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Financial Services Provided by Indian Banks

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    1.1 Introduction to Bank:
    A bank has been described as an institution engaged in accepting deposits and granting loans. It is the institution which deals in money and credit. It can also be described as an institution which borrows idle resources, makes fund available to those who need it and helps in cheap remittance of money from one place to another. In the modern time term bank is used in wider term. Now it does not refer only to particular place of lending and depositing money but it also acts as an agent which looks after the various financial problems of its customers. 1.2 History of Banks:

    The banking system in India is based on British banking company which is largely branch banking. Commercial banks in India were started during the latter half of 19th century Bank of Bengal, Bank of Bombay and Bank of Madras were later amalgamated to form one bank called as Imperial bank of India under the Imperial bank of India Act 1920. The Imperial bank carried with business of commercial bank manages the public debt office of central and state government. The second half of 19th century saw establishment of Bank of Baroda, Allahabad bank, and Punjab National Bank. These banks were set up by merchants and traders to combined trading with banking. These led to the series if failures of banks. The strengthening of banking system took place after the establishment of reserve bank of India, 1939 as it empowers to regulate the banking money, inspection of mergers and acquisition in terms of Banking Companies Act 1949 which later came to be known as Banking Regulation Act 1949. 1.3 Functions of Banks:

    Though borrowing and lending constitute the main functions of banking, yet they are not only functions of commercial banks. Commercial banks are involved in diversified activities and perform varieties of function. The functions of a modern bank are classified under the following heads:

    Figure 1.1: Functions of Banks

    1.4 Banking Products:
    Banks in India have traditionally offered mass banking products. Most common deposit products being Savings Bank, Current Account, Term deposit Account and lending products being Cash Credit and Term Loans. Due to Reserve Bank of India guidelines, Banks have had little to do besides accepting deposits at rates fixed by reserve Bank of India and lend amount arrived by the formula stipulated by reserve Bank of India at rates prescribed by the latter. PLR (Prime lending rate) was the benchmark for interest on the lending products. But PLR itself was, more often than not, dictated by RBI. Further, remittance products were limited to issuance of Drafts, Telegraphic Transfers, and Bankers Cheque and Internal transfer of funds. In view of several developments in the 1990s, the entire banking products structure has undergone a major change. As part of the economic reforms, banking industry has been deregulated and made competitive. New players have added to the competition. IT revolution has made it possible to provide ease and flexibility in operations to customers. Rapid strides in information technology have, in fact, redefined the role and structure of banking in India. Further, due to exposure to global trends after Information explosion led by Internet, customers – both individuals and Corporate – are now demanding better services with more products from their banks. Financial market has turned into a buyer’s market. Banks are also changing with time and are trying to become one-stop financial supermarkets. A few foreign & private sector banks have already introduced customized banking products like Investment Advisory Services, SGL II accounts, Photo-credit cards, Cash Management services, Investment products and Tax Advisory services. A few banks have gone in to market mutual fund schemes. Eventually, the Banks plan to market bonds and debentures, when allowed. Insurance peddling by Banks will be a reality soon. The recent Credit Policy of RBI announced on 27.4.2000 has further facilitated the entry of banks in this sector. Banks also offer advisory services termed as ‘private banking’ – to “high relationship – value” clients. 1.5 Introduction to Financial Services:

    The Indian financial services industry has undergone a metamorphosis since 1990.During the late seventies & eighties, the Indian financial services industry was dominated by commercial banks and other financial institution which cater to the requirements of the Indian industry. The economic liberalization has brought in a complete transformation in the Indian financial services industry. The term “Financial Services” in a broad sense means “mobilizing and allocating savings”. Thus it includes all activities involved in the transformation of savings into investment. The ‘financial service’ can also be called ‘financial intermediation’. Financial intermediation is a process by which funds are Mobilized from a large number of savers and make them available to all those who are in need of it and particularly to corporate customers. Thus, financial service sector is a key area and it is very vital for industrial developments. A well developed financial services industry is absolutely necessary to mobilize the savings and to allocate them to various investable channels and thereby to promote industrial development in a country. Financial services, through network of elements such as financial institution, financial markets and financial instruments, serve the needs of individuals, institutions and corporate. It is through these elements that the functioning of the financial system is facilitated. Considering its nature and importance, financial services are regarded as the fourth element of the financial system. 1.6 Features of Financial Service:

    Customer-Oriented: Like any other service industry financial service industry is also a customer-oriented one. That customer is the king and his requirements must be satisfied in full should be the basic tenant of any financial service industry. It calls for designing innovative financial products suitable to varied risk-return requirements of customer.

    Intangibility: Financial services are intangible and therefore, they cannot be standardized or reproduced in the same form. Hence, there is a need to have a track record of integrity, reputation, good corporate image and timely delivery of services.

    Simultaneous Performance: Yet another feature is that both production and supply of financial services have to be performed simultaneously. Therefore, both suppliers of services and consumers should have a good rapport, clear-cut perception and effective communication.

    Dominance of Human Element: Financial services are dominated by human element and thus, they are people-intensive. It calls for competent and skilled personnel to market the quality financial products. But, quality cannot be homogenized since it varies with time, place and customer to customer.

    Perishability: Financial services are immediately consumed and hence inventories cannot be created. There is a greater need for balancing demand and supply properly. In other words, marketing and operations should be closely inter-linked. 1.7 Importance of Financial Services:

    Economic Growth: The financial service industry mobilizes the savings of the people and channels them into productive investment by providing various services to the people. In fact, the economic development of a nation depends upon these savings and investment

    Promotion of Savings: The financial service industry promotes savings in the country by providing transformation services. It provides liability, asset and size transformation service by providing large loans on the basis of numerous small deposits. It also provides maturity transformation services by offering short-term claim to savers on their liquid deposit and providing long-term loans to borrowers.

    Capital Formation: The financial service industry facilitates capital formation by rendering various capital market intermediary services – capital formation in the very basis for economic growth. It is the principal mobilize, of surplus funds to finance productive activities and thus it promotes capital accumulation.

    Provision of Liquidity: The financial service industry promotes liquidity in the system by allocating and reallocating savings and investment into various avenues of economic activity. It facilitates easy conversion of financial asset into liquid cash at the discretion of the holder of such assets.

    Financial Intermediation: The financial service industry facilitates the function of intermediation between savers and investors by providing means and a medium of exchange and by undertaking innumerable services.

    Contribution to GNP: The contribution of financial services to GNP has-been going on increasing year after year in almost all countries in recent times.

    Creation of Employment Opportunities: The financial service industry creates and provides employment opportunities to millions of people all over the world. 1.8 Sources of Revenue:
    Accordingly, there are two categories of sources of income for a financial service company namely: fund based &fee- based. Fund-based income comes mainly from interest spread, lease rentals, income from investments in capital market and real-estate. On the other hand, fee based income has its sources in merchant banking, advisory services, custodial services, loan syndication etc. Income has its sources in merchant banking, advisory services, custodial services, loan syndication etc. A major part of income is earned through fund-based activities. At the same time, it involves a large share of expenditure in the form of interest & brokerage. It means that such companies should have to compromise the quality of its investment. On the other hand fee-based income does not involve much risk. Figure 1.2

    Classification of Financial Services

    1.9 Objectives of Financial Services:
    Fund Raising: Financial services help to raise the required funds from a host of investors, individuals, institution and corporate. For this purpose, various instruments of finance are used.

    Funds Deployment: An array of financial services is available in the financial markets which help the players to ensure an effective deployment of funds raised. Services such as bill discounting, parking of short-term funds in the money market, credit rating &securitization of debts are provided by financial services firms in order to ensure efficient management of funds.

    Specialized Services: The financial service sector provides specialized services such as credit rating, venture capital financing, lease financing, mutual funds, credit cards, housing finance, etc besides banking and insurance. Institutions and agencies such as stock exchanges, non-banking finance companies, and subsidiaries of financial institutions, banks &insurance companies also provide these services.

    Regulation: There are agencies that are involved in the regulation of the financial services activities. In India, agencies such as the Securities and Exchange Board of India (SEBI), Reserve Bank of India (RBI) and the Department of Banking and Insurance of the Government of India, regulate the functioning of the financial service institutions.

    Economic Growth: Financial services contribute, in good measure, to speeding up the process of economic growth & development. 1.10 Causes of Financial Innovation:
    Financial intermediaries have to perform the task of financial innovation to meet the dynamically changing needs of the economy. There is a dire necessity for the financial intermediaries to go for innovation due to following reasons: Low Profitability: The profitability of the major financial intermediary, namely banks has been very much affected in recent times. There is a decline in the profitability of traditional banking products. So, they have compelled to seek out new products which may fetch high returns.

    Keen Competition: The entry of many financial intermediaries in the financial sector market has led to severe competition among themselves. This keen competition has paved the way for the entry of varied nature of innovative financial products so as to meet the varied requirements of the investors.

    Economic Liberalization: Reform of the financial sector constitutes the most important component of India’s programme towards economic liberalization. The recent economic liberalization measures have opened the door to foreign competitors to enter into our domestic market. Deregulation in the form of elimination of exchange controls and interest rate ceilings have made the market more competitive. Innovation has become a must for survival. Improved Communication Technology: The communication technology has become so advanced that even the world’s issuers can be linked with the Investors in the global financial market without any difficulty by means of offering so many options and opportunities. Hence, innovative products are brought into the domestic market in no time.

    Customer Service: Nowadays, the customer’s expectations are very great. They want newer products at lower cost or at lower credit risk to replace the existing ones. To meet this increased customer sophistication, the financial intermediaries are constantly undertaking research in order to invent a new product which may suit to the requirement of the investing public.
    Innovations thus help them in soliciting new business.

    Global Impact: Many of the providers and users of capital have changed their roles all over the world. Financial intermediaries have come out of their traditional approach and they are ready to assume more credit risks. As a consequence, many innovations have taken place in the global financial sector which has its own impact on the domestic sector also.

    Investor Awareness: With a growing awareness amongst the investing public, there has been a distinct shift from investing the savings in physical assets like gold, silver, land etc. To financial assets like shares, debentures, mutual funds etc. To meet the growing awareness of the public, innovation has become the need of the hour. 1.11 Present Scenario of Financial Services:

    Conservatism to Dynamism: At present, the financial system in India is in a process of rapid transformation, particularly after the introduction of reforms in the financial sector. The main objective of the financial sector reforms is to promote an efficient, competitive and diversified financial system in the country. This inessential to raise the allocative efficiency of available savings and to promote the accelerated growth of the economy as a whole. The emergence of various financial institution and regulatory bodies has transformed the financial services sector from being a conservative industry to a very dynamic one.

    Emergence of Primary Equity Market: The capital markets have become popular source of raising finance. The aggregate funds raised by the industries have gone from Rs. 5976 crore in 1991-92 to Rs. 32382 crore in 2006-07. Thus the primary market has emerged as an important vehicle to channelize the savings of the individuals and corporate for productive purposes and thus to promote the industrial & economic growth of our nation.

    Concept of Credit Rating: The investment decisions of the investors have been based on factors like name recognition of the company, reputation of promoters etc. Now, grading from an independent agency would help the investor in his portfolio management and thus, equity grading is going to play a significant role in investment decision making. Now it is mandatory for non-banking financial companies to get credit rating for their debt instruments. The major credit rating agencies functioning in India are: 1. Credit Rating Information Services of India Ltd.

    2. Credit Analysis and Research Ltd.
    3. Investment Information and Credit Rating Agency.
    4. Duff Phelps Credit Rating Pvt. Ltd.

    Process of Globalization: The process of globalization ha paved the way for the entry of innovative financial products into our country. The government is very keen in removing all obstacles that stand in the way of inflow of foreign capital. India is likely to enter the full convertibility era soon. Hence, there is every possibility of introduction of more and more innovative financial services in our country.

    Process of Liberalization: The government of India has initiated many steps to reform the financial services industry. The Government has already switched over to free pricing of issues from pricing issues by the Controller of capital issues. The interest rates have been deregulated. The private sector has been permitted to participate in banking and mutual funds and the public sector undertakings are being privatized. The financial service industry in India has to play a positive and dynamic role in the years5 India has to play a positive and dynamic role in the years to come by offering many innovative products to suit to the varied requirements of the millions of prospective investors spread throughout the country

    CHAPTER-2
    CHANNELS THROUGH WHICH PRODUCTS &SERVICES ARE OFFERED BY BANKS Figure 2.1: Various Channels of Services

    2.1 Branches:
    A branch, banking center or financial center is a retail location where a bank, credit union, or other financial institution offers a wide array of
    face-to-face and automated services to its customers. In the period from 1100-1300 banking started to expand across Europe and banks began opening ‘branches’ in remote, foreign locations to support international trade. Historically, branches were housed in imposing buildings, often in a neo-classical architecture style. Today, branches may also take the form of smaller offices within a larger complex, such as a shopping mall. Traditionally, the branch was the only channel of access to a financial institution’s services. Services provided by a branch include cash withdrawals and deposits from a demand account with a bank teller, financial advice through a specialist, safe deposit box rentals, bureau de change, insurance sales, etc. As of the early 21st Century, features such as Automated Teller Machine (ATM), telephone and online banking, allow customers to bank from remote locations and after business hours. This has caused financial institution to reduce their branch business hours and to merge smaller branches into larger ones. They converted some into mini-branches with only ATMs for cash withdrawal and depositing; computer terminals for online banking and cheque depositing machines. Some financial institutions, to show a friendlier image, offer a boutique or coffeehouse-like environment in their branches, with sit-down counters, refreshments, and interactive displays. Some branches also have drive-through teller windows or ATMs. 2.2 Mobile Banking:

    Mobile banking also known as M-Banking, SMS Banking is a term used for performing balance checks, account transactions, payment etc. Over the last few years, the mobile and wireless market has been one of the fastest growing markets in the world and it is still growing at a rapid pace. With mobile technology, banks can offer services to their customers such as doing funds transfer while travelling, receiving online updates of stock price or even performing stock trading while being stuck in traffic. A specific sequence of SMS messages will enable the system to verify if the client has sufficient funds in his or her wallet and authorize a deposit or withdrawal transaction at the agent. Many believe that mobile users have just started to fully utilize the data capabilities in their mobile phones. In Asian countries like India, China, where mobile infrastructure is comparatively better than the fixed-line infrastructure, and in European countries, where
    mobile phone penetration is very high, mobile banking is likely to appeal even more. Mobile Banking Services

    Account Information
    1) Mini-statement and checking of account history
    2) Alerts on account activity
    3) Monitoring of term deposits
    4) Access to loan statements
    5) Access to card statements
    6) Mutual fund/ equity statements
    7) Pension plan management
    8) Insurance policy management
    9) Status on cheque, stop payment on cheque
    10) Ordering cheque books
    11) Balance checking in the account
    12) Recent transactions
    13) Due date of payment
    14) PIN provision
    15) Blocking of cards
    Payments, Deposits, Withdrawals and Transfers
    1. Domestics and international fund transfers
    2. Micro-payment handling
    3. Mobile recharging
    4. Commercial payment processing
    5. Bill payment processing
    6. Peer to Peer payments
    7. Withdrawal at banking agent
    8. Deposit at banking agent

    2.3 Telephone Banking:
    Telephone banking is a service provided by a financial institution, which allows its customers to perform transactions over the telephone. Most telephone banking services use an automated phone answering system with phone keypad response or voice recognition capability. To guarantee security, the customer must first authenticate through a numeric or verbal
    password or through security questions asked by a live representative. With the obvious exception of cash withdrawals & deposits, it offers virtually all the features of an automated teller machine: account balance information and list of latest transactions, electronic bill payments, funds transfers between a customer’s accounts, etc. Usually, customers can also speak to a live representative located in a call centre or a branch, although this feature is not always guaranteed to be offered 24/7. In addition to the self-service transactions listed earlier, telephone banking representatives are usually trained to do what was traditionally available only at the branch: loan applications, investments purchases and redemptions, cheque book orders, debit card replacements, change of address, etc. Banks which operate mostly or exclusively by telephone are known as phone banks. They also help modernize the user by using special technology. 2.4 Internet Banking:

    Internet banking or E-banking means any user with a personal computer and a browser can get connected to his bank’s website to perform any of the virtual banking functions. In internet banking system the bank has a centralized database that is web-enabled. All the services that the bank has permitted on the internet are displayed in menu. Any service can be selected and further interaction is dictated by the nature of service. The traditional branch model of bank is now giving place to an alternative delivery channels with ATM network. Once the branch offices of bank are interconnected through terrestrial or satellite links, there would be no physical identity for any branch. It would a borderless entity permitting anytime, anywhere and any how banking Internet Banking Services:

    Bill Payment Service: You can facilitate payment of electricity and telephone bills, mobile phone, credit card and insurance premium bills as each bank has tie-ups with various utility companies, service providers and insurance companies, across the country. To pay your bills, all you need to do is complete a simple one-time registration for each biller. You can also set up standing instructions online to pay your recurring bills, automatically. Generally, the bank does not charge customer for online bill payment.

    Fund Transfer: You can transfer any amount from one account to another of the same or any another bank. Customers can send money anywhere in India. Once you login to your account, you need to mention the payee’s account number, his bank and the branch. The transfer will take place in a day or so, whereas in a traditional method, it takes about three working days.

    Credit Card Customers: With Internet banking, customers can not only pay their credit card bills online but also get a loan on their cards. If you lose your credit card, you can report lost card online.

    Investment: You can now open an FD online through funds transfer. Now investors with interlinked Demat account and bank account can easily trade in the stock market and the amount will be automatically debited from the irrespective bank accounts and the shares will be credited in their Demat account. Moreover, some banks even give you the facility to purchase mutual funds directly from the online banking system.

    Recharging your Prepaid Phone: Now just top-up your prepaid mobile cards by logging in to Internet banking. By just selecting your operator’s name, entering your mobile number and the amount for recharge, your phone is in action within no time.

    Shopping: With a range of all kind of products, you can shop online and the payment is also made conveniently through your account. You can also buy railway and air tickets through Internet banking. 2.5 Automated Teller Machine (ATM):

    Automated Teller Machine is a mechanism which enables the customer to withdraw money from his account without visiting the bank branch. An ATM card is issued to the customer by the bank in order to make cash withdrawals at cash machine. This service helps the ATM customer to withdraw money even when the banks are closed. This can be done by inserting the card in the ATM and entering the Personal Identification Number & secret password. ATMs act as off-site branches of banks and provide almost all services that are available from a manually operated branch. The customer can, not only
    withdraw cash, but also deposit money, get account statements, enable transfer of funds etc. The customer who wants to deposit cash should put the notes in the pouch available at the ATM counter close it, seal it by signing & put it in the slot provided for this purpose. The bank staff will collect the packet when they come for loading cash in the machine & credit the amount to the account. However, the customer has to sign an undertaking with the bank that he would not dispute on the amount credited. ATM has gained prominence as a delivery channel for banking transactions in India. Now customers will not be levied for any fee on cash withdrawals using ATM & debit cards issued by other banks. This will in turn increase usage of ATMs in India. ATM allows customers: To view account information

    To deposit cheques or cash
    To order cheques and receive cash.

    Benefits of ATM:
    To the ATM Customer
    1. ATM customer can utilize any possible facility availed from the ATM e.g. balance enquiry, withdrawal, deposits, etc 2. Anytime banking, 24 hours a day, 7 days a week has become a main service to the ATM customers who cannot manage to visit bank during bankinghours3) 3. Convenience acts as a tremendous psychological benefit all the time4) 4. Cash withdrawal from any branch through ATM

    To the Bank
    1. Innovative, secure, competitive and presents the bank as technology driven in the banking sector market. 2. Reduces customer visits to the branch & thereby human intervention. 3. Inter-branch reconciliation is immediate thereby reducing chances of fraud. 4. It acts as a value added product to the bank so that the banks can attract more new generation customers.

    CHAPTER- 3

    PRODUCTS & SERVICES OFFERED BY BANKS

    3.1 Deposits:
    Banks provide various deposit schemes for keeping the savings of people. Some of these schemes are common in nature. Banks have to comply with the ‘Know Your Customer’ (KYC) norms introduced by the Reserve Bank of India while opening& allowing operations in the accounts. A few deposit schemes offered by banks are as follows:

    Figure 3.1: Types of Deposits

    Current Account:
    Current account is primarily meant for businessmen, firms, companies and public enterprises etc. that have numerous daily banking transactions. Individuals generally do not open this account. Current accounts are meant neither for the purpose of earning interest nor for the purpose of savings but only for convenience of business hence are they non-interest bearing accounts. In a current account, a customer can deposit & withdraw any amount of money any number of times, as long as he has funds to his credit. As per RBI directive, banks are not allowed to pay any interest on the balances maintained in Current Accounts. However, in case of death of the account holder his legal heirs are paid interest at the rates applicable to Savings bank deposit from the date of death till the date of settlement. Because of the large number of transactions in the account and volatile nature of balances maintained, banks usually levy certain service charges for opening a Current Account. Fixed Deposits:

    Bank Fixed Deposits are also known as Term Deposits. In a Fixed Deposit Account, a certain sum of money is deposited in the bank for a specified time period with a fixed rate of interest. The rate of interest for Bank Fixed Deposits depends on the maturity period. It is higher in case of longer maturity period. There is great flexibility in maturity period & it ranges from15 days to 5 years. The interest can be compounded quarterly, half-yearly or annually and varies from bank to bank. Loan facility is available against bank fixed deposits up to 75-90 % Premature withdrawal is permissible but it involves loss of interest. Fixed deposits with banks are
    nearly 100% safe as all the banks operating in the country, irrespective of whether they are nationalized, private or foreign are governed by the RBI’s rules & regulations and give due weight age to the interest of the investors. Savings Bank Account:

    Savings Bank accounts are meant to promote the habit of saving among the citizens while allowing them to use their funds when required. The main advantage of Savings Bank Account is its high liquidity and safety. Savings Bank Account earns moderate interest. The rate of interest is decided and periodically reviewed by the government of India. Savings Bank Account can be opened in the name of an individual or in joint name of the depositors. The minimum balance to be maintained in an ordinary savings bank account varies from bank to bank. It is less in case of public sector banks and comparatively higher in case of private banks. Savings Bank Account can now be accessed through ATM’s & internet. Recurring Deposit Account:

    Under recurring deposit account, a specific amount is invested in bank on monthly basis for a fixed rate of return. The deposit has a fixed tenure, at the end of which the principal sum as well as the interest earned during that period is returned to the investor. Recurring Bank Account provides the element of compulsion to save at high rates of interest applicable to Term Deposits along with liquidity to access those savings any time. Loan/ Overdraft facility is also available against Recurring Bank Deposits. The deposit for RD account is paid in monthly instalments and each subsequent monthly instalment has to be made before the end of the month and is equal to the first deposit. In case of default in payment, penalty is levied for the delayed deposit. Demat Account:

    Some banks are depository participants. These banks offer demat accounts to their corporate clients. Demat account is just like a bank account where actual money is replaced by shares. Just as a bank account is required if we want to save money or make cheque payments, we need to open a demat account in order to buy or sell shares. A Demat Account holds portfolio of shares in electronic form and obviates the need to hold shares in physical form. The account offers a secure and convenient way to keep track of shares and
    investment without the hassle of handling physical documents that get mutilated or lost in transit. The Securities and Exchange Board of India (SEBI) mandates a demat account for share trading involving more than 500 countries. Benefits of Demat Account:

    1. Protection against loss, theft, mutilation etc
    2. Transfer of shares immediately
    3. Shorter settlement cycles
    4. Protection against bad deliveries.

    Safe-Deposit Lockers:
    Safe deposit locker is a facility provided by banks to their customers to keep their valuables like jewellery, title deeds etc. Safe deposit locker is a steel cabinet having multiple cubicles. The safe deposit locker is kept inside the safe room and can be accessed only with the permission of the bank officials. A customer who is in need of a locker has to approach the bank. Customer has to mention a password in the application form for identification purpose when he comes for operating the locker. The customer has to remit annual rent for using the locker facility. The customer has full privacy in operating the locker. As per RBI guidelines, the place where the locker is kept should be segregated from the place where cash and valuables are stored using iron grill. When the customer wants to open the locker, he has to identify himself by telling the password and sign in a register noting the date and time of opening the locker which will be countersigned by the bank officials. The agreement of locker is a contract of bailment and the bank can terminate the agreement and demand the customer to vacate locker if any of the terms and conditions in the agreement are violated or the annual rent is not remitted for a long period. At present all the banks are having safe deposit locker facility 3.2 Credit Cards:

    Credit cards are innovative ones in the line of financial services offered by commercial banks. Credit card culture is an old hat in the western countries. In India, it is relatively a new concept that is fast catching on. Since the plastic money has today become as good as legal tender more people are using them in their day-to-day activities. A credit card is a
    card or mechanism which enables cardholders to purchase goods, travel and dine in a hotel without making immediate payments. It is a convenience of extended credit without formality. Credit cards can be classified as follow

    Figure 3.2: Types of Credit Cards

    Old Types of Credit Cards:

    1. Credit Card: It is a normal card whereby a holder is able to purchase without having to pay cash immediately. Generally, a limit is set to the amount of money a cardholder can spend a month using the card. At the end of every month, the holder has to pay a percentage of outstanding. Interest is charged for the outstanding amount which varies from 30 to 36 per cent per annum. An average consumer prefers this type of card for his personal purchase.

    2. Charge Card: A charge card is intended to serve as a convenient means of payment for goods purchased at Member Establishments rather than a credit facility. Instead of paying cash or cheque every time the credit card holder makes a purchase, this facility gives a consolidated bill for a specified period, usually one month. There are no interest charges and no spending limits either. The charge card is useful during business trips and for entertainment expenses which are usually borne by the company. Andhra Bank card, BOB cards, Can card, Diner’s Club card etc. belong to this category.

    3. In-Store Card: The in-store cards are issued by retailers or companies. These cards have currency only at the issuer’s outlets for purchasing products of the issuer company. Payment can be on monthly or extended credit basis. For extended credit facility interest is charged. In India, such cards are normally issued by Five Star Hotels, resorts and big hotels.

    New Types of Credit Cards:

    1. Corporate Credit Cards: Corporate cards are issued to private and public limited companies and public sector units. Depending upon the requirements
    of each company, operative Add-on cards will be issued to the persons authorized by the company. The name of the company will be embossed on Add-on cardholder. The transactions made by Add-on cardholders are billed to the main card and debits are made to the Company’s Account.

    2. Business Card: A business card is similar to a corporate card. It is meant for the use of proprietary concerns, firms, and firms of Chartered Accountants etc. This card helps to avail of certain facilities for reimbursement and makes their business trip convenient.

    3. Smart Card: It is a new generation card. When a transaction is made using the card, the value is debited and the balance comes down automatically. Once the monetary value comes down to nil, the balance is to be restored all over again for the card to become operational. The primary feature of smart card is security. It prevents card related frauds & crimes.

    4. Debit Cards: Debit card is popularly known as ATM card on the move. The debit card gives the freedom to access savings or current account through ATM’s at merchant locations. Debit cards are also issued independent of ATM in which case the card is presented to the merchant establishment at the time of purchase as in a case of credit card. However, the account of the card holder will be debited instantly when the charge slip is presented by the merchant establishment instead of the card holder remitting the money as is being done in the case of credit card. Therefore, the card holder has to keep sufficient balance in his account before he uses the card. The debit card does have a daily limit which could be somewhere around Rs 15000 at ATMs and Rs 10000 at merchant locations. This again is subject to the balance available in the account.

    5. ATM Card: An ATM (Automated Teller Machine) card is useful to a card holder as it helps him to withdraw cash from banks even when they are closed. This can be done by inserting the card in the ATM installed at various bank locations.

    6. Virtual Card: A virtual card is a card that can be generated by anybody at
    any time provided he has already registered his name in the Bank’s website. One can also set monetary limits for each card, usually limited to the value of the item he intends to purchase and the value should be limited to his bank balance or the credit limit. This completely prevents misuse. It is a kind of facility offered to existing cardholders at free of cost.

    3.3 Loans:
    It is an arrangement by which a bank advance loans against any security like jewels, shares or debentures or insurance policy or personal security of the borrower. The interest is payable on the entire loan amount as decided by the bank. Loans can be classified as follows: Figure 3.3: Various Types of Loans

    1) Personal loans:
    The personal loans are granted to any customer or the non-customer if the bank is satisfied with the repayment capacity of the borrower. The borrower should have a steady income. Instalment can be paid by depositing post dated cheques, authorization to debit the amount to the borrower’s savings or current account, authorization to transfer interest on term deposit to the loan account, authorization to deduct the instalment from the salary by the employer and remit to the bank etc. The interest varies from bank to bank. Normally banks allow 12 months to 60 months for repayment. Banks also charge time processing fee ranging from 1 to 3 percent per annum. Personal loans are generally unsecured because in most cases there is no primary security. Therefore, many banks demand collateral security in the form of landed property, gold ornaments, third party guarantee etc. Some banks instead of third party guarantee insist that another person should join as co-obligant. Many banks prefer co-obligant as a guarantor because a co-obligant signs the original loan documents along with the borrower &therefore has a joint liability. The documentation is quite simple because there will be only a promissory note. 2) Housing Loans:

    Housing loans are given as direct loans and indirect loans. Direct loans are those loans given to the individuals or group of individuals including co-operative societies. The indirect loans are the term loans granted to
    housing finance institution, housing boards etc primarily engaged in the business of supplying serviced land and constructed house units. Banks are permitted to extend term loans to private builders. Banks are also granting loans under priority sector for housing purpose. Eligibility:

    Any person above 21 years but below the age of 65 years having sufficient disposable income can avail housing loan from a bank. Some banks permit even up to 70 years if the borrower can produce proof of sufficient income to repay the loan. A self-employed person can also avail of housing loan, subject to compliance of the income criteria. Amount of Loan:

    The loan amount starts from Rs 2 lakh. However for weaker sections the loan can be availed even for a small amount. The maximum amount of loan is decided after considering the disposable income of the borrower. While calculating the income eligibility spouse’s income can also be considered. The other factors considered for deciding the repayment capacity are age, qualification, status of assets, liabilities, stability and continuity of occupation and savings history etc. 3) Educational Loans:

    Educational loans are extended with the aim to provide financial support from the banking system to deserving students for pursuing higher education in India & abroad. The main emphasis is that every student should get an opportunity to pursue education with financial support from the banking system on affordable terms and conditions. All banks are offering educational loans, but the schemes differ from bank to bank. The scheme aims at providing financial assistance on reasonable terms to the poor and needy to undertake basic education. Student Eligibility:

    The student should be an Indian national and should have secured admission to professional courses through entrance test process or should have secured admission to foreign university. The students have scored minimum 60percent in the qualifying examination for admission to graduation courses. Repayment:

    Course period + 1 year or 6 months after getting job, whichever is earlier. The loan has to be repaid in five to seven years from commencement
    of repayment. If the student is not able to complete the course for the reasons beyond his control, sanctioning authority may at his discretion consider such extensions as may be deemed necessary to complete the course. Security:

    Up to Rs 2 lakh: no security
    Above Rs 2 lakh: collateral security equal to 100 % of the loan. Amount of guarantee of third person known to bank for 100% of the loan amount 4) Automobile Loans:
    Banks are extending credit for purchase of new two or four wheeler for personal or professional use. Bank finance is also available for purchase of used cars less than 3 years old. Each bank has formulated their own schemes. Vehicle finance has now become one of the highly profitable areas and therefore banks and other financial institutions are competing with each other for attracting the customers, even by offering some concessions. As a result, the margin, interest rate & eligibility criteria differ from one bank to the other. The loans are to be repaid in 36 to 60 equated monthly instalments. The maximum amount of loan is limited to 3 times of net income annual salary subject to a maximum of Rs 10 lakh. Security:

    Hypothecation of vehicle financed by the bank.
    Bank’s lien to be noted with the transport authorities.
    Guarantee of the spouse
    In case of unmarried, third party guarantee of sufficient means or other collateral securities acceptable to the bank.

    5) Mortgage Loans:
    Mortgage loan is a financing arrangement in which a lender extends finance for acquisition of real estate against the security of the real estate purchased out of the loan. The borrower executes a mortgage deed which registers alien on the property in favour of the lender. The title will be re-transferred when the borrower repays the loan in full with interest. Banks provide loan/overdraft facility against mortgage of property at low rate of interest to people engaged in trade, commerce and business and also to professionals and self employed, partnership firms, companies, NRI’s and
    individuals with high net worth including salaried people. The product provides an opportunity to customers to borrow against a fixed asset at short notice. Repayment:

    The loan has to be repaid within a period of eight years by way of equated monthly instalments. The repayment shall commence from the month subsequent to the month in which final disbursement is made or 6 months from the first disbursement, whichever is earlier. In case of agriculturists there payment is related to the generation of farm income from crops & other subsidiary activities.

    3.4 Investment
    Investment is the employment of funds with the aim of getting return on it. It is the commitment of funds which have been saved from current consumption with the hope that some benefits will receive in future. Thus, it is a reward for waiting for money. Savings of the people are invested in assets depending on their risk and return. Investment avenues are the outlets of funds. In India, investment alternatives are continuously increasing along with new developments in the financial market. An investor can himself select the best avenue after studying the merits and demerits of different avenues. Even financial advertising, newspapers supplements on financial matters and investment journals offer guidance to investors in the selection of suitable investment avenues Figure 3.4: Alternatives Avenues for Investment

    1) Public Provident Fund (PPF):
    Public Provident Fund is one attractive tax sheltered investment scheme for middle class and salaried persons. It is even useful to businessmen and higher income earning people. The PPF scheme is very popular among the marginal income tax payers. Features of PPF Scheme

    The PPF scheme is for a period of 15 years but can be extended at the desire of the depositor The depositor is expected to make a minimum deposit of Rs 100 every year The PPF account is not transferable, but nomination facility is available Tax exemption on investment is made.

    A compound interest at 8% per annum is paid

    2) Government of India Savings Bond:
    The GOI has recently started issuing 6.50% bonds which are reasonably attractive and secured investment for individuals and institutions. Features of Savings Bonds
    Interest 6.50%. Interest is payable half yearly or cumulative. Interest payment is exempted from income tax.
    Maturity period of 5 years
    Cumulative facility available Rs 1000 become Rs 1377 after 5 years. Nomination facility is available

    3) Real Estate Properties:
    Investment in the real estate is popular due to high saleable value after some years. Such properties include buildings, commercial premises, industrial land, plantations, farmhouses, agricultural land etc. They purchase such properties at low prices and do not sale them unless there is substantial increase in the market price. The resale price will be attractive in due course when they can recover 4 times the price paid. This is one attractive as well as profitable avenue for investment. 4) Investment in Gold, Silver:

    In India, there is attraction for gold and silver since the early historical period. These two precious metals are used for making ornaments and also for investment of surplus funds over a long period. The prices of both the metals are continuously increasing. These metals are highly liquid, also provides a sense of security to the investors. The benefit of capital appreciation is also available. As a result, investment in gold and silver is one avenue for investment. 5) Bonds & Debentures:

    It is possible to purchase bonds and debentures of joint stock companies for investment purpose. Debenture indicates loan given to the company at a specific rate of interest. Debentures are more popular than shares due to the safety and security available. Easy transferability by endorsement and
    delivery Investment exempted from wealth-tax. Maturity period from 5-25years

    CHAPTER- 4
    INNOVATIVE FINANCIAL PRODUCTS & SERVICES
    Today banks provide a number of innovative products and services. A few of them are as follows: 4.1 Merchant Banking:
    A merchant banker is a financial intermediary who helps to transfer capital from those who possess it to those who need it. Merchant banking includes a wide range of activities such as management of customer securities, portfolio management, project counseling and appraisal, underwriting of shares and debentures, loan syndication, acting as banker for the refund orders, handling interest and dividend warrants etc. Thus, a merchant banker renders a host of services to corporate and thus promotes industrial development in the country. 4.2 Loan Syndication:

    This is more or less similar to ‘consortium financing’. But, this work is taken up by the merchant banker as a lead manager. It refers to a loan arranged by a bank called lead manager for a borrower who is usually a large corporate customer or a Government Department. The other banks who are willing to lend can participate in the loan by contributing an amount suitable to their own lending policies. Since a single bank cannot provide such a huge sum of loan, a number of banks join together and form a syndicate. 4.3 Leasing:

    A lease is an agreement which a company or a firm acquires a right to make use of capital asset like machinery, on payment of a prescribed fee called “rental charges”. The lessee cannot acquire any ownership to the asset, but he can use it and have full control over it. He is expected to pay for all maintenance charges and repairing and operating cost. In countries like the U.S.A., the U.K. and Japan equipment leasing is very popular and nearly 25% of plant and equipment is being financed by leasing companies. In India also, many financial companies have started equipment leasing business by forming subsidiary companies.

    4.4 Mutual Funds:
    A mutual fund refers to a fund raised by a financial service company by pooling the savings of the public. It is invested in a diversified portfolio with a view to spreading and minimizing risk. The fund provides Investment Avenue for all small investors who cannot participate in the equities of big companies. It ensures low risk, steady returns, high liquidity and better capital appreciation in the long run. 4.5 Factoring:

    Factoring refers to the process of managing the sales ledger of a client by a financial service company. In other words, it is an arrangement under which a financial intermediary assumes the credit risk in the collection of book debts for its clients. The entire responsibility of collecting the book debts passes onto the factor. His services can be compared to Del credre agent who undertakes to collect debts. But, a factor provides credit information, collects debts, monitors the sales ledger and provides finance against debts. Thus, he provides a number of services apart from financing. 4.6 Forfeiting:

    Forfeiting is a technique by which a forfeitor (financing agency) discounts an export bill and pay ready cash to the exporter who can concentrate on the export front without bothering about collection of export bills. The forfeitor does so without any recourse to the exporter and the exporter is protected against the risk of non-payment of debts by the importers. 4.7 Venture Capital:

    A venture capital is another method of financing in the form of equity participation. A venture capitalist finances a project based on the potentialities of a new innovative project. It is in contrast to the conventional “security based financing”. Much thrust is given to new ideas or technological innovations. Finance is being provided not only for ‘start-up capital’ but also for ‘development capital’ by the financial intermediary. 4.8 Reverse Mortgage:

    In 2007-08, the National Housing Bank and commercial banks have introduced an innovative product viz., reverse mortgage to enable the senior citizens to fetch value out of their property without selling it. In normal mortgage, a
    home buyer borrows money to finance his home. In a Reverse Mortgage (RM) the owner of a house property surrenders the title of his property to a lender and raises money. Again, in normal mortgage the borrower gets 60-70% of the money upfront. But, in a RM generally the lender does not pay the entire amount. On the other hand, he pays out a regular sum each month for the agreed time. The owner, normally a senior citizen, can use the property and stay with his spouse for the rest of their lives. Thus, the owner can ensure a regular cash flow in times of need and enjoy the benefit of using the property. Usually, after the death of the owner, the spouse can continue to use the property. In case, both die during the period of the RM scheme the lender will sell the property, take his share and distribute the rest among the heirs. It is called reverse mortgage because the payment steam is “reversed.” Instead of making monthly payments to the lender, as in the case of a regular mortgage, a lender makes regular payments to the senior citizen. A RM facilitates to convert an immovable asset into an income generating one 4.9 New Products in Forex Market:

    New products have also emerged in the Forex Markets of developed countries. Some of these products are yet to make full entry in Indian markets. Among them, the following are the important ones. 1) Forward Contracts:

    A forward transaction is one where the delivery of a foreign currency takes place at a specified future date for a specified price. It may have a fixed maturity for, e.g., 31st May or a flexible maturity for, e.g., 1st to 31st May. There is an obligation to honour this contract at any cost; failing which, there will be some penalty. Forward contracts are permitted only for genuine business transactions. It can be extended to other transactions like interest payments. 2) Options:

    As the very name implies, it is a contract wherein the buyer of the option has a right to buy or sell a fixed amount of currency against another currency at a fixed rate on a future date according to his option. There is no obligation to buy or sell, but namely call options and put options. Under call options, the customer has the right but no an obligation to buy the products and under put potions the customer has the right but no an
    obligation to sell the products. CHAPTER-5

    OVERVIEW OF ICICI’s BANKING SERVICES

    5.1 History:
    ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial institution, and was its wholly-owned subsidiary. ICICI’s shareholding in ICICI Bank was reduced to 46% through a public offering of shares in India in fiscal 1998, an equity offering in the form of ADRs listed on the NYSE in fiscal 2000, ICICI Bank’s acquisition of Bank of Madura Limited in an all-stock amalgamation in fiscal 2001, and secondary market sales by ICICI to institutional investors in fiscal 2001 and fiscal 2002. ICICI was formed in 1955 at the initiative of the World Bank, the Government of India and representatives of Indian industry. The principal objective was to create a development financial institution for providing medium-term and long-term project financing to Indian businesses. In the 1990s, ICICI transformed its business from a development financial institution offering only project finance to a diversified financial services group offering a wide variety of products and services, both directly and through a number of subsidiaries and affiliates like ICICI Bank. In 1999, ICICI become the first Indian company and the first bank or financial institution from non-Japan Asia to be listed on the NYSE. After consideration of various corporate structuring alternatives in the context of the emerging competitive scenario in the Indian banking industry, and the move towards universal banking, the managements of ICICI and ICICI Bank formed the view that the merger of ICICI with ICICI Bank would be the optimal strategic alternative for both entities, and would create the optimal legal structure for the ICICI group’s universal banking strategy. The merger would enhance value for ICICI shareholders through the merged entity’s access to low-cost deposits, greater opportunities for earning fee-based income and the ability to participate in the payments system and provide transaction-banking services. The merger would enhance value for ICICI Bank shareholders through a large capital base and scale of operations, seamless access to ICICI’s strong corporate relationships built up over five decades, entry into new business segments, higher market share
    in various business segments, particularly fee-based services, and access to the vast talent pool of ICICI and its subsidiaries. In October 2001, the Boards of Directors of ICICI and ICICI Bank approved the merger of ICICI and two of its wholly-owned retail finance subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, with ICICI Bank. The merger was approved by shareholders of ICICI and ICICI Bank in January 2002, by the High Court of Gujarat at Ahmadabad in March 2002, and by the High Court of Judicature at Mumbai and the Reserve Bank of India in April 2002. Consequent to the merger, the ICICI group’s financing and banking operations, both wholesale and retail, have been integrated in a single entity. 5.2 Introduction:

    ICICI Bank is India’s largest private sector bank with total assets of Rs. 5,367.95 billion (US$ 99 billion) at March 31, 2013 and profit after tax Rs. 83.25 billion (US$ 1,533 million) for the year ended March 31, 2013. The Bank has a network of 3,384 branches and 11,063 ATMs in India, and has a presence in 19 countries, including India. ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialised subsidiaries in the areas of investment banking, life and non-life insurance, venture capital and asset management. The Bank currently has subsidiaries in the United Kingdom, Russia and Canada, branches in United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre and representative offices in United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. Our UK subsidiary has established branches in Belgium and Germany. ICICI Bank’s equity shares are listed in India on Bombay Stock Exchange and the National Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE) 5.3 Board of Directors:

    Board of Directors
    Board Members
    Designation

    Other Board Members
    Mr. K. V. Kamath
    Chairman

    Dr. Swati Piramal
    Ms. Chanda Kochhar
    Managing Director & CEO

    Mr. Homi R. Khusrokhan
    Mr. N. S. Kannan
    Executive Director & CFO

    Mr. Dileep Choksi
    Mr. K. Ramkumar
    Executive Director

    Mr. Arvind Kumar
    Mr. Rajiv Sabharwal
    Executive Director

    Mr. M.S. Ramachandran
    5.4 Organization Structure of ICICI Bank:
    ICICI Bank’s organisation structure is designed to be flexible and customer-focused, while seeking to ensure effective control and supervision and consistency in standards across the organisation and align all areas of operations to overall organisational objectives. The organisation structure is divided into seven principal groups Personal Banking:

    Privilege Banking
    Private Banking
    NRI Banking
    Business Banking
    Corporate Banking

    5.5 ICICI Bank Products and Customer Segment:
    Personal Banking
    Accounts & Deposits
    Loans
    Cards
    Access To Bank
    Fixed Deposit
    Recurring Deposit
    Savings Account
    Silver Savings Account
    Professional Savings A/c
    Salary Account
    Family Banking
    iWish
    Dream Deposits
    b2 Savings Account
    Outward Remittance
    Demat Account
    Other Loans
    Home Loans
    Loans Against Property
    Personal Loans
    Two Wheeler Loans
    Commercial Vehicle Loans
    Loans Against Gold Ornaments
    Construction Equipment Loans

    Credit Card
    Debit Card
    Prepaid Card
    Travel Card
    Corporate Cards

    Net Banking
    Mobile Banking
    ATM
    Phone Banking
    Email Statements
    Branch Network
    Insurance
    Investments
    Agri & Rural
    Payment Services
    General Insurance
    Health Insurance
    Travel Insurance
    Car Insurance
    Two Wheeler Insurance
    Home Insurance
    Student Medical Insurance
    Life Insurance
    Protection Plans
    Card Protection Plan
    ICICI Bank Bonds
    Mutual Funds
    IPO
    ICICI Bank Pure Gold
    Foreign Exchange
    SCSS, 2004
    Public Provident Fund

    Agri Corporates
    Agri Traders & Processors
    Micro Banking
    Tractor Loans
    Farmer Finance
    Prepaid Refill
    Bill pay
    Visa Bill pay
    Insta Pay
    Direct Pay
    Visa Money Transfer
    Electronic Funds Transfer
    Online Payment of Direct Tax

    Privileged Banking
    Accounts & Deposits
    Credit and Debit Cards
    Loans
    Titanium Privilege Savings Account
    Gold Privilege Savings Account
    Titanium Debit Card
    Gold Debit Card
    Rubyx Credit Card
    Home Loan
    Car Loan
    Personal Loan
    Investments
    Insurance
    Value-added Services
    ICICI Bank Pure Gold
    Foreign Exchange Services
    Public Provident Fund Account
    Mutual Funds
    Life Insurance
    Home Insurance
    Car Insurance
    Two Wheeler Insurance
    e-Locker
    Internet Banking
    iMobile
    Bill Pay

    Private Banking
    Banking Products
    Investment Products
    Real Estate Services
    Advisory
    Other Services
    Deposits
    Loans
    Cards
    Forex
    Mutual Funds
    Portfolio Management Service
    Direct Equity
    Private Equity Funds
    Real Estate Funds
    Private Client Group
    Fixed Income Securities
    Residential Real Estate
    Commercial Real Estate
    Joint Venture Structuring
    Real Estate Consultancy Services
    Funding
    Financial Need Capturing
    Investment Plan
    Review
    Maintenance
    Insurance
    Gold
    Privileges

    NRI Banking
    Bank Accounts
    Money Transfer
    Loans
    Investments
    Insurance
    Savings Account
    Deposit Account
    Money Transfer Modes
    Payments Modes
    Home Loans
    Loans Against Fixed Deposits
    Portfolio Investment Scheme
    ICICIdirect.com
    Mutual Funds
    Life Insurance
    General Insurance
    Corporate Banking
    Commercial Banking
    Global Markets
    Investment Banking
    Technology Finance
    General Banking
    Global Trade Services
    Cash Management Services
    Corporate Internet Banking
    Forex Desk
    Derivatives Desk
    Structured Products
    Treasury Research
    Mergers and Acquisitions Advisory Group (MAAG)
    International Syndication Group
    ACE Title III Programme
    TI Programme
    Financial Institutions Services
    Capital Markets Services
    Custodial Services
    Other Services
    Transaction Banking
    Loan Syndication
    Sell Down
    Buyouts
    Primary Markets
    Secondary Markets
    Equities and Fixed Income Instruments
    Fund Accounting
    Derivatives clearing
    Custodians for ADR/ GDR issues
    Merchant Banking
    Cash Management Services
    Trade Services
    Current Accounts

    Business Banking
    Current Account & Services
    Business Loans
    Trade Services
    Advisory Services
    Roaming Current Account
    Prepaid Current Account
    Trade Current Account
    Collections
    Exchange Earners’ Foreign Currency Account
    Product Variants Vendor/ Dealer Finance
    Letter of Credit
    Bank Guarantee
    Export Bill Negotiation
    Export Finance
    Import Finance
    Escrow Account
    Forex Services
    Bullion Consignment Business
    Capital Raising
    Buy and Sell Side Advisory

    5.6 Unique Products and Services of ICICI Bank:
    Fixed, Saving and Recurring Account:
    ICICI Bank provides competitive interest rates on the deposits. The
    flexibility tenure is from seven days to five years and the interest rates are 8.75 % for general category and 9.50 % for Senior Citizen. iWish:

    iWish is a unique flexible Recurring Deposit that lets you save for your goals as and when you have the funds and earn better interest rates just like a Fixed Deposit. What’s more, you can choose to share your goals with friends and family on Facebook. Young Stars Account:

    A special portal for children to learn banking basics, manage personal finances and have a lot of fun. [email protected]:
    This student banking services gives students access to their account details at the click of a mouse. Plus, the student gets a cheque book, debit card and annual statements.

    Dream Deposits:
    ICICI Bank is proud to present ‘Dream Deposits’. A unique offering of four deposit plans that enable you realise your dreams at every stage of your life. For e.g. Dream Car Plan, Dream Education Plan, Dream Gold Plan, Dream Home Plan, Dream Retirement Plan. Outward Remittance:

    ICICI Bank offers you a simple way to send money outside India. ICICI Outward Remittance facilities make remitting money abroad quick, and reliable. Silver Savings Account:
    ICICI Bank’s Silver Savings Account entitles you to select privileges and offers. Internet Banking is offered free of cost. You can give us various types of standing instructions like transferring to fixed deposit accounts at regular intervals. Professional Savings Account:

    ICICI Bank Professional Savings Account is an exclusive set of banking and financial services, catering to the specific needs of discerning professionals. It brings together a host of services, privileges and lifestyle benefits. Salary Account:

    ICICI Bank Salary Account is a benefit-rich payroll account for Employers and Employees. With ICICI Bank Salary Accounts your employees will enjoy the convenience of: Having the largest network of ATMs at their command, Free 24 hour Phone Banking and Free Internet Banking. Family Banking:

    Family Banking makes the superior product benefits of Privilege Banking, Wealth Management and Global Private Client (GPC) available to all the members of your family while the required minimum balance can be maintained in any one of the accounts.

    b2 Savings Account:
    b2 is the next step in the evolution of banking. It’s a bank, where everything is done online and since you don’t need branches, we don’t offer them. You can enjoy all the conveniences of banking at your finger tips and your money grows faster. Outward Remittance:

    ICICI Bank offers you a simple way to send money outside India. Our Outward Remittance facilities make remitting money abroad quick, and reliable. Demat Account:
    ICICI Bank Demat Services boasts of an ever-growing customer base of over 18.49 lakhs customer base as on January 31st, 2013. It offers Digitally Signed Statement, Mobile Request and Mobile Alerts ICICI Bank Bonds:

    Bonds of ICICI Bank have been rated “AAA” by CARE and “LAAA” by ICRA indicating the highest degree of safety for your money. All Investment in ICICI Bank Tax Saving Bonds issued upto March 2005 are eligible for tax rebate under Sec 88 to the full extent possible. Bonds are listed on BSE, NSE. IPO:

    You can invest in IPOs online through www.icicidirect.com with same convenience of investing in equities – hassle-free and with zero paper work. Also, get in-depth analyses of new IPOs issues (Initial Public Offerings) which are about to hit the market. ICICI Bank Pure Gold/Silver:

    ICICI Bank with its ‘Pure Gold’ offer attempts to bridge the gap between the need of the customers for buying gold and availability of an organised avenue to satisfy that need, by taking care of the two key components –
    Reliability and Convenience. Foreign Exchange:

    ICICI Bank’s Foreign Exchange Services will help you organise your foreign exchange in the most hassle free manner with best foreign exchange rates. Whether it’s Foreign Currency, Travellers Cheques or Travel Card, ICICI Bank Foreign Exchange Services is a one-stop solution to your foreign exchange requirement. Senior Citizens Savings Scheme:

    Senior Citizens Savings Scheme (SCSS) is a Government of India Product. Senior Citizen saving scheme, 2004 interest rate offered is 9.3%. Since the product is offered by Govt of India, this product is one of the most Safest Investment Option. Agri Corporates:

    ICICI Bank recognises the role of prompt finance, and stable cash flows for a business. They offer a range of products tailored to individual unique needs. With ICICI Bank on your side, one can focus all your energies on the growth of your business. Agriculture traders and processors:

    ICICI Bank recognizes your key role in the Agricultural supply chain. ICICI Bank offers you financing options designed to service your specific requirements. Be it overdrafts or loans, our approvals are localised, speedy and hassle-free. Titanium Privilege Savings Account:

    Titanium Privilege Account is tailored to take care of your banking and investment requirements and status. Some Privileges like Unlimited free access to any bank’s ATM throughout the country, 40% discount on annual fee for Safe Deposit Lockers and A higher daily withdrawal and spend limit on a Titanium debit card.

    Gold Privilege Savings Account:
    ICICI Bank Gold Privilege Savings account gives exclusive benefits across wide range of product and services. In addition to benefits like money multiplier, nomination facility, internet banking and mobile banking, you can avail other special privileges like: Priority service at all ICICI Bank branches and through Customer Care. 20% discount on annual fee for Safe
    Deposit Lockers. Titanium Debit Card:

    ICICI Bank introduces the ICICI Bank Titanium Debit Card packed with a host of benefits and special privileges. Having this card in your wallet is like carrying your bank account with you wherever you go. Enjoy unrestricted shopping, savings with special discounts, higher reward points earnings and the complete security of not having to carry large amounts of cash around with you.

    Gold Debit Card:
    Enjoy Gold privileges while shopping with your ICICI Bank Smart Shopper Gold Debit Card. Avail attractive discounts for shopping, dining and more while you continue to enjoy all the benefits that are yours with the ownership of an ICICI Bank Debit card. The Gold Card entitles you to a high cash withdrawal and transaction limit. Rubyx Credit Card :

    The ICICI Bank Rubyx Credit Card has been specially designed to deliver higher rewards specific to your lifestyle. Choose from 3 different reward plans based on your likely spend categories. Earn bonus rewards of up to 6 PAYBACK points on every 100 spent. Earn 50% more rewards on the ICICI Bank American Express Credit Card. e-Locker:

    ICICI e-Locker is an online document storage facility to store all your valuable documents at one central secure location. Be it your birth or marriage certificate, passbook statement, life insurance policy, PAN card copy or any other prized document; access all your documents anytime conveniently. iMobile:

    iMobile is ICICI Bank’s Mobile Banking application that lets you transfer funds, pay bills, book travel or movie tickets, recharge your prepaid mobile and DTH connection, locate an ATM and do a lot more while you are on the go. Roaming Current Account:

    CICI’s Roaming Current Account (RCA) simplifies banking by offering smooth and seamless transactions. RCA travels the distance with your business and helps effect lucrative business relationships. RCA brings with it the concept of ‘Anytime Anywhere’ banking enabling you to operate your RCA from any of our 3100+ with ATM network of 10500+ in more than 500 cities across India. Prepaid current account:

    ICICI Bank presents a special current account for those who prefer to pay a fixed prepaid charge on an annual basis and who do not want to commit any balance at any point of time. Trade Roaming Current Account:

    TRCA is the perfect solution to cater to both your international and domestic banking needs. ICICI Bank’s Trade Roaming Current Account is a unique amalgamation of domestic banking features of the Roaming Current Account and Global Trade Services. It offers a composite banking solution to exporters and importers. An important part of this is the “zero balance” account that enables you to utilize your financial resources more effectively. Exchange Earners’ Foreign Currency:

    Exchange Earner’s Foreign Currency Account (EEFC): With an EEFC Account, exporters and importers can now rest easy. ICICI Bank’s EEFC Account is just what you need to protect your bottom line from potential losses due to exchange rate fluctuations. Vendor / Dealer Finance:

    ICICI Bank’s Vendor / Dealer Finance solve your cash flow needs and ensure smooth running and development of your business. You get funds conveniently, on time and at a reasonable cost. Letter of Credit:

    With ICICI Banks Letter of Credit, you can be assured of timely and correct payments from your buyers. Now, interact with ease even with companies with whom you have had limited experience or are unsure of their credit history. Bank Guarantee:

    ICICI Banks Bank Guarantees are available to you against minimal requirements and in the shortest possible time. ICICI Banks Bank Guarantees are also available in foreign currency for approved purposes as defined under FEMA.

    Export Bill Negotiation:
    With ICICI Banks Export Bill Negotiation facility, you can obtain short-term finance for your business, easily and in a hassle-free manner. Receive payment as soon as your goods have been shipped simply on the basis of your trade transaction documents. Export Finance:

    Avail ICICI Banks Export Finance services to facilitate cash flow in your business. ICICI Export Finance is available in Indian rupees and foreign currency, tailor-made to support your export requirements. ICICI Banks Export Finance services include both pre-shipment and post-shipment credit. Escrow Account:

    At ICICI Bank, we provide escrow services for cash and demat transactions. The Escrow services are offered to meet diverse requirements of clients that include the following: Project financing and Loan repayments, Sale purchase transactions, Share Buyback and Mergers and Acquisitions, Revenue and Profit sharing transactions and Demat Escrows. Import Finance:

    With ICICI Banks Import Finance services, we offer structured and customised solutions to suit the specific needs of the import segment. Our Import Finance services are backed by our expertise and experience in international finance and cross-border transactions. Treasury Research:

    The customers are also provided with regular market updates, both quantitative as well as qualitative research on topics related to macroeconomics and financial markets. Structured Products for Corporate:

    Structured products are normally offered to corporate clients in the form of swaps, where the clients can choose from an array of products to suit his needs. ACE Title III Programme
    The “Agricultural Commercialization and Enterprise (ACE) Title III Programme” strives to improve the investment environment for private agribusinesses in post-farm horticulture. ACE activities focus primarily on promoting agribusiness innovations and diversity by linking technology and labour requirements, reduction of post-harvest losses, development of Indo-US
    linkages and encouraging projects that are highly visible and replicable. TI Programme:

    The TI programme has been initiated to strengthen institutional capability in technology development and commercialisation-including up gradation and expansion of facilities, training scientists, collaborating with national and international TIs and building marketing and business development capabilities. So far the programme has assisted 50 such projects.

    CHAPTER- 6
    RESEARCH METHODOLOGY

    6.1 Objectives of the study:
    The attempt has been made to achieve following objectives.
    To understand the importance of financial services in India. To study the various financial innovative services provided by banks today. To understand the need of modern banking services in the competitive scenario. 6.2 Scope of the study:

    The innumerable Financial Services provided by banks today.
    The challenges and future of banking and its services.
    A SWOT analyses on the services of banking industry.
    The project also covers a case study on ICICI a leading private bank. 6.3 Limitations of Study:
    Sample size was limited to 75 only. The sample size may not represent whole market. The study has not been conducted over an extended period of time both market ups and downs. The market state has a significant influence on the satisfaction level of customers. The study cannot capture such situations. This study is limited to the customers of Mumbai only. Therefore the influences cannot be generalized. A few respondents were not able to understand some of the terms of the questionnaire which may affect the study to a little extent. 6.4 Data collection:

    Primary data is collected by doing a survey on customer satisfaction with financial services provided by Indian banks and this was done with the help
    of a questionnaire. Secondary data is collected by undertaking extensive library research as well as from various websites and reference books.

    6.5 Investor Profile:
    Investor Profile
    No. Of Respondents
    Sex

    Male
    47
    Female
    28
    Age

    Below 30
    57
    30-40
    5
    40-50
    10
    50 And Above
    3
    Occupation

    Salaried
    30
    Businessmen/Professional
    15
    Housewives
    5
    Others
    25
    Annual Income

    Below 2 Lakhs
    38
    2-3 Lakhs
    21
    3-4 Lakhs
    9
    Above 4 Lakhs
    7
    Products

    Fixed Deposits
    11
    Savings Deposits
    56
    Current Deposits
    3
    Other
    5
    Banks

    Icici Bank
    13
    Sbi Bank
    13
    Hdfc Bank
    13
    Saraswat Co. Bank
    13
    Axis Bank
    13
    Other Banks
    10
    Relationship With Bank

    Less Than 3 Year
    42
    3-5 Years
    13
    5-10 Years
    13
    More Than 10 Years
    17
    Factors Affecting Choice

    Ownership/Reputation
    13
    Nearness/Accessibility
    17
    Commercials
    13
    Friends/Family
    32

    A. Initial Experience:

    Attributes
    Marks to Banks given by Respondents

    ICICI
    SBI
    HDFC
    AXIS
    Saraswat. Co
    Bank
    1) Level of product knowledge of bank staff
    55
    53
    54
    48
    47
    2) Quality of response to customer queries on product/services 53
    52
    50
    49
    46
    3) Understanding of customer’s needs and unique perspective 55
    60
    47
    46
    48
    4) Availability and quality of brochures, sales material
    51
    45
    46
    56
    53
    5) Presentation, Communication and mannerism of staff
    56
    55
    53
    52
    54

    Attributes
    Ranking of Banks

    1st
    2nd
    3rd
    4th
    5th
    1) Level of product knowledge of bank staff
    ICICI
    HDFC
    SBI
    AXIS
    Saraswat. Co
    Bank
    2) Quality of response to customer queries on product/services ICICI
    SBI
    HDFC
    AXIS
    Saraswat. Co
    Bank
    3) Understanding of customer’s needs and unique perspective SBI
    ICICI
    Saraswat. Co
    Bank
    HDFC
    AXIS
    4) Availability and quality of brochures, sales material
    AXIS
    Saraswat. Co
    Bank
    ICICI
    HDFC
    SBI
    5) Presentation, Communication and mannerism of staff
    ICICI
    SBI
    Saraswat. Co
    Bank
    HDFC
    AXIS

    The above table ranks the banks in the sample on the basis of the data obtained from the customers. In terms of level of product knowledge of bank staff, quality of response customer queries and Presentation, Communication and mannerism of staff the ICICI banks ranks higher. In terms of Understanding of customer’s needs and unique perspective SBI is at the top and terms of Availability and quality of brochures, sales material the Axis
    bank is at the top.

    B. Service Delivery Experience

    Attributes
    Marks to Banks given by Respondents

    ICICI
    SBI
    HDFC
    AXIS
    Saraswat. Co
    Bank
    1) Timeliness of service delivery
    54
    56
    52
    46
    51
    2) Sharing of status while work in progress
    52
    48
    51
    49
    47
    3) Quality and sophistication of delivery
    52
    52
    54
    52
    45
    4) Behaviour and mannerism of delivery staff
    53
    53
    48
    49
    53
    5) Level of congruence between time taken to deliver the services and stipulated time 51
    49
    50
    51
    53

    Attributes
    Ranking of Banks

    1st
    2nd
    3rd
    4th
    5th
    1) Timeliness of service delivery
    SBI
    ICICI
    HDFC
    Saraswat. Co
    Bank
    AXIS
    2) Sharing of status while work in progress
    ICICI
    HDFC
    AXIS
    SBI
    Saraswat. Co
    Bank
    3) Quality and sophistication of delivery
    HDFC
    ICICI
    SBI
    AXIS
    Saraswat. Co
    Bank
    4) Behaviour and mannerism of delivery staff
    ICICI
    SBI
    Saraswat. Co
    Bank
    AXIS
    HDFC
    5) Level of congruence between time taken to deliver the services and stipulated time Saraswat.Co
    Bank
    ICICI
    AXIS
    HDFC
    SBI

    The above table ranks the banks in the sample on the basis of the data obtained from the customers. In terms of level of Sharing of status while work in progress and Behaviour and mannerism of delivery staff the ICICI banks ranks higher. In terms of Quality and sophistication of delivery HDFC bank in at the top and in terms of Level of congruence between times taken to deliver the services Saraswat Co. bank is at the top.

    C. Service Experience

    Attributes
    Marks to Banks given by Respondents

    ICICI
    SBI
    HDFC
    AXIS
    Saraswat. Co
    Bank
    1) Level of service quality
    57
    61
    50
    54
    48
    2) Level of fulfilment
    57
    56
    49
    51
    48

    Attributes
    Ranking of Banks

    1st
    2nd
    3rd
    4th
    5th
    1) Level of service quality
    SBI
    ICICI
    AXIS
    HDFC
    Saraswat. Co
    Bank
    2) Level of fulfilment
    ICICI
    SBI
    AXIS
    HDFC
    Saraswat. Co
    Bank

    The above table ranks the banks in the sample on the basis of the data obtained from the customers. In terms of level of Level of service quality the SBI ranks higher and in terms of Level of fulfilment ICICI bank is at the top.

    D. Relationship Experience:

    Attributes
    Marks to Banks given by Respondents

    ICICI
    SBI
    HDFC
    AXIS
    Saraswat. Co
    Bank
    1) Frequency and quality of contact
    54
    50
    54
    56
    48
    2) Knowledge of company products and customer opportunities
    58
    52
    53
    52
    48
    3) Conduct and communication of relationship person
    56
    49
    46
    59
    52

    Attributes
    Ranking of Banks

    1st
    2nd
    3rd
    4th
    5th
    1) Frequency and quality of contact
    AXIS
    ICICI
    HDFC
    SBI
    Saraswat. Co
    Bank
    2) Knowledge of company products and customer opportunities
    ICICI
    HDFC
    SBI
    AXIS
    Saraswat. Co
    Bank
    3) Conduct and communication of relationship person
    AXIS
    ICICI
    Saraswat. Co
    Bank
    SBI
    HDFC

    The above table ranks the banks in the sample on the basis of the data obtained from the customers. In terms of level of Frequency and quality of contact and Conduct and communication of relationship person the Axis ranks
    higher and in terms of Knowledge of company products and customer opportunities the ICICI bank is at the top.

    E. Grievance Handling:

    Attributes
    Marks to Banks given by Respondents

    ICICI
    SBI
    HDFC
    AXIS
    Saraswat. Co
    Bank
    1) Timeliness of complaint resolution
    52
    52
    45
    54
    50
    2) Quality of complaint resolution
    52
    50
    50
    48
    48
    3) Level of iterations till the complain was resolved
    51
    43
    51
    48
    48
    4) Knowledge and empathy of the customer servicing staff
    55
    47
    49
    47
    47
    Attributes
    Ranking of Banks

    1st
    2nd
    3rd
    4th
    5th
    1) Timeliness of complaint resolution
    AXIS
    ICICI
    SBI
    Saraswat. Co
    Bank
    HDFC
    2) Quality of complaint resolution
    ICICI
    SBI
    HDFC
    AXIS
    Saraswat. Co
    Bank
    3) Level of problems faced till the complain was resolved
    ICICI
    HDFC
    AXIS
    Saraswat. Co
    Bank
    SBI
    4) Knowledge and empathy of the customer servicing staff
    ICICI
    HDFC
    SBI
    AXIS
    Saraswat. Co
    Bank

    The above table ranks the banks in the sample on the basis of the data obtained from the customers. In terms of Quality of complaint resolution, Level of iterations till the complain was resolved and Knowledge and empathy of the customer servicing staff ICICI ranks higher and in terms of Timeliness of complaint resolution Axis bank is at the top.

    F. Overall Satisfaction:

    Attributes
    Marks to Banks given by Respondents

    ICICI
    SBI
    HDFC
    AXIS
    Saraswat. Co
    Bank
    1) Overall Satisfaction
    56
    52
    48
    47
    48

    Attributes
    Ranking of Banks

    1st
    2nd
    3rd
    4th
    5th
    2) Overall Satisfaction
    ICICI
    SBI
    HDFC
    AXIS
    Saraswat. Co
    Bank

    In terms of Overall Satisfaction the ICICI bank is rated the highest by the customers followed by State bank of India, HDFC Bank, Saraswat Cooperative Bank and the last Axis Bank.

    6.6 Annexure- I:
    Questionnaire for Study
    1) Name_________________________________________________________

    2) E-Mail________________________________________________________

    3) Please Tick Mark
    a) Age: Below 30 ( ), 30-40 ( ), 40-50 ( ), 50 and above ( ) b) Gender: Male ( ), Female ( )
    c) Annual Income (In Lakhs) : Less than 2 ( ), 2-3 ( ), 3-4 ( ), More than 4 ( ) d) Occupation: Salaried ( ), Businessmen ( ), Professional ( ), Housewife ( ), Others ( )

    e) Qualification: Under Graduate ( ), Graduate ( ), Above Graduate ( ) f) Marital Status: Married ( ), Unmarried ( )

    4) To which bank you are the customer________________________________ (ICICI, SBI, HDFC, Bank of India, Axis bank, Other’s please specify)

    5) For how much time you are with the bank___________________________

    6) Which Products/ Services you are taking from the bank:
    Fixed Deposits ( ), Savings Account ( ), Current Account ( ), Other ( )
    7) Which environmental forces influenced you the most to select your bank? Ownership/ Reputation ( ), Nearness ( ), Commercials ( ), Friends/ Family ( )

    Give Marks Out Of Each to the Following Attributes Based On Your Satisfaction from Services of the Banks

    Give 5 For Highly Satisfied
    Give 4 For Satisfied
    Give 3 For Moderately Satisfied
    Give 2 For Dissatisfied
    2
    Give 1 For Not At All Satisfied
    Please Refer Example:Grade Service Quality

    Initial Experience

    6) Level of product knowledge of bank staff
    7) Quality of response to customer queries on product/services 8) Understanding of customer’s needs and unique perspective 9) Availability and quality of brochures, sales material
    10) Presentation, Communication and mannerism of staff

    Service Delivery Experience

    6) Timeliness of service delivery
    7) Sharing of status while work in progress
    8) Quality and sophistication of delivery
    9) Behaviour and mannerism of delivery staff
    10) Level of congruence between time taken to deliver the services and stipulated time

    Service Experience
    3) Level of service quality
    4) Level of fulfilment

    Relationship Experience

    4) Frequency and quality of contact
    5) Knowledge of company products and customer opportunities
    6) Conduct and communication of relationship person

    Grievance Handling

    5) Timeliness of complaint resolution
    6) Quality of complaint resolution
    7) Level of iterations till the complain was resolved
    8) Knowledge and empathy of the customer servicing staff

    Overall Satisfaction

    Chapter 7
    Conclusion and Suggestion
    7.1 Conclusions:
    As the customers now a days are not only exposed of what type of service is being provided by banks in India but in the world as whole. They expect much more than what it’s actually being provided. So the banks have to provide and cater all the needs of the customers otherwise it is difficult to survive in the competition coming up. They not only expect the safety of money but also best ways to invest that money which need to be fulfilled. The banks need to have a better outlook towards to actually what customers are requiring. Entries of the private sectors banks have made the competition tougher. So it is difficult to face these types of conditions. So here a simple philosophy can work that customers are God and we need to follow this to survive and serve better. The study concludes to be valuable to ICICI bank and SBI as it is based on the opinion of customers and bank employees (marketing staff). It is useful for other private sector and Public sector banks also in formulating their policies regarding launch of new banking product, in order to reach the level of success achieved by these two banks. It also point out reasons for dissatisfaction among bank customers and provide meaningful solution to their problems. The study conducted will help the private Sector Banks and Public Sector Banks in addressing the marketing problems and difficulties faced by these banks while marketing their services to customers. The study also helps in solving the problems faced by the customers and the effective implementation of marketing strategies of private sector and Public sector banks. 7.2 Suggestions for the study

    Banks should obey the RBI norms and provide facilities as per the norms, which are not being followed by these banks. While the customer must be given prompt services and the bank officer should not have any fear on mind to provide the facilities as per RBI norms to the units going sick. Banks should increase the interest rate of saving account.

    Banks should provide loan at the lower interest rate and education loans should be given with ease without much documentation. All the banks must provide loans against shares. Fair dealing with the customers. There should be more contribution from the employees of the bank. The staff should be co-operative, friendly and must be capable of understanding the problems of customers Internet banking facility must be made available to customer free of cost in both banks. Prompt dealing with permanent customers and speedy transaction without harassing the customers. Each section of both banks should be computerized even in rural areas also. The public sector banks must improve its service quality in terms of communication, responsiveness, reliability and understanding. If the private sector intends to improve its service quality level, it must improve its service quality in terms of access, credibility, tangibility, security and competence where there is significant gap between two sectors and mean score of public sector in all these dimensions are high. The study suggested that if the public sector banks want to increase their service quality level as compared to the private sector, it should enhance level of services in the dimensions like ‘online purchase of goods and services’, reduction in e-payment cost’, ‘up to date information’, ‘sophisticated information to well educated customers’, ‘To provide various effective modes for promotional schemes’, ‘interaction with the customers’, ‘more accuracy in billing’, ‘financial security’ and ‘privacy in transactions’. To improve in these areas the public sector banks should invest large amount in the training the employees to provide up to date and sophisticated information to customers. All modern facilities should be provided to customers and banks should also invest large amount on the web-page designing to provide up to date information. The banks should provide internet and ATM password to the customers in such way that the financial security of the transaction can be retained and their loyalty and trust can be increased. Furthermore online and offline ATMs should be installed by the banks and to provide individualized attention the banks should focus on web sites so that the customers can get all information from their without any hesitation. Further the language of website should be clear and easy to understand. Required information should be given on the main page rather than further links. To increase the usage of e-payment modes banks should reduce the fees charged on clearing and interbank fund transfer services.

    7.3 Reference:
    Webiliogarphy:
    www.scribd.com
    www.icicibank.com
    www.rbiorg.com
    www.economictimes.com
    www.investopedia.com
    Project report on ICICI Bank by Vipul Sharma
    Project on Customer Satisfaction by Ankur Singh
    Project on Customer Satisfaction Surveys on Banks by Ankit Singh

    Bibliography:
    Banking in Financial System ( III Semester )
    Publication: Vipul Prakashan
    Economic Times ( News Paper )

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