August 30, 2016 A FinNiche Initiative
EDITORIAL A U G U S T
CONTENT THE BIG BANG BEFORE THE BIG BOW | 2 RBI TO ALLOW COMMERCIAL BANKS TO ISSUE MASALA BONDS | 4 JANET YELLEN AT JACKSON HOLE | 6 UBER LEAVING THE CHINESE MARKET | 8 FINHUMOUR | 10
And in no time we are in the second term juggling case study competitions, cultural events, college studies and now the placement week which looms ahead. And for everyone looking for ways to brush up their financial know-hows FinXpress brings a plethora of diverse and important articles that are a must for everyone aiming to build a career in finance. In this edition of FinXpress, we are ready with insightful national and international articles on the Yellen Speech, Raghuram Rajan’s reforms, the Unified Payment Interface and much more. Our FinQuiz is there to test your financial understanding and we believe that everyone would benefit from it. We hope that Life@IMT was an interesting read for one and all as we bring forward “An Endless Euphoria” which promises to be an interesting read. Club FinNiche welcomes any comments, suggestions or criticism regarding the magazine.
Happy Reading!
STARTUP TRACKER | 13 FINAPP | 15
Regards
FINWORD | 17
The Editorial Team
DID YOU KNOW | 18
Club FinNiche
FINQUIZZ | 19 LIFE @ IMT | 21 OUR SPONSORS | 22
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As the third edition of FinXpress rolls out, we still can’t believe that Term 1 is already over. Seriously where has the time gone? Keeping up with the exams required sleepless nights, endless trips to the library, chasing the commerce guys for lessons and never ending walks to Nescafe for the much needed shot of coffee.
MARKET | 11
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NATIONAL H R I S H I K E S H
G U L K O T W A R
The Big Bang Before The Big Bow Prior to reading to this article, it was well known that our current RBI Governor Raghuram Rajan will step down from his post of Governor of India on 4th Sept’16 to pursue his interests in academia. His tenure as governor was very filled with challenges, achievements and accusations. He walked into his office in Sept’13, when the rupee was at Rs. 69 to the dollar and nosediving, currency reserved were at a three-year low. On his first day in office he vowed to preserve the value of currency, and brought a raft of changes –
SNIPPETS Rajan’s Reformd UPI
1.
2.
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FCNR (B) scheme: Foreign Currency Non Resident account, a good option to loop in investment from Indian nationals staying abroad. RBI offered to swap these funds for an interest rate of 3.5% for minimum of three years investment. Thus leading to an investment of $34 billion. Raised repo rate in Oct’13 to 7.75 and again to 8.00 in Jan’14 to control the inflation
3.
In Feb’15, he signed a monetary policy framework agreement which laid down inflation targets to 6% by Mar’16. Over the medium term 4%
(+/– 2%). 4.
The cleanup of bank balance sheets which he took up in the second half of FY16. A mammoth task – Rs. 6.00 trillion as of Mar’16
( Source: FirstPost)
Focus on bringing down the inflation, drop in commodity prices, building foreign exchange reserves, increase in foreign investment in Indian debt markets have helped steady the ship. India was a part of the infamous ‘Fragile Five’ in Sept’13, which we can now proudly say that we are not a part of. The changes he brought through his economic reforms have certainly heightened up India’s reputation as an investor friendly market. Also the timing of Modi Govt. couldn’t have been better, with their push for entrepreneurship, FDI’s and looking to tap into the youth capital of our country has had a humongous impact.
But before signing he made a master move to set the economy on an upward spiral as his parting gift to India. UPI (unified payment interface), the brainchild of Raghuram Rajan , a move to make India cashless economy. “The application, a move
that will revolutionalizes peer-to-peer payments and will be made available on the Play Store for download, will help the track cash flow and collect tax accordingly. The payments process which was launched by Rajan on April 11 in Mumbai was in the final stages of integration and testing with the banks and the National Payments Corporation of India (NPCI)”, according to an ET report. How does this work –
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1.
Built on the same platform as IMPS (immediate Payment Service)
2.
Register with UPI with your bank, a unique virtual address is created, which gets mapped to your cell phone
3.
Payment of Rs. 50 to Rs. 1 Lakh can be done
4.
App can be used to make payments 24 hrs.
Cash on delivery might get replaced as one can pay with UPI post delivery of good purchased. This system
does away with IFSC code, bank account number and branch details requirement. All you need is the banks UPI app (even if you don’t hold an account), register and make payment! Can be used at super markets, online shopping etc. With a report by livemint stating that cost of a transaction less that Rs. 0.45 much lesser than the 1% or approx. rates charged by online payment gateways. (Source: NPCI)
Moving towards cashless economy is one of the way proposed to avoid tax evasions, arrest further black money creation, thus leading to increase tax payment adherence, boosting revenue for the government. Small Changes can make a big difference!
NATIONAL K R I S H A N T
K A U L
RBI To Allow Commercial Banks To
Issue Masala Bonds
SNIPPETS Like dollar, the currency is globally accepted
What is a Masala bond? A Masala bond is a rupee-denominated borrowing in overseas markets by Indian entities.
Masala bonds will bankroll lenders with funds for infrastructure and affordable housing
While borrowing in overseas markets the currency, just like dollar, is globally accepted. Rupee depreciation is not a matter of concern for companies issuing Masala bonds because if the rupee weakens at the time of bond redemption, the borrower will need to shell out more rupees to repay the dollar. Quite a few Indian companies who had raised money abroad by issuing Foreign Currency Convertible Bonds in 2007 found themselves in a thick soup during the global crisis when the rupee depreciated sharply. The advantage for the buyer to indulge in such a bond is to a higher yield (coupon rate) that compensates for the risk involved in currency depreciation. These bonds are traded on the London Stock Exchange and not in India.
Currently, masala bonds can be issued only by corporates and nonbanking lenders So far only two Indian corporates HDFC and NTPC have used this provision
Currently, only corporate firms and non-banking lenders such as HFCs and large NBFCs can issue Masala bonds. Masala bond is an instrument through which Indian
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entities can raise funds by accessing overseas capital markets, while the bond Investors hold the currency risk. So far only two Indian corporates HDFC and NTPC have used this provision and raise over 5000 crores. On 25th August 2016, RBI announced a couple of changes in the fixed income and currency markets such as allowing lenders to accept corporate bonds and to issue ‘Masala bonds’ under the liquidity adjustment facility (LAF). These measures were taken to further deepen market development and facilitate greater market liquidity. In order to encourage overseas rupee bonds market, the banks are now allowed to issue the rupee-denominated bonds overseas i.e. Masala bonds to bankroll their capital requirements and to finance infrastructure and affordable housing. In order to give a push to the corporate bonds market, the RBI has decided to expand the partial credit enhancement (PCE) limit provided by banks. The aggregate partial credit enhancement (PCE) provided by the financial system for an issued bond will increase from the current 20% to 50% of the bond issue size.
The RBI will also seek amendments to enable the central bank to accept corporate bonds under the LAF in order to bridge temporary liquidity issues by lenders. By this month end RBI would be announcing a series of measures concerning the bonds and currency markets. A lack of an overarching ceiling on the total borrowing by corporate entities from the banking system has led to banks having collectively very high exposures to some of the large
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corporate. The RBI will come out with draft guidelines on this issue of 'large exposure framework' as well. Instead of restricting the play only to banks, primary dealers (PDs), mutual funds and insurance companies under the current system, RBI will now allow brokers to participate in the corporate bond repo market as market-makers in order to encourage more activity in corporate bond market. Moreover, foreign portfolio investors will
INTERNATIONAL N I D H I
K U M A R
Janet Yellen at Jackson Hole SNIPPETS
With 40 hours to go before Janet Yellen’s testimony, the dollar caught a bid. Stock futures were as dull as they could be on Friday ahead of what's being called Federal Reserve chair. Global stocks slipped to a two week low.
Strengthening the case of rate hike US stocks decline after speech Utilities sector on a decline
Yellen in her speech in Jackson Hole on Friday, 26th August, 2016, was expected to give signals of rate hike in the near future. Yellen did not give any particular date for rate hike but said that the strengthening of employment data which was forecasted to be at 265,000 (jobless claims) but was at 261,000 which was below the psychological 300,000 mark gave a strong along with the strengthening of durable goods strengthens the case of rate hike for the US. Now, it is expected that US Fed main raise rates at its rate setting meeting on September 20-21. This rate hike, if done, will be the first time in a decade.
Following Janet Yellen’s speech in Jackson Hole, it was a good day for US Dollar as the Greenback moved higher against all major currencies. It was not really her speech but Fischer’s comments that sparked the rally in the greenback. He explicitly talked about the possibility of 2 rate hikes in the year. While some members believed that Central Bank could afford to be patient, some believed that the nonfarm payrolls report which is due next week will determine the probability for hike in September. Investors are still parsing
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Yellen’s every word for clues on interest rate policy.
Janet dismisses all new-age concerns and sticks to orthodox faith: nothing here or overseas matters as much as the job market. The current near-zero rate of temporary effects of falling prices for energy and non-energy imports, moving back to 2 percent, accompanied by a temporary decline in unemployment slightly below the median estimate expected to prevail in the longer run. That is a declaration of war. The Fed will soon be in the business of raising the unemployment rate.
CHANGES DURING JANET’S SPEECH
EUR/USD is falling from above 1.13 to 1.1240 before bouncing back to 1.1270. Update: a full turnaround is seen with a jump to above 1.1330. Update: the dollar surge sent it under 1.12.
GBP/USD is around 1.3210, down from the highs. Update: 1.3130 is the new low level.
USD/JPY is at 100.60, above previous levels. The pair eventually leaps to 101.85.
USD/CAD is trading around 1.2880. Dollar/CAD conquers 1.30 in the aftermath.
EUR/USD falls can also be observed by looking at the 1 minute chart.
AUD/USD
is
relatively
stable
at Jones Industrial Average fell 139.6 points (0.75%) to a value of 18395.40 in a week. 0.7660. Aussie/USD slips to 0.7550. S&P500 also lost 12.54 points (0.57%) to a NZD/USD is at 0.7350, sliding from value of 2169.04. But, Nasdaq also fell by the new highs it broke to earlier. 12.54 points (0.24%) to a value of 5218.92 in Well, also this surge failed with a the week. crash to 0.7225.
Treasury Yield also increased and reached its highest level since June.
CHANGES AFTER JANET’S SPEECH US stocks notched their biggest decline in a week since Brexit after the speech. The Dow
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The utilities sector was the biggest decline in S&P500 as they were expecting the rates to remain low. US Crude Oil prices also moved up by 0.7% to $47.64 a barrel. The Euro/USD price also fell in this week from 1.1302 to 1.1198.
INTERNATIONAL P R A N A V
G O Y A L
Uber Leaving The Chinese Market There is an English saying that a picture is worth a thousand words and it was being evident when last September some of the world’s foremost technology leaders like Microsoft CEO Satya Nadella, Airbnb CEO Brian Chesky, Facebook CEO Mark Zuckerberg, and Didi Chuxing CEO Cheng Wei, the head of China’s leading taxi and private car hailing app met the Chinese President Xi Jinping but Uber’s CEO Travis Kalanick was nowhere to be seen.
SNIPPETS Uber losses Interferences from State Not very shining prospects in U.S National Regulations
Uber lost $1.27 billion in the first half of 2016, according to Bloomberg. It reported that the reason for the Uber’s heavy losses is the massive number of subsidies the taxi service provider gives to its drivers. Most of the drivers operate in China where Uber recently engaged in an excruciating battle with Chinese cab and taxi service provider Didi Chuxing. When it realized that it would be almost impossible to beat Didi, Uber tried to cut short its losses and decided to sell its operations in China to its competitor. The huge Chinese market was a very attractive one for Uber where the number of taxi drivers outnumbered the taxi drivers in U.S by ten times. But due to various changes it had to account for in its products following the major interferences from the state like validating the credit card information from users before opening an account and limited access to Google maps etc., it could not generate profits that the company was hoping for. Uber’s prospects are not shining in the U.S markets as well because according to Bloomberg, out of $750 million, it lost $100 million in the U.S. The loss in U.S.A is due to
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intense price war with Lyft. If Uber lowers its price, Lyft lowers it further. This is also one of the reasons that Uber had to withdraw from China. Uber claims that it holds almost 87% of the ride hailing market in the U.S but it may continue to lose money until it puts Lyft out of business which seems like taking a lot of time. All these ride hailing companies are in business because of their drivers and therefore they go way out of their way to retain the drivers by letting them keep 70 -80% of the fares they pocket. All these companies also spend exorbitant amounts of money on marketing by giving fare discounts and giveaways. But still riders will always be inclined towards the cheapest options. Amidst this extremely stiff competition, limitations like users having to validate credit cards and furthermore Google maps which is the prime tech used by Uber to locate customers has a very limited coverage and is also inaccurate, Uber struggled to survive in the Chinese markets. To get more connections politically, Uber China entered into a strategic partnership with Baidu in December, 2014. Yet even after all these efforts of making its core product more attractive, Uber had to spend a lot to attract riders as well as drivers. New users were subscribing to the app due to huge discounts it offered. But they could not be categorized as loyal customers as the customers immediately switched as soon as they found a cheap competitor. Such a huge capital investment also led to an unintended consequence of fake trips by drivers for personal profits.
The losses that Uber incurred to win market share were huge. But same goes for its prime competitor. Neither company could afford to spend exorbitantly on subsidies. In the end, it wasn’t competition that spelled Uber’s demise in China; it was impending national regulations. Uber was negotiating with Didi Chuxing as a new regulatory scheme was being written. The nationalization of industry regulation was bad news for a start-up that depended on local variance and grey zones. Under China’s first nationwide regulation, local governments would be allowed to issue
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“ride-hailing service licenses” to drivers and determine which drivers and cars could be allowed to operate which was an impending disaster for Uber. The final takeaway is that Central government regulations were almost inevitable and by selling its operations to Didi Chuxing, Uber is stepping out of the Chinese markets at the right time and at a reasonable price.
FINHUMOUR A F R O Z
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H U S A I N
MARKET R I S H I
Welspun India recorded its sharpest weekly fall, eroding more than half the wealth of Investors holding the stock, on reports that US-based retailer Target terminated an agreement, alleged for substituting another type of cotton instead of the contracted Egyptian for producing sheets supplied between August 2014 and July 2016
Welspun India stock closed at its fresh 52-week low of Rs 49.40 on Friday, falling 52% from Rs 103.20 on August 19, 2016, wiping out Rs 5,406 crore from its market valuation
Country's second largest software services firm Infosys today said it will give a clearer picture on its revenue guidance post the September quarter. In an analysts' meet, the Bengaluru-based company it is witnessing "softness" in some clients, post Brexit, and the recent cancellation of the RBS contract shows how key clients were being cautious in the wake of Britain leaving the European Union.
The Brexit turmoil took a heavy toll on Tata Motors earnings for April-June, with the company today reporting a 57 percent plunge in net income at Rs. 2,236 crore.
Ex-Coal Secretary HC Gupta, an accused in several coal scam cases, today withdrew his application seeking to pull out a personal bail bond in a case involving MP-based Kamal Sponge Steel and Power Ltd (KSSPL) and others and face trial from jail
ASSOCHAM urges Centre to merge policies to relieve homes shortage
Figure: BSE Sensex movement for last month
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S A X E N A
Figure: Nifty 50 movement for last one month
Open
High
Low
Close
BSE
28152.40
28289.96
27627.97
28121.37
Nifty
8672.15
8728.35
8518.15
8572.55
Dollar
66.892
67.207
66.812
67.149
Table: Major stock and dollar movement for last fortnight
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START UP TRACKER S A M A R T H
SNIPPETS Online credit marketplace connecting borrowers and lenders Alternative financing Benefits for unserved borrowers Lending and borrowing process Current status of company
Rupaiya Exchange is an online credit marketplace which aims to connect borrowers and lenders to facilitate peer to peer lending in India. It provides an online P2P podium where small scale business owners who are looking for an investment capital and are having limited credit background or no background at all, can seek loans from investors who are willing to help them out and expect a decent return on their investment. Rupaiya Exchange, an Indian start-up, was founded by Rohan Hazrati on November 2015. Rohan Hazrati, an experienced finance professional, has served as CFO and Head Legal of a multi-billion organization previously. The organization is based in New Delhi and works with a team of 8 members.
Need for Alternative Financing After the 2008 subprime crisis, most of the organized lenders such as banks and credit unions tightened their lending policies, due to which small enterprises had to go through a strict background check in order to prove their credit worthiness. So the 2008 recession-crisis created an environment of uncertainty where lenders could not trust small scale business owners and thus it stifled their growth as those enterprises were not having sustainable access to the loans. So if small-scale industries fail to get required capital to fund their business through loans, it will start affecting the economy as well. This is where the need for alternative financing comes into the picture. So Rupaiya Exchange, which is a source of alternative financing for borrowers helps in following PAGE
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A G A R W A L
manner1. It facilitates loans to the business owners whose loan applications were rejected by banks. 2. It facilitates short-term loans or small loans to business owners who look for investment through paperless and hassle-free mode of borrowing. 3. It provides an online financing platform with incredible access to lenders and borrowers.
Benefits for ‘unserved ‘under-served’ borrowers
and
1. Rupaiya Exchange aims to increase financial inclusion by catering to the needs of business owners who find it difficult to raise funds through traditional lenders like Banks and NBFCs. 2. While traditional lenders look for financial numbers and past history of loan-repayment of borrowers to assess credit worthiness, Rupaiya Exchange believes in assessing with the help of non-traditional data like social behavior or profile checks, including education and social upbringing etc. 3. Moreover, borrowers have an option of choosing the rate of interest and the repayment tenure as per their business needs and capacity, from a range of available offers provided by lenders on the online platform.
Benefits for lenders Investors who are having excess cash and looking for high returns through short-term or long-term investments can benefit highly from this platform. 1. Investors who get returns somewhere around 7-9% through traditional instruments and highest possible returns of 20% generally through equity investments, have a chance to get returns more than 22-25% through peer-to-peer lending and fixed monthly cash inflow via Rx platform.
basis of documents submitted by them and by assessing their social media profile like Facebook, LinkedIn and Twitter with the use of multiple data extraction and analysis techniques and proprietary scoring mechanism. After the completion of profile, they can apply for loans and receive matches from prospective lenders and accept the bid as per their discretion. Once relevant documents are uploaded and verified, payments are made to them by lenders either through cheques or net banking directly.
2. Lenders also enjoy unique benefits such Lenders- They are also required to register as safety of capital through lender on Rx and complete their profile. They can protection funds, zero listing and browse through the applied loans and bid on investment fees. the loans of their choice. Once they get a 3. The minimum amount that they can lend credible borrower, documents are verified to individuals or business owners is Rs. by Rx. After the verification process, funds 1000 for a duration of 2 months to 36 are transferred to a borrower. months. Current status Revenue model Rupaiya Exchange generates revenue from the registration fees obtained from borrowers and also the listing fees which is charged to them on the basis of their required loan amount.
How lending and borrowing process takes place Borrowers- They have to register on Rx and complete their profile. The reference credit rating is assigned to them on the
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As of now they have more than 500 registered users. While they have facilitated funding offers exceeding Rs. 19 Cr till now, the existing lenders commit to disburse loans worth Rs. 10 Cr in coming months with an average 22% interest rate. Thus, by making an efficient use of Rx platform, while lenders can gain from good and secured rate of returns by curated list of pre-verified borrowers along with fixed monthly cash inflows, on the other hand, borrowers can gain and borrow efficiently and at lower costs by having the freedom to choose their own interest rate and tenure.
FINAPP S R I K A N T
S I N G H
Investar FinMantra- Live quotes and charts of NSE stocks Platform- Android (4.0.3 & up) Offered By- Proseon Inc Rating- 4 on Google play store(Rated by 1093 users)
1-min/5-min in-app purchase subscription of 1year) for NSE stocks and F&O: 1. Live intraday candlestick chart updates (Stocks/FO) (1-min or 5-min, depending on the subscription type) 2. Live NSE Stocks/F&O updates
Downloads- Over 100 thousand 3. Unlimited watch-lists Download link– Click Here 4. Buy/Sell signals Investar: Indian Stock Market This app gives an insight on NSE stock charts specifically which in turn show signs and signals to help traders make buying/ selling decisions as per several technical indicators. It equips the users with live quotes and charts. The intraday quotes and charts are auto updated every five minutes. Anyone who is predominantly interested in daily and intraday stock charts can find stocks of their interest and add it to their watch lists. It gives interactive candlestick charts of the changes in stock prices. There are 2 versions of this app which are:
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6. Zoom-in/Zoom-out features like Recent data zoom, pinch zoom, Square zoom 7. Pivot-point based resistance & support levels 8. End-of-day based scans with intraday updates (Top 10 volume gainers/losers, 52 Weeks high/low) Free version has all the above features but has following restrictions:
a) full version (available with 1-min/5-min in-app purchase - subscription of 1year) for NSE stocks and F&O
1. Free 7-day Investar Mobile trial (Live Stocks/FO 1-min updates)
b) Free Version
2. Provides free 1-min real time updates of NSE/F&O stocks
Features
3. Registration enables watch list synchronization with our server and Investar desktop software
Features of full version (available with PAGE
5. Technical indicators like (EMA, SMA, MACD, RSI, STOCHASTICS, VOLUME)
4. Live charts without auto-update facility WHAT'S NEW 5. Technical Analysis features are restricted with intraday charts. Candlestick charts are available with daily charts only 6. In the free version, you may be asked to purchase the Technical Analysis Add -On (1-min or 5-min) to remove restrictions related to Technical Analysis
Features: 1. Added "Free Offer" menu item in Drawer Menu 2. Performance improvements Bug Fixes: 1. Moving averages Indicators plotting fixed. 2. Auto-application update process fixed
Note: Data Updates in the app are based on purchased Technical Analysis 1-min or 5-min add on.
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FINWORD U T K A R S H
Bank Rate A country’s bank rate is the rate at which the central bank of a country lends money to the commercial banks of the country. In India, the bank rates are determined by the Reserve Bank of India (RBI). There is often confusion regarding the difference between Bank Rates and Repo rates. On paper they may sound similar but the critical difference between them is that while the Bank Rate is the interest charged on loans given by the Central bank to the commercial banks, the Repo rate deals with the repurchase of securities. The bank rates are a very important financial tool at the exposure of the Central Bank so as to control the economic activities in a nation. The RBI can to some extent control the economic cycles by the means of bank rates. An increase in the bank rates by the Central Bank makes the cost of funds in a nation higher. With an increase in the bank rates, the rates at
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A U G U S T
S U R E K A 3 0 ,
2 0 1 6
which commercial banks loan money to the general public increases. As the cost of borrowing in the country goes up, the consumption power of people is reduced. This is an effective tool used to curb inflation. On the other hand, bank rates can also be used to revitalize an economy which is in a lull. A reduction in the bank rates implies that commercial banks are able to loan out funds to the public at a lower rate. This reduces the cost of funds in the economy, which in turn boosts economic activity in the economy. Thus we see that bank rates, along with other financial tools such as the Cash Reserve Ratio, the Statutory Liquidity Ratio and the Repo and Reverse Repo Rate are used by the Central Bank of a country to control the economic cycles to a certain extent.
DID YOU KNOW? A D Y A
J H A
Apple’s incentives and cash are equal to the GDP of Hungary. Also, it is more than that of countries like Vietnam and Iraq.
The total assets under the supervision of J P Morgan are worth $2.2 trillion, which is more than the GDP of India.
The worst inflation in the world was witnessed by Zimbabwe in 2008 when prices were rising at the rate of 6,500,000,000,000,000% per day.
Bombay Stock Exchange (BSE) in India has the highest number of listed companies in the world with an estimated number of 5,689 companies.
2,129,445,637 shares were traded on January 4, 2001 on the NYSE (New York Stock Exchange), which is the highest-volume day till now, while only 31 shares were traded on March 16, 1830 which is the lowest volume.
Out of the 17 stock exchanges in India, only 7 are permanent and rest 10 have to get their license to be renewed timely.
Only 2% of Indian household savings are being directed to Equity markets. Indians tend to invest mostly on gold and real estate.
According to Cambridge Associates estimates, 3% of venture capital firms generate 95% of the industry's returns.
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According to the RBC Wealth Management, for the first time ever in 2011, Asia now had more millionaires than North America.
FINQUIZZ S H U B H A M
1.
2.
Who is appointed as new Governor of RESERVE BANK OF INDIA? A) RAGHURAM RAJAN
B) Dr. URJIT PATEL
C) R GANDHI
D) ARUNDHATI BHATTACHARYA
On which date GST was passed in Rajya Sabha? A) 2 AUGUST,2016 C) 4 AUGUST,2016
3.
C) STATE BANK OF INDIA
6.
7.
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B) THE INDUSTRIAL AND COMMERCIAL BANK OF CHINA D) HONKONG AND SHANGHAI BANKING CORPORATION
The Banks which raise capital for Companies? A) COMMERCIAL BANK C) CORPORATE BANK
5.
B) 3 AUGUST,2016 D) 5 AUGUST,2016
Which is the largest bank of the world in terms of net worth? A) BANK OF AMERICA
4.
A R O R A
B)PRIVATE BANK D) INVESTMENT BANK
Which of the following bank offer service of wealth management? A) COMMERCIAL BANKS
B) PRIVATE BANKS
C) COOPERATIVE BANKS
D) RESERVE BANK OF INDIA
Which of the following means mobile banking? A) INTERNET BANKING
B) PAYMENT THROUGH DEBIT CARD
C) DOING TRANSACTIONS THROUGH MOBILE
D) DOING TRANSACTIONS ON THE GO
Which of the following bank is oldest bank (financial institution)? A) WORLD BANK
B) ASIAN DEVELOPMENTAL BANK
C) MONTE DEI PASCHI DI SIENA
D) BANK OF AMERICA
8.
Which of the following account offers highest returns? A) SAVING ACCOUNT C) MONEY MARKET ACCOUNT
9.
B) FIXED DEPOSIT ACCOUNT D) POST OFFICE BANK ACCOUNT
What is the meaning of book value of asset? A) MARKET VALUE OF ASSET
B) ASSET LESS DEPRICIATION
C) VALUE AT WHICH ASSET WAS PURCHASED
D) SCRAP VALUE OF ASSET
10.
What do you mean by bull market? A) MARKET IN WHICH SHARE PRICES ARE RISING C) MARKET IN WHICH SHARE PRICES ARE GOING DOWN
B) MARKET IN WHICH BULLS ARE SOLD AND PURCHASED D) MARKET IN WHICH SHARE PRICES ARE STABLE
ANSWERS:
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1) b
2) b
3) b
4) d
5) a
6) c
7) c
8) c
9) b
10) a
LIFE @ IMT A N S H U M A N
N A N D W A N A
Finally, first term has come to an end. After endless nights of studying and countless number of coffees at the Nescafe, we have anyhow managed to be through with the First Term. Exams have been some good, some bad and some average. Nonetheless, the experience was something I had never felt previously in my life. It was all a more competitive and rigorous preparation than I ever remember to do in my last 5 years. And with the new term in our way, we are again at the same point, promising ourselves to be a better time manager this time, promising ourselves to attend each and every class, and then probably, falling ourselves on to the same track. It has been more than two months being in college and time had just flown by. I am still into the mode of adjustment and with the dynamicity of the course it feels like I’ll be endlessly doing that till I pass out. Each and every day seems to be new, with new people encountering, new challenges awaiting and with new experiences to be imbibed. All, till now has been a great experience to me.
I never believed that MBA would be such a tedious course in itself. But from the day I stepped into the college, my beliefs are being challenged to the greatest extent. A great balance needs to stroked between classes, projects, presentations, studies, committees, current affairs and yes, last but not the least, parties. In case of Section E, there was something else which was extremely prominent and needed to be taken on the highest priority. Probably everyone knows what I am talking about. All this have helped me to be a better person each and every day, improving myself each and every second in all possible dimensions. All this has made me feel like I am going through an endless euphoria, which is not going to end soon.
The campus encountered is extremely gorgeous, it seems to be a mix of the old and new, blended in a great manner. There’s this new academic building standing five floors high next to the old academic block which has just a couple of floors. There’s a striking difference between the old and new auditorium too. The Nescafe has also been revamped recently and there’s development of new canteen and new hostel block taking place. All this tells, that IMT has been ever growing and would continue to do so in future. Students, as always are a great contributing factor to the same.
In these two months, I have been through a great number of people, some of which I have made close friends. The diverse background that each and every one of us bring to the ecosystem have helped me to gain different perspectives. An engineer graduate never thinks like a commerce graduate and vice- versa. The diversity is helping me to unlearn, pushing to leave my cocoon of comfort and drive through the world with new perspectives embraced.
At the end, I feel every one of you in part, could relate to my feelings. The same feeling may have been pouring through each and every one of us. Placement week is soon to arrive and now we have another task to take care off. Let’s start preparing for the same and wish each other the best of everything possible. Till next time, I wish each and every one of you a great road of success ahead. PAGE
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