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Why India should adopt cloud banking

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“The advance of technology is based on making it fit in so that you don’t really even notice it, so it’s part of everyday life.”

—Bill Gates, co-founder of Microsoft

Initially, banks were considered the economic tools to lend money and accept deposits from the public. The banking sector has been critically acclaimed for achieving economic stability. The need to strengthen the banking system was more realised only after India introduced the LPG policy in 1991. The then Finance Minister, Dr Manmohan Singh, opened the floodgates of trade opportunities by introducing liberalisation, privatisation, and globalisation policy in India. Hence, as a result, for better public service experience, private banking was introduced in India vide establishing Axis Bank, ICICI Bank, and HDFC Bank from 1993 to 1994.

This was one of the major developments in the banking sector post-Independence era and the banking sector has kept developing since then. The invincible development came in terms of the adoption of new-age technologies incessantly over time. Due to this, traditional banking processes have given place to the most cutting-edge technological advancements. Among these, the implementation of CORE (Computerised Online Real-time Exchange) Banking in India was a watershed moment. Nowadays, the common public doesn’t need to visit the banks physically due to the advent of net banking, digital payments, smart cards, mobile banking, kiosk banking, etc. Banking processes are now considerably faster and more trustworthy, resulting in improved consumer relationships with banks. The next phase of banking sector development is the introduction of AI and Machine Learning. This is crucial, as the technology advances, fraudsters find it more opportune to commit forensic fraud. Machine Learning has already proved to be a very efficient tool in credit card management by banks. With the deployment of modern technologies, India’s banking industry is poised for a revolutionary space.

Due to the sensitivity of the banking operations and dealing with public funds, banks are subject to strict regulation and governance. Despite their cautious approach, the market volatility forces banks to look for ways to cut operating costs and introduce innovative products that would give better market coverage and a faster return on investment. In terms of product and service offerings, India’s corporate banking sector is still in its infancy as compared to developed economies. So, to have efficient and cost-effective operations, banks should consider cloud banking. Cloud computing is a technical innovation that is transforming the banking business. According to a recent IDC report, nearly 80% of corporate banks in India are expected to operate their trade finance and treasury workloads on Cloud technology by 2024.

When cloud computing was first introduced, cloud maturity levels were low and banks were hesitant to implement it since they are bound by standards, data protection, and regulations. The cloud environment has matured significantly, and most banking rules and regulations have been changed to support cloud computing. The cloud is a crucial part of the service delivery architecture as it allows banks to tap into new delivery channels and business opportunities. Banks can reduce data storage costs by saving on capital and operating expenses while assuring client data security by utilising cloud-based services. Cloud computing also encourages secure online payments, digital money transfers, wallet transactions and more.

While few Urban Co-operative Banks and Regional Rural Banks were early adopters of cloud technology, we should expect larger institutions to gravitate toward cloud services now. As a start, YES Bank has implemented cloud computing and has been an early adopter of cloud-based banking services. But using more technology means dealing with more big data. Millions and trillions of transactions occur every passing minute and it is becoming difficult for banks to manage the data efficiently. Banks need to spend more on IT solutions, networking, hardware, and software to meet various stakeholder’s demands. Due to increased capital expenditures, banks find it difficult to attain the desired level of IT implementation. Cloud computing offers to assist the banks in reducing capital IT infrastructure expenses. Hence, banks are rapidly trying to adopt cloud-based IT solutions.

Cloud technology enables banks to adopt a new paradigm for delivering creative channels, reducing time to market new offerings, satisfying customer expectations, and complying with regulatory rules at a cheaper cost. System administrators can remotely build, install, configure, and deploy virtual resources to run a business solution using cloud computing. Furthermore, cloud IT infrastructure can be scaled up or down at any time based on predicted usage and requirements. Banks are quickly realising that with cloud banking, they can store data and quickly access it. The cloud has appeared to be a superior data management tool providing banks with agility, scalability, and security. Faster deployment of financial services, lower costs of new applications, and greater flexibility are just a few of the reasons why banks are choosing cloud over traditional IT infrastructure.

Key benefits in switching to Cloud Banking:

1) Banks don’t need to invest heftily in infrastructure costs. The saved money can be invested in running the operations smoothly. 

2) Gone are those days when people feared the breach of security while using Internet-based solutions. Some of the world’s most well-known brands own public cloud servers as it is more secure.

3) Banks can reach out to a large customer base through various mobile and app-based features. Many banks have started AI-based WhatsApp banking. 

4) Cloud technology can make the banks swifter in operations by enabling banks to deploy newer services to customers. 

What has refrained banks from switching to cloud technology so far? Here are some of the reasons. The systems with older programming languages or connectivity constraints may find it difficult to move to cloud technology. Furthermore, many financial institutions struggle to establish which systems can be moved to the cloud and which must remain on-premise. Leaders may be confused about whether or not shifting a system to the cloud will expose them to regulatory risk. Banks should compare the expenses of hosting data on-premises and maintaining their own servers against the price of moving to the cloud. Migrating can be costly if banks don’t have proper resources and technological know-how. Networking is also a mini barrier when using a cloud-based approach. As per RBI regulations, banks must operate in rural and semi-urban areas in India wherein network latency can be a barrier. If fraud occurs, investigators will have to rely on a large amount of data scattered across various locations, making their task difficult.

Banks require technology that makes migration smooth and rapid. The actual transition period does not have to be onerous, provided IT teams have the appropriate technology in place and a risk team on hand to review security measures. Modern technology solutions are available in the market that allows banks to deploy cloud applications in two to three months rather than years. 

Banks should invest in cloud migration. Financial institutions will gain increased agility to rapidly and effectively respond to changing customer needs. Banks need to confront the issues and invest in apt solutions to reap the benefits of migrating to the cloud.

The author is a Finance & Forensic Accounting Professional and is currently associated with the education industry in the capacity of Finance Officer. The views expressed are personal.

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Voters must be made aware of healthcare issues

Suravi Sharma Kumar

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Covid 19 pandemic is when we have so clearly understood how broken our health systems are and this has made us contemplate the role that the government should play in ensuring healthcare for all in the country. Surprisingly Indian election manifestos across all parties don’t allow healthcare any decent space. And more curiously, India’s voters appear to place little emphasis on health as they decide whom/ which party to vote into power. For instance, in the state elections in Bihar in October-November 2020, as found in a post-election survey, only a meager about 0.3% of the voters considered health as a priority–even against the backdrop of the Covid-19 pandemic. Economic factors and general developmental issues loomed much larger to voter priorities against providing good healthcare.

Why do our voters not prioritize health despite their having to pay one of the world’s highest out-of-pocket (at 78% OOP) expenditures and catastrophic spending on health for decades? The reasons for the low prioritization of health in elections seem to be complex and rooted in our psychological imprint. Our people have surprisingly non-existent expectations of government as healthcare provider/s. This most likely is because the health system had been unresponsive and unaccountable for way too long. People’s minds have been turned away from this in their upbringing years while going through the thick and thin of their woes around hospitals and clinics. There is simply no expectation in their minds. 

An expectation is the emotional anticipation or belief of an occurrence that may take place in reality in the future. It’s a potential reality that we look forward to being manifested in our lives. But mindsets primed over many decades are transformed to such a state that it doesn’t allow the emergence of any such expectation in people. The very concept of government providing healthcare doesn’t exist in the minds of the multitude in our country.

The other cause of such reaction in voters may also be because none of the political parties provide the subject of Health any decent place in their election manifestos. They make no promises about improving health care. So this leaves the people to themselves as far as health is concerned and are left with no scope to choose a political candidate or a party on that ground.

Political leaders, on the other hand, stay away from promising improved healthcare, either because they don’t have the answers, or they find it too complex an issue to analyze and come up with an agenda on offer, or because timelines for improving the system are well beyond the life of their political regimes. However, we get to see that where political leaders have delivered well on health, such as in Kerala, it has created an expectation from citizens which compels leaders to offer election agendas prioritizing health. Despite the pandemic, it has been hard to identify any shift in the electoral politics of health provision even in the world’s richest party governing our country. The ruling party under the charismatic leadership of the honorable prime minister has also been stressing other welfare goals even in the backdrop of a pandemic. The ruling party is also seen to garner benefits from maintaining a raft of welfare schemes since 2014 adding several such schemes and promoting them actively during elections. 

Various factors/reasons are under play for this and the most prominent one is because reforms in the health sector are harder to enact and much slower to yield any tangible outcomes for voters to take cognizance of and manifest any impact in terms of votes earned for the party undertaking such a complex agenda. Hence, foregrounding health sector investments have been seen as politically riskier than other result-oriented schemes/ agendas. For instance, improvements in the distribution of food grains or gas cylinders (Ujjwala) are more visible and tangible/measurable for the general public than enabling efficient medical caregiving policy/ scheme which is a far tougher and time-consuming task to undertake. Welfare schemes based on the ‘delivery’ of a product are much simpler and tangible than improving services like health and education, which are much more complex. 

Healthcare depends on a system that includes infrastructure, human resources, medical protocols and resources, high accountability, and capacity. For this reason, perhaps, the main electoral pledge in the health sector in recent years has been on health insurance and a few free treatments offers rather than comprehensive infrastructural reforms within which this product can be effectively utilized.

The social determinants to health that are highly prioritized in the UN sustenance goals must find a place in any discussion on health infrastructure improvement. They are important contributory factors to health status in general and get varying degrees of priority in governments. But there is a need for more focused coordination to ensure optimal allocation of resources across various sectors touching the subjects of safe drinking water, sanitation, hygiene, and nutrition. Their contribution to good health is unarguably a lot but these need to be adequately recognized, measured, and evaluated.

There is also a need to establish a coordinating body in the country’s highest offices to connect the dots in health and other social determinants of health and coordinate the work of various agencies contributing to health improvement to enhance and better utilize these for the general good.

Experts would agree rebuilding India’s health system requires first and foremost better financial allocation and some policy work around the clarity of roles of the national and state governments. The other area is creating empowered institutions with evidence-based healthcare governance and administration. The motivation for these will emerge from creating (or making more visible) the demands of Indian voters for improved health. Social help groups and non-government organizations should work on voter awareness, their perception of health schemes, and even the politics behind these.

The author is a Consultant Doctor, Moolchand Medcity.

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HOW ONE CAN FOLLOW ONE’S PASSIONS AND DREAMS IN LIFE

A career has to be true to your inherent talent and interests. It should fulfil your financial goals and help you grow personally as well. It is important to be guided on the right career path, but it is far more important to stay true to oneself while making a career choice.

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We all have aspirations for the future. Ask a child and he too will have a dream. Dreams might revolve around a career, achievement, or the little pleasures of life, such as travelling or driving a nice car. We are defined by our dreams. Additionally, dreams also direct the course of our lives. But occasionally, circumstances deter us from pursuing them. Does that imply one shouldn’t pursue their dreams? Should one give up trying? And, more importantly, should we keep encouraging our children to follow their dreams and aspirations until they come true?

Firstly, we must realise that while barriers may occasionally stand in the way of realising our ambitions, they are seldom long-lasting. After all, dreams are what give us hope. The right thoughts, the right environment, and the right attitude are the key components that may assist children, students, and adults in never giving up. 

To stay authentic to yourself and your dreams, you can consider the following:

1. To think beyond examination scores:

Imagine parents telling their child to follow what their best friend or the best student in their class is doing. Most likely, he has no interest in what the other person does. However, ordering the youngsters to do anything will just add pressure on their young minds. Despite peer pressure, supportive parents and relatives must recognise their child’s innate skills. The child’s overall growth must be more important than who received the highest grades in the class. Once the child’s latent skills are discovered, positive reinforcement might help him excel in his chosen career path. This is the first step towards dream realisation – encouragement at all times. 

2. The P’s that will stand the test of time:

Patience, Perseverance, Passion. A deep interest in anything naturally leads one to success. But persevering in the long run with no distraction or fear of failure or other obstacles is the key. There will be challenges but taking them head-on will take one through the testing times. And what’s most important is patience. To wish for quick results and give up halfway through leads one nowhere. Things happen only with time and at their own pace.

3. Being grounded:

Taking time to introspect and self-evaluate is very important. One has to be mindful of one’s attitudes and confidence levels and keep arrogance under check. Perhaps with all the years of experience, we have still not come across someone better. So being modest and preparing to listen keenly is necessary. This includes being open to better ideas and suggestions. Besides, work ethics play a big role. From turning in homework in time at school to timely reporting at work, discipline only adds more to humility. Chasing your dreams needs you to be grounded first.

4. Making use of technology:

We are blessed to be living in the era of digitization. Not only has technology brought the world closer, but technology has empowered children to get ample information at the tip of their fingers. To follow a particular vocation, one is better empowered today than one was a few years ago. Children are brimming with innovative ideas. With education technology, children are fully equipped to learn whatever they wish from any corner of the world. It helped them not to stop learning during the lockdowns, and, interestingly, they also discovered some of their latent talents. What also follows, however, is that one keeps upskilling with the ever-evolving technologies and opportunities.

5. Be a seeker:

The more one reads, the wiser their minds become. Besides, learning must stop at any age. The moment one stops learning, there is no fuel left to drive the dreams. Making learning enjoyable is something parents can do for their children. Teaching time can also be bonding time and motivate children to learn more and more. Children learn not from what parents say but from what they see. Parents too must serve as examples by learning something new every day and sharing it with their children.

6. Thinking beyond a conventional career:

A career has to be true to your inherent talent and interests. It should fulfil your financial goals and help you grow personally as well. It is important to be guided on the right career path, but it is far more important to stay true to oneself while making a career choice. A little support from folks and friends goes a long way in making a difference. 

7. Challenging oneself:

One must not be bogged down by the criticisms as they only help us grow. Learning to navigate through obstacles is a confidence booster. As we challenge ourselves to do better, we only grow our potential and skills. Don’t stop dreaming. When you take up a task take it up with the same zeal as you would as a beginner.

The author is a Lifestyle writer & voice artist, The learning obby by Practically 

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Co-joined twin Veena and Vani pass intermediate exams with flying colours

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In a sheer display of determination and will power, a co-joined twin named Veena and Vani have passed the Telangana Intermediate exams with flying colours. The twins scored first class marks, sending out a strong message of where there is a will, there is a way. While Veena secured 712 marks out of 1000, Vani scored 707 marks out of 1000 marks with CEC  (Commerce, Economics, Civics) stream.

Satyavathi Rathod, Minister for Tribal, Women and Child Welfare, congratulated Veena and Vani on achieving the feat. The minister further said, «All the necessary facilities will be provided for their higher education. Veena and Vani will always have the support of the state government.» She also praised the staff personnel, who assisted the two girls. 

Elated with their scores, Veena and Vani expressed the desire to become Chartered Accountants (CA). In the tenth standard, Veena and Vani had scored 9.3 GPA and 9.2 GPA respectively. 

It is noteworthy that Veena and Vani were eligible to opt for special priveleges, which could have ensured additional time to write their exam, but they refused and submitted their answer sheet to the invigilator five minutes ahead of schedule. 

The results for the 1st and 2nd year were announced by Telangana State Board Of Intermediate Education (TSBIE). Telangana Education Minister Sabitha Reddy announced the results. Among the 9 lakh students who appeared for the exam, the story of Veena and Vani stood out and is garnering praises across the country. 

Born in 2003 in Mahabubnagar district of Telangana, Veena and Vani were cojoined from birth. Due to this, their parents stepped back from taking their responsibility and refused to take them, citing lack of resources for their treatment. Thereafter, the twins stayed in Nilopher hospital till they turned 12 and later shifted to State Home.

Despite several attempts by doctors, medical and surgical experts from not just India but also the United Kingdom and Singapore, no way has been found to separate them.

While it was earlier estimated that the  procedure to separate them would cost around Rs 10 crore, it is very complex and risky  as their veins are tangled up. This is the reason an operation has not be done yet.

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A STEP TOWARDS SELFLESS PURSUIT OF HINDUTVA IDEALS

Shweta Shalini

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The party’s philosophy of “nation first, party second and self last” was drilled into every cadre not just through words but through actions.

In 1895, Swami Vivekananda was to give a public lecture in London. When it was time to stand up and speak, Swami Vivekananda suddenly announced that it was Swami Saradananda who would deliver the speech instead of him. Though taken by surprise, the learned Swami displayed his scholarly mastery over the scriptures as Vivekananda sat overjoyed intently listening to the teachings. In the following years, Swami Vivekananda would delight himself by hearing about or pouring through the newspaper cuttings sent to him of Swami Saradananda’s lectures from Boston, Brooklyn and New York. Whether it is the success of Swami Saradananda in America or pushing Swami Abhedananda to deliver the teachings of Vedanta at a club in Bloomsbury Square, Swami Vivekananda created leaders who would work on the mission while also surprising his audience. Good leaders merely create followers. Great leaders create leaders and influence generations of leaders through their selflessness. Even after his Samadhi, a whole new generation of freedom fighters right from Lokmanya Tilak to Subhash Chandra Bose drew inspiration from Vivekananda.

Devendra Fadnavis pulled a shocker by announcing the name of Shiv Sena leader Eknath Shinde as Chief Minister. As media personnel took a moment to absorb the gist of the announcement, the CM-Designate let out his profound understanding of politics saying, “Nowadays, not even a Nagarsevak (Municipal Councillor) or Gram Panchayat member lets go of his position. I am thankful to you.”

It was not just a sacrifice or selflessness of BJP Leader Devendra Fadnavis but also a victory of the ideological cause, which every BJP karyakarta works towards. A Shiv Sena leader, who stepped down from government for the cause of Hindutva, was rewarded by fellow brethren, working towards the same Hindutva mission. A political leader moving away from the position of power is a rare instance as 50 rebel MLAs from Shiv Sena proved. However, a BJP leader himself taking a backseat for an ideological cause isn’t rare and Devendra Fadnavis was walking in the footsteps of great BJP leaders. When the founding fathers of Jan Sangh instilled selflessness as a philosophy in its cadre, it was Atal Bihari Vajpayee, who was a leader (Member of Parliament), with Advani working as his secretary and later as editor of a Hindutva publication. Over the next few decades, Vajpayee and Advani alternated between roles selflessly working under each other’s leadership building the party brick-by-brick. The ideological mission was supreme and not individuals. This selflessness of the party was again on display in 1977 when the Janata Party government came into power and Jan Sangh took a backseat despite a higher number of seats – the mission was more important than the individual goals. The party’s philosophy of “nation first, party second and self last” was drilled into every cadre not just through words but through actions. The Modi era brought in a fresh wave of ideological strength with the BJP selflessly taking non-RSS Hindutva leaders like Yogi Adityanath into its fold.

Over the past few days, the Maharashtra government under Uddhav Thackeray had resorted to attacking the rebel Shiv Sena MLAs for insisting on sticking to the Hindutva stand. The Shiv Sena leaders, who were once foot soldiers of Hindutva under Balasaheb and made their way up from humble backgrounds, were portrayed negatively. Their insistence on sticking to the Hindutva cause was painted as a power-hungry move of Shiv Sena rebels with the backroom connivance of the BJP. “Will you get the Chief Minister’s chair by rebelling against me” taunted CM Uddhav Thackeray in a LIVE address to the state.

“Yes”, replied the BJP and Sangh Parivar in unison when Devendra Fadnavis made that unexpected announcement at the press conference. In one stroke, BJP under Devendra Fadnavis destroyed Uddhav Thackeray’s anti-Hindutva propaganda and honoured the rebels for taking an ideological stand. In a message to every Hindutva ideologue, he made it amply clear that the stability of Maharashtra, development of the state and ideological cause is more important to him than the Chief Minister’s chair itself. The real Shiv Sena of Balasaheb under Eknath Shinde finally leads the state with the support of BJP MLAs.

The press conference by Devendra Fadnavis will be written in golden words in the history of the Bharatiya Janata Party as a step towards the selfless pursuit of Hindutva ideals. A karyakarta like me, who has tirelessly worked for the party under the leadership of Devendra Fadnavis. saw first-hand what selflessness towards the cause is all about. I have witnessed how faith in leadership trumps every personal consideration and makes BJP truly a party with difference. Detractors often resort to attacking the Sangh and its ideals while taking a gibe at BJP. The BJP under Devendra Fadnavis in Maharashtra has once again demonstrated how these Sangh ideals are the strength of the party.

In the words of Swayamsevaks, BJP Leader Devendra Fadnavis acted true to the lines in the Sangh Prarthana – (TvadiyayayKaryayaBaddhaKatiyam) – We are committed to the cause- The cause of Hindutva, the cause of Maharashtra.

The author is BJP spokesperson, advisor to former Chief Minister of Maharashtra, Devendra Fadnavis, and executive director of Maharashtra Village Social Transformation Foundation.

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ON DOCTORS’ DAY, NETIZENS THANK DOCTORS FOR THEIR IMMENSE CONTRIBUTION

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As India celebrated National Doctors’ Day on Friday, politicians, business leaders and social media users took to Twitter to thank doctors for their immense contribution and serve to the nation. #NationalDoctorsDay took the top trend as wishes poured in on social media. Leading the celebrations, Prime Minister Narendra Modi shared a video on social media and said, “Doctors Day greetings to all hardworking doctors who play a key role in saving lives and making our planet healthier.”

Union minister Nitin Gadkari remembered Bharat Ratna Dr Bidhan Chandra Roy, who was an Indian physician, freedom fighter, educationist and philanthropist. “Deepest gratitude to all the doctors on National Doctors Day. I salute their tireless efforts in keeping us safe during the global pandemic,” he said.

Union minister Dharmendra Pradhan also remembered Bharat Ratna Dr Bidhan Chandra Roy and tweeted, “Remembering Bharat Ratna Dr Bidhan Chandra Roy, one of the pioneers of healthcare sector on National Doctors Day. Today , let us express our gratitude and take a moment to appreciate all our doctors for their round-the-clock efforts for a healthy and fit society.”

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Fearing a layoff? Devise an action plan

Priyanka Sharma

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India›s workforce has been at the receiving end of the economic impact of the pandemic. While many of the employees faced salary cuts up to 40-50%, there are a significant number of people who were laid off. One might assume that layoffs were a phase and the time to recover losses that occurred due to Covid-19 is not too far, but the recent layoffs in EdTech giants like BYJU’s and Topper paint a different picture.

In such uncertain times, there are certain strategies that one can adopt to evade a powerful economic blow. Having an action plan might not help in retaining the same job, but it will sure help in sustaining a huge financial blow as well as finding more opportunities.

BE INDISPENSABLE

The trick to retaining a job is to be invincible. Be so good at your job that it prompts the employer to think twice before taking a decision on laying you off. This does not happen in a day. Daily actions translate into a long-term commitment. Show up on time, learn as much as you can, deliver more than expected, come up with new ideas, maintain good relationships with your colleagues as well as your seniors, and you will carve out a space for yourself in your organisation.

INVEST IN YOURSELF

Learning is a process that must never end. Skills like creative writing, social media marketing, video editing, graphic designing, machine learning and others are skills that are highly in demand. Even if you are working an 8-hour shift and are not actively looking for a job, these skills will give a boost to your resume, enhance your skill set and set you apart from others.

BUILD NETWORK

Social media has made it possible for us to stay connected all the time, not just with our friends and family but also with potential employers. Building a positive relationship with your colleagues, ex-colleagues, seniors and people who are working in other organisations will ensure that you never miss an opportunity. Showcase your work on websites like LinkedIn to ensure that you don’t look for an opportunity, rather it comes to you.

BUILD ASSETS

No matter what your current pay scale is, it is always advisable to have multiple sources of revenue. That is only possible when you start investing early. Whether it is your 1st paycheck or your 300th paycheck, make sure to save a portion of your salary. Spend that amount on things that will give you a bigger return and not just dig a hole in your pocket. It is always advisable to have an emergency fund. As the term suggests, this emergency fund will help you sail through a difficult time. Even if you are laid off, you will be financially secure.

POSITIVE SELF TALK

Finally, it might get difficult to stay unaffected by what is happening around you. The uncertainty can take a toll on you but staying positive can help you not only manifest your dream job but also avoid the stress. Have a positive self-image, eat nutritious meals, dance your heart out, spend time with family and wait for life to surprise you.

Having an action plan might not help in retaining a job but it will help in sustaining a huge financial blow as well as finding more opportunities.

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