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Internal Assessment SYFinTech 2024

The document presents an internal assessment by Saanvi Rane on financial terms and their understanding among individuals aged 25 and above. It includes responses to key financial terms such as regulation, law, and FinTech, highlighting varying levels of awareness influenced by educational and professional backgrounds. The findings emphasize the importance of not just knowing terms but understanding them for effective implementation and compliance.

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7 views5 pages

Internal Assessment SYFinTech 2024

The document presents an internal assessment by Saanvi Rane on financial terms and their understanding among individuals aged 25 and above. It includes responses to key financial terms such as regulation, law, and FinTech, highlighting varying levels of awareness influenced by educational and professional backgrounds. The findings emphasize the importance of not just knowing terms but understanding them for effective implementation and compliance.

Uploaded by

seceh93562
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Deccan Education Society’s

Brihan Maharashtra College of Commerce (Autonomous), Pune

S.Y. B.Com. (FinTech) Student Name: Saanvi Rane


2313303 – Financial Institutions and Regulators Roll Number: 32
Internal Assessment July 2024 Group Name: Evolution of FinTech in India

 Meet people, ask them the following terms and get their responses.
 Age group: minimum 25 years
 Eligibility: Literate (must be in a position to read, write and speak at least one language)
Sr. Term Response Actual Meaning
No
1 Regulation 1. Norms to follow
2. Rules
3. Rules passed by law
2 Rule 1. Are used to being in discipline and manners.
2. Obligation
3. Regulation
4. Process of conduct
3 Law 1. Where rules and regulations are to be followed
2. Directive to be followed
3. Law is an official Rule
4. Law is a command to be followed
4 Policy 1. Schemes
2. Reform planned for the community
3. Way of doing an activity
4. Plan of action usually agreed by everyone
5 RBI 1. Central Bank
2. Safe banking
3. An apex bank for all banks in India
4. An authority controlling monetary matters in India
6 SEBI 1. An organization related to the stock market in India
2. Stock Market
7 IRDAI 1. Statutory body
2. Like SEBI, but it is for the insurance sector
3. An authority controlling the Insurance sector
8 FinTech 1. Finance + Technology
2. Fiserv

1 B. M.C.C., Pune
3. A sector involving the integration of finance and
technology
4. Where finance is managed technically

9 Rights 1. To authorize
2. Humans
3. What you are eligible for
4. Morals
10 Duties 1. Responsibilities
2. Police
3. Work/Job that needs to be done

Observations at the end of the study:


1. Conclude your understanding of the topic and awareness about it amongst people at
the end of the study in your own words.
Answer: The understanding and awareness of these terms varied among the individuals I
interviewed. Most of them had a general idea of the terms. Initially, some found the terms
confusing, or rather difficult to differentiate with, for example, most people associated
Rules with Regulations and vice versa. However, the depth of understanding differed
with those having a background in Finance, Law, management, etc. as they showcased
more comprehensive knowledge particularly about institutions like SEBI, RBI and
IRDAI and concepts like FinTech.

2. What do you think knowing the term and understanding the term are two different
things? Does educational background or Professional Background play any role in
such understanding?
Answer: I think knowing the term and understanding the term are two different things,
but they can be interconnected. Knowing a term simply means that one can recall or
recognize the term. Whereas understanding a term goes deeper. Understanding a term
means grasping the concept behind the term and being able to explain and relate it to
other things. Educational and professional backgrounds significantly influence this
understanding. For instance, individuals with legal or financial education backgrounds
are likely to have a more comprehensive understanding of terms like law, regulation,
RBI, SEBI, and FinTech. Whereas others may not have fully understood the relationships
between these terms.

2 B. M.C.C., Pune
3. What do you think, only knowing the term is enough or understanding the term as
well is required to ultimately attain up-to-the-mark implementation of it?
Answer: Only knowing a term is not enough; understanding it is important for effective
implementation. Knowing a term might enable basic communication, but understanding it
ensures that one can apply the concept correctly and fully grasp its implications. For
example, a basic awareness of "regulation" does not equip an individual to comply with
or enforce it. Detailed knowledge about the nature of regulations, the reasons behind
them, and their practical applications is essential to achieve proper implementation and
compliance.

4. How can you create more awareness amongst people about the same?
Answer: Awareness of terms like regulation, law, policy, and financial institutions like
RBI, SEBI, and IRDAI is important. Awareness can be created through educational
programs, workshops, and seminars focused on financial literacy and legal education.
Using media like articles, blogs, podcasts, and videos can help spread the information
widely. Online platforms and community events can also make it easier for people to
learn and discuss these topics.

5. Did this activity help you in enriching your knowledge and understanding? How?
Answer: Yes, this activity has enriched my knowledge by providing insights into how
different people perceive and understand these terms. It highlights the varying levels of
awareness and the importance of background in comprehension. Engaging with diverse
perspectives has deepened my understanding of the practical implications and
significance of these concepts in everyday life.

List of individuals who participated in the activity:


Sr. Name Age and Qualifications Profession
No. Gender
1 Ramchandra Rane 56, Male Graduate (B.E. Metallurgy + FMM) Service

3 B. M.C.C., Pune
2 Sachin Pawar 39, Male PhD Private Service

3 Sayali Prabhu 35, Female Postgraduate (MCA + MBA) HR Professional

4 Swati Rane 52, Female Postgraduate (MPM) Housewife

5 Anjali Shroff 36, Female Postgraduate (MCA) Software


Engineer

6 Saurabh Prabhu 30, Male Postgraduate (MSME + M.Sc. Reliability


Analytics) Engineer

7 Devshri Kasle 30, Female Postgraduate (M.Com.) Housewife

8 Ameya Pawar 38, Female CMA Housewife

9 Harshal Kasle 30, Male Postgraduate (M.Sc. Computer IT Professional


Science)

10 Sameer Kamble 34, Male Graduate (BCS) IT Professional

11 Archita Rane 25, Female Graduate (B. Arch) Architect

4 B. M.C.C., Pune
Submitted on, Date: ________________
Place: ____________________________
Signature: ________________________

5 B. M.C.C., Pune

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