DOCSLIB.ORG

February 2019

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
February 2019 International Journal of Management, IT & Engineering Vol. 9 Issue 2(2), February 2019, ISSN: 2249-0558 Impact Factor: 7.119 Journal Homepage: http://www.ijmra.us, Email: [email protected] Double-Blind Peer Reviewed Refereed Open Access International Journal - Included in the International Serial Directories Indexed & Listed at: Ulrich's Periodicals Directory ©, U.S.A., Open J-Gate as well as in Cabell‘s Directories of Publishing Opportunities, U.S.A A REVIEW ABOUT CONSIDERATION AND LEGAL REQUIREMENTS REGARDING CONSIDERATION Seema Assistant Professor Indus Degree College, Kinana Jind Abstract : Consideration is, in a sense, the price agreed to be paid by the promisee for the obligation of the promisor. Consideration has, therefore, been defined in an English judgment as "some right, interest, profit or benefit accruing to one party (i.e. promisor) or forbearance, detriment, loss or responsibility given, suffered or undertaken by the other (i.e., the promisee)" at the request of the promisor. The word consideration was described in a very popular English case of Currie v. Misa. Section 2(d) defines consideration as follows: " When at the desire of the promisor, the promisee or any other person has done or abstained from doing, or does or abstains from doing or promises to do or abstain from doing something, such an act or abstinence or promise is called consideration for the promise". (1) That is to say, consideration is the doing or not doing of something which the promisor desires to be done or not done. (2) Consideration must be at the desire of the promisor. (3) Consideration may move from promisee or any other person. (4) Consideration may be past, present or future. (5) Consideration need not be adequate, but should be real. LEGAL REQUIREMENTS REGARDING CONSIDERATION (i) Consideration must move at the desire of the promisor: Consideration must be offered by the promisee or the third party at the desire or request of the promisor. An act done at the desire of a third party is not a consideration. (ii) Consideration from promisee or any other person: In India, consideration may proceed from the promisee or any other person who is not a party to the contract. The definition of consideration as given is Section 2(d) makes that proposition clear. According to the definition, when at the desire of the promisor, the promisee or any other person does something such an act is consideration. In other words, there can be a stranger to a consideration but not stranger to a contract. (iii) Executed and executory consideration: A consideration which consists in the performance of an act is said to be executed. When it consist in a promise, it is said to be executory. The promise by one party may be the consideration for an act by some other party, and vice versa. (iv) Past Consideration: The words "has done or abstained from doing" [as contained in Section 2(d)] are a recognidon of the doctrine of past consideration. In order to support a promise, a past consideration must be moved by a previous request. It is the general principle that consideration is given and accepted in exchange for the promise. The consideration, if past, may be the motive but cannot be the real consideration of a subsequent promise. But in the event of the services being rendered in the past at the request or the desire of the promisor, the subsequent promise is regarded as an admission that the past consideration was not gratuitous. 1 International journal of Management, IT and Engineering http://www.ijmra.us, Email: [email protected] International Journal of Management, IT & Engineering (UGC Approved) Vol. 9 Issue 2(2), February 2019, ISSN: 2249-0558 Impact Factor: 7.119 Journal Homepage: http://www.ijmra.us, Email: [email protected] Double-Blind Peer Reviewed Refereed Open Access International Journal - Included in the International Serial Directories Indexed & Listed at: Ulrich's Periodicals Directory ©, U.S.A., Open J-Gate as well as in Cabell‘s Directories of Publishing Opportunities, U.S.A (v) Adequacy of consideration: Consideration need not to be of any particular value. It need not be approximately of equal value with the promise for which it is exchanged but it must be something which the law would regard as having some value. It may be noted in this context that Explanation 2 to Section 25 states that an agreement to which the consent of the promisor is freely given is not void merely because the consideration is inadequate. (vi) Performance of what one is legally bound to perform: The performance of an act by a person who is legally bound to perform the same cannot be consideration for a contract. Hence, a promise to pay money to a witness is void, for it is without consideration. Hence such a contract is void for want of consideration. Similarly, an agreement by a client to pay to his counsel after the latter has been engaged, a certain sum over and above the fee, in the event of success of the case would be void, since it is without consideration. But where a person promises to do more that he is legally bound to do, such a promise provided it is not opposed to public policy, is a good consideration. (vii) Consideration must be real and competent: Consideration must be real and must also be competent. It must be something to which the law attaches some value. (viii) Consideration must not be unlawful, immoral, or opposed to public policy. SUIT BY A THIRD PARTY ON AN AGREEMENT Though under the Indian Contract Act, 1872 the consideration for an agreement may proceed from a third party, the third party cannot sue on agreement. Only a person who is party to a contract can sue on it. Thus, the concept of stranger to consideration is a valid and is different from stranger to a contract which means contract by the person who is not a party to the contract. The aforesaid rule, that stranger to a contract cannot sue is known as a "doctrine of privity of contract", is however, subject to certain exceptions. In other words, even a stanger to a contract may enforce a claim in the following cases: (1) In the case of trust, a beneficiary can enforce his right under the trust, though he was not a party to the contract between the settler and the trustee. (2) In the case of a family settlement, if the terms of the settlement are reduced into writing, the members of family who originally had not been parties to the settlement may enforce the agreement. It has already been discussed that an agreement results from a proposal by one party and its acceptance by another. We have already discussed offer, acceptance and consideration in detail. We shall now discuss in detail the elements which constitute a valid contract enforceable in law. Section 10 of the Indian Contract Act provides that an agreement in order to be a contract, must satisfy the following conditions: (1) it must be made by the free consent of the parties; (2) the parties must be competent to contract; (3) it must be made for a lawful consideration and with a lawful object; (4) it should not have been expressly declared as void by law. Also, there must be consensus ad idem or identity of minds in the sense that parties have agreed about the subject matter of the contract at the same time and in the same sense, as evidenced by offer and acceptance (Section 13). It has also been observed that the agreement must import an intention to create legal relationship between the parties, and that agreements relating to social matters are not enforceable by law. 2 International journal of Management, IT and Engineering http://www.ijmra.us, Email: [email protected] International Journal of Management, IT & Engineering (UGC Approved) Vol. 9 Issue 2(2), February 2019, ISSN: 2249-0558 Impact Factor: 7.119 Journal Homepage: http://www.ijmra.us, Email: [email protected] Double-Blind Peer Reviewed Refereed Open Access International Journal - Included in the International Serial Directories Indexed & Listed at: Ulrich's Periodicals Directory ©, U.S.A., Open J-Gate as well as in Cabell‘s Directories of Publishing Opportunities, U.S.A FREE CONSENT According to Section 13, " two or more persons are said to have consen ted when they agree upon the same thing in the same sense (Consensus-ad-idem). Consequently, when parties to a contract make some fundamental error as to the nature of the transaction, or as to the person dealt with or as to the subject-matter of the agreement, it cannot be said that they have agreed upon the same thing in the same sense. And if they do not agree in the same sense, there cannot be consent. A contract cannot arise in the absence of consent. If two persons enter into an apparent contract concerning a particular person or ship, and it turns out that each of them, misled by similarity of name, had a different person or ship in his mind, no contract would exist between them as they were not ad idem, i.e., of the same mind. Again, ambiguity in the terms of an agreement, or an error as to the nature of any transaction or as to the subject-matter of any agreement may prevent the formation of any contract on the ground of absence of consent. In the case of fundamental error, there is really no consent whereas, in the case of mistake, there is no real consent. Conclusion : As has been said already, one of the essential elements of a contract is consent and there cannot be a contract without consent.
Load more

Recommended publications
  • Inception Meeting of State Financial Inclusion Forum (SFIF), Odisha
    6th State Financial Inclusion Forum (SFIF), Odisha Theme: “PMJDY: Beyond Opening of Accounts” Date: 20th April 2015 (2.00-5.00pm) Venue: Hotel New Marrion , Bhubaneswar Proceedings of the Meeting Background: Small Industries Development Bank of India (SIDBI) in partnership with Department for International Development (DFID), UK, is implementing a bilateral project titled “Poorest States Inclusive Growth (PSIG)” programme. The programme aims at to facilitate better access to financial services by the poor and to promote pro-poor investments in India’s four poor states of Bihar, Odisha, Uttar Pradesh and Madhya Pradesh. The key mandate of the programme as earlier said is to improve access to both financial as well as non-credit services (savings, credit, insurance, pension, remittance, mobile banking, BCs etc.) for poor people and to strengthen the institutional framework so as to help the poor in improving their income and quality of life through multi-farious initiatives. ACCESS-ASSIST has been assigned by PSIG to coordinate the initiatives on policy advocacy in the above four states as well as at the National level. Setting up of multi-stakeholders State Financial Inclusion Forum (SFIF) in each PSIG focus state has been agreed as one of the key mechanisms to achieve the objectives under the policy advocacy component at the state level. The SFIF is expected to act as a platform to facilitate effective coordination and synergy among all stakeholders in creating an enabling environment and accelerating the process of financial inclusion in the state. As proposed in the 5th SFIF meeting held in January 2015, the 6th meeting was organized on the underlying theme of “PMJDY–Beyond Opening of Accounts”.
    [Show full text]
  • Senior Unsecured Redeemable Non Convertible Debentures (Series - 5) of Rs.10 Lakh Each for Cash at Par with Base Issue Size of Rs
    AXIS BANK LIMITED (Incorporated on 3rd December, 1993 under the Companies Act, 1956) CIN : L65110GJ1993PLC020769 Registered Office: “Trishul”, Third Floor, Opp. Samartheshwar Temple, Law Garden, Ellisbridge, Ahmedabad – 380 006. Tel No. 079 - 66306161, Fax No. 079 - 26409321 Website: www.axisbank.com Corporate Office: ‘Axis House’, C-2, Wadia International Centre, Pandurang Budhkar Marg, Worli, Mumbai – 400025. Contact Person: Mr. Girish Koliyote, Senior Vice-President & Company Secretary Email address: [email protected] DISCLOSURE DOCUMENT PRIVATE PLACEMENT OF SENIOR UNSECURED REDEEMABLE NON CONVERTIBLE DEBENTURES (SERIES - 5) OF RS.10 LAKH EACH FOR CASH AT PAR WITH BASE ISSUE SIZE OF RS. 2000 CRORE (TWO THOUSAND CRORE) AND GREENSHOE OPTION TO RETAIN OVERSUBSCRIPTION OF RS. 3000 CRORE (THREE THOUSAND CRORE) THEREBY AGGREGATING UPTO RS. 5000 CRORE (RUPEES FIVE THOUSAND CRORE ONLY) ISSUER’S ABSOLUTE RESPONSIBILITY The Issuer, having made all reasonable inquiries, accepts responsibility for and confirms that this Disclosure Document contains information with regard to the Issuer and the issue, which is material in the context of the issue, that the information contained in the Disclosure Document is true and correct in all material aspects and is not misleading in any material respect, that the opinions and intentions expressed herein are honestly held and that there are no other facts, the omission of which make this document as a whole or any of such information or the expression of any such opinions or intentions misleading in any material respect. LISTING The said Unsecured Redeemable Non-Convertible Senior Debentures are proposed to be listed on the National Stock Exchange of India Limited (NSE) and The BSE Limited (BSE).
    [Show full text]
  • Corporate Excellence Awards – Leadership with a Difference
    Corporate Excellence Awards – Leadership with a difference Awards are tokens of appreciation for the achievements and Business Awards are appreciation of the unique kind of leadership that inspires all within and outside of the organizations and the respective industry. The Economic Times Awards for Corporate Excellence started since 2008 are the awards conferred by The Economic Times in the field of business, corporate and government policies, economies in India. It is an annual conferred in various categories. The winners are decided by the jury panel of 11 members (with 2 rounds of voting). The Panel includes India’s top industrialists, bankers and lawyers. Winners of ET Corporate Excellence Awards: Mukesh Ambani wins Business Leader of the Year 2017 Award Maruti Suzuki wins Company of the Year award for corporate excellence YC Deveshwar, Chairman of ITC wins ET Lifetime Achievement Award for Corporate Excellence Mahindra & Mahindra receives Corporate Citizen of the year award at the ET Awards Entrepreneur of the year- Bhavish Aggarwal OLA, Co-founder of OLA Leadership is all about the above 7 virtues. Along with the leadership, the organizations have to also create a culture of Innovation including a deep understanding and practice of Divergent Thinking and Convergent Thinking. Divergent Thinking: Creating, lots of New Ideas. Using the 7 techniques of creativity thinking, organizations and teams can create host of ideas, whether it is for new business ideas, new products, processes, quality or sales and marketing. Convergent Thinking: 1) Shortlisting ideas systematically 2) Polishing and Developing the Shortlisted Ideas 3) Creating buy in for implementation Mukesh Ambani wins Business Leader of the Year 2017 Award for Corporate Excellence the second time; he first won it in 2006.
    [Show full text]
  • Payment Gateway
    PAYMENT GATEWAY APIs for integration Contact Tel: +91 80 2542 2874 Email: [email protected] Website: www.traknpay.com Document version 1.7.9 Copyrights 2018 Omniware Technologies Private Limited Contents 1. OVERVIEW ............................................................................................................................................. 3 2. PAYMENT REQUEST API ........................................................................................................................ 4 2.1. Steps for Integration ..................................................................................................................... 4 2.2. Parameters to be POSTed in Payment Request ............................................................................ 5 2.3. Response Parameters returned .................................................................................................... 8 3. GET PAYMENT REQUEST URL (Two Step Integration) ........................................................................ 11 3.1 Steps for Integration ......................................................................................................................... 11 3.2 Parameters to be posted in request ................................................................................................. 12 3.3 Successful Response Parameters returned ....................................................................................... 12 4. PAYMENT STATUS API ........................................................................................................................
    [Show full text]
  • I HDFC HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED Ref
    .i HDFC HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED Ref. No.: SE/2021 -221158 www.hdfc.com August 25, 2021 BSE Limited National Stock Exchange of India Limited P. J. Towers Exchange Plaza, Plot No. C/l, G Block Dalal Street Bandra-Kurla Complex Mumbai 400 001 Bandra (East), Mumbai 400 051 Kind Attn: Sr. General Manager Kind Attn: Head - Listing DCS - Listing Department Dear Sirs, Sub: Integrated Report of the Corporation - FY 2020-21 In accordance with the SEBI circular SEBI/HO/CFD/CMD/CIR/P/2017110 dated February 6, 2017, the Corporation has voluntarily prepared an Integrated Report for the financial year 2020- 21, as enclosed. The report is also being uploaded on the website of the Corporation viz. www.hdfc.com. We request you to bring the above to the notice of all concerned. Thank you. Yours faithfully, F r Housing Development Finance Corporation Limited Encl. a/a cc: London Stock Exchange, 10, Paternoster Square, London, EC4M 7LS Corporate Office: HDFC House, HT Parekh Marg, 165-166, Backbay Reclamation, Churchgate, Mumbai 400 020. Tel.: 66316000, 22820282. Fax: 022-22046834, 22046758. Regd. Office: Riunon House, HT Parekh Marg, 169, Backbay Reclamation, Churchgatc, Mumbai 400 020. INDIA. Cotj>orate Identity Number: L701OOMHl977PLC019916 Integrated Report 2020-21 Hope Begins at Home CONTENTS Introduction 4 HDFC at a Glance 6 #HOPE BEGINS AT HOME Value Creation at the Group Level 8 More than ever before, a home is not ESG Indices 13 just a physical space, it is a feeling. A home is sacred. It is where the Financial Capital 17 strongest human bonds are created.
    [Show full text]
  • Annual Report 2012 - 2013
    Annual Report 2012 - 2013 Encouraging sustainability Empowering lives Accolades 2012-2013 Asia Money Best Bank Awards Financial Express Best Bank Awards ••Best Domestic Bank in India Best Bank – Private Sector • Best in Strength and Soundness Businessworld Awards for Banking Excellence • Best Banker – Aditya Puri • Most tech-friendly Bank • Deal of the year (Rupee bonds) IBA Banking Technology Awards • Best Online Bank CNBC TV18 India Best Banks and Financial Institutions • Best use of Business Intelligence Awards • Best Customer Relationship Initiative • Best Private Sector Bank • Best Risk Management & Security Initiative • Best use of Mobile Technology in Banking CSO Forum Information Technology Award • Best Information Security Practice IDRBT Banking Technology Excellence Awards • Best Bank in IT for Operational Effectiveness DSCI Information Technology Awards • Security Leader of the year Mint-Aon Hewitt’s India’s Best Managed Boards • Security in Bank • HDFC Bank among India’s six best managed Boards Dun & Bradstreet Banking Awards Nasscom CNBC-TV18 Innovation Award • Overall Best Bank • Best IT driven innovation in Banking (Commercial) • Best Private Sector Bank • Best Asset Quality – Private Sector National Quality Excellence Awards ••Best Retail Banking – Private Sector Best Customer Service Result Dun & Bradstreet Corporate Awards – India’s Top 500 NDTV Profit Business Leadership Awards Companies • Best Bank in India • Best Bank in India Skoch Foundation Financial Inclusion Awards Economic Times Awards for Corporate Excellence
    [Show full text]
  • Business Organizations
    CHAPTER 3 BUSINESS ORGANIZATIONS LEARNING OUTCOMES After studying this unit, you will be able to: w Have an overview of corporate history of some of the selected Indian and Global companies. w Gain information about management teams of selected companies. w Know the vision, mission and core values of dierent companies. w Know the market and nancial performance of dierent companies. w Gain vital information on products and services of famous brands of dierent companies. w Analyse a company’s information as a business analyst. © The Institute of Chartered Accountants of India ICAI _ICAI_Business and Commercial Konwledge_Chp_03-nw.indd 1 7/27/2017 3:53:35 PM 3.2 BUSINESS AND COMMERCIAL KNOWLEDGE CHAPTER OVERVIEW OVERVIEW OF SELECTED COMPANIES INDIAN COMPANIES GLOBAL COMPANIES • Adani Ports and Special Economic Zone Ltd. • Deutsche Bank • Asian Paints Ltd. • American Express • Axis Bank Ltd. • Nestle • Bajaj Auto Ltd. • Microsoft Corporation • Bharti Airtel Ltd. • IBM Corporation • Bharat Petroleum Corporation Ltd. • Intel Corporation • Cipla Ltd. • HP • Coal India Ltd. • Apple • Dr. Reddy’s Laboratories Ltd. • Walmart • GAIL (India) Ltd. • HDFC Bank Ltd. • ICICI Bank Ltd. • Indian Oil Corporation Ltd. • Infosys Ltd. • ITC Ltd. • Larsen & Toubro Ltd. • NTPC Ltd. • Oil & Natural Gas Corporation Ltd. • Power Grid Corporation of India Ltd. • Reliance Industries Ltd. • State Bank of India • Tata Sons Limited • Wipro Ltd. © The Institute of Chartered Accountants of India ICAI _ICAI_Business and Commercial Konwledge_Chp_03-nw.indd 2 7/27/2017 3:53:35 PM BUSINESS ORGANIZATIONS 3.3 3.1 INTRODUCTION A company overview is the most eective way to acquire business intelligence and gain vital information about a company, its businesses, their products, services and processes, prospects, customers, suppliers, competitors; etc.
    [Show full text]
  • Securitizing Women: Gender, Precaution, and Risk in Indian Finance
    Sohini Kar Securitizing women: gender, precaution, and risk in Indian finance Article (Accepted version) (Refereed) Original citation: Kar, Sohini (2018) Securitizing women: gender, precaution, and risk in Indian finance. Signs, 43 (2). pp. 301-325. ISSN 0097-9740 DOI: 10.1086/693537 © 2017 University of Chicago Press This version available at: http://eprints.lse.ac.uk/67294/ Available in LSE Research Online: February 2018 LSE has developed LSE Research Online so that users may access research output of the School. Copyright © and Moral Rights for the papers on this site are retained by the individual authors and/or other copyright owners. Users may download and/or print one copy of any article(s) in LSE Research Online to facilitate their private study or for non-commercial research. You may not engage in further distribution of the material or use it for any profit-making activities or any commercial gain. You may freely distribute the URL (http://eprints.lse.ac.uk) of the LSE Research Online website. This document is the author’s final accepted version of the journal article. There may be differences between this version and the published version. You are advised to consult the publisher’s version if you wish to cite from it. Sohini Kar Accepted Manuscript for Signs Securitizing Women: Gender, Precaution, and Risk in Indian Finance In its annual Union Budget in March 2013, the Government of India made a surprising announcement: it would be setting up a new public sector bank for women.1 This new bank would be headed by, largely staffed by, and serving mostly women (i.e., men could have accounts, but not receive all forms of credit or benefits from the bank).
    [Show full text]
  • Working Conditions of Women in Public Sector Banks '
    4 PARLIAMENT OF INDIA LOK SABHA COMMITTEE ON EMPOWERMENT OF WOMEN (2014-2015) (SIXTEENTH LOK SABHA) FOURTH REPORT ‘WORKING CONDITIONS OF WOMEN IN PUBLIC SECTOR BANKS ' LOK SABHA SECRETARIAT NEW DELHI August, 2015/Shravana, 1937 (Saka) FOURTH REPORT COMMITTEE ON EMPOWERMENT OF WOMEN (2014-2015) (SIXTEENTH LOK SABHA) ‘WORKING CONDITIONS OF WOMEN IN PUBLIC SECTOR BANKS' Presented to Lok Sabha on …..th August, 2015 Laid in Rajya Sabha on …..th August, 2015 LOK SABHA SECRETARIAT NEW DELHI August, 2015/Shravana, 1937 (Saka) E.W.C. No. 95 PRICE: Rs._____ © 2015 BY LOK SABHA SECRETARIAT Published under ……………………………………… CONTENTS Page Nos. Composition of the Committee on Empowerment of Women(2014-2015) (III) Introduction (v) REPORT PART I NARRATION ANALYSIS I. Introductory………………………………………………………………... 1 II. Women employees in PSBs, their recruitment & promotion………. 3 III. Women employees at higher grades in PSBs ……………………… 5 IV. Transfer/Posting of women employees in PSBs ……………………. 7 V. Welfare benefits for women employees in PSBs …. 9 VI. Dealing with the cases of sexual harassment in PSBs …………….. 13 VII. Job Related stress: Need to address it………………………………. 17 VIII. Training and capacity building measures ……………………………. 18 IX Flexi-working hour policy for women employees…………………... 19 X All-women banks, branches and Bharatiya Mahila Bank …………. 21 XI Women employees in rural branches and branches in North-East regions……………………………………………………………………… 22 PART II Observations/Recommendations of the Committee………………….. 24 ANNEXURES I. Women officers recruited in last 5years….……………………… 34 II. Number of posts reserved for ST/SC/OBC……………………… 35 III. Recommendations of the Khandelwal Committee……………… 36 IV. Grant of sabbatical leave to the women employees…………… 42 V.
    [Show full text]
  • Investor Presentation Q1FY2020-21
    Investor Presentation Q1 FY2020-21 July 2020 1 Disclaimer • This presentation is confidential and may not be copied, published, distributed or transmitted. The information in this presentation is being provided by Bandhan Bank Limited (also referred to as ‘Bank’). By attending a meeting where this presentation is made, or by reading this presentation material, you agree to be bound by following limitations: • The information in this presentation has been prepared for use in presentations by Bank for information purposes only and does not constitute, or should be regarded as, or form part of any offer, invitation, inducement or advertisement to sell or issue, or any solicitation or any offer to purchase or subscribe for, any securities of the Company in any jurisdiction, including the United States and India, nor shall it, or the fact of its distribution form the basis of, or be relied on in connection with, any investment decision or any contract or commitment to purchase or subscribe for any securities of the Company in any jurisdiction, including the United States and India. This presentation does not constitute a recommendation by the Bank or any other party to sell or buy any securities of the Bank. This presentation and its contents are not and should not be construed as a prospectus or an offer document, including as defined under the Companies Act, 2013, to the extent notified and in force or an offer document under the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009as amended. • The Bank may alter, modify, or otherwise change in any manner the contents of this presentation without obligation to modify any person of such change or changes.
    [Show full text]
  • Structure of Indian Banking System with Diagram
    COMPILED BY : - GAUTAM SINGH STUDY MATERIAL – BANKING AWARENESS 0 7830294949 Structure of Indian Banking System with Diagram . Banking System in India or the Indian Banking System can be segregated into three distinct phases: A. Early Phase of Indian Banks, from 1786 to 1969 The first bank, namely Bank of Bombay was established in 1720 in Bombay. Later on, Bank of Hindustan was established in Calcutta in 1770. General Bank of India was established in 1786. Bank of Hindustan THANKS FOR READING – VISIT OUR WEBSITE www.educatererindia.com COMPILED BY : - GAUTAM SINGH STUDY MATERIAL – BANKING AWARENESS 0 7830294949 carried on the business till 1906. First Joint Stock Bank with limited liability established in India in 1881 was Oudh Commercial Bank Ltd. East India Company established the three independently functioning banks, also known by the name of “Three Presidency Banks” - The Bank of Bengal in 1806, The Bank of Bombay in 1840, and Bank of Madras in 1843. These three banks were amalgamated in 1921 and given a new name as Imperial Bank of India. After Independence, in 1955, the Imperial Bank of India was given the name "State Bank of India". It was established under State Bank of India Act, 1955. In the surcharged atmosphere of Swadeshi Movement, a number of private banks with Indian managements had been established by the businessmen from mid of the 19th century onwards, prominent among them being Punjab National Bank Ltd., Bank of India Ltd., Canara Bank Ltd, and Indian Bank Ltd. The first bank with fully Indian management was Punjab National Bank Ltd. established on 19 May 1894, in Lahore (now in Pakistan).
    [Show full text]
  • Sustainable Economic Growth Through Financial Inclusion in India
    © 2018 JETIR October 2018, Volume 5, Issue 10 www.jetir.org (ISSN-2349-5162) Sustainable Economic Growth through Financial Inclusion in India Dr. Brijendra Singh Boudha 1 Bijendra Kumar 2 1Seniour Lecturer, Bundelkhand College, Jhansi. 2Research Scholar, Bundelkand University, Jhansi Abstract: Poverty eradication is consider as an important objective of the financial inclusion scheme since they bridge up the gap between the weaker section of society and the sources of livelihood and the means of income which can be generated for them if they get loans and advances. In order to ensure financial inclusion of the poor, particularly in rural areas, various initiatives have been taken by the government of India and Reserve bank of India (RBI) from time to time. These have included nationalization of commercial bank in 1969 and 1980.The establishment and expansion of rural credit co-operatives, regional rural bank, urban co-operative banks, micro finance and self-help group, mutual fund, and Pradhan Mantri Jan-Dhan Yougna (PMJDY), 2014. Multiple steps have been initiated by the RBI over the years to increase credit access to the poor section of the society. Keywords: Financial Inclusion; Inclusive Growth; Financial Services; Indian Financial Services; Indian Economy Introduction The concept of financial inclusion has a special significance for a fast-emerging economy such as India, as it encompasses a large segment of the productive sectors of the economy under formal financial network to unleash their creative capacities. Over a period of time, several financial' and economic policy measures are being taken by the banks in India to improve access to affordable financial services through financial education, awareness generation, business communication networking and leveraging technology.
    [Show full text]