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banking terms

By Victor S. Fischer
  ✍️ CRR Cash Reserve Ratio is the minimum fraction of total deposits of a bank’s customers that banks have to hold as reserves with the central bank. ✍️ SLR Statutory Liquidity Ratio is the ratio of liquid assets to the net demand and time liabilities. ✍️ LAF Liquid Adjustment Facility is a tool to allow banks to borrow money through repurchase agreements. It consists of repo and reverse repo operations. ✍️ MSF Marginal Standing Facility allows scheduled banks to borrow funds overnight from RBI against approved government securities. ✍️ MSS Market Stabilization Scheme is a monetary policy intervention by RBI to withdraw excess liquidity by selling government securities in the economy. ✍️ OMO Open Market Operations refers to the buying and selling of government securities in the open market so as to expand or contract the amount of money in the banking system. ✍️ REPO Repo...
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Vedic Period and the Aryans

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The Aryans were semi-nomadic pastoral people and originated from the area around the Caspian Sea in Central Asia(Many historians have given various theories regarding their original place). The Central Asian theory is given by Max Muller.

Entered India probably through the Khyber Pass(Hindukush mountain) around 1500 BC.

Early Vedic or Rig Vedic Period(1500- 1000 BC)

Political Organization

Monarchial form. The tribe was known as Jan and its king as Rajan.

The family was the basic unit of society. The family was patriarchal in nature.

Economy

Aryans followed a mixed economy i.e pastoral and agricultural in which cattle played a predominant part.

The standard unit of exchange was Cow. At the same time coins were also there.

Religion

The Aryans personified the natural forces and looked upon them as living beings.

The most important divinity was Indra who played the role of the warlord(breaker of forts-Purandar)



Later Vedic Period(1000- 600 BC) (Painted Gray Ware Phase)

Political Organization

Tiny tribal settlements were placed by strong kingdoms.

Social

The fourfold division of society became clear, initially based on occupation, which later became hereditary: Brahmins(priests), Kshatriyas(warriors), Vaishyas(agriculturists, cattle- rearers, traders), Shudras(servers of the upper three).

The institution of the gotra appeared for the first time in this age.

Religion

Indra and Agni lost their importance. Prajapati(the creator) became supreme. Vishnu came to be conceived as the preserver and protector of the people.

The Vedic Literature

The Vedas

The word Veda comes from the root "vidi" signifying knowledge. They are four in all - Rig Veda, Sama Veda, Yajur Veda and Atharva Veda.



(1) Rig Veda

Oldest religious text in the world.

Contains 1,028 hymns and is divided into 10 mandalas.

(2) Sama Veda

Derived from the root Saman i.e "melody". It is a collection of melodies.

(3) Yajur Veda

Deals with the procedure for the performance of sacrifices.

(4) Atharva Veda

Mostly dealing with magic( along with personal problems of people).

The Upanishads

Called Vedanta

They are the main source of Indian Philosophy, 108 in numbers.

The Brahmins

They explain the meaning of sacrifices and also the methods of performing them.

Shatpath Brahmin on Yajur Veda is the largest among Brahmins.

The Aranyakas

These Granths were studied in the forest.

These are the books of instructions.

Epics

Mahabharata

It was written in Sanskrit by Ved Vyas

It describes a war between Kauravas and Pandavas of 950 BC in Kurukshetra.

Translation of "Mahabharat" in persian is called Rajm nama done by Badauni.

Ramayana

It was written by Valmiki in sanskrit.

It has 24000 Shlokas, also known as Aadi-kavya.

Its persian translation is done by Badauni and Tamil translation by Kamban.

Ramcharitmanas is written by Tulsidas.

Puranas

Puranas are 18 in number.

It was written during Gupta Age in AD 4th Century.

Matsya Purana is the oldest Purana.



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