वितीय बाजार Financial Market

वितीय बाजार Financial Market

वितीय बाजार एक प्रकार की व्यवस्था होती है जिसमें वितीय परिसम्पत्तियों का अलग – 2 प्रकार से लेन देन होता है जैसे जमा, बांड, बिल, लोन लेना और सरकारी प्रतिभूतियों का आदान-प्रदान होता है, (A market where people trade different financial share or security or commodities or other valuable items with low cost and according to their demand or supply. We include different items like share or bond or valuable metal or agri etc.) हमारे वितीय बाजार को चलाने का काम हमारे बैंक, गैर – बैंक संस्थाएं, म्यूच्यूअल फंड, मर्चेंट बैंक और केन्द्रीय बैंक द्वारा किया जाता है, अपने वितीय बाजार को हम कई भागों में बाँट सकते है जैसे –

वितीय बाजार Financial Market 

ü  प्राथमिक और दितीयक बाजार (Primary or Secondary Market) – हम इसे इक्विटी बाजार बजी कहते है, किसी भी वितीय बाजार को दो भागों में बांटा जा सकता है - प्राथमिक और दितीयक बाजार ! प्राथमिक बाजार – वह बाजार होता है जहां पर पहली बार या नए जारी किए गए शेयर को खरीदा और बेचा जाता है, दितीयक बाजार – इसमे पहले से मोजूद या प्रचलितं परिसम्पत्तियों का लेन-देन होता है.

ü  मुद्रा और पूंजी बाजार (Money or Capital market) – इसे हम बाजारों का कार्यात्मक वर्गीकरण भी कहते है, कई बार हम बाजार को कम/अधिक समय या अल्पकालीन और दीर्घकालीन परिसम्पत्तियों के लेन देन के रूप में भी देखते है अल्पकालीन परिसम्पत्तियों के बाजार को हम मुद्रा बाजार कहते है, दीर्घकालीन परिसम्पत्तियों के बाजार को हम पूंजी बाजार कहते है

ü  वितीय सेवाएँ (Financial Service) – विभिन्न व्यक्तियों और फर्मे, कई प्रकार कि वितीय सेवाओं का प्रयोग बैंक और दलालों के माध्यम से करते है, ये लोन और इक्विटी बाजार से सम्बन्धित कार्यो का विस्तार करते है तथा जमा और आहरण की सुविधा भी प्रदान करते है,

ü  लोन बाजार (Dept Market) – लोन बाजार के अनुसार, एक समय में दो लोगों में मध्य निधियों का लेन सेन होता है तथा उधार देने वाला एक निश्चित समय के लिए निधियां किसी को देता है और लेने वाला एक निश्चित समय पर उधार और ब्याज देना स्वीकार करता है, लोग अपनी आवश्कता के अनुसार लोन लेते है तथा कम्पनी बांड के माध्यम से नई पूंजी को निवेशकों से लेती है

                                      

Central Bank केन्द्रीय बैंक

Central Bank 

Central Bank is a bank which controls all the banking activity of a country. We also know it as a bank of the Central Government. This bank holds all the authority to control the currency system or generating new currency and also decide the monitory & fiscal policy of the country and credit control by different method. All the country has a central bank like Reserve Bank of India (RBI), Federal Reserve in USA or Bank of France in France etc.  

Reserve Bank केन्द्रीय बैंक 

Functions of Central Bank - 

ü Currency Regulator – central bank has all the authority to generate the new currency according to the requirement. But before generate the currency bank should be carefully go the economic data, inflation or other things. Every bank have different method to generate the new currency, every bank have a gold stock and foreign currency so a bank able to generate in a fix ratio (20% - 45%) of the total like in india, we have a cash reserve of 200 crore (gold of 115cr and foreign security of 85cr).

ü Custodian of Cash Reserve – every bank has a cash reserve and it should be compulsory of all. The amount should hold by the central bank for daily different bank settlement. Also transfer the amount from one bank to another.

ü Banker, adviser for Central Government – In every country, a central bank play a important role for government to give a advise on bank policy or fiscal policy or on other related issue. Central bank also holds the amount of Central Government or State Government but on such an amount, central government to pay any amount.

ü Manage the Foreign Exchange – central bank holds the foreign exchange of any country and also manages it. It’s also deal with the other central bank and also buy or sell the gold & foreign currency at market rate. Central bank also fixes the home currency rate with the foreign currency. Also fulfill all the responsibility as a responsible member of the IMF.

ü Credit control – central bank also fix the different – 2 holding cash ration for commercial bank. These things play an important role to control the inflation or deflation in the home market. For example Current Reserve Ratio (CRR), SLR or Bank Rate etc.

ü Clearing House – central bank is a clearing house for all the commercial bank. Central bank settles all the interrelated payment from each other bank because central bank has an amount of all the commercial bank and it’s become easy to make transfer & settlement from one bank to another. 

                                                             

objective of credit control साख का नियन्त्रण

Objective of Credit Control साख का नियन्त्रण

Bank is an important part of our economic and the entire bank always prefer to earn profit. For this, banks accept saving or different deposit on a fix interest rate from the public side and give loan to create credit on other side. Give a loan or create credit is an important part of any bank. But if flow of money increase in the market then price level increase automatically then we face an inflation in the economic. So it’s become the responsibility of the Central bank to control the flow of money and avoid inflation or deflation situation.

objective of credit control साख का नियन्त्रण

Motive or objectives of credit control (साख नियन्त्रण) –

ü Control the domestic price level – one of the important points is to control the domestic price level and also avoid the inflation or deflation situation. These things influence our economic growth.

  

ü Manage different Business Cycles – when there is a positive environment, we increase our jobs, productivity or price level etc and vise-versa also in negative environment. Central bank adopts such a policy in positive environment, we control the credit to avoid the inflation or in negative environment, we adopt a positive policy to spread the credit creation with liberal policy for investment, to create jobs or motivate the economic.

  

ü Manage foreign exchange – if there is a continue change in the domestic price level, these things effect our export & import. Any increase in price level our export decrease and import increase, this situation decrease the value or demand of our currency and vise versa also.

ü Balance the Growth & Stability – every economic have a dream that Growth with Stability. In the condition, there is a full employment, there is no pressure of fiscal or inflation sides. Stable price and foreign exchange is also an important.

ü Fulfill business requirement – central bank play an important role to fulfill the business requirement. Our traders or industries require credit or fund to meet their goal and then we require more funds for more growth or expand our business. These things also help the central bank to avoid or control the deficit in foreign trade also. 

                                                         

Limitation of Credit Creation साख बनाने की सीमा

Limitation of Credit Creation Limitation of Bank Activity

There are lots of activities which help the bank for credit creation. Also there are lots of things which affect the credit creation. A bank has lots of roles and responsibilities towards the public & industries. Here, we are discussing some of issue which are the  Limitation of Credit Creation (साख बनाने की सीमा) –

Limitation of Credit Creation साख बनाने की सीमा 

ü Cash in Hand – a bank is able to make a credit creation with the amount which he has. If a bank has more amounts for loan or credit creation than after he give more loans and make a credit. Other side also, if there is a less amount in hands, a bank should not able to make a more credit creation.

ü Public habits towards banking - if people are using banking system aggressively than a bank able to make more credit creation. If people not using cheques then a bank is not able to make more credit creation.

ü Liquid Ration – a ratio which define the parameter of a bank have the cash for day to day uses. If the ratio is high then a bank has left a little amount for loan. Other side, if there is a low liquid ratio then a bank has more amount to loan or credit creation.

ü Leakages – there are lot of leakages in the bank system or in credit creation. For example if any person take a loan or not summit the cash in another bank or hold the entire amount in cash in hand. These things become the limitation of the credit creation.

ü Clearance of different cheque – there is one assumption in the process that there are quick services for clearance of different cheque. But there are lots of problem in the settlement.

ü Banking Behaviour – banking behaviour also influence the credit creation. For example if the bank is not giving the loan according to the requirement or equal to the excess amounts then also we are not able to make a healthy credit creation.

ü Central bank policy – if our central bank adopts a credit control policy than also our bank not able to make a health credit because central bank is the supreme of the entire bank and policy maker for the entire bank. Our environment also helps us to make a credit creation. If there is a positive environment for growth then public or industries take more loans for investment and there is a negative environment then public avoids the investment plan.

Credit creation साख का निर्माण

Creation of Credit Credit creation

Banking is a comprehensive wide term in which different types of financial activity take places. In other words – a system or place where we put our money or valuable things for safety purpose and take back or withdrawal according to our need or requirement. Bank system deal in money, it takes money from depositor on a low rate and gives it to industries on other/higher rates according to their needs. if bank have more amount or deposit than after he is able to create more credits. Creation of Credit (साख का निर्माण ) is only done by the commercial bank.

When a bank deals with the industry or give loan to the some-one, it does create credit (साख बनाना).It is an important part of banking system. It means a bank give loan to some, it takes an interest from them and also it is the main resources of a bank income. A loan system or credit creation is depending upon a bank deposit or minimum liquidity ratio. For any bank, it is not possible to give all its money to some-one on interest or as loan because when some-one want to withdrawn its amount, who can any bank pay to public. 

So bank create credit after a liquidity ratio, bank always put some amount in case so that he is able to pay on demand. There is a difference in the interest rates which bank give to public and when a bank give a loan to some-one or create credit, this difference is the main income sources of bank. Every bank is able to give a loan or create credit to the equal to its excess reserves. All banks also give loan or create credit equal to multiple to the total excess amount.

Credit creation साख का निर्माण 

For example, if there are three banks like X, Y, Z and every-one have a minimum liquid ratio is 10% & total bank amount is Rs 100. So first bank give a loan of Rs 90 (100 – 10) then this loan deposit to the bank (Y) by the person. This bank also holds a reserve of 10% and gives rest of the money on loan 9 (90-9). Then third bank (Z) also do the same thing & reserve the 10% and give rest the money on loan or create credit.   

Forms of wealth wealth संपति संपति के प्रकार

Forms of wealth or types of wealth

Wealth is the total assets of a person have on a point of time. It includes all the consumption or income from different thing. It is also known as income from capitalized. We also know that income is a fulltime or permanent income which we receive whole life. Mostly we divide all the wealth into five different parts like – money, equities, bond, physical goods or human capital etc

 wealth संपति

ü Money - a word which has a wide area or a deep meaning. It’s not only to help full to make such a trade or exchange but it’s also helpful to accumulate & also have a value or unit of accounting. In it we include the entire thing from which we receive an interest or income like – different types of saving in bank. This thing gives it owner a social security’s or different types of facilities.

ü Equities – there are lot of company which is listed in our stock market. These company issue share or equities to public & raise money from the market. Any share and security represent an ownership interest. Also an equity holder earns income in the form of interest or dividend or capital gain by change in interest rates etc.

ü Bond – the Bonds also issue by the company or government for a time frame with fixed or variables interest rates. Every Bond has a contract with the interest rate or coupon rates that will be paid on time and the loaned amount or funds must be returned after a due date.

ü Physical Goods or Stock - we include all the inventories of consumable things or durable productive things in it. These things affected by tge expected change in price.

ü Human Capital - Any skills or capacity of the human being which is helpful for production.

Money functions money activity money work मुद्रा मुद्रा के कार्य

Money – its functions (activity or work)

There is lots of activity which is performed by the money. There is a time when we exchange the commodities with each other but know in current time frame, money become a essential or important thing in our life and we are unable to do a single thing without it. Ever where we see a trade and no trade will be complete without the money payment or other settlement. Domestic trade or international trades both become easy with the help of money.

Money functions

Different types of activity performed by the money –

ü Medium of Exchange – money become a main medium of exchange. It’s become very easy for every-one to make any payment and also it is better than a commodities exchange. It’s made easy our settlement and also makes difference in multiple exchanges. It’s save our time and valuable relationship.

ü Standard of transfer or payment – money make a standard for transfer of such value or also make easy for loan system. In previous time frame, we have a loan against the commodities or our animals. So money make easy to take a loan & easy to pay any deferred payments.

ü Accumulation of value – money has a value & if we accumulate it for future, it’s not decrease its value or none of other destroy its value. Money has a unit and we measure different rate and value in it similar like meters or dozens or kilograms.

ü Money is the most liquid form among all the liquidities. It is accepted by every-one so any one make a settlement with it like – bond or shares or government securities or DD or other thing which is easy to convert into money.

ü Money also develops a credit system of any country. All the bank credibility to finance all its related payment like loan or DD or bill payments.

ü  It’s also helping us to calculate the National income. In previous time when there is a commodities exchange, we are unable to calculate our national income but with the money we are able to measure our NI and different sector output.

                                                   

Money मुद्रा मुद्रा के प्रकार विभिन्न प्रकार की मुद्रा पैसा पैसे

Money मुद्रा मुद्रा के प्रकार विभिन्न प्रकार की मुद्रा पैसा पैसे

  

Money – a word which has a wide area or a deep meaning. It’s not only to help full to make such a trade or exchange but it’s also helpful to accumulate & also have a value or unit of accounting. There are no set patterns to define the money because its cover a wide area & also have a lot of use like – units of accounting, mode of payment or accumulation of value.

In simple words, we can say that money is a unit of accounting or having a valuation or off payment or medium of exchange which is generally accepted by the public. Money is also defines by its function like money is what types of activity money done. Anything which is used for payment or exchange or value of accumulation is called the money.

Types of money – we have three different modes which are used for as money like – metallic, paper money & acceptable money: -

Metallic Money – there are lot of metals which is also used for exchange or use as money because they have a unique value as well as like to money like – gold or silver or copper etc. we have three different parts in it like - 

Metallic Money 

  

ü  Standard Money – if a coin has the same value in the form of money or same in the form of metals.

ü  Token Money – if a coin has the more face value against in the form of metals.

ü  Subsidiary – all the coin which provide help to Token money and also support the mode of payment.

Paper Money – all those money which is made by the paper and issued by the central bank or the Central Government - 

Paper Money

    

ü  Representative Paper Money – money which is issued against the full value-coin or gold or bullion stock.

ü  Convertible Paper Money – money which have not supported by the gold or bullion stock but this paper money will be exchangeable in gold or bullion on demand of paper money holder.

ü  Inconvertible Paper Money – that paper money which is not supported by the gold or bullion and also not able to exchange with gold or bullion.

ü  Fiat Money – money which is issued by the Government order.

Acceptable Money – money which is accepted by all the different parties. We divided it in two forms like – legal Money or Non-Legal Money-

ü  Legal Tender Money – money which is accepted by the public or government and also used for exchange or payment. In Limited Legal Tender Money, we only make a limited payment like not more than Rs 25 in the form of .25p to 1 rupee coin. In Unlimited Legal Tender Money, there is no limit for paper note or such coins like 1, 2, 5, 10.

ü   Non-legal Money – money which is not supported by the law or Central Bank or Central Government.

                                                                                                                          

Invest Investment निवेश निवेश करना विभिन्न प्रकार के निवेश

Investment

Investment – it is a word which covers a wide area or has a very deep meaning. It is not only related with bond or shares or SIP or any things but also related with making some things new. Shares or bond are only a shift of assets from one person to another. But this is not a real investment. 

Real investment is an investment which is related with making some things new or increase in our current capital goods or assets. It totally related with increase in the capital like for example – making new house or factory or plant etc. New dam or road or company issue or increase in inventory also include in the investment.

Different types of investment –

Induced investment- this types of investment totally motivated by the profit or income. But it is also affected by price, salary, interest rates or demand. When there is a increase in income – there is a increase in demand then there is a motivated or induced investment. 

Induced investment

It has a positive co-relation with income I = f(y) where I – investment or y – income. If income increases from y – y1 then we have a investment level of ‘A’ or next when there is a increase in the income from y1 – y2 then we have a investment of ‘B’. We have an extra investment like ‘B – C’.

Autonomous investment – this types of investment related with innovation or population or R&D or social change or from a new low or any war etc. for example – building, school, dam, canal or hospital etc. in a long run all our investment become a autonomous investment.

Autonomous investment

Private investment– an investment which is done by a private person like TATA or Reliance or Birla or any other person. This type of investment affected by rate of interest or Marginal productivity of Capital.

Public investment – an investment which is done by the Government like building, school, hospital, roads, telephone or other public interested investment.

Intended or unintended investment – when there is a planned investment for any particular site that is an Intended investment. When there is a change in demand and then we have some increase in inventory then we have an Unintended investment.