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Unviable Task: Will he succeed?

5|A projection of what will happen when Raghuram Rajan, the most anticipated candidate for next RBI Governor, takes the reigns of Governor office



8| Axis Bank Interview

11| Obsession with the obsolete Repercussions of sticking with the old education system.


Management Corner

An interview with Mr. Manu Vishal, Branch Head of Axis Bank, Senapati Bapat Road about the 13| Make Way and the Sun shall insights of IT domain in banking shine sector

15| Marico’s Marathon Man: Saugata Gupta


Book Reviews

What improvements have happened 24| Rich Dad Poor Dad since Saugata has joined Marico as CEO, Consumer Products 30| Fault Lines 17| Get Rich “The Warren Buffet’s Way”


Arsh e-Cell

Warren Buffet’s tips on getting rich by shrewd earning, spending and 37| A journey of three inspiring guys savings. A story on how Dinesh, Vaibhav and Mohit started eVault 19| Bhagwat Gita: An inspiration 40| Fresh Graduates for leadership A panel discussion on “Can fresh How to apply Bhagwat Gita lessons graduates be good entrepreneurs?” in Management. 43| SheepStop


Tech Corner


Summer Internships

21| Amazon AppStore 47| IKF Amazon AppStore provide support 49| Reliance Life Insurance to HTML 5 App developers. 51| PHI Solutions Pvt. Ltd. 54| LAYER3MEDIA 23| Vulnerable Android Devices 55| Axis Bank How to prevent Android devices from 57| Dena Bank various threats. 58| Citizen Co-operative Bank Ltd.

Cover Story


Unviable task: Will he succeed?

-Abhimanyu Singh

Raghuram Rajan, RBI Governor


overnment of India has appointed Raghuram Rajan as the new Governor of Reserve Bank of India. He will assume office when Incumbent Governor Dr. Duvvuri Subbarao’s five year term ends on 4th of September. He has been picked to steer the country’s central bank and avert full blown crisis as Indian economy and Rupee hits rock bottom. Born in 1963 to an IFS officer, Rajan did most of his schooling from Delhi. He is a graduate in Electrical Engineering from IIT- Delhi, did his Post Graduation Diploma in Business Administration from IIM-Ahemdabad and received his PhD in management from MIT. In his previous successful stint he has served as President of American Finance Association,

chief economist of International Monetary Fund. He was appointed as honorary Economic adviser to Prime Minister of India and in 2012 as Chief Economic Advisor to Ministry o Finance and was at helm of Planning Commission committee on Financial Reforms.

TASK AT HAND: •Rupee is in free fall and has breached an all time low of 65. •Stagflation: Double digit inflation and low economic growth of 4-5% •FDI has reduced to trickle. •Low confidence of domestic and foreign Investor. •He has to deliver as there are huge expectations from him


Cover Story All these previous experience of international exposure and familiarity with Indian economy will give him a holistic view to deal the current crisis at hand. Despite his excellent academic and professional credentials Rajan will have pretty tough days ahead of him as he has to stabilize the Indian rupee which as at an all time low and is the worst perform-

double digit inflation without hampering the growth. Other task remain in hand is limiting the scope of RBI to monetary policy.

ing currency in the world only after Brazilian REAL. As the chief banker he will have look nto huge fiscal deficit of 5.2% of GDP. Most recent GDP data showed 4.8% year-overreal growth which is very less considering that Indian economy grew at a rate of 8% even during the 2008 crisis. While there is a legitimate debate about whether high debt causes slow growth or that GDP growth is slower at high levels of public debt. On the other hand Rajan also has to bring down the


Rajan will have to give a strong impetus to market to shred off the gloom surrounding the rupee, in 2007 he said that the focus should be on inflation and desist from defending the rupee, which means he will have a pro-growth

Though Rajan has been vocal of liberalization but he has always maintained it to be Pragmatic i.e. more based on the practical situations rather than what theory suggests. For example in 2008, he suggested to sell small underperforming public banks to another banks, free banks to set up branches and ATM anywhere. Same is in the case of FDI, the recent offerings to foreign investor in Indian


Cover Story markets such as 49% in Defence sector ,100% in Telecom , 49% in Insurance etc. could be attributed to Raghuram Rajan. In his paper on A Pragmatic Approach to Capital Account Liberalization said that Task at Hand: •Rupee is in free fall and has breached an all time low of 65. •Stagflation: Double digit inflation and low economic growth of 4-5% •FDI has reduced to trickle. •Low confidence of domestic and foreign Investor. •He has to deliver as there are huge expectations from him “Openness to capital flows can expose a country’s financial sector to competition, spur improvements in domestic corporate governance as foreign investors demand the same standards locally that they are used to at home, and impose discipline on macroeconomic policies, and the government more generally. So even if foreign capital is not needed for financing, it may be that financial openness (toboth inflows and outflows) creates Collateral Benefits such as domestic financial sector development which could enhance growth in total factor productivity.” But the problem with RBI does not end here, there is always a policy paralysis in government on reforms, as the final call is in the hand of the government the logjam hinders RBI’s effort to bring growth back on track. So another job in hand of Rajan will be

to reduce the friction between RBI and Finance Ministry and toe in line with the wily bureaucracy of India. With all this said it would be interesting to see what change he can bring to Indian Economy as in his own words he said there is no magic wand and that “These are challenging times for the Indian economy. No one can have doubt about the country’s promise”. (source : PTI) But the country looks up with hope to “Phoren returned son of soil” and does expect that his unconventional methods and braveness will turn the tide.

eVault Tech trends

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Axis Bank Interview -Vaibhav Goyal Dinesh Kukadiya

“Customer Service is our Core Competence” This time we had an opportunity to meet and interact with Mr. Manu Vishal, Branch Head of Axis Bank, Senapati Bapat Marg. He gave us an engrossing interview giving an insight into the banking sector in IT Domain. Dinesh: How did you start your journey? Manu: My father was professor in IIT Kanpur. I was not interested in opting for engineering. I had a science background family. But I always wanted to opt for commerce and enter into the banking sector. I was the first in my family to go for commerce. My next destination was Delhi for further studies. I joined Ramjas College for my graduation in commerce. Then I shifted to Pune for my MBA with dual specialization in marketing and finance. Initially I had joined Asian paints as for my first job. But later I opted for many bank examinations and finally got through UTI bank in September, 2003. I held many positions there in front desk and then in currency chest. I also worked full time in sales. Then I worked as trust officer. I was the branch head at Pimpri and then finally came to Axis Bank, S.B. Road as the branch head. Axis bank was growing at nearly 40% at that time.At that time, Axis Bank was not as illustrious as it is, today. I wanted to have a balance between personal and social life. I cannot work after 7 pm unless and until it is extremely important. The work culture at Axis Bank is quite good. Dinesh: Why Banking Sector as profession? Manu: I would recommend banking to even those people who don’t have any professional banking knowledge. There are very few banks in India as compared to the accident. So there are chances of banks growing in India giving rise to good job opportunities as the economy is growing at a fast pace.



Vaibhav: Is there Investment banking in Axis Bank? Manu: Yes. It is also known as I-Banking, which is a specialized operation handled from the head office in Mumbai. Dinesh: Describe the Ups and Downs experienced when you joined Banking sector? Manu: 2003 was a good year. Slowly and steadily in 2008, the market went down. EMI (Easy Monthly Instalment) payments were not well known, more NPAs (Non-Performing Assets) were being generated. Export was low. That was really a bad time. People had invested a lot in 2008. Although they had got back in 2010. It was strict on credit impact. Market became down. There were many impact on builders. Project finance came down.Balace sheet was affected.CASA problems were there. Dinesh: What steps did banks take? Manu: Co-operative and scheduled banks set net margin rate.Co-operative bank’s director takes decisions. Net margin rate was fixed at 45% by HDFC Bank and at 43 % by us. Bank’s interest money is insured around 1 lakh through DICGC (Deposit Insurance and Credit Guarantee Corporation).Deposit insurance is what we pay as premium and small investments are made. Cash deposit made by us is 4% and Cash reserve ratio is also maintained. Vaibhav: What is the Role of IT in banking? Manu: Very vital. Anywhere-anytime banking has been made possible. ATM machines have come up. IT facilitates Mobile & Net banking,and Fund transfer. Online IT safety of deposit, ensuring data encryption and low cost transactions. Today, customers prefer to bank from home. Even we want that. Data analysis has been made simpler. Reports are generated quickly. We have in house BI Unit which monitors and generates report analysis. All this have been possible due to IT only. Dinesh: As a Branch manager how do you make your branch culture different from others? Manu: I treat all my employees as friends. I don’t lose my temper unless and until the people don’t follow instructions. However, ultimately I end upexplaining them how important an asset they are to the bank and what difference they can make. This brings an inner self-respect and confidence amongst them. Self-Motivation helps and encouragesthem to come up with new ideas.



Vaibhav: How do you make the optimal use of your resources? Manu: We areinto marketing, sales and operations. We have people specializing in all these sectors. We have segregated people accordingly among front office and back office. People are always utilized according to their skills. During sales, we never leave out the small businesses. We have regular meetings at fixed intervals. We also have a hall of fame for showcasing people with jobwell donefor encouraging themto keep it up.People are appreciated in the meetings and rewarded suitably. I have an open door policy in which my door is always open unless there is any important meeting going on.So everyone can see what is going on and I can notice and monitor everybody from my office. Dinesh: What is the main core competence of bank? Manu: Customer Service. Dinesh: As a branch of Axis bank which kind of quality makes your branch unique? Manu: We have unique interiors, with good Infrastructure. We have a four-storey building, a presentation room, a conference room, spacious surroundings and in house structure. Our location is very good. And most importantly we have a smiling face ‘customer interaction’ policy. Vaibhav: What is the future of banking sector in reference to IT? Manu: There is quite a lot of scope. Lots of banks are to come up. Lots of new software and technology will be required for proper functioning and operation.

eVault Tech Trends

Twitter tweets it ’ll go public Twitter has decided to go public. The company aptly announced on its short messaging service September 12afternoon that it has filed documents for an initial public offering of stock .The San Francisco-based company posted on its official Twitter account that it has “confidentially submitted an S-1 to the SEC for a planned IPO.” A subsequent tweet said simply: “Now, back to work .”

Management Corner


Obsession for Obsolete


have previously expressed my feelings over the state of affairs of our society, current education system and governance which I’ve named as “Mindset Paralysis”, wherein I mentioned a few of the concerns about our education system which at present, is completely dissected from our real identity & values, and is producing an army of intellects that cannot be utilized for our country in real sense and way. I will try to elaborate my feelings about our education system in this writing in detail.

-Manoj Aswani

In order to utilize the manpower of this empire, a stern administrative and bureaucratic system was devised. Every person was supposed to do some work which they had to learn and pass through the system which was more or less similar to our present education system. The persons working on a task possessed such identical expertise that if you pick one of them from New Zealand and put him/her to work in Canada, he/she will be instantly functional. In order to have capabilities of such level, they had to be trained in the same manner across The state of disconnect of our the entire empire. education system from our past is over and above a system that is The Victorian empire devised in the DNA of our current ways of a system which was called I.C.S. learning in any educational institu- (Indian Civil Services) for our very tion. This system’s core lies in strin- own country. The people indulged gent assessment, competitive ex- in this system were supposed to ams, eligibility criteria so on and so become the part of that centralized forth. The one whose performance administrative and bureaucratic lags in this system’s competitive system which is functional till date, race is deemed as incompetent for where only the name has changed the society. I found that the origin i.e. IAS from ICS. This system is still of this system of assessment, dates as much stringent to get through as back to a few centuries. it was during the time of Victorian era. The irony is that it produces Three centuries ago, there was an army of intellects in the same the biggest and last empire of this fashion for an empire that no lonworld, which was known as Victorian ger exists. The youth of the nation Empire. This gigantic empire was a is obsessed to become a part of a very centralized way of functioning. system which is obsolete now. The

Management Corner


fact that was very little understood at the time of carrying forward legacy of this system was its ecosystem. Victorian era had its own ecosystem of centralized power wherein reporting was finally done to a particular person at the apex level and not an authority. The people in Victorian empire were treated as subjects rather than citizens of the state. In order to sustain such an ecosystem, it was necessary to produce intel-

lects that are trained to specialize in various domains and keep this system functional across the globe. For the royal family of Victorian era sustainability of their system was much more important than the people of the state. Thus, getting the best out of the people competing with each other was the primary objective of this system of education and training.

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Management Corner

Make Way and the Sun Shall Shine


est hobbies are the ones that take you further to your primary occupation, and if you are getting paid for doing what you love, then apparently you’re employed but not working, while the rest simply get paid so they can afford to do what they love, on the weekends. For some of us, the workplace can be miserable, so much so that it consumes your entire life. If you hate your job that provides decent compensation, don’t quit unless it’s intolerable or unsafe. But at the same time, don’t give every last drop of your mental energy to it. Just break some stuff (be Just Good Enough)! Steal the toilet paper; you need it more than they do. Boman Kohinoor, proprietor of the legendary Parsi eatery, Britannia & Co. located in Mumbai’s posh business district, Ballard Estate, wants to make sure that his staff, sons and brother, have a life beyond work. The eatery rolls up its shutters for only 4 hours a day for 6 days a week. He’s been doing what he is best at and thus at 91, the immensely charming Mr. Kohinoor is Mumbai’s most beloved restaurateur. An effortless host, no diner can refuse


-Jaimin Rajani his recommendations. “This restaurant I am managing is just like a home for me. I don’t like to get away from it”, says Mr. Kohinoor, who likes to spend his weekend watching a good movie, going sightseeing and having good food.

If you hate your job, keep reminding yourself that this isn’t permanent and start hunting for a job that interests you or at least, a job that you don’t mind doing. The idea is to sip “your cup of tea” before it gets cold. And while you’re doing that, here are a few tips that in the meanwhile, may help you cope, regardless of why you hate your current job.


Management Corner

Focus on Life Outside of the you’ll be getting up for the activity, Office. rather than the job. If you spend eight hours a day at work, and eight hours sleeping, that leaves you eight hours all to yourself. When you let a crappy day at work take over your life, you’re letting the company steal your time without paying you for it. Go watch a movie or have a nice meal at one of your favorite restaurants, on a Tuesday night for no reason at all. Remember, the time you enjoy wasting is not wasted time. Ultimately, the goal is to ensure that you leave your work at work.

Change your Job Changing Companies.


If you’re content with your employer, but not with your specific job profile or supervisor, consider changing jobs within the organization, or altering your current position to better suit your wants and/or goals. There’s an old saying up there in Kentucky that goes like this - “if you couldn’t do a job, you couldn’t cut the mustard”. So, make way before you’re too old to cut the mustard.

Make Time for yourself. This is good advice whether you hate your job or not. Choose an activity that you enjoy (anything from taking your dog for a walk, to making breakfast) and apply it to your morning routine; that way .

eVault Tech Trends Microsoft buys Nokia for $7.2 billion For 2 and a half years, Microsoft and Nokia had a partnership for pushing forward Windows Phone , and now it seems like that is coming to an end – the Redmond company finally buying Nokia for $7. 2 billion .What MS is purchasing is most of the company – including the device division of course . What ’s left of Nokia are its network infrastructure (NSN), it ’s HERE services and Advanced Technologies.The transaction will close early on next year, 2014.

Management Corner


Marico’s Marathon Man Saugata Gupta - Mohit G. Supe

“Humility is important. Stay grounded and when you succeed, don’t fly. We call it ‘Apne aukat mein raho’. My philosophy in life is first you promise what you can deliver and then deliver what you promise.” -Saugata Gupta,CEO Consumer Products, Marico

Saugata Gupta


nown as one of the top–performing FMCG companies in India, Marico Limited has reported an astounding 20.33% rise in the Q4 ended March 31, 2013 with profits rising to Rs 997.25 crore as

compared to Rs 909.36 crore, for the same quarter last year. Saugata Gupta, the Chief Executive Officer (CEO) of Marico Limited, believes in the amalgamation of domestic and international FMCG business in or-

Management Corner


der to obtain new profitable oppor- motto which are two new values tunities. stated by Gupta as: bias for action and a global outlook. He has tak 45 year old Gupta joined Mari- en India’s current inflation level in co in January 2004 as the head of an optimistic manner and believes Marketing and also progressed to that even though it is here to stay become the head of Sales function it can be tackled effectively and in 2006. At the age of 39, he was it is the new normal. Acquisitions made the CEO of Marico’s India busi- worth Rs 760 crore including Set ness in 2007. In April 2013, Gupta Wet deodorants, Zatak spray and was elevated to become Marico’s Livon Hair serum were taken over CEO leading the company’s overall by Marico from Paras in July 2012 operations in India as well as in the as the growth of cooking oil and International markets. A chemical hair oil was slightly sluggish, leadengineer from IITing to Marico being Kharagpur, Gupta on a lookout for fast went on to do his growth businesses. MBA from IIM- Bangalore. Housing a 150-crore busi Gupta started ness organisation his career at Cadacross the country bury, progressed to is not mere child’s the head of marketplay and two – ing and spent nine years is the miniyears with the chocmum amount of olates brand, after which he made time that will be taken to establish an unusual shift to head of market- a triumphant position as a business ing at ICICI Prudential. He credits according to Gupta. For now, he most of his learning experiences is mainly focussing on maximising and maturing as a business lead- Marico’s brand visibility in the marer to ICICI as he always wanted to ket. He believes in simple routes improvise on his skills and acquaint to leading a happy work life, the himself with new levels of exposure first one being highly focussed on at a start-up. Not one to give up career choices, enjoying what you on his passion, Gupta went back to do and excelling in the same; the working for FMCG and joined Mari- old-fashioned yet tried and tested co in 2007. route which is the ultimate path to career satisfaction. Post Gupta’s arrival at Marico, the organisation has seen many changes right from the primary


Management Corner

Get rich “The Warren Buffet ‘sWay”


-Vaibhav Goyal

hat Warren Buffett says about basic investing, spending, and savings are so true. Most of us know it, however very less of us live it. If it does make a change in your life, thank HIM (I mean God) because this is common sense. WB said it once, I am just reproducing it. 1. On Earning: Do not depend on a single income. Invest and create a second/ third source of income: This means when you are young your first task should be saving and investing. By creating a second source of income you are quickly reducing your dependency on your job. This could help you to set out on your own one day. The quicker you can do it, the better. 2. On Spending: If you buy things that you do not need, you may soon have to sell things you need: It kind of summarizes Gen X’s reaction towards ‘luxuries’. As a part of Gen X we were perhaps criticized for some of our expenses, so it could be a generational thing even for WB. However, having goals and knowing where you are going, and not spending just to ‘show off’ is important les-

Warren Buffet CEO and Chairman Berkshire Hathaway son for all generations. 3. On Savings: Do not spend what is left after spending; instead spend after you save/invest: Also called ‘Pay Yourself First’. If you realize that investing in a pension plan or for your kid’s education is just helping you to save more later on. It is not a sacrifice, it is just postponing consumption. So understand, invest and then spend. 4. On taking Risk: Never test the depth of the river


Management Corner with both your feet: If you are doing something, do small. If you are a first gen investor, do notbe carried away by equity lovers like me and put all your money in equity. Do a SIP with a small amount, and test the waters. Do a SIP of Rs. X (which could be 10% of your take home pay) for 5 years and then step up. And for heaven’s sake understand risk of inflation, and the concept of real returns 5. On Investing: Do not put all eggs in one basket: Immaterial of who you are and how much you understand, create

a portfolio. A full range lunch plate is always better than just one item. So create a portfolio with bonds, bond funds, PPF, NSC, equity, mutual funds, and on the risk side medical and term insurance. 6. On Expectation: Honesty is expensive; do not expect it from cheap people: Not everybody is honest, nor does everybody want to be honest. Honest advisers are difficult to find especially in Health and Wealth, be careful.

Lessons by Warren Buffet

Management Corner


Bhagwat Gita :An inspiration for leadership -Snehil Sahay


e have always taken Bhagwat Gita as a holy book for us but if we will look deeper into it, then the discovery is going to amaze us. It is not just a book for the eternal message for spiritual wisdom but also a great source of leadership quality and interesting aspects of management. I am roughly going to cover all the aspects of Bhagwat Gita and reveal that it is infinite source of managerial quality not just for Hindus but for all faiths.

and efficiency has been widely acknowledged in the world which also facilitates the leaders concreting their basic fundamentals of leadership.

What Lord Krishna said before all the fundamentals of leadership, one of the most important aspects is “Learning” which stood higher than all others. A leader must take actions and always stays in front to achieve higher goals. Before acquiring the qualities of a leader, we must Leadership acquires four most im- find the unique character within ourportant qualities:selves and find out our capacity to play. This will develop our ability to 1) Planning lead. Lord Krishna has defined that 2) Organizing there are four primary leadership 3) Controlling roles: 4) And of course leading 1. Strategic Leadership The most surprising part is 2. Directive Leadership Bhagwat Gita has challenged the 3. Team-building Leadership last quality of leadership. Accord- 4. Operational Leadership ing to this holy book, leading others doesn’t make any difference to this The divine also explained that world unless you create leaders af- the leader should come from “puriter you. So here, it simply conveys ty” and should never fuel its action is “good leader creates leader, not by anger. A leader must not worry follower”. The distinction provided about the result but walking towards by this book, between effectiveness his goal with sense of purpose. This

Management Corner

has been clearly defined in the chapter 2, Verse 47 “A person has the right towards action alone and not towards the fruit of action.Let not the fruit of action be the motive for acting. Also, Let there not be any attachment to inaction.” It is not possible for a human to assume all the senses at once; we must meditate and gain knowledge about ourselves. The finding of our strengths and weakness will enhance our leading ability. The real measure of a leader is not what we can accomplish personally or in some operations, but how much we are able to empower others to realize our own leadership potential. The seven sutras or lessons we can sum up from the divine book:1) Leaders are both born and made, but the only way to explore and exploit our potential to the fullest, is through meditation. 2) There is a difference between doing the things right and doing the right thing. A leader must choose the second one. 3) A leader is here in this mortal world as a force to restore dharma and karma both. 4) A leader must question its concise and examine its emotions


to achieve higher goals. 5) Socially, physically and conceptually strong intelligences are parameters for a good balanced leader. 6) A leadership quality is more of a practice and skill rather than inborn talent; we must keep practicing it for better command of it. 7) A leader has ability to commute imaginable things into reality and must be above time, perceptions and other external forces. Krishna says to Arjuna, “The leader whose soul is unmoved by Circumstances and who accepts pleasure and pain with equanimity is invincible.” The mind of the leader swings between the fear of losing and the allure of winning. This is the law of the binary mind. Such a mind cannot see beyond the duality of conflicting emotions. So we must command our emotions. Here Bhagwat Gita is not a mere book but a great source of Knowledge which we can apply not only for leadership but also in day to day life.


Tech Corner

Amazon App Store -Mohit G. Supe

Developers can now sell Web apps in Amazon’s Appstore


evelopers can now submit Web apps and offer them alongside native Androidbased programs on Amazon’s Appstore. The change will make it easier for developers to distribute HTML5-based apps via Amazon’s store without having to convert them to Android-specific versions. “With this announcement we no longer have to perform that post production work. We can just submit the URL of the game, and then Amazon takes care of the rest, so for us it’s about improving efficiency,” said Erik Goossens, CEO at Spil Games, whose Dream Pet Link is one of the first games to take advantage of the new distribution option.

move as a statement of support for HTML5, which is important to companies that are betting on the technology.

“Having a company like Amazon do something like this helps us spread the word,” Goossens said, adding that he would like to see the same option on Apple’s App Store and Google Play.

Developers still have to convert their apps to native iOS and Android versions to make them available via Apple’s App Store and Google Play. The development of HTML5 and related technologies such as JavaScript and CSS has had its ups and downs in the last couple of years. Spil, like many other companies, bet too much too Goossens also sees Amazon’s early, according to Goossens.

Tech Corner But the technologies have now matured to the point where they are great for creating casual games, he said.

22 When announcing its HTML5 apps “Push Wednesday”, Amazon also took the opportunity to highlight the Chromium-based runtime that powers Web apps on its Kindle Fire tablets. With the runtime, the company has made sure Web apps can achieve “native-like performance,” Amazon said.

To help developers, Amazon is offering the Web App Tester, a tool that lets developers test the app on a production-like environment on a Kindle Fire or Android device, without first submitting it to Ama- The Appstore can be downzon’s store. The tester offers a suite loaded and installed on any An-

of tools to help developers debug code and ensure apps will look and work great, according the company. Amazon has also published a list of what it thinks are best practices for developing Web apps.

droid-based smartphone, but the store is also a central part of Amazon’s Kindle Fire tablet, which ships with it installed. Earlier this year the company expanded the reach of its store by making it available in an additional 200 countries around Interested developers with the world. HTML5 apps can get started at the Amazon Mobile App Distribution Portal.

Tech Corner


Vulnerable Android Devices Are Android Devices Globally Vulnerable to Massive Security Threat?


luebox, a mobile security company, recently revealed that nearly all the android devices launched in the last four years have a massive flaw in them making them vulnerable to various threats. The flaw can even let a hacker ‘take over’ and ‘control’ the android devices, as Forbes puts it. The vulnerability is due to the process how Android apps are approved and verified allowing hackers to tamper the application code without changing the app’s cryptographic signatures. That means any app that looks safe can actually have a malicious code embedded within it. And this flaw can let the hacker gain control of all permissions on the phone or tablet. However this flaw can be corrected by updating the android version, which contains a patch to

cover the loophole. Users who are unsure of their phone’s update status or who are unable to update should be extremely cautious when installing apps, Bluebox says, and be sure to identify the publisher of the app before installing it. In addition, it’s a good idea to only install apps from Google Play, where Google has the ability to verify and validate apps. One thing you can do to ensure you are safe, regardless of which app store you frequent, is to use Google Play as an application verification tool regardless of where you’ve downloaded your apps. To do that, simply go to apps menu and tap Google Settings > Verify apps, or, in Android 4.2 and higher, go to : Settings > Security > Verify apps.



“Book that rocked the financial world” -The Wall Street Journal

Rich Dad Poor Dad By Rober Kiyosaki Published by Hachette India

-Dinesh Kukadiya Lesson Lesson Lesson Lesson Lesson Lesson

#1 #2 #3 #4 #5 #6

The Rich Don’t Work for Money Why Teach Financial Literacy? Mind Your own Business The History of Taxes and the Power of Corporations The Rich Invent Money Work to Learn not to Earn



ur parents provided us with the basics, like food, shelter, clothes.But that was about it. My father used to say, “If you want something, work for it.”

25 enrich the deliciousness of life. Something most of the people will never have the benefit of seeing because their vision is too constricts. Most of the people never see the trap they are in.

“Does teaching mean books or a “Some people have a price belecture?” cause of human emotions named That’s how they teach you in fear and greed. First, the fear of school,” he said smiling. “But that being without money motivates us is not how life teaches you, and to work hard, and then once we I would say that life is the best get that paycheck, greed or desire teacher of all. Most of the time, life crawls in, and makes us think about does not talk to you. It just sort all the wonderful things money can of pushes you around. Each push buy. The pattern is then set.” is saying of life, `Wake up. There’s something I want you to learn.’ “ Learn to use your emotions to think, not think with your emo You spent a life playing it safe, tions. doing the right things. But the truth is you allowed life to drag you into Opportunities right in front of submission. Deep down you were their eyes. People never see these terrified of taking risks. You really opportunities because they’re wanted to win, but the fear of los- looking for money and security, so ing was greater than the excite- that’s all they can gather. The moment of winning. ment you see an opportunity, you will see many for the rest of your We often tend to change ev- life. The moment you do that, I’ll eryone else in the world but us. teach you something else. Learn What if I will say that it is easier to this, and you’ll avoid one of the change yourself than others? life’s biggest traps. “The poor and the bourgeoisie work If they think money will solve for money.” “The rich have money problems, I am afraid those peowork for them.” ple will have a rough ride ahead. Learn how money works so Intelligence solves many problems and generates money. Monyou can make it work for you ey without financial intelligence is You should better start think- money soon gone. What we optiing. You’re staring at one of life’s mist fails to realize in life is that it’s greatest moral. If you get hold on not how much money we make but this one, then you will enjoy a great how much does keep it. We have exemption and security which will all heard stories of lottery winners



who were poor, then suddenly rich then pooragain. They won millions and were soon backing to where they started. Other stories we May have heard of professional athletes, who, at the age of 24, were earning millions of dollars a year, and then sleeping under a bridge by age 34.

Your business revolves around your asset column, as opposed to your income. Making a lot of money through job, but every time I looked at my paycheck, I was always disappointed. The deductions were so large, it seemed the more I worked, the “If you want to be rich, you need to greater the deductions were. be financially literate.” No. 1 is accounting. What I call fi If you are going to build the nancial literacy. A vital skill if you Empire State Building, the first want to build an empire. The more thing you need to do is dig a deep money you are responsible for, the hole and form a strong foundation. more accuracy is required. “Rich people acquire assets and the other classes acquire liabilities, but No. 2 is investing. What I call the science of money making money. they usually erred it with pluses.” More money will often not solve the problem; in fact, it may actually accelerate the problem. Money often makes obvious to our tragic human flaws. Also it puts a spotlight on what we do not know.

No. 3 understands markets. There is a need to know the “technical” aspects of the market, which is emotion driven. No. 4 is the law. For instance, utilizing a corporation wrapped around the technical skills of accounting, investing and markets can aid explosive growth.

That is why, all too often, a person who comes into a sudden windfall of cash-let’s say an inheritance, a pay raise or lottery winnings-soon returns to the same fi“Winning means being unafraid of nancial mess loosing.” Why the Rich Get Richer Income -> Assets -> More In- “You always tried to turn every disaster ‘ into an opportunity.” come Expenses are low, Liabilities INVEST FIRST IN EDUCATION: In are low reality, one of the real assets you Why the Middle Class Struggle have is your mind, the most powerful tool of the dominion. Income goes up, Expenses go up Assets do not increase, Liabilities Take classes and buy tapes. I do increase



Lessons by Robert T. Kiyosaki

also search the newspapers for new and interesting classes. Many are for free or a less fee. Moreover I attend and pay for expensive seminars on what I want to learn. “The utmost reason people struggle financially is because they spent years in school but learned nothing about money. The result is, people learn to work for money... but never learn to have money work for them.”

also search the newspapers for new and interesting classes. Many are for free or a less fee. Moreover I attend and pay for expensive seminars on what I want to learn. “The utmost reason people struggle financially is because they spent years in school but learned nothing about money. The result is, people learn to work for money... but never learn to have money work for them.”

‘Culture of Social Collaboration’ for Young India Symbiosis Vishwabhavan, September 6, 2013

Mahesh Baxi in association with SICSR hosted "Culture of Social Media" twin conferences at Pune in Symbiosis Vishwabhavan on September 6, 2013 and Persistent Systems on September 7, 2013. The idea of these twin conference was to get the Pune social media community to learn from the experiences of one of the best and brightest branding and social media experts. The The personalities were Radha Giri-CEO Midas Touch, Sowmya Iyer-business head Xebec Digital, Priya Shah CEO Blog Brands, Kiruba Shankar-CEO Business Blogging, Anupam Saraph-ex-CIO, Pune, Tanvi Bhatt-Personal Branding Strategist, Lalit Kathpalia-Director SICSR, and Mahesh Baxi-SVP Persistent.

'Power of Social Collaboration' - to create your personal brand Persistent Systems, September 7, 2013



“A call to fix the fundamentals”

-New York Times

Fault Lines BY Raghuram Rajan Published byHarper Collins India

-Vaibhav Goyal

BOOK REVIEW ABSTRACT This book review presents a summary of “Fault Lines: How Hidden Fractures Still Threaten the World Economy” by RaghuramRajan, who puts forward a clear and cogent account of the latest global financial crisis. With the historical perspective he adopts, Rajan digs in deeper than the shallow surface to reveal the growing economic stresses in both the United States and the rest of the world that were overlooked at the time but came together eventually to trigger the crisis that drifted world economies into prolonged recessions. While elucidating the roots of the crisis, the book insightfully explains how structural problems piled up, how households, banks, and politicians acted on self-interest ignoring rising risks, and how policy makers stayed reluctant to act. Rajan emphasizes the importance of drawing right lessons out of the crisis to ensure a more balanced world economy and restore lasting prosperity on a global scale. INTRODUCTION The crisis that broke up in the United States’ housing sector in mid2007 quickly spread to other sectors of the economy through ruined balance sheets of economic units and severely dampened household consumption. As it turned into a devastating global financial cri-

31 sis affecting all world economies, closely tied by trade and financial linkages, the recession that followed was of great proportion, often compared to the Great Depression of 1929 in terms of scale. And many countries are yet to recover. Once the crisis hit, the big question was why anybody did not see it coming. Professor Raghuram G. Rajan of the Booth School of Business of the University of Chicago was in fact one the few who gave an early warning of the risks that was building up in the financial sector before the crisis erupted. At the 2005 Jackson Hole Conference, as the chief economist of the International Monetary Fund, he presented a controversial paper drawing attention to the developments that caused the financial sector to become more exposed to risk and argued that disaster might loom, despite the buoyant atmosphere of the time (Rajan, 2005). Criticized fiercely then but proven to be right eventually, Rajan puts together a detailed account of the crisis in “Fault Lines: How Hidden Fractures Still Threaten the World Economy” after the risks materialized. He uses the geological metaphor of fault lines to refer to the structural economic problems in both the United States and the rest of the world, and offers clear and cogent explanations and 2010 PROSE Award for Excellence in Economics, perhaps, what makes the book

BOOK REVIEW liant diagnosis of the causes of the global crisis. In that respect, Rajan digs in deeper than the shallow surface to reveal the underlying stresses that were growing in the economy over a longer period. With a particular focus on the US economy, he insightfully explains how structural problems piled up, how households, banks, and politicians acted on self-interest ignoring rising risks, and how policy makers stayed reluctant to act in Fault Lines. Rajan also puts forward broad policy recommendations to fix the serious flaws in the economy in order to avoid potential future crises. His emphasis is on the importance of drawing right lessons out of the crisis to ensure a more balanced world economy and restore lasting prosperity on a global scale.

32 with or were intentionally ignored. Namely, these were (i) the unbalanced growth in the global economy; (ii) the rising income inequality in the United States and the populist policies that meant to fix it; (iii) the weak safety net; and (iv) the reckless credit growth coupled with the increasing risk taking behavior in the financial system.

The essence of these fault lines are given below. To support their investment and growth, developing countries initially relied on imports, running trade deficits to absorb the excess supply of rich industrialized exporters. But after their financial crisis in the late 1990s, a considerable share of East Asian economies realized that borrowing large amounts from developed countries to finance in Rajan’s work differs from oth- vestment was a recipe for trouble. er popular books on economic crises such as This Time is Different: Hence, they took measures Eight Centuries of Financial Folly to increase savings and reduce (Reinhart &Rogoff, 2009) and Crisis reliance on imports. Likewise, Economics: A Crash Course in the countries like Brazil and India Future of Finance (Roubini&Mihm, reformed their economies to achieve 2010) which provide comparisons more stable and faster growth, reof the latest global financial crisis ducing their dependency on foreign to previous ones, for its entire fo- finance. And most notably, China cus is on the most recent episode. became a net exporter itself. Meanwhile, Japan and Germany who had THE FAULT LINESlong depended on foreign demand for growth were already searching According to Rajan, the roots for new markets to sell their surof the crisis lie in several structur- plus output. In essence, income al economic fractures that exist- earned by these countries through ed long before the crisis erupted, exports were lent abroad to finance but were either not properly dealt consumption in other countries. At

BOOK REVIEW the flip side of the coin, the export orientation in these large exporters was not only depressing domestic consumption and causing the non-tradable sectors not to produceas efficiently as they should, but also was putting a burden on other countries to create demand to meet the excess supply put out in the global goods markets. When China was added to this league of export oriented economies, the imbalance in world trade became even more pronounced, yet the consequence of this unbalanced growth path meant larger trade deficits elsewhere. Hence, the rising burden of absorbing the excesses fell on the over-stimulated US economy’s over-consuming households.

33 diate, and widely distributed benefits. However, the corresponding costs lied in the future. Supporting home ownership, especially among lowincome households, became the main policy of the government. Low interest rates added to the incentives already provided by government support for low-income housing and fueled an extraordinary housing boom as well as increasing indebtedness. But the quality of loans deteriorated as lending to those with low credit ratings (sub-prime mortgages) increased. The government-backed mortgage agencies were pushed to support the expansion in mortgage lending. They bought subprime mortgages despite the significantly higher risks involved and issued asset-backed securities with high ratings. Growing sophistication of financial instruments concealed the actual risks that were associated with them. For a while, the problems were sector, rising house prices, and low default rates.

In the US, the center of the crisis was the unsustainable household debt. Rajan argues that the heart of the problem was the income inequality caused primarily by undereducation and, to a lesser extent, immigration, changes in tax rates and decrease in unionization. The gap between the earnings of educated and under-educated individuals was constantly rising over time, In addition to the home ownwhich was difficult to eliminate. ership mandate to content those who were left behind, the jobless Thus, politicians came up with nature of the recovery after the an easier solution to cope with it: dot-com bust and the weak safety providing cheap and easy credit to net, forced the US government to low income households. Instead push considerable fiscal and monof combating the income inequal- etary stimulus to the economy. Acity problem directly, this populist cording to Rajan, unemployment strategy of facilitating credit had benefits and health care systems large, seemingly positive, imme- proved to be weak safety nets, the

BOOK REVIEW former for its short duration and the latter for its high cost, during the recession following the dotcom bust that was more prolonged than the past ones. But because the case for increasing government spending beyond the automatic stabilizers was not strong, much of the task of stimulating the economy wasleft to monetary policy. The Federal Reserve felt the pressure to pursue an overly accommodative monetary policy to bring the economy back on track and create jobs that were still scarce. While keeping its policy rate low, the Fed assured the markets on its willingness to maintain easy credit conditions and step in to provide liquidity when financial markets get into trouble. Rajan claims that the sustained easiness of monetary conditions increased the incentives for aggressive risk taking in the financial sector and inflated the housing prices that were already on the surge. The Fed’s monetary stance was defended on the grounds that there was no housing bubble and hence no need for action. Thus, the Fed’s reluctance to act against the housing bubble for its concern over the high unemployment rate resulted in important problems for financial stability. The financial sector also bore responsibility in the formation of fault lines. As the book puts it, the very essence of the competitive market mechanism brings

34 about the willingness to exploit any opportunity to increase profits. This coupled with the fact that bankers’ performance evaluations are based on the amount of money they make, encouraged the financial sector to invest in complex products that promise higher returns, without appropriately accounting for the risks associated. These, in turn, made the financial system more prone to unprecedented perils. At the start of the housing boom, when mortgage loans were profitable, credit creation looked like a worthy investment. But Rajan points out that the herd-like behavior of making more and more mortgage loans exaggerated investment trends and soon caused housing prices to move away from fundamentals. Besides, because the number of bankers in mortgage business was too large, it created a moral hazard problem: the bankers knew the government wouldnot let all banks to fail. When it came to risk diversification and packaging subprime mortgage loans in creative ways to invent different asset-backed instruments, the financial system worked on the basis of an “arm’s-length” model instead of relying on long-term trustful customer relationships, so the parties mainly cared about the amount of fees they got out of transactions. Thus, the fault line in the financial sector lied beneath the way

BOOK REVIEW the competitive system worked, which pushed the financiers to the limits to seek for higher returns. In summary, the book argues that the rising tensions along these fault lines that were often overlooked at the time came together in the end to trigger a devastating financial crisis. THE HIGHLIGHTSWhile conformably identifying the causes of the crisis and providing insightful explanations for the disregarded failures in the economy, Rajan makes some important points thatworth to be highlighted along the road. First, the book claims that although managed capitalism in the form of an export led growth strategy has proved enormously successful in its immediate objective of getting countries out of poverty, it is not an eversustainable strategy to implement. According to Rajan, countries should not pursue this kind of strategies longer than intended and make the switch to start a more open economy when domestic firms become mature enough to compete internationally. To this line, Rajan emphasizes the importance of organizational capital and institutional environment to flourish competition and innovation.

35 dress. While the free market system should encourage good risk management and penalize excessive risk taking in theory, in practice things can get out of hand quite easily. Moreover, government intervention at those times can in fact reduce market discipline and even support such risk-taking behavior through creating a moral hazard problem. Rajan believes that transparency can be one remedy to rebuild the lost faith in the financial system, allowing public to monitor the practices of the financial institutions. Thirdly, the improvement of the quality of education and the strengthening of the weak safety net are essential in the US. While investment in human capital needs to be increased in as many alternative ways as possible to overcome the rising inequality problem, unemployment benefits should be raised to sufficient levels that would allow workers to be more resilient in downturns. Besides, reforms that would deliver flexibility in the labor market should be undertaken.

Lastly, global coordination is the key to a more stable world economy and its gains are meant to be long-term. Since global imbalances arise from the policies that countries have been long pursuing, they are hard to be changed. At this point, multilateral agencies have Secondly, Rajan argues that a role to play in helping countries the tail risk taking behavior in the take the necessary steps to contribmodern competitive financial sys- ute to global balance and welfare. tem is not an easy problem to ad-

BOOK REVIEW Unfortunately, the roots of the crisis go deep and the global economy is still subject to the threats that they may further trigger. Yet, it is obvious to anyone that the solutions to the problems are not easy. Rajan aptly warns that drawing right lessons out of the crisis and addressing the flaws in the economy properly would matter enormously for the system not to repeat its mistakes. CONCLUSIONAs developing countries cut back on their import demand following the crises in the 90s and China joined the major exporters, the mounting global supply searched for countries that would reliably absorb the excess. The over-saving worldexporters were keen on financing those who were willing to consume more than they produced. Meanwhile, the United States was already infusing substantial fiscal and monetary stimulus in the face of a jobless recovery, a weak safety net and last but not least a mandate to provide cheap and easy credit to low-income households. The over-lending and overconsumption caused vulnerabilities to emerge in the financial sector, mainly due to excessive risk taking behavior. Eventually, the growing stresses underneath all these fault lines came together to trigger a global financial

36 crisis that drifted world economies into prolonged recessions. Rajan elucidates the roots of the 2008 global financial crisis exceptionally well in his book Fault Lines from a Chicago School viewpoint. His writing is clear and direct, making the economic concepts easy to understand and the linkages easy to follow. Chapters are self-contained and the short summaries and conclusions provided at the end of each are quite helpful for giving the essence of the subject matter. The book is indeed an essential reading for those who are particularly interested in the structure of the housing market in the US, the history of housing credit, the operation of governmentsupported mortgage associations, and the creation of financial products related to mortgage associations, and the creation of financial products related to mortgages. Moreover, Rajan goes further than just focusing on the US economy in his search for the fault lines, but rather adopts a comprehensive global perspective. Overall, he defends his case convincingly and offers –reasonable and moral– guidelines to fix the problems in the economy. With an urge to increase the awareness for the importance of ensuring global balance and improving world welfare, his responsible way of thinking as an economist is impressive.

Arsh e-Cell


A journey of three aspiring guys -Arsh Team

“If you take responsibility for yourself you will develop a hunger to accomplish your dreams.”

-Les Brown

Vaibhav Goyal, Dinesh Kukadiya and Mohit Sharma never though before joining the SICSR that they will be co-founders of eVault. If we talk about Vaibhav Goyal, he was involved in Magazine from his school day; he was editor in his school magazine, regular contributor of Article in his college magazine and was also willing to work for College magazine. He applied for Cursor magazine which is SICSR’s yearly magazine. Cursor Memberscalled him for meeting only once after that he didn’t heard from them. He sent them few articles and suggestions as well but didn’t get any response from them; hestopped trying after some time. Being an Innovative thinker Dinesh Kukadiya want to do something unique for the college through which he can spread knowledge. He actually shared few Ideas with his friends like opening an Event club which will organize manage-

ment events on campus, National level seminar in college, publishing Newsletters, college newspaperto execute so that he can share knowledge. As Dinesh and Vaibhav are good friends, they usually discuss about new Ideas with each other. And when an Innovative thinker and dedicated persons meet they can change an impossible thing into a thing which could possible. They went to attend a Telecom seminar which was organized at Lavale campus by SITM to gain knowledge. Over there they noticed the college magazine of SITM which unlike Cursor focuses on generic Management topic. At that time both decide to open a monthly newsletter. But innovation and dedication is not enough for starting a Techno Management Newsletter, you need creativity as well. He is a great designer and is popular in MBA-IT from day 1 for his

Arsh e-Cell for his Creative designing skills and was Chief Editor of his College magazine. Vaibhav explained the Idea to Mohit and took his views about this. He gave a suggestion that first they should design a prototype of the newsletter which as per their discussion will contain 2 Management article, 2 Technical Article and 1 article on ongoing college event. The design was so awesome that they shifted the Idea of Newsletter to Magazine and named it as eVault where e stands for electronic and Vault symbolize a container of knowledge. As the Idea grown bigger, they now need more people to handle this magazine. They first explained Idea to Shirish Joshi HOD MBA-IT. Sir liked the Idea and forwarded it to the Director. After a long round of QA session Lalit Sir suggests them to take approval from Dy Director. Harshad Gune Sir also liked the idea and suggests them that whatever they will use should be open sourced. We may miss lead that after taking approval it must be very easy for them to publish the magazine. The biggest problem is that they need a team which can help them to handle the magazine. They called up a meeting, 25 people turned up for that meeting and shown their interest but when they

38 called second meeting on 7 people turned up including them. Even though they had quite a big team of technical editors, management editors, and marketing people but still they had to do the majority work of reading articles and proof reading. When you own a startup it may be possible that you have to clean the floor as well. Hence if you want to open something you should have guts to do that and these people do had those skills. They released their first edition on Thu, Sep 13, 2012, which waslike a “Dream Come true” day for them. Not only they worked hard for writing articles, content filtering and proof reading but also when the content is ready they have to fight to get appointments from faculty for approving the contents. They printed eVault stickers to market the magazine from their own pockets, they also created a Facebook page for Social media marketing. Considering positive side as well I can proudly say that their eVaultFaculty,Shirish Joshi sir is too co-operative for them and guides them at every step so that they won’t miss their track. The problem they faced in one and a half year and the experience they gained can’t be covered in just two pages but it is evidentthat these people worked too hard to convert their Idea into reality starting with a negative budget i.e. they invested in their Idea to a level where

Arsh e-Cell


college sanctioned budget for eVault separately and now a printed copy of eVault is also available in library. Soon this magazine is in handover process to the successor team and these three people won’t be there in eVault to see how much it will flourish. Might be they have a doubt that will the next team will keep it as close to their heart as these people keep. We can’t answer this question but can hope this magazine will flourish. They converted their dream into reality if they can do it why can’t we.

Vaibhav Goyal

Mohit Sharma

Dinesh Kukadiya

eVault Tech Trends

Blackberry Buzz ‘A buzz is going on that Blackberry(former RIM) is soon going to be sold to Fairfax Financial Holdings which also happens to be the largest stakeholder in the firm” The canadian firm is facing its worst time due to the sales dip with the launch of new smartphones and increased competition in the same segment. The problem became worst when its tablet product Playbook also failed in the mrket.

Arsh e-Cell


Fresh G ra d u ate s I Introduction A panel discussion on “Can fresh graduates be good entrepreneurs?� was held on 22nd June 2013 at SICSR in Pune. The panel discussion was organized by ARSH team e-cell of SICSR to discuss and focus on the Issues that are faced by aspiring entrepreneurs and provide a glimpse to the young generation,whether they can be good entrepreneurs if

they start their own venture just after the college or should they go for it after gainingadequate experience. The discussion was moderated by Mr. Abhishek Sharma and Mr. Mohit Sharma, and hosted by Ruchika Sharma,students of MBA-IT 2nd year at SICSR and also e-leaders of e-cell of SICSR i.e. ARSH.

The panelists at the meeting included: His Excellency Mr.Amod Bapat, Chartered Accountant in Bapat & Company, worked with Ernst & Young, and Arthur Andresen in their office at Kuwait, Mumbai and Pune; Mr. Naresh Garg Co - Founder of YellowMustard,worked with L&T and IBM before opening his own venture; Mr. Ayan BandyopadhyayConsultant at National Entrepreneurship Network, Head-

strategist at Adbullz. The main objective of the panel discussion was to make the students (pursuing MBA-IT and MSc. CA) understand the challenges and actions needed to advance the implementation if they wish to become an entrepreneur in the future.

Arsh e-Cell The key point discussed in the panel discussion where:• Various ways of Networking. • Glimpse of startup Marketing. • Financial structure of startups. • Women-oriented entrepreneurship. • Role of experience in Entrepreneurship • Social aspects like ethics. • Few points related to better planning like how young entrepreneurs usually over commit which is not a good practice.

41 were introduced to the participants. Abhishek started the event with the event’s opening remark on the topic and questioning the panelists,encouraging audience participation as well. His question was followed by Mohit’s remark on current stats on Entrepreneurship and panelists’ view on this remark. III Main issues discussed: During the discussion, the participants raised a number of points and engaged in a lively discussion with the panelists.

II Highlights of the Panel Discussion 1. Can a fresher be a good entrepreneur? The event started at 2:30 PM with 2. There are very few women entresome fun-filled activities like a ca- preneurs in India compared to male sual discussion prior to the panel entrepreneurs. discussion. The panel was welcomed 3. What things should a freshers by Ms. Rajshree Jain, keep in mind while Kanchan Ma’am, Mr. Abstarting their venhishek Sharma, Ms. Ruture? chika Sharma in the con4. What challenges ference room. At 3 PM, you are likely to the panel arrived inthe face if you wish to discussion room. Ms. start your ventureKanchan went up onthe without prior expestage to declare the rience? event open and then enriched the 5. As per stats, 60% of entreprestudents by providing a brief intro- neurs have experience. duction about ARSH, e-cell of SICSR. 6. What is the difference between a fresher’sand an experienced per The panelists were then intro- son’s approach towards business? duced and were called on stage. Kanchan Ma’am welcomed them on Questions raised by students:stage with bouquets. After this,the 1. How can we sell ourselves when two moderators Abhishek and Mohit- we don’t have any experience?


Arsh e-Cell 2. I want to open my own venture, so should I drop out from college or should I complete my education? 3. Suppose, I have my own venture of IT services, I commit my customer a deadline and my team is working hard, yet it’s not able to make it, then what am I supposed to do? 4. Overcommitment and how to sell ideas? 5. Is it ok to discuss my idea(s) with others? 6. Should an entrepreneur compromise with ethics in order to sell a product or run the business? 7. Can’t fresh graduates be good entrepreneurs?

8. Ups and downs in the market -developed some product, earned good initially but that’s not working anymore. Why? -- Look for some other market. IV. Success Stats of Panel discussion In this discussion, abouteighty students participated actively. The event was supposed to end at 4:30 PM but due to the immense enthusiasm ofthe audience and their unending questions,the event was extended till 5:00 PM. The response from the students was reasonably good.

eVault Tech Trends

Android 4.4

“It ’s our goal with Android KitKat to make an amazing Android experience available for everybody” - Google . Google recently announced the next version of its mobile operating system, Android 4.4 KitKat. Nestle’sKitKat Facebook page in Germany has confirmed that Android 4.4 KitKat will launch in October this year, probably along with the rumored Nexus 5.”

Arsh e-Cell


SheepStop Bhagyashri Dixit: There are many entrepreneurs but very few are socially involved with their field, many of the Entrepreneurs do something or anything for environment but very few decide to go eco-friendly with their business. She started her business in 2009 with the support of her husband and family with a name SheepStop. Small company which is growing day by day with an awe-inspiring idea of selling organic T-shirt at reasonable price and to make her dream come true of becoming an entrepreneur and supporting Environment and moreover encouraging ART of Graphics design. So here is a short encounter with Mrs. Bhagyashree Dixit Co-founder and CEO of SheepStop.

Bhagyashree Dixit: We started this venture in 2009. ARSH: We?? Bhagyashree Dixit: My husband (Parag Dixit) and I. ARSH: How you get this Idea?

Bhagyashree Dixit: We wanted to do something but don’t know what. We thought about many ideas about the product and it was not like that we wanted to open Organic tee business from the starting. Since there are so many competitions in the market we went for something niche. There were lots of ideas that popped up in our mind. In early 2000, Parag, during his engineering days at MIT, he always had fun in ARSH: When you making t-shirts with started Sheepstop? his friends. He printed T shirts not only for

Arsh e-Cell


College but also for Indian express festival which was as equivalent as mood Indigo of IIT Mumbai. He had group of creative people but they didn’t thought of taking Idea further and it remained in college boundaries only.

ucts we came up with some innovative things like right hand side testimonial on our website, and our uniqueness, as we decided to go organic in materials.

Everyone moved on with their life and the group scattered, Parag moved to US and did lots of ecommerce work over there. At that time Ecommerce was booming in US, people in US were actually enjoying online shopping. For them it was a new experience but in India people were more interested in doing shopping from malls. Much kind of companies came in payment channels which were not as varied, people didn’t enjoy shopping online. Now we know that we want to do online thing. Parag is Mechanical graduate and my background is IT, so none of us was experienced about developing a product. Parag knows about T-shirts and I am creative right from the beginning in ART field. We came with an Idea to print creative graphics on T-shirts, but are we really different? At that time tantra exists in the market more of one liner but still in the market. What was lacking at that time by existing companies involvement with their customers and unique things in the market.

Bhagyashree Dixit: Actually people do charity and many social work, and after a particular time or age even I would have started some social service but at the age of 60! Too late and I feel that if you are an entrepreneur then you should give back something to society too. So with a social touch, we started our business of manufacturing Organic t-shirts, but people usually don’t have huge pocket money to spend on, especially the young college crowd, hence we decided to keep our price low and affordable.

So we decided to focus on such things, we came up with a platform where customers can involve with us and choose these desired prod-

ARSH: Why Organic??

ARSH: What is the Business side of the story? What is your strategy to keep your business alive, awake and running in such a competitive world of clothing business? Bhagyashree Dixit: Well to keep a business alive, awake and running you need to keep your customers and your team happy, our strategy was simple to provide customers what they desire and team what they deserve… to keep our customers happy as I mentioned earlier we kept our prices low and affordable and provide them innovative and better designs as students don’t get much pocket money to spend

Arsh e-Cell


on, we kept our prices low and focused more on design and sell, we manage manufacturing and technical backgroundand we don’t put extra burden on our team, so whatever goes extra and unnecessary we out source it. And for our team we care for their work and efforts as we manufacture graphic design t-shirts and the most important thing is art and design of these tshirts, but usually what happens that artists don’t get credit and

it’s up till now we haven’t faced any downs, but yeah there were some challenges like a way back we got selected for cargoda Festival and we didn’t knew how to bid, and people and great art lovers come from all corners of the world. So once it begins, there were only three people to manage it and it stressed all of us out and was very hectic but we still managed talking to people, selling t-shirts and making contacts and many others things. It was a

recognitions, what we do is we put the name of artist on the t-shirt designed by him/her and we pay royalties also to encourage them. We try to put our all the efforts to give our respect to the art and artists as well.

good learning experience. ARSH : For any company marketing is always a big challenge how you marketed yourself ?

Bhagyashree Dixit: our marketing strategy was not dependent ARSH: What are the Ups and Downs on number of ads or hording we or challenges you faced till now?? put, what we did, we targeted our customers directly and we put a Bhagyashree Dixit : Fortunately thanking note for every customer

Arsh e-Cell


Mrs. Bhagyashree Dixit personally and it did make a huge difference. In relation building with customers, big brands still depend and believe in number of likes on facebook, and tweets on twitter. Our marketing strategy never involve in fake likes that some of the huge brands follow, all the likes are genuine on our facebook page. I don’t believe in number game. We don’t believe in likes, they should be the people who really like our product. We believe in community building of our customers, which is the best marketing strategy according to us.

ARSH: What kind of challenges you faced as women entrepreneur? Bhagyashree Dixit: No there were no such challenges as my family is very supportive and they encouraged me and Parag as well, for this. It was slight challenging in retail business of t-shirts but my Teammates are very supportive and they worked really hard and helped me with such issues. This would not have been possible without the support of my family and my team. So this was our conversation with MRS BHAGYASHREE DIXIT co-

Summer Internship

Name- Dhaval Shah Company- I knowledge Factory Vertical• Advertising Media • Application Development • Digital Marketing • Network Telecommunication Profile: Social Media Marketing, Optimization and Research Objective: To understand the social media space, analyze the structure and activities of various clients and create different avenues and develop and implement strategies that directly impact the marketing capabilities of the organization. Topic of job: • Ecommerce companies, Digital Media and marketing domains in various organizations, Independent Digital Marketing Agencies • Essentially, our market is restricted to companies who conduct B2C transactions over internet and have a social media presence. We have products and services structure as well strategies which optimize the social media presence to drive growth and increase customer engagement or generate leads.


My experience: In 2012, when I began my MBA journey at Symbiosis Institute Computer Studies and Research (SICSR), I was focused about the direction in which my career should steer. Determining what job function, role or company I should aspire to during my search for a summer internship. The only thing I was not clear about was that I wanted an entirely different work experience compared to that of my previous experience. Summer internship opportunity at I Knowledge Factory (IKF) Pvt. Ltd. was indispensable in giving me exposure to new work area and also in helping me foresee my career path post B-School. It is close to 9 weeks now since I have joined IKF and, trust me; it has been a fabulous journey! I have been able to make meaningful contributions on my projects that are helping me to grow personally as well as professionally. Here are a few highlights of my summer: • Core project: I have been assigned a project with the Digital Marketing team in IKF to Social media campaigns for our client. This


Summer Internship has given me a hands-on experience to practically use the Business Process Management techniques, which I never could have learned from books. The best part is that my mentors and team members have been very open to my suggestions. Even though I am an intern, my ideas have always been welcomed and I have actually been able to execute them in such a short duration of time. I have also organized and led few group meetings, which have contributed in key decision making for the project I am working for. • Internal project: Apart from the core project, I am also part of an internal project. In this project, we are analyzing another business challenge that the company management was facing. Management was keen on having a Customer Feedback System to get real insights from the existing customers about the products and services of-

fered by IKF. • People: There is immense support, guidance and openness of people here in the organization. I have talked personally to almost everybody in the company in different functions & roles including people from the top management. Everyone has been approachable and ready to answer my questions or address my queries. Overall, it’s been fantastic to be a part of this organization and I am excited about the contribution I have made so far. The best learning I had during my internship - Step out of your comfort zone and don’t hesitate to explore new ways to solve a particular problem. A piece advice to students searching for internships is to make sure you know what you want from your internship.

eVault Tech trends

Google with new logo &navigation bar Google has just announced that it is updating its iconic emblem with a refined color palette and slightly altered letter shapes. Simultaneously, the company has revamped its traditional navigation bar in an attempt to bring users a more streamlined experience. Gone is the black bar many users see today; instead, Google’s products are now organized into the same apps grid seen on Android, providing quick access to the company’s most frequently used services.

Summer Internship


Reliance Life Insurance Name – Pratikshya Meher

ing the various underling principles of insurance company and its imCompany – Reliance Life Insur- portance in the perspective of risk ance Company Limited management. Reliance Life Insurance Company Limited is a part of Reliance Capital Topic of research/job – Job was Ltd. of the Reliance - Anil Dhirubhai mainly focussed on finding out the Ambani Group. Reliance Capital is role of risk management in Insurone of India’s leading private sector ance sector in general and life infinancial services companies, and surance in particular. ranks among the top 3 private sec- Experience with picture (findings, tor financial services and banking tools learnt & used) – The major companies, in terms of net worth. job was to understand the proceReliance Capital has interests in as- dure Reliance Life Insurance folset management and mutual funds, lows in order to manage the risk stock broking, life and general in- involved in insurance. Findings surance, proprietary investments, show that the company uses exprivate equity and other activities cel sheet mainly to understand the in financial services. various statics of fraud and forgery. So excel sheet serves as the most Vertical - Insurance important IT tool that is used for risk management. Various trackProfile – Management Trainee (Re- ers are used which is used by the search about how the insurance in- top management to take decision. dustry works and Risk involved in They maintain a master tracker for insurance). Roles and Responsibil- various zones (as divided by the ity includes understanding the risk company). Their main focus is to associated with the life insurance eliminate fraud and forgery whose specific to Reliance Life Insurance. root lies with the agents as it is the Studying various policies offered agent which sells the policies and by the company and understand- contributes towards the growth of ing which policies are most sold. the business. The company sees Getting to know about the various the agent to be the life line for runtypes of fraud in company and how ning of business. Hence to keep the many such cases are reported from trust of the customer becomes the various sources and what are the primary focus.It has taken various steps taken for risk mitigation by steps and have categorises risk into Reliance Life Insurance understand- various sectors and verticals to be


Summer Internship studied carefully. Learning – The most important learning was, the number of fraud cases was to be reported using an IT tool and risk management procedure was to be strictly followed. The risk here is related with the agents and operations. There were various cases and instances where the documents submitted were in-

correct and at times the agents themselves counterfeit in order to get maximum selling. Since this happens in the grass root level, top management sees difficulty in curbing them completely. However, by monitoring, auditing and using various trackers at regular intervals they do a check on the mis-selling and frauds that happens across the industry.

eVault Tech trends Samsung Electronics unveiled two new products, the highly anticipated Samsung Galaxy Note 3 and Galaxy Gear smartwatch during IFA Berlin 2013. Samsung Galaxy Note 3 boasts of a larger screen and a ‘much more enhanced’ S Pen . According to Samsung, the phone has enhanced multitasking features, “you do not have to switch between tasks, one to the other.”The digital smartwatch “Galaxy Gear ” that will perform basic vanced Technologies.


Summer Internships

PHI Solutions Pvt. Ltd An insight to ‘Real World’ Name- Avani Lalka

How did I learn this? It is through these 10 major roles that were enOf late, social media has taken a dowed upon me. front-seat in branding and marketing. The new age media, the World 1. Developing sales presentaWide Web has completely changed tions to expand our client base the way products and services are 2. Developing promotion cammarketed today. Fortunately I got paigns an opportunity to be a marketer on 3. Analyzing and maintaining this fast developing medium. Here reputation of client by social media I share some major parts of my ex- campaigns tensive learning of this media. 4. Content development for camI am Avani Lalka, MBA-IT (2012- paigns 14). This summer-2013 I took up 5. Creating and maintaining intern-ship as a Social Media intern blogs for clients at PHI Solutions Pvt. Ltd., Mumbai. 6. Quality Analysis for client’s PHI is into providing offline and on- websites and brochures line Marketing and Branding. They 7. Copywriting have worked with clients in varied 8. Creating ads for print media sectors like Pharmaceuticals, Hos- 9. Proofreading copies pitals, Engineering, Management 10. Creating videos for marketing Schools, Jewelry Stores, etc. on video sharing websites Profile-While taking up intern-ship we think we would be given a specific job profile of managing, just one role and one profile. Little do we know of the surprise that awaits us while entering the organization! For me this surprise came as Multitasking and to tiresomely extend my limits of imagination and efforts.

To start with I was assigned with two clients, from two completely different sectors, one in Jewelry retail and the other in Health care. Slowly, by looking at my performance, I was involved in various other projects in verticals like NGOs, Pharmaceuticals, Packaging and Manufacturing. The Job-Analysis is the basis of a

Summer Internships


successful task. To start-off, as any management mentor would advice, it’s important to extensively research. Because that is how you can red-mark the starting point. I followed these teachings strictly at my intern-ship. On the basis of the analysis, using Google Analytics and Facebook insights, reports were generated. These reports, answered many of the questions that arise with any new task at hand. One major question of marketing that got answered was ‘Which is your target group?’ When the goal is clear, the journey is more effective.

Content development for these campaigns and blogs helped me to venture into copywriting. This was later extended to copywriting for brochures, websites, print and digital advertisements. This led to dirtying hands with proofreading. Most challenging has been preparation of Sales presentation for probable clients and projects that would help them to make their niche in the online space. Hours of brainstorming made its way to come up with ideas that would express our clients’ benefits in joining hands with us and impress them to be our client.

One advantage of the Digital world is that one can target their consumers easily and with more accuracy. In addition enhance Brand Recall by leaps and bounds. We designed a digital campaign that would help us just do that. It involved:

There is lot to learn and gain if one is ready to work out of their comfort zone. That was the very first lesson I learnt. More on my lessons, in the next section. Lessons

A. Engage users in Brand associated activities by running activities on facebook that would connect us to our consumers, thereby amplifying Brand recall. B. Creating and maintaining blogs to make consumers spend more time on the website.

This 11 week long intern-ship was an eye opener, a huge step towards understanding businesses and it’s organization. Right from getting your work done from officeboy to getting the right information passed and retrieved from the superiors was a great experience. Few of my learning that I want to emphasize are:

1. Right Way. Right Guy: PresC. Uploading videos and pre- ent the idea in a right manner to sentations on YouTube, Vimeo and the right person. SlideShare. 2. Pictures are mightier than


Summer Internships

words: Whenever one presents the ones from Diagnostic center. idea keep it more pictorial than words 5. There is no shortcut to success: Follow the process. It saves 3. Standardization: If you are time and energy. preparing a report for company, ensure you follow the company’s Finally it all concludes to that, format. Do not hesitate to question keep all your five senses acin case you have doubt. Better ask tive and sharp in business. Befirst than redo the whole thing. cause… You see. You hear. You learn. 4. When in Rome do as the Romans do: How consumers behave in different sectors, for e.g., clients of Pharmaceutical companies needed to be handled differently than the

eVault Tech trends Voyager 1 Reaches Interstellar Space NASA’s Voyager 1 spacecraft officially is the first human-made object to venture into interstellar space . The 36-year-old probe is about 12 billion miles (19 billion kilometers) from our sun .”Now that we have new, key data, we believe this is mankind’s historic leap into interstellar space ,” said Ed Stone , Voyager project scientist based at the California Institute of Technology,



Summer Internships

Name: Pratik Saxena

development technologies. These are:

COMPANY PROFILE: Layer3Media is a company which is primarily into Digital Rights Management (DRM) for movies and videos. It owns the L3 platform. The platform is capable of protecting, distributing and monetizing any kind of video content. It is a comprehensive platform for all stakeholders including viewers, owners, advertisers and intermediaries. MY OBJECTIVE: The objective is to create a social media marketing strategy for the company. This includes the process of gaining website traffic and attention through social media sites. TOPIC OF RESEARCH/JOB BUILDING A GAME:


A game is being designed by me for Layer3Media. This game will be available soon on the company’s website as well as on its Facebook page. It is being built using the latest web


Summer Internships

Axis Bank Name- Ananta Goyal

Company- AXIS BANK

Different departments were examined in terms of software used by each, including:

Vertical- Banking Profile- Management Trainee Topic Of Research- “Role Of INFORMATION TECHNOLOGY In Banking” The main objective of the project was to study with AXIS BANK ‘the role of Information Technology in Banking’, and how Information Technology forms the backbone of banking today. This helped me in understanding ‘how actually a private banking institute works?’

Bill Maintenance….etc


The most important study Each software was explained in was “Detailed understanding of detail with the help of SCREENsoftware used in different depart- SHOTS. ments of AXIS bank”. Importantly, FINACLE an INFOSYS product and how INFOSYS helps AXIS Bank Improve Scalability of its Universal Banking Platform along with ways in which FINACLE benefits Axis Bank. Some basic functionality of FINACLE includes: • • •

Account Maintenance Inventory Maintenance Remittance(DD/PO)

Summer Internships


Also, different bank products like Savings account, Current accounts, GIs, FDS, Home Loan, Personal Loan, Auto Loan, Business Loan and Loan against Property were studied briefly. AXIS BANK was further analyzed in terms of SWOT Analysis and MICHEAL PORTER’S FIVE FORCES MODEL, which helped me in understanding the market scenario.

the Organization) : o Regarding pre-approved offers on Personal Loan to priority customers o Regarding Online Trading Account (OTA) o Converted many calls o Many Credit Cards issued. • Saving account opened for walk-in customers. • Helped customers in sorting out bank related queries and Apart from this, ‘Role of DATA convinced many of them for bank WAREHOUSING and DATA MINING products. in banking’ was studied which in- • Detection of Cheque Frauds. cludes relevance of data warehousing and data mining for banks in India.

eVault Tech Trends

Some of the events rendered by the organization during my tenure include: • Senior Citizen Meet: Wherein some of the senior citizen members of AXIS gathered to discuss the problems faced by them and how AXIS can help them to make it better? • SPLASH: Painting competition for kids. LEARNING: • Detailed study of FINNACLE. • Study of different software used in different departments. • Report Generation and Filling (to RBI) • Brief study of Bank Products in different departments. • Customer Calling (Benefit to

Space Weather Satellite on Track for 2015 Launch A mothballed satellite that languished in storage for years is now on track to launch in early 2015.The satellite is designed to detect potentially Earth-threating space weather that could cripple electrical grids, hobble communications systems and disrupt air travel , satellites and spaceflight. It will orbit at the sun-Earth Lagrange point 1.

Summer Internships


Dena Bank Guide-Suhas D Nanivadekar,IT 2. An approach to establish Data Head, Regional Office, Dena Bank, Warehousing and Business IntelliPune gence in banking. Project DescriptionWith banks today generating a large amount of data and lots of data and records are being getting stored in one warehouse so it had become necessary to build a warehouse where all the data could be stored and prioritize according to needs.

3. How Data Warehousing and Business Intelligence can help in improving the process and organizing data in efficient and structured manner. 4. How the various organization have implemented the system and how they have benefitted from the process.

So I propose a framework for building a warehouse at Dena bank 5. How it can be implemented in so that it could easily be imple- Dena bank and help the same. mented and developed. Deliverables After the data is gathered and stored we need to mine the A detailed project report has been important data extract the impor- made and submitted to bank for tant data which is being and can be consideration. used by bank so I also suggested some data mining and Bi tools for bank which could be helpful in further use. OBJECTIVEThe objectives of the study basically involve the following1. Getting basic Insights of Data Warehousing and Business Intelligence.

Summer Internships


Citizen Co-operative Bank Ltd. Name: Vanessa Fernanes Company: Citizen Co-operative Bank Ltd. Vertical: Banking Profile: Trainee Learnt about: • Outward Clearing: Cheques drawn on other banks • Inward Clearing: Cheques drawn by the bank customers on their account in favor of other parties • Inward Returns: Cheques drawn by customers of the bank to other parties are returned • Different Deposit Schemes: 1. Recurring Deposit 2. Monthly Interest Deposit 3. Quarterly Interest Deposit 4. Half-Yearly Interest Deposit 5. Fixed Deposit Reinvestment 6. Daily Deposit Scheme 7. Suvidha Deposit • Loans • Fixed Deposits • Purchasing: Crediting the account holder’s account on the same day • RTGS/ NEFT: Real Time Gross Settlement (RTGS) System and National Electronic Fund Transfer (NEFT) Tool Used: OMNIEnterprise

Symbiosis Institute of Computer Studies & Research “ Building Future Leaders of the IT industry worldwide “

Constituent of Symbiosis International University Accredited by NAAC with ‘A’ grade

Evault vol 6 sept 2013 ebook v6