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DOI: 10.1177/097324700800400102

2008 4: 17Asia Pacific Business ReviewN. Kamakodi and Basheer Ahmed Khan

An Insight into Factors Influencing Bank Selection Decisions of Indian Customers

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Asia-Pacific Business ReviewVolume IV,Number I, January - March 2008pp. 17-26. ISSN: 0973-2470

An Insight into Factors Influencing Bank SelectionDecisions of Indian Customers

N.Kamakodi* and Basheer Ahmed Khan**Indian banking industry is undergoing metamorphosis in terms on adoption on technology automation:New generation private sector banks which came into existence in the last ten years have l!amed substantialmarket share and government owned banks are losing market share to these new banks. It IS very Importantforthe banks to understand the preferences of the customers to offer the services required both to attract newclients and protect existing client-base from migrating to other banks. A survey was conducted. and r e ~ u ! t sobtained from 292 clients were analysed to understand the factors that influence the bank selection d ~ c l s ! ~ n s .

The top 10parameters based on importance are found as Safety ofFunds. secured A T M ~ . ATMs a ~ a t l a b l l t t y .reputation. personal attention. pleasing manners. confidentiality. closeness to work. timely service andfriendly staffwilling to work.

IntroductionFor the past two decades, both the global and Indianbanking industries have been undergoing rapidchanges, reflecting a number of underlyingdevelopments. The most significant change has beenadvances in communication and informationtechnology,whichhave accelerated andbroadened thedisseminationoffinancial information while loweringthecostsofmanyfinancialactivities.A lot ofstructuralchanges were introduced in 1991 in the Indianbankingindustry, which coincided with the InformationTechnology Revolution of the 1990s. Reserve Bankof India (RBI) appointed a commit tee under DrRangarajan in 1980s to implement computerisation inphases to improve customer service, productivity andenhance management control. A new class of banks"New Private Sector Banks (NPSBs)" came intoexist ence as a result of liberalisation of Indianeconomy,which competedwith both foreign banks andIndian banks for market share. The domination ofPublic Sector Banks has declined over the years withthe entry and aggressive expansion of the PrivateBanks. NPSBs perceived future competition amongbanks would be essentially based on the technologyanddevelopedstateofthe art technology infrastructure,comparable to that of banks in developed countries.The government owned commercial banks today havea market share of around 75% (down from the earlier

'SASTRA University, Thanjavur, Tamilnadu, India"Pondicherry University, Pondicherry, India.E-mail: [email protected], ..E-mail: [email protected]

95%), the private sector banks about 20% and theforeign banks about 5% (Kannabiran and Narayan(2005)). NPSBs also stress that importance ofbranchbanking will diminish by Information Technologybased channels like ATMs, Internet/Mobile/Phonebanking etc. Tech-savvy foreign banks and NPSBshave progressed a long way in offering a wide rangeof innovative services to their clients while other banks(both PSBs and Old Private Sector Banks (OPSBs))are racing to catch-up. All the banks are movingtowards core banking solutions and are investingheavily on Technology. As almost a decade is oversince the arrival ofNPSBs, it will be in the fitness ofthings to study in the Indian context the banking habitsand preferences of Indian customers. A survey wasconducted and the responses received from 292respondents were analyzed to understand theperception on technology based services andpreferences in banking. The study listed the factors ofimportance in choosing a bank by customers and alsomeasured the performances in a five-point scale.Literature SurveyThe business literature is flooded with vast array ofinformation on the customerpreferences ofcustomersvarious countries, while such data is limited in theIndiancontext. Even though customer preferences varyfrom country to country based on the cul ture ,

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demography, affordability, IT penetration etc., studyof the scenario in the other countries may throw somelight to us on the subject.Profitability of banks and growth of client base areinterlinked. With intensifying competition in themarket, it is very important for the banks to understand"Howcustomers choose their banks?"Then only bankscan take proper marketing efforts to increase clientbase. Improper identification of true determinants ofconsumers' bank selectiondecision may result in poorresults for marketing efforts. Management's failure toidentify customers' desire is one kind of quality gap(Zeithmal et al., 1990).It was found that Bank customers tend to be loyalprovided they are satisfied with its service and stickon to the same bank for five to seven years on anaverage and they changeover only when they move toa new home in an area outside their bank's network.(Huber et al., 1998)Khazeh and Decker (1992) analyzed the determinantsof consumers' bank selection decision thro a surveyconducted among 1198 of business school alumni ofSalisbury state university in Maryland using aquestionnaire containing 22 factors that were identifiedto influence the banking decision. Service charges, thereputation of the bank, interest rates on loans, timerequired for loan approval and friendly tellers wereidentified as the top 5 determinants of bank selectiondecision. Effective advertising was considered as leastimportant (Rank 22) while ATMavailability, closenessto work, closeness to home were ranked 12, 16 & 17respectively. Focusing customer attention on lowranking factors may do little to attract new customersand on retaining the existing one.Thwaites and Vere (1995) studied the student buyingbehavior of banking services and concluded thatstudents are not convinced about the concept offinancial supermarket and were more inclined to shoparound for the best offer. They were also foundconducting business with more than one institution andwere not particularly loyal.A surveyof customer perceptions ofcompetingbanksand their attributes are essential in providing the bankmanagerwith usual representationofcustomers' viewon banks attributes and position in market place. Astudy conducted by Zineldin (1996) in Swedenhighlights the importance of effective market

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positioning and has examined the concept of bankpositioning and different approaches that a bank canuse to occupy competitive position in competitivemarket place. The study highlights the fact that a wellintegrated application of technology and staffhelps tobuild customer loyalties by creating deeper and fullercus tomer relat ionships . The s tudy lead to theconclusions that from the bank's customers point ofview, factors relating to the functional quality such asfriendliness and helpfulness ofpersonnel, accuracy inaccount transact ion management , efficiency incorrectingmistakes and speed ofservice and decisionmaking, are the most important determinants ofbankselection. Results implied that convenience oflocation,price and advertising had a minor effect on bankse le ct ion . The r es ul ts al so i nd ic at ed t ha t theperformance ofthe contact personnel, word-of-mouthand technological bas ed se rv ic es might alsocompensate for an overall low score offactors such asfull service provider.Edris and Almahmeed (1997) conducted a study atKuwait and concluded that the true determinants ofbank selection decision made by business customersare more likely to be a function of both perceivedimportance ofbank attributes and the difference amongbanks in a given region with regard to each of theseattributes.Ulengin (1998) indicated that customer in Turkeywasmore interested in the functional quality of financialservices rather than the technical quality dimension.The study further concluded that as there were no bigdifferences among financial products offered by banksand the quality of financial products offered by banksare much beyond expectations of the customers,delivery channels and cus tomer relat ions gainimportance in bank choice process as there were a lotofproblems in those areas. The substantive conclusionsof this study are that, on an average, respondents ofthe survey prefer the extended customer loyaltyprograms, the continuous information flow from thebank, the of f site ATMs, the minimum waiting time inthe branches and a simplified applications form for allaccounts a bank offers.Nielson et al., (1998) conducted a survey ofCEOs ofbusiness firms and banks to find out how well bankingindustry in Australia understands the need of theirbusiness clients. Significant differenceswere found forsix factors, which business firms consider prior to

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establishing a banking relationship. Business firmswere found to place far more importance on the bankswillingness to accommodate their credit needs, theefficiency of banking operations and the fact that bankshave knowledge of their specific business. On the otherhand, banks felt itwas more important for them tooffercompetitive prices, full range of services and providea personal banking relationship.Mylonakis et aI., (1998) concluded that the mostimportant bank selections criteria are convenience,bank reputations, quality of products and services,interest rates and fees, education and personnelcontacts, facilities, branch environment, services andafter service satisfaction. Their research on bankcustomers of Greece showed that bank selectioncriteria like location-convenience, quality of service(attention to the customer, personalized service, noqueues) seen to influence the bank selection and factorslike Advertising did not seem to influence bankcustomers at all.Phuong and Har (2000) under took a study of bankselection decisions in Singapore using the AnalyticalHierarchy process through a study of bankingpreferences of college students. The findings indicatedthat the most im portant criteria affectingundergraduates' bank selection decisions are higherinterest rate for saving, convenient location and overallquality of service. They are followed by the availabilityof self bank facilities, charges on services providedby banks, low interest rate on loans, long operatinghours, availability of students privileges andrecommendations by friends and parents specifically.The respondents considered overall quality of servicemore than twice as important as recommendations byparents/friends.Almossawi (2001) studied the bank selection criteriaby students ofUniversityofBahrain. Findings revealedthat the chief factors determining the bank selectionby students were: Bank's reputation, availability ofparking space, friendliness of the bank personnel andavailability and location ofATMs. Study also foundthat the priorities ofmale and female students differed.Devlin (2002) analysed the customer choice criteriain retail banking market in the UK on the potentialvariations in the importance of various choice criteria,which were classified as either intrinsic or extrinsic,with respect to customer financial knowledge. Intrinsic

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attributes were defined as those specific to a particularservice rather than generalisable across services likeprice and service specific features. Extrinsic attributeswere those factors that are not specific to a particularservice and can be general ized across offer ing likeservice q ua lity factors, corp or ate br and andrelationship factors. I t was found th at low erknowledgeable groups were particularly influencedbyextrinsic criteria of location of the branch andrecommendations that they receive. Even though suchextrins ic factors were found to influence higherf in anci al knowledgeab le g roup s a lso , h igherknowledgeable groups were found more likelyto takeaccount of intrinsic attributes such as service features,rate of return and low fees in their choice.Studying and understanding customer defection/switching process is equal ly important as studyingcustomers bank selection process as losing clients canhave negative effect in bank's market share and profit.Levesque and McDougall (1996) investigated themajor determinants of customersatisfaction and futureintentions to switch in the retai l banking sector. 17items were selected to measure service quali ty andswitching intentions such as service quality dimensions(e.g. getting it right at the first time) service features(e.g. competitive interest rates), service problems,service recovery and products used. It was found thatservice problem and the bank's service recovery abilityhave a major impact on customer satisfaction andintentions to switch.Colgate and Hedge (2001) studied the process ofdefection inAustralia and New Zealand through a mailsurvey. The study indicated three main problem areas,which influenced customers to switch banks, wereservice failures, pricingproblems and denied services.This f inding is important in our context of studybecause, a client may switch to another bank becausehis present banker may not provide a service, whichthe customer thinks most important. They further addthat customers tend to complain more often aboutservices failure prior to exiting firm and customersmaybe s tay ing s ilen t about the problems tha t are mostimportant in their decision to exit the firm.Aish et aI., (2003) compared the bank selectiondecisions of the small business market across UK andEgypt and the results advocated various similaritiesand provides evidence to suggest that brand plays



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major role in the bank selection decisions of the smallbusinesses at both UK and Egypt.The study reinforcesthe opinion that technical quality (quality of serviceitself) ismore important than functional quality (qualityof the service provider) in bank selection decisions.More specifically both Egyptian and UK smal lbusiness customers consider financial items (fees,interest rates and credit availabil ity) as the mostimportant factors in bank selection decisions.Devlin and Gerrard (2005) studied the relativeimportance of various choice criteria for main andsecondary banks. Results showed that relat ivelyrudimentary factors such as location, recommendationand relationships were important choice criteria whenchoosing a main bank. Though the same criteria werefound to be strongly inf luent ia l in choosing thesecondary bank, offer ing an incen tive was alsosignificantly more important in prompting the choiceofsecondary bank. Service exception was found to besignificantly more important for main bank as werelow fees and over draft charges.Indian financial market is very diverse and thepreferences of services change across demographicfactors like education, age, sex, salary/earnings leveletc. Hence, in an attempt to get a true representativesample, we sought the help of one of the leading retailfinancial services companies. The company advisesclients onvarious investment options likemutual funds,shares, bonds, Insurance etc. The clientele of thecompany includes clients ofvarious banks andhasover100 branches across various states of India. Out oftheir over one hundred branches, twentybranches werechosen carefully covering fifteen cities and townsincluding three of the four metros spreading acrosseight states across India.The main instrument used for this research study wasthe questionnaire/survey designed by the researcherbased on the factors which were selected from variousempirical research works covered in the literaturesurvey and were finalized after several rounds ofdiscussions with select panel of bankers, customersusing banking services and an academician.Twenty five questionnaires were sent to each of thosetwenty branches asking them to get the questionnairesfilled up by clients who came to their offices forinvestment purposes. After about ten days 292 filledup questionnaires were received back i.e. response rateof58.4%.

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When the answers were analyzed (Table 10), it wasfound that about 55% of the respondents were bankingwith public sector banks, 7% with old private sectorbanks, 25% with new private sector banks, 9 % withforeign banks and remaining with cooperative banksand others, which means that Public sector banks areunder represented by 20 % against their market shareand others are over represented to that extent. Thisfigure approximately represents the market share ofrespective categories in towns and metros as the ruralmarket is almost monopolized by public sector bankswhich results in highermarket share for PSBs. Wehavenot covered rural market in this study.In educational qualification about 70% of therespondents (Table 8) were g raduate s and postgraduates, 15 % school final/Diploma and balancewere professionally qualified and others. About 15%ofthe respondents reportedmonthly income (Table9)over Rs 100,000, about 15% between Rs 50,000 andRs 100,000, 30% between Rs 10,000 and Rs 50,000and remaining below Rs 10,000. About 80% of therespondents are male. This may be because ofthe factthat still male members of the family make investmentdecisions in most of the famil ies and since thequestionnaires were filled bypersons who came to thebranches of the investor advisory services company(Table 6).Analysis and DiscussionThe questionnaire l is ted the important factorsidentified as the influencing factors ondecisionmakingand satisfaction levels of the clients from variousstudies referred in the literature survey and capturedthe respondents' perceived importance of the factorsviz. a viz. the performance of the bank on each of thefactors. The responses were captured in a scale of 1to5, 1 - representing the "Very Impor tant" while 5representing "Not at all important". The weightedaverage scores of all responses were calculated andthe scores on importance were ranked and tabulated.On analyzing the Table 1,the following things may beobserved. The safety of funds is the most importantfactor (Rank 1) for the respondents in choosing thebank. When the top 10parameters based on importanceare l is ted safety of funds, secured ATMs, ATMsavailability, reputation, personal attention, pleasingmanners, confidentiality, closeness to work, timelyservice and friendly staffwilling to work are rated as

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top ten factors of importance in making a bankselection decision. Having the "Salary account" hasbeen ranked 34 th in terms of importance by therespondents butwhile the reason for switching ofbankswere analysed (Table 3), it became the third mostimportant factor for switching. It could be that eventhough the customers may not want to switch bank,the employers' decision of having the salary accountwith another bank, has forced customers to switchover.26.4% ofthe respondents (Table 2) have changed theirprime bank in the last ten years. Change of residencewas found to be the most important factor with 8.9%while 7.2% (Table 3)of the respondents have changedtheir prime bank as technology based services werenot available with the ir ear lier prime bankers.5.1%have changedtheir prime bank as their employerhad the salary account with the new bank.The percentage of people changed is almost equal tothe total market share acquired by New Generationbanks in the past 10 years.16.8% (Table 4) ofthe respondents have reported thattheywere planning to change their prime bank innearfuture for which 6.2 % (Table 5) have cited the absenceof IT based services as the reason for change, 3.4%cited the employers choice of new bank to disbursesalary as the reasonwhile 2.7 % citedlikely changeoftheir residence as the reason for changing their primebank.Conclusion and RecommendationThe top 10 factors of importance influencing therespondents to choose the bank are Safety of funds,Secured ATMs, ATMs availability, Reputation of thebank, personal attention, pleasingmanners ofthe staff,confidentiality, closeness to work, timely service andfriendly staffwilling to work. It is understandable thatsafety of the funds is ranked number one in makingthe bank selection decisions. The factor "reputationof the bank" also has the perception about "safety offunds" built in it. At the same time "advertisements"is ranked only at 39, which lead to the opinion that"advertisements" on stand alone basis do not rank anywhere on the top of the customers in making bankselection decisions. This factor has to be studied indetail to understand the role of advertisements in bankselection decisions.It is found that availabilityofATMs finds a top priorityin customerbank selection. Hencebanks' have to give

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due importance in establishing a wide ATM networkor entering into alliances with various banks. Whilestudying the switching behaviour or bank clients,availability ofTechnology based services is found tobe a major reason for clients to switch banks. Hencebanks have towork on that area tounderstand the needsof the client and have to implement strategies to satisfythe needs in order to retain their existing clients andattract new clients.Similarly the soft skills of the counter staffmembershas a signif icant role to play in influenc ing bankselection decisions of the customers, which is evidentfrom the fact that five out oftop ten factors are foundto be the factors linked with the performance of thestaffmembers. Hence banks have to take significantefforts in selecting, training and motivating the staffmembers to perform to the satisfaction of customers.While rate of interest on deposits ( rank 12) has asignificant influence inbank selection decisions, clientsare ready to pay reasonable service charges (rank 38).The area of factors influencing customers on bankselection needs further research works to validate thefindings with larger sample size and findings will helpbanks to make proper decisions in IT strategy.ReferencesAish EMA, EnnewCT,McKechnie SA, et al., (2003),"A cross-cultural perspective on the role of brandingin financial services: The Small Business Market."Journal o f Marketing Management; Vol. 19,Pp. 1021-1042.Almossawi M. (2001), "Bank selection cri teriaemployed by college students inBahrain: An empiricalanalysis." International Journal ofBank Marketing;Vol. 19, Pp. 115-125.Colgate M, Hedge R. (2001), "An investigation into theswitching process in retail banking services."International Journal of Bank Marketing; Vol. 19,Pp. 201-212.Devlin JF. (2002), "Customer Knowledge and Choicecriteria in retail banking." Journal of StrategicMarketing; Vol. 10, Pp. 273-290.Devlin J, Gerrard P. (2005), "A study of CustomerChoice Criteria for multiple bank users." Journalof Retailing and Customer Services; Vol. 12,Pp.297-306.



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Edris TA, Almahmeed MA. (1997), "Se rv icesconsidered important to business customers anddeterminants of bank selection in Kuwait - Asegmentation analysis." International Journal ofBankMarketing; Vol. 15, Pp. 126.Huber CP, Lane KR, Pofcher S. (1998), Formatrenewal in banks - it's not easy. McKinsey quarterly;Vol. 2, Pp. 148 - 154.KannabiranG;Narayan Pc . (2005), Deploying Internetbanking and e-commerce - Case study of a privatesector bank in India. Information Technology forDevelopment, Vol. II , Pp. 363-379.Khazeh K, DeckerWHo (1992-1993), Howcustomerschoose banks. Journal of Retail Banking; Vol. 14LevesqueT,McDougall GHG. (1996), "Determinantsof customer satisfaction in retail banking."International Journal of Bank Marketing; Vol. 14,Pp. 12-20.Mylonakis J, Malliaris pG;Siomkos GJ, et aI., (1998),"Marketing-Driven factors influencing savers in theHellenic bank market." Journal of applied businessresearch;Vol. 14, Pp. 109-116.

Nielsen JF, Terry C, Trayler RM, et al., (1998),"Business banking in Austral ia: a comparison ofexpectations." International Journal of Bankmarketing; Vol. 16, Pp. 253-263.Phuong HT, Har KY. (2000), "A study of bankselection decisions in Singapore using the analyticalhierarchy process." International Journal of BankMarketing; Vol. 18, Pp. 170-180.Thwaites D, Vere L. (1995), "Bank selection criteriaa student perspect ive. Journal o f marketingmanagement; Vol. 11, Pp. 133-149.Ulengin B. (1998), "Using hierarchical informationintegration to examine customer preferences inbanking." International Journal ofBank Marketing;Vol. 16, Pp. 202-210.Zeithmal VA, Parasuraman A, Berry LL. (1990),Deliver ing quali ty service balancing cus tomerperceptions and expectations in. Free press ,NewYork.Zineldin M. (1996), "Bank Strategic Positioning andsome determinants of bank selection." InternationalJournal ofBank Marketing; Vol. 14, Pp. 12-22.

Table 1: Ranking of "Factors of Importance"Parameters Weighted average Rank ImportanceScore of Importance RatingSafety of funds 1.50 ISecured ATMs 1.60 2ATMavailability 1.61 3Reputation 1.61 4Personal attention 1.65 5Pleasing manners 1.66 6Confidentiality 1.67 7Closeness to work 1.69 8Timely service 1.70 9Friendly staffwilling to help 1.71 10Clear communication 1.74 11Higher rate of Int-deposits 1.74 12Size of the bank 1.74 13Quick/prompt service 1.75 14Minimum waiting time 1.75 15Convenientworking hour 1.75 16More No.ofbranches 1.78 17

(Continued)

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Table 1 (Continued)Parameters Weighted average Rank ImportanceScore of Importance RatingGood complaint handling 1.80 18Any branch banking 1.81 19Modern looking(building) 1.83 20Prompt response 1.83 21Ease contact branch manager 1.83 22User friendly ATMs 1.84 23Brand name 1.84 24Connectivity to other bank'sATMs 1.87 25Accuracy/absence of errors 1.89 26No breakdown ofmachine 1.90 27Closeness to home 1.90 28Delivering what is promised 1.90 29Dependability 1.90 30Secured internet banking 1.98 31Employees dress & appearance 2.01 32User friendly net banking 2.03 33Salary account 2.04 34Easy connectivity 2.05 35Higher rate ofInt-loans 2.06 36Debit card 2.09 37Low/reasonable service-charges 2.10 38Advertisement 2.11 39Staffknowledge 2.12 40Innovative services 2.14 41Error free net banking 2.16 42Internetbanking 2.18 43Depository services 2.22 44Phonebanking 2.25 45Credit card 2.30 46One stop banking 2.33 47Other it based services 2.44 48Friend's referral 2.61 49My father's bank 2.62 50Source: Primary Data

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Table 2: Have You Changed Your Bank In Past 10 Years?Responds of Respondent No. of Respondent PercentageYES 77 26.4NO 210 71.9Blank 5 1.7Total 292 100.0Source: Primary Data

Table 3: Reasons for Change Your Bank in Past 10 Years?Reasons No. of Percentage of Percentage

Respondent people changed of totalsays "yes" the bank in last respondent

10 yearsIT based services not available with previous bank 21 27.3 7.2Changed my home 26 33.8 8.9Salary account with new bank 15 19.5 5.1A specific request for a service was denied I 1.3 0.3General Service level of previous bankwas not 4 5.2 1.4up to the expectationAttracted by advertisements ofpresent banker I 1.3 0.3Attracted by marketing efforts of present banker 0 0.0 0.0Easy loans given by present bank 4 5.2 1.4Requested Isuggested by a friend, customer, 2 2.6 0.7business partner etc.Interest rate service charges were unfavorable 0 0.0 0.0with previous bankOthers 1 1.3 0.3Blanks 2 2.6 0.7Total 77 100.0 26.4Source: Primary Data

Table 4: Do You Plan To Change Your Banker In Near Future?Responds of Respondent No. of Respondent PercentageYES 49 16.8NO 232 79.5Blank 11 3.8Total 292 100.0Source: Primary Data

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Table 5: Reason for ChangingYour Banker in Near FutureReasons No. of Percentage of people Percentage

Respondent changed the bank of totalsays "yes" in last 10 years respondentIT based services not available with previous bank 18 36.7 6.2

Changed my home 8 16.3 2.7Salary account with new bank 10 20.4 3.4A specific request for a service was denied 0 0.0 0.0General Service level ofprevious bank was not 0 0.0 0.0up to the expectationAttracted by advertisements of present banker 2 4.1 0.7Attracted by marketing efforts of present banker 0 0.0 0.0Easy loans given by present bank 5 10:2 1.7Requested Isuggested by a friend, customer, 0 0.0 0.0business partner etc.Interest rate service charges were unfavorable 0 0.0 0.0with previous bankOthers 0 0.0 0.0Blanks 6 12.2 2.1Total 49 100.0 17Source: Primary Data

Table 6: Sex wise distribution of respondentsSex No. of Respondent PercentageMale 231 79.10Female 60 20.60Blanks 1 0.30Total 292 100.00Source: Primary data

Table 7: Age wise distribution of respondentsAge (Years) No. of Respondent Percentage< 18 2 0.7018 to 25 55 18.8025 to 35 79 27.1035 to 45 47 16.1045 to 55 49 16.8055 to 65 29 9.9065 to 75 23 7.90> 75 5 1.70Blank 3 1.00Total 292 100.00Source: Primary Data

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Table 8: Education-wise distribution of respondentsEducation No. of Respondent PercentageSchool Final 13 4.50Diploma 26 8.90Graduate 120 41.10Post-Graduate 87 29.80Professionally Qualified 34 11.60Doctorate 6 2.10Others I 0.30Blanks 5 1.70Total 292 100.00Source: Primary Data

Table 9: Monthly earning-wise distribution of respondentsMonthly Earnings No. of Respondent PercentageGreater than 5 Lacs 9 3.1Between 2 to 5 Lacs 16 5.5Between I to 2 Lacs 19 6.5Between 50000 to 1 Lacs 43 14.7Between 25000 to 50000 32 11.0Between 10000 to 25000 55 18.8Between 5000 to 10000 59 20.2Less than 5000 37 12.7Blanks 22 7.5Total 292 100.0Source: Primary data

Table 10: Type of Bank wise RespondentsType of Prime Bank No. of Respondent PercentagePublic Sector Bank 160 54.8Old Private Sector Bank 21 7.2New Private Sector Bank 73 25.0Foreign Bank 25 8.6Co-Operative Bank 9 3.1Blanks 4 1.4Total 292 100.0Source: Primary Data

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