Action against ICICI Bank, HDFC Bank, Axis on basis of RBI report: Finmin

The government today said action would be taken against ICICI Bank, HDFC Bank and Axis Bank on the basis of an RBI audit report which has detected certain "aberrations", a month after the private banks were accused of money laundering by an online news portal.
"An audit report has come and now the banks would probably be asked for their versions...We don't need to recommend anything; we discussed the issue and everybody will do whatever one is supposed to do after that. The RBI would be doing what they are required to do," Banking Secretary Rajiv Takru told reporters outside the Mint Road office of RBI.
"I think it would be safe to say that there are actionable points where RBI would need to take some action and consequently government would also need to address them," he said.
Last week, Reserve Bank Deputy Governor H R Khan had said the central bank is initiating action against these banks.
"Actions are on the way. Scrutiny has been done, actions is being taken both in respect of systemic level and at the individual banks," he had said.
"Actions are being initiated both at the system level and the individual bank level," he had said.
The banking secretary said that he has received RBI's interim audit report on the allegations levelled in the sting operation by news portal Cobrapost.
However, Takru said he was not at the RBI to recommend specific actions in the regard.
The country's three largest private banks -- ICICI bank, HDFC Bank and Axis Bank -- were last month accused by Cobrapost of indulging in money laundering activities.
Takru said RBI audit report has found certain "aberrations" at ICICI Bank, HDFC Bank and Axis Bank.
"There is no risk of systemic failure. There are certain aberrations which we have discovered in the audit report.
resource:http://www.indianexpress.com/news/action-against-icici-bank-hdfc-bank-axis-on-basis-of-rbi-report-finmin/1104440/

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Future of Leadership of Business Management

According to Abraham Maslow, Peter Drucker's management principles accurately apply to the leaders who have evolved and are at the top of human development. These leaders have met all of their requirements in life and their needs are fulfilled. The strategies purported by Peter Drucker neatly fit the lifestyle of the prototypical leader.

Applying Peter Drucker's principles to leadership is an effective way to operate with efficiency and success. However, these tactics are only effective for a small minority of leaders.

Today, leadership is not based on old-school principles of preformatted industry giants with similar executive knowhow who replace each other with symmetry. Rather, the leadership role has embraced different styles and types of individuals that compliment the change in society at large. Tomorrow's leadership will continue to diversify and change in lockstep with the ever adapting economy. The knowledge economy has shifted responsibilities of leadership to a new breed of self-starters and entrepreneurs who do not possess the skills required from a leader who fits into Peter Drucker's leadership principles.

Employees are more informed, consumers are more informed, the media keeps leaders honest, and the distance between yesterday and today is vast. Differentiated leaders will be the norm, and differentiation will be the requirement for continued economic success. The leadership dynamics have changed in some places, and will change in most places in the near future.

Leadership is not an isolated position as it once was, but rather, an all-inclusive "lead from the center" task that requires more interpersonal sophistication and greater self-awareness than ever before.

The landscape of leadership is not a "one size fits all" equation and all the gimmicks such as the top five qualities list will not suffice for enhanced effective leadership. Rather, leadership is simpler than it may appear. Leadership is at times scripted because people are still sensitive, but the old playbook has evolved into a more advanced scheme.

The power distance has decreased which has exposed the leadership position to increased scrutiny. The generational gap once highly guarded at the leadership position has been removed and the unassuming are taking the leadership reins. These young guns are not the prototypical leader of the past. They have to fill the leadership role with effectiveness in order for success because the leadership position is a critical component to the operations of the business.

The younger leader has to meet the leadership demand with attentiveness and ingenuity that requires a set of prior needs to be met that comes with experience. The time has not been amassed to produce the life satisfaction needed to bring desired competence to the leadership position. Regardless, the leadership task needs to be met and alternative methods need to be addressed to compensate for the lack of life experience. These are weaknesses that need to be developed into competence and designed strengths need to be maximized and leveraged to achieve leadership success.

Implementing techniques to facilitate the learning sequence using a shortcut method is the ideal approach for today's young leader. A bold prediction follows: The leaders of today will surpass the leaders of yesterday because there are more weapons available for development, there is more openness for accepting failure, and the leadership role has expanded to include those from any race, creed, or color. The talent that is allowed to develop today is far and wide. The internal competition will fuel results and the inclusion will empower the once excluded into our super leaders of the future.

Keith Lawrence Miller, President and Certified Executive Coach specializes in Executive Leadership Coaching & Consulting, Behavioral Change - Career Coaching and is an Assessment Specialist (360 Multi-Rater Feedback, EQ-I, ESCI, Strengths-Based, DISC, and much more)

His education is at the graduate level from Columbia University with strengths in Leadership, Coaching, Change, & Consultation - He is Certified in Emotional Intelligence, Cultural Intelligence, & Social Intelligence from Columbia University and is an ICF Certified and Associate Credentialed Professional Coach.

http://ezinearticles.com/?Future-of-Leadership&id=7139670

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Three Reasons To Set Up A Unique Business Email Address

If you bought a domain name, you've hired someone to build you a site and you've got a website for your business online and ready to go.

Your online business is now all set for the digital world right?

Wrong.

If you haven't set your company up with at least one dedicated email address with the same details as your domain then you can expect most of the credibility you have for creating a website goes out the window.

The good news though is that setting up a business email doesn't cost anything, only demands tools that you already have at your fingertips and is incredibly easy to do.

So why should you set up a business email to match your domain?

Here are three reasons why setting up a business email is not only important but it should be something that you do immediately now that your website is operational.

Reason One: it enhances your company reputation online

As I hinted at in the introduction having an email address from a free provider as your business email address can really hurt your reputation.

The reason, is phishing.

This is the practice of using an email address very similar to a reputable business' to obtain people's passwords, personal information and login details to bank accounts.

Phishers loved to use free accounts with variations on trusted user names (NZpaypal, westpacservice etc) a few years ago to get their hands on people's personal details.

They haven't done that for a while now, largely because it stopped working, which makes some pretty strong cases against you using the same type of email address for your business.

Reason Two: you can be more flexible with your internet service providers

Internet Service Providers are wonderful companies that reward long business relationships with better rates and service. Right?

Wrong, when it comes to screwing the average business/personal customer the average Internet Service Provider is only too happy to screw the long-standing sucker out of more of the services that they have already paid for and more of the money that the customer has gone a long way to try and earn.

But if your business email uses their email hosting service (like @aol @orange etc) then you will either have to contact all of your customers and hope that they don't invariably use your old business email address or grin and bear the higher cost of doing business with your current ISP.

Reason Three: get different email addresses for different purposes

Each business have different parts.

You might sell products, consult people on how to use your products and train people in a particular line of work.

By getting an email network that matches your domain you can have a shop [at] yourbusiness consulting [at] yourbusiness and seminars [at] your business address in as little time as it takes to read this paragraph.

As you can see business emails are highly useful for any business.

And the best part of it all is that if you have already set up your site then setting up an email is free quick and easy.

Make the switch over to business emails today, you won't regret it.

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How to Determine Your Ideal Marketing Budget

As Tiffany thought about the future of her business, she felt a mix of excitement and overwhelm. Excitement about the possibilities for growth and expansion, mixed with a sense of overwhelm about being able to make it happen. "I know that in order to create the growth I want, I'll need to spend more money on advertising, but I don't really know how much I should be spending," she confessed. "How can I determine what my ideal marketing budget should be?"

Tiffany is not alone. Most entrepreneurs are unsure of how to develop an ideal marketing budget. The typical advice on how to make a marketing budget often involves using a method like one of the ones below.

Popular methods for preparing a marketing budget

1. Percentage of revenues - This is one of the most frequently talked budgeting methods. The exact percentages vary from business to business. Often the percentages that are given range anywhere from around 20% for small businesses to 2-5% for very large companies.


2. Percentage of net sales - This method of budgeting requires a bit more information, but yields a result that is more affordable because expenses are excluded from the calculations.


3. Everything you can afford - This is a favorite of the fast-growth crowd. It usually involves setting aside everything that you need for your business and your staff to survive and then putting everything else into advertising. Unless you factor more information into the decision-making process, this is really just a high-stakes gamble.


4. Industry specific - Industry trade groups often have information about the industry's average advertising budget. This will provide you with a quick way to move forward with information that is probably more suited to your specific business situation than the first three methods.


5. Free marketing - Everybody likes getting free stuff, but often times you end up getting what you've paid for. Those who rely on this as their primary form of advertising are the folks who aren't growing.

Although these budgeting methods are popular, and may be a good way to get started, don't confuse them with an ideal budget. You see, since no two businesses are identical in all respects, the ideal marketing budget for Tiffany is different from the ideal budget for you or for me.

Your ideal budget is one that is based upon your information - your cost of getting a new customer and how much each new customer is worth to you.

What is the most amount of money that you can spend to profitably acquire a new customer? Once you know how much your customers are worth to you and how much it costs you to serve them (including both your fixed and variable overhead expenses), then you'll know how much you can spend to acquire them and still be profitable.

Your ideal marketing budget is not based on a rule of thumb or what someone else in your industry is spending.

Ideal Marketing Budget = (Number of customers needed to achieve your business goal) X (What is the most amount of money that I can spend to profitably acquire a new customer?)

The formula, as you see, is rather simple once you gather the measurements and information about your business process.

Charles Ogwyn is passionate about helping small business owners grow through the power of the Internet. By combining his marketing background with his years of experience, he delivers the missing pieces that result in a business owner's dream come true. Having worked with hundreds of websites, Charles created The Road Map to Internet Marketing Success System to quickly produce a website that consistently attracts attention and ideal clients. When he's not helping small business owners, he enjoys spending time with his wife and daughters (ages 6 and 8). His hobbies include flying airplanes and spending time outdoors. He has been a licensed pilot since 1999.

Article Source: http://EzineArticles.com/6831042

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