How Human Flaws Hinder Murder Investigations in Murder on the Orient Ex

Agatha Christie once said, â€Å"Crime is terribly revealing. Try and vary your methods as you will, your tastes, your habits, your attitude of mind, and your soul is revealed by your actions† (Christie). The reader may believe this quote goes with her book, Murder on the Orient Express very well and some may believe she used this quote as a thesis for the book. The idea of crime being revealing and the fact that crime is revealed through the actions that are taken suggests that murder is never really anonymous, no matter how hard the murderer tries to cover their tracks. In Murder on the Orient Express, Agatha Christie shows how human flaws hinder murder investigations through making incorrect assumptions, holding onto the past, and cultural stereotyping. First, Poirot, the lead investigator, shows that anyone could have committed the murder because of incorrect assumptions that are made about the passengers. The first assumption that is made is the person that kills Ratchett is a female. His first argument is the way the person stabs makes them a female. As stated in the novel, â€Å"’It is a woman.’ Said the Chef de Train, speaking for the first time. ‘Depend upon it, it was a woman. Only a woman would stab like that’ â€Å" (Christie 52). The second argument made toward gender is the force used makes the murderer a woman. In the novel, Poirot states, â€Å"’She must have been a very strong woman,’ he said. ‘It is not my desire to speak technically—that is only confusing; but I can assure you that one or two of the blows were delivered with such force as to drive them through hard belts of bone and muscle’ â€Å" (Christie 52). Poirot later assumes some of t he blows Ratchett faced are done back-handed, as well as left-handed. He uses... ... where to start, to not knowing whether to side with moral or legal justice. Incorrect assumptions, such as looking at the way a person is stabbed and the force used with the blow can lead investigators in the wrong direction. Another human flaw that hinders murder investigations is holding on to the past. Poirot was disliked by some people on the train because of mistakes that he made in the past, and eventually, his past caught up to him, as he was aboard the Orient Express. Lastly, the cultural stereotyping that took place on the Orient Express proved to be wrong for finding out who committed a murder. Murder on the Orient Express is a novel that shows that anyone can be guilty of committing a crime when you look at the incorrect assumptions, the past and who all it effects and the cultural stereotyping that takes place between certain people.

Midterm essay exam

Q#1: Regarding science and religion, what historically has changed? Explain. It is a fact that in history, science and religion are always having conflict with each other. This should not be the scenario since the history had proved that in the Western culture, there were two books entitled The Book of Nature and the Book of Scripture that was believed to be bought created by God. The history of science had been associated with many religious works. During the Middle Ages, there was a time that the Islamic countries had embraced the science of mathematics, and astronomy that was being turned away by the Christian Europe. The scientific teachings were based from the ancient Greek discoveries. The Islamic people consisting of Muslim scholars had done additional developments in the field of scientific teachings. However, in the thirteenth century the Christian Europe again had decided to embrace the scientific heritage. They were commonly called the Christian monks and Christian theologians. In the entire duration of the late Middle Ages and even in the Renaissance period, almost all the scientist was also the people who leads the church. As the history continued in the eighteenth century, more and more men of science were also deep believers of different religions. The church had also begun to take part in influencing the universities and all institutes that promote higher form of teachings. Schools for the trainings to become clergy and other church functionaries were also being established. An essential breakthrough in the seventeenth century which is called the â€Å"scientific revolution† had again involved men from the religious groups who were the great pioneers and founders of the renewed science. Almost all the science founders aimed that they could put harmony in their works in science and their obligations in their religion. Not until the start of the nineteenth century, this was the common thought of the scientist. The start of the nineteenth century up to these days had marked a notable change in the history of science and religion. The warfare for science and religion had started with the revolutionary book Charles Darwin entitled â€Å"On the Evolution of Species by Means of Natural Selection†. Many scientists had several views that pertain to the thought that religion is a great threat to science which was carried until these days (Faith and Reasons, 2007). Q#2: Discuss the importance of the circle as a symbol for indigenous religions. Circle as a symbol for the indigenous religions refers to the sacred space. The sacred space describes a magical ritual. The magical ritual is a practice that is being utilized in the Ritual Magic and In Wicca. The magical ritual came from the practices of the medieval magic and witchcraft. This symbol was shared by most of the folk magicians in many countries. The temple of initiation which is circular simply means that it is a representation of the universe is the main point of the Zoroasteric mysteries of Persia. In the circular temple there is a sun located in the east which is also represented as a circle that symbolizes the universe. A celebration in Athens termed as the great mysteries of Eleusis indeed given points that the circle is the symbolism for the universe. According to one of the officers from St. Chrysostom, the circular figure represented the sun. Moreover, in the Egyptian mysteries of Osiris also contains the sun as referred to the representation of the universe. They have this so called Sun-god who appeared into the Earth in the sun’s settings. The temple of initiation of the Celtic mysteries of Druids is also an oval or a circle. It is an oval because the circular temple of initiation represents the routinary egg which symbolizes the earth. Some temples of initiation of the Celtic mysteries is also circular aside from being oval because for them, the circular figure was the symbol of the universe. The temple of initiation sometimes is also built following the cruciform. The reason of the cruciform is that it represents the reference to the four elements. The four elements are commonly termed as the components of the universe. The use of the circle as an important symbol for the indigenous religions had only proven the many uses of the circle in the ancient times. Moreover, the many uses of the circle had also proven its universality as an important symbol in the ancient times (Emick, 2007). Q#3: What is the foundational core of Buddhist teachings? Explain. Buddhism is known to be a dharmic religion. It is also regarded as a philosophy. It is commonly known as the Buddha Dharma or the Dhamma. Buddha Dharma signifies the â€Å"teachings of the awakened one†. It was founded by Siddharta Gautama around the fifth century BCE. Siddharta Gautama was referred to as â€Å"The Buddha†. Siddharta Gautama had introduced the Four Noble Truth that was considered to be the fundamental core of the Buddhist teachings. The Four Noble Truth was a way for them to attain the bodhi and the termination of pain and suffering or what is commonly called the Nirvana. The first noble truth of the Buddhist teaching is the Dukkha. Dukkha is called the noble truth of suffering. The noble truth of suffering is a part of all the stages in the life of a person. Since birth until the death of a Buddhist, he experience suffering. Moreover, Buddhism principles are also centered with suffering. Sufferings in the life of a Buddhist include sufferings during his birth and aging. Having a disease or illness is also part of the Buddhist sufferings. The second noble truth is called the Samudaya which means that the sufferings in the first noble truth are solely caused by desire. The result of the sufferings is simply explained by the Samudaya. Expectations that are linked to the desires of a believer and most especially the attachment of the believer to the desires are the ones that explain the Samudaya (Boddhi, 2000). Nirodha is the third noble truth. It symbolizes the termination of suffering. As the sufferings had ended and were being forgotten by the Buddhist, these means that the understanding of the right meaning of the Nirodha had been inculcated in him. And in order for the believer to entirely forget and free himself from a suffering, he must be able give up and surrender the pains he had gone through. The forth and the final noble truth is the termination of the desires or what is called as the Magga. In order for the believer to get rid of his desires he must follow the Eightfold Path. The Noble Eightfold Path consists of the right view, right intention, right speech and right action. Right livelihood, effort, mindfulness and concentration are also included in the Noble Eightfold Path (Yamamoto, 2000). Q#4: What was the role of the Temple for ancient Judaism? According to the book of Chronicles, the First Temple was built in the 10th century BCE. This was built by King Solomon for seven years to replace the Tabernacle of Moses and the Tabernacles of Shiloh, Nov and Givon. These Tabernacles were also once the center point for the Jewish faith. The First Temple had symbolized the center of ancient Judaism. For the entire millennium, the First Temple had continued to be the central point for all the services done by the Jewish. As time had passed, the First Temple was destroyed by the Babylonians in 586. After seventy years, it was again built by Cyrus the Great in 516 BCE. The temple had been the Second Temple. There are many roles of the in the ancient Judaism. During the time when the course of the bible of Hebrews was being carried out, the temple serves to be the place for offerings. The offerings include the daily and the morning ones. Offerings done on Shabbat and Jewish holidays which are considered special for the Hebrews were also celebrated in the Temple. During the course of the offerings, there will be a certain time when the Levites recite psalms. Psalms such as the Psalm of the Day and special psalms for the new month are the ones recited by the Jewish. The temple for the ancient Judaism is meant to be the model and recreation of the Garden of Eve. That is the reason while the courtyards of the Temple contained plenty of trees, flowers and fountains (Stager, 2000). For the Jewish, the temple is viewed as central or the focal point wherein rituals are done. It was then considered to be the only place wherein the creation of contact between men, women and the higher spheres were done.   It is the place considered to be the eternal dwelling place for the Jewish in order for them to do contact with the powers above them. Moreover, it was also a place which they believed the place where their gods have crossed in order to surpass their celestial environment to be able to descend on earth (Nibley, 1992). References: Bhikkhu Bodhi (2000). â€Å"The Collected Discourses of the Buddha: A new translation of the Samyutta Nikaya†. Somerville: Wisdom Publications. Retrieved July 27, 2007 from http://en.wikipedia.org/wiki/Four_Noble_Truths#_ref-1   Emick, Jennifer. (2007). Your Guide to Alternative Religion. The New York Times Company. Retrieved July 27, 2007 from http://altreligion.about.com/library/texts/bl_symbolismfreemasonry17.htm Faith and Reasons. (2007). History of Science and Religion. Retrieved July 27, 2007 from http://www.pbs.org/faithandreason/intro/histo-frame.html Mackey, Albert. (2007). The Symbolisms of Free Masonry. The New York Times Company. Retrieved July 27, 2007 from http://altreligion.about.com/library/texts/bl_symbolismfreemasonry17.htm Nibley, Hugh W. (1992). The meaning and functions of Temples. Encyclopedia of Mormonism, Vol. 4. Macmillan Publishing Company. Retrieved July 26, 2007 from http://www.lightplanet.com/mormons/temples/purpose.html Stager, Lawrence. (2006). Garden of Eve. Biblical Archaeology Review. Retrieved July 26, 2007 from http://en.wikipedia.org/wiki/Temple_in_Jerusalem Yamamoto, Kosho. (2000) The Mahayana Mahaparinirvana Sutra in 12 Volumes (Nirvana Publications. Retrieved July 27, 2007 from http://en.wikipedia.org/wiki/Four_Noble_Truths#_ref-1   

An Analysis Of Financial Sector Reforms Finance Essay - Free Essay Example

Sample details Pages: 11 Words: 3372 Downloads: 3 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? Financial Sector reforms initiated in the country as a part of the economic reforms since the year 1991, has brought about revolution in the structure of bankingÂÂ  environment. While deregulation has opened up new opportunities for banks, liberalization has intensified competition in the banking industry by opening the market to new foreign and private sector banks. Declining interest rates and reduced lending margins have thrown up new challenges to banks, particularly public sector banks. Don’t waste time! Our writers will create an original "An Analysis Of Financial Sector Reforms Finance Essay" essay for you Create order While the financial sector reforms helped strengthening institutions, developing markets and promoting greater integration with the rest of the world, the recent growth phase suggests that if the present growth rates are to be sustained, the financial sector will have to intermediate larger and increasing volume of funds than is presently the case. It must acquire further sophistication to address the new dimensions of risks. Post-WTO, competition will only get intensified, as large global players emerge on the scene. Increasing competition is squeezing profitability and forcing banks to work efficiently on shrinking spreads. A positive fallout of competition is the greater choice available to consumers, and the increased level of sophistication and technology in banks. As banks benchmark themselves against global standards, there has been a marked increase in disclosures and transparency in bank balance sheets as also greater focus on corporate governance. India has been a witness to a sea change in the way banking has been done in the past more than two decades. Since 1991, the Reserve Bank of India (RBI) took steps to reform the Indian banking system at a measured pace so that growth could be achieved without exposure to any systemic risks. Some of these initiatives were deregulation of interest rates, dilution of the government stake in public sector banks (PSBs), guidelines being issued for risk management, asset classification, and provisioning. Technology has made tremendous impact in banking. Anywhere banking and Anytime banking have become a reality. The financial sector now operates in a more competitive environment than before. Now the biggest challenge before the regulators is of avoiding instability in the financial system. CHAPTER 1. REFORMS IN THE BANKING SECTOR A. Contours of reforms Financial sector reforms encompassed broadly institutions especially banking, development of financial markets, monetary fiscal and external sector management and legal and institutional infrastructure. Reform measures in India were sequenced to create an enabling environment for banks to overcome the external constraints and operate with greater flexibility. Such measures related to dismantling of administered structure of interest rates, removal of several preemptions in the form of reserve requirements and credit allocation to certain sectors. Interest rate deregulation was in stages and allowed build up of sufficient flexibility in the system. This is an important component of the reform process which has imparted greater efficiency in resource allocation. Parallel strengthening of prudential regulation, improved market behaviour and gradual financial opening helped the liberalisation process to run smooth. The interest rates have now been largely deregulated except for cert ain specific classes, these are: savings deposit accounts, non-resident Indian (NRI) deposits, small loans up to Rs.2 lakh and export credit. Without the dismantling of the administered interest rate structure, the rest of the financial sector reforms could not have meant much. As a part of the reforms programme, initially there was infusion of capital by Government in public sector banks, which was subsequently followed by expanding the capital base with equity participation by private investors up to a limit of 49 per cent. The share of the public sector banks in total banking assets has come down from 90 per cent in 1991 to around 75 per cent in 2008: a decline of little less than one percentage point every year over a seventeen-year period. Diversification of ownership, while retaining public sector character of these banks has led to greater market accountability and improved efficiency without loss of public confidence and safety. Another major objective of banking secto r reforms has been to enhance efficiency and productivity through increased competition. Establishment of new banks was allowed in the private sector and foreign banks were also permitted more liberal entry. Nine new private banks are in operation at present, accounting for around 10-12 per cent of commercial banking assets. Yet another step towards enhancing competition was allowing foreign direct investment in private sector banks up to 74 per cent from all sources. Beginning 2009, foreign banks have been allowed banking presence in India either through establishment of subsidiaries incorporated in India or through branches. Impressive institutional reforms have also helped in reshaping the financial marketplace. A high-powered Board for Financial Supervision (BFS), constituted in 1994, exercise the powers of supervision and inspection in relation to the banking companies, financial institutions and non-banking companies, creating an arms-length relationship between regulation and supervision. The system has also progressed with the transparency and disclosure standards as prescribed under international best practices in a phased manner. Disclosure requirements on capital adequacy, profitability ratios and details of provisions and contingencies have been expanded to include several areas such as foreign currency assets and liabilities, movements in non performing loans (NPLs) and lending to sensitive sectors. The range of disclosures has gradually been increased. The legal environment for conducting banking business has also been strengthened. Debt recovery tribunals were part of the early reforms process for adjudication of delinquent loans. More recently, the Securitisation Act was enacted in 2003 to enhance protection of creditor rights. To combat the abuse of financial system for crime-related activities, the Prevention of Money Laundering Act was enacted in 2003 to provide the enabling legal framework. The Negotiable Instruments (Amendments an d Miscellaneous Provisions) Act 2002 expands the erstwhile definition of cheque by introducing the concept of electronic money and cheque truncation. The Credit Information Companies (Regulation) Act 2005 has been enacted by the Parliament which is expected to enhance the quality of credit decisions and facilitate faster credit delivery. B. Processes of Reform What are the unique features of our reform process? First, financial sector reform was undertaken early in the reform cycle in India. Second, the banking sector reforms were not driven by any immediate crisis as has often been the case in several emerging economies. Third, the design and detail of the reform were evolved by domestic expertise, while taking on board the international experience in this regard. Fourth, enough space was created for the growth and healthy competition among public and private sectors as well as foreign and domestic sectors. How useful has been the financial liberalization process in India towards improving the functioning of institutions and markets? Prudential regulation and supervision has improved; the combination of regulation, supervision and safety nets has limited the impact of unforeseen shocks on the financial system. The dismantling of the erstwhile administered interest rate structure has permitted financial intermediaries to pursue lendin g and deposit taking based on commercial considerations and their asset-liability profiles. The financial liberalisation process has also enabled to reduce the overhang of non-performing loans. Financial entities have become increasingly conscious about risk management practices and have instituted risk management models based on their product profiles, business philosophy and customer orientation. Additionally, access to credit has improved, through newly established domestic banks, foreign banks and bank-like intermediaries. Government debt markets have developed, enabling greater operational independence in monetary policy making. The growth of government debt markets has also provided a benchmark for private debt markets to develop. There have also been significant improvements in the information infrastructure. The accounting and auditing of intermediaries has improved. The technological infrastructure has developed in tandem with modern-day requirements in information te chnology and communications networking. On the asset quality front, notwithstanding the gradual tightening of prudential norms, non-performing loans (NPL) to total loans of commercial banks which was at a high of 15.7 per cent at end-March 1997 declined to 3.3 per cent at end-March 2009. Net NPLs also witnessed a significant decline and stood at 1.2 per cent of net advances at end-March 2009, driven by the improvements in loan loss provisioning, which comprises over half of the total provisions and contingencies. Operating expenses of banks in India are also much more aligned to those prevailing internationally, hovering around 2.1 per cent during 2004-05 and 2005-06. These numbers are comparable to those obtaining for leading developed countries which were range-bound between 1.4-3.3 per cent in 2005. Bank profitability levels in India have also trended upwards and gross profits stood at 2.0 per cent during 2005-06 (2.2 per cent during 2004-05) and net profits trending at around 1 per cent of assets. Available information suggests that for developed countries, at end-2005, gross profit ratios were of the order of 2.1 per cent for the US and 0.6 per cent for France. The extent of penetration of our banking system in our country as measured by the proportion of bank assets to GDP has increased from 50 per cent in the second half of nineties to over 80 per cent a decade later. CHAPTER 2. CHALLENGES AHEAD While we have made a significant progress, let me highlight a few issues that I believe would need significant attention in the near term. Risk Management and Basel II The future of banking will undoubtedly rest on risk management dynamics. Only those banks that have efficient risk management system will survive in the market in the long run. The effective management of credit risk is a critical component of comprehensive risk management essential for long-term success of a banking institution. Although capital serves the purpose of meeting unexpected losses, capital is not a substitute for inadequate decontrol or risk management systems. Coming years will witness banks striving to create sound internal control or risk management processes. With the focus on regulation and risk management in the Basel IIÂ  [1]Â  framework gaining prominence, the post-Basel II era will belong to the banks that manage their risks effectively. The banks with proper risk management systems would not only gain competitive advantage by way of lower regulatory capital charge, but would also add value to the shareholders and other stakeholders by properly pricing their services, adequate provisioning and maintaining a robust financial structure. Consolidation Consolidation, which has been on the counter over the last year or so, is likely to gather momentum in the coming years. When the restrictions on operations of foreign banks will go, the banking landscape is expected to change dramatically. Foreign banks, which currently account for 5% of total deposits and 8% of total advances, are devising new business models to capture the Indian market. Their full-fledged entry is expected to transform the business of banking in many ways, which would be reflected in terms of greater breadth of products, depth in delivery channels and efficiency in operations. Thus Indian banks have less than three years to consolidate their position. Despite the stiff resistance from certain segments, consolidation holds the key to future growth. This view is underpinned by the following: 1. Owing to greater scale and size, consolidation can help save costs and improve operational efficiency. 2. Banks will also have to explore different avenues for ra ising capital to meet norms under Basel-II 3. Owing to the diversified operations and credit profiles of merging banks, consolidation is likely to serve as a risk-mitigation exercise as much as a growth engine. Though there is no confirmation yet, speculative signals arising from the market point to the prospect of consolidation involving banks such as Union Bank of India, Bank of India, Bank of Baroda, Dena Bank, State Bank of Patiala, and Punjab and Sind Bank. Further, the case for merger between stronger banks has also gained ground a clear deviation from the past when only weak banks were thrust on stronger banks. There is a case being made for mergers between banks with a distinct geographical presence coming together to leverage their respective strengths. Role of Technology: There is an imperative need for not mere technology upgradation but also its integration with the general way of functioning of banks to give them an edge in respect of services provided to their constituents, better housekeeping, optimizing the use of funds and building up of management information system (MIS) for decision making, better management of assets liabilities and the risks assumed which in turn have a direct impact on the balance sheets of banks as a whole. Technology has demonstrated potential to change methods of marketing, advertising, designing, pricing and distributing financial products and services and cost savings in the form of an electronic, self-service product delivery channel. These challenges call for a new, more dynamic, aggressive and challenging work culture to meet the demands of customer relationships, product differentiation, brand values, reputation, corporate governance and regulatory prescriptions. Technology holds the key to the future success of Indian Banks. Internet, wireless technology and global straight-through processing have created a paradigm shift in the banking industry. The explosive growth of both the Internet and mobile and wireless technology is revolutionizing the way the financial industry conducts business. The overall wireless technology market is expected to grow profoundly in the coming years. Improving profitability: The most direct result of the above changes is increasing competition and narrowing of spreads and its impact on the profitability of banks. The challenge for banks is how to manage with thinning margins while at the same time working to improve productivity which remains low in relation to global standards. This is particularly important because with dilution in banks equity, analysts and shareholders now closely track their performance. Thus, with falling spreads, rising provision for NPAs and falling interest rates, greater attention will need to be paid to reducing transaction costs. This will require tremendous efforts in the area of technology and for banks to build capabilities to handle much bigger volumes. Reinforcing technology: Technology has thus become a strategic and integral part of banking, driving banks to acquire and implement world class systems that enable them to provide products and services in large volumes at a competitive cost with better risk management practices. The pressure to undertake extensive computerisation is very real as banks that adopt the latest in technology have an edge over others. Customers have become very demanding and banks have to deliver customised products through multiple channels, allowing customers access to the bank round the clock. Risk management: The deregulated environment brings in its wake risks along with profitable opportunities, and technology plays a crucial role in managing these risks. In addition to being exposed to credit risk, market risk and operational risk, the business of banks woul d be susceptible to country risk, which will be heightened as controls on the movement of capital are eased. In this context, banks are upgrading their credit assessment and risk management skills and retraining staff, developing a cadre of specialists and introducing technology driven management information systems. Sharpening skills: The far-reaching changes in the banking and financial sector entail a fundamental shift in the set of skills required in banking. To meet increased competition and manage risks, the demand for specialised banking functions is set to go up. Special skills in retail banking, treasury, risk management, foreign exchange, development banking, etc., will need to be carefully nurtured and built. Thus, the twin pillars of the banking sector i.e. human resources and IT will have to be strengthened. Greater customer orientation: In todays competitive environment, banks will have to strive to attract and retain customers by introducing innovative products, enhancing the quality of customer service and marketing a variety of products through diverse channels targeted at specific customer groups. Corporate governance: Besides using their strengths and strategic initiatives for creating shareholder value, banks have to be conscious of their responsibilities towards corporate governance. Following financial liberalisation, as the ownership of banks gets broadbased, the importance of institutional and individual shareholders will increase. In such a scenario, banks will need to put in place a code for corporate governance for benefiting all stakeholders of a corporate entity. International standards: Introducing internationally followed best practices and observing universally acceptable standards and codes is necessary for strengthening the domestic financial architecture. This includes best practices in the area of corporate governance along with full transparency in disclosures. In todays globalised world, focusing on the observance of standards will help smooth integration with world financial markets. Globalization/Future Exapansion: Growing integration of economies and the markets around the world is making global banking a reality. The surge in globalization of finance has already begun to gain momentum with the technological advancements which have effectively overcome the national borders in the financial services business. Widespread use of internet banking will widen frontiers of global banking, and make marketing of financial products and services on a global basis possible. In the coming years globalization will spread further on account of the likely opening up of financial services under WTO. India is one of the 104 signatories of Financial Services Agreement (FSA) of 1997. This gives Indias financial sector including banks an opportunity to expand their business on a quid pro quo basis. As per Indian Banks Association report Banking Industry Vision 2010, there would be greater presence of international players in Indian financial system and some of the Indian banks would become global players in t he coming years. So, the new mantra for Indian banks is to go global in search of new markets, customers and profits. Supporting Regulatory Framework: Supporting institutional and regulatory framework at home is vital for domestic banks aspiring for global operations. RBI has suitably changed the countrys regulatory framework from time to time to support Indian financial institutions to withstand the competitive pressures placed on them by increasing globalization. Proper steps have been taken to guide the banking sector to see that the banks pass through this transition phase by and large successfully. The reforms initiated in the banking sector have now reached a crucial stage. Governments stake in some PSBs is reduced and as a consequence public equity in these PSBs is enlarged. This led to greater responsibility on the bank managements since the level of accountability has increased. Pressures of performance and profitability will keep them on their toes all the time as the public shareholders expect good performance along with good returns on their equity. Many PSBs have already started the exercise of cleaning up of thei r balance sheets by shedding the excess baggage. The VRS scheme in the recent past in some of the banks was aimed not only at downsizing the manpower but also at cutting down the staff costs and increasing the performance levels of the staff in the long run. Some of these banks are able to run the show to certain extent by low cost funds that are available thanks to the branch network spread over the length and breadth of the country. Skilled Manpower: There will be a sea change for employees too. Secure jobs will be replaced by contractual appointments, for a specified period of time. The unions will merge into the shadows and bank managements will turn effective. As a result there will be swifter turn over of personnel in banks. But at the same time, skilled personnel from other disciplines will enter banks in increasing numbers. Factors like skills, attitudes and knowledge of the human capital play a crucial role in determining the competitiveness of the financial sector. The quality of human resources indicates the ability of banks to deliver value to customers. Capital and technology are replicable but not the human capital which needs to be valued as a highly valuable resource for achieving that competitive edge. CONCLUSION: With respect to the future of Indian banking it is increasingly evident that the economy offers opportunities but no security. Therefore, the future will belong to those who develop good internal controls, checks and balances and a sound market strategy. Business Growth, Cost Efficiency and Evolution are therefore regarded as key drivers which will have to be addressed. The face of banking is changing rapidly. Competition is going to be tough and with financial liberalisation under the WTO, banks in India will have to benchmark themselves against the best in the world. For a strong and resilient banking and financial system, therefore, banks need to go beyond peripheral issues and tackle significant issues like improvements in profitability, efficiency and technology, while achieving economies of scale through consolidation and exploring available cost-effective solutions. These are some of the issues that need to be addressed if banks are to succeed, not just survive, in the changing milieu.