Marijuana Effectcs - Free Essay Example

Sample details Pages: 2 Words: 740 Downloads: 7 Date added: 2017/09/24 Category Leisure Essay Type Narrative essay Tags: Marijuana Essay Did you like this example? Running Head: MARIJUANA EFFETCS Article Summary of Marijuana effects on a modified Gambling Task Heather Frederick Psychology 2017 LAB Section 6 September 17th, 2010 Introduction: Previous studies on decision making abilities in people who are marijuana users on executive functioning has led researchers to believe that marijuana users have impaired decision making, but it is still not well understood. The experiment in this article aims at improving the current literature by observing direct effects of marijuana in double-blind controlled laboratory environment, while previous studies only had participants that had been abstinent from marijuana. The researchers’ hypothesis is that marijuana smokers will have a longer decision time, and would also do worse in card selection as the dosage of marijuana increases. There does not seem to be gaps in the logic of the hypothesis, since the previous research suggests this as well. Methods: There were 36 volunteer healthy adults from the ages of 21-36 years old. The inclusionary criterion for the experiment was that the participants were daily smokers, and had smoked marijuana between 2. 8-3. 8 years. The inclusionary criteria was reasonable, however the article does not state any exclusionary criteria. The researchers did give participants a urine analysis which confirmed that THC was the only drug present in the participants’ urine. The study was done in a controlled laboratory setting. The study was double-blind with 3 concentrations of marijuana cigarettes of 0. (control), 1. 8, and 3. 9% THC levels. The participants were assigned according to the Latin square design. The participants were told not to take an drugs or alcohol, and to confirm this they were given a urine analysis and breathe samples to confirm this. At the beginning of the experiment a baseline for participants was measured as well as heart-rate for the Gambling Task. After baseline measures were complete, participants smok ed a marijuana cigarette controlled by number and duration of puff of the cigarettes. The I. V. is the marijuana cigarettes with 3 levels (0. . , 1. 8, and 3. 9% THC levels). The dependent variables was a. ) card selection, b. ) net earnings, and c. ) time needed to complete the task. The Gambling task was composed of 4 decks of cards. These decks were either advantageous, with a net gain of $25, or disadvantageous, with a net loss of $25. Results: Relative to baseline measurements participants in the experimental group did not show any significant differences in card selection. An ANOVA two-tailed analysis was performed to see the between-session effects on performance and planned comparison. The mean number of cards selected for the control group was 2. 5, while the experimental group with 1. 8% THC was 10, and the group with 3. 9% THC was 3. The mean amount of time required to complete the task for the control group was -22 seconds, while the experimental group with 1. 8% THC was -5 seconds, and the group with 3. 9% THC was -6 seconds. The mean amount of net earnings for control group was -$2, while the experimental group with 1. 8% THC was $2, and the group with 3. 9% THC was similar to that of the 1. % THC group. The data is not clearly represented in this article. The only data presented is a bar chart, and does not contain exact numbers which makes the findings difficult to understand. The results indicated that marijuana did not disrupt advantageous card selection or money earned on the modified Gambling task, but did have an effect on the time it took to complete the task. The sample size for the experimental was within reason for the experiment; however the study could be replicated to give more weight to the results. Discussion: The results of the experiment shows that advantageous card selection and amount of money earned on the modified Gambling task were not affected by marijuana intoxication, which is consistent with the previous findings showing similar concentrations of THC levels. The researchers discussed how the lack of marijuana-related affects on performance could have been linked to the fact that the task was completed several times which could produce practice effects on performance. Another flaw in the study was the concentration of the THC cigarettes which were only low to moderate concentrations. The researchers suggest that the larger dosing of THC could have a greater increase in performance on the gambling task. Also, the validity of the Gambling task on performance for substance abusers has not been established. I would be willing to extend the conclusion to most marijuana users, since the average concentration contained in street sample confiscated by the US DEA. The researchers concluded that naturalistic decision making needs to be accessed in future research. Don’t waste time! Our writers will create an original "Marijuana Effectcs" essay for you Create order

The Ansar Al Dine Terrorist Organization - 4056 Words

Running Head: UTILIZING HUMAN INTELLIGENCE TO TARGET ANSAR AL DINE 1 UTILIZING HUMAN INTELLIGENCE TO TARGET ANSAR AL DINE 19 Utilizing Human Intelligence to Target Ansar Al-Dine Derrick Prince United State of Army Center of Excellence Noncommissioned Officers Academy Human Intelligence Collector Advanced Leaders Course Abstract This paper talks about the Ansar al-dine terrorist organization, giving a brief background on how the group was formed, the leader of the terrorist organization, the tactics, techniques procedures and the goals objectives. The primary area that Ansar al- dine conducts their operations is in Mali, Africa. The primary focus of this paper is how Ansar Al-Dine functions within Mali. Throughout the paper we will identify the condition and effects of the Political, Military, Economics, Social, Information, Infrastructure, Physical Environment, and Time (PMESII-PT) variables in Mali. The paper will also explain Human Intelligence (HUMINT) response to the effects of each category of (PMESII-PT), in order to overcome issues and successfully conduct HUMINT Intelligence Operations in Mali. At the end of the paper an overall summery explaining if human intelligence operations will work in Mali, where Ansar Al dine operates. A reference page is also provided for further research. Ansar al-Dine History Formed in November 2011, a Foreign Terrorist Organization was created to function under the sharia law, they are now known asShow MoreRelatedEffectiveness Of The Decapitation Of Osama Bin Laden1601 Words   |  7 Pagesof Al Qaeda effective? Was it worth ten years of concentrated effort and resources? Some scholars would argue that his death was not the end of Al Qaeda as hoped but rather, it was counterproductive due to the type of organization Al Qaeda is, the structural changes Al Qaeda incurred after September 11th and the evidence of continued Al Qaeda activity since his death. In the case of Al Qaeda, the loss of their primary leader did not dampen their resolve or passion towards their organization. ThereRead MoreAid to Africa: A Review of the Efficacy of International Aid to Sub-Saharan Africa1695 Words   |  7 Pagesideologies, low human development, corrupt and oppressive governance, resource disputes, and poor economic performance (Oyeniyi 1). Governments all across North Africa were overthrown in the Arab Spring, and violent conflicts with extremist factions such as Al-Qaida in the Islamic Maghreb (AQIM) have resulted in large amounts of international military aid to this region. Proponents of military aid argue that the political instability the region currently faces precludes any meaningful economic or political

Theory of Scientific Management Free Essays

string(100) " graduated as a mines engineer and he worked as a mines engineer of metallurgical and chief mining\." Over many years, academic researchers, economist and business expert have considered several theories which try to describe business organization dynamics including how decisions are made, distribution of power, conflict control and resolution and also to enhance and counterattack organizational change. The studies of organizational theories have help public sectors to focus on the effects of social organization not only on the behaviors but also on the attitude of individuals. These theories also play major roles in realizing the effect of each person characteristics and actions on the organization. We will write a custom essay sample on Theory of Scientific Management or any similar topic only for you Order Now On the same line it measures performance success and organizational survival and many other activities which takes place in public sectors. There are many theorists who have come up with different theoretical perspective which in one way or another have assisted public sectors to realize their success. This paper will focus only on three theoretical perspective developed by three different theorists including: Frederick Taylor, Henri Fayol and Max Webber. Frederick Taylor’s Theory of Scientific Management Dr. Frederick Winslow Taylor was born in 1856 in Philadelphia, U.S.A. He belonged to a center elegance family. He started out his profession as a small apprentice in the gadget-making shop. From the small apprentice he rose to the location of leader engineer in Midvale Steel Works in 1884. He worked almost at every position before becoming the chief engineer. He was almost associated with various problems confronted by the workers at every position he worked. This realization helped him in developing the idea of scientific management. He observed that the industrial resources were not being utilized properly ( Jack A. and Zenger B., 2002). In the early twentieth century, the most common management approach in western industrialization nations, was â€Å"rule of thumb approach†. This made Taylor to create his concept of scientific management. The theory was developed through continuous scientific experiments and calculations. The main ideas of Frederick Taylor’s theory of Scientific Management focused on the major issues of improving the productivity of labor. During his time, management that was widespread in the United States was not based on scientific management which was accomplished by past work experience. Before scientific management ideas, there was a gradually prominent paradox. For example, it was difficult for the capitalist to know accurately the efficiency of workers within the recommend time. Additionally, the workers usually operated under a normal working environment and majority of them were working less and get a lot of salary. In the same line, it is worth to mention that before the theory of scientific management, employees were not able to tell the amount of work they were supposed to do within a single day. The workers felt that they were doing a lot but paid less which made them to use the term â€Å"Social loafing† to describe increased exploitation and also to show hypothetical resistance. This led to low labor efficiency. Additionally, this also caused the employees to be resistant which emerged in labor conflicts. The best way to counter-attack this conflict was to come up with a well developed daily activity scientific model (Su, 2017). Tylor’s Scientific management theory implemented watchful specification and management of public sectors activities. This theory helped in standardizing tasks, rewarding and punishing workers and many other tasks became efficient. It is important to note that, this idea worked well for many organization especially in routinized activities. The matter of fact was that, Tylor wanted to develop mental revolution among all employees and the management through laying down of principle for enhancing production efficiency. In his theory of scientific management, he came up with four management principle, which include: development of a science for every component of an individual’s task, which substitutes the previous law of thumb system. The second principle was to scientifically choose and teach, train and advance the employee. The third principle was to heartily cooperate with the workers so that to ensure that every one work is executed in keeping with the ideas of the scientific theory that has been advanced. The last principle was to divide responsibilities and duty nearly equally among the management and employees. Tylor explained that, when these principles are followed they will accrue a lot of profits for both employers and employees. Through these principles, the workers will get more payment and management get a lot of profits (Hong., 2016). By using Scientific management Tylor was able to describe a single best method of carrying out tasks. In easy expressions, scientific management express the art of understanding exactly what was to be carried out and how it was to be achieved. Under this technique, scientific ideas are carried out in the recruitment, choice and educating of people and also are utilized in tackling numerous commercial issues. The Application of Scientific Management Today Tylor’s concept is still in place up to date. Several organizations still use the scientific management theory to increase their productivities. For example, in many industries and factories today, many managers usually employ this concept to increase the efficiency and also their productivity. A typical example of an organization that still uses Tylor’s concept is the Toyota company where the principle of scientific management is being used to ensure quality production and also improving the worker’s efficiency. This concept is still helping the Toyota company to be more successful. This is evident since Toyota company is currently seen to export a lot of automobiles to all parts of the world (Hong-yu, 2014). As a result of scientific management, employees have continued enhancing their skills so as to retain their leadership position or to be promoted to higher ranks. Moreover, organization have learnt to use scientific method in solving their issues instead of using the old approach of ‘rule of thumb’. Henri Fayol Theory of Adminstrative theory Henry or Henri Fayol; Istanbul was born in 1841 and died in 1925 was an engineer and scholar of business administration. Born in a middleclass family, in 1860 he graduated as a mines engineer and he worked as a mines engineer of metallurgical and chief mining. You read "Theory of Scientific Management" in category "Papers" He was responsible for the creation of contemporary management. some of Fayol’s contributions included; assemblage of business activities into six divisions, functions of management and lastly development of 14 principles of management. The administrative theory is founded on the idea of departmentalization, which means that different tasks are carried out to be performed in order to achieve the mutual purpose of the public sector or an organization. Prior to Henry Fayol’s administrative theory, Public sectors and business administration were using Tylor’s theory of scientific admiration to carry out activities in their place of work in order to maximize productivity by treating their employees as the machines (Brodie, 1967). Fayol was in contrary with this approach and he proposed administrative theory with 14 principles of management which focused on the whole organization instead of just the workers. Fayol believed that in order to realize the success in an organization, it was more than just employees to work. Managers were required to have certain responsibilities for them to be in a position to manage their workers and activities. This was later known as â€Å"administrative school of management† which was based on five management functions. These management principles were: Planning, Organizing, Commanding, Coordinating and Controlling. He believed that these elements help the management of an organization to make the machine to keep on working effectively (Miner, 2014). He also supported that any part or process that did not contribute to the success of the objective should be replaced efficiently and quickly. In conjunction to the above, Fayol also promoted 14 principles of management. these 14 principles can be categorized into four basic areas: Organizational structure, Organization power, organizational Reward and Organizational attitude. Organizational structure The Fayol’s six principles can be categorized as organizational structure. He argued that scalar Chain Organization should partake a firm vertical order. all the responsibilities, authorities and communication must follow that ladder. He ranked communication as an important element to an effective management. nevertheless, Fayol knew that there is situation where communication should be done very quickly. He meant that some times it is necessary to pass information and if possible to go out of the lines of authority and pass the message directly across the Scalar Chain. Later on, the concept became to be known as â€Å"Fayol’s Bridge† because it can allow two individuals on the same hierarchical level to communicate effectively and directly. Organizational Power This element contains three of the 14 principles which are Centralization; whereby all decisions are done in a central position. Here, the workers are not required to make the decision. The decisions are mainly done by the people in higher rank of management. after the top decisions, the information is passed down to employees through their supervisors. Authority and responsibility also falls under organizational power. Managers should have the power that stem not only from their rank in the organization but also should hold the authority for their individual characteristics (e.g. experience and intelligence). Importantly, responsibility should go together with power or authority in equal degree. The last principle which fall under this element is discipline. Here, Fayol meant that all the partners and members of a given organization should be respectful and dutiful to the rules and regulation of their organization and to the leaders (managers) who implement them. Organizational Reward In the addition to the above, three other principles relate to the organizational reward. These includes the remuneration of personnel whereby employees are given reward for their work with suitable salary. Equity is another principle whereby in, remuneration all the workers are required to be treated fairly and justly. The last principle that fall under the element of organizational reward is tenure stability. Fayol in this principle advocated that the organization should provide the workers with sufficient time to master their work in order to realize maximum performance. The last 3 Principles connected to organizational attitude includes subordination of people connected to overall interest. This principle advocates that an organization may be come effective only when the whole people’s interest take primacy over the interest of individuals. Therefore, organizational objectives must always be considered by individuals. Additionally, initiative managers take into consideration the efforts of their employees in order to make them work for the best interest of the organization. The last principle is Esprit de corps. â€Å"All for one and one for all† the principle advocates that there should be no disagreement between the different rank in an organization. Fayol emphasized communication as a basic element to effective management of any organization. He proposed a well-developed organizational structure where every person understands where he or she fits the best. It is worth mentioning that best structures and vibrant rules deals with these organizational structures. Based on the discussion provided above, it can be concluded that, Fayol’s administrative theory is more of prescriptive rather than explanatory or descriptive. He defined the way in which an organization is supposed to function so as to be fruitful. Application of Fayol’s theory in the Contemporary work place Fayol’s administrative theory together with principle of management are still applicable in contemporary organization in many different ways. The theory and its principles are still practiced in modern industries. They are refurbished form of the original elements or principles. They are leftovers of history of organization to which other values and practices are being presented. Many other principles of Fayol are also still followed up to today, to a step that depend on the a given organization or an industry. The Military of the United States is a good example of an organization which has employed and still use the Fayol’s Principle of management. For example, the U.S. military organization still employ division of work, â€Å"subordination of individual interest to general interest†, unity of Command, centralization and the scalar chain in different managerial level in all divisions of the military. Other current organizations which have developed usually tend to use many of these principles of management especially application of scalar chain as away of imposing instructions and order. Weber’s Theory of Bureaucracy Max Webber (1864-1920) was a Germany political scientist, sociologist, philosopher and also the founder current sociology. He wrote the ethics for protestant and the capitalism spirit in the year 1905. He went to the university where he later became a professor but unfortunately, he suffered from breakdown of mental in 1897 and he was not able to work for a period of five years. His bureaucratic theory stressed on two essential elements; firstly, it involves arranging organizations into hierarchy. Secondly the a given organization together with its members were ruled by well outlined rational legal decision-making laws. Each of these elements help any organization to meet its goals (Du, 2010). An organizational hierarchy is the planning of the organization by the rank of the power or authority. In reference to the step above and below. For example, the vice president in a given organization is always ranked below the president of that organization. It is important to note that the person holding the lower level in the hierarchy answers to a person who is above him or her and at the top there is final leader of the whole organization. The rational-legal decision-making rule entails procedures and policies that help to monitor how the company functions. Other features in this theory are clear career path where employment in a public sector or any organization must be taken as an occupation for officials. Full time employees are categorized as official. In summary, Webber’s bureaucracy permits for the optimal form of authority. Application of Webber’s Theory in current workplace. In today’s society, the term bureaucracy is used in every day’s activities. The theory of bureaucracy is still connected in contemporary society with efficient, slow moving industries. Several public sectors, academic facilities and union shops just to mention a few tend to work based on the principle of bureaucracy Comparisons between the three conceptional theory After discussion, we have seen that all theorist (Fayol, Tylor and Webber) contributed a lot to the organizational management. Notably there are similarities and differences in three of these pioneer works. Looking at the work of Fayol and Tylor it can be said that their theories were complementary. For example, both Fayol and Tylor realized that the problems faced by the employees and the management in a given organization is the primary key to the success of an organization. It is also important to note that all the three-theorist applied scientific way during the development of their theories. For example, Fayol and Webber based on the operative sequence from the base of organization hierarchy upwards. Similarly, Fayol focused on administrative management from top to bottom. It is also noted that all the three philosophers felt the universality of management. moreover, it is worth to point out that, they had a common goal of trying to enhance the management within organizations. The development of their ideas was grounded on practical experiments. Moreover, the above discussed theorist expressed their conception theories by use of books whereby, they focused a lot on mutual cooperation between the employers and their works. It is important to put into consideration that, all the three theories were developed at a period when the organization of employers and employees was required. Differences Although this paper was discussing the theories of three people, the different ideology is most pronounced in the theory of Tylor and Fayol. One of their major difference is that Tylor focused on the problem of shop floor but on the other hand Fayol based on the work of managers at the higher level. The second difference is that Taylor’s worked from the base of an organization going upwards while Fayol worked opposite of Tylor where he applied the theory to work from top management to the bottom. Additionally, it can be noted that main purpose of Tylor was to improve productivity of labor and remove wastages. On the other hand, Fayol tried to create a worldwide management theory. Tylor’s theory has evolved and have a big change under the impact of current development, but the work of Fayol especially his principles of management have overcome several critiques and is well accepted even in modern days. Conclusion It is worth to conclude that the three management thinkers have an enormous contribution in the ground of organizational management. The theories are not contradictory instead they are complementary in nature. Although the three thinkers may have different ideas, it can be noted from their arguments that they had a common interest of ensuring effective management in an organization. For example, Taylor’s theory focused on the major issues of improving the productivity of labor and that of Fayol focused the idea of departmentalization which is aimed at improving the success of organizations How to cite Theory of Scientific Management, Papers

Innovation and creativity evaluation of Apple Corporation free essay sample

There are many theoretical approaches were developed since the processes of creativity and innovation have become an essential part of businesses. In particular, Graham Wallas theoretical framework was applied in synthesis with the bright example from the experience of Apple Corporation to deeper evaluate and understand the process. The process of innovation and the way of it managing was described by 3 phases innovation process with clear evaluation and presentation of the main steps the process of innovation comes through. The example of Apple Corporation innovation process showed the most appropriate experience described by theoretical framework. Being an entrepreneurial organisation Apple Corporation has developed a number of behavioural rules and general philosophy to operate and keep the top position in the global market. The company has great opportunities to develop in future prospects and stay the world’s leader of production personal computers, softwares and electronic devices. Introduction Apple Corporation has been globally best-known company by its own highly innovative products that almost does not have any analogues by its technological, creative and innovative basis (Tyrangiel, 2012). The financial system is concerned about money, credit and finance-the three terms are intimately related yet are somewhat different from each other. Indian financial system consists of financial market, financial instruments and financial intermediation Role/ Functions of Financial System: A financial system performs the following functions: * It serves as a link between savers and investors. It helps in utilizing the mobilized savings of scattered savers in more efficient and effective manner. It channelises flow of saving into productive investment. * It assists in the selection of the projects to be financed and also reviews the performance of such projects periodically. * It provides payment mechanism for exchange of goods and services. * It provides a mechanism for the transfer of resources across geographic boundaries. It provides a   mechanism for managing and controlling the risk involved in mobilizing savings and allocating credit. * It promotes the process of capital formation by bringing together the supply of saving and the demand for investible funds. * It helps in lowering the cost of transaction and increase returns. Reduce cost motives people to save more. * It provides you detailed information to the operators/ players in the market such as individuals, business houses, Governments etc. Components/ Constituents of Indian Financial system: The following are the four main components of Indian Financial system 1. Financial institutions 2. Financial Markets 3. Financial Instruments/Assets/Securities 4. Financial Services. Financial institutions: Financial institutions are the intermediaries who facilitates smooth functioning of the financial system by making investors and borrowers meet. They mobilize savings of the surplus units and allocate them in productive activities promising a better rate of return. Financial institutions also provide services to entities seeking advises on various issues ranging from restructuring to diversification plans. They provide whole range of services to the entities who want to raise funds from the markets elsewhere. Financial institutions act as financial intermediaries because they act as middlemen between savers and borrowers. Were these financial institutions may be of Banking or Non-Banking institutions. Financial Markets: Finance is a prerequisite for modern business and financial institutions play a vital role in economic system. Its through financial markets the financial system of an economy works. The main functions of financial markets are. To facilitate creation and allocation of credit and liquidity; 2. to serve as intermediaries for mobilization of savings; 3. to assist process of balanced economic growth; 4. to provide financial convenience Financial Instruments Another important constituent of financial system is financial instruments. They represent a claim against the future income and wealth of others. It will be a claim against a person or an institutions, for the payment of the some of the money at a specified future date. Financial Services: Efficiency of emerging financial system largely depends upon the quality and variety of financial services provided by financial intermediaries. The term financial services can be defined as activites, benefits and satisfaction connected with sale of money, that offers to users and customers, financial related value. Pre-reforms Phase Until the early 1990s, the role of the financial system in India was primarily restricted to the function of channeling resources from the surplus to deficit sectors. Whereas the financial system performed this role reasonably well, its operations came to be marked by some serious deficiencies over the years. The banking sector suffered from lack of competition, low capital base, low Productivity and high intermediation cost. After the nationalization of large banks in 1969 and 1980, the Government-owned banks dominated the banking sector. The role of technology was minimal and the quality of service was not given adequate importance. Banks also did not follow proper risk management systems and the prudential standards were weak. All these resulted in poor asset quality and low profitability. Among non-banking financial intermediaries, development finance institutions (DFIs) operated in an over-protected environment with most of the funding coming from assured sources at concessional terms. In the insurance sector, there was little competition. The mutual fund industry also suffered from lack of competition and was dominated for long by one institution, viz. , the Unit Trust of India. Non-banking financial companies (NBFCs) grew rapidly, but there was no regulation of their asset side. Financial markets were characterized by control over pricing of financial assets, barriers to entry, high transaction costs and restrictions on movement of funds/participants between the market segments. This apart from inhibiting the development of the markets also affected their efficiency. Financial Sector Reforms in India It was in this backdrop that wide-ranging financial sector reforms in India were introduced as an integral part of the economic reforms initiated in the early 1990s with a view to improving the macroeconomic performance of the economy. The reforms in the financial sector focused on creating efficient and stable financial institutions and markets. The approach to financial sector reforms in India was one of gradual and non-disruptive progress through a consultative process. The Reserve Bank has been consistently working towards setting an enabling regulatory framework with prompt and effective supervision, development of technological and institutional infrastructure, as well as changing the interface with the market participants through a consultative process. Persistent efforts have been made towards adoption of international benchmarks as appropriate to Indian conditions. While certain changes in the legal infrastructure are yet to be effected, the developments so far have brought the Indian financial system closer to global standards. The reform of the interest regime constitutes an integral part of the financial sector reform. With the onset of financial sector reforms, the interest rate regime has been largely deregulated with a view towards better price discovery and efficient resource allocation. Initially, steps were taken to develop the domestic money market and freeing of the money market rates. The interest rates offered on Government securities were progressively raised so that the Government borrowing could be carried out at market-related rates. In respect of banks, a major effort was undertaken to simplify the administered structure of interest rates. Banks now have sufficient flexibility to decide their deposit and lending rate structures and manage their assets and liabilities accordingly. At present, apart from savings account and NRE deposit on the deposit side and export credit and small loans on the lending side, all other interest rates are deregulated. Indian banking system operated for a long time with high reserve requirements both in the form of Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR). This was a consequence of the high fiscal deficit and a high degree of monetisation of fiscal deficit. The efforts in the recent period have been to lower both the CRR and SLR. The statutory minimum of 25 per cent for SLR has already been reached, and while the Reserve Bank continues to pursue its medium-term objective of reducing the CRR to the statutory minimum level of 3. 0 per cent, the CRR of SCBs is currently placed at 5. 0 per cent of NDTL. As part of the reforms programme, due attention has been given to diversification of ownership leading to greater market accountability and improved efficiency. Initially, there was infusion of capital by the Government in public sector banks, which was followed by expanding the capital base with equity participation by the private investors. This was followed by a reduction in the Government shareholding in public sector banks to 51 per cent. Consequently, the share of the public sector banks in the aggregate assets of the banking sector has come down from 90 per cent in 1991 to around 75 per cent in2004. With a view to enhancing efficiency and productivity through competition, guidelines were laid down for establishment of new banks in the private sector and the foreign banks have been allowed more liberal entry. Since 1993, twelve new private sector banks have been set up. As a major step towards enhancing competition in the banking sector, foreign direct investment in the private sector banks is now allowed up to 74 per cent, subject to conformity with the guidelines issued from time to time. Conclusion: The Indian financial system has undergone structural transformation over the past decade. The financial sector has acquired strength, efficiency and stability by the combined effect of competition, regulatory measures, and policy environment. While competition, consolidation and convergence have been recognized as the key drivers of the banking sector in the coming years