Jagan Institute of Management Studies organized Tuesday Talk on 9th July, 2019 at its Rohini campus
Dr. Deepika Saxena presented a research paper titled “A study on the impact of Technology based Financial Inclusion Initiatives by Indian Commercial Banks in Delhi NCR, India.” She explained that India has a vast unbanked population offering huge opportunities to Indian Commercial Banks for market expansion by banking the unbanked. The challenge ahead is to bring financial inclusion in the country, where each and every individual becomes a part of formal financial system and contribute to the growth of the economy. In India, the government has been facing multiple challenges to achieve 100% financial inclusion. The Government of India has been undertaking numerous initiatives; the Reserve Bank of India is providing support and targets to the Commercial Banks. Banks have been trying to strike a balance between financial viability and financial inclusion by adopting technological advancements to reach the unbanked (potential) consumers and taking them under the purview of formal financial system. Technological based financial inclusion uses internet based, mobile based, telephone based access to banking thus reducing the banks overhead costs which was earlier incurred in branch based banking making financial inclusion possible as well as profitable. The present study has been divided into two phases: qualitative (exploratory) and quantitative (descriptive) study, using primary and secondary data collection sources, analysed through statistical tests. The impact of various categories of technology based financial inclusion initiatives such as online banking, tele-banking, SMS banking and ATM have been analysed using impact variables such as awareness, usage, frequency of usage and comfort in usage. Statistical tests results revealed that awareness and usage levels of population in case of technology based initiatives are below 70%. Frequency of usage of various categories of technology based initiatives has been found between ‘rarely and sometimes’. However, users of the technology based initiatives have been found ‘comfortable’. The present study will be beneficial for banks who have been working in the direction of financial inclusion initiatives, and will also be beneficial to the general public to make them aware about the steps/initiatives being taken for them and to spread out the reach of banks through technological advancements.
Dr. Navneet Joshi presented a research paper titled “Essense of Salary Slip and tax liability”. He explained that India is a fast growing economy in the world. The source of income of central government is tax , which is divided in to two parts one is direct tax and second one is indirect tax. Then there are five ways to earn income in India( income from salary, income from house property , income from business & profession , Income from capital gain and income from other sources) Total of these five is gross total income after giving deduction u/s 80-c to 80-u. A person can calculate taxable income , at the time of filing ITR, tax will be calculated on the given tax slab ( income earned in previous year will be taxed in assessment year ). The number one way to reduce taxes is to reduce your taxable income, the best way to reduce your taxable income is to contribute in different tax free investment plans, use rebates offered by the tax department to an assesse and availed the maximum deductions. Today in the era of digital economy a person can use simple steps to file the ITR.
Thus the presentation was an informative one and dealt with the practical aspects of taxation system applicable to the faculty member