Introduction:
The Joint Family System of our own country was in operation since inception. It acts as a strong bulwark against the problems arising due to old age and also problems arising due to penury. The joint family systems have also their limitations. Under this system one person was earning and rest persons were dependent on them. Finally the burden of resources, as well as change of socio-cultural, crumbled the joint family system. In search of employment the members of joint family move out of the system.
This created a new concept in the name of nuclear family system. Hence, the need of Timebanks is very much relevant in India as of today. Moreover the reasons about the importance of Time Bank are many more. In our country, the habit of serving the old people in new generation are dwindling day by day. It is often seen that children after getting job either forget their parents or ignore them. In such circumstances, the role of Times Bank is vital.
What is the concept of Time bank?
Time banking is a bartering system for services, where people exchange services for labor-time-based credits, rather than money. The term Time Banking was coined and trademarked by American lawyer Edgar Cahn, who advocated its use to supplement government social services.
The Swiss Government has started the initiative in their country. The Swiss Ministry of Health has created a timebank concept to assist senior citizens in the country.
Under this Time Bank one side new generation persons will secure themselves for getting old by investing their time in serving old people. As by giving service they will get a card as like credit card that can be used when they will become old. By doing, so the inclination towards helping others will grow. This will strengthen the society as well as the country in a long way. In nutshell, the concept of Time Bank is boon for all citizens.
Esta historia es de la edición May 2022 de BANKING FINANCE.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición May 2022 de BANKING FINANCE.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
'Deep Fake' - an emerging risk for Banking & Financial Sector
Deepfake KYC fraud is a growing concern in India, where fraudsters leverage AI-generated deepfake videos and images to bypass Know-Your-Customer (KYC) verification processes. This has significant implications for financial institutions, fintech companies, and other organizations that rely on KYC to verify the identity of their customers.
RBI CIRCULAR
Operational framework for reclassification of Foreign Portfolio Investment to Foreign Direct Investment (FDI) - November 11, 2024
India's Fiscal Discipline: A Path to Economic Stability and Growth
In a significant economic development, the fiscal deficit for the financial year 2023-2024 (FY24) has been recorded at 5.6% of GDP, falling below the government's revised estimate. This unexpected positive outcome highlights effective fiscal management and a recovering economy, offering a ray of optimism amidst global economic uncertainties.
Augmenting Productivity by Embracing Employee Engagement
As the world's largest coffeehouse chain, Starbucks is a brand that understands the value its employees add to the business. At Starbucks, every employee knows they are valued members of the team. It took Starbucks some time to do this. They have prioritized implementing employee-friendly rules from the beginning.
Ethics in Artificial Intelligence: Navigating the Future Responsibly
Ethics in AI encompasses a wide range of issues, including fairness, accountability, transparency, and the potential for bias. At the core of these discussions lies the question: How do we ensure that AI serves humanity rather than undermines it? As AI systems increasingly influence critical areas such as healthcare, finance, and law enforcement, the stakes are high.
Digital Banking: The Need of the Hour
Development of an economy, especially economic growth primarily depends on industrial development. The industries depend on financial institutions support for funds especially from banks. Banks encourage individuals save and mobilise funds from bank deposits.
Cyber Crimes in Banking: India's Battle Against the Digital Menace
The increasing adoption of digital banking services has transformed the way Indian consumers engage with banks. According to research from the Reserve Bank of India (RBI), the country's digital payment ecosystem expanded by approximately 55% between 2021 and 2023.
Legal News
The Supreme Court (SC) ruled that clauses allowing public sector undertakings (PSUs) to unilaterally appoint arbitrators to resolve disputes with private contractors are invalid.
The Rise Of Green Marketing: Driving Sustainable Change
Green marketing refers to the practice of promoting products or services that are environmentally friendly or sustainable. It involves incorporating eco-friendly elements into various aspects of marketing strategies, including product development, packaging, advertising, and distribution.
ICICI Bank partners with PhonePe to offer instant credit on UPI
ICICI Bank announced that it has partnered with PhonePe to offer instant credit on UPI to its pre-approved customers on the app of the digital payments company.
