Life insurance business in India was being transacted by private companies until 1956. As a result of the long felt need and in the interest of insuring public, the life insurance business was nationalized in 1956. The nationalization resulted in the establishment of Life Insurance Corporation of India (LIC) by an act of the Parliament. The Corporation was formed and began to function on September 1, 1956 by taking over 170 companies and 75 provident societies. The entire initial capital of Rs.5 crore was contributed by the government of India. The objective of nationalization was described by the then finance minister, C.… Read the rest
Abey Francis
Abey Francis, a freelance writer and a professional blogger who enjoys
the challenges of creativity and attention to detail. He has published
many articles and editorials regarding management on different blogs and online journals. His articles stimulate thinking of corporate managers
on key issues of organizations and management. His research interests
focus on international management, International trade finance,
Investment management, leadership, social capital and knowledge
management in enterprises and cross-culture studies.
Tips to Organize an Effective Meeting in a Business
What is a Meeting?
A meeting is a gathering of people to present or exchange information, plan joint activities, make decisions, or carry out actions already agreed upon. Almost every group activity or project requires a meeting, or meetings, of some sort. In business organizations, different meetings of executives and employees are held to discuss and debate upon certain matters for taking collective decisions. At these business meetings different proposals are discussed in the light of their pros and cons, and consensus is reached through interaction and influence among various persons. In business, meeting is any focused conversation that has a specific purpose, like taking decision of share capital, issue of dividends, issue of bonus shares, etc.… Read the rest
Definition and nature of a company
A company can be defined as a group of persons associated together for the purpose of carrying on a business, with a view to earn profits. The word ‘Company’ is an amalgamation of the Latin word ‘Com’ meaning “with or together” and ‘Pains’ meaning “bread”. Thus, a company is nothing but a group of persons who have come together or who have contributed money for some common person and who have incorporated themselves into a distinct legal entity in the form of a company for that purpose.
There is very good definition by Lord Justice Lindey, “A company is an association of many persons who contribute money or money’s worth to a common stock and employ it in some trade or business and who share the profit and loss arising there from.… Read the rest
Important Features of Database Systems
A major feature of a database system is to provide users with an abstract view of data i.e. the system hides certain details of how data is stored and maintained.
1) Data AbstractionData abstraction is the property of showing only the necessary details to a user and hides the rest of the details from that user. Since many database system users are not computer trained, developers hide the complexity from users through several levels of abstraction, to simplify user’s interactions with the system.
- Physical level – This level describes how data is actually stored in the database.
- Logical level — This level what data are stored in the database and what relationship exist among those data.
Introduction to Database Concepts
A database is a collection of related data. By data, we mean known facts that can be recorded and that have implicit meaning. For example, consider the names, telephone numbers and addresses of the people we know.
A Database Management System (DBMS) is a collection of inter-related data and a set of programs to access those data. The primary goal of a DBMS is to provide an environment that is both convenient and efficient to use in retrieving and storing database information. DBMS is a general purpose software system that facilitates the processes of defining, constructing, manipulating and sharing databases among various users and applications.… Read the rest
Financial System – Meaning, Functions and Services
A financial system is a network of financial institutions, financial markets, financial instruments and financial services to facilitate the transfer of funds. The system consists of savers, intermediaries, instruments and the ultimate user of funds. The level of economic growth largely depends upon and is facilitated by the state of financial system prevailing in the economy. Efficient financial system and sustainable economic growth are corollary. The financial system mobilizes the savings and channelizes them into the productive activity and thus influences the pace of economic development. Economic growth is hampered for want of effective financial system. Broadly speaking, financial system deals with three inter-related and interdependent variables, i.e.,… Read the rest