Top 2 unethical practices rampantly followed in Finance Departments

 

Unethical Work

As the role of finance is such that it dominates everyday life, such a role should be conditioned by ethical norms and expectations. From past sahukar to modern banks and NBFCs, giving the loan to support finically any business or to purchase necessary commodities or to fulfill a personal materialistic desire.

There are many sectors where banks and NBFCs giving loan and they give the loan to earn some interest from the customer side. Charging interest for the loan money is not bad or unethical practice. But there are several factors where bank officials and their agents perform several unethical as well as illegal practices to earn more or cheat their customers by getting an advantage for their unawareness. 

In the old sahukar system, there was no regulatory body to support the borrower but in the modern days, there are several bodies to support them like RBI, SEBI, IRDA and many more. Besides, many investors are still getting into mutual funds and as well as stocks because of the higher historical returns. It is true that equity mutual funds can offer higher returns than other asset classes over a lengthy period. However, they can be unstable in the short term. They can also offer bad returns in a short period. In this article we will forces on the top five unethical practices performed by several banks, NBFCs, Mutual Funds and how a normal people or a borrower can get rid of it and don’t fall on those traps.

TOP 2 UNETHICAL PRACTICES AND SOLUTIONS

1.     Lack of Transparency: In the whole lending borrowing system, transparency is the most required and necessary component. Most of the time peoples get loans in hurry and forget about this key component and lenders take the hurriedness as an advantage to cheat customers. Before singing a loan, contract, document, every borrower needs to check every point that is written there. Interest Rates, Loan repayment time, Processing charges, Hidden charges and other terms and conditions are needs to understand by the borrower very clearly. This is lenders duty to aware their borrower if they are unable to read to those legal documents. But most of the time bank agents mislead their customer at the loan giving time and at the time of repayment customer gets to know about those unethical practices and they got bankrupt or pay a heavy charge which is hard to effort.

Solution:

Always read the contract seriously before Sing in.
Check various terms and conditions.
Always talk in detail with the agent before taking the loan.

2.     Fake Promises: At the time of loan giving, agent gives many fake promises which are not followed after the loan successfully passed. The customers are easily trapped on those fake promises and take the decision to take the loan from those companies. Agents give several fake and misleading promises regarding Late Payment, Contract breach, Bounce charges and possession of the collateral if default which seems very attractive to the customer. This Promises are not written anywhere in the contract and those are not following any guidelines which are set by the regulatory bodies. Peoples believe them by the trust towards the agents or they come with greed.

Solution:

Don’t believe in the fake promises which are not written in the terms and conditions.
Judge the promises whether there are possiblities or not form the lenders’ perspective.
Follow the Regulatory Bodies Rules.
Always ask those promises in written format. Because in future any problems happened with you then you will at least have proof to get justice.

 

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soldier- The Journey of Brave Man Part - 1

The Journey of Brave Man

Whenever we call Indian Army, we get remembering of our brave myrtr solider. Now, i am going to tell you a real-life story of a brave Caption of Indian Army. Due to security purpose, I will not disclose the name of caption. This story is divided into three parts:

soldier of india

1.) LOC
2.) Bloody City Encounter
3.) Village Encounter

Story of LOC, Yeh story basically thodhi  funny ha baki stories se aur koi khoon kharaba nhi ha. Toh caption sir ki duty lagai thi Srinagar LOC pr 1980 mein. Srinagar mein toh maximum ilaka plain hai but jaha border ha waha kaffi gehri khayi hai. Toh Caption sir ka bunker tha uske samne hi Pakistan wallo ka bunker tha bich me khayi thi. Dono bunkers ka distance lagbhag 250 feet tak tha. Caption sir bollte the ki jab b koi festival hota tha tab vo awaz laga kr hume Bhadhai dete the aur jab unki Eid hoti thi tab hum b bhadhai  dete the. Firing sirf tab hi hoti thi jab koi terrorist  activity detect hoti ya hume lage ki koi halchal ho rhi hai. Caption sir kehte the ki hum us area mein kabhi b open nhi ghumte the like patrolling nhi krte the kyuki Pakistani ranger shipay hote the aur humko shot krne ka intzaar krte the.

indian army

To ek baar yeh hua ki Eid thi aur pakistani Eid mana rhe the Pr unke pass branded drink nhi thi. To unhone ne esse he awaz lagai aur pucha ki apke pass drink ha to bhej do. To caption sir ke pass thodhi dair baad do bande aye, aur unhone bolla ki drink chahiye. Caption sir ne unhe drink de di, un dono bando ne bolla ki mein apko inke paise kal de dunga. Caption sir ne bolla ok no issue. To maine caption sir ko toka aur pucha ki apne drink kyu di aur vo do bande kon the?   

soldier soldier

To sir ne bola ki vo dono yaha ke local bande the aur aksar border cross kr ke yaha aate jaate rhete hai. To maine bola ki unko arresst kyu nhi kiya apne, to sir ne bolla ki kabhi-kabhi wo log humhe information provide krte hain. Issley hum unhe maarte nhi hain, aur drink issley beji hai ki vo apni Eid ache se mana lai. Phir agle din wo dono bande atte hain aur indian currency mein paise dete hain,  phir chale jatte hain. To phir maine caption sir, se pucha ki unke pass indian currency ke paise kahan se aye?  to unhone bola ki enke pass har desh ki black currency hoti hai. bss yeh story bs etni thi ab Second story baddi majedaar  hai usko padhe.

To be Continued...

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Smart Value Smart Village

Smart village is the need of the hour. Smart village means to have the development in the rural areas so that there should be adequate education facilities, health care facilities, sanitation facilities, proper roads facilities, etc.

Smart villages are more important than the smart cities. As the cities are already developed and having almost every facility, but villages are still at the zero place with no proper facilities and even not properly developed. Smart villages are a scheme made for the development of the cities providing quality education, health care facilities, job facilities, etc. this all will improve the standard living life of all the villagers. There are many areas which need to developed as soon as possible. So as to cure the long-term damage.

Smart villages are most important to be developed because almost 70% of Indian population lives in the villages but due to absence of even basic immunities, medical center, people from villages migrate to cities which creates more population in cities as a result many serious problems like pollution, deforestation, etc. will take place. Farmers suicide because they don’t even get the requires sum for their hard work. Many farmers suicide due to crop failure because this is only a source of income. There is lack of job opportunities for the young generation or even they don’t get better wages from farming. People from villages migrate in cities but it increases pollution, traffic problems, increased crime rates, infrastructure related problems, etc. That is why there is a need of smart villages.

Now the development of villages to smart villages can help in many ways. It can help them in having basic requirements of health (medicines), education and even can create job facilities which can even control the migration towards cities. Village development will help to develop the people of rural areas making them more aware about the different benefits, different schemes, digitalization, etc.

There are various ways for the development of villages. The first thing is to create various job opportunities for the youth in villages which will help in decreasing the migration. Like Hospital should be there for better treatment of patients, so that they shouldn’t have to move for cities in emergency situation. This also create employment for youngster. Farming should be given due importance with some monetary benefits or remunerator occupation. Different schemes such as crop insurances, soil health card, etc. should be given and their benefits should reach them. Projects like digital India and skill India should be interpreted an agency to reach the villages. Now there are different large water bodies which can be used in water harvesting methods etc.

Smart villages have to adopt modern technology which is environmentally friendly. They have to use solar energy for street holding lights. Have to provide free Wi-Fi facilities to all the people in village, by this initiative other people will attract for the village to see it. There should have to build proper toilet facility for everyone.

There are many rural banks in India which help the underdeveloped villages to build a strong village or smart village.by opening a branch in rural areas. This will help the villagers to put their costly items in lockers by using locker facility, also they will take loans at cheap interest rate. Some’s of the names of rural banks which support many villages are Allahabad UP Gramin Bank, Bihar Gramin Bank, Assam Gramin Vikash Bank, and many more.

Conclusion:  In short, smart villages are most important for the development of country. There are many schemes which should reach the villages for the benefits. Different teams should be appointed for teaching the village farmers about the farming techniques etc. there all would contribute in the smart village creation. Smart village is not only to build infrastructure, toilet, water tanks and public buildings. Its also to empower the people.

Smart Value

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