Professional English for Commerce & Management - II, Unit -1 Communicative Competencies, Speaking notes, Softskill paper, 1st Year 2nd Semester, Commerce and Management UG Degree

 Professional English for Commerce & Management - II

1st Year 2nd Semester Softskill paper

Unit -1 – Communicative Competencies 

2. Speaking

Think and reflect: (Book Page No:09)

1.What is banking?

Ans: Banking is the economic process of accepting deposits and issuing loans.

2. How do banks help ordinary people?

Ans: Banks are closely linked with our everyday lives and activities. Drawing salaries, paying bills, buying homes, building up savings and taking out loans all involve transactions with banks.

3. What are the changes that have recently taken place in the banking sector?

Ans: Banking has witnessed a significant change in recent times. Owing to the increasing consumer expectancies, regulations, economic changes and constant competition, modern banking has embraced technology. Digital platforms, mobile, internet banking, and payments bank have revolutionized the sector in a substantial way. 

Primary Text -1 (Book Page No:10) 

b. List out the words/ terms/ Jargon associated with banking!

Ans:

1. Cheque - A written order telling the bank to pay or transfer money to someone.

2. Current account - A bank account that is designed for everyday use.

3. Overdraft - An amount of money that can be used each month that the customer does not own.

4. Savings account - An account used to save money.

5. Teller - A person who works at the bank counter and accepts and gives out money to the bank’s customers.

6. ATM machines - A device that gives money and can be used to do other account transactions.

7. Withdrawal - To take money out of an account.

8. Counter - The area in a bank where the tellers work.

9. Deposit - To give the bank money to be added to the customer’s account.

10. Account number - An unique number that is used to identify a bank account.

 

III. Answer the following questions based on the reading comprehension:

1. According to the text, what do banks enable people to do?

Ans: Banks enable people to save money, borrow money and to pay for things with ease and security.

2. What is the purpose of the head office of a bank?

In the head office all central tasks are performed that let the local branches function.

3. What do bank tellers do?

Ans: Bank tellers work the counters at the bank. They are responsible for direct customer banking interactions.

4. What happens when a bank customer spends more money than they have in their account?

Ans: They might need to see the bank manager if they have spent more money than there was in the account.

5. Which of the following methods is more convenient when paying for something other than using a cheque?

Ans: Banks offer their customers the more convenient methods of using either a debit card or credit card. These methods are very convenient and able to pay for anything.

 

IV. Divide the students into small groups and speak on the following topic! 

1. Money Transaction Methods

Ans: Different Methods to Transfer Fund Online

The three different methods by which money can be transferred online are mentioned below:

Immediate Payment Service (IMPS)

National Electronic Funds Transfer (NEFT)

Real-Time Gross Settlement (RTGS). 

IMPS

The transfer of funds is completed immediately via IMPS. You can transfer money 24x7 by using this method. IMPS can be completed by using internet banking or mobile banking. Various digital banks in India use IMPS services to transfer money. Depending on the bank, the transaction charges may vary. 

NEFT

Under NEFT, you can transfer funds from one bank branch to another bank branch that is participating under the scheme. However, NEFT transactions take longer when compared to IMPS. 

RTGS

Another payment mode that occurs in real-time and on a gross basis is RTGS. RTGS is mainly used for higher value transfers that require immediate clearance. RTGS transactions can be completed only during hours. 

2. Is Online Banking safe?

Ans: Yes. Online banking is safe with proper precautions. The following sections detail safety steps for online banking and ways your information may be compromised.

Visit bank by typing the address: Many attackers get into someone's bank account by tricking a user into thinking they're logging into their account when they're really not. This technique, known as phishing, is often done through e-mail.

Make sure the page is secure when entering data: A web page that encrypts data has a small lock (Internet browser security lock) in the bottom corner of the window or next to the address bar.

Never send usernames, passwords, etc. through e-mail: No bank ever requests you to send personal information over e-mail. Never send your username, password, PIN, account information, credit card, etc. over e-mail.

Use a strong password: The password you're using to log in to your online bank should be a strong password. Your banking password should have a number, special character, and different capitalization. 

3. Advantages and disadvantages of Credit cards

Ans:

Advantages of using credit cards

There are many advantages when using a credit card as a method for purchasing goods. The use of a credit card, instead of cash or personal funds, offers the following advantages: 

·        Building credit history.

·        A quick source of funds in an “absolute” emergency.

·        No accrued interest if bill is paid on time and in full each month.

·      Zero liability as consumers is not responsible for fraudulent charges when reported promptly.

·      Consumer protection if fraudulent charges are reported promptly in case the card is stolen or lost. 

Disadvantages of using credit cards

Along with the advantages listed above, the use of credit cards can also have several disadvantages: 

·        Established credit-worthiness needed before getting a credit card.

·        Encouraging impulsive and unnecessary “wanted” purchases.

·        High-interest rates if not paid in full by the due date.

·        Annual fees for some credit cards – can become expensive over the years.

·        Fee charged for late payments.

·        Negative effect on credit history and credit score in case of improper usage. 

4. Offers rendered by banks for the Formers, Women Entrepreneurs & small businesses.

Ans:

Banks provide business-specific financial services that help business owners manage their money. In addition to basic checking account services that allow business owners to deposit funds and write checks, they may also allow businesses to transfer money by Automated Clearing House (ACH) and wire.

The following Schemes Offered by Banks Can Enable Women To Become Entrepreneurs. Stree Shakti Business Loan offers startup business loans for women and requires no security for loans up to Rs. 5 lakhs. Annapurna Scheme offered by State Bank of Mysore and Bhartiya Mahila Bank is available for women entrepreneurs of the food catering industry who sell packed meals, snacks, etc. Under Dena Shakti Scheme, women entrepreneurs who are in the fields of agriculture, manufacturing, micro-credit, retail stores, or small enterprises can take loans up to Rs 20 lakh at a concession of 0.25 percent.

Agricultural Loans in India

       The Kisan Credit Card is a scheme launched by the Indian banks back in 1998, as a way to fulfill the financial necessities of the agricultural sector. Dairy Entrepreneurship Development Scheme: This scheme is meant to promote the dairy sector, specifically by setting up modernized dairy farms, promoting calf rearing, provide infrastructure, upgrading logistical operations to improve the product on a commercial scale, and generate self-employment. Rural Godowns: The main objective of this scheme is to help farmers throughout the country by providing them with godowns.             

5. PPF and Mutual Funds- Bank Saving Schemes

Ans: Public Provident Fund (PPF) and mutual funds (MFs) are distinct investment schemes that are often also considered as tax saving instruments.

While PPF provides a great buffer of stable returns during volatility, mutual funds offer an opportunity for higher returns.

When it comes to choosing between the two, investors should carefully evaluate their risk appetite and financial goals first.

Investment limits: Both PPF and mutual funds offer convenience when it comes to a minimum investment. But there is a cap on the maximum limit in PPF of Rs 1.50 lakh per year while there is no upper limit in mutual funds.

Return on Investment: The return generated from each mutual fund scheme, is dependent on the performance of the underlying assets. The returns of mutual funds are generally market linked. Return on PPF is computed on an annual basis. As per historic trends, the rates vary around 8% p.a. The rate is subject to change as per government policies.

Mutual funds are comparatively riskier than PPFs because they invest in stocks and therefore prone to risk. 

Primary Text – 2 (Book Page No:11) 

I. Answer the following questions!

1. Why does the speaker encourage us to read the book “Up the

Organization” by Robert Townsend? What is the book all about?

Ans: The book is about leadership and culture building, without ego. 

2. What do you know about the expert Bob Davis?

Ans: Bob Davis is a premier customer contact center expert. Bob founded Robert C. Davis and Associates in 1977. He has worked extensively for nearly 40 years on sales, retention and customer service projects in contact centers across a wide array of industries. 

3. What is the difference between Managing and Leading People in Business?

Ans: Management is control; in business it is called as the Triple Constraint of management. The essence of leadership is if you can lead them and get them to follow you, then you have the skill that everybody should have, to be a leader. 

4. What are the three things that one can control in life?

Ans: You can control quality, time and money. 

5. Whom does Bob Davis refer to as his favourite leader? Why?

Ans: Bob Davis refer to Mahatma Gandhi as his favourite leader. Gandhi united two religions, ended a more than 100-year colonial empire by motivating the British to leave. He did so in a peaceful manner and basically he just stopped eating. 

6. Suggest an alternate topic to the speech presentation by Bob Davis!

Ans: Power of Leadership: Managing Vs Leading. 

II. Inferences versus Facts.

Discuss in group whether each of the following statements is an inference or a verifiable fact based on observation and one student from each group can represent the group’s idea! 

1. The boss is a “swinger”. - Inference

2. Employees over 60 are inefficient. - Fact

3. Leadership is the rarest commodity on the earth – Fact

4. All CEOs are “undercover bosses”. - Inference

5. Power annihilates the leadership. - Fact

6. Leadership is innate. - Inference

7. Autocratic leadership helps the employees to be more productive. – Fact. 

II. Discuss the following questions/ topics in groups!

1. Compassion+ altruism+ ego-less state= Leadership

Ans: Leadership styles tend to be referred to as the manner and approach people adopt when they are managing groups of people, but it can also relate to any relationship where there is a “leader and a follower(s)”.

       There is an assumption that individuals develop these qualities through development of self-knowledge and self-awareness. A different approach to leadership style is to identify core dimensions that can be rooted in evolved algorithms and motives.

       An antisocial leadership style factor which comprised of ruthless self-advancement, narcissism and hyper competitiveness. This was significantly correlated with fears of compassion, ego focused goals, insecure striving (striving to avoid inferiority), fears of losing out, fears of being overlooked, fears of being rejected, and avoidant relating in close relationships.

      Leaders with a prosocial leadership style stand in direct contrast to those who adopt an antisocial leadership style. They have an interest in the development and wellbeing of others, are empathic to the needs, sensitivities and difficulties of those they lead, tend to be supportive and friendly (rather than threatening and unpredictable) and foster confidence and creativity.

    One central domain of prosocial leadership is compassion. Compassion is typically defined “as a sensitivity to suffering in self and others with a commitment to try to alleviate and prevent it”.

      Four types Prosocial behaviors are, Altruistic prosocial behavior was genuine helping and caring behavior with a cost to oneself. Norm-based prosocial behavior related to punishing unfair distribution of resources and was rooted in the norms of reciprocity and of “helping others when I’ve been helped.” Strategic prosocial behavior was based on cost-benefit calculations. Self-reported prosocial behavior was based on self-report measures that did not always correlate with behavioral measures. 

2. How vision and creativity contribute to successful leadership?

Ans: Creativity is one of the most important qualities of a modern business leader. Creativity itself is the abandonment of rigid structures, a very desirable trait for individuals in leadership positions to have in a corporate setting.

        Creative leaders have the ability to look at things in new ways and solve problems by seeing things others don’t. Synonyms of creativity include words like inventiveness, imagination, innovation, vision, progressiveness, originality, and resourcefulness just to name a few.

    There are many advantages to creative leadership within companies, including Problem solving, Achieving growth, Mentoring teams in the workplace, Finding unlikely perspectives within the business.

3. Integrity is the key to genuine leadership.

Ans: A leader’s actions are indeed central to integrity, but followers and stakeholders are those who assess this integrity on a daily basis. Laws, codes of conduct and ethical standards, as well as informal norms and values expected by stakeholders, are three major ways in which followers assess the integrity of their leader.

       Integrity, an essential quality of successful leadership, has taken on many forms over the years. Here are the five main elements of leadership integrity and what they mean to you as a leader.

1)Integrity as wholeness. Integrity consists of a manager’s personal values, daily actions, and basic organizational aims.

2)Integrity as consistency between words and actions. A demonstrated consistency with regards to social behaviour.

3)Integrity as consistency in the face of adversity. This also includes consistency in the face of temptation and challenge.

4)Integrity as being true to oneself. Conceptualized as acting according to one’s own conscience.

5)Integrity as morality/ethics. Acting in accordance with socially acceptable behaviour, such as honesty, trustworthiness, justice and compassion.

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