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❶In five non-mainland banks were allowed to issue bank cards in China, with Bank of East Asia also allowed to issue UnionPay credit cards in the mainland United Overseas Bank and Sumitomo Mitsui Financial Group have only issued cards in their home countries; they are not yet allowed to issue cards within the mainland.

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For more details, visit http: By the year , the country is poised to become a major human resource hub of the World even ahead of many developed nations of the present. A huge responsibility rests with the State Governments towards making the country future ready and a great deal of this depends upon concerted efforts in raising the quality and standards of the human resources.

The Kerala State, by realizing this responsibility, has embarked upon an ambitious project named State Skill Development Project to equip its young population with skills in cutting edge sectors in order to effectively alleviate the unemployment problem in the state. On the preventive side, the General and Higher Education Departments together will implement the Additional Skill Acquisition Programme ASAP to amplify working hands in different sectors of the economy, by providing additional skill sets to students along with their regular courses.

In the curative part, Additional Skill Enhancement Programme ASEP , under the leadership of Labour and Local Self Government Departments, is envisaged to encompass skill development and grooming initiatives for unemployed persons registered in the Employment Exchanges across the State. Kerala, traditionally known for its high quality man power spread all over the World and with a high density of science and technology personnel, have always set a model for the nation in developmental issues.

The realization of the fact that its unemployed population kept swelling despite having a rich talent pool, made it think and devise ways to counter the trend. It is in this context that the Additional Skills Acquisition Programme ASAP has been developed to impart sector specific skills to create a labour market ready work force. The students studying at Government and Government Aided Higher Secondary Schools and at the Arts and Science Undergraduate Colleges will be equipped with sector specific skills to make them employable.

ASAP envisages development of skill programmes in three levels, that is, from certificate programmes to dual degree programmes. The Programmes are developed, delivered, assessed and certified with the active participation of the related industries to ensure labour market acceptance of the programmes. By imparting Communication Skills in English and Basic IT courses to a large student community, the project envisages to create a large talent pool that can work in modern day organizations that promote a global work environment.

By choice student groups receive sector specific skills that further enable them to be employable and industry ready. Mission Upgrade skills to international standards through significant industry involvement.

Be a conduit of change through thought leadership, research, market intelligence and membership engagement. Join Us As an Industry Partner An opportunity to collaborate with other premier institutions on a nation-building activity more As an Service Provider An opportunity to potentially impact millions of people with your services more Sudhakar Rao Chairman Retd.

Chief Secretary to Government of Karnataka. The approach to this is by defining the standards for skill development for the various job roles of the industry using a competency based framework. The primary means by which the skill council will achieve this objective is by creating a system to engage in the following: Clearly define roles for each segment of the sector. Identify competencies required for each role defined as stated above.

Map learning objectives to the competencies and define learning modules. Train the trainers, provide certification and accreditation for training service providers. Linkage With State Government. After the proclamation of the Republic of China, the bank changed its English name to the Commercial Bank of China in The name more accurately translated its Chinese name and removed any link to the Qing Dynasty. Intended as a replacement for all existing banknotes, the Da Qing Bank's note was granted exclusive privilege to be used in all public and private fund transfers, including tax payments and debt settlements.

Da Qing Bank was also given exclusive privilege to run the state treasury. The Board of Revenue that controlled most of the central government's revenue transferred most of its tax remittance through the bank and its branches. The government entrusted the bank with the transfer of the Salt Surplus Tax, diplomatic expenditures, the management of foreign loans, the payment of foreign indemnities, and the deposit and transfer of the customs tax in many treaty ports.

This bank continues to exist today. The bank's aim was to unify funding for steamship lines, railways, as well as telegraph and postal facilities. Private banks[edit source] The first private bank dates to , courtesy of the entrepreneurship of Shen Xuanhui. In that year, the Regulations of Banking Registration was issued by the Ministry of Revenue, which continued to have effect well after the fall of the Qing dynasty.

A lion's share of the profitable official remittance business was taken by the Daqing Bank from the piaohao. The piaohao all but disappeared following the Xinhai Revolution in The same period saw the increasing power of private interests in modern Chinese banking and the concentration of banking capital. The first three were initiated by current and retired officials of the Beijing government, whilst the last was created by an overseas Chinese.

Note suspension incident[edit source] In the Republican government in Beijing ordered the suspension of paper note conversion to silver. Golden Age of Chinese banking[edit source] The decade from the Northern Expedition to the Second Sino-Japanese War in has been described as a "golden decade" for China's modernisation as well as for its banking industry.

The Bank of China was reorganised as a bank specialising in the management of foreign exchange while the Bank of Communications focused on developing industry. The Bureau of Financial Supervision was set up under the Ministry of Finance, to supervise financial affairs.

Confronted with imminent war with Japan, the Chinese government took control of over 70 percent of the assets of modern Chinese banks through the notorious banking coup. After [edit source] Main article: Banking in the People's Republic of China The history of the Chinese banking system has been somewhat checkered.

Nationalization and consolidation of the country's banks received the highest priority in the earliest years of the People's Republic, and banking was the first sector to be completely socialized. In the period of recovery after the Chinese civil war —52 , the People's Bank of China moved very effectively to halt raging inflation and bring the nation's finances under central control.

Over the course of time, the banking organization was modified repeatedly to suit changing conditions and new policies. The banking system was centralized early on under the Ministry of Finance, which exercised firm control over all financial services, credit, and the money supply.

During the s the banking system was expanded and diversified to meet the needs of the reform program, and the scale of banking activity rose sharply. New budgetary procedures required state enterprises to remit to the state only a tax on income and to seek investment funds in the form of bank loans.

Between and , the volume of deposits nearly tripled and the value of bank loans rose by percent. The People's Bank of China was the central bank and the foundation of the banking system. Although the bank overlapped in function with the Ministry of Finance and lost many of its responsibilities during the Cultural Revolution, in the s it was restored to its leading position. As the central bank, the People's Bank of China had sole responsibility for issuing currency and controlling the money supply.

It also served as the government treasury, the main source of credit for economic units, the clearing center for financial transactions, the holder of enterprise deposits, the national savings bank, and a ubiquitous monitor of economic activities. Another financial institution, the Bank of China, handled all dealings in foreign exchange. It was responsible for allocating the country's foreign exchange reserves, arranging foreign loans, setting exchange rates for China's currency, issuing letters of credit, and generally carrying out all financial transactions with foreign firms and individuals.

The Bank of China had offices in Beijing and other cities engaged in foreign trade and maintained overseas offices in major international financial centers, including Hong Kong, London, New York City, Singapore, and Luxembourg.

The Agricultural Bank was created in the s to facilitate financial operations in the rural areas. The Agricultural Bank provided financial support to agricultural units. It issued loans, handled state appropriations for agriculture, directed the operations of the rural credit cooperatives, and carried out overall supervision of rural financial affairs.

The Agricultural Bank was headquartered in Beijing and had a network of branches throughout the country. It flourished in the late s and mids but languished thereafter until the late s, when the functions and autonomy of the Agricultural Bank were increased substantially to help promote higher agricultural production.

In the s it was restructured again and given greater authority in order to support the growth and diversification of agriculture under the responsibility system. The People's Construction Bank managed state appropriations and loans for capital construction. It checked the activities of loan recipients to ensure that the funds were used for their designated construction purpose.

Money was disbursed in stages as a project progressed. The reform policy shifted the main source of investment funding from the government budget to bank loans and increased the responsibility and activities of the People's Construction Bank. Rural credit cooperatives were small, collectively owned savings and lending organizations that were the main source of small-scale financial services at the local level in the countryside. They handled deposits and short-term loans for individual farm families, villages, and cooperative organizations.

Subject to the direction of the Agricultural Bank, they followed uniform state banking policies but acted as independent units for accounting purposes. Urban credit cooperatives were a relatively new addition to the banking system in the mids, when they first began widespread operations.

As commercial opportunities grew in the reform period, the thousands of individual and collective enterprises that sprang up in urban areas created a need for small-scale financial services that the formal banks were not prepared to meet.

Bank officials therefore encouraged the expansion of urban credit cooperatives as a valuable addition to the banking system. In the mids the banking system still lacked some of the services and characteristics that were considered basic in most countries.

Interbank relations were very limited, and interbank borrowing and lending was virtually unknown. Checking accounts were used by very few individuals, and bank credit cards did not exist. In initial steps were taken in some of these areas. Interbank borrowing and lending networks were created among twenty-seven cities along the Yangtze River and among fourteen cities in north China.

Interregional financial networks were created to link banks in eleven leading cities all over China, including Shenyang, Guangzhou, Wuhan, Chongqing, and Xi'an and also to link the branches of the Agricultural Bank. The first Chinese credit card, the Great Wall Card, was introduced in June to be used for foreign exchange transactions.

Another financial innovation in was the opening of China's first stock exchanges since Small stock exchanges began operations somewhat tentatively in Shenyang, Liaoning Province, in August and in Shanghai in September Throughout the history of the People's Republic, the banking system has exerted close control over financial transactions and the money supply.

All government departments, publicly and collectively owned economic units, and social, political, military, and educational organizations were required to hold their financial balances as bank deposits. They were also instructed to keep on hand only enough cash to meet daily expenses; all major financial transactions were to be conducted through banks. Payment for goods and services exchanged by economic units was accomplished by debiting the account of the purchasing unit and crediting that of the selling unit by the appropriate amount.

This practice effectively helped to minimize the need for currency. Since China's leaders have urged the Chinese people to build up personal savings accounts to reduce the demand for consumer goods and increase the amount of capital available for investment.

Small branch offices of savings banks were conveniently located throughout the urban areas. Video Why Big Data Matters. Joyce Chang, global head of Research, explains how the firm is leveraging big data to provide answers on the direction of the economy.

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