ILLUMINATI ISSUE-8 MARCH 2015 (1)

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Sr.No Contents Page Number
1 From Director’s Desk 3
2 Editorial Piece 4
3 Regulatory Policy work And Nobel Prize 2014 For
Economics
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4 Money Relation with Parents 10
5 Industrial Visit 13
6 Union Budget 2015-2016 15
7 Sports Day 19
8 Women Entrepreneur-Future of Nation 21
9 Musing 22
10 Chasing my Dreams 23
11 The Stanford Prison Experiment 25
12 Special Education Loan Facility(SELF) 26
13 Poem Section 27
14 Photo Gallery 31
15 Events 38
16 Our Achievers 39

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It is a pleasure to write this note for the „Illuminati‟ especially when we are having the
annual symposium „Astitva‟, the Institute day and the alumni day. It is important to reflect on the
theme of „Astitva‟ this year, viz., „Ethics and Professions‟, and its relevance to our society and
times more than anytime in human history. „Astitva‟ means purpose or core or raison deter of
existence. One cannot think of any facet of human endeavor let alone professions without ethical
challenges. Ethical challenges are both personal and corporate and “Law is the minimum of
ethics”.
As one becomes an adult and moves up in the walks of life, one interiorizes ethical
behavior. At the personal level, any adult would vouch, that many ethical challenges one faces
cannot even be discussed. It would have serious repercussions despite the advantages it may
bring for oneself or ones organization. True practice of ethical behavior may need some degree
of humility at the personal level.
Corporations are not meant to be humble but they can be decent and noble. In times to
come, almost every organization would be managed by humans who acquire some sort of a
management qualification/education at some point of time - either before entering the workforce
or during course of one‟s own work life. This put huge challenges on the academia and most of
all on Management Schools. Recent corporate scandals, crime and punishment clearly
indicate, that stellar institutions and world class education do not necessarily give the strength
to apply the fine degree – called human conscience - in an ambivalent situation. This is nature
and nurture. Individuals are molded. Corporations evolve. The academia should kindle the spark
to light the path for an individual. It is an effort both personal and Institutional. Individuals carry
the torch when the academia leaves them.
JDBIMS has always had a paper „Ethics in Business‟ as part of its curriculum. In recent
times it has been revitalized as „Ethics and Indian Value Systems‟. The idea is to inculcate
respect and pursuit of eternal values in the personal and professional lives of the alumna of
JDBIMS. In 2022 JDBIMS will be 25 years old. In 2024, the first batch will come for the re-
union. 25 years of age brings significant transitions in the life of any young person, most of all a
young woman. The age of an academic institution is not decided by the number of years of its
existence. But the quality of the people that it provides to society. The decisions that the alumna
of JDBIMS makes in the future will impact lives of many around them. Therefore, it is
incumbent on JDBIMS to explore and make available opportunities and avenues, in its reach and
means, to train responsible managers for the future. Astitva is one of them.

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Dear Readers
Welcome to the 8th Edition of illuminati!
This edition features the reality of life, women empowerment, current affairs, and
experiences. It has a Students’ Corner, which is a great significant part of the
magazine; it is a good source of the amalgamation of creative writings, thoughts
and information. The focus is to discuss the global issues from various fields like
banking, budgeting, women entrepreneurship, and finance sector. The article also
discusses a number of activities initiated like sports day, industrial visits and
festival celebrations in our college.
“It takes a big heart to help shape little minds”, so with sincere gratitude we would
like to thank our director and faculty members for encouraging us and being
supportive. Also our colleagues for having given their valuable inputs.
We believe and adhere to the quote by Bill Gates - “I really had a lot of dreams
when I was a kid, and I think a great deal of that grew out of the fact that I had
a chance to read a lot.”
We’re eager to engage with our readers, and hope that you will join the
conversation. We, of course, invite you to give your feedbacks at
illuminati.jdbims@gmail.com
Happy reading!

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Priya Gemavat
Jaya GirheAkanksha Shrawne
Prerna Nikam
Yugandhara Raban
Swati Kulkarni
Neha Nikam

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When the request came for contributing to the Journal of JDBIMS e-Newsletter, I was
thinking on what area I should write. Last year, I wrote an article on „Asset Pricing & Nobel
Prize 2013 for Economics‟. Since, Risk Management and Economics, I like very much, I have
decided to write this time also on „Regulatory Policy Work & Nobel Prize 2014 for
Economics’.
As you all know, French economist Mr. Jean Tirole won 2014 Nobel Prize for economics
for his work that has shed light on how governments should regulate powerful companies that
dominate markets. Mr. Tirole, 61, presently is working at the Toulouse School of Economics in
France. Mr. Tirole first trained to be an engineer in France and went on to get a doctorate in
mathematics from the University Paris-Dauphine in 1978 and a second doctorate from
Massachusetts Institute of Technology in 1981. He holds honorary doctorate degrees at
Institutions such as the London Business School and the University of Rome tor Vergata. It is the
first economics prize without an American winner since 1999 and Mr. Tirole is the third French
man to be awarded with the prize for economics.
The Royal Swedish Academy of Sciences, while announcing the Prize said, „Jean Tirole
is one of the most influential economists of our time and most of all, he has clarified how to
understand and regulate industries with a few powerful firms‟.
In coming out with his research findings, Mr. Tirole has tracked the market failure
incidents from the year 1980. Before Mr. Tirole‟s findings, researchers and policymakers sought
general principles for all industries. They advocated simple policy rules like capping prices for
monopolist and prohibiting co-operation between competitors, while permitting co-operation
between firms with different positions.
Mr. Tirole advocated that such simple policies and rules advocated by economist prior to
him may work well in certain conditions, but do more harm than good in others. Price caps (as
suggested by economists prior to him) can provide dominant firms with strong motives to reduce
costs but may also permit excessive profits. Mr. Tirole has applied his work on number of
industries, ranging from telecommunications to banking. He came to the conclusion through his
research that market regulations should be carefully adapted to the conditions of specific
industries, rather than general regulatory prescription such as price caps which can do more harm
than good, as stated already. He concluded that all industries should not be treated in the same
manner. He maintained that co-operation on price setting within a market is usually harmful, but
co-operation regarding patent pools can benefit everyone. The merger of a firm and its supplier
may encourage innovation, but may also distort competition. Left unregulated, industries that are
dominated by a few single firms can produce undesirable results, such as unnecessary high prices
or unproductive companies blocking new firms from entering the market. From his research,

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Governments can draw clues as how to deal with mergers or cartels and how they should
regulate monopolies. Tirole‟s Research has also showed that some companies – for example,
producers of widely used but patented software – are able to dominate not just their own
industry, but also neighboring industries further down the production chain.
Speaking to a press briefing in Stockholm on getting the Prize, Mr. Tirole said,
„Regulation has to be light enough not to kill entrepreneurship yet a strong government is needed
to enforce it‟. Mr. Tirole said companies like Google work in a „two-sided market‟ where they
have to attract both advertisers and users of their service.
Such markets have a tendency towards monopolization, though that is not dangerous if
new competitors are able to enter the market.
In 2011, Mr. Tirole published the book, „Inside and Outside Liquidity‟ with Finnish
Economist and Massachusetts Institute of Technology Professor Bengt Holmstrom. The book
focuses on why financial institutions, industrial companies and households hold low-yielding
money balance, treasury bills and other liquid assets and on how markets can make up for a
shortage of liquid assets.
More recently, Mr. Tirole has argued for stronger regulation of banks in the wake of the
2008, Global financial crisis. In this connection, Mr. Tirole maintained that, „the authorities are
putting in place some regulation of liquidity, which is very good thing. I think banking is a very
hard thing to regulate and we economists and academics have to do more work on this‟.
Since Mr. Tirole has touched on how to regulate the Banks, I will delve briefly on how
Banks and Financial Institutions are regulated. The basic prescriptions for such regulation have
emanated from Bank for International Settlement, an International Organization, which is
situated in Basel, Switzerland. It had formed a permanent Committee in the year 1974 by name,
‟Basel Committee on Basel Supervision‟ or famously called as BCBS. This Committee, which
exists even today, has come out with Basel I prescriptions for Banks and Financial Institutions in
the year 1988. The main reason for BCBS to come out with Basel I prescriptions is how to avoid
Bank failures. Such a need had arisen due to the failure of a Bank in Germany by name Bank
Herstatt in the year 1974 and is famously called even today as „Herstatt Risk‟. The Basel I
Accord primarily sought to put in place a framework for minimum capital requirement for banks
that was linked to credit exposures.
Since the credit risk assessment under Basel I was not risk-sensitive enough, Capital
requirement assessment under Basel I was not being able to differentiate between banks with
lower risks and banks with higher risks. Hence, BCBS has to come out with Basel II in the year
2004, which is superior to Basel I prescriptions.
Basel II went smoothly till 2008 and the Global Sub Prime Crisis proved that Basel II
prescriptions are inadequate to control the Bank failures, which particularly took place in US.
So, in the year 2010, BCBS has come out with Basel III prescription. When Basel II came, it
replaced the Basel I framework. But the Basel III framework, whose main thrust has been

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enhancing the banking sector's safety and stability, emphasizes the need to improve the quality
and quantity of capital components, leverage ratio, liquidity standards, and enhanced
disclosures. When Banks implement Basel III guidelines, it is expected to strengthen bank
Capital requirements by increasing bank liquidity and decreasing bank leverage. Unlike Basel I and
Basel II, which focus primarily on the level of bank loss reserves that banks are required to hold,
Basel III focuses primarily on the risk of a run on the bank by requiring differing levels of reserves
for different forms of bank deposits and other borrowings. Therefore Basel III does not, for the
most part, supersede the guidelines of Basel II; rather, it will work alongside with it.
Mr. Tirole, in his talk mentioned about Bank‟s regulation on Liquidity. Yes, the Basel III
guidelines comprise of two sets of documents, one on Capital Standards and other on Liquidity
Standards as given below:
1. “Basel III: A global regulatory framework for more resilient banks and banking systems”.
This guideline strengthens the bank-level i.e. micro prudential regulation, with the
intention to raise the resilience of individual banking institutions in periods of stress.
Besides, the reforms have a macro prudential focus also, addressing system wide risks,
which can build up across the banking sector, as well as the pro-cyclical amplification of
these risks over time. These new global regulatory and supervisory standards mainly seek
to raise the quality and level of capital to ensure banks are better able to absorb losses on
both a going concern and a gone concern basis, increase the risk coverage of the capital
framework.
2. Basel III Framework on Liquidity Standards Monitoring Tools for Intraday Liquidity
Management. A bank‟s failure to effectively manage intra-day liquidity could lead to
default in meeting its payment obligations in time, which may affect not only its own
liquidity position but also that of its counterparties. Given the inter-dependencies that
exist among systems, this may lead to liquidity dislocations that may cascade rapidly
across many systems and institutions. As such, the management of intra-day liquidity risk
should be considered as a crucial part of liquidity risk management of the bank. The
importance of management of intraday liquidity risk has been stressed in Basel III and
introduced two required liquidity ratios. The "Liquidity Coverage Ratio" is supposed to
require a bank to hold sufficient high-quality liquid assets to cover its total net cash
outflows over 30 days; the Net Stable Funding Ratio is to require the available amount of
stable funding to exceed the required amount of stable funding over a one-year period of
extended stress.

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CONCLUSION:
There is no doubt Mr. Tirole‟s findings are very useful. I agree with Mr. Tirole, banking
is a very hard thing to regulate because it works on borrowed funds and not on its own money.
However, Banks have to make business and earn profit only out of leveraging and hence, this
leverage has to be kept under constant vigil and control in order to ensure that it is not going into
„excessive leverage‟ mode. This is always a big challenge for Regulators.
Again, coming back to regulating Banks and Financial Institutions, because of Herat
Risk, Basel I guidelines came, because of liberalization of process and embracing technology in
Banks, Basel II guidelines came and finally because of Global Sub-Prime Crisis, Basel III
guidelines came. Risk works 24 by 7 and always looks for weak spots. Once it finds the weak
spot, it will enter through this and create enough destruction for any system. Negative forces
always work round the clock to challenge the positives in the world. So, the present guidelines
will work smoothly till another scam or crisis arises. Only at the time of next crisis, we can say
whether the present guidelines would stand the test of time or BCBS has to come out with one
more guidelines in the form of Basel IV.

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This is not a typical „event‟! It is a series of complex steps and starts almost at birth.
From birth a kid sees money, plays with it, counts, realizes the power it has. My daughter once
told me „I want notes, coins do not buy anything‟ – just an observation I guess!
So right from the age of 4 you can start teaching the kid the value of money and what it does.
Not that all parents take the trouble to do it. I have no clue, but many parents refuse to share how
money is earned, spent, taxes paid, charities made and INVESTED for a rainy day.
IF YOU DO NOT TEACH YOUR KID ABOUT MONEY, who will? Do you think school and
college will ? No, they will not.
So let us look at a person‟s relationship with money and the role of the family.
Stage 1:
When you are about 8-10 years of age you have just started understanding money. You know
what is the price of a house, the cost of a car, the cost of a loaf of bread and the cost of ice-
cream. You know that your parents have had to slog to earn the money, to provide for a nice
roof, put food on the table, pay your school fees, pay for vacations, – and generally for the day to
day living. By now you have been told that the ATM which spews money whenever you want
has to be filled by the hard work that the parents put in at the office.
By now you realize that the servant who comes home or the driver who drives the car are
providing you services. You also realize that money is in short supply and has to be rationed. If
you have sensible parents, they talk to you about money responsibly. If they are not sensible,
they fight over money. It is time when you compare the people around you – and start making
money judgments. You know that a person with a bigger car, house, and vacation…..is
considered to be rich!
At this time you are able to handle budgets and rationing of money. If you are told that you have
a Diwali budget of Rs. 5000, you know that you can buy a dress for Rs. 4500 and Rs. 500 has to
be spent on crackers! You have already asked for your first mobile phone and you did not like
the budget of Rs. 8000 that your parents set for you. You have started realizing the importance of
budgeting, saving, etc. You are understanding words like inflation but are still too young to
understand the implication of that word.

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Stage 2: End of school to Completion of college education
You have finished school and wish to study further. You are now wondering who should be
funding your education. Should you be taking a loan?
Should your parents support you?
Should your parents pay your full fee and board?
Stage 3: (Just started earning…)
The next stage is when you have just started earning. The questions that you have to answer are:
Should you live with your parents?
If you do live with them should you pay rent? How much?
Should your parents subsidize your higher education? Like an MBA costing Rs. 2 crores?
How about paying them for food and other services?
Are your parents subsidizing your expenses?
Will you be able to afford to live on your own?
Who will pay for your wedding expenses?
How should your wedding be celebrated? – a simple court marriage or a full blown Big Fat
Indian Wedding?
Stage 4:
You are buying some asset –
Should you ask your parent to pay for a portion of that?
Should you take a loan for the asset?
Should your parent be a guarantor for the loan?
If you do take a loan from them will you pay interest? Will you repay the loan?
One sibling is milking the parent – almost dry – will you interfere and stop (and risk your
parents‟ ire too!!)?
Sure you are earning well, but if your brother did not eat out of your parent‟s capital, your
parents could fund an Ivy League education – so you are caught between the devil and the deep
sea.
Stage 5:
You are now in your middle age, and you have grown up children in college
Do your parents need financial help?
Are they financially well off?
Do they need you to look after their finances?
Have their finances been well managed?

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Are they in a position to comprehend the financial bombarding that must be happening?
Are they vulnerable to being cheated?
Do you need to forcibly look after their finances?
Do they have a will?
Are all their nominations in place?
Really the child-parent financial relationship is not ONE article but a series of articles! And each
parent is different, as is each child.
Now all these questions have at least 3 sides – the child‟s view, the father‟s view and the
mother‟s view.
This is not simple.

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MUMBAI-CHANDIGARH-MANALI-AMRITSAR-MUMBAI
Industrial visits have always been a matter of debate. My dad always thought that the
industry should be the main purpose of the whole visit. Ironically, it was never so. It was more of
a visit always .My dad hesitant, agreed to let me go for the IV this time after weeks of me being
the good girl at home. The semester exams in between just added to my woes. It seemed like
such a long wait. Let me tell, the wait was absolutely worth it. We were leaving just the next day
after our exams. That itself took our excitement to whole new level. When the day of departure
arrived, I was super ecstatic. Our train departed from Bandra Terminus at 10.am, on 13th
November 2014.I and my friends settled down on our seats, bade goodbyes to our families who
had come to see us off. The whole train journey was chaotic fun. We played antakshari, card
games and never slept. Finally, we arrived Chandigarh the next day. We all were very tired and
exhausted, but the Beautiful city welcomed us with open arms. Next morning, after our
sumptuous breakfast of delicious parathas, chole bature and many more variety dishes, we all set
off to visit our Industry „AMARTEX‟ textile industry. We gained an insight into how threads of
various colors were woven into pieces of clothing like pants, shirts & shawls. The industry
housed one of its own shopping center where we shopped till we dropped.
This was followed by very delicious and authentic Punjabi lunch of Sarson da saag ,
makkai di roti and big glass full of lassi at „Mahek Punjabi Di Sethi Dhaba’. Post the heavy
lunch, we headed to „Rock Garden’,’Sukhna Lake’ and then shopping in the famous street
Sector 17 and Sector 20.After light dinner, we all set off for an overnight journey to Manali by
bus. I can never forget that how beautiful and peaceful Manali was. The astounding and exquisite

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beauty of the hills around us with specks of snow gleaming at its peaks,took us by awe and
wonder. The beauty of the nature could make any man insane. The Manali trip was full of mind –
boggling. The Tibetian Moanestry, Buddhist Monasteries to Rohtang Pass and Hidimba
temple was very serene and soothing.
The steaming cups of chais, maggi noodles, hot grilled corns and momos was like heaven
to us in this freaking cold. We also had this adventurous trip by enjoying river rafting in the
Manali river. The water was bone-chilling and the experience truly one in a lifetime. After this
adventure sport, we went to visit Kullu Shawl Factory where we got to view how the famous
Kullu shawls are woven. We were also taken to the factory outlet where the products were sold
in discounted price.
This extended till evening and after dinner we headed off to the last stop in our journey-
AMRITSAR. The city of Amritsar was full of liveliness and mirth, colorful with very beautiful
and warm people. It was truly a very good experience to witness the daily evening historic
parade at „Wagah Border’. It was indeed a very invigorating sight, a one that left us awestruck
and wondering above the massive history. Then the „Jallianwala Bagh’ was not honored enough
according to me, it was modified to such an extent that the original essence was lost. That was
made up for the in the later part of the day-the highlight of the trip-The Golden Temple. The
ambience was soothing & serene & there was happiness radiating from within. The whole
experience right from the Darshan to langar was surreal. It gave perfect full stop to our trip. Then
in the night we took train back to Mumbai. Even this last train journey was memorable as we
celebrated Renuka Rane‟s(classmate) birthday in train by arranging cupcakes which co-
incidentally happened on that day. I am sure all who had come for the trip would cherish these
10 days memories for their lifetime. For me, It was beautiful experience and so happy that at
least with the reason of IV I could explore some part of India. I would actually like to thank
Indian Odyssey Team for their awesome and superb arrangements from the start to the end of the
journey. It is because of them the journey was totally worth it..
TO LIVE…IS TO TRAVEL…

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Union Budget 2015-2016 of India was presented by the Finance Minister of India Mr. Arun
Jaitley on 28th February 2015. Indian Economy about to take off on a fast growth trajectory.
1st
full year budget of new government
What is meant by Budget?
A budget is an estimate of income and expenditure for a set period of time i.e. it is an itemized
summary of likely incomes and expenses for a given period, A government budget is a government
document presenting the government's proposed revenues and spending for a financial year. It
helps government to prioritize your spending and manage your money
Introduction of union budget:
 GDP growth expected to be between 8 to 8.5% in 2015-16.
 Most of the growth forecasts have upgraded Indian Economic Growth
 Stock Market- Second Best performing in 2014.
 India – fastest growing large economy in the world with GDP growth expected to be
around 7.4%.
 Government to pursue accelerated growth, enhanced investment round the clock, round
the year.
 Fiscal deficit is maintain
 Economics indicator favorable for rupees stable
Three Key-achievements:
1. Financial Inclusion – 12.5 crores families linked with banking facilities.
2. State resources augmented with Transparent Coal Block Auctions.

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3. Swachcha Bharat Abhiyaan
Deficit expectations in the budget
 Fiscal deficit: The difference between total revenue and total expenditure of the
government is termed as fiscal deficit. It is an indication of the total borrowings needed
by the government
 Revenue deficit : The difference between expected revenue and actual revenue termed as
Revenue deficit
 Current deficit - Current account deficit occurs when the country‟s imports are greater
than the country‟s exports of goods, services and transfers.
 Gross Domestic Product - The monetary value of all the finished goods and services
produced within a country's borders in a specific time period, though GDP is usually
calculated on an annual basis
 Fiscal deficit is estimated to be around 3.9% of GDP in 2015-16.
 Revenue deficit is estimated to be around 2.8 % of GDP in 2015-16.
 Determined to achieve the expected fiscal target of 4.1% of GDP.
 Remain focused on meeting medium term monetary deficiency target of 3% of GDP.
 Current account deficit below 1.3% of GDP.
Planned and non-planned expenditure:
 The total expenditure is – Rs 17,77,477 crores
 Plan expenditure estimated at about 4.65 trillion rupees
 Non-plan expenditure seen at about 13.12 trillion rupees
Allocates 2.46 trillion rupees for defense spending
 Allocates 331.5 billion rupees for health sector
Taxation on Budget :
 No change in the tax slab this year.
 Custom and Excise duty concessions on hybrid vehicles extended till 31.03.2016.
 PAN becomes mandatory for any sale and purchase exceeding Rs 0.1 Million
 AAR (General Anti-Avoidance Rule) postponed by two years.
 Simplification of Tax procedures and restructuring of E-filing.

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 Wealth Tax replaced with additional surcharge of 2 percent on Super-rich ( These
measures will lead to tax collection of Rs 90 Billion whereas the wealth tax could earn
only Rs 10.08 Billion)
 Deduction limit for Health Insurance Premium increased from 15000 to 25000 and 20000
to 30000 for Senior citizens.
 Deduction of 30000 in Income tax for Senior citizens not covered under any health
insurance.
 Additional deduction of Rs 25000 for disabled persons.
 Deduction under payment of Pension fund and new Pension Scheme (NPS) increased
from Rs 0.1 Million to Rs 0.15 Million.
 Additional deduction of Rs 50000 for payments to new pension scheme u/s 80CCD.
 Donations to National Fund for Control of Drug Abuse to be eligible for 100% deduction
u/s 80G of Income tax Act.
 100% deduction for contributions (not applicable to CSR) to Swachcha Bharat
Abhiyaan and Clean Ganga Fund.
 Yoga included under charitable activities for Income Tax purposes.
Impact on Real Estate or Infrastructure
 Proposes to rationalize capital gains tax regime for Real Estate Investment Trusts
(REITs)
 Investment in infrastructure to go up by 700 Billion
 To start 5 „ultra mega‟ power generation projects so as to end chronic power shortages.
 Tax free infrastructure bonds for projects in rail, road and irrigation to be introduced.
 Need to build additional 100,000 km of road
 Revitalizing the PPP (Public – Private Partnership) model for infrastructure development
These have increased in Union Budget 2015-2016
 Excise Duty on Sacks and bags of Polymers of Ethylene increased from 12% to 14 %.
 Basic Custom duty on Metallurgical Coke increased from 2.5% to 5%.
 Service tax plus Education cases increased from 12.36% to 14%.
 Clean Energy Cass increased – from Rs 100 to Rs 200 per metric tons of coal.

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 Tariff rate on iron and steel articles increased from 10% to 15%.
 Tariff rate on commercial vehicle increased from 10% to 40%.
These have decreased in Union Budget 2015-2016
 Corporate Tax to be reduced from current 30% to 25 % over next 4 years.
 Excise Duty on footwear with Leather uppers and having retail price of more than Rs
1000 per pair reduced to 6%.
 Artificial Heart exempt from basic Custom Duty of 5%.
Gold budget
 Government to introduce Indian made Gold coins (with Ashok Chakra on its face) to
reduce demand for foreign coins.
 To launch sovereign gold bond with fixed interest rate as an alternative to purchasing
metal gold.
 To introduce a gold monetization scheme. The new scheme will allow the depositors of
gold to earn interest in their metal accounts and the jewelers to obtain loans in their metal
account.
Corporate rate of tax is reduced from 30% to 25% this is message for youth, born to be
entrepreneur.
Don’t be a job seeker, be a Job provider
-

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“Talent wins games, but teamwork and intelligence wins
championships”
In today‟s generation sports and games have become an integral part of our life, and they do
play a significant role.
In this respect, it was indeed a great day for all the “Jdbians”. On 13th
of February 2015
as the Sports Day was organized on our college ground, for the first time in history of JDBIMS
by the first year mms (2014-16) students. The warm, sunny and brisk morning was filled with
happiness on this special day.
With great joy and eagerness to play the sports day commenced at 10.00 am and went on
till 5.00pm. There were both indoor as well as outdoor games. We began with the 100m race
followed by various types of races such as relay, marble spoon, sack race and 3 legged race. The
students competed in various events with great enthusiasm. Among all, the most exciting event
was the sack race. It was really happy to see our professors also taking part in various games. We
had Geeta mam wining in the chess tournament and Saroj mam in marble and spoon race. We
also enjoyed playing cricket and clicking beautiful pictures. After the outdoor games were done,

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we had taken a break for some time, had our snacks, took rest for a while and then started with
the indoor Games which included badminton a game where each one of us like and enjoy playing
it.
There were matches for badminton wherein juniors v/s seniors and the situation was as noisy as
everybody cheered for their team, nevertheless seeing the team yelling when it gains the points
against the opposite team. There were chess and carom also been played side by side with great
determination and will power.
Then comes the most interesting moment of the function - the moment of appreciating the
winners by awarding them certificate, gifts and medals This sports day was a great joy that we all
enjoyed with our professors as well as with our seniors and making it an unforgettable and not
only a memorable day but learning good values such as sportsmanship, spirit of competition,
team-spirit, co-operation, discipline in the field etc. And this was only possible with the initiative
of students and support of faculties that made first sports day a success. We look forward for
some more events coming in JDBIMS.

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In the words of Former President of India APJ Abdul Kalam “empowering women is a
prerequisite for creating a good nation, when women are empowered, society with stability is
assured. Empowerment of women is essential as their thoughts and their value systems lead to
the development of good family, good society and ultimately a good nation.”
In this dynamic world women entrepreneurs are significant part of the global expedition for
sustained economic development and social progress. Due to the growth of industrialization,
urbanization, social legislation and along with the spread of higher education, awareness, the
emergence of women owned business are increasing in the economies of almost all countries.
In the former days for women there were 3ks-Kitchen, Kids, Kitting, then came 3Ps-Powder,
Pappad, Pickles and now at present there are 4Es –Electricity, Electronics, Energy, Engineering.
Indian women have gone a long way and are becoming increasingly visible and successful in all
sphere of life and have shifted from kitchen to higher level of professional activities.
Women entrepreneurs are fast becoming a force to reckon with in the business world and
are not only involved in business for survival but to justify their inner urge of creativity and to
prove their capabilities. Educated women is contributing to a great extent to the social
transformation and in the future will be seen that more women venturing into areas traditionally
dominated by men.
Today‟s women are taking more and more professional and technical degrees to cope up
with market need and are flourishing as designer, interior, decorator, exporters, publishers,
garments, manufacturers and still exploring new avenues of economic participation. Therefore,
Government bodies, NGOs, Social Scientist, Researchers and International Agencies have
started showing their interest in the issue relating to entrepreneurship among women in India.
As a nation, India has accepted the concept of women entrepreneurs. But it is also seen
that, due to lack of support and confidence, women in India change their decision and do not go
ahead with the ideas in their minds. We should be proud of our country, and to be proud of India,
we first have to learn to respect women and be proud of them. We should encourage them to be
dependent and help India to become a developed country.

22
Eyes are deep lakes of mysteries! You look at your eyes in the mirror and you can almost
express all your emotions through your eyes. Eyes are diverse and they speak different
languages. The sketches are about eyes. Our soul speaks through our eyes. They not only
convey astonishment when wide open but also portray calm when closed. The beauty within
speaks through the eyes. And such mysteries are not attributes of human beings only- eyes
are the treasure of expressions to animals too! A tiger‟s face and a human face have so much
symmetry among them and so do their eyes. Eyes are the gateway to our souls, gateway to
every living soul
We speak of betterment, innovation and positive energy to take our world forward. The torch-
bearer of progress in the modern world is youth. With every youth blossoming, more and more
energy is being pumped into our society. Youth bring radical ideas, revolutionary thoughts.
Youth questions old old traditions and don‟t accept them just because the family has been
following it. Some of the wiser generation thinks youth is ruthless- but youth thinks it‟s just
overwhelming energy. Their minds are full of optimism and a drive to move forward. Like
nuclear power, this endless source of energy needs to and been harnessed through education. The
countless number of new brains and brawns can only be directed in the correct direction through
proper education. This does not mean stopping them to think different, but to enlighten them to
know the history and do just. Wise intellect flowing down through education and the unrestricted
virtues of youth, together, can do wonders in the world. It would be like nuclear energy
harnessed to light up every nook and corner of the earth.

23
“I don’t want to wake up tomorrow and have nothing to live up t. I want to wake up early
to start CHASING MY DREAMS.”
The above saying rightly goes with my thinking. We always tend to dream. Some
dreams are very small and some are unpredictable, this is what we believe in since our
childhood. But in real context this is not true; no dream can be big small or unpredictable. It is
always on our confident. Dreams should always be seen as the level of confidence we have to
achieve our dreams. When we shoot from a gun to the target we aim it properly so that it reaches
the target, in the same way we should dream that we make sure that our dream doesn‟t only
remain a dream. For that we first need to start chasing our dreams, unless we chase dreams will
never become true. That‟s how Warren Buffet, Bill Gates and other personalities have made it
through and made a history. If they wouldn‟t have chased for their dreams it would just had been
locked in their minds. We always dream of something or the other till we are on this wonderful
planet. But do we ever give a second thought that out of all the dreams how many dreams we
actually chase for.
Initially even I was under the wrong impression that all dreams can be fulfilled and if
by any chance any of my dreams comes true then that is merely because of my luck. On similar
lines I had to choose my career and I always wanted to be presentable, leader and a decision
maker. But I thought that I don‟t have the potential to do that and as we know “free ki advice” so
I got many and out of that I choose to give entrance exam of “CA” which I knew was something
I was never interested in, but because I had to do something to be in world of books I choose it.
While I was preparing for my entrance for professional course to become a chartered Accountant
“CA” I met one of my brothers who was pursuing MBA. He said me everything what they do in
their Master‟s degree. That time only I thought that this is what even I wanted to be, but I was
not confident enough about my skills. My brother then motivated me and said me if you want to
make your dream come true it is not going to come to you just like a Santa Claus coming and
giving you gift in the night, but you will have to chase for it. And suddenly clinched my mind
and I started thinking about it. And I actually realized that we actually chase for everything we
want, it is just that some things come to you early and some need determined efforts. Then with
his guidance I finally thought of doing MBA and started preparing for entrance exam the MH-
CET which is the entrance exam for getting admission in MBA colleges in Maharashtra. After

24
my result arrived I started hunting for colleges in which I can get admission. After filling forms I
started waiting for my selection unknowing about what my family was thinking. And finally I
got selected in one of the best colleges‟ i. e. Jankidevi Bajaj Institute of Management Studies.
I was so happy that finally I am one step ahead of coming closer to my dreams. Soon my dreams
got shattered when my family said a big NO to pursue the course since they thought they I was
still not sure about my career. That was because I had changed my mind so many times.
But this time I was firm with my decision and I started off with the admission process. This was
the first time when I entered SNDT university campus and every step from the entrance to the
college was as if I am walking a mile. The heart beats were really fast and I was very happy but
on the other hand had a fear.
The first thing I saw was the name of the college “Jankidevi Bajaj Institute of
Management Studies “with the blue background. As soon as I entered the college I asked for
admin department to confirm my admission. It was on the first floor. When I was paying my fees
with goose bumps I was still wondering should I go against my family but then again I thought
of my dream and chasing to it. I took admission and the funny thing was I asked the faculty that
where lectures would be conducted and he said that in this campus only. I was a bit shocked
because I was a little disappointed with the infrastructure but I knew about college and its
faculty, so infrastructure was a secondary issue.
I came out with happiness and my confidence also boosted up. The college was suppose
to start within a week and I then started preparing for my new college in fact new life. I assured
my family as well about my area of interest. And they gave me a chance to prove.
Now the challenge was that I had to prove myself. The college started and I finally started living
my dream. Every day I come to college I feel closer to my dream and my skills are developed
more.
And finally I realized that chasing your dreams is the only way of making your dream come true.
Lastly I would say to all the dream lovers
“I am done being lazy!!! Today I will start chasing my dreams, achieving my goals and living
life happier and healthier.

25
In the summer of 1971, a professor at Stanford University, named Philip Zimbardo and his team
conducted a psychological experiment now commonly known the Stanford Prison Experiment.
The focus of the study was social roles and the way these roles influence human behavior.
The team posted advertisements for volunteers who could earn $15 dollars a day for two weeks
by participating in this study. Out of the 70 applicants, only 24 men were chosen for the
experiment - healthy, smart, middle-class college students who were of sound mind, who did not
suffer from any psychological problems, had no medical problems and had no history of crime or
drug abuse.
These 24 participants were then randomly divided into two groups‟ prisoners and guards by the
toss of a coin.
The living conditions were made to resemble a real prison. The inmates were held behind steel
bars and were each given a number. That number then became the identity of those individuals.
The guards who were not given any formal training began to treat the rest as real prisoners. They
stripped them naked, made them shave their heads and forced them to wear feminine clothing
along with a heavy chain bolted on the right ankle of the inmates at all times. They constantly
ridiculed them and humiliated them day in and day out. Pretending to be someone for a few
hours on stage is completely different from living that life for two weeks!
The experimenters say they that we were trying to create a functional simulation of a prison and
not a literal prison. However the effects of this prison were very real on the participants and were
not controlled.
What about the feeling of constantly being emasculated, suppressed, constantly being tortured,
the loss of individuality, the depression, the anger and much more that the participants
experienced during the experiment?!
Sure there was informed consent at the beginning of the experiment and the APA was of the
opinion that the study was ethical.
But what about the emotional trauma that the participants underwent during the study? What sort
of board sanctions such cruel outcomes?
The effects of the study only lasted as long as the experiment did. Or that's what the research
team tells us. But does that make it any more ethical? Is it okay that humans are treated like some
lab rats and whatever happens to them is fine as long as it is temporary?

26
Isn't it obvious that humans are capable of any amount of insanity and are capable of going to
extremes like Hitler, Pol Pot, Ivan IV of Russia or Stalin did?
Does the mere need to observe social roles allow us to go to such an extent so as to allow
innocent individuals to lose so much emotionally and physically?
The Stanford Prison was just one psychological experiment. There were many other inhuman
experiments like The Monster Study (On 22 orphan children in Iowa), The Aversion Project
(The „sex-change‟ operation), and numerous Nazi Experiments, to name a few that one group of
people thought it was okay to conduct, all in the name of science.
I believe we need to reassess our own ethical standards and look closely at what we believe is
morally right.
I believe we need to stick to those principles and morals and pursue our thirst for knowledge in
the most ethical way that we can.

27
Financial instrument: Loan
Organization: Public sector bank
THE Government scheme is a modification in the primitive educational loan system, providing
the student with the optional**
facility as well as an opportunity of rendering services at the cost
of the interest on the loan. This, therefore, will help them in managing their finances efficiently
along with gaining work experiences.
Purpose
The scheme aims at reducing the burden of interest on the educational loans by substituting
(optional) the interest during the course period with rendering government services.
Current scenario
According to current educational loan scenario, the burden of interest add-on, starts from the
very beginning as soon as the loan is sanctioned. By the time the student completes his/her
course, he/she is already under the pressure of repayment of the loan along with the cumulated
interest.
In spite of the provision of the moratorium period i.e. course period plus one year or six month
after getting the job, whichever is earlier, the burden is not reduced because of the ever
increasing and accumulating interest on the loan.
Strategic advantages
This benefits the student in the ways- by decreasing the total amount of loan to be repaid,
provide them with work experience certificate issued by government as well as giving them a
real time work experience. The government on the other hand benefits from enthusiastic
performances of the youth, innovative ideas as well as saves on the cost of employing
personnel for the job.
Uniqueness
The scheme is unique in its way of application of the interest, which is an innovative financial
instrument.
Application
The plan is applied such that the loan taken at the beginning of the course does not earn any
interest till the course gets complete.

28
Instead of interest, the student renders services directly or indirectly to the government,
without any pay.
These services include teaching at government schools, night school, clerical jobs of
government offices, research and development in government organization, internships, etc.
The services are on hourly basis, which are countable for certification. A student has to appear
through screening test for different services depending upon the loan amount and the course
pursued, to avail this facility.
As soon as the course is completed, the government starts charging interest on the loan amount and
thereafter the normal loan repayment system is applied.
INTEREST SLAB UNDER SPECIAL EDUCATION LOAN FACILITY (SELF)
*(0.50% concession in interest for girl student)
Regulations and Compliances
The scheme is regulated under the Banking Regulations Act 1949.
Conclusion
Thus the analysis with regards to this new scheme hitting the bulls-eye was taken into
consideration.
Profit Potentiality for all the involved parties is discussed further
Loan Amount Rate of Interest*
For loans up to Rs.4 lacs 3.50% above Base Rate, currently 13.50% p.a.
Above Rs.4 lacs and up to Rs.7.50 lacs 3.75% above Base Rate, currently 13.75% p.a.
Above Rs.7.50 lacs 1.75% above Base Rate, currently 11.75% p.a.

29
She’s always there for me,
I can’t leave her even in my dream.
She’s as beautiful as our galaxy,
The sun of my life & ambulance in emergency.
She’s my Maa, & I love her so much.
She feeds me, when I’m not, but she’s hungry,
I can share anything with her, she’s so friendly.
No need to tell her, all is done willingly,
Attempt a risk in her case, but goes carefully for me.
She wakes up early in the morning,
Gives a smile, when dad is yawning.
She cooks food, with so much affection,
I baffle, why no demand & no condition?
She lives an ordinary life,
She’s my hero & my lucky dad’s wife.
She wants to keep bad things away from me,
She ensures that I reach home safely.
She never abdicates her responsibilities.
I admire her, I salute her.
She’s my Maa & I love her so much.

30
Trying to be happy when the day seems long,
Trying to be cheerful when everything goes wrong,
Trying hard to do the very best you can,
Trying not to hinder but to help your fellowman,
Trying to look pleasant, trying not to frown,
Trying to prepare to wear the starry crown,
Trying to be thoughtful, learning how to give,
Trying to be perfect that’s the way to live.

31
There are many ups and downs in our life,
So don‟t solve it with a fight,
Stand calm and solve it with your rights”

39
Name-Renuka Yadav
College -B.L. Amlani Collage Of Commerce & Economics
Event- Elocution
Position- First
Name- Priya Gemavat & Chanchal Singh
College-Jamnalal Bajaj Institute of Management Studies
Event – Investor‟s Dilemma
Position- 2nd runner up
Name- Monali Gokhale & Akansha Shrawane
College – Lala Lajpatarai Institute of Management Studies
Event – charavayu (Drama)
Position- 1st in Drama

40
Name –Rashmi Menon, Kajal Gupta & Varsha Prakash
College- Durgadevi Saraf Institute Of Management Studies
Event – Financia‟15
Position- 2nd runner up
Name-Jaya Girhe
College-SIES College
Event-FPA Finance scholarship
Position-4th
from Mumbai University

ILLUMINATI ISSUE-8 MARCH 2015 (1)

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