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Monday, August 13, 2012

Basic Savings Bank Deposit Account


The central bank had introduced 'no-frills' accounts in 2005 to provide basic banking facilities to poor and promote financial inclusion**. The accounts could be maintained without or with very low minimum balance.

Reserve Bank of India as per  Circular dated 10.8.2012 asked banks to drop the 'no-frills' tag from the basic saving accounts as the nomenclature has become a stigma.

It has asked the banks to provide zero balance facility in the basic banking accounts along with ATM-cum-debit cards without any extra charge.


The details of the circular are given below:

1.Banks were advised in November 2005 to make available a basic banking 'no-frills' account either with 'nil' or very low minimum balance as well as charges that would make such accounts accessible to vast sections of population. 

With a view to doing away with the stigma associated with the nomenclature ‘no-frills’ account and making the basic banking facilities available in a more uniform manner across banking system, it has been decided to modify the guidelines on opening of basic banking ‘no-frills’ accounts. 

Accordingly, in supersession of instructions contained in circular DBOD.No.Leg.BC. 44/09.07.005/2005-06 dated November 11, 2005 on Financial Inclusion, banks are advised to offer a ‘Basic Savings Bank Deposit Account’ which will offer following minimum common facilities to all their customers:

i. The ‘Basic Savings Bank Deposit Account’ should be considered a normal banking service available to all.

ii. This account shall not have the requirement of any minimum balance.

iii. The services available in the account will include deposit and withdrawal of cash at bank branch as well as ATMs; receipt/credit of money through electronic payment channels or by means of deposit/collection of cheques drawn by Central/State Government agencies and departments;

iv. While there will be no limit on the number of deposits that can be made in a month, account holders will be allowed a maximum of four withdrawals in a month, including ATM withdrawals; and

v. Facility of ATM card or ATM-cum-Debit Card;

3. Banks would be free to evolve other requirements including pricing structure for additional value-added services beyond the stipulated basic minimum services on reasonable and transparent basis and applied in a non-discriminatory manner.

4. The ‘Basic Savings Bank Deposit Account’ would be subject to RBI instructions on Know Your Customer (KYC) / Anti-Money Laundering (AML) for opening of bank accounts issued from time to time. If such account is opened on the basis of simplified KYC norms, the account would additionally be treated as a ‘Small Account’ and would be subject to conditions stipulated for such accounts as indicated in paragraph 2.7 of Master Circular DBOD. AML. BC. No. 11/14.01.001/2012-13 dated July 02, 2012 on ‘KYC norms/AML standards/Combating of Financing of Terrorism (CFT) /Obligation of banks under PMLA, 2002’.

5. Holders of ‘Basic Savings Bank Deposit Account’ will not be eligible for opening any other savings bank deposit account in that bank. 

If a customer has any other existing savings bank deposit account in that bank, he/she will be required to close it within 30 days from the date of opening a ‘Basic Savings Bank Deposit Account’.

6. The existing basic banking ‘no-frills’ accounts should be converted to ‘Basic Savings Bank Deposit Account’ as per the instructions contained in para 1 above.


** Financial inclusion is the process of ensuring access to appropriate financial products and services needed by vulnerable groups such as weaker sections and low-income groups at an affordable cost in a fair and transparent manner by mainstream institutional players. 

Financial inclusion has become one of the most critical aspects in the context of inclusive growth and development.

Sunday, August 12, 2012

History of Olympic games and some interesting facts of the games-Part 2


 

In continuation of my posting on the above subject, I post below an interesting article about "Ancient Olympic Games" by Dr.Stephen Instone.This article was originally published by the British Broadcasting Corporation on 30-7-2004 . 

(Stephen Instone was an Honorary Research Fellow at University College London. He has written widely on Pindar and ancient Greek athletics, and was an advisor to the BBC TWO programme 'First Olympians'. )

                                The Ancient Greek Olympics 

Today's Olympic Games are based on what took place at Olympia, in Greece, nearly three millennia ago. What were the ancient Olympics like, and how different were they from those of modern times?

Origins

Traditionally it has always been said that the Games started at Olympia in 776 BC, about the time that Homer was born. But for several centuries before that date Olympia had been a cult site for the worship of Zeus, a numinous location away from human dwellings, overlooked by a hill, with the sacred River Alph flowing through it.

What was it that caused people to change from honouring Zeus solely with dedicatory offerings, to honouring him through athletics? Several factors seem to have been involved. One is the rise of the Greek polis, or city-state. 

As city-states in different locations grew, each wanted a means of asserting its supremacy, so would send representatives to Olympia to become supreme in physical competition.

The Games were an attractive means of getting men fit.

Connected with this is the development of military training. The Games were an attractive means of getting men fit. Another factor is the traditional Greek view that the gods championed a winner, so by establishing a competition aimed at producing supreme winners, they were thereby asserting the power and influence on humans of the supreme god, Zeus.

Earliest races

A winner being presented with tokens of victory   For the first 13 Olympics there was only one event, the stadion race , which was a running race up one length of the stadium. How long this race was is a matter for conjecture, as the ancient stadium, 192 meters long, visible at Olympia now, did not exist then.

In 724 BC a longer, there-and-back race, the diaulos, was introduced, followed four years later by the long-distance race, the dolichos, a race of perhaps 12 laps. 

The emphasis on running in the early years of the Olympics may reflect the perceived basic requirements for a fit soldier.
The emphasis on running in the early years of the Olympics may reflect the perceived basic requirements for a fit soldier.
Boxing, wrestling, and the pancration (the 'all-power' race, combining all types of physical attack) soon followed, along with the pentathlon, and horse-and-chariot racing. 

A race while wearing armour was introduced in 520 BC, and even a mule race (in 500 BC, but it was not generally popular). So the changing shape of the modern Olympic programme is not without precedent, though the ancient Greeks would perhaps have baulked at the sight of some of our modern 'sports'.

Religion and politics

Religion pervaded the ancient Olympics. Zeus was thought to look down on the competitors, favouring some and denying victory to others. 'You could spur on a man with natural talent to strive towards great glory with the help of the gods', says Pindar in a victory-ode. If an athlete was fined for cheating or bribery (human nature stays much the same over a few millennia), the money exacted was used to make a cult statue of Zeus.

A grand sacrifice of 100 oxen was made to Zeus during the Games, and Zeus the apomuios, or 'averter of flies', was invoked to keep the sacrificial meat fly-free. Olympia was home to one of Greece's great oracles, an oracle to Zeus, with an altar to him consisting of the bonfire-heap created by burnt sacrificial offerings. As the offerings were burnt, they were examined by a priest, who pronounced an oracle - an enigmatic and often ambiguous prediction of the future - according to his interpretation of what he saw. Athletes consulted the oracle to learn what their chances in the Games were.

The Greeks tried to keep some aspects of politics out of the Olympics, but their efforts met then, as such efforts do now, with limited success. The Olympic truce was meant to lead to a cessation of hostilities throughout Greece, to allow competitors to travel and participate safely, but it was not always observed.
A victorious athlete brought great honour to his home city.
The great historian of the Peloponnesian War, Thucydides, tells how in 420 BC the Spartans violated the truce by attacking a fort and dispatching hoplites, and they were therefore banned from the Games. But Lichas, a prominent Spartan, thought of a way round the ban - he entered the chariot race as a Boeotian. When his true nationality was discovered, however, he was given a public flogging at Olympia.

A victorious athlete brought great honour to his home city. The sixth-century Athenian statesman Solon promoted athletics by rewarding Athenian victors at the Games financially - an Olympic victor would receive 500 drachmae (for comparison, a sheep was worth one drachma). Thucydides represents the maverick Athenian leader Alcibiades as trying to drum up political support in 415 BC by boasting of his earlier successes in the Olympic Games.

And it is clear from the victory odes of Pindar and Bacchylides that the Sicilian tyrants in the fifth century aimed to strengthen their grip on affairs by competing in the equestrian events at the Games, and by commissioning famous poets to compose and publicly perform odes celebrating their victories.

Nakedness and women

'Sow naked, plough naked, harvest naked', the poet Hesiod (a contemporary of Homer) advises. He might have added 'compete in the Games naked', for that is usually understood to be the standard practice among the ancient Greeks. Some dispute this, for although the visual evidence for it - the painted decorations on vases - generally shows athletes performing naked, all sorts of other people (eg soldiers departing for war, which they would presumably have done clothed) are also shown unclad.

Also, some vases do show runners and boxers wearing loin-cloths, and Thucydides says that athletes stopped wearing such garments only shortly before his time. Another argument is that it must have been impractical to compete naked. On balance, however, it is generally thought probable that male athletes were naked when competing at the Games.
Women did not participate at the main Olympic festival.
Women did not participate at the main Olympic festival. They had their own Games, in honour of Hera, where the sole event was a run of five-sixths of the length of the stadium - which would have preserved in male opinion the inferior status of women. 

Whether women could even watch the festival is disputed.
Unmarried virgins, not soiled by sex or motherhood and thus maintaining the religious purity of the occasion, probably could. Festivals (and, for example, funerals) were among the limited occasions when women, especially virgins, orparthenoi, had a public role. 

At the Games unmarried girls, besides helping with the running of the festival, may have taken the opportunity to find a fit future husband.

As Pindar wrote, about a victor in the Greek colony of Cyrene -
'When they saw you many times victorious in the Games of Athene, each of the maidens was speechless as they prayed you might be her husband or son.'
Great athletes

Boxing contest  Milo of Croton, in southern Italy, would come high on anyone's list of greats. 

He was Olympic champion in the men's wrestling six times in the sixth century, besides winning once in the Olympic boy's wrestling, and gaining seven victories in the Pythian Games. 

He is said to have carried his own statue, or even a bull, into the Olympic arena, and to have performed party tricks such as holding a pomegranate without squashing it and getting people to prize open his hand - nobody could.
He was Olympic champion in the men's wrestling six times in the sixth century, ... and gaining seven victories in the Pythian Games.
Then there is Leonidas of Rhodes, who in the second century BC won all three running events at four consecutive Olympics. 

Another great Rhodian athlete was Diagoras, who in the fifth century BC won at all four of the major Games (Olympic, Pythian, Nemean and Isthmian). His three sons and two of his grandsons were also Olympic champions.

Superhuman heavyweights were regarded with special awe. Cleomedes, a fifth-century Olympic boxing champion, killed an opponent at the Olympics, was disqualified, went mad and smashed up a school. Not a recipe for special reverence, you might think. But the Greeks regularly explained abnormal feats and states of mind by saying that something divine, or a god, had entered whoever was affected in this way, and Cleomedes ended up receiving semi-divine honours as a hero.

Athletics fans and haters

Long-distance runner   Not all Greeks admired athletes. 'It isn't right to judge strength as better than good wisdom', writes Xenophanes (sixth to fifth century BC). Just because someone has won an Olympic victory, he says, they won't improve the city.

The tragedian Euripides expressed similar sentiments in his play Autolycus, now only surviving in fragments. In it he describes how athletes are slaves to their stomachs, but they can't look after themselves, and although they glisten like statues when in their prime, become like tattered old carpets in old age. 

Galen, physician and polymath of the first century AD, also attacked athletics as unnatural and excessive. He thought that athletes eat too much, sleep too much and put their bodies through too much.

But in the end the detractors of athletics lost out to the sympathisers. The person who most idealised the Olympics was Pindar, from Thebes, midway between Delphi and Athens. Pindar composed odes for victors at the Olympic and other Games in the fifth century BC, comparing their achievements to those of the great heroes of the past - such as Heracles or Achilles - thus raising them to an almost divine level.
Galen, physician and polymath of the first century AD, also attacked athletics as unnatural and excessive.
He thought that, though mortals, their superhuman feats of strength had temporarily elevated them to another realm and given them a taste of incomparable bliss. 'For the rest of his life the victor enjoys a honey-sweet calm' he writes.

For Pindar, the Olympics stood out among the Games -
'Water is best; gold like fire that is burning during the night is conspicuous outshining great wealth; but if, my heart, you desire song to celebrate the Games, look no further than the sun for another radiant star hotter in the empty day-time sky, nor let us proclaim a contest better than Olympia.'

Thursday, August 9, 2012

History of Olympic games and some interesting facts of the games



The Modern Olympic Games began from the year 1896 and were held in Athens, Greece, the place of birth of Olympics. 

It was the efforts of French educator Baron Pierre de Coubertin and others that led to the revival of the Olympic event. The Olympic Games have since been held successfully twenty five times, with the last Olympic Games also happening in Athens in 2004. 

The Games were successfully held after a gap of four years but it was only on three occasions that the Olympic Games could not be held. These were the warring periods in the history of modern world. In the year 1916, 1940 and 1944 the Olympic Games could not take place due to the destruction and devastation caused by the 1st and 2nd World Wars.  

Given below is the chronology of the modern Olympic Games.
  • Athens, 1896 - The first Modern Olympic Games were held in the place of birth of the Olympics.
  • Paris, 1900 - Women took part for the first time in the history of modern Olympics.
  • St Louis, 1904 - These were the first modern Olympic Games, where gold, silver and bronze medals were awarded for first, second and third prize respectively.
  • London, 1908 - Athletes from 22 nations represented their respective countries at the Olympic Games.
  • Stockholm, 1912 - At these games, for the first time competitors came from all five continents symbolized in the Olympic rings.
  • Antwerp, 1920 - The Olympic Games at Antwerp, Belgium had several firsts. For the first time the Olympic oath was uttered, the Olympic flag hoisted and doves released to symbolize peace.
  • Paris, 1924 - The VIII Olympiad were the last ones to be organized under the presidency of Pierre de Coubertin, the founder of modern Olympics.
  • Amsterdam, 1928 - These games were the first to bear the name Summer Olympic Games and the Olympic torch was also lit for the first time.
  • Los Angeles, 1932 - Colombia and the Republic of China made their first appearances at the Olympic Games.
  • Berlin, 1936 - Jesse Owens, an African-American athlete in the times of racial discrimination, became the star of the Games and won four gold medals in the sprint and long jump events.
  • London, 1948 - The XIV Olympiad was officially opened by King George VI.
  • Helsinki, 1952 - At the 1952 Olympic Games, for the first time a team from USSR participated.
  • Melbourne / Stockholm, 1956 - The Olympic Games were celebrated in Melbourne, Australia. However the equestrian events were held five months earlier in Stockholm, Sweden due to quarantine regulations in Australia.
  • Rome, 1960 - At the Rome Olympics, Soviets won 15 of the 16 possible medals in women's gymnastics.
  • Tokyo, 1964 - Sixteen nations made their first appearance in the Tokyo Olympics.
  • Mexico, 1968 - These are the only Olympic Games held in Latin America. Also at these games, East and West Germany send their separate teams for the first time.
  • Munich, 1972 - The Games were marred by the Munich massacre. On September 5, 1972 Palestinian terrorists belonging to the Black September Organization abducted eleven Israeli athletes from the Games Village and subsequently killed them.
  • Montreal, 1976 - The Games were officially opened by Queen Elizabeth II and several of the members of the royal family of Britain were present on the occasion. Also owing to the Munich massacre, the security arrangements were very tight.
  • Moscow, 1980 - The USA boycotted the Games as a protest to USSR's invasion of Afghanistan.
  • Los Angeles ,1984 - Owing to the American boycott of the 1980 Olympic Games, Soviet and other Eastern bloc countries including Cuba, East Germany and others also boycotted the Los Angeles Games.
  • Seoul, 1988 - Guam, Maldives, Cook Islands, Aruba, American Samoa, Vanuatu, Saint Vincent, Grenadines and South Yemen participated in the Olympic Games for the first time at the Seoul Olympics.
  • Barcelona ,1992 - With the exception of Afghanistan, it was for the first time since 1972 Munich Olympics that all the IOC countries participated in the Games.
  • Atlanta, 1996 - Twenty four countries made their Olympic debut this year. The Games were also affected by violence as on July 27, 1996 the Centennial Olympic Park was bombed killing two and wounding 111 others.
  • Sydney, 2000 - The 'Millennium Games' or the 'Games of the New Millennium' generated much interest world wide and the host city Sydney also won the 'Pierre de Coubertin Trophy', in recognition of the collaboration and happiness shown by the people of Sydney during the event.
  • Athens, 2004 - At the Athens Olympic Games all the 202 nations affiliated to the International Olympic Committee participated at the Games. The Athenians put up a spectacular cultural show and fireworks during the opening and closing ceremonies.
  • Beijing, 2008 - The Beijing Olympics were held from August 8th to August 24th. The Games were co-hosted by six other cities of People's Republic of China.
  • London, 2012 - The 2012 Summer Olympics (the Games of the XXX Olympiad) are held from 27 July 2012 and will be held up to 12 August 2012. The London 2012 Olympic bid was announced as the winner of the bidding process on 6 July 2005, following unsuccessful bid attempts for previous Olympics by Manchester and Birmingham. The games are currently under way.

Olympic symbols

From Wikipedia, the free encyclopedia

The Olympic symbols are icons of each olympic part of the role of the flags and 
symbols used by the International Olympic Committee to promote the Olympic 
Games. Some - such as the flame, fanfare, and theme - are more common 
during Olympic competition,but others, such as the flag, can be seen throughout the year.

Olympic Motto:

The Olympic motto is the hendiatris Citius, Altius, Fortius, which is Latin for "Faster, Higher, Stronger". 
The motto was proposed by Pierre de Coubertin on the creation of the International Olympic Committeein 1894. 
De Coubertin borrowed it from his friend Henri Didon, a Dominican priest who, amongst other things, was an 
athletics enthusiast. The motto was introduced in 1924 at the Olympic Games in Paris
The motto was also the name of an Olympic history journal from 1995 to 1997, when it was renamed the 
A more informal but well known motto, also introduced by De Coubertin, is "The most important thing is not to 
win but to take part!" De Coubertin got this motto from a sermon by the Bishop of Pennsylvania during the 1908 
London Games

Olympic rings

The symbol of the Olympic Games is composed of five interlocking rings, coloured blue, yellow, black, green, 
and red on a white field. This was originally designed in 1912 by Baron Pierre de Coubertin, the founder of 
the modern Olympic Games. According to de Coubertin, the ring colours with the white background stand for 
those colors that appeared on all the national flags that competed in the Olympic games at that time. 
Upon its initial introduction, de Coubertin stated the following in the August, 1912 edition of Olympique:
 
The five Olympic rings represent the five parts of the world involved in the Olympics and were designed in 1912, 
adopted in June 1914 and debuted at the 1920 Antwerp Olympics.
"...the six colours [including the flag’s white background] thus combined reproduce the colours of all the 
nations, with no exception. The blue and yellow of Sweden, the blue and white of Greece, the tri- colours 
of France, England and America, Germany, Belgium, Italy, Hungary, the yellow and red of Spain next to 
the novelties of Brazil or Australia, with old Japan and new China. Here is truly an international symbol."

The current view of the International Olympic Committee (IOC) is that the symbol "reinforces the idea" that the 
Olympic Movement is international and welcomes all countries of the world to join.[7] As can be read in the 
Olympic Charter, the Olympic symbol represents the union of the five regions of the world and the meeting of 
athletes from throughout the world at the Olympic Games. However, no continent is represented by any specific
 ring. Prior to 1951, the official handbook stated that each colour corresponded to a particular continent: blue for 
Europe, yellow for Asia, black for Africa, green for Australia and Oceania and red for America 
(North and South considered as a single continent); this was removed because there was no evidence 
that Coubertin had intended it (the quote above was probably an afterthought).

Flag

Created by Pierre De Coubertin in 1914.

The Olympic flag ... has a white background, with five interlaced rings in the centre: blue, yellow, black,  
green and red ... This design is symbolic ; it represents the five inhabited continents of the world, united 
by Olympism, while the six colors are those that appear on all the national flags of the world at the present time.
 Pierre De Coubertin (1931)

There are specific Olympic flags that are displayed by cities that will be hosting 

the next Olympic games. During each Olympic closing ceremony in what is 

traditionally known as the Antwerp Ceremony,the flag is passed from the 

mayor of one host city to the next host, where it will then be taken to the new 

host and displayed at city hall. These flags should not be confused with the larger 

Olympic flags designed and created specifically for each games, which are flown 

over the host stadium and then retired. Because there is no specific flag for this 

purpose, the flags flown over the stadiums generally have subtle differences, 

including minor color variations, and, more noticeably, the presence (or lack) of 

white outlines around each ring.


Flame and torch relay
Greece to the Olympic venue began with the Berlin Games in 1936. Months 
before the Games are held, the Olympic Flame is lit on a torch, with the 
rays of the Sun concentrated by a parabolic reflector, at the site of the 
Ancient Olympics in Olympia, Greece. The torch is then taken out of Greece, 
most often to be taken around the country or continent where the Games 
are held. The Olympic torch is carried by athletes, leaders, celebrities and 
ordinary people alike, and at times in unusual conditions, such as being 
electronically transmitted via satellite for Montreal 1976, or submerged 
underwater without being extinguished for Sydney 2000. On the final day 
of the torch relay, the day of the Opening Ceremony, the Flame reaches 
the main stadium and is used to light a cauldron situated in a prominent 
part of the venue to signify the beginning of the Games.

Medals

The Olympic medals awarded to winners are another symbol associated with the 
Olympic games. The medals are made of gold-plated silver (commonly described 
as gold medals), silver, or bronze, and awarded to the top 3 finishers in a particular 
event. Each medal for an Olympiad has a common design, decided upon by the 
organizers for the particular games. From 1928 until 2000, the obverse side of the
 medals contained an image of Nike, the traditional goddess of victory, holding a 
palm in her left hand and a winner's crown in her right. This design was created 
by Giuseppe Cassioli. For each Olympic games, the reverse side as well as the labels 
for each Olympiad changed, reflecting the host of the games.
In 2004, the obverse side of the medals changed to make more explicit reference to 
the Greek character of the games. In this design, the goddess Nike flies into the 
Panathenic stadium, reflecting the renewal of the games. The design was by 
Greek jewelry designer Elena Vots.
The London 2012 Summer Olympic medals are shown at the Royal Mint in 
Llantrisant, South Wales, Wales, in this Oct. 27, 2011 photo.