware 38 76 Total 50 100

Source: Field Survey 79 LUX MONTIS Vol. 8 No.1 January 2020

Awareness about LIC policies and new scheme is an important factor to take new policies. The survey result shows that only 24 percent of respondents are aware about new schemes of LIC and 76 percent of respondents are not aware of new schemes. 4.3 Factors motivated to take policy

Factors No. of respondents Percentage LIC Agent 30 60 Advertisement 1 2 Family members 7 14 Habit of savings 9 18 Types of policy 3 6 Total 50 100

Source: Field Survey Usually people take LIC policies through the inspiration of a mediator. The study reveals that 60 percent of respondents took their policies through the inspiration of LIC agents, only 2 percent of respondents are inspired by advertisement, 14 percent of policy holders are inspired by friends and relatives. And 18 percent of respondents are interested to take policy by their saving habit. Only 6 percent respondents are inspired by the types of policy. 4.4 Classification on the basis of policy taken

Types of policy No. of respondents Percentage of the total Endowment 10 20 Money back 28 56 Whole life 3 6 Children’s plan 9 18 Pension plan 0 0 Total 50 100

Source: Field survey Different types of policies are offered by the LIC to the people. The study revealed that 20 percent of respondents took endowment policy, while majority of the respondents, that is, 56

80 LUX MONTIS Vol. 8 No.1 January 2020 percent took money back policies, 6 percent respondents took whole life policies, 18 percent policyholders took children’s plan, and no one took pension policies . 4.5 Classification on the basis of policy period

Period of policy(years) No. of respondents Percentage of the total 5-10 8 16 10-15 25 50 15-25 13 26 25 Above 4 8 Total 50 100

Source: Field Survey LIC offers different policies to the people with different periods. The study reveals that only 8 percent of respondents took the policy for a period of 5-10 years, 50 percent of respondents took their policy for a period ranging from 10-15 years, 26 percent took their policy for a period of 15-20 years and 8 percent of respondents took their policy for a period above 20 years. The analysis shows that majority take policies for a period of 15-20 years. 4.6 Periodicity of premium

Terms No. of respondents Percentage of the total Monthly 10 20 Quarterly 27 54 Half yearly 6 12 Annually 7 14 Total 50 100

Source: Field Survey The premium can be paid by the policy holders either monthly, quarterly, half yearly or annually. Majority of the selected respondents pay the premium quarterly and it comes to 54 percent, 20 percent of the respondents prefer monthly payment, 12 percent pay the premium half yearly and the balance 14 percent pay it annually.

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4.7 Classification on the basis of sum assured

Amounts No. of respondents Percentage of the total 10000-50000 12 24 50000-100000 24 48 Above 100000 14 28 Total 50 100

Source: Field Survey Here respondents are classified on the basis of sum assured. Majority of the respondents that is 48 per cent falls in the group taking policies where sum assured is between 50000-100000.24 percent of the respondents are having policies where sum assured is between Rs.10000- 50000.28 percent are taking policies where sum assured is above Rs 100000. 4.8 Difficulties faced while taking policies

Responds No of respondents Percentage of the total

Yes 15 30 No 35 70 Total 50 100

Source: Field Survey. Sometimes, a few policy holders may feel some sort of inconvenience or difficulties while taking LIC policies, but the present study 30 per cent of the respondents are having some sort of difficulties while 70 per cent are not having any difficulties. It is clear that majority of the respondents cannot face any difficulties in policy taken.

4.9 Factors influencing respondents of LIC

Factors No of respondents Percentage of the total Risk coverage 13 26 Savings 22 44 Family protection 10 20 Tax relief 5 10

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Tax relief 5 10 Loan 0 0 Total 50 100

Source: Field Survey Here the data collection informed that 44 percent of the respondents are influenced by the savings habit. Then the 26 percent under the case of risk coverage,20 percent respondents looking for the protection of family then final 10 percentage of the respondents taken to avoided the taxation. No one do not take LIC for loan purpose. 4.10 Difficulties in settling the claim

Response Percentage of the total Percentage of the total Difficulty 12 24 No difficulty 38 76 Total 50 100

Source: Field Survey. Analysis of survey result reveals that 24 percent of respondents had faced difficulties in settling the claim, but majority, that is, 76 percent of respondents had no difficulty while settling their claim. 4.11 Problems faced by policy holders

Problems No of respondents Percentage a) Difficulty to contact or meet the insurance 6 12 officials and agent b) The period time for the surrender of the 14 28 policy is too length c) No proper clarification of doubt 8 16 d) Agent or advisors do not have adequate 10 20 knowledge as to the particular policy. e) Agents were with achieving the required 12 24 83 LUX MONTIS Vol. 8 No.1 January 2020

e) Agents were with achieving the required 12 24 target rather than considering required service f) Claim settlement and exaggeration of benefits 25 50 g) No proper & timely reminders, inadequate 4 8 information

Source: Field Survey

Here the information shows that 25 respondents face the problems in claim settlement.14 respondents face the problems in the length of surrender the policy. Then the 12 respondents mentioned that, they faced problems in the inadequate information and no proper clarification of the doubt from the agent. The agent have not adequate knowledge as to the particular policy that is another problem faced by the 10 policy holders. And the 6 criticize that they did not have to meet or difficulty to meet the higher officials in LIC. 4.12 Opinion about general working of LIC

Response No of respondents Percentage of the total

Excellent 5 10 Good 25 50 Satisfactory 12 24 Poor 8 16 Total 50 100

Source: Field Survey About the general working of LIC, the views of customers were classified into excellent, good, satisfactory and poor. The survey results shows that 10 percent of the respondents viewed that the general working of LIC is excellent, 50 percent of respondents agrees it as good, 30 percent of the respondents viewed that general working of LIC is satisfactory and 16 percent of the respondents gave poor opinion about the general working of LIC.

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5. SUGGESTIONS

1. Various new schemes which are beneficial to the policyholders have to be introduced continuously.

2. A considerable section of the policyholders are unaware about the new schemes of LIC. So steps should be taken to popularize the LIC schemes.

3. Agents should pay a little more care to policyholders, having low level of education, while explaining policy matters to them.

4. New schemes should be introduced so as to attract the people who belong to the low income group especially in the rural areas.

5. Majority of the policyholders are not aware of the loan facility provided by the company. So these loan schemes and its terms and conditions should be more popularized among them.

6. Conducting of campaigns in villages about new schemes of LIC will helps to make them more aware about different policies.

8. Settlement process is more formalities. Hence it is suggested that the claim settlement process should be made for the must not involve length decision making process.

6. CONCLUSION

Every individual faces innumerable roles connected with their life and most individuals are attached in escaping the injurious consequences of such risks.

The study “Attitudes of policyholders towards LIC policies and services with reference to Azhikode grama panchayath” is an attempt to identify and understand the extend of awareness of policy holders about life insurance and role of insurance in their life. The study reveals that even though, many policy holders are aware of these benefits and other developments taking place in the area of insurance, some of them are still ignorant of such matters. The main factor that attracts people towards insurance is its feature of risk coverage. The advantage of policyholder is peace of mind, in knowing that the death of the insured person will not result in financial hardship for loved ones. Since the private Insurance Companies are offering better services to their customers, LIC should introduce modern products and schemes to their

85 LUX MONTIS Vol. 8 No.1 January 2020 policyholders in order to become more competitive. But no one take any loan from LIC ,and some of the people provide as the poor opinion about LIC.

BIBLIOGRAPHY

BOOKS 1. Panda G.S, Principles and Practice of Insurance, New Delhi, Kalyani Publishers, 1995.

2. Srivastava R.M, Divya Nigam, Management of Indian Financial Institution, Mumbai: Himalaya Publishing House, 2001.

3. Nambiar MCK, elements of insurance, Kannur delight press p.p, 2-7

4. Insurance chronicle, July 2005, vol. v, issue 6

REPORTS AND JOURNALS 1. Agents manual 2011.

2. LIC Annual Diary 2006, 2010, and 2015, 2016.

INTERNET

1. .http://freepress.in

2. www.licindia.com.

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A STUDY ON THE IMPACT OF INTERNET BANKING SERVICE QUALITY ON CUSTOMER SATISFACTION

Dr.DILEEP. A.S Assistant Professor & Research Guide, PG Dept. of Commerce & Research Centre, MG College, Thruvananthapuram

ABSTRACT

In the present era of ICT the perception of customers towards quality is improving. Customers usually make comparison between the services they expect with perception of services they receive. Quality often conveys excellence or superiority of the organization and its services. In the present study an analysis has been made to study the impact of Internet banking service quality on customer satisfaction. On the basis of the study we can see that Service quality and customer satisfaction are inter-related. Higher the service quality the higher will be the customer satisfaction. One of the main reasons why the internet banking user base cannot grow is the limited access to internet among some customer groups especially those in the rural area. Those who use internet on the other hand are hesitant in using internet banking because of lack of trust, lack of knowledge in operating online banking and fear of losing confidentiality. Banks websites should offer protection to its customers to transact in a more safe and secured manner, without putting their confidentiality at stake. The banks should take actions inorder to enhance the quality of Service through employee education, beneficial programmes for customers and implementation of new features are recommended. It is highly advisable that a prospective online banking service user must understand the pros and cons of such usage and take all possible steps to ensure his own safety.

Key words: Internet Banking, Service Quality, Customer Satisfaction 87 LUX MONTIS Vol. 8 No.1 January 2020

INTRODUCTION Indian Banking Industry has witnessed remarkable records of developments since nationalization. The task of management became a challenging one subsequent to the growth and development that took place in the banking industry. The banking system plays an important role in our nation’s economy. Without customers no kind of its business can survive. Banks have to deal with many customersdaily and render various types of services to its customers. Customer oriented market empowered the customers with more choice to choose a bank. As the banks started to offer convenience followed by more services to their customers, a competition established within the banks operating in India. A Banking business with high service quality may increase economic competitiveness. This aim may be achieved by understanding and improving operational processes; identifying problems quickly and systematically; measuring customer satisfaction and other performance outcomes.

Service Quality and Customer Satisfaction Service quality and customer satisfaction are important concepts that banks must understand in order to remain competitive in business and hence grow. It is very important for banks to know how to measure these constructs from the consumers’ perspective in order to better understand their needs and hence satisfy them. Service quality is considered very important because it leads to higher customer satisfaction, profitability, reduced cost, customer loyalty and retention. The main purpose of this study theoretically is finding out how applicable the SERVQUAL model in the context of banks and empirically, describe how customers perceive service quality and whether they are satisfied with the Internet Banking services offered by some selected public sector banks.

Internet banking are now becoming increasingly important not only in determining the success or failure of certain banking functions but also providing customers with a superior experience with respect to the interactive flow of information. Delivering financial services over public networks such as Internet is bringing about a fundamental shift in the financial services. The recent trends reveal the increasing popularity of internet banking offered by banks through the Internet. The transformation from traditional to Internet banking represents a leap change in Indian banking domain.

Keeping a track of accounts through the internet is much faster and convenient as compared to going to the bank for the same. Even non transactional facilities like ordering check books online, updating accounts, enquiring about interest rates of various financial products etc become much simpler on the internet. Most banks also provide the facility of online tax forms and tax preparation. Internet banking has a step further in the last few years in the form of mobile internet

88 LUX MONTIS Vol. 8 No.1 January 2020 banking which accords unlimited mobility to the customer who can now handle financial transactions even while on the move. Internet banking is definitely a significant move in the right direction as far as the convenience of the customer as well as the banker is concerned. Information Technology has emerged to be a strategic resource for attaining efficiency, controls productivity and profitability and this has caused banks to utilize technology to meet the ever increasing customer expectations. The rapid technological advancements have led to internet as the best channel for provision of banking services and products to its customers. One of the key challenges of the internet as a service delivery channel is how they manage service quality, which holds a significant importance to customer satisfaction. The success of internet banking is determined not only by banks or government support, but also by customers’ acceptance of it.

OBJECTIVES OF THE STUDY The objective of the study is to ascertain the quality of services rendered by banks in terms of a) Tangibility b) Reliability c) Responsiveness d) Assurance and e) Empathy

Database and Methodology The study is analytical in nature and is based on both primary data and secondary data. Survey method was used for the study. The population for the study consists of customers using internet banking service facilities offered by various public sector banks in Thiruvanathapuram. A sample of 100 respondents using internet banking services, 50 each from State Bank of India and Canara Bank in Thiruvanathapuramdistrict was selected for the study. Primary data for the study was collected through questionnaires and secondary data from books, journals and magazines.

Tools for analysis The objective of the current research is investigating the effects of service quality dimensions and self-service technologies on customer satisfaction of selected public sector banks in Thiruvanathapuram. Applied method has been used for this research in which the questionnaire method has been used to gather the required data for describing the research variables and

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interpreting the relations between them. The Analysis unit in this research is the banking services customers for which 100 people have answered the questionnaires. In order to describe the data, the frequency distribution tables have been used. In doing so, SPSS 18.0 software has utilized the explanatory z analysis and path analysis.

Sampling technique Considering the features of the current research, the sampling method applied for this research has been the non-probable type, conducted in two phases. In the first phase the judgment sampling has been used to choose the banks and in phase two the single- stage convenient sampling has been used and, accordingly Canara bank and SBI are selected as sample banking units and 50 respondents from each bank were identified as target sample

Opinion of Customers on Service Quality

TANGIBILITY

Among different service quality dimensions, Tangible aspect of banking services play pivotal role in satisfying all kind of customers of any bank. But banking is basically intangible in nature and bankers are converting it into tangible with the help of physical facilities, equipment, personnel, communication materials etc. The banker who converts theses tangible factors well, reaching successfully every customer, results customer’s satisfaction. But at the same time, several banks are experiencing increasing customer dissatisfaction and resulted in the customers’ switching behavior. This dissatisfaction could be the cause of missing tangible options of the banks. Because, the toll gate of customer retention and satisfaction highly depends on various tangible factors like bank providing data, information, the modern looking equipments, staff appearances, bank providing materials associated with services and visual appealing part of banks. This excellent tangible service quality is major optional competitive strategy which may, or may not, be adopted to differentiate one bank from another. Today it is essential to customer’s satisfaction, profitability and survival. In online banking also some tangible factors play a pivotal role. The existence of such tangible factors will lead to the creation of immense satisfaction and the absence will lead to dissatisfaction. In this analysis the tangible factors like high appealing web page, constant modification of site, easiness in usage and usage of advanced technology in site creation and maintenance are the factors which are identified as key elements which paves quality service. The opinion of customers on the service quality factor tangibility is shown in Table 1.

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Table 1 Opinion of Customers on the Service Quality Factor Tangibility

Mean Number Variance Z Factor Canara SBI Canara SBI Canara SBI value The bank has visually 3.67 3.90 50 50 .679 .876 1.29 appealing web page. They modify the page 3.36 3.95 50 50 .835 .697 0.98 occasionally The website of the bank is 3.97 4.05 50 50 .590 .698 2.67 easy to use and navigate The bank uses advanced 3.91 4.45 50 50 0.76 0.65 1.23 technology in Online banking.

Source: Survey Data

Z value at 5% level of significance-1.65 Whileanalysing the factor appealing webpage it revealed that the customers of SBI have more agreeable attitude as the mean value is higher in SBI(3.90>3.67). But while analysing the variation in opinion it revealed that customers in Canara bank have more consistency in opinion as their variation in responses is less(0.679<0.876). while analyzing the difference in opinion through Z test, it revealed that the difference in opinion is significant as the z value (1,29) is less than the table value(1.65) .From the analysis it can be inferred that customers of SBI have more favorable opinion as regards to the pleasant appealing of web page and there is significant difference in opinion with regard to the visually blossomed appearance of web page.

The mean indices indicating the level of service quality in respect to modifying the page occasionally in Canara bank and SBI are 3.36 and 3.96. The mean index of SBI is greater than that canara bank. It is an indication that the service quality of SBI is better than that of canara bank. The difference in opinion of customers in the matter of modifying the page occasionally is statistically significant. This is an indication that the service quality of SBI is better than Canara bank with respect to modifying the page occasionally. 91 LUX MONTIS Vol. 8 No.1 January 2020

The mean index representing service quality in respect of website of the bank with regard of easy to use and navigate is 3.97 and 4.05 respectively in Canara bank and SBI. The mean value for the same reveals that the SBI stands better position than that of Canara in respect of the website of the bank to use and navigate. It is an indication that the service quality of SBI is better than that of Canara Bank as the website of the bank is easy to use and navigate. The table results shows that the difference observed in the mean indices representing the level of service quality relating to tangibility factor the website of the bank is easy to use and navigate is not significant statistically.

The result presented in the above Table revealed that the mean indices of Canara bank and SBI representing the level of service quality as regards the bank uses advanced technology in online banking are 3.91 and 4.45. This is an indication that the customers have more positive attitude towards SBI than Canara banks in the matter of the bank uses advanced technology in online banking. It is clear from the above Table that the difference observed in the mean index representing the level of service quality is statistically significant.

RELIABILITY Reliability is an important criteria used to evaluate service quality of a bank. Reliability refers to ability to perform the promised service dependably and accurately. Reliability depends on handling customer’s service problems; performing the services in right way the first time; provide services at the promised time and maintaining error frees record. Reliability also consists of accurate order fulfillment; accurate record; accurate quote; accurate in billing; accurate calculation of commissions; keep services promise. Hence, reliability is the most important factor in banking service which determines the service quality. The customer’s opinion regarding the service quality on factor reliability is shown in Table 2. Table 2 Opinion of Customers on the Service Quality Factor Reliability

Mean Number Variance Z Factor Canara SBI Canara SBI Canara SBI value Information provided in 3.70 3.93 50 50 .78 .76 2.55 web page is accurate. Getting of service beyond 3.78 3.77 50 50 .85 .67 1.56 banking Hour. The Bank keeps my records 3.56 3.94 50 50 .98 .90 1.76 accurately. Links are problem - free, 3.87 3.67 50 50 0.66 0.45 0.56

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accurately. Links are problem-free, 3.87 3.67 50 50 0.66 0.45 0.56 accurate and the pages are downloaded quickly. Bank performs the service 2.97 2.99 50 50 0.67 0.87 1.36 perfectly the first time.

Source: Survey Data

Z value at 5% level of significance-1.65 The mean index indicating the level of service quality with regard to information provided in web page is accurate reveals that in canara bank the mean index is 3.70 and in SBI the same is 3.93. The mean index of SBI is greater than that of Canara bank. It is seen from the results that in providing enough information to the web page SBI provide more qualitative touch than that of canara bank. The difference in opinion of customers in the matter of providing enough information in web page is statistically not significant.

It is seen from Table 2 that there is a slight difference observed in getting banking services beyond banking hours in Canara bank and SBI. The mean indices indicating the level of service quality in respect of getting banking services beyond banking hours in Canara bank and SBI are 3.78 and 3.77 respectively. It shows that canara bank is better than SBI in rendering better service quality in respect of getting banking services beyond banking hours.The difference in opinion of customers in respect of getting banking service beyond banking hours is statistically significant.

The results revealed from Table that the mean index of service quality in respect of bank keeps records accurately is 3.56 and 3. 94 respectively for Canara bank and SBI. It is an indication that SBI has more qualitative attitude towards customers in the matter of keeping record accurately. The statistical test reveals that the difference in opinion of customers in respect of maintaining records accurately is not significant.

It is evident from evident Table that the customers of canara banks are the great admirers of service quality in respect of links are problem-free, accurate and the pages are downloaded quickly. The mean index for service quality in respect of links is problem-free, accurate and the pages are downloaded quickly is 3.87 in canara bank and 3.67 in SBI. The difference in opinion of customers in respect of links are problem-free, accurate and the pages are downloaded quickly is statistically significant at 5 per cent level.

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The mean indices representing the level of service quality in respect of the bank performs the service perfectly the first time are 2.97 and 2.99 for Canara bank and SBI respectively. This is an indication that the customer of SBI more venerates the quality of service provided by them in respect of bank performs the service perfectly the first time. The difference in opinion of customers in respect of the bank performs the service perfectly the first time is statistically significant at 5 per cent level. RESPONSIVENESS Responsiveness is another factor which determines the service quality of a bank. Responsiveness is the willingness or readiness of employees to provide service. It involves timeliness of services. It also involves understanding needs and wants of the customers, convenient operating hours, individual attention given by the staff, attention to problems and customers safety in their transaction. In short responsiveness is willingness to help customers and provide prompt service. The opinion of customers on the service quality factor reliability is shown in Table 3. Table 3 Opinion of Customers on the Service Quality Factor Responsiveness

Mean Number variance Z Factor Canara SBI Canara SBI Canara SBI value Prompt responses to requests by 3.33 3.60 50 50 .66 .67 1.56 e-mail or other means. Bank quickly resolves problems 3.12 3.56 50 50 .21 .44 1.52 encountered in internet banking. Bank’s website has online 3.73 3.13 50 50 .76 .55 0.54 customer service representatives. Get message about completion of 3.49 3.99 50 50 0.47 0.40 0.77 transaction Promptly.

Source: Survey Data Z value at 5% level of significance-1.65 It is clear from Table 3 that the highest mean index representing the level of service quality on service quality factor responsiveness in respect of prompt responses to requests by e- mail or other means is among the customers of SBI. It is 3.60. The same for canara bank is 3.33. This is an indication that the customers of SBI feel very happy in respect of Prompt responses to requests by e-mail or other means. The differences in opinion of customers as regards prompt responses to requests by e-mail or other means is statistically significant.

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As is evident from the table 3 that the customers of SBI are more satisfied with service quality of banks in respect of bank quickly resolves problems encountered in internet banking as they have a mean index of 3.56. The mean index representing the level of service quality of customers of canara bank is 3.12. The differences in opinion of customers as regards bank quickly resolve problems encountered in internet banking are statistically significant. The mean index indicating the level of service quality with regard to bank’s website has online customer service representatives reveals that in canara bank the mean index for the same is 3.73 and in SBI the same is 3.13. The mean index of canara bank is greater than that of SBI. It is seen from the results that the web sites of canara banks are more customer friendly than that of SBI. The difference in opinion of customers in the matter of bank’s website has online customer service representatives is statistically significant. It is evident from the Table that the customers of SBI are the great admirers of service quality in respect of getting message about completion of transaction promptly. The mean index for service quality in respect of getting message about completion of transaction promptly is 3.49 in Canara bank and 3.99 in SBI. The difference in opinion of customers in respect of getting message about completion of transaction promptly is statistically significant at 5 per cent level. EMPATHY Empathy is the individual attention and caring that the firm provides to its customers. Ananth et al. (2011) referred to empathy in their study on private sector banks as giving individual attention; convenient operating hours; giving personal attention; best interest in heart and understand customer’s specific needs. Table 4shows the opinion of customers regarding service quality factor empathy. Table 4 Opinion of Customers on the Service Quality Factor Empathy

Mean Number Variance Z Factor Canara SBI Canara SBI Canara SBI value Staff are willing to give customers 3.44 3.67 50 50 .44 .34 1.43 individual attention. Bank is fair and unbiased in their 3.15 3.56 50 50 .34 .12 1.12 treatment of individual customers. The employees are sympathetic and 3.85 3.99 50 50 .43 .54 1.44 supportive to the needs of the customers. Source: Bank authorities have customers best 3.67 3.87 50 50 0.34 0.45 1.33 interest at heart.

Survey Data

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Z value at 5% level of significance-1.65

As is evident from Table 4 that customers of SBI give more appreciation to the staffs willingness to give individual attention to themselves as compared to attitude of staffs in canara banks. The mean index representing the level of service quality in respect of staffs willing to give individual attention to customers are 3.44 in Canara bank and 3.67 in SBI. The difference in opinion of customers in respect of staff’s willingness to give individual attention to customers is statistically significant at 5 per cent level.

The results revealed from Table 4 that the mean index of service quality in respect of unbiased treatment of bank staffs towards individual customers is 3.15 and 3. 56 respectively for Canara bank and SBI. It is an indication that the staffs of SBI are more fair and unbiased in their treatment with individual customers. The statistical test reveals that the difference in opinion of customers in respect of unbiased treatment of bank staffs towards individual customers are significant.

It is evident from Table 4 that the customers of SBI are the great admirers of service quality in respect of employee’s sympathetic and supportive attitude towards the needs of the customers. The mean index for service quality in respect of employee’s sympathetic and supportive attitude towards the needs of the customers is 3.85 in Canara bank and 3.99 in SBI. The difference in opinion of customers in respect of employee’s sympathetic and supportive attitude towards the needs of the customers is statistically significant at 5 per cent level.

The mean indices representing the level of service quality in respect of bank authorities have customers best interest at heart are 3.67 and 3.87 for canara bank and SBI respectively. This is an indication that the customers of SBI more honors the quality of service provided to them in respect of bank authorities have customer’s best interest at heart. The difference in opinion of customers in respect of the bank authorities has customers best interest at heart is statistically significant at 5 per cent level.

ASSURANCE Assurance is knowledge and courtesy of employees and their ability to inspire trust and confidence. Assurance facilitates polite and friendly staff, provision of financial advice, interior comfort, ease of access to account information and knowledgeable and experienced management team. Assurance plays a significant role in determining the quality of service rendered by banks to its customers. The opinion of customers on the service quality factor assurance is shown in Table 5.

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Table 5 Opinion of Customers on the Service Quality Factor Assurance Mean Number Variance Z Factor Canara SBI Canara SBI Canara SBI value The bank’s website is 3.85 3.77 50 50 .44 .34 1.43 secure for giving credit card information. The website clarifies its 3.65 3.44 50 50 .34 .12 1.12 privacy policy about my private information. The bank does not misuse 3.78 3.87 50 50 .43 .54 1.44 any personal information Safe in using internet 3.43 3.76 50 50 0.34 0.45 1.33 banking. I am satisfied in the bank’s 3.85 3.98 50 50 0.87 0.65 1.54 Online based service quality Source: Survey Data

Z value at 5% level of significance-1.65 Whileanalyzing the factor website is secure for giving credit card information, it is revealed that the customers of canara bank have more agreeable attitude towards this factor as the mean value is higher than SBI. The mean value for the same is 3.85 in canara bank and 3.77 in SBI. While analyzing the difference in opinion through Z test, it revealed that the difference in opinion is significant. From the analysis it can be inferred that customers of canara bank have more favorable opinion as regards to website is secure for giving credit card information, and there is significant difference in opinion with regard to the same.

The mean indices indicating the level of service quality in respect to the website clarifies its privacy policy about the private information in Canara bank and SBI are 3.65 and 3.44 respectively. The mean index of canara bank is greater than that of SBI. It is an indication that the service quality of canara bank is better in respect of the website clarifies its privacy policy about the private information than that of SBI. The difference in opinion of customers in the matter of the website clarifies its privacy policy about the private information is statistically significant.

The mean index representing service quality in respect of the bank does not misuse any personal information is 3.78 and 3.87 respectively in Canara bank and SBI. The mean value for

97 LUX MONTIS Vol. 8 No.1 January 2020 the same reveals that the SBI stands better position than that of canara bank in respect of the bank does not misuse any personal information. It is an indication that the service quality of SBI is better than that of canara bank as regards the bank does not misuse any personal information. The table results shows that the difference observed in the mean indices representing the level of service quality relating to assurance factor the bank does not misuse any personal information is significant statistically.

The result presented in the Table 5 revealed that the mean indices of Canara bank and SBI representing the level of service quality as regards the safety in using internet banking are 3.43 and 3.76. This is an indication that the customers have more positive attitude towards SBI than Canara banks in the matter of safety in using internet banking. It is clear from the above table that the difference observed in the mean index representing the level of service quality as regards safety in using internet banking is statistically significant.

It is evident from the Table 5that the mean indices of Canara bank and SBI representing the level of service quality as regards the satisfaction of customers on online banking service are 3.85 and 3.98. This is an indication that the customers of SBI have more positive attitude towards the online based service quality than that of Canara bank. The difference in opinion of customers regarding the satisfaction of online based service quality is significant statistically.

SUGGESTIONS

Based on the findings of the study, the following suggestions are made feasible for the study.

1. Customers may have many problems in accessing and utilising online banking portals, it is the responsibility of the management to ensure that all diverse customer problems are attended to by technicians with expert knowledge to resolve customers’ problems. Banks need to increase the degree of awareness of branch staff. There should be arrangement of systematic training for the staff in order to make them equipped to clear the online doubts of customers.

2. Prompt responses to customer request. This relates to customer relationship. This requires training of more efficient customer service staff who would be able to handle customer request promptly.

3. All modern facilities should be provided to customers and banks should also invest large amount on the web page designing to provide up to date information. Quick loading of the web page on bank’s portal site loading has to do with the speed of the online system. Management

98 LUX MONTIS Vol. 8 No.1 January 2020 would need to increase the speed or bandwidth for effective browsing and opening of pages; especially pages with video and pictures require high bandwidth.

4. Reasonability of the transaction fee for this banking portal site. This item also relates to the price paid for online banking services. Customers expect to have a reasonable transaction fees. Reasonability is perceived in terms of comparability of the cost-benefit analysis of the customer for the overall online banking services. Management of the two banks, should ensure that the transaction fees are more reasonable. Management should make online banking rates/ fees and charges lower to attract more online customer.

5. In recent times, Internet banking users have become vulnerable to phishing attacks. Many customers globally have fallen victim to phishing attacks and have ended up sharing their login and password information with the hackers. Digital Lock adds value to the customers’ offering. Following the encryption-decryption method, digital Lock makes the online transactions secured and protected.

In the present era of ICT the perception of customers towards quality is improving. Customers usually make comparison between the services they expect with perception of services they receive. Quality often conveys excellence or superiority of the organization and its services. On the basis of the study we can see that Service quality and customer satisfaction are inter- related. The higher the service quality the higher will be the customer satisfaction. One of the main reasons why the internet banking user base cannot grow is the limited access to internet among some customer groups especially those in the rural area. Those who use internet are on the other hand hesitant in using internet banking because of lack of trust, knowledge in operating online banking and fear of losing confidentiality. Banks websites offer protection to its customers to transact in a more safe and secured manner, without putting his confidentiality at stake. It is highly advisable that a prospective online banking service user must understand the pros and cons of such usage and take all possible steps to ensure his own safety. Realizing the importance of customer service in banks, recommendations are made by various committees to improve the service quality of banks.

CONCLUSION The Reserve Bank is striving to make the payment systems cashless and more secure and efficient. It has advised banks and other stakeholders to strengthen the security aspects in internet banking by adopting certain security measures in a timely manner. RBI believes that the growing popularity of these alternate channels of payments such as Internet Banking brings an additional responsibility on banks to ensure safe and secure transactions through these channels.

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REFERENCES

]. Bhaskar, P.V. (2004). Customer Service in Banks. IBA Bulletin ,Vol. XXVI, No. 8 (August), pp.9-13

Brodeur, M. (1998).Satisfaction, dissatisfaction and complaining behaviour with consumer services and intangible products. Indiana University Graduate School of Business, DBA dissertation

Customer Satisfaction a Key Growth to Banks: An Article from ‘The Hindu’, 7 August, 2006.

Customer Satisfaction in Indian Banking: A case study of Yamuna Nagar District in Haryana. Political Economy Journal of India, Jan-June, 2008.

Desai, V. (1991). Indian Banking, Nature and Problems, Himalaya Publishing House, Bombay.

Hasanbanu, S. (2004). Customer Service in Rural Banks: An Analytical Study of Attitude of Different types of Customers towards Banking Services. IBA Bulletin, Vol. XXVI, No. 8 (August), pp. 21-25

Moutinha, L.,Curry, B. (1994). Consumer perceptions of ATMs: An application of neural network. Journal of Marketing Management, Vol.10 No.1,pp.191-206.

Moutinho, L., and Meidan, A. (1989).Bank customers’ perceptions innovation and new technology.International Journal of Bank Marketing, Vol.7No.2, pp.22-7.

Narasimham.(2008). Efficiency, Productivity and Customer Service in Banks. PNB Monthly Review, February.

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SKETCH OF DERIVATIVES TRADING IN INDIA

Ms. KARTHIKA K. Asst. Professor, PG Dept. of Commerce, NSS Hindu College, Changanacherry, Kottayam

ABSTRACT

Derivatives has become a means of investment and trading. Traditionally, derivative exchanges have used an open outcry system but now exchanges are increasingly replacing such system by electronic trading. Electronic trading has led to a growth in algorithmic trading which involves the use of computer programs to initiate trades. Algorithmic trading is also known as black-box trading, automated trading, high-frequency trading or robo trading. Among Forex F&O contracts, the USD/IR Futures NSE India and BSE stood in the top five positions in sequel to USD/Russian Ruble Futures, Moscow Exchange during 2013-14. This shows that the Indian derivative exchanges had a prominence in the global ranking.

This paper intends to understand the role of Derivative Trading or Exchange Traded Derivatives (ETD) all over the world and the presence of NSE and BSE in this scenario and to compare changes in Futures & Options (F&O) segment during 2017-18.

Keywords: Futures & Options (F&O), Exchange Traded Derivatives (ETD), NSE, BSE

I. INTRODUCTION A derivative is a financial product which has been derived from another financial product or commodity. According to the Securities Contracts (Regulation) Act 1956, ‘Derivative’ includes a security derived from a debt instrument, share, loan whether secured or unsecured, risk instrument

101 LUX MONTIS Vol. 8 No.1 January 2020 or contract for differences or any other form of security or a contract which derived its value from the price, or index of prices at underlying securities. Therefore, Derivatives refer to securities or contracts that derive from another whose value depends on another contract or assets such as equity share, stock, bond, debenture or foreign currency. Major players in the Financial Derivatives trading are Hedgers, Speculators and Arbitrageurs. Financial derivatives have a wide range of application to manage or hedge risk, to discover price, to maintain liquidity, to reduce transaction cost, to improve trading efficiency, provide leverage to the value of the asset, smoothen the price fluctuations and also help the investors to increase their returns through investment strategies. Among Derivatives Trading in India, Exchange Traded Derivatives (ETDs) that are transacted in an organized futures exchange plays a prominent role. They are standardized contracts and payment of an initial deposit or margin settled through a clearing house. CLASSIFICATION OF DERIVATIVES As a derivative contract can base it value on different kinds of underlying assets such as a physical commodity, an interest rate, a company’s stock, a stock index, a currency, or virtually any other tradable instrument upon which two parties can agree, derivatives may be categorized on the basis of markets where they trade or based on the underlying asset or based on the product feature. The following are the categories on the basis of market where they are traded: ¢’ Over-The-Counter (OTC) traded derivatives:- An over-the-counter (OTC) derivative is a bilateral, privately negotiated agreement that transfers risk from one party to the other. Eg.:- Forward Rate Agreements (FRAs), Swaps etc. ¢’ Exchange Traded Derivatives (ETDs):-These instruments are traded via specialized derivative exchanges. A derivative exchange is a market where individual trade standardized contracts defined by the exchange. It acts as an intermediary that guarantees the transaction of both parties through marking to margin settlement. Eg.:-Futures, Options etc. o Equity Derivatives: It includes single stock options, single stock futures, stock index options and stock index futures. o Exchange Traded Funds Derivatives (ETF Derivatives): ETF derivatives have been classified into ETF options and futures. In the past, these were included under equity derivatives. So, Derivatives in ETF markets operates same as an individual equity option or futures contract but are used to make speculative bet on the economy, index or any specific sector with less capital outlay. o Currency Derivatives o Commodity Derivatives Interest Rate Derivatives: STIR (Short Term Interest Rate) options, STIR futures, LTIR (Long Term Interest Rate) options and LTIR futures.

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II. SIGNIFICANCE OF THE STUDY The data of World Federation of Exchanges (WFE) shows that Exchange traded derivatives witnessed a progressive year in 2018 in the global financial markets. This happened due to stable market conditions against the backdrop of a global economic slowdown, geopolitical and trade tensions, concerns about tightening monetary policy, currency exchange rate fluctuations and increased scrutiny of the technology sector in 2017. According to WFE report of April 2019, a record high volume of trading in derivatives that exceeded the 30 billion mark with 30.1 billion contracts traded in 2018 and 20.9% increase in volumes in 2017. In India, Derivatives are still under limelight among business people to hedge their risks. But the details of Derivatives Trading or Exchange Traded Derivatives (ETDs) in National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) reveal a progressive trading in certain segments especially in Equity Derivatives, Currency Derivatives and Interest Rate Derivatives. So, it is curious to know the volume of ETD worldwide and its presence in NSE and BSE and to compare F&O contracts in India. The study has been done by using secondary data by scrutinizing the published data of WFE. III. OBJECTIVES ¢’ To know the volume of Derivative Trading or Exchange Traded Derivatives (ETD) worldwide during 2017-18 and to identify the presence of NSE and BSE in it. ¢’ To compare the changes happened in F&O contracts in India during 2013-14 and 2017-18. OBJECTIVE I: VOLUME OF ETD WORLDWIDE DURING 2017-18 TO IDENTIFY THE PRESENCE OF NSE and BSE Table 3.1.1: Equity contracts traded in ETDs worldwide Equity contracts 2017 2018 % change % of total NSE/BSE (millions) (millions) in top 10 Single Stock Options 3485 4452 27.8 14.8 8 - NSE (B3 SA Brasil Bolsa Bolcavo) Single Stock Futures 1138 1455 27.8 4.8 2 - NSE ( K orea Ex c h a n g e ) Stock Index Options 31 4355 36.7 14.5 1 - NSE ( N S E) 86 Stock Index Futures 2386 3379 41.6 11.2 - (B3 SA Brasil Bolsa Bolcavo) T otal E q u ity 10196 13641 33.8 45.4 Source: world-exchanges.org 103 LUX MONTIS Vol. 8 No.1 January 2020

Equity derivatives volumes were up 33.8% on 2017 driven by increases in volumes across all product types and regions. It accounted 45.4% of overall derivatives contracts traded in 2018. In the 5-year period under review, 2018 depicts the highest number of equity derivative contracts traded in a year. Table 3.1.2: Exchange Traded Funds in ETDs worldwide

Exchange Traded 2017 2018 % change % of total NSE/BSE Funds (millions) (millions) in top 10 ETF Options 1611 1889 17.2 6.3 - (NASDAQ) ETF Futures 1.9 2.1 7.7 0.0 - (NASDAQ) Total ETF 1613 1891 17.2 6.3 (Rounded off)

Source: world-exchanges.org

In 2018, 1.9 billion ETF derivatives contracts were traded. Volumes were up 17.2% on 2017 due to a 17.3% increase in the Americas region where most of the trading takes places. So, no presence can be found in NSE/BSE. As at end 2018, ETF derivatives were the fastest growing derivatives product category.

Table 3.1.3: Currency Derivatives traded in ETDs worldwide

Currency Derivatives 2017 2018 % change % of total NSE/BSE (millions) (millions) in top 10 Currency Options 261 280 41.8 3.8 NSE - 1 (NSE) BSE - 2 Currency Futures 5624 5640 29.2 8.4 NSE - 1 (NSE) BSE - 2 Total Currency 2763 3673 32.9 12.2 Source: world-exchanges.org

Currency derivatives volumes were up 32.9% on 2017. Volumes of currency derivatives contracts traded exceeded 3.5 billion contracts with 3.7 billion contracts traded in 2018. As per WFE 2019 records, in the America and Asia Pacific regions 77% of the contracts were traded and volumes were up 31.7% and 57.2% respectively. Only in the EMEA (Europe, the Middle East and Africa) region, volumes were down -5.1% in 2017.

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Table 3.1.4: Commodity Derivatives traded in ETDs worldwide

Commodity 2017 2018 % change % of total NSE/BSE Derivatives (millions) (millions) in top 10 Commodity Options 261 280 7.6 0.9 - (CME Group) Commodity Futures 5624 5640 0.3 18.8 - (CME G r oup) Total Commodity 5884 5921 0.6 19.7 Source: world-exchanges.org

Volumes traded of commodity derivatives increased marginally (0.6%) on 2017 with a total of 5.9 billion contracts traded in 2018. Commodity futures remained the most actively traded derivatives product accounting for 18.8% of overall volumes. A decline of 1.4% in number of commodity derivatives contracts traded in the Asia-Pacific region where the major share (55%) of global volumes are traded was offset by increases in volumes in the Americas and the EMEA regions of 3.3% and 3% respectively.

Table 3.1.5: Interest Rates Derivatives traded in ETDs worldwide

ETDs 2017 2018 % change % of total NSE/BSE (millions) (millions) in top 10 STIR Options (CME 520 545 4.8 1.8 - G r oup) STIR Futures (CME 1566 1754 12.0 5.8 - G r oup) LTIR Options (CME 263 330 25.5 1.1 NSE - 8 G r oup) LTIR Futures (CME 1645 1950 18.5 6.5 NSE - 8 G r oup) Total Interest Rates 3994 4579 14.6 15.2

Source: world-exchanges.org

Interest rate derivatives volumes were up 14.6% on 2017. For the first time in the period examined, over 4.6 billion interest rate derivatives contracts were traded in a year. The growth was driven by increases in volumes across all product types, namely STIR options, STIR futures, LTIR options and LTIR futures. The Americas region and the EMEA region, where a bulk of the volumes are traded (67% and 28% respectively), saw volumes increase by 17.1% and 11.1%

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As per World Federation of Exchanges, volume of other options and futures constitute 0.6% each that are not specified.

OBJECTIVE II: CHANGES IN F&O CONTRACTS IN INDIA DURING 2013-14 AND 2017-18

* Began trading in November 2013

Source: wfe website

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From the table, it is clear that Equity Index contracts are the most prominent in the Indian derivative market followed by Foreign Currency contracts. It is to be noted that no agricultural and interest rate contracts have been traded till 2014. At the same time, new contracts of foreign exchange have been opened trading in BSE from November 2013.

This reveals that there is a substantial increase of derivative contracts in BSE from

2013. So, the percentage change in USD/INR futures and options from 2013 to 2014 is not shown. It is also evident that a tremendous change (304.3%) can be noticed in S&P Sensex options BSE.

In contrary to 2014, by 2018 NSE overweighed BSE through Interest Rate derivatives and Equity Index derivatives. Currency derivatives still stand a strong trading product in 2018 also.

CONCLUSION

The need to protect exposure against unforeseen and unpredictable stock, currency movements and interest rate changes has paved way for derivatives. Investors incur loss from trading if they are not safeguarding their interests with the help of appropriate derivative products.

In 2014, the volume of Exchange Traded Derivatives (ETD) was 21.7 billion. Out of this, 9.7 billion were option contracts and 12 billion were futures contracts. Another notable fact is that in 2014, a fall of 16% happened in the number of currency derivative contracts traded which has been offset by the increase of 3.7% in equity derivatives and an increase of 4.8 % in commodity derivatives. The most traded contract type during 2014 was commodity futures followed by single stock options whereas by 2018, the scenario has got changed even in the product category being traded. Equity Derivatives, Currency Derivatives and Interest Rate Derivatives have been mostly traded in NSE and BSE.

While analyzing the changes in the volume of transactions done in derivative market, it is clear that a positive approach is evident among worldwide investors in Indian derivative exchanges.

REFERENCES:

¢’ Elton, Edwin J., and Martin J. Gruber, 1994, Modern Portfolio Theory and

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Investment Analysis, 4 th ed., p. 167, John Wiley & Sons, Singapore.

¢’ Kumar S. S. S., 2015, Financial Derivatives, 7 th printing, p.163-188, PHI Learning Private Limited, Delhi.

¢’ https://www.world-exchanges.org/storage/app/media/statistics

¢’ http://www.rbi.org.in

¢’ http://www.ccilindia.com

¢’ http://www.iosrjournals.org

¢’ http://www.xe.com

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ADVERTISEMENT AS A NECESSARY EVIL:AN ANALYTICAL STUDY

RIJU THOTTATHI Assistant Professor In Commerce College Of Applied Science, Kuthuparamba

ABSTRACT

Advertising is a marketing communication that employs an openly sponsored,non- personal message to promote or sell a product,service or idea.Sponsors of advertising are typically businesseswishing to promote their product or services. Advertisements are communicated through various mass media including traditional media such asnewspapers, magazines, television, radio, outdoor advertising or direct mail and new media such as search results, blogs,social media, websites or text messages. While advertising can be seen as necessary for economic growth, it is not without social costs. Unsolicited commercial E-mail and other forms of spam have become a major nuisance to users of these services, as well as being a financial burden on Internet Service Providers. Advertising is increasingly invading public spaces such as schools, which some critics argue is a form of child exploitation. Advertisements are confronted with a lot of criticisms on various grounds. This study attempts to make an analysis on features, merits and criticisms of advertisements to reach a conclusion that whether it is a necessary evil or not.

KEY WORDS : Advertisement,Advantages,Criticisms.

INTRODUCTION Advertising is one of the most important things present in or society today, like an old slogan puts it ‘Advertising, your right to choose’.

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Advertising helps to keep the consumers informed about whatever new products or services are available in the market at their disposal. It helps to spread awareness about products or services that are of some use to consumer and potential buyers. Advertising plays a very important role for any business and is very important because there are literally thousands of companies manufacturing the same thing and what differentiates their products from each other are the brand names not the actual product.

Advertising creates competitive advantage by positioning the product in such a way that people want to buy it.

We generally come across hundreds of advertising message every day, which tells us about various products such as cosmetics, footwear, bath soaps etc. and services such as transportation, hotel, insurance policies etc. The basic function of an advertisement is to inform the customers about the products or services and stimulating them to buy it. Advertising is perhaps the most commonly used tool of promotion. It is an impersonal form of communication which is paid for by the marketers to promote some products or services. According to William.J.Stanton,”advertising consists of all the activities involved in presenting to a group, a non-personal, oral or visual, openly sponsored message regarding a product, service or idea; thismessage, called an advertisement, is disseminated through one or more media and is paid for by the identified sponsor.”The goal of advertising is to reach people most likely to be willing to pay a company’s products or services and encourage them to buy. Paidform, impersonality and identified sponsor are the major features of advertisements. Advertisements has its own advantages and drawbacks. These are analyzed in detail in this study.

OBJECTIVES OF THE STUDY 1.To make a detailed study about advertisements. 2.To understand the meaning, features, advantages and criticisms of advertisements. 3.To find out whether advertisement is a necessary evil or not. 4.To draw an appropriate conclusion based on the study.

RESEARCH PROBLEM

The Research Problem under this study is to find out whether advertisement is a necessary evil or not.

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Research Methodology The data are collected from secondary sources like books, journals and magazines. Different websites are also used for the completion of this study.

Meaning of Advertisement Advertising is how a company encourages people to buy their products, services or ideas. An advertisement is anything that draws good attention towards these things. It is usually designed by an advertising agency for an identified sponsor and performed through a variety of media. Advertisements not only informing the customers about the products or services, but also encouraging them to buy it. Commercialadvertisements oftenseek to generate increased consumption of their products or services through branding which associates a product name or image with certain qualities in the minds of consumers. On-commercial entities that advertise more than consumer products or services include political parties, interestgroups, religious organizations and governmental agencies. On-profit organizations may use free modes of persuasion such as public service announcement. In today’s world advertising uses every possible media to get its message through. It does this via television, newspapers, magazines, journal, radio, internet, direct selling, hoardings, mailers, contest, sponsorships, posters, clothes, events, colors, sounds, visuals and even people.

Advertising Objectives

1. TO INFORM i. Telling the market about a new product. ii. Suggesting new uses for the product. iii. Informing the market of a price change. iv. Explaining how the product works. v. Describing the available service. vi. Correcting false impression(cola). vii. Reducing consumer fears(aids). viii. Building a company’s Image.

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2. TO PERSUADE i. Building brand preference. ii. Encouraging switching to your brand. iii. Changing customers perception of product attributes. iv. Persuading customer to purchase now. v. Persuading customer to receive a sales call (toll free).

3. TO REMIND i. Reminding consumer that the product may be needed in the near future. ii. Reminding consumer where to buy. iii. Keeping it in customer’s mind during off season.

Factors Governing of Advertising Media Selection

Selection of a suitable medium is not a simple task for organizations and advertising agencies. T he advertising media selection means not only the choice of the right classes of media out also the individual medium within the class or classes. Besides there is no single medium that is best suited for all advertisers. Therefore, the right choice of a medium calls for a careful analysis. The advertiser, therefore, while selecting the media, should consider the following factors:

1. The Objectives of The Campaign: The objectives of the campaign influence media selection. Unlike a FMCG campaign, an institutional advertising campaign may have to select a different media to reach the target group.

2. Organization Budget: Based on the financial status of the Organization, two majors decisions have to be taken into consideration First, how much is to be spent for advertising? Second, how much budget is to be allocated to different areas within the company’s total sales territory?

3. Nature of customer /Market segment /target group: The target group has to be classified into different groups by their social status, age, income, educational standard, religion, cultural interests. They may also be divided into men and women.

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4. Extent of coverage: Secondly, the advertiser must consider the number of audiences to be covered by the medium. The extent to which the medium reaches the same audience as that covered by some other media i.e., the percentage of over-lapping must also be taken into account.

5. Nature of the product: Nature of the product itself is a principal factor governing the selection of the medium. Products can be classified into various kinds - consumer’s products and manufacturer’s products etc. Fashionable products can be advertised in Entertainment magazines like- 1. Film fare. 2. Zing. 3. Fortune 4. Fermina, etc. Consumer and FMCG products can better be advertised through mass media such as: 1. Television, 2. Newspaper,

6. Nature of the competition: The nature and intensity of the competition influence of the selection of the media. The advertisers must focus on the differentiation strategy and product’s USP must be projected audibly and visibly.

7. Reputation of the medium: Reputation and popularity of the media play a crucial role in media selection of the media. Advertising through popular media helps in boosting the image of the product and the organization

8. Cost: Advertisements in certain media are expensive. Print Medias like newspaper, Magazine etc., are less expensive.Yet, certain magazines and newspapers, having larger circulation and high reputation charge higher rates. Television is comparatively a costly medium.

9. Time and Reach: The Advertiser must very careful in selecting the right time for launching the advertisement campaign. The occasions, timing (evening /morning) everything is crucial.

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Reach 1. Number in target audience exposed. 2. Typically, fortnightly.

The different types of media available for advertisement are: I. Audio - Radio II. Video - Television III. Print - Newspaper, Magazine IV. Internet V. Outdoor media

Features of Advertisements

The important characteristics of advertisements are as follows.

1.Paid form of communication

Advertising is a paid form of communication. Thatis, the sponsor has to bear the cost of advertisements. Advertisements appear in newspapers, magazines, television or cinema screens because the advertiser has purchased some space or time to communicate information to the prospective customers.

2.Impersonality

There is no direct face to face contact between the sponsors and customers. That is why it is described as non-personal salesmanship. It is a non-personal form of presenting products and promoting ideas and it supports personal selling. It simplifies the task of sales-force by creating awareness in the minds of potential customers.

3.Identified sponsor

The identity of the businessman issuing the advertisement must be disclosed. On-disclosure of the name of the sponsor in propaganda may lead to distortion, deceptionand manipulation. Advertisements should disclose the sources of opinions and ideas it presents.

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4.To promote products or services The purpose of advertising is to promote idea about the products and services of a business. It is directed towards increasing the sale of products and services of a business unit.

Advantages of advertisements

1.Introduces a new product in the market Advertising plays significant role in introduction of a new product in the market. It stimulates the people to purchase the product.

2.Expansion of the market It enables the manufacturer to expand his market. It helps in exploring new markets for the products and retaining the existing markets. It plays a sheet anchor role in widening the marketing for the manufacturers products even by conveying the customers living at the remote areas.

3.Increased sales Advertisements facilitate mass production to goods and increases the volume of sales. In other words, sales can be increased with additional expenditure on advertising with every increase in sale, selling expense will decrease.

4.Fights competition Advertising is greatly helpful in meeting the forces of competition prevalent in the market. Continuous advertising is very essential in order to save the product from the clutches of the competitors.

5.Enhances goodwill Advertisements is instrumental in increasing goodwill of the concern. It introduces the manufacturer and his product to the people. Repeated advertising and better quality of products brings more reputation for the manufacturer and enhances goodwill for the concern.

6.Educates the consumers Advertising is educational and dynamic in nature. It familiarizes the customers with the new products and their diverse uses and also educates them about the new uses of existing products. 115 LUX MONTIS Vol. 8 No.1 January 2020

7.Elimination of middlemen It aims at establishing a direct link between the manufacturer and the consumers, therebyeliminating the marketing intermediaries. This increases the profits of the manufacturer and the consumers will get products at lower rates.

8.Better quality Products Different goods are advertised under different brand names. A branded product assures a standard quality to the consumers. The manufacturer provides quality products to the consumers and tries to win their confidence in his product.

9.Support the salesmanship Advertising greatly facilitates the work of a salesman. The customers are already familiar with the products which the salesman sells. The selling efforts of salesman are greatly supplemented by advertising. It has been rightly pointed out that “selling and advertising are cup and saucer, hook and eye or key and lock wards.”

10.More employment opportunities Advertising provides and creates more employment opportunities for many talented people like painters, photographers, singers, cartoonists, musicians, models and people working in different advertising agencies.

11.Reduction in the prices of newspapers Advertising is immensely helpful in reducing the cost of the newspapers and magazines etc. The cost of bringing out a newspaper is largely met by the advertisement published therein.

12.High standard of living The experience of the advanced nations shows that advertising is greatly responsible for raising the standard of living of the people. In the words of Winston Churchill, “advertising nourishes the consuming power of men and creates wants for better standard of living.” By bringing to the knowledge of the consumers different variety and better-qualityproducts, it has helped a lot in increasing the standard of living in a developing economy like India.

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Criticism of Advertising Despite many benefits drawn from advertising, it suffers from a severe criticism advanced by different segments of society. It is not an unmixed blessing. It has been criticized on the following grounds.

1.Increased price of the product

Advertising increases the cost of the product as the expenses on it form part of the total cost of the product. The increased prices are borne by the consumers. But it can’t be denied that advertising leads to large scale production which considerably reduces the total and per unit cost of production.

2.Multiplication of needs

Advertising creates artificial demand for the product and induces people to buy those products which are not needed by them. On account of its repetition, it allures and creates desire in the minds of the people to possess an article not required by them.

3.Deceptive

Sometimes, advertising is used as an instrument of cheating. In order to impress upon the people, false statements are given with regard to different virtues of a product. Fraudulent means and deceptive practices are resorted to by various traders in order to sell their products. All these things adversely affect the public confidence in the advertising.

4.It leads to monopoly

Advertising sometimes leads to monopoly in a particular brand of product. By investing large sums in advertising of his brand, a big producer eliminates small producers of the same product from the market and creates brand monopoly. This leads to exploitation of consumers.

5.Harmful for the society

Sometimes advertisements are unethical and objectionable. Mostoften, these carry indecent language and virtually nude photographs in order to attract the customers. This adversely affects social values.

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6.Wastage of precious national resources

A serious drawback levied against the advertisement is that it destroys the utility of certain products before their normal life. The latest and improved model of a product leads to the elimination of old ones. Forinstance, inUSA, peoplelike to possess the latest models of cars and discarding the old ones which are still in useable conditions. This leads to wastage of national resources.

CONCLUSION

We have seen the advantages and criticisms of advertising. There may be some chances of misuse of advertising as a tool which can be properly safeguarded by law or by developing a code of conduct by the advertisers, for their self-regulation. However, most of the criticism against advertisement are not entirely true. In the changed economic environment of globalization, advertising is considered as an important tool of marketing. It helps a firm ineffectively communicating with its target market, increasing the sale and thereby reducing the per unit cost of production. It is not a social waste, rather it adds value to the social cause by giving a boost to production and generating employment. On the basis of the analytical study, I conclude that advertisements are definitely a necessary evil.

References

1.Wikipedia.

2.www.yourarticlelibrary.com.

3.Business finance and marketing text book of SCERT for class XII.

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HUMAN ACTIVITIES AND NATURAL DISASTER

Ms. SRUTHI P PILLAI First Year MBA Student, GBS

Mr. MONCY KURIAKOSE Assistant Professor, Girideepam Business School

ABSTRACT

Every year majority of the nations across the world faces some sort of natural disaster. Unfortunately Human activities does contribute to the occurrence of natural disaster. Natural disaster had been in existence even before the advent of humanity but now the frequency of it has increased. It is mainly due to urbanization, deforestation, pollution, exploitation of natural resources etc. This leads to many impacts on the sustainable capacity of the country. There is a need of increasing consciousness across the world about the protection of the environment. This paper mainly intends to show the impact of human activities on natural disaster.

Keywords: Natural Disaster, Environment, Human activities

INTRODUCTION

Natural disaster A natural disaster is a sudden, catastrophic event caused by natural processes of the earth that can cause great damage and loss of life or damage to the property and typically leaves

119 LUX MONTIS Vol. 8 No.1 January 2020 some economic damage in its wake, the severity of which depends on the affected population’s resilience or ability to recover and also on the infrastructure available. It include cyclones, earthquakes, mudslides, floods, wildfires, volcanic eruptions and weather events like extreme droughts and monsoons etc. Natural disasters can have a life-altering impact on the individuals and families fortunate enough to survive them. Floods, hurricanes, droughts, and wildfires can all cause significant damage to humans. Scientists believe the increase in hydro- meteorological disasters is due to a combination of natural and human-caused factors.

Objectives of the Study

1. To identify the impact of human activities on natural disaster.

Research Problem

The research problem under the study is to “understand the impact of human activities on natural disaster”.

Research Methodology

Data has been collected from secondary sources. Sources of secondary data include website about natural disaster, articles and newspaper.

Secondary sources:

Secondary data refers to the information of facts, which are already available. The source of secondary data mainly includes various periodicals and articles in connection with the study. The collected data are statistically analyzed and interpretations are made.

The impact of natural disaster

1) Natural disasters cause destruction of property, loss of financial resources, and personal injury or illness to individuals.

2) Communities lose so many economic resources, that recovery becomes difficult, if not almost impossible.

3) Natural disasters drastically alter the natural environment. It include increase in the sea level, melting glaciers, loss of coral reefs, climate change etc.

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4) Climate change and accompanying natural disasters have created a large migrant population, called climate refugees or environmental migrants.

5) Health issues are one of the most pressing problems after any natural disaster. Survivors can experience mental health consequences, including post-traumatic stress disorder, or PTSD.

6) It results in damage to both public and private infrastructure.

In coupled human and natural systems, people and nature interact reciprocally and form complex feedback loops. For example, local residents in Wolong use forests as fuelwood for cooking and heating. As forests near households were depleted due to fuelwood collection , local residents had to collect fuelwood from areas far away . Because these forests are bamboo forests (habitat for the endangered giant panda) and the bamboo in the forests is the staple food for the panda, fuelwood collection has led to substantial deterioration in forests and panda habitat.

Impact of Human activities on natural disasters

Natural disasters are naturally occurring phenomena that have disastrous impact on humanity. Some people still doubt that human beings contribute to the occurrence of natural disasters. Human emissions are estimated to influence drought, and storm surges. In the long term, it is certain that human activities influence natural disasters. Humans also trigger occurrence of sudden natural disasters. Some of the by human beings activities that cause natural disasters are; a) Deforestation

Of all human activities that have a direct or indirect impact on natural hazards, deforestation is by far the most significant. Deforestation is the removal or destruction of forest cover of an area. It may occur due to unscientific logging practices without regeneration and may be accompanied by subsequent conversion to non-forest usage like agriculture, pasture, urban, mining or industrial development, fallow or wetland. The effects of deforestation generally compound the severity of drought. Deforestation is having a direct impact on fluvial floods. Fluvial floods occur when the discharge of a river exceeds its bankfull capacity. Forests create deep, open textured soils that can hold large quantities of water. When the forest cover is removed through logging, the soil becomes compacted. More rainwater is converted to runoff or near surface flow and less proportion percolates as groundwater. Research has shown significant increase in monthly runoff following logging activities (Rahim and Harding, 1993).

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The runoff rainwater carries with it considerable amounts of loose soil particles. Removal of vegetation cover through excessive logging activities or overgrazing leaves the soil bare. In such a situation, the upper layer of the soils becomes susceptible to erosion by surface runoff. These suspended soil particles are deposited on the riverbeds. The effect of this type of soil erosion by surface runoff is even more pronounced when the deforestation happens in the riparian zones as well.

With time, this sedimentation decreases the depth of the riverbed and, thereby, the water carrying capacity of that river. When the flow of water in the river increases due to a variety of reasons like rainfall, seasonal melting of ice etc, that river can no longer contain the flow within its channel due to reduced drainage efficiency. This excess water inundates adjoining areas causing floods. The effect of soil erosion and subsequent sedimentation of the riverbeds enhances both the occurrences of floods and the area affected by floods.

b) Unplanned Urban development

Urban development has an impact on natural disasters. It destructs the natural system of waterways. Urban population are vulnerable to natural disasters due to unplanned growth of cities with a large population density. Improper drainage system in town is causing floods due to heavy rain. c) Agriculture at Ecologically Sensitive Area

Large scale practise of agriculture can result in the depletion of top soils causing weakening of vegetation and inability to protect against flooding. Agriculture or other human activities at Ecologically Sensitive Area (ESA) will cause natural disaster like landslides and floods. d) Improper construction

Dams that are manmade water bodies are also triggers of earthquakes as per the report of the British Geological Survey. Artificial holding of a large volume of water in a single location causes increased pressure on the surface beneath. The lubricating effect of water also makes it easier for the faults to slip. An example of an earthquake caused by a dam was the one that occurred in Koyna India on 11th December 1967. A quake occurred in the area shortly after a large dam was built killing at least two hundred people with thousands injured. The region has always experienced frequent earthquakes since then. An area that was not prone to earthquakes is now earthquake prone as a result of destructive human activity.

122 LUX MONTIS Vol. 8 No.1 January 2020 e) Improper human settlement

Human settlement on the slopes alters the original surface drainage of that area, eventually rendering it hydrologically unstable and these pave the way for landslides during heavy rainfall.. Human activity like construction of roads can have a major impact on the vulnerability of a mountain slope. For example, the Indian Central Himalayas have seen major increase in road construction activities after the war with China in 1962. Many of these roads are poorly designed and constructed. This has dramatically increased in the occurrences of landslides in the region

Conclusion

It can be concluded that human activities have some impact on occurrence of natural hazards. For some hazards like landslides and subsidence, there is direct, causal relationship between human activity and hazard occurrence. In some other cases like drought and floods, unscientific and unplanned exploitation of natural resources exacerbate natural hazards. In yet other cases, human activity compounds the effect of a natural hazard by triggering other hazard events that follow.

References

1. Arindita Basak, “ Environmental Studies “ , Pearson Education.

2. Bala Krishnamurthy, “Environmental Management: Text and Cases”, PHI.

3. Kaushik and Anubha, “Environmental Studies”, New Age International.

4. David C. Alexander, “Natural Disasters”, CRC Press.

Websites

1. www.grademiners.com

2. www.customwritings.com

3. https://www.clearias.com/gadgil-report-kasturirangan-report-western-ghats/

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A MODERN CONCEPT OF BLIND HIRING: ITS IMPORTANCE AND BENEFITS

MANIKANDAN.S, Asst.Professor, Dept.of Management Studies, JPM Arts and Science College Labbakkada, Kattappana.

ABSTRACT

Blind hiring is an HR practice that aims at reducing biases during the hiring process. The idea is to promote talent acquisition based on a transparent method and hire eligible candidates regardless of their name, gender, mother tongue, religion and socio-economic background. The focus instead is on skills, talents and abilities and these are evaluated as objectively as possible. Rather than submit resumes for position openings, interested candidates will instead complete batteries of assessments work samples and such on.

KEY WORDS: Blind hiring approach, Blind Screening-employment test, Work place diversity and Modern Recruitment.

1. INTRODUCTION

Focusing on increasing diversity to improve companywide performance and work place culture is already on the rise. An HR survey by Harvey Nash found that organizations are increasingly expanding diversity hiring goals to focus on inclusiveness of gender, ethnicity, culture, age and LGBT to identifying individuals. The world of recruitment is getting revolutionized. All industries are adopting new tools and techniques for talent acquisition and management. Now a days more and more companies are aligning their HR policies in line with blind hiring. Recruiters understand the need to be millennial friendly as new talent lies there. For the same reason more

124 LUX MONTIS Vol. 8 No.1 January 2020 and more organizations are now converting their recruitment strategy from traditional to digital domain. But there is the chance of candidates being rejected due to unconscious bias, discrimination, some political factor.

There are several recruitment softwares available online which reaches large pools of candidates and are time effective but it may fetch many unqualified candidates as well and may not increase the diversity and mix of employees. In terms of HRM, the internet has drastically changed the recruitment function for both job seekers and providers currently most of the Western Countries are also focus on Blind Recruitment sites for potential candidates.

OBJECTIVES OF THE STUDY. · To study the concept of blind hiring. · To compare blind hiring and other hiring techniques. · To know the importance of blind hiring in modern recruitment techniques. · To study the characteristics and techniques of blind hiring. · To study blind hiring and its influence in work place diversity.

II.LITERATURE REVIEW.

The selection on literature review is focused on various theories that are relevant to our study

The New York Times 2016 says-Blind recruitment is the process of removing any and all identification details from candidates, resumes applications. It helps you and your hiring team evaluate people on their skills and experience instead of factors that can lead to biased decisions.

An analysis conducted by Williams (2009) on E-Recruitment spends focused on web- based recruitment at the expense of traditional methods. Online methods proved for more popular. Of the HR professionals survey said that the jobs sector of their own company’s website was used as a recruitment instrument for many jobs.

A study conducted by Berger and Ghei (1995) in his study on a facet of hospitality hiring concluded that the success of the hotel industry depends on the quality of its personnel and their effective management in order to assist the organization to achieve its goals.

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A research was conducted by Verhoeven and Williams (2008) news on learning in to e- recruitment and selection. The study focused on the advantages as acknowledged in literature and considered those against the views of HR managers.

Menken and Winfield (1998) explored the advantages and disadvantages of informal and formal recruiting practices in external labor markets. The authors found that quality was a strong motivation than cost for informal recruiting. The findings from the regression analysis also demonstrated that the quality of applicants was more salient for hiring managers in the private sector.

Blind recruitment (Michael Grothus 2016) the practice of removing personality identifiable information from the resumes of applicants including their names, gender, age, education and even sometimes the number of years of experience is gaining popularity. Blind recruitment is used to overcome unconscious bias and promote diversity in the workforce and it has gained an increasing foot hold in companies after a series of studies showed that people with ethnic names needed to send out 50% more resumes before they got a call back than job hunters with “white sounding names”.

TECHNIQUES OF BLIND HIRING. 1. Blind candidate screening 2. Blind pre hire testing 3. Blind interviewing 4. Blind metrics.

1. Blind candidate screening Blind hiring at the screening stage starts by removing personal information from candidates’ profiles and resumes such as their names and photos. Other personal details that can reveal a candidates age and income level such as their Graduation year, Names of schools attended, Addresses.

2. Blind pre hire testing. The second blind hiring technique is anonymizing a pre hire test of a candidate’s job- related skills and knowledge. Another common pre hire test is a personality assessment. The companies that use personality assessment during their recruiting have more racially diverse workplaces.

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Examples of pre hire tests include a mock cold prospecting email for hiring sales people and a coding challenge for hiring software developers.

3. Blind interviewing. Blinding an interview clearly poses the biggest technical challenge. Techniques for blind interviewing include an anonymized written Q & A or an anonymized interview conducted via chat. However, it’s almost impossible to anonymize a person over the phone, during a video interview or in person unless you use a physical divider between the interviewer and the candidate.

4.Diversity Metrics.

The easiest way to do this is to focus on one demographic sector or group that want to increase representation for recruiting.

III.LIMITATIONS OF THE STUDY.

This is concept based study dependent on the secondary and scholarly articles. Proper blind recruitment process is still not practiced in lots of countries; future research work is possible only when it is implemented. There are lots of books discussing regarding recruitment but blind recruitment related articles are very few. The companies are recruiting candidates through their own HR Department or outsource the process hence only fragmented information is available from the corporate. Also with increasing use of online recruitment portals, its effect should also be increased but there are increasing number of complaints that online recruitment sites no longer reply to candidates resulting in frustration blind recruitment concept is still not adopted in most of the countries, they even do not know what is the meaning of blind recruitment is.

IV.FUTURE SCOPE

Blind hiring might represent the future since any organizations are struggling to hire the right candidates in the traditional methods .Since research has shown that candidates who are hired based on which college they attended or which company they worked are as good or as bad as hiring based on impersonal methods where in the applicant is judged not according to their past but based on present capabilities as well as future potential and contribution to the organization. Once blind recruitment concept is implemented that should be followed in future operation also.

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V. CONCLUSION. The 21 st century has seen a significant rise in technology and has seen modern day recruitment methods grow in influence and make a difference in landing candidates for organizations all over the world. Modern recruitment is becoming one of the important tools for selecting a required pool of human resources for the industries. Although this method provides advantages and disadvantages, but it is completely relevant and applicable in the modern world. The modern recruitment system influences the overall recruitment process of every organization. Each and every organization chooses their own cost-effective system to the candidate in a prescribed manner. The majority research has been completed on applicant’s desirability, reflection and awareness of organizations corporate career websites. Blind recruitment is the technique to improve workplace diversity and multi culture workplace in future.

REFERENCES. 1.http://digitalcommon.ilr.cornell.edu 2.http://smarterecruitmentonline.com/the-eight-biggest-challenges-facing-recruiters. 3.Dave Anderson,recruit box,http://recruitbox.com/blog/blind-recruitment-remove-bias- from-your hiring process 4. Barbar linds on ‘Development of online recruitment’.www.employmentstudies.com/ pdflibrary/mp63.pdf 5. unpanl.un.org/intradoc/group/public/apcity/unp an 047449.pdf 6. A Research paper by Carolien.C.Handlogten on ‘implementation of e-recruitment’. 7. http://www.scribd.com/doc/35533485/Recruitment. 8. Zazou 2018.Brightowl January 22-2018.http://brightowl.pro/blog/2018/01/recruiting challenges in 2018 10. Ramakrishna.’A Conceptual Study on Approach to Blind Recruitment and its importance’IJEMS ISSN 23483733.Volume 5 Issue8 August 2018 11.http://www..Ciphr.com/features. 12.http://www.managementstudyguide.com.

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OPPORTUNITIES AND CHALLENGES OF EMERGING MARKETS FOR INTERNATIONAL BUSINESS

NEERAJA S. RAJ Assistant Professor, PG Department of Commerce, GIAL

ABSTRACT

Globalization have paved way for new avenues and ventures among nations. Multinational companies are capitalizing on new opportunities. Nations are allying together to strengthen their economy through new business opportunities

Keyword: Multinationals, economy, Globalization

INTRODUCTION The emerging markets are former developing economies on their way to becoming advanced economies. Brazil, Russia, India, and China are leading exemplars. They are transforming themselves into market-driven nations by liberalizing trade and investment policies, privatizing industries and forming economic blocks. Emerging markets represent promising export markets for products for products and services. Emerging markets pose various risks, including political instability, inadequate legal and institutional frameworks, lack of transparency and inadequate intellectual property protection. Firms should adapt strategies and tactics to suit unique, local conditions. Some firms succeed by partnering with family conglomerates. Governments are often major buyers but require specific strategies. Successful firms conduct research, acquire capabilities specific to target markets, and leverage advantages available in emerging markets, such as low-

129 LUX MONTIS Vol. 8 No.1 January 2020 cost labour. The present study tries to assess the true potential of emerging markets and evaluate the risks and challenges. It also put forward some success strategies for emerging markets.

Objectives of the Study

1. To understand and mapping of the dimensions of emerging market economies

2. To know what makes merging markets attractive for international business

3. To evaluate the risks and challenges of emerging markets

4.To learn the success strategies for emerging markets

Methodology of the Study

The present study is analytical in nature and therefore it examines the potentialities and challenges experiences by the emerging market economies comprising more than forty countries found in East and South Asia, Eastern Europe, Latin America and a few in Africa. It investigates business behaviour of the selected new global challengers/leading firms from emerging markets. For this secondary data are used from various sources such as publications of WTO, World Bank, UNCTAD and IMF. Selected emerging markets and firms are taken into account in analyzing the emerging issues. Evaluating and exploring the emerging global business models is only a humble attempt.

Leading Features of Emerging Markets

One of the most distinguishing characteristic is rapidly improving living standards and a growing middle class with rising economic aspirations. As a result, they have become very attractive destinations for exports, FDI, and global sourcing. Because their economies have transformed so dynamically, Hong Kong, Israel, Singapore, South Korea and Taiwan have moved beyond the emerging market stage. Certain emerging markets that have evolved from centrally planned economies (socialist countries) to liberalized markets specifically China, Russia, and several Eastern European countries. They are called transition economies –a subset of emerging markets. These countries were once socialist states but have been largely transformed into capitalist system partly through a process of privatization. In coming decades, it is estimated that the majority of growth in world GDP will come from emerging markets. Especially Brazil, Russia, India and China, the BRIC countries. Presently, emerging markets represent more than one-third of world markets and receive more than one-third of world FDI.

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New Global Challengers

The new global challengers are leading firms from emerging markets that are fast becoming key contenders in world markets. Table 1 provides a sample of these firms. Most are highly diversified, operating in sectors from manufacturing, services, and trade.

Table 1. Emerging Market Global Challengers

Country Example of MNCs Industrial Area 1. Brazil Brazil Foods Food Processor Embraer Aerospace Natura Cosmeticos Cosmetics 2. China Alibaba Group E-commerce Lenovo group Computer Technology 3. India Bharti Airtel Telecommunication Infosys Technology consulting Tata Motor Automotive 4. Mexico America Movil Telecommunication Cemex Building materials 5. Russia Gazprom Natural gas Lukoil Oil

Source: Boston Consulting Group 2014, September 10, “Meet the 2014 BCG Global challengers”

Emerging market multinationals have also been on a shopping spree, acquiring companies in the advanced economies. In the auto industry, Tata Motors acquired Jaguar and Land Rover. Each year, Forbes magazine catalogs the leading 2000 global firms. The number of companies

131 LUX MONTIS Vol. 8 No.1 January 2020 from emerging markets in the list now exceeds 500. It reveals how fast new global challengers are displacing traditional MNCs from the advanced countries and becoming key competitors in world markets. Managers need to devise innovative strategies to compete skillfully with them.

What makes Emerging Markets attractive for International Business?

Emerging markets are attractive to internationalizing firms as target markets, manufacturing bases, and sourcing destinations.

As Target Markets. Emerging markets have become important target markets for a wide variety of products and services. For example, the fastest growing markets for power tool companies such as Black& Decker and Robert Bosch are in Asia, Latin America, Africa and the Middle East. Technology firms such as Cisco, Hewlett-Packard and Intel generated a large proportion of their revenues from sales to such countries. Global pharmaceutical companies such as Pfizer and GlaxoSmith Kline, have increased their emphasis on developing and marketing drugs in emerging markets. For example, Pfizer has launched popular drugs in India, that make medicates affordable for low income consumers.

As manufacturing Bases. Firms from Japan, Europe, the Unite States and other advanced countries have invested vast sums to develop manufacturing facilities in emerging markets. These markets are home to low wage, high-quality labour for manufacturing and assembly operations. In addition, some emerging markets have large reserves of raw materials and natural resources. For example, Mexico, India, and China are impotent production platforms for manufacturing cars and consumer electronics. South Africa is a key source for industrial diamonds. Brazil is a centre for mining bauxite, the main ingredient for aluminum. Motorola, Intel and Philips manufacture semiconductors in Malaysia and Taiwan.

Risks and Challenges of Emerging Markets

Country risks takes on growing importance in an increasingly interdependent world. More MNEs are doing business in emerging markets., which are beset by various challenges. National and regional crises have global implications, even for firms very remote rom crisis locations. They pose various risks, including political risks, inadequate legal and institutional frameworks, lack of transparency, and inadequate intellectual property protection. Family conglomerates that dominate many markets. They represent formidable rivals and attractive choices for partnerships. A family conglomerate is a large, highly diversified company that I privately owned. They control the majority of economic activity and employment in emerging markets. Table 2 illustrates some of the world’s leading Family businesses.

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Table 2 Leading Family Conglomerates in the World

Family Home Primary Sectors Conglomerate Country 1. ALFA Mexico Petrochemicals, machinery foods, electronics, telecommunications 2. Astra Indonesia Motor vehicles, financial services, heavy equipment, agribusiness, and IT 3. Ayala Philippines Real estate, financial services, telecommunications, electronics 4. Hyundai South Automobiles, shipbuilding Korea 5. Reliance India Petroleum products, retailing, Industries chemicals, textiles, solar energy systems 6.Votorantim Brazil Finance, energy, agribusiness, Group mining, steel, paper 7.Tatung Taiwan Computer, liquid crystal display televisions, media player home appliance

Source: S.TamerCavusgil et al.(2018), International Business , New Delhi, Pearson

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Success Strategies for Emerging Markets Firms should adapt strategies and tactics to suit unique, local conditions. For example, Toyota develop a line of inexpensive cars for low-income countries. In India, it built a large factory to boost its share of the Indian car market to 10 percent. Renault and Volkswagen are building low-cost cars targeted to emerging markets such as China, India, and Russia. Some firms succeed by partnering with family conglomerates. Ford partnered with Kia to introduce the Sable line of cars in South Korea and benefitted from Kia’s strong distribution and after-sales network. Governments are often major buyers but require specific strategies. State enterprises in areas such as railways, airlines, banking, oil, chemicals, and steel buy goods and services from foreign companies. For example, the rebuilding process of Kerala after the recent flood calamities, KPMG has secured the contract of project report preparation from the Government of Kerala.

Concluding Remark In emerging and developing countries, leading firms undertake activities that facilitate economic development. They can serve low-income countries with inexpensive, specifically designed products and services and community involvement. Such efforts should aim to ensure environmental sustainability. Microfinance is promoting entrepreneurial initiatives. Successful advanced-economy firms conduct research, acquire capabilities specific to target markets and leverage advantages available in emerging markets, such as low-cost labour.

References

1. World Bank (2015), World Development Report, Washington, DC

2. International Monetary Fund (2015), World Economic Outlook Database, April Washington, DC

3. S.TamerCavusgil et al.(2018), International Business,4 th ed New Delhi, Pearson

4. John Daniels et al. (2018), International Business: Environments and Operations,16 th ed New Delhi, Pearson

5. Boston Consulting Group (2014), “Meet the 2014 BCG Global challengers”, September 10, Boston

6. Christopher Beshouri(2006),”A Grassroots Approach to Emerging Market Consumers,” McKinsey Quarterly 4 , http: //www.mckinseyquarterly.com

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DEFENCE STRATEGIES EMBRACED BY THE PROTAGONISTS NOVELS OF SHASHI DESHPANDE

Dr. PRIYADARSHINI S Assi. P rofessor, Dept. of English NSS.H.College, Changanacherry

An empowered woman can realize her selfhood and play a significant role in making her personal and social life meaningful. Empowerment is not only related to her abilities, but to customs, traditions, and religious practices that either provide or restrict the space for her to bloom. They are the factors which decide whether a woman can participate in social activities or not. These factors not only allow her to participate in decision-making, but also play an important role in her social life. This shows that although empowerment is theoretically possible, it has only restricted significance. The discourses on woman are one from which women, imaginatively, economically and politically disembowelled, are effectively excluded. In post-colonial patriarchal culture, naming strategies have an over determined role, invested with an enticing double force and double meaning. As Bernard Shaw says “Man and wife do not, as a rule, live together, dine together, and sleep in the same room. In most cases the woman knows nothing of the man’s working life and he knows nothing of her working life (he calls it her home life)” (11). The novels under study, namely Shashi Deshpande’s The Dark Holds No Terrors and That Long Silence present different perspectives of women’s existential problem. The force of Deshpande’s denunciation of women’s lives relates to the way she is able to universalise their condition, chiefly by drawing similarities between Saritha, Indu, Jaya, Urmila and a variety of other female figures. When read from the perspective of the ‘peripheral’ figures in the novels of

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Shashi Deshpande , we are able to construct a varied reading of the novels, highlighting the survival strategies enunciated by women. There are frequent shocks of recognition in the novels that create existential problems for educated women characters. There are moments in the novel where the irony is subtle, but so realistic that it will certainly produce a completely different reading of women characters facing survival problems. It is through these moments of recognition that one more interesting aspect of the patriarchal set-up is revealed: the perpetrators of the power structures within the family circle are most often women, and it is the relationship of one woman to another woman mediated through a man that re-inscribes the power of a woman over another woman. These are the women who have internalised patriarchy by making marriage a centre of exploitation. The institution of marriage is sought after, as it offers the possibility of exerting power. The very structure of the dominant part of the Indian society which makes it possible at one stage for a woman to exert power over another woman, even while being the subject of subjugation herself, is something which prevents any attempt at universalising. Added to this, the differences between the classes are so great that the condition of women belonging to different classes cannot be universalised in spite of these moments of universal relevance. The critical readings of her novels show that there is a monolithic concept which all of them are talking about: the Indian women frayed between tradition and modernity. She is the one who is in search of self-identity; she is the one who tries to shape her identity in a sexist society, she is a free thinker who is searching the means of survival to grapple with the male sex. Saru’s mother, more than her mother-in-law, is conventionally seen by most of the women writers as a dominating figure. There is very often a sense of annoyance, of non-comprehension, of confrontation in the daughter when she thinks of the mother. The weird and intricate relationship between Saru and her mother is an important area of investigation. Saru’s mother is a patriarchal mother, who exploits male power for survival. As it is true that the childhood moulds a person’s individuality, Saru’s defiance against her mother can be viewed from her childhood onwards. Her mother is pictured as a person who never understands her daughter and is always the first in blaming her. What might have made her mother do these strange things is a question to be pondered. At first reading, the mother seems to be the only person responsible for the downfall of her daughter .But when we go deep into the novel the mother stands as a deep rooted symbol who visualizes her own image in Saru. The mother might have gone through a past which she detests, and Saru, being her daughter, she is seeing her own self in her daughter. Saru’s mother can be seen as a person who hates girlhood, womanhood, there by hating her only daughter to the core. She is wearing a mask of patriarchy and hiding her self behind the man-made mask. Saru does not give the impression that she is anti-mother, but while trying to sort out her relationship with her husband’s split personality, she reconciles with her mother. Her

136 LUX MONTIS Vol. 8 No.1 January 2020 mother had refused to see her daughter till she died, and this created in Saru a feeling that it was because of her mother’s curse that she was having an unhappy married life. Sarita’s survival instincts are triggered when she becomes a rape victim in the hands of her own husband. Manu’s sadistic attack on her body and soul terrorizes her, and she kills herself. Here Shashi Deshpande reveals the brutality of male dominance in thwarting the victim’s will-power. Her home becomes a place of terror, and that becomes unbearable for her. Saru faces adjustment problems throughout her life. Erving Goffman observes two types of adjustments in the life of a girl child. He terms these as the “primary adjustment” and “secondary adjustment”. These adjustments are responsible for all sorts of mental traumas in the life of a girl child. Primary adjustment means adjusting with the family and secondary adjustment is related to the society. Saru is a helpless, mal-adjusted victim, and is always in a state of flight from the reality. On the other hand, the concept of Jaya’s ego becomes evident when we compare and contrast the husband-wife relationships of the traditional Hindu women and the new women. Jaya is symptomatic of the emerging new-woman. She has already developed a maxim that a daughter might fight the mother if she wants to succeed in the world. In keeping with this view she marries Mohan, for she thinks that her mother is opposed to this match. The pre-marital relationship of Jaya and Mohan is a typical paradigm of the new woman. Mohan was enamoured by Jaya’s modernity and education but he never made her apply her thoughts and visions in their life. The childhood experiences of the two protagonists of Shashi Deshpande, were different. Even though Jaya was brought up in a traditional manner, with gender differentiation, she had a more comfortable childhood than Saru. But Saru, right from her childhood, was forced to live the life of a captive, and was always under terror. Jaya got love from her home even though it was filled with restrictions. Though Jaya and Saru have some circumstantial childhood resemblance, Jaya got enough opportunity to live rather than survive, as is the case with Saru. The individuality of Saru got released from the clutches of her childhood after her marriage. She got a husband of her choice, who adorned an honourable profession, but Jaya’s frustration springs out of the fact that as a wife and a mother she has not done justice to her own talents. She has continued to write under assumed name thinking about patriarchy. Her rejection of her two names Jaya, the name given to her by her father and Suhasini, the name given to her by her husband is the first step in her search for her true self. Under patriarchy women have also recoiled from telling the truth about sex and self. Jaya finds that a mask hiding herself from the world is the means for survival in this world. The feminist rebellion and defiance, epitomized in Jaya’s conduct, are based on the balance between the desertion of bad values and acceptance of time-honoured values and traditions. Her deep rational quest of the meaning of life gives her important insights about life.

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The partial relaxation of the ego’s control over the working of her psyche during this period gives her a changed perspective of the nature of human relationships. After her trauma, Jaya seems to become extensively concerned about the moral side of what she has done so far and what she should have done but did not. Freud observes that: Ill-luck that is, external frustration so greatly enhances the power of the conscience in the super ego. As long as things go well with a man, his conscience is lenient and lets the ego do all sorts of things; but when misfortune befalls him he searches his soul, acknowledges his sinfulness, heightens the demands of his conscience, imposes abstinences on himself and punishes himself with penances. (318) Apart from the unusual activation of the punitive elements of the super-ego Jaya’s psyche sets a wide variety of painful reactions in motion, which is very much characteristic of traumatic neurosis. Rumination on the traumatic event, insomnia and recurrent nightmares and dreams, feelings of detachment and disorientation, adverse somatic reaction and relative lack of control over one’s actions are the readily available tools of the psychic apparatus which can be pressed into service in Jaya’s case. Saru, on the other hand, is in search of an untrammelled life, and has left her husband and children in returning to her father’s house. She comes depleted of strength and recuperates in slow stages. Her coming to her father is a vague, undefined search for reassurance and assistance. At one time, Saru had taken a decision in defiance of her mother to become a lady doctor. It was partly prompted by her fierce desire to be different from her mother, but now when qualifying the term ‘lady doctor’, there is self-contempt. The trail of suffering following Dhruva’s death and the curse of the unyielding mother even in her death intensifies Saru’s guilt feelings. But perhaps, forgiveness for Saru, as her father says, was one of the things left unsaid between them. And besides, Saru learns that her mother had died at peace with herself, for she had internalised the reality of life. The old father tells Saru that he cannot be her crutch; he supported her earlier because she had made up her mind and knew what she wanted to do. Now he has nothing for her, nothing at all. Shashi Deshpande’s use of dreams as a literary device, comparable to that of Graham Greene in their subtlety and poignancy, allows her to describe in symbolic and artistic terms the reality about the life of her heroines. In Jaya’s case, her nightmares and dreams are projections of her desolate helplessness, which comes out more poignantly alive. Jaya’s first nightmare effects a crucial turning point in her neurotic reaction, and reveals many conflicting tendencies within her. In the dream she sees Mohan and herself walking together. Soon she is left behind, and for some reason, has to pass through a house. She is helped into the house by a girl. Once she is in, she realises that she is alone, fears that she will not be able to find

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Mohan anymore. She is then led into a room where a number of girls are present. Although she feels that they sympathise with her, none of them comes forward to help her. She feels ill and utterly helpless, and lies down like a corpse. The girls around her discuss her predicament in low tones. Not much later however, Mohan appears on the scene and asks her to hasten to a waiting taxi. But as she runs after him she realises that the fault lies in her. The dream presents, in a classic case of condensation and displacement, her entire marital experience, her present predicament and her unconscious wishes. The house she passes through is the martial edifice. She is led into it by society (symbolised here by the more acceptable and seemingly agreeable girl and later by a group of girls). Once she is inside the house, no help comes forth. She has to make a home herself. She does not even understand Mohan fully. And then comes the catastrophe of the enquiry into the charges of corruption. Society, which she has thought to be on her side, suddenly turns hostile. Her degradation is discussed by everyone. She fervently wishes to get away from her present predicament. Tradition has it that a wife should seek her husband’s help. And so Mohan appears there with a taxi. But her belief in Mohan’s ability to deliver is not strong enough to blissfully give herself into his care. She therefore thinks again that it is very late and that the escape route is closed. She finds fault with herself because she is unable to do anything to help Mohan in his hour of need except neurotically rave and grieve. While Jaya’s first dream is a sort of wish-fulfilment, her second dream, occurring much later, is expressive of her utter frustration. By now Mohan has deserted her and she has already borne the resultant additional psychic conflict. She experiences a stab of anguish whenever her servant-maid, Nayana, makes a direct reference to her unenviable plight. Jaya and Mohan have hoped to escape publicity by moving to the Dadar flat. That such an escape is impossible is evidenced through her dream. She unconsciously perceives what is lurking in the mind of most of their acquaintances, and it comes alive through her dream. Feelings of detachment from the self, experience of split personality and a sense of disorientation too are expressive of neurotic conflict. The seeds of a split personality have always been present throughout her seventeen-year old married life. A relative lack of self-control over one’s actions is again quite in keeping with the logic of neurotic suffering. Jaya’s involuntary actions are almost always precipitated by a specific incident in the present. But at the same time they can be easily traced back to the one great affliction, that is, the shocking disintegration of her home the security of which she has uncritically taken for granted. Jaya’s psyche reaches almost the point of total disintegration under the intense pressure and force of adverse circumstances, which sets a defence mechanism in motion deep within her. Dreams, neurosis etc. are basically defensive in nature. Here, the writer uses these mechanisms to effectively portray the neurotic state of the protagonist. 139 LUX MONTIS Vol. 8 No.1 January 2020

Another defence device that comes handy to Jaya, partially aided by her experience as a writer, is her re-living at every point in her imagination, the significant moments of her life. The exercise helps her above anything else to come to terms with reality as it presents itself. It is in this context that the stream-of-consciousness technique adopted in the novel is artistically most gratifying. A smooth linear development of the narrative would not have facilitated the to and fro movement of Jaya’s consciousness in time. Jaya’s unfolding of her story in bits and pieces, moving back and forth with remarkable felicity, borders on the incoherent, necessitating the stream-of- consciousness technique. Shashi Deshpande’s use of the technique reminds us of Dorothy Richardson’s Pilgrimage, where there is a significant assertion of authorial voice and autobiographical under-currents. Virginia Woolf’s The Waves focuses on private visions of life and private symbols by presenting character which never succeeds in becoming typical. We have also James Joyce’s Ulysses that highlights the disparity between man’s aspirations and actual achievements. But for Deshpande, a tragic resignation and a conscious, not spontaneous, reconciliation with the world is the only possible solution for survival. The technique has been very effectively used by the author to reveal the psychic being of Jaya, of what she is rather than what she does. In this process of dramatising her consciousness (quite often Jaya also engages her two selves in an imaginary dispute) her essential nature gets verbalised and lends itself for examination. The great advantage, consequently the best justification, of this type of novel rests on its potentialities for presenting character more accurately and realistically. Indeed the character of Jaya as it emerges at the end of this interesting exercise is that of a person divested of all self-deceptions, falsities and artificialities that she has all along been living with. She considerably sobers herself on making certain key discoveries about herself. Earlier she contemplates suicide as a speedy recovery to her pains, but later she dismisses it as silly. CONCLUSION The wives, in the end of That Long Silence and The Dark Holds No Terrors are not rebels, but redeemed persons who have broken the long silence, and are no longer afraid of the dark. They are people reconceptualised as women and as individuals’ ? a marked contrast to the older generation of women around them with their accommodating, docile, fatalistic attitude. The dilemma of the new woman can be resolved only when the claims of selfhood are reconciled with the claims made upon them by the family and society. WORKS CITED * Abrams, M.H. A Glossary of Literary Terms. 7th ed. Bangalore: Eastern Press, 2004. Print.

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* Anand, T.S., L.S. Bedi, and Hargunjot Kaur. Modern Indian English Fiction. New Delhi: Creative Books, 2002. Print. * Baig, Tara Ali. India’s Women Power. New Delhi: S Chand & Co, 1976. Print. * Beauvoir, Simone de. The Second Sex. Paris: 1949. Trans. and ed. H.M. Parshley.1953. London: Vintage, 1997. Print. * Bernard Shaw, George. The Complete Prefaces: 1914-1929. London: Penguin, 1993. Print. * Deshpande, Shashi. The Dark Holds No Terrors. New Delhi: Penguin Books, 1990. Print. * That Long Silence. New Delhi: Penguin Books, 1989. Print. * Freud, Sigmund. A General Introduction to Psychoanalysis. Trans. Joan Riviere. New York: Garden City, 1979. Print. * Civilization and Its Discontents. New York: ed. Peter Gay. Trans. James Strachey. Norton, 1989. Print. * Hilgard, R Ernest. Introduction To Psychology. Australia: Harcount Publishers Ltd, 1971. Print.

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ECOPSYCHOLOGY DELINEATED IN ART: AN ANALYSIS OF EDVARD MUNCH, CLAUDE MONET, AND VINCENT VAN GOGH

SHALABHA RACHEL ABRAHAM Asst. Professor, Dept. Of English, GIAL, Kottayam. [email protected]

SAMIYA SARAH ABRAHAM I MA English, CMS College, Kottayam. [email protected]

ABSTRACT Ecopsychology deals with the imperceptible and ineludible bond that ties man with nature. Coined by Theodre Roszak in his 1992 work, The Voice of the Earth: An Exploration of Ecopsychology, ecopsychology is defined as a “form of psychology based on an integration with the natural world rather than with the society.” It studies and analyses the relationship between human beings and the natural world through ecological and psychological principles. This discipline develops on the understanding of the emotional connection that man had always matured and nourished with nature. An analysis of the psychology of ‘ecological art’ details before us the mindset and attitude of the artist or the creator towards nature and its various constituents. The paper analyses the paintings of Edvard Munch, Claude Monet, and Vincent van Gogh, all of which depict how the painter’s psyche is linked with nature and how the varied perceptions of nature find space amidst the artists’ creative spirit. The Scream (1893) and The Yellow Log (1912) by Munch depicts the anguish and turmoil of the painter’s psyche, associated with nature. On the other hand, in Poppies (1873) and Water Lillies (1916), Monet construes the serenity of mother nature. Van Gogh’s The Starry Night (1889), Irises (1889), and Wheatfield

142 LUX MONTIS Vol. 8 No.1 January 2020 with Crows (1890), again traces the change in perceptions on nature in accordance with the altering times and state of affairs. In brief, the paper aims to look into the artists’ psychological attitudes that get imprinted in their artworks on nature. Key words: Ecopsychology, ecology, art, Edvard Munch, Claude Monet, Vincent van Gogh, nature. Ecopsychology Delineated in Art: An Analysis of Edvard Munch, Claude Monet, and Vincent van Gogh Ecopsychology is an intellectual movement which strives to understand and at the same time harmonize people’s relationship with ‘nature’. Both the human psyche and nature are intricately connected, as they both represent life and consciousness. The individual and his mind are inseperable from his/ her surrounding environment. Nature for humans is the representation of a collective self. “It is peculiarly the psychiatry of modern western society that has split the ‘inner’ life from the ‘outer’ world- as if what was inside of us not also inside the universe, something real, consequential, and inseperable from our standing of the natural world.” (Roszak, “The Voice of the Earth: Discovering the Ecological Ego”) “The alchemists of the ancient world had a teaching; “As above, so below.” (Roszak, “The Voice of the Earth: Discovering the Ecological Ego”) Our emotional responses to nature and the various climate changes are often ignored. When these responses are paid heed to, people develop a psychological resilience to these diverse changes. When people become more aware of their emotional responses, it tends to raise their anxiety levels. This might result in the projecting out of feelings onto something else or even to other people. That is, people attribute their own difficult feelings onto something else; for example- art. Let us think of the psyche as a self-regulating system that deals in emotion, passions, aspirations, the way the living cell deals in protein and energy transfer. The environment that the psyche must confront in its task of adjustment is the culture that psyches before it have created as a ‘second nature’. Accordingly the psyche strives to cope with the stresses and strains this cultural environment imposes upon it. Even when the demands are severely out of balance with the needs of its own internal biological economy, it struggles to conform, if need be by way of crazy distortion. At last, having gone as far as it can to accommodate the pressures, it asserts its desperate need for healthy balance. (Roszak, “The Voice of the Earth: An Exploration of Ecopsychology”) Art has at all times sustained and nurtured humanity on a psychic level. Much of this art, has originated from and been enhanced by our relationship with the natural world. Donna Seaman has identified this thought in her introduction to the new anthology of fiction, In our Nature:

143 LUX MONTIS Vol. 8 No.1 January 2020 Stories of Wildness; “The arts, humanity’s flowers, are inextricably rooted in the wild. Our symbols, myths, sacred texts, songs, stories and poems are as inlaid with nature-based metaphors as a meadow is with wildflowers.” (Lenzo) Both Art and Ecopsychology are always concerned with attention, perception and imagination. They also share a common language- the language of the senses. In the making of art, and its experiencing- whether one is viewing, reading, feeling, tasting, listening to, or empathetically ‘connecting with’- the art, we are fine-tuning the sensual media we are all born with. Art is therefore an innate and natural human activity. All forms of arts are the expressions of a commanding and central force, capable of generating a real impact in our psyches and within the world. Although not all art is associated with an ecopsychological view of life, it turns out into a celebration and exploration that focuses and deepens our awareness of the connection that we have with ourselves and with the rest of the natural world. Whether it uses nature as an inspiration or subject matter, or it deliberately employs natural materials for its medium, or ‘paints’ upon it like a canvas, this kind of art brings us into undeviating connection with ourselves- in- nature. Edvard Munch, a Norwegian expressionist painter and printer, contributed much to German expressionism in the late 20th century, and the art form that shortly followed. A strong mental anguish was often displayed in many of his artworks. Munch’s mother had died of tuberculosis after his birth and therefore he was raised by his father. His father suffered from a mental illness, and this played a part in the manner he and his siblings were raised. They grew up with the fears of deep seated issues, which is also the reason for the repressed emotions that he grew up with and why his works took a deeper tone. Munch’s statement was true to himself as, “Nature is not only all that is visible to the eye…it also includes the inner pictures of the soul.” (“Edvard Munch and his Paintings”) During the period between 1892 and 1908, when Munch spent much time in Paris and Berlin and then decided to make his way back to his hometown in Norway, much of the work that was created depicted his interest in nature. It was also noted that the tones and colours that he used in these pieces, seemed a bit more cheerful than his previous works. The glum undertones which were quite prominent in much of his earlier works were replaced by a more colourful and playful character as opposed to the dark and somber style. Just like all Symbolist painters, Munch too believed that art should reflect an emotion or idea rather than embodying the natural world in the objective, quasi-scientific manner, embodied by Realism and Impressionism. Munch’s work focused largely on life and death scenes, love and terror, and the feeling of loneliness. These emotions were depicted by the contrasting lines, the darker colors, sober tones, and a succinct and inflated form, which portrayed the sinister side of his art. Munch is quiet often compared with Van Gogh, who was one among the foremost artists to paint what the French artist called ‘the mysterious centers of the mind.’

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THE SCREAM The Scream is an autobiographical expressionistic construction created by Edvard Munch in 1893. The original German title given by Munch to his work was Der Schrei der Natur (The Scream of Nature). The agonized face in the painting is said to indicate the anxiety of modern man. The inspiration of the painting could be traced to Munch’s personal experience when he went out for a walk during the sunset. Munch recalled that during his walk, he suddenly saw the sky turn into blood red colour. He sensed an infinite scream passing through nature. In his diary in an entry headed “Nice 22 January 1892”, Munch wrote: I was walking along the road with two friends – the sun was setting – suddenly the sky turned blood red – I paused, feeling exhausted, and leaned on the fence – The Scream (1893) there was blood and tongues of fire above the blue-black fjord and the city – my friends walked on, and I stood there trembling with anxiety – and I sensed an infinite scream passing through nature. (“The Scream”) According to certain theorists, the painting is a reflection of Munch’s “memory of the effects of the powerful volcanic eruption of Krakatoa, which deeply tinted sunset skies red in parts of the Western hemisphere for months during 1883 and 1884, about a decade before Munch painted The Scream” (“The Scream”). From the sources of its inspiration, it is natural to interpret The Scream as a painting that reflects the cry of nature and the anxiety that it evokes in mankind. The red background of the sky could be interpreted as the aftermath of the volcanic eruption of which theorists talked about. The distorted sexless being in the painting might signify the modern man who gets entrapped in the danger of having exploited the nature and subsequently finds himself in a condition of helplessness. From Munch’s own description, it could be said that the ‘scream’ that he supposedly heard in the surroundings might be symbolic of the scream of nature itself, a warning call from mother nature or even a futuristic self reflection of mankind’s dismal wail for help, a cry to escape from the crumbling foundations of nature. It is a representation of his pained psyche, sniveling out into the world as a feeble banshee, warning the future of the impending death.

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THE YELLOW LOG While at Kragero, Edvard Munch painted landscapes in the forests of spruces and pines. These paintings were comparatively naturalistic, though colours have been intensified for expressionistic effect, particularly the vivid yellow of the logs and the purple trees, almost certainly, to contrast life and The Yellow Log (1912) death. The central yellow ‘log’ is virtually an entire tree trunk stripped of its bark, bits of which in assorted colours are strewn around. When compared to his other paintings, Munch’s The Yellow Log has a somewhat pleasant outlook. Still the painting depicts the destruction of nature, of the life giving and sustaining forest. It shows the turmoil and anxiety inherent in Munch’s mind, of being ‘cut- down’ or destroyed. Both The Scream and The Yellow Log give a picture of the deep rooted pain and mayhem of Edvard Munch’s psyche, in relation to the natural world around him. While The Scream is an actual representation of the horror of a lost future; of the lost lush green fields and pale blue sky, substituted with the grey, dead land and reddish- orange sky, The Yellow Log represents the interminable present, where trees are always meant to be cut down. The bluish-purple trunks denotes the approaching death whereas the yellow log signifies a lynched nature, even skinned of her last piece of bark. Claude Monet, a French painter known for his ground-breaking role in the development of the Impressionist movement, is best remembered through his vivid representations of his flower garden in Giverny. Monet was at all times concerned with conveying glimpses of the atmosphere and light with irregular brushstrokes and complementary colours. Among the best known works are the Water Lilies (1919) series, Impression, Sunrise (1872), and Rouen Cathedral at Sunset (1893) etc. “When you go out to paint try to forget what object you have before you- a tree, a house, a field or whatever,” the artist once explained; “Merely think, here is a little square of blue, here an oblong of pink, here a streak of yellow, and paint it just as it looks to you.” (“Claude Monet”)

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POPPIES

Nature and its fickleness captivated the interests if the Impressionists; their aim was to capture the change of light, the rain, the sunset, the wind and the dew – incarcerate the moment in all its beauty and grandeur. Claude Monet, like many other Impressionists, made recurrent trips to the French countryside, seeking ] Poppies inspiration. It was on one such trip that Monet arrived at Argenteuil which was, back then, a rural getaway for many Parisians. There he painted the gleaming surface of the river Seine and the eminent fields sprinkled with exuberant poppies and other wildflowers. It was during his stay in Argenteuil in the 1870s that Monet painted his remarkable artwork ‘Poppies’. An uncomplicated scene, a beautiful sunny moment detained on canvas, the scene of the poppies is bordered by a scurry of trees, along with a few peaceful clouds on the bright blue sky with the motif of a woman and a child. The universal feeling that it projects draws the viewers’ appeal; a vibrant ambiance of a summer’s day, a stroll in the meadow, the bright sun, the invigorating redness of the poppies- all these creates a mood devoid of qualms and fears, corresponding to the calmness and serenity of Monet’s mind as he enjoys a beautiful sunny morning. WATER LILLIES Water Lilies is a series of just about 250 oil paintings by Claude Monet. The paintings give a picture of Monet’s flower garden at his home in Giverny, and were the central focus of his artistic production during the last thirty years of his life. Nature, recomposed by the artist, started to resemble his art. Monet’s words “My finest masterpiece is my garden” is Water Lilies (1916) reflective of his attitude towards nature. (“10 Facts You Might not Know About Claude Monet’s Water Lilies”)

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Monet moved closer to nature as he spent a great part of his life painting his beloved aquatic garden. His works became a study of water and how it reflects the sky and light. Monet said these were meant to create “the refuge of a peaceful meditation in the center of a flowering aquarium.” (Puchko) Monet’s painting reflects the tranquillity of his mind influenced out of nature. The water lilies were always an inspiration for him; a soothing balm for his mind. The pleasant and bright colours bring joy into the minds of the beholder. The painter in Claude Monet always found himself one with nature. He drew insight from nature and could clearly reconstruct its cordiality on canvas. Monet had led a peaceful life, enjoying his life and painting beautiful landscapes. His psyche always felt at ease with nature, acknowledging it in its whole and taking pleasure in its every miniscule details. The vibrant colours of these vivid backdrops attest to this. Vincent van Gogh, the famous Dutch painter, is generally considered as the greatest after Rembrandt van Rijn, and one of the greatest of the Post-Impressionists. The arresting colour, insistent brushwork, and contoured forms of his work have strongly influenced the current of Expressionism in modern art. Van Gogh’s art became resplendently popular posthumously, particularly in the late 20th century. In part because of his extensive published letters, van Gogh has also been mythologized in the popular imagination as the prototypical tortured artist. IRISES Irises is one among the series of paintings Vincent van Gogh made at the Saint Paul-de-Mausole asylum in Saint- Rémy-de-Provence, France, in the final years of his life. Van Gogh started painting Irises within a week of entering the asylum, in May 1889, taking inspiration from the hospital garden. The flowers were growing in a garden in the small outdoor area where the artist was allowed to stroll and sit. There is a lack of the high tension Irises (1889) which is seen in his later works. He called his painting “the lightning conductor for my illness” (“Irises”) as he felt that he could keep himself from going insane only through his paintings. There is much softness and lightness in his paintings. Irises are represented full of life without tragedy. Theo, Van Gogh’s brother, wrote to him about his painting: “It strikes the eye from afar. The Irises are a beautiful study full of air and life.” (“Irises”)

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The colour purple has often held deep symbolic significance. The unique and bold purple colours made the work lively and eye catching, complementary to the bright yellow backdrop, Van Gogh’s favourite colour. The colour purple is itself a persuasive combination of the invigorating, forewarning red that meets the serene and peaceful blue. For Van Gogh, enclosed within the asylum, in a quest for health and stability amidst a home for the mentally ill, this intricate, contradictory assortment must have felt at once relevant and disorienting. Van Gogh’s Irises are symbolic of his more colourful days before he fell deep into the pain and mire of his stay at the asylum. They represent his hope for good health, and a return back into his otherwise productive years. The unruffled bed of purplish- blue irises signifies his quite mind, both of which are tranquil. STARRY NIGHT The Starry Night is an oil on canvas by the Dutch post- impressionist painter Vincent van Gogh. The painting which came out in June 1889, describes the view just before sunrise from the east-facing window of Van Gogh’s asylum room at Saint-Rémy-de- Provence. The painting is also enriched with a view of a village Starry Night (1889) in the valleys. It is the only nocturne in the series of vistas from his bedroom window. Following the emotional breakdown that resulted in the self-mutilation of his left ear, Van Gogh had willingly admitted himself at the Saint-Paul-de-Mausole lunatic asylum on 8 May 1889. While he went through occasional setbacks into paranoia and fits, it seemed like his mental health was recuperating. But unfortunately, his health deteriorated again. He started suffering from hallucination and thoughts of suicide as he sank into dejection. This in turn led to a tonal shift in his works. He went back to incorporating the darker shades of colours, as was employed in his initial works. Starry Night is a noteworthy example of this shift. During his stay at the asylum, Van Gogh painted at times of sudden ruptures of productivity that alternated with his moods of despair. The world famous Starry Night also indicates Van Gogh’s gradual descent into the deepening gyre as his asylum days progressed. The whirling brush strokes of the deep blue night

149 LUX MONTIS Vol. 8 No.1 January 2020 sky shows his helplessness whereas the occasional yellow and white are the glimpses of his reality. While he was working on the Starry Night, Van Gogh had already fallen into paranoia. The nature he tried to depict therefore mirror the state of mind of its artist. WHEATFIELD WITH CROWS Wheatfield with Crows, made on a double- square canvas, illustrates a dramatic, cloudy sky teeming with crows over a wheat field. An isolated sensation is predominant in the picture which is heightened by a central path leading nowhere and by the indecisive direction of the flight of the Wheatfield with Crows (1890) crows. The windswept wheat field occupies two-thirds of the canvas. Kathleen Erickson observes the painting as “expressing both sorrow and a sense of his life coming to an end” (“Wheatfield with Crows”).Van Gogh has employed the symbol of death and rebirth or resurrection through the image of the crows. In his letters to his brother Theo and his wife Jo Bonger, Van Gogh evidently conveyed his sadness, later adding about his ‘extreme loneliness’. But then, he also perceives his canvases as a depiction of the healthy and fortifying nature of the countryside. Walther and Metzger, in Van Gogh: The Complete Paintings, state that “There is nothing in van Gogh’s words to support a simplistic interpretation along the lines of artistic angst and despair – nor is there any evidence for the widely-held belief that it was this painting that van Gogh had on his easel at the time he killed himself” (“Wheatfield with Crows”). They refer to a June 1880 letter of van Gogh’s, in which he equates himself to a bird in a cage, and states: “The crows in the painting, in other words, were an altogether personal symbol closely associated with van Gogh’s own life” (“Wheatfield with Crows”). Wheatfield with Crows, alleged as the final work of Van Gogh is concerned with his re- created memories of the North. On July 29, 1890, the artist shot himself to death with severe wounds on his stomach. In 1889, the year preceding the completion of Wheatfield with Crows, Van Gogh wrote that wheat is not only people’s vital form of provision, but is also figurative- it stands for the ripening and reaping of human life. Wheat is symbolic of celestial love in the Christian tradition, and to Van Gogh, it also embodied the fruits of sincere, manual labor.

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The luminescence of the paintings like Wheatfield with Crows and Starry Night has a chaotic visual effect that is believed to reflect the artist’s state of mind during the final months of his life. The radiant quality of these images implies sturdy emotions while it also resonates and adds to the turmoil of the scene. The general interpretation is that the dark and cruel sky portrayed in both the paintings demonstrates Van Gogh’s inner state of distress, and symbolize a sign of death. Both these paintings are disconcerting, and affix to the indistinct and exciting mood. CONCLUSION The human psyche and nature are both linked beyond unwrapping. Nature is inherent in man. She is the mother without whom its daughters and sons could not exist. The mother whose blood, sweat, and tears nourish and sustain her children. Consequently their emotions and dispositions reflect the varied worries of their mother. Regardless of the obliterations her children execute; “the goal of ecopsychology is to bridge our cultures long-standing historical gulf between the psychological and the ecological, to see the needs of the planet and the person as a continuum.” (Roszak, “The Voice of the Earth: Discovering the Ecological Ego”) Works Cited “10 Facts You Might not Know About Claude Monet’s Water Lilies”, Claude Monet, www.claude-monet.com/waterlilies.jsp “Claude Monet”, artnet, www.artnet.com/artists/claude-monet/ “Edvard Munch and his Paintings”, Edvard Munch, www.edvardmunch.org “Irises”, Wikipedia, en.wikipedia.org/wiki/Irises_(painting) Lenzo, Amy. “EcoPsychology and Art”, www.ecopsychology.org/journal/gatherings6/ html/Overview/overview_ep&art.html Puchko, Kristy. “15 Facts About Monet’s Water Liliies”, Mental Floss, 13 Jan 2017, www.mentalfloss.com/article/63929/15-things-you-might-not-know-about-monets-water-lilies Roszak, Theodore. The Voice of the Earth: An Exploration of Ecopsychology, Eco Books, www.ecobooks.com/books/voice.htm Roszak, Theodore. “The Voice of the Earth: Discovering the Ecological Ego”. Trumpeter, trumpeter.athabascau.ca/index.php/trumpet/article/view/440/723 “The Scream.” Wikipedia, 19 Jan. 2019, en.wikipedia.org/wiki/ The_Scream#Sources_of_inspiration “Wheatfield with Crows”, Wikipedia, en.wikipedia.org/wiki/Wheatfield_with_Crows

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MAGIC REALISM: AN OVERVIEW

NIRMAL ISSAC THOMAS II MA English GIAL, Kottayam.

ABSTRACT The paper attempts to analyze and give an overview of Magic Realism. It deals with the theory of magic realism and its functions; its origin and influence. Miracles, myths, and monsters, in fiction described by the term magical realism, mix with the mundane, and fantastical events are narrated as if they were everyday occurrences. Magical realism engages the belief systems that defy the rational, empirical and scientific proof. So, too, do science fiction and fantasy and gothic romance. But the crucial difference is that magical realism sets magical events in realistic contexts, thus requiring us to question what is ‘real’, and how we can tell. Magical realism undermines our certainties, and we eventually accept; often without authorial explanation, the fusion, or co- existence, of contradictory worlds—worlds that would be irreconcilable in other modes of fiction. Magical realist fiction is not ‘either/or’ but ‘both at once.’ Key words: Magic Realism, real, fiction, supernatural. MAGIC REALISM: AN OVERVIEW Magic Realism, is a chiefly Latin -American narrative strategy that is characterized by the matter of fact inclusion of fantastic or mythical elements into seemingly realistic fiction. Although this strategy is known in the literature of many cultures in many ages, some scholars have posited that magic realism is a natural outcome of post colonial writing, which must make sense of at least two separate realities-the reality of the conquerors as well as that of the conquered. Magical realism, magic realism, or marvelous realism is a genre of narrative fiction and, more broadly, art (literature, painting, film, theatre, etc.) that, while encompassing a range of subtly different concepts, expresses a primarily realistic view of the real world while also adding

152 LUX MONTIS Vol. 8 No.1 January 2020 or revealing magical elements. It is sometimes called Fabulism, in reference to the conventions of fables, myths, and allegory. ‘Magical realism’, perhaps the most common term, often refers to fiction and literature in particular, with magic or the supernatural presented in an otherwise real- world or mundane setting. The term ‘Magical Realism’ was coined by art critic Franz Roh in 1925 to describe German post – expressionist painting. It was independently applied to literature for the first time, with diverging meaning, by Italian novelist Massimo Bontempelli in 1927 to characterize modernist fiction. While soon, the concept was virtually forgotten in Europe, it was resurrected in Latin American literature, again with varying meanings, starting in 1940. By the mid 1970s, it had become very popular in the context of the so cold ‘Boom’ of the Latin American novel (1967- 1984). Thereafter, as magic realism declined in Latin American fiction, it was picked up by many different national traditions of world literature and continues to enjoy a successful after life. This has further expanded the already varied conceptions of the term, making its definitions one of the most challenging and interesting theoretical problems in contemporary literature. The extent to which the characteristics apply to a given magic realist text varies. Every text is different and employs a smattering of the qualities such us Fantastical elements, Real- world setting and Authorial reticence etc. .However, they accurately portray what one might expect from a magic realist text. Fantastical elements in magical realism portray fantastical events in an otherwise realistic tone. It brings fables, folk tales, and myths into contemporary social relevance. Fantasy traits given to characters, such as levitation, telepathy, and telekinesis, help to encompass modern political realities that can be phantasmagorical. Real-world setting is the existence of fantasy elements in the real world provides the basis for magical realism. Writers do not invent new worlds but reveal the magical in this world, as was done by Gabriel Garcia Marquez who wrote the seminal work of the style, One Hundred Years of Solitude. In the binary world of magical realism, the supernatural realm blends with the natural, familiar world. Authorial reticence is the; ‘deliberate withholding of information and explanations about the disconcerting fictitious world’. The narrator is indifferent, a characteristic enhanced by this absence of explanation of fantastic events; the story proceeds with ‘logical precision’ as if nothing extraordinary took place. Magical events are presented as ordinary occurrences; therefore, the reader accepts the marvelous as normal and common. Explaining the supernatural world or presenting it as extraordinary would immediately reduce its legitimacy relative to the natural world. The reader would consequently disregard the supernatural as false testimony. Magical realism is often regarded as a regional trend, restricted to the Latin American writers who popularized it as a literary form. In this critical anthology, the first of its kind, editors Lois Parkinson Zamora and Wendy. B. Farris show magical realism to be an international movement with a wide ranging history and a significant influence among the literature of the world. In essays on texts by writers as diverse as Toni Morrison, Gunter Grass, Salmon Rushdie,

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Derek Walcott, Abe Kobo, Gabriel Garcia, Marquez and many others examined magic realism as worldwide phenomena. Magic Realism developed as an act movement in the years after World War I. For many decades thereafter numerous artists throughout Europe and subsequently in the America affected a representational act, mixed with elements of fantasy. This act was often typified by remarkable detail and sharp focus. Yet more importantly Magic Realism taps into emotional us reservoirs with all of us. It tricks us by evading unexpected or suggestive content in ordinary scene. The writes weave in an ever shifting pattern, a sharply etched realism in representing ordinary events and details together with fantastic and dream like elements. Magic Realism evolved as a current within the Post-Expressionism movement in Weimar, Germany. The term magic-realism, originally applied in the 1920s to a school of surrealist German painters, was later used to describe prose fiction and work of famous writers. Magic Realism is a type of realism using contemporary subjects, often in cool detachment and sometimes injecting an eerie atmosphere . Juxtapositions of sharply rendered and detailed elements, both in the foreground and background, are used to develop an air of mystery and ambiguity. Although the paintings may incorporate everyday objects, their objective is not to appear dull or banal. Instead they attempt to show us the everyday world in new and unfamiliar ways. They remind us that there are still many mysteries in life. Magic Realism acted as a portal to surrealism and later also influenced Contemporary Realism. CONCLUSION Some writers argue that Magic Realism doesn’t really encompasses a movement in art, but that it is simply a style. It is true that there is no manifesto for Magic Realism, and no recognized standard bearers. Magic Realism is not Realism perception but it is fabrications from the artist’s perception and imagination masquerading as Reality. In Memory and Modernity, William Rowe and Vivian Schelling point out that from the fifties writers like Rulfo, Asturias and Marquez consider popular and native cultures as valid forms knowledge, and not merely as folk fore. “Western systems of knowledge with their emphasis on rationalism and progress are constructed with non – western, pre – modern ‘magical’ ways of looking upon the world” (Qtd. in The Boom of the Latin American Novel). Magic Realism, in these terms is the creative tension caused by the juxtapositions of Avant Grade and the non– modern western thought and popular beliefs. BIBLIOGRAPHY: Angulo, MariÌa-Elena. Magic Realism: Social Context and Discourse. New York: Garland, 1995. Bowers, Maggie Ann. Magic(al) realism. New York: Routledge, 2005. Zamora, Lois Parkinson. Magical Realism: Theory, History, Community. Durham: Duke U, 2005.

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Call For Papers Next Issue : LUX MONTIS Vol.8, No.2, July 2020 Last date for submission of Research Papers : June 10, 2020 Address for Communication : Dr. C Jayachandran Chief Editor LUX MONTIS Girideepam Institute of Advanced Learning (GIAL) Bethany Hills, Vadavathoor P. O. Kottayam Dist. Kerala Mob: 09447660171 e.mail: [email protected]

DECLARATION FORM I (See Rule – 3) STATEMENT ABOUT OWNDERSHIP AND OTHER PARTICULARS OF THE JOURNAL 1. Title of the Newspaper Lux Montis 2. Language in which it is published English 3. Place of Publication Kottayam 4. Periodicity of the Publication Bi-annually 5. Printers Name Rev. Fr .Varghese Tharamuttom (Whether citizen of India? Yes, Indian If foreign, state the country of origin) Address Director Girideepam Institute of Advanced Learning (GIAL) Vadavathoor P.O., Kottayam Dist. 7. Publisher’s Name Rev. Fr .Varghese Tharamuttom Whether citizen of India? Yes 8. Chief Editor’s Name Dr. C Jayachandran Whether citizen of India? Yes 9. Name and address of individuals who Girideepam Institute of Advanced Learning (GIAL) own the Newspaper and partners and Vadavathoor P.O., Kottayam Dist. shareholders holding more than one Kerala percent of the total capital

I,Dr. C Jayachandran, hereby declare that the particulars given above are true.

Kottayam, (Sd/-) 05-01-2020. Dr. C Jayachandran (Chief Editor)

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Guidelines for submission of Research Paper 1. Manuscript should not exceed 5000 words (12-15 A-4 Size pages, typed 1.5 space, Font size 12, Font type - Times New Roman). 2. Language used - English. 3. An abstract of about 150 words should be included at the beginning of the paper. 4. The paper should not have already been published or submited elsewhere for possible publications. A certificate in this regard is to be submitted by authors while submitting the papers to the editor. 5. The authors can use figures, charts, tables and diagram. They may be black and white, and numbered using Roman numerals with a brief title. 6. All footnotes should be indicated by serial numbers in the text, and the literature cited should be detailed under Notes at the end of the paper bearing corresponding numbers, before the references. 7. Place the references at the end of the manuscript following the end notes. All references should note the complete list of journals and books with page numbers. 8. The References should be prepared in the following form: Books Abraham, K. (2001) Ethiopia: The Dynamics of Economic Reforms (Economic Liberalisation and Political Transformation), Addis Abada: EIIPD (Ethiopian International Instt. for Peace and Development). Edited Volume Aharoni, Y. (1991) “On Measuring the Success of Privatisation”, in Ramamurthi, R. and Vernon, R. (eds) Privatisation and Control of State Owned Enterprises. Washington, D.C.: World Bank. Journals Boardman, M. and Vining, D. (1989) “Ownership in Competitive Environments: A Comparison of the Performance of Mixed, Private and SOEs”, Journal of Law and Economics, April, No. 32. 9. Manuscripts not considered for publication will not be sent back. 10. Manuscripts, which do not confirm to these guidelines, will not be considered for publication. 11. No paper of the jounral will be reprinted without the prior permission of the Editor. 12. The journal is published bi-annually in July and January. Papers for publication should be addressed to-

The Chief Editor, LUX MONTIS Girideepam Institute of Advanced Learning Bethany Hills, Vadavathoor P.O., Kottayam, Kerala. e.mail: [email protected] Contact Number: +91 9447660171

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