Financial Innovation and Consumer Protection

As published in FINNOVA ’14  by the Post Graduate Department of Commerce and Management, ISBN 978-81-89085-91-9, November 2014

A STUDY ON FINANCIAL INNOVATIONS AND CONSUMER PROTECTION

– with special reference to the Role of Financial Consumer Protection Agencies in India

Abstract:

The Indian financial services sector has undergone metamorphic changes in the recent past. The financial sectors in India is ever expanding and dynamic in nature. It comprises of banking and non-banking financial companies, Insurance companies, cooperatives, pensions funds, mutual funds and other smaller financial entities.i The growing competition, coupled with globalisation, deregulation and marketisation have thrust innovations in processes, products, practices and service standards. Innovation means introducing something new that could replace the old ways. The traditional product portfolios of financial institutions are being replaced with more complex products, which have given birth to a new discipline known as financial engineering.

Financial engineering very often creates complex products out of inherently simple products. This is found very common world over especially in the structured financial derivatives, where the payoff profile and risks inherent in the structure are significantly different from those of its underlying constituents. When such product design is combined with aggressive sales practices led by perverse compensation systems, it leads to mis-selling to vulnerable consumers. The end result is of consumer disputes, resulting in loss of reputation for the financial service providers.

The protection of investors and financial consumers ensures that the consumers receive information to make informed decisions. This facilitates the need for Financial Literacy which gives the knowledge, skill and confidence to understand and receive information to evaluate the risk and reward that is inherent in the innovative financial product. The major challenges of financial innovations in India in the post financial crises are matching financial products with the risk takers; regulators keeping track with what is happening in the market; Innovation and product structuring coupled with supervisions; Customer orientation and delivery and Consumer level of literacy.

Today’s Indian financial system is characterized by existence of various financial innovations in the field of corporate finance, bank finance and investment finance. India is also undertaking a fundamental review of its financial sector legislation, with the creation of the Financial Sector Legislative Reforms Commission (FSLRC), whose mandate is to rewrite and harmonise the sector lawsii and multiple regulatory authorities and consumer protection agencies.

Through this paper, the author puts a sincere effort in exploring the concept of financial engineering, and its effect on the financial products. An attempt is also made to discuss the issues relating to financial illiteracy and financial consumer protection in the backdrop of the enactment of the Indian Financial Code.

Keywords: Financial Engineering, Financial Product Innovation, Indian Financial Code, Financial Consumer Protection.

QWL on OCB

As published in  Integral review – A Journal of management, Vol. 6 No. 1, June 2013, p-ISSN : 0974-8032, e- ISSN : 2278-6120, Indexed at J-Gate and EBSCO

A STUDY ON THE EFFECT OF QUALITY OF WORK LIFE (QWL)

ON ORGANISATIOAL CITIZENSHIP BEHAVIOUR (OCB)

with special reference to College Teachers in Thrissur Dist., Kerala

Abstract:

The present study was undertaken to explore the relationship between the Quality of Work Life (QWL) and its effect on Organisational Citizenship Behaviour. The report findings are based on the review of literature on the relationship between the QWL & OCB combined with a survey among College Teachers in and around Thrissur Dist. Based on the findings, the report also offers an insight and advice on the ways to enhance the QWL among College Teachers. According to Ray Kroc “The Quality of an Individual is reflected in the standards they set for themself”, it is also a realised fact that the quality of human inputs are the greatest asset to any organisation. Thus this paper aims to contribute to the academic community and add on to the existing body of literature relating to the effect of QWL on OCB

Key Words: Quality of Work Life, Organisational Citizenship Behaviour, College Teachers perception on QWL,

Positive College Culture on Students Academic Achievements

As published in KAVERIPAKKAM COLLEGE JOURNAL OF MANAGEMENT & RESEARCH, March 2012

A STUDY ON THE EFFECT OF POSITIVE COLLEGE CULTURE ON STUDENT’S ACADEMIC ACHIEVEMENTS

With Special Reference Arts and Management Colleges in Thrissur Dt., – Kerala

ABSTRACT:

The present study was undertaken to find the existing gap in the college culture between the actual and the expected culture and also to examines the impact of positive college culture on students academic achievements. The report’s findings are based on a review of literature on practices of culture audit in institutions combined with a survey among students and teachers of colleges in Thrissur District, Kerala. The literature review provides the context for the study, while the survey supplies empirical evidence about the perceptions and preferences of positive college culture among students and teachers. Based on the findings, the report also offers an insights and advice on ways to build an inclusive institutional culture. This study also highlights the radical change in the educational institution’s culture as well as the growth in the educational industry which was mainly pumped up by the three development offered to us in the past decade “LPG” – Liberalisation, Privatisation and Globalisation.

Key Words: Culture Audit, Students, Academic Achievements, Need for Achievements

BPO as an effective HRM Strategy

As published in MIRROR, ISSN 2249-8117, March 2012

A STUDY OF BUSINESS PROCESS OUTSOURCING (BPO) AS AN EFFECTIVE HUMAN RESOURCE MANAGEMENT (HRM) STRATEGY

with special reference to Information Technology Companies , Chennai – Tamil Nadu

ABSTRACT:

In the era of “ Global Market” and “e-economy” outsourcing is a new way to conceive the relationship among companies. Out sourcing (external source) is a management approach that allows delegating to an external agent the operational responsibility for processes or services that were previously done with in the enterprise. Outsourcing is the product of globalisation and is inevitable. Outsourcing has also become the trend in most Human Resource (HR) activities. HR outsourcing refers to a particular type of Business Process Outsourcing (BPO) in the corporate environment. When Organisations turns over the management of a particular Business Process (such as Accounting, Payroll etc.,) to a third party that specialises in that process a BPO occurs. The increased emphasis on outsourcing is a natural progression in the present competitive industry. Today’s HR outsourcing companies are ready to deal with all of these tasks, so businesses are actually capable of outsourcing their entire HR department. This allows the business to focus on other issues, including working on growing the business. It also means that they no longer have to deal with any of the time-consuming paperwork or tasks that HR departments must deal with, including various compliance issues.

Outsourcing the human resources department can also help the employees. Because they specialize in human resources, these outsourcing companies often know how to get employees the best HR services around, including health benefits and great retirement plans. They may also be able to provide rewards programs to the company for much less than what the company might otherwise pay. Also, if the employer or employees have a need of any kind of HR support in issues like worker’s compensation, these companies have years of expertise that is available to them.

One of the nice benefits about human resource outsourcing is that it is not an all or nothing situation. Outsourcing only the payroll and attendance, for example, while dealing with compliance and taxing is also possible. Outsourcing different HR tasks to different companies is also possible. It all depends on what the business needs. This paper is a sincere effort in bringing the HR outsourcing as an effective HRM strategy which is a hype in the globalised business scenario.

Key Words: HR strategy, HR outsourcing, BPO

The Proprietory Vs. Open Source Software in Management Education

As published in RESEARCH SCHOLAR, Volume I No.II-B December 2011, ISSN 2249-6696

THE PROPRIETORY VS. OPEN SOURCE SOFTWARE

Making the Right Move with IT in Management Education

Abstract

This paper is a sincere effort to discuss the impact of the open and free source software over the patented software in the field of Management Education. It also throws light into the role of the Government of Kerala – one of the pioneers in the free and open source software revolution in education in India. The various useful and important software that a Management student will have to deal in his/her curriculum is discussed. A Comparison of GNU/Linux (free source software) with the other proprietary software with special reference to the Management education reveals the effect of the software with regard to its cost and usability. This paper will provide readers with an understanding of both open source and proprietary methodologies and help explain why GNU/Linux and open source is possibly the driving force behind the future of computing which would naturally have an implication in Management Education as well.

Key Words: Patented software, FOSS, IT in Management Education

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