Ion Monologue from the play by Euripides Essay Example For Students

Particle Monolog from the play by Euripides Essay A monolog from the play by Euripides NOTE: This monolog is republished from The Plays of Euripides in English, vol. ii. Trans. Shelley Dean Milman. London: J.M. Mark Sons, 1922. Particle: Things a good ways off wear not a similar similarity As when on them we fix a closer view. I absolutely with appreciation grasp My better fortunes, having found in you A dad. In any case, whence rose my on edge musings Presently hear: in Athens, I am told, a local Is esteemed a brilliant name, not all that the race Of outsiders. I its doors will enter loaded With these two shades of malice; from a remote sire Plummeted, and myself a fake kid. Marked with this censure, destined to proceed In base lack of clarity, I will be called A man of no record: yet in the event that interfering Into the most elevated stations in the city, I target being incredible, I will bring about Detest from the indecent, for prevalent force Is to the individuals detestable; yet the companions Of ethicalness, they whose raised spirits With genuine astuteness are endued, watch An unassuming quiet, nor with anxious scramble Hurry into open business, for example, these Will giggle and brand me with an idiots name, For not staying calm in a land Which with wild shock proliferates. Once more, will those of a recognized position Who in charge direct, when I endeavor To raise myself to respect, be generally attentive How on an outsider they their votes present, For consequently, my sire, is ever wont to be; They who have authority and rank Abhor their rivals. Be that as it may, when I come, Unwanted outsider, to a remote house What's more, to the childless matronpartner once In your cataclysm, of every one of her expectations Presently reftwith unpleasant anguish will she feel In private this hardship: by what implies Would i be able to get away from her disdain, at your ottoman At the point when I am situated, yet she, despite everything remaining A childless associate, with harmful eyes The object of your delicacy observes? At that point or, double-crossing me, will you respect Your significant other: or by th regard for me exprest, A desperate disarray in your castle cause. For men, by female nuance, how oft Have harms been imagined to annihilate; However is my pity to your associate due, Childless and rushing to the vale of years; Sprung from chivalrous sires she sick merits To pine through need of issue. Be that as it may, the face Of realm whom we stupidly praise Is reasonable in fact, however in her manors Grief Hath fixed her despised habitation. For who is upbeat, Who blessed, when his entire life is spent In attentiveness and in on edge fears? Or maybe would I in a disgraceful state Live fortunate, than be a ruler who delights In detestable companions, and despises the great, despite everything dreading The stroke of death. Maybe you will answer That gold can every one of these obstructions overcome, What's more, to develop rich is sweet. I would not hear Turbulent sounds, or horrifying works persevere, Since these hands my fortunes despite everything hold. May I have a humbler position excluded From distress! O my sire, let me depict The gifts I have here delighted in; first straightforwardness, To man generally appreciative; by the bustling group I only here and there was attacked, from my way No miscreant drove me: not to be persevered Is this, when we to base contenders Are compelled to yield pre-distinction. I implored Intensely to the divine beings, or served To humans, and with the individuals who rejoiced I never lamented. A few outsiders I excused, Yet, others came. Thus another article still Did I remain, and each new votary please. What men will undoubtedly want, even they Who with hesitance practice what they should, The laws contrived to help my regular bowed, Furthermore, in seeing Phoebus made me just. These things maturely saying something my bosom, I esteem my circumstance here surpasses What Athens can give. Permit me at that point The benefit of living to myself: For is an equivalent gift, or to taste The mind blowing endowments of fortune with enchant, Or then again in a humbler station rest content. .ub65d58313efe557fa8d23bd9fb31d1c8 , .ub65d58313efe557fa8d23bd9fb31d1c8 .postImageUrl , .ub65d58313efe557fa8d23bd9fb31d1c8 .focused content territory { min-stature: 80px; position: relative; } .ub65d58313efe557fa8d23bd9fb31d1c8 , .ub65d58313efe557fa8d23bd9fb31d1c8:hover , .ub65d58313efe557fa8d23bd9fb31d1c8:visited , .ub65d58313efe557fa8d23bd9fb31d1c8:active { border:0!important; } .ub65d58313efe557fa8d23bd9fb31d1c8 .clearfix:after { content: ; show: table; clear: both; } .ub65d58313efe557fa8d23bd9fb31d1c8 { show: square; change: foundation shading 250ms; webkit-progress: foundation shading 250ms; width: 100%; darkness: 1; progress: obscurity 250ms; webkit-change: haziness 250ms; foundation shading: #95A5A6; } .ub65d58313efe557fa8d23bd9fb31d1c8:active , .ub65d58313efe557fa8d23bd9fb31d1c8:hover { mistiness: 1; change: murkiness 250ms; webkit-change: murkiness 250ms; foundation shading: #2C3E50; } .ub65d58313efe557fa8d23bd9fb31d1c8 .focused content zone { width: 100%; position: relative ; } .ub65d58313efe557fa8d23bd9fb31d1c8 .ctaText { fringe base: 0 strong #fff; shading: #2980B9; text dimension: 16px; textual style weight: intense; edge: 0; cushioning: 0; content adornment: underline; } .ub65d58313efe557fa8d23bd9fb31d1c8 .postTitle { shading: #FFFFFF; text dimension: 16px; textual style weight: 600; edge: 0; cushioning: 0; width: 100%; } .ub65d58313efe557fa8d23bd9fb31d1c8 .ctaButton { foundation shading: #7F8C8D!important; shading: #2980B9; outskirt: none; outskirt span: 3px; box-shadow: none; text dimension: 14px; textual style weight: striking; line-tallness: 26px; moz-fringe sweep: 3px; content adjust: focus; content enrichment: none; content shadow: none; width: 80px; min-stature: 80px; foundation: url(https://artscolumbia.org/wp-content/modules/intelly-related-posts/resources/pictures/straightforward arrow.png)no-rehash; position: supreme; right: 0; top: 0; } .ub65d58313efe557fa8d23bd9fb31d1c8:hover .ctaButton { foundation shading: #34495E!important; } .ub65d 58313efe557fa8d23bd9fb31d1c8 .focused content { show: table; stature: 80px; cushioning left: 18px; top: 0; } .ub65d58313efe557fa8d23bd9fb31d1c8-content { show: table-cell; edge: 0; cushioning: 0; cushioning right: 108px; position: relative; vertical-adjust: center; width: 100%; } .ub65d58313efe557fa8d23bd9fb31d1c8:after { content: ; show: square; clear: both; } READ: What job will verse play in Essay

Odysseus free essay sample

People think about numerous things like, how tall they are or the amount they gauge. World writing for the most part gives us numerous approaches to think about on work from another as, Odysseus in the epic sonnet The Odyssey by Homer, and Oedipus in the play Oedipus the King by Sophocles. These two men may make them thing in like manner, their pride. In any case, their connections, restraint, and inspirations are very surprising from one another. Pride is an amusing thing, to an extreme or excessively little of it can hurt you, nonetheless, simply enough pride can assist you with accomplishing numerous things. Pride can emerge out of a variety of things like, winning a fight, being above all else, or simply being notable. Odysseus and Oedipus both had pride, however various types of it. One of the men was progressively unassuming while the other would not tune in to anybody. One of the men’s pride drove him to his fall and made him turn on his own companion, the different man’s pride helped him accomplish wondrous things like, getting back home to his family. We will compose a custom paper test on Odysseus or on the other hand any comparable subject explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page Oedipus was a lord, just as Odysseus, yet Oedipus was not an unassuming ruler. He was pleased to be the best and needed every other person to realize he was best. Oedipus was notable among his kin, yet when posed inquiries about himself, he didn't care to reply. Oedipus would abstain from responding to inquiries regarding himself. He would not tune in to anything anyone needed to state. For instance, when Creon, Oedipus’s brother by marriage and companion, returns from the prophet with the report about the plague, Creon wishes to tell Oedipus in private, yet Oedipus was every other person to hear. Oedipus thought one way and one way just, his way. Oedipus additionally prefer to accuse others, nothing was ever his flaw. In the play Oedipus the King by Sophocles, Thebes in less than a plague and for the plague to lifted, the killer of Laius must be driven out of Thebes. Oedipus proceeds to accuse the residents of Thebes for making no endeavor to discover the lawbreakers, on account of his pride Oedipus will accuse every other person before he will accuse himself. Another case of Oedipus accusing others, when Oedipus discovers he is the killer, he goes to accuse Creon feeling that Creon needs to take his crown and tossed. Oedipus has a hard accepting anybody. On account of his pride Oedipus thinks he knows all and every other person knows nothing. At the point when the visually impaired prophet Tiresias first reveal to Oedipus that he is the executioner on Laius, Oedipus won't trust him and goes into a fierceness, Oedipus additionally won't trust Creon either. Oedipus’s prided truly hurt him. His kin was starting to think he was unjustifiable ruler, and that he was going crazy. Having a lot of pride can truly hurt you as observe with Oedipus. Be that as it may, there was a ruler who had balance among pride and being modest. Odysseus was likewise a lord as was Oedipus, yet Odysseus was an increasingly unassuming ruler. He additionally didn't have as much pride as Oedipus did. Presently, Odysseus had pride gives simply like basically every human. He exceptionally renowned among his kin, everybody over the land knew what odysseus' identity was. Odysseus was notable to his kin as well as notable to the divine beings. Odysseus was somebody the divine beings delighted in discussing and somebody who the divine beings had a great deal of confidence in. This likely had something to do with Odysseus’s pride. Odysseus’s pride was not quite the same as Oedipus’s, rather than driving Odysseus to his fall, his pride really helped him on his excursion home. Odysseus had a great deal of pride when it went to his family; he had a reliable spouse and a brave child. At the point when it came to somebody attempting to hurt his family or attempting to have his spot, Odysseus would not represent it. At the point when Odysseus had caught wind of the considerable number of admirers in his royal residence he got offended and needed to return home as fast as could be expected under the circumstances. At the point when he returned home he was dressed as a bum so none of the admirers would know what his identity was and that he had returned back to Ithaca. Anyway Odysseus expected his dad to know who he was the point at which he went to see him. Odysseus chose to test his dad to check whether he would perceive Odysseus. At the point when Odysseus sees that his dad knows what his identity is and that his dad is enduring and battling without his child, this hurt Odysseus, realizing that his own dad couldn't remember him, yet Odysseus chooses to bite the bullet and tell his dad that he is at last back. This shows Odysseus has an unassuming side dissimilar to Oedipus, Odysseus was not hesitant to be modest. Another this Odysseus was not reluctant to do was accept exhortation from somebody and hear them out, Oedipus had an extremely tough time doing this. For instance, toward the finish of book XXIV of the epic sonnet The Odyssey, Zeus’s little girl Athena orders Odysseus to stop the battling and to make piece, so Odysseus takes her tunes in and accepts her recommendation and makes piece with the individuals structure the dead suitors’ old neighborhood. The pride between these two is totally extraordinary, on the grounds that one increasingly unassuming while the other was stubborn. The main trademark Oedipus and Odysseus shared practically speaking was pride, everything else is totally different among them. The connections that Oedipus and Odysseus had were not comparative by any means. Odysseus had numerous individuals that loved him and remained behind him n his choices, while Oedipus barely had any. Oedipus was known over his property yet he just had one friend named Creon who was his brother by marriage. Oedipus had a spouse, who he was profoundly enamored with, yet like every other person, he would not tune in to w hat she needed to state, nor would he trust it. Oedipus had confidence in his significant other, however just that she would not lay down with some other man, he didn't have confidence in her words. He additionally didn't have confidence in what Creon or any other person needed to state. Creon was extremely faithful to Oedipus, yet on the other side, Oedipus was not exceptionally faithful to Creon. Oedipus was continually feeling that Creon was attempting to take his realm. At the point when Creon attempts to come clean with Oedipus about executioner and attempted to support him, Oedipus just shouts at Creon and begins to accuse him. Odysseus would be advised to associations with his loved ones, and even the divine beings. Odysseus was notable and popular over his property. At the point when Odysseus required assistance with anything, there was consistently somebody needing to support him. Toward the finish of book XXIV of The Odyssey when the fight was going to start, Odysseus had his loved ones all needing to enable him to battle. Odysseus was a very popular individual by his kin as well as by the divine beings. The divine beings were enamored with Odysseus, they jumped at the chance to help him all they great and favor him as well as could be expected. At the point when Odysseus was killing the admirers, numerous individuals accepted that he had help for the divine beings. Likewise, toward the finish of book XXIV the contradicting warriors accept that Odysseus had the assistance from the divine beings, which he did. At the point when Odysseus and his men were walking to the fight site Athena was there adjacent to him helping him along. Odysseus had a great deal of confidence in his family and his companions. While he was away he didn't need to stress over his companions double-crossing him or his significant other not remaining steadfast. Actually, his better half told the admirers that she would wed when she got her cover finish, yet around evening time when she completed weaving for the afternoon, she would sneak into the room and unweave a large portion of what she had done during that day. Penelope, Odysseus’s spouse, needed to remain dedicated to her significant other whatever it took, and whatever the results would be. Odysseus additionally had confidence in the words his better half expressed; he would hear her out and accept what she said. Odysseus had devoted companions and incredible associations with them also. His companion Dolius and his children knew who Odysseus was the moment they saw him. Anyway when Odysseus went to visit his dad, Laerties, he was unable to perceive Odysseus. This broke Odysseus’s heart to realize that his dad couldn't see what his identity was despite the fact that he was veiled as a homeless person. Odysseus winds up tell his dad what his identity is so his dad won't endure any longer, thus they can have a similar incredible dad child relationship they had previously. At the point when Odysseus and his dad set down for supper, they affirmed each other’s spirits, which means they saw one another. Odysseus didn't have the foggiest idea about his child much before he departed on his excursion, however when he returned Odysseus intended to make things directly with his child, and get realize him like a dad should. Despite the fact that Odysseus had been returned to Ithaca just a brief time, Dolius, Odysseus’s steadfast companion, and his six children alongside Laeties, Odysseus’s father, were prepared to get a move on battle directly nearby with Odysseus under his order. Odysseus had incredible connection with nearly everybody he knew, which was a sublime thing to have. Oedipus then again came up short on this marginally. His significant other and he had an awesome marriage and they were content with one another, however when it came time for exhortation, Oedipus didn't it from her by any means. At the point when it begun to act normally again control neither of them had a lot, anyway Odysseus had progressively restraint then Oedipus did. At the point when Oedipus needed to discover the enemy of Laius so terrible, that he put a revile on the executioner trusting they would approach and admit. Oedipus’s aims were acceptable, however it was absence of poise, on the off chance that he had enough restraint, at that point he would have understood the revile was not required. Additionally Oedipus was continually accusing individuals, he never set aside the effort to take a gander at the circumstance and concoct the proper arrangement. When Oedipus hears that the killers are in his property, he naturally accuses the individuals, never setting aside the effort to consider the entire circumstance. Another model was the point at which, the visually impaired prophet, Tiresias attempts to disclose to Oedipus that he is the killer he has been scanning for, and Oedipus rapidly accuses Creon thinking this is a trick. Under the correct c

Topics for Immigration Research Paper U.s Options

<h1> Topics for Immigration Research Paper U.s Options </h1> <p>Indeed, most investigations demonstrate that outsiders really lead to a development in the assortment of employments out there. Unlawful migration can put significant weight on the present financial superstructures in a country, yet at exactly the same time, help the said superstructures all through the arrangement of economical and valuable labor. An illicit foreigner can't be viewed as a representative under the IRCA, which consequently deals with the separation issue. Some illicit foreigners are utilizing the shelter looking for course to keep on staying in created nations.</p> <h2> The Awful Secret of Topics for Immigration Research Paper U.s</h2> <p>Often in the USA, migration change endeavors to address the significant number of unlawful workers effectively inside the usa. He is a mind boggling issue that attracts a great deal of open consideration the USA. He beneficially affects society since it is a basic piece of American qualities and the American Dream. </p> <p>Immigration change in america is an umbrella term to fix a busted framework. The United States government ought to defeat the issue of illicit movement. Unlawful migration and legitimate movement both have been a problematic circumstance in the USA for an amazingly long second. The United States government assistance framework experiences issues supporting the tremendous amounts of workers coming into the country consistently. </p> <h2>The Appeal of Topics for Immigration Research Paper U.s </h2> <p>The migration issue was loaded up with passionate talk on either side. Normally, adversaries of migration regularly guarantee that workers participate in illicit interests. He is fundamental to American financial development. To sum up, it's imperative to know that migration is a serious entangled issue yet it's unmistakable since it positively affects the US economy and authorities ought to build up the enactment that will enable it to turn out to be cons iderably progressively gainful. </p> <p>For philanthropic reasons movement shouldn't be confined. In the event that you wish to take a gander at how movement is an expanding issue and ought to be checked, you should consolidate precisely the equivalent in the presentation. Unlawful migration shouldn't go on without serious consequences, yet legitimate migrants should be acknowledged with great enthusiasm. Illicit movement can be canceled in the occasion the administration takes the fitting measures. </p> <h2> What About Topics for Immigration Research Paper U.s?</h2> <p>You need to uncover the perusers that you ace of the subject and not a befuddled amateur who doesn't comprehend what the individual in question alluding to. This video is posted on NPR's site and incorporates a concise article that conveys a little foundation data with respect to the video. It's likewise critical to take a gander at the popular assessment. Investigate this video that points out movement using hip-jump to sen d a strong message. </p> <p>To have the option to choose a fascinating point, which will show your best abilities, you should continue perusing. Finding a generally excellent subject could incorporate conceptualizing, directing light research and narrowing down your decisions. Last, you should ensure the subject by and by interests you. You should be sure to comprehend everything plainly once you settle on an article theme. </p> <p>You must compose a minumum of one research paper in a semester for the greater part of the subjects. It is conceivable to likewise get help on the off chance that you pick to get a history examine paper from a reliable assistance to ensure the best grades. The more you appreciate the less difficult it's for you to make a flourishing exploration paper. Composing an exploration paper despite the fact that may seem testing is an extensive bit of ordinary understudy life. </p> <p>Regardless of what unlawful movement subject you've decided to expound on, building up an unrivaled diagram before beginning with the genuine strategy for composing is basic for building up a marvelous scholastic work deserving of any class or distribution. It is critical you pay attention to the undertaking. You should ensure you're gathering dependable information that may advance your task. The accompanying fills in as an awesome gracefully of research venture composing thoughts on the matter of. </p>

Learn About Pa Reap Essay Questions Samples

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Valuable Tips for Short Essays Used for Informative Essay Topics That You Can Use Starting Immediately

<h1> Valuable Tips for Short Essays Used for Informative Essay Topics That You Can Use Starting Immediately</h1> <h2> A Startling Fact about Short Essays Used for Informative Essay Topics Uncovered</h2> <p>Most the themes used for creative cycle articles are related with scholastics. The exposition isn't the least complex errand to ace. Composing an exposition can be exceptionally hazardous, particularly should you not feel motivated or can't gather your contemplations in a coherent arrangement. Short articles, much the same as standard imaginative expositions or, by method of model, brain science coursework papers, could be allocated as schoolwork or last evaluation work at the end of the term or scholastic schedule year. </p> <h2>What Has to be Done About Short Essays Used for Informative Essay Topics Before You Miss Your Chance </h2> <p>There are constantly a wide assortment of sentiments on the field of innovation, and here ar e our preferred interesting points on this issue. 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Sample Essays on Freedom of Speech

<h1>Sample Essays on Freedom of Speech</h1><p>Why are the example's exposition on the right to speak freely of discourse or the model's article? The example expositions on the subject of the right to speak freely of discourse ought to be given to those individuals who are required to compose it, however not to any other person. As far as anyone is concerned and that of other people who are approached to compose such a paper, they should know the significance of the right to speak freely of discourse and how they can utilize this as an apparatus to give a decent knowledge on the subjects of the essay.</p><p></p><p>The test expositions can be comprehended by each and every individual who will peruse it since they are straightforward and straightforward. A portion of the thoughts communicated in the models exposition on the right to speak freely can be hard to identify with and subsequently require some clarification before it tends to be effort lessly comprehended. They can be useful for those individuals who can't be permitted to accomplish something incorrectly by utilizing this tool.</p><p></p><p>The composing tests have been made to permit the individuals who are in the peril of being irritated and the individuals who need to increase a high ground on the issue to increase direct understanding on the most proficient method to manage the issues. You will discover that you don't have to employ a legal counselor or connect with the administrations of an office so as to have this done. You can have the option to get the ideal consequence of ensuring yourself, your family and your organization without engaging in the courtroom.</p><p></p><p>The free discourse is an essential right that is bolstered by the American Constitution. This is the correct that permits you to unreservedly communicate and get the chance to communicate your perspectives to other people. This type of oppo rtunity is pivotal for the improvement of our way of life, it is one of the most significant rights in our reality and we should ensure that we have it, while we can.</p><p></p><p>We ought to likewise comprehend that in the zone of free discourse we can discover a variety of types of articulation like that of verbal exchange and that of media and diversion. On the off chance that we don't have the right to speak freely of discourse in our general public, there would be no fact and there would be no craftsmanship on the planet. For the explanation that the workmanship can't exist without the ability to speak freely, along these lines, we should all be cautious about the components of stumbling into difficulty due to our speech.</p><p></p><p>The fundamental thought of the right to speak freely is that you ought to be permitted to unreservedly communicate so you can cause others to comprehend your perspective. This ability to speak freely offers you the chance to speak with others and to change their sentiment. They can even be made to alter their perspective when they are made to comprehend your place of view.</p><p></p><p>If we don't have the right to speak freely of discourse, at that point the whole society will get stale and no new thoughts will ever be produced. When you know the significance of the right to speak freely of discourse and the way that you are the person who can choose whether or not it will be given or not, at that point you can ensure that you are never gotten with a misstep. This is significant in light of the fact that each misstep can possibly destroy your entire life.</p><p></p><p>In expansion to these, on the off chance that you need to be effective in managing a specific issue, you should look for the help of the examples papers on the subject of the right to speak freely of discourse. This ought to be given to individuals who are required to think of them since they should know how significant these papers are. These are straightforward and ought to be given to each and every individual who requests them.</p>

An Analysis Of Financial Sector Reforms Finance Essay - Free Essay Example

Financial Sector reforms initiated in the country as a part of the economic reforms since the year 1991, has brought about revolution in the structure of bankingÂÂ  environment. While deregulation has opened up new opportunities for banks, liberalization has intensified competition in the banking industry by opening the market to new foreign and private sector banks. Declining interest rates and reduced lending margins have thrown up new challenges to banks, particularly public sector banks. While the financial sector reforms helped strengthening institutions, developing markets and promoting greater integration with the rest of the world, the recent growth phase suggests that if the present growth rates are to be sustained, the financial sector will have to intermediate larger and increasing volume of funds than is presently the case. It must acquire further sophistication to address the new dimensions of risks. Post-WTO, competition will only get intensified, as large global players emerge on the scene. Increasing competition is squeezing profitability and forcing banks to work efficiently on shrinking spreads. A positive fallout of competition is the greater choice available to consumers, and the increased level of sophistication and technology in banks. As banks benchmark themselves against global standards, there has been a marked increase in disclosures and transparency in bank balance sheets as also greater focus on corporate governance. India has been a witness to a sea change in the way banking has been done in the past more than two decades. Since 1991, the Reserve Bank of India (RBI) took steps to reform the Indian banking system at a measured pace so that growth could be achieved without exposure to any systemic risks. Some of these initiatives were deregulation of interest rates, dilution of the government stake in public sector banks (PSBs), guidelines being issued for risk management, asset classification, and provisioning. Technology has made tremendous impact in banking. Anywhere banking and Anytime banking have become a reality. The financial sector now operates in a more competitive environment than before. Now the biggest challenge before the regulators is of avoiding instability in the financial system. CHAPTER 1. REFORMS IN THE BANKING SECTOR A. Contours of reforms Financial sector reforms encompassed broadly institutions especially banking, development of financial markets, monetary fiscal and external sector management and legal and institutional infrastructure. Reform measures in India were sequenced to create an enabling environment for banks to overcome the external constraints and operate with greater flexibility. Such measures related to dismantling of administered structure of interest rates, removal of several preemptions in the form of reserve requirements and credit allocation to certain sectors. Interest rate deregulation was in stages and allowed build up of sufficient flexibility in the system. This is an important component of the reform process which has imparted greater efficiency in resource allocation. Parallel strengthening of prudential regulation, improved market behaviour and gradual financial opening helped the liberalisation process to run smooth. The interest rates have now been largely deregulated except for cert ain specific classes, these are: savings deposit accounts, non-resident Indian (NRI) deposits, small loans up to Rs.2 lakh and export credit. Without the dismantling of the administered interest rate structure, the rest of the financial sector reforms could not have meant much. As a part of the reforms programme, initially there was infusion of capital by Government in public sector banks, which was subsequently followed by expanding the capital base with equity participation by private investors up to a limit of 49 per cent. The share of the public sector banks in total banking assets has come down from 90 per cent in 1991 to around 75 per cent in 2008: a decline of little less than one percentage point every year over a seventeen-year period. Diversification of ownership, while retaining public sector character of these banks has led to greater market accountability and improved efficiency without loss of public confidence and safety. Another major objective of banking secto r reforms has been to enhance efficiency and productivity through increased competition. Establishment of new banks was allowed in the private sector and foreign banks were also permitted more liberal entry. Nine new private banks are in operation at present, accounting for around 10-12 per cent of commercial banking assets. Yet another step towards enhancing competition was allowing foreign direct investment in private sector banks up to 74 per cent from all sources. Beginning 2009, foreign banks have been allowed banking presence in India either through establishment of subsidiaries incorporated in India or through branches. Impressive institutional reforms have also helped in reshaping the financial marketplace. A high-powered Board for Financial Supervision (BFS), constituted in 1994, exercise the powers of supervision and inspection in relation to the banking companies, financial institutions and non-banking companies, creating an arms-length relationship between regulation and supervision. The system has also progressed with the transparency and disclosure standards as prescribed under international best practices in a phased manner. Disclosure requirements on capital adequacy, profitability ratios and details of provisions and contingencies have been expanded to include several areas such as foreign currency assets and liabilities, movements in non performing loans (NPLs) and lending to sensitive sectors. The range of disclosures has gradually been increased. The legal environment for conducting banking business has also been strengthened. Debt recovery tribunals were part of the early reforms process for adjudication of delinquent loans. More recently, the Securitisation Act was enacted in 2003 to enhance protection of creditor rights. To combat the abuse of financial system for crime-related activities, the Prevention of Money Laundering Act was enacted in 2003 to provide the enabling legal framework. The Negotiable Instruments (Amendments an d Miscellaneous Provisions) Act 2002 expands the erstwhile definition of cheque by introducing the concept of electronic money and cheque truncation. The Credit Information Companies (Regulation) Act 2005 has been enacted by the Parliament which is expected to enhance the quality of credit decisions and facilitate faster credit delivery. B. Processes of Reform What are the unique features of our reform process? First, financial sector reform was undertaken early in the reform cycle in India. Second, the banking sector reforms were not driven by any immediate crisis as has often been the case in several emerging economies. Third, the design and detail of the reform were evolved by domestic expertise, while taking on board the international experience in this regard. Fourth, enough space was created for the growth and healthy competition among public and private sectors as well as foreign and domestic sectors. How useful has been the financial liberalization process in India towards improving the functioning of institutions and markets? Prudential regulation and supervision has improved; the combination of regulation, supervision and safety nets has limited the impact of unforeseen shocks on the financial system. The dismantling of the erstwhile administered interest rate structure has permitted financial intermediaries to pursue lendin g and deposit taking based on commercial considerations and their asset-liability profiles. The financial liberalisation process has also enabled to reduce the overhang of non-performing loans. Financial entities have become increasingly conscious about risk management practices and have instituted risk management models based on their product profiles, business philosophy and customer orientation. Additionally, access to credit has improved, through newly established domestic banks, foreign banks and bank-like intermediaries. Government debt markets have developed, enabling greater operational independence in monetary policy making. The growth of government debt markets has also provided a benchmark for private debt markets to develop. There have also been significant improvements in the information infrastructure. The accounting and auditing of intermediaries has improved. The technological infrastructure has developed in tandem with modern-day requirements in information te chnology and communications networking. On the asset quality front, notwithstanding the gradual tightening of prudential norms, non-performing loans (NPL) to total loans of commercial banks which was at a high of 15.7 per cent at end-March 1997 declined to 3.3 per cent at end-March 2009. Net NPLs also witnessed a significant decline and stood at 1.2 per cent of net advances at end-March 2009, driven by the improvements in loan loss provisioning, which comprises over half of the total provisions and contingencies. Operating expenses of banks in India are also much more aligned to those prevailing internationally, hovering around 2.1 per cent during 2004-05 and 2005-06. These numbers are comparable to those obtaining for leading developed countries which were range-bound between 1.4-3.3 per cent in 2005. Bank profitability levels in India have also trended upwards and gross profits stood at 2.0 per cent during 2005-06 (2.2 per cent during 2004-05) and net profits trending at around 1 per cent of assets. Available information suggests that for developed countries, at end-2005, gross profit ratios were of the order of 2.1 per cent for the US and 0.6 per cent for France. The extent of penetration of our banking system in our country as measured by the proportion of bank assets to GDP has increased from 50 per cent in the second half of nineties to over 80 per cent a decade later. CHAPTER 2. CHALLENGES AHEAD While we have made a significant progress, let me highlight a few issues that I believe would need significant attention in the near term. Risk Management and Basel II The future of banking will undoubtedly rest on risk management dynamics. Only those banks that have efficient risk management system will survive in the market in the long run. The effective management of credit risk is a critical component of comprehensive risk management essential for long-term success of a banking institution. Although capital serves the purpose of meeting unexpected losses, capital is not a substitute for inadequate decontrol or risk management systems. Coming years will witness banks striving to create sound internal control or risk management processes. With the focus on regulation and risk management in the Basel IIÂ  [1]Â  framework gaining prominence, the post-Basel II era will belong to the banks that manage their risks effectively. The banks with proper risk management systems would not only gain competitive advantage by way of lower regulatory capital charge, but would also add value to the shareholders and other stakeholders by properly pricing their services, adequate provisioning and maintaining a robust financial structure. Consolidation Consolidation, which has been on the counter over the last year or so, is likely to gather momentum in the coming years. When the restrictions on operations of foreign banks will go, the banking landscape is expected to change dramatically. Foreign banks, which currently account for 5% of total deposits and 8% of total advances, are devising new business models to capture the Indian market. Their full-fledged entry is expected to transform the business of banking in many ways, which would be reflected in terms of greater breadth of products, depth in delivery channels and efficiency in operations. Thus Indian banks have less than three years to consolidate their position. Despite the stiff resistance from certain segments, consolidation holds the key to future growth. This view is underpinned by the following: 1. Owing to greater scale and size, consolidation can help save costs and improve operational efficiency. 2. Banks will also have to explore different avenues for ra ising capital to meet norms under Basel-II 3. Owing to the diversified operations and credit profiles of merging banks, consolidation is likely to serve as a risk-mitigation exercise as much as a growth engine. Though there is no confirmation yet, speculative signals arising from the market point to the prospect of consolidation involving banks such as Union Bank of India, Bank of India, Bank of Baroda, Dena Bank, State Bank of Patiala, and Punjab and Sind Bank. Further, the case for merger between stronger banks has also gained ground a clear deviation from the past when only weak banks were thrust on stronger banks. There is a case being made for mergers between banks with a distinct geographical presence coming together to leverage their respective strengths. Role of Technology: There is an imperative need for not mere technology upgradation but also its integration with the general way of functioning of banks to give them an edge in respect of services provided to their constituents, better housekeeping, optimizing the use of funds and building up of management information system (MIS) for decision making, better management of assets liabilities and the risks assumed which in turn have a direct impact on the balance sheets of banks as a whole. Technology has demonstrated potential to change methods of marketing, advertising, designing, pricing and distributing financial products and services and cost savings in the form of an electronic, self-service product delivery channel. These challenges call for a new, more dynamic, aggressive and challenging work culture to meet the demands of customer relationships, product differentiation, brand values, reputation, corporate governance and regulatory prescriptions. Technology holds the key to the future success of Indian Banks. Internet, wireless technology and global straight-through processing have created a paradigm shift in the banking industry. The explosive growth of both the Internet and mobile and wireless technology is revolutionizing the way the financial industry conducts business. The overall wireless technology market is expected to grow profoundly in the coming years. Improving profitability: The most direct result of the above changes is increasing competition and narrowing of spreads and its impact on the profitability of banks. The challenge for banks is how to manage with thinning margins while at the same time working to improve productivity which remains low in relation to global standards. This is particularly important because with dilution in banks equity, analysts and shareholders now closely track their performance. Thus, with falling spreads, rising provision for NPAs and falling interest rates, greater attention will need to be paid to reducing transaction costs. This will require tremendous efforts in the area of technology and for banks to build capabilities to handle much bigger volumes. Reinforcing technology: Technology has thus become a strategic and integral part of banking, driving banks to acquire and implement world class systems that enable them to provide products and services in large volumes at a competitive cost with better risk management practices. The pressure to undertake extensive computerisation is very real as banks that adopt the latest in technology have an edge over others. Customers have become very demanding and banks have to deliver customised products through multiple channels, allowing customers access to the bank round the clock. Risk management: The deregulated environment brings in its wake risks along with profitable opportunities, and technology plays a crucial role in managing these risks. In addition to being exposed to credit risk, market risk and operational risk, the business of banks woul d be susceptible to country risk, which will be heightened as controls on the movement of capital are eased. In this context, banks are upgrading their credit assessment and risk management skills and retraining staff, developing a cadre of specialists and introducing technology driven management information systems. Sharpening skills: The far-reaching changes in the banking and financial sector entail a fundamental shift in the set of skills required in banking. To meet increased competition and manage risks, the demand for specialised banking functions is set to go up. Special skills in retail banking, treasury, risk management, foreign exchange, development banking, etc., will need to be carefully nurtured and built. Thus, the twin pillars of the banking sector i.e. human resources and IT will have to be strengthened. Greater customer orientation: In todays competitive environment, banks will have to strive to attract and retain customers by introducing innovative products, enhancing the quality of customer service and marketing a variety of products through diverse channels targeted at specific customer groups. Corporate governance: Besides using their strengths and strategic initiatives for creating shareholder value, banks have to be conscious of their responsibilities towards corporate governance. Following financial liberalisation, as the ownership of banks gets broadbased, the importance of institutional and individual shareholders will increase. In such a scenario, banks will need to put in place a code for corporate governance for benefiting all stakeholders of a corporate entity. International standards: Introducing internationally followed best practices and observing universally acceptable standards and codes is necessary for strengthening the domestic financial architecture. This includes best practices in the area of corporate governance along with full transparency in disclosures. In todays globalised world, focusing on the observance of standards will help smooth integration with world financial markets. Globalization/Future Exapansion: Growing integration of economies and the markets around the world is making global banking a reality. The surge in globalization of finance has already begun to gain momentum with the technological advancements which have effectively overcome the national borders in the financial services business. Widespread use of internet banking will widen frontiers of global banking, and make marketing of financial products and services on a global basis possible. In the coming years globalization will spread further on account of the likely opening up of financial services under WTO. India is one of the 104 signatories of Financial Services Agreement (FSA) of 1997. This gives Indias financial sector including banks an opportunity to expand their business on a quid pro quo basis. As per Indian Banks Association report Banking Industry Vision 2010, there would be greater presence of international players in Indian financial system and some of the Indian banks would become global players in t he coming years. So, the new mantra for Indian banks is to go global in search of new markets, customers and profits. Supporting Regulatory Framework: Supporting institutional and regulatory framework at home is vital for domestic banks aspiring for global operations. RBI has suitably changed the countrys regulatory framework from time to time to support Indian financial institutions to withstand the competitive pressures placed on them by increasing globalization. Proper steps have been taken to guide the banking sector to see that the banks pass through this transition phase by and large successfully. The reforms initiated in the banking sector have now reached a crucial stage. Governments stake in some PSBs is reduced and as a consequence public equity in these PSBs is enlarged. This led to greater responsibility on the bank managements since the level of accountability has increased. Pressures of performance and profitability will keep them on their toes all the time as the public shareholders expect good performance along with good returns on their equity. Many PSBs have already started the exercise of cleaning up of thei r balance sheets by shedding the excess baggage. The VRS scheme in the recent past in some of the banks was aimed not only at downsizing the manpower but also at cutting down the staff costs and increasing the performance levels of the staff in the long run. Some of these banks are able to run the show to certain extent by low cost funds that are available thanks to the branch network spread over the length and breadth of the country. Skilled Manpower: There will be a sea change for employees too. Secure jobs will be replaced by contractual appointments, for a specified period of time. The unions will merge into the shadows and bank managements will turn effective. As a result there will be swifter turn over of personnel in banks. But at the same time, skilled personnel from other disciplines will enter banks in increasing numbers. Factors like skills, attitudes and knowledge of the human capital play a crucial role in determining the competitiveness of the financial sector. The quality of human resources indicates the ability of banks to deliver value to customers. Capital and technology are replicable but not the human capital which needs to be valued as a highly valuable resource for achieving that competitive edge. CONCLUSION: With respect to the future of Indian banking it is increasingly evident that the economy offers opportunities but no security. Therefore, the future will belong to those who develop good internal controls, checks and balances and a sound market strategy. Business Growth, Cost Efficiency and Evolution are therefore regarded as key drivers which will have to be addressed. The face of banking is changing rapidly. Competition is going to be tough and with financial liberalisation under the WTO, banks in India will have to benchmark themselves against the best in the world. For a strong and resilient banking and financial system, therefore, banks need to go beyond peripheral issues and tackle significant issues like improvements in profitability, efficiency and technology, while achieving economies of scale through consolidation and exploring available cost-effective solutions. These are some of the issues that need to be addressed if banks are to succeed, not just survive, in the changing milieu.