Enlightenment And Religion Essay Example | Topics and Well Written Essays - 500 words

Illumination And Religion - Essay Example Heavenly Bible was the final word and everything about a man was God-driven, God-chose, and undeniable. KANTIAN CONCEPT: Enlightenment was a push to get through this stale social setting into the opportunity of reason and information. That’s why the German thinker Immanuel Kant called illumination as the incredible jump forward for the humankind. â€Å"For Kant, Enlightenment was mankind’s last transitioning, the liberation of human awareness from a youthful condition of obliviousness and error†¦Ã¢â‚¬ ¦.. Sapere Aude (set out to know) was Kant’s watchword taken from the Greek writer Horace† (Roy Porter, The Enlightenment, PP1). For Kant Enlightenment was a scholarly freedom; a discharge from man’s deliberate tutelage. As a result of this tutelage man couldn't comprehend the real factors around him without the direction of a too educated watchman. The circumstance is deliberate not on the grounds that the man had no knowledge but since he couldn't utilize the insight. Escaping the scholarly reliance of the other was what Kant affirmed. Edification was a scholarly development. It was for the most part a working class development against the genetic nobility and religion; a development for the humankind when all is said in done and for the normal man specifically. In spite of the fact that this development is regularly connected with the eighteenth century, its underlying foundations return further. Scholars and journalists who considered the improvement of human life and society, who needed to put ‘Reason† in the focal point of all human scholarly action, who needed to battle the overbearing political framework, and battle strange notion and numbness were attempting to edify the individuals around them. Placing reason in the focal point of human request made the way for logical interest and requests. Despite the fact that the congregation could stop Galileo, they couldn’t stop the improvement of logical thoughts.

Antisemitism essays

Discrimination against Jews papers The Holocaust was not a carefully Jewish occasion that solitary included the European Jewry as a culture. The Holocaust started with the willful extermination acts that started in 1939 when under the Nazi Party residents that were racially German who were intellectually sick, truly crippled, and hopeless wiped out were gassed and slaughtered. Alongside European Jewry different gatherings, for example, Russian detainees of war, gay people, Jehovahs Witness, wanderers and others were oppressed and murdered. In spite of the fact that the European Jewry made up most of those murdered by Nazi Germany they were not by any means the only ones influenced by the Nazis rule. The first to be influenced by the Holocaust were the individuals who in 1939 had been truly and intellectually impeded. These killings were viewed as benevolence killings and under this willful extermination program around eighty thousand individuals were slaughtered in six distinct focuses. These were not by any means the only slaughtering that happened yet they are the ones that any record of Hitler really requesting and are in this way the most generous proof for the beginning of the Holocaust. Likewise, the executing of truly and intellectually burdened individuals implied that European Jewry were not by any means the only to be dependent upon the repulsions of the Nazi state. Another association between the early willful extermination acts and the later concentration camps is that the physicists who played out these demonstrations were and explored different avenues regarding various toxic substances and carbon monoxide were moved toward the East to proceed with their work there . Since people in general had gotten mindful of the moves being made by the Nazi government the projects were eased back down and step by step moved out of Germany all together. Another contention that functionalist use is that albeit some aim was there to free Germany of its Jewish populace it was not centered around annihilating them totally. A similar enemy of Semitist estimations were similarly as solid if not more grounded in the Great Britain and France. This enemy of Semitic... <! Discrimination against Jews papers At the point when God made the world,He imagined the races:The Indians, the Negroes, the Chinese. And furthermore the mischievous animal called the Jew. This platitude originates from a childrens book distributed in Germany in 1936. The inquiry raised by it is how did the German individuals so promptly acknowledge this sort of loathe strategy from their pioneer? The appropriate response is to be found in the social and chronicled texture of the European people group and particularly in that of the German individuals. There is one string that has a significant effect to this inquiry of why, it is called discrimination against Jews. To respond to the inquiry introduced, one must follow the string as it weaves its way through the woven artwork of against Jewish activities. To comprehend the discrimination against Jews and the acknowledgment of it by the Nazi time frame German populace, one should initially take a gander at discrimination against Jews and its beginnings in history preceding the Nazi time frame. The string of discrimination against Jews was probably spun in the medieval period with the contention between the Christian church and the Jews. European discrimination against Jews is a characteristic aftereffect of the religion of Christianity. By the word religion, the possibility of convention and devout reasoning is deduced, not the educating of Jesus which is love for all humanity. From the soonest long periods of Christianitys becoming stronger over the Roman Empire, its pioneers lectured against Jews, utilizing enthusiastic and extremely ground-breaking judgments. The mental and philosophical need that instigated Christians to take a gander at themselves uniquely in contrast to the Jews( who brought the religion from which their own had severed) was brought into the world again and again with each new age, in light of the fact that as long as the Jews dismissed the disclosure of Jesus, they tested the Christians assurance in that disclosure. The Christians felt that if the Jews-the individuals of God-maintained a strategic distance from the Messiah God had guaranteed them, at that point something wasn't right. Either the Messiah was bogus, or t... <!

DP Essay Samples For College Students

DP Essay Samples For College StudentsDP Essay samples for college students are usually provided by a test writer in order to help them with their progress, and make it easier for them to prepare for the entrance exams. So, if you want to prepare for the same, here are some tips that will help you in making the best out of DP Essay samples for college students.First, if you are going to take a DP Essay sample for college students, then you have to understand that these samples are written by experienced writers and in addition to that, they do not offer an instant solution to all your questions. However, they are usually designed in such a way that you can easily apply them. So, what you should do is to follow their suggestions and do the practice papers as per their instructions.While following the instructions given in the various DP Essay samples for college students, you have to avoid any plagiarism. This is important as in case you find any plagiarized portions in your paper, you have to correct them immediately. So, you can really benefit from the DP Essay samples for college students. In addition to this, the documents should be checked for authenticity.At the same time, you should also be careful about the type of paper that you will be writing. Since there are several types of DP Essay samples for college students, you should pick the paper according to your aptitude and skills. This is because there are types of papers that may not be suitable for you.If you are a first timer in writing DP Essay samples for college students, then you should start with the free sample papers. Besides that, these papers have been prepared by DP test writers who have already studied all the basic things that students require for a high quality paper. So, if you are a beginner, you should start with the free sample papers as they will be much simpler and easier for you to follow.On the other hand, if you are an expert or a writer then you should take the advantage of the a dvanced or professional samples. These DP Essay samples for college students have been made by professionals who are experts and have great writing skills. So, if you are an expert, you can certainly benefit from this feature as you can use it for your advanced DP Essay samples for college students.In addition to this, if you are looking for DP Essay samples for college students with content, then you can get it easily. All you have to do is to log on to the Internet and you will be able to access these good examples. These samples are not only online but you can also get the same online.If you are new to writing DP Essay samples for college students, then you should start with the free sample papers. However, you should keep in mind that these samples are for beginners and therefore, it is better for you to start with the advanced ones. In fact, you should follow the instructions of the DP Test Writers and make the best out of these samples.

Our Cheating Hearts by Robert Wright Essay example

â€Å"Our Cheating Hearts† by Robert Wright was the most intriguing of the three articles, and it tried to enlighten the reader on the complex and sometimes confusing issue of human relationships. Wright is an evolutionary psychologist who feels that the brain like any other organ has changed throughout the evolution of time. Just as any other animal, a human’s main objective in life is to pass on our genes, and if we cannot do this with our significant other than many humans will deem cheating as a viable option. Wright does not encourage people to cheat but in the article it does seem that he regards cheating as almost the rational thing to do. As much as I do not want to agree with him I feel as though he makes a convincing argument.†¦show more content†¦It looks good; it smells good. He is not hungry, but he will eat the cake anyway. I thought that was a great analogy and that man sometimes cheat when they see a woman who is attractive and appears to be int erested, even though there is nothing lacking in their marital relationships, they initiate affairs anyway. I found it very interesting that women tend to cheat on there spouse more during time of ovulation when they are most likely to be pregnant. That is a scary thought that many fathers could conceivably be raising children that were not sired by them. I certainly do not think we should solve this problem by demanding the children of past relationships to be killed like the Yanomamo’s of South America do. However, I do think that DNA testing should be less expensive so that many families could end the doubt of who is truly the parent. Under the section as to why women cheat I thought the author failed to mention a few obvious reasons that women are starting to catch up to males when it comes to cheating. Sex researchers agree that today more women are committing adultery than ever before. Over the last twenty years more and more women are entering the workforce and working outside the home alongside men, oftentimes in office environments that are charged with sexual electricity. It seems as though some women could get involved in extramaritalShow MoreRelatedGp Essay Mainpoints24643 Words   |  99 Pages2010 (ESSAY) Content Page 1. Media a. New vs. Traditional b. New: narcissistic? c. Government Censorship d. Profit-driven Media e. Advertising f. Private life of public figures g. Celebrity as a role model h. Blame media for our problems i. Power + Responsibility of Media j. Media ethics k. New Media and Democracy 2. Science/Tech a. Science and Ethics b. Government and scientist role in science c. Rely too much on technology? d. Nuclear technology eRead MoreStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 PagesIntegrating Contemporary Theories of Motivation 226 Summary and Implications for Managers 228 S A L Self-Assessment Library How Confident Am I in My Abilities to Succeed? 202 Myth or Science? â€Å"The Support of Others Improves Our Chances of Accomplishing Our Goals† 204 S A L An Ethical Choice Motivated to Behave Unethically 209 glOBalization! Autonomy Needs Around the Globe 210 Self-Assessment Library What Are My Course Performance Goals? 214 Point/Counterpoint Fear Is a PowerfulRead MoreStrategic Human Resource Management View.Pdf Uploaded Successfully133347 Words   |  534 Pagesstorage or retrieval system, must be arranged with the individual copyright holders noted. This special edition published in cooperation with Pearson Custom Publishing. Printed in the United States of America 10 9 8 7 6 5 4 3 2 1 Please visit our web site at www.pearsoncustom.com ISBN 0–536–72690–6 BA 996748 PEARSON CUSTOM PUBLISHING 75 Arlington Street, Suite 300 Boston, MA 02116 A Pearson Education Company iii iv Table of Contents SECTION ONE .................................Read MoreDeveloping Management Skills404131 Words   |  1617 PagesBuilding Relationships by Communicating Supportively Gaining Power and Influence Motivating Others Managing Conflict Group Skills 8. Empowering and Delegating 9. Building Effective Teams and Teamwork 10. Leading Positive Change Consistent with our focus on promoting effective management practice, the material in these chapters provides guidance for a variety of contemporary management challenges, including: â€Å"How can I help others accept new goals, new ideas, new approaches?† â€Å"How can I invigorateRead MoreInternational Management67196 Words   |  269 Pagesbook even more userfriendly and applicable to practice. We continue to take a balanced approach in the eighth edition of International Management: Culture, Strategy, and Behavior. Whereas other texts stress culture, strategy, or behavior, we feel that our emphasis on all three critical dimensions and the resulting synergy has been a primary reason why the previous editions have been the market-leading international management text. Specifically, v vi Preface this edition has the followingRead MoreHuman Resources Management150900 Words   |  604 Pagesconcerns are well-founded, if the results of one study of 1,300 employees and managers in multiple industries is an indication. About 48% of those surveyed admit engaging in unethical behavior at work. Some of the most frequently mentioned items were cheating on expense accounts, paying or accepting bribes and kickbacks, forging signatures, and lying about sick leave.35 BNA WHAT IS ETHICAL BEHAVIOR? Ethics deals with what â€Å"ought† to be done. For the HR manager, there are ethical ways in which the

Sociology of Work and Industry

No matter what society one lives in, all human beings depend on systems of production to survive. For people in all societies, productive activity, or work, makes up the largest part of their lives—it takes up more time than any other single type of behavior. Defining Work Work, in sociology, is defined as the carrying out of tasks, which involves the expenditure of mental and physical effort, and its objective is the production of goods and services that cater to human needs. An occupation, or job, is work that is done in exchange for a regular wage or salary. In all cultures, work is the basis of the economy or economic system. The economic system for any given culture is made up of the institutions that provide for the production and distribution of goods and services. These institutions may vary from culture to culture, particularly in traditional societies versus modern societies. In traditional cultures, food gathering and food production is the type of work occupied by the majority of the population. In larger traditional societies, carpentry, stonemasonry, and shipbuilding are also prominent. In modern societies where industrial development exists, people work in a much wider variety of occupations. Sociological Theory The study of work, industry, and economic institutions is a major part of sociology because the economy influences all other parts of society and therefore social reproduction in general. It doesn’t matter if we are talking about a hunter-gatherer society, pastoral society, agricultural society, or industrial society; all are centered around an economic system that affects all parts of society, not just personal identities and daily activities. Work is closely intertwined with social structures, social processes, and especially social inequality. The sociology of work goes back to the classical sociological theorists. Karl Marx, Emile Durkheim, and Max Weber all considered the analysis of modern work to be central to the field of sociology. Marx was the first social theorist to really examine the conditions of work in factories that were popping up during the industrial revolution, looking at how the transition from independent craftwork to working for a boss in a factory resulted in alienation and deskilling. Durkheim, on the other hand, was concerned with how societies achieved stability through norms, customs, and traditions as work and industry changed during the industrial revolution. Weber focused on the development of new types of authority that emerged in modern bureaucratic organizations. Important Research Many studies in the sociology of work are comparative. For instance, researchers might look at differences in employment and organizational forms across societies as well as across time. Why, for example, do Americans work on average more than 400 hours more per year than those in the Netherlands while South Koreans work more than 700 hours more per year than Americans? Another big topic often studied in the sociology of work is how work is tied to social inequality. For instance, sociologists might look at racial and gender discrimination in the workplace. At the macro level of analysis, sociologists are interested in studying things such as occupational structure, the United States and global economies, and how changes in technology lead to changes in demographics. At the micro level of analysis, sociologists look at topics such as the demands that the workplace and occupations place on workers’ sense of self and identity, and the influence of work on families. References Giddens, A. (1991) Introduction to Sociology. New York, NY: W.W. Norton Company. Vidal, M. (2011). The Sociology of Work. Accessed March 2012 from http://www.everydaysociologyblog.com/2011/11/the-sociology-of-work.html

The Emergence Of Market Society - 1573 Words

The whole society has become a market. Societies used to consist of people that were governed by certain ideologies, laws, and practices. Being driven by capitalism, society has developed everything into a commodity, in which we now call a market society. Other socio-economic communities historically had concepts that were different from what is predominated in our present society. The emergence of market society establishes the great transformation from a traditional society to a market economy that has greatly impacted societal workplaces, and beliefs around ideological conditions. The emergence of market society starts with the self-regulating system called the market economy (Polanyi, 1957, P. 68). Self-regulation indicates that the†¦show more content†¦As a result, the Industrial Revolution lead to the great transformation of the market society. The economy grew and people used labour as commodity that endures the greatest societal consequence. Since the market relied on this commodity, human rights were at a disadvantage to the economy. There is no such thing as a self-regulating market because people believe that the economy can build a system based on false commodities (Polanyi, 1957, P. 75). Society faces an economic problem that provides for the material well-being of the society, meaning we produce and exchange the basic necessities in order to survive.â€Å"If mankind does not live by bread alone, it is obvious that it cannot live without bread† (Heilbroner, P. 1). The economic problem arises because human nature struggles for existence which is derived from scarcity (Heilbroner, 1993, P. 4). This problem presents itself critically and uniquely as it is shown through economic history that people struggle for survival. Society has to organize a system of providing enough production for everyone and being able to distribute them properly. Other than market society, there are two other overarching systems found in other societies, tradition and command. For a traditional economy, production and distribution are constructed by procedures designedShow MoreRelatedEmergence of Market Society1713 Words   |  7 PagesThe market today has become so important that socie ty takes it as completely natural. From â€Å"The Economic Problem† Heilbroner describes three main solutions, with the market being one. Furthermore into the market, Polanyis book â€Å"The great Transformation† gives insight on how much society actually allows the market to dominate. To Polanyi a market society is seen as social relations embedded in the economy instead of the economy being embedded in social relations. Examining both of these books givesRead MoreAnalysis Of Karl Polanyi s Societies And Economic Systems 1389 Words   |  6 Pages Transformation of The Workplace In Karl Polanyi’s article â€Å"Societies and Economic Systems†, Karl Rinehart’s ‘Alienation and the Development of Industrial Capitalism in Canada’, and Richard Bendix’s â€Å"Aspects of Economic Rationality in the West†, the emergence and transformation to a market society is displayed through ideological and material conditions. Polanyi attempts to uncover the rise of the market economy by examining past economic structures and the change in the role of commoditiesRead MoreMarket Society1668 Words   |  7 PagesTransformation to Market Society We are living in market society, which is so different from previous societies. In market society, the whole of society is a system of self-regulating market (Polanyi 43). In order to make the market society function, people need to think and act in certain ways(Polanyi 68). For example, people in market society think that economic relations are much more important than interpersonal relations (Polanyi 44). Polanyi calls the emergence of market society â€Å"the great transformation†Read Moresosc1140 essay31658 Words   |  7 PagesTransformation to Market Society We are living in market society, which is so different from previous societies. In market society, the whole of society is a system of self-regulating market (Polanyi 43). In order to make the market society function, people need to think and act in certain ways(Polanyi 68). For example, people in market society think that economic relations are much more important than interpersonal relations (Polanyi 44). Polanyi calls the emergence of market society â€Å"the great transformation†Read MoreEssay on Market Society1680 Words   |  7 Pagesabout the important shift to market society by explaining the material and ideological conditions that help integrate the society to transform into the market society. Firstly, this paper is going to explain the material conditions by showing what characterizes a market society and this also show how the market society differs from the structures of the previous social organization, and also the changes that take place in the workplace due to the shift to market society. Secondly, this paper will alsoRead MoreThe Emergence Of The West1244 Words   |  5 Pagespremodern events supported their emergence. From their plaques in late 14th century to their dominance in by the 19th century, this chronological approach tracked the economic, military and geopolitical changes of the West compared to their Asian counterparts. The chronological approach included the Renaissance, the West’s integration of gunpowder and print products, investments in the British and Dutch East India companies, and their exploration for new land. The emergence of the West began with theRead MoreTransforming Of The Market Society1573 Words   |  7 PagesTransforming to the Market Society We currently live in a market society that is completely different from past societies. In market society, the society is a system of self-regulating market as a whole (Polanyi 43). People are needed to act and think in particular ways for the market society to function (Polanyi 68). For instance, people in market society believe that economic relations are more needed than interpersonal relations (Polanyi 44). Polanyi calls the emergence of market society â€Å"the great transformation†Read MoreThe Populist Movement Essay715 Words   |  3 PagesThe Populist Movement The small farmers of America struggled through many agricultural problems during the late19th century. Their exclusion from the industrializing society, and their lagging in developments set them back from the rest of the country. Through their hardships they found a way to come together and form a political movement that would represent their rights and needs and give them a voice in the political decision making; it was called the Populist movement. However, theRead MoreKarl Marx And Max Weber1324 Words   |  6 Pagesinfluenced many sociologists. Predominantly, both of these theorists’ discussed the effects of capitalism, how it has developed, shaped and changed society into what it is today. Specifically, Karl Marx’s contribution of the bourgeoisie vs. the proletariat class and Max Weber’s social stratification has helped individuals to understand how modern day society has transformed into what it is today. Particularly, this paper will lie out Weber’s theory of social stratification and Marx’s theory of the bourgeoisieRead MoreThe World Organizational And Industrial System Essay1701 Words   |  7 Pageson the efficient and goal attainment of the organization. This led to emergence of neoliberals in the sphere of industrialization which is capital centre policy that enrich the bourgeoisies- the company and industries owners; and make the poor to grow poorer-mostly the w orkers and personnel in the industries. Thus, the organizational structure and system became non-cognizance of workers’ value and welfares. This led to emergence of workers’ associations which transformed in Labour Unions today with

Components of Indian Financial System free essay sample

Economic growth and development of any country depends upon a well-knit financial system. Financial system comprises, a set of sub-systems of financial institutions financial markets, financial instruments and services which help in the formation of capital. Thus a financial system provides a mechanism by which savings are transformed into investments and it can be said that financial system play an significant role in economic growth of the country by mobilizing surplus funds and utilizing them effectively for productive purpose. The financial system is characterized by the presence of integrated, organized and regulated financial markets, and institutions that meet the short term and long term financial needs of both the household and corporate sector. Both financial markets and financial institutions play an important role in the financial system by rendering various financial services to the community. They operate in close combination with each other. Financial System The word system, in the term financial system, implies a set of complex and closely connected or interlined institutions, agents, practices, markets, transactions, claims, and liabilities in the economy. The financial system is concerned about money, credit and finance-the three terms are intimately related yet are somewhat different from each other. Indian financial system consists of financial market, financial instruments and financial intermediation Role/ Functions of Financial System: A financial system performs the following functions: It serves as a link between savers and investors. It helps in utilizing the mobilized savings of scattered savers in more efficient and effective manner. It channelises flow of saving into productive investment. * It assists in the selection of the projects to be financed and also reviews the performance of such projects periodically. * It provides payment mechanism for exchange of goods and services. * It provides a mechanism for the transfer of resources across geographic boundaries. * It provides a  mechanism for managing and controlling the risk involved in mobilizing savings and allocating credit. It promotes the process of capital formation by bringing together the supply of saving and the demand for investible funds. * It helps in lowering the cost of transaction and increase returns. Reduce cost motives people to save more. * It provides you detailed information to the operators/ players in the market such as individuals, business houses, Governments etc. Components/ Constituents of Indian Financial system: The following are the four main components of Indian Financial system 1. Financial institutions 2. Financial Markets 3. Financial Instruments/Assets/Securities 4. Financial Services. Financial institutions: Financial institutions are the intermediaries who facilitates smooth functioning of the financial system by making investors and borrowers meet. They mobilize savings of the surplus units and allocate them in productive activities promising a better rate of return. Financial institutions also provide services to entities seeking advises on various issues ranging from restructuring to diversification plans. They provide whole range of services to the entities who want to raise funds from the markets elsewhere. Financial institutions act as financial intermediaries because they act as middlemen between savers and borrowers. Were these financial institutions may be of Banking or Non-Banking institutions. Financial Markets: Finance is a prerequisite for modern business and financial institutions play a vital role in economic system. Its through financial markets the financial system of an economy works. The main functions of financial markets are: to facilitate creation and allocation of credit and liquidity; 2. to serve as intermediaries for mobilization of savings; 3. to assist process of balanced economic growth; 4. to provide financial convenience Financial Instruments Another important constituent of financial system is financial instruments. They represent a claim against the future income and wealth of others. It will be a claim against a person or an institutions, for the payment of the some of the money at a specified future date. Financial Services: Efficiency of emerging financial system largely depends upon the quality and variety of financial services provided by financial intermediaries. The term financial services can be defined as activites, benefits and satisfaction connected with sale of money, that offers to users and customers, financial related value. Pre-reforms Phase Until the early 1990s, the role of the financial system in India was primarily restricted to the function of channeling resources from the surplus to deficit sectors. Whereas the financial system performed this role reasonably well, its operations came to be marked by some serious deficiencies over the years. The banking sector suffered from lack of competition, low capital base, low Productivity and high intermediation cost. After the nationalization of large banks in 1969 and 1980, the Government-owned banks dominated the banking sector. The role of technology was minimal and the quality of service was not given adequate importance. Banks also did not follow proper risk management systems and the prudential standards were weak. All these resulted in poor asset quality and low profitability. Among non-banking financial intermediaries, development finance institutions (DFIs) operated in an over-protected environment with most of the funding coming from assured sources at concessional terms. In the insurance sector, there was little competition. The mutual fund industry also suffered from lack of competition and was dominated for long by one institution, viz. , the Unit Trust of India. Non-banking financial companies (NBFCs) grew rapidly, but there was no regulation of their asset side. Financial markets were characterized by control over pricing of financial assets, barriers to entry, high transaction costs and restrictions on movement of funds/participants between the market segments. This apart from inhibiting the development of the markets also affected their efficiency. Financial Sector Reforms in India It was in this backdrop that wide-ranging financial sector reforms in India were introduced as an integral part of the economic reforms initiated in the early 1990s with a view to improving the macroeconomic performance of the economy. The reforms in the financial sector focused on creating efficient and stable financial institutions and markets. The approach to financial sector reforms in India was one of gradual and non-disruptive progress through a consultative process. The Reserve Bank has been consistently working towards setting an enabling regulatory framework with prompt and effective supervision, development of technological and institutional infrastructure, as well as changing the interface with the market participants through a consultative process. Persistent efforts have been made towards adoption of international benchmarks as appropriate to Indian conditions. While certain changes in the legal infrastructure are yet to be effected, the developments so far have brought the Indian financial system closer to global standards. The reform of the interest regime constitutes an integral part of the financial sector reform. With the onset of financial sector reforms, the interest rate regime has been largely deregulated with a view towards better price discovery and efficient resource allocation. Initially, steps were taken to develop the domestic money market and freeing of the money market rates. The interest rates offered on Government securities were progressively raised so that the Government borrowing could be carried out at market-related rates. In respect of banks, a major effort was undertaken to simplify the administered structure of interest rates. Banks now have sufficient flexibility to decide their deposit and lending rate structures and manage their assets and liabilities accordingly. At present, apart from savings account and NRE deposit on the deposit side and export credit and small loans on the lending side, all other interest rates are deregulated. Indian banking system operated for a long time with high reserve requirements both in the form of Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR). This was a consequence of the high fiscal deficit and a high degree of monetisation of fiscal deficit. The efforts in the recent period have been to lower both the CRR and SLR. The statutory minimum of 25 per cent for SLR has already been reached, and while the Reserve Bank continues to pursue its medium-term objective of reducing the CRR to the statutory minimum level of 3. 0 per cent, the CRR of SCBs is currently placed at 5. 0 per cent of NDTL. As part of the reforms programme, due attention has been given to diversification of ownership leading to greater market accountability and improved efficiency. Initially, there was infusion of capital by the Government in public sector banks, which was followed by expanding the capital base with equity participation by the private investors. This was followed by a reduction in the Government shareholding in public sector banks to 51 per cent. Consequently, the share of the public sector banks in the aggregate assets of the banking sector has come down from 90 per cent in 1991 to around 75 per cent in2004. With a view to enhancing efficiency and productivity through competition, guidelines were laid down for establishment of new banks in the private sector and the foreign banks have been allowed more liberal entry. Since 1993, twelve new private sector banks have been set up. As a major step towards enhancing competition in the banking sector, foreign direct investment in the private sector banks is now allowed up to 74 per cent, subject to conformity with the guidelines issued from time to time. Conclusion: The Indian financial system has undergone structural transformation over the past decade. The financial sector has acquired strength, efficiency and stability by the combined effect of competition, regulatory measures, and policy environment. While competition, consolidation and convergence have been recognized as the key drivers of the banking sector in the coming years