indian banking system bba project
TRANSCRIPT
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RESEARCH PROJECT
ON
“A STUDY ON INVESTORS PRECEPTIONS AND
AWARENESS REGARDING SERVICES OF MUTUAL
FUNDS VS SHARES MARKET”
AMAR SHAHEED BABA AJIT SINGH JUJHAR SINGH MEMORIAL
COLLEGE
Afliated To
PUNJABI UNIVERSITY PATIALA
In the a!tial "#l$ll%ent o" !ei!e%ent "o! the a'a!d o"
De(!ee o" Ba)helo! o" B#*ine** Ad%ini*t!ation +BBA,
Submitte T!" Submitte B #"
P!o"- Geeti.a Maninde! Sin(h
Roll-No- /010/
B-B-A2 3th Se%-
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DECLARATION
I a% a *t#dent o" $$A %t&
Seme'te( o" AMAR SHAHHED $A$A AJIT SINGH
JUJHAR SINGH MEMORIAL COLLEGE) $ELA de)la!e that the P!o4e)t Reo!t
entitled INVESTOR PERCEPTION AND AWRENESS REGARDING THE SERVICES
RELATED TO MUTUAL FUND V*S E+UITY i* the o#t)o%e o" %5 o'n 'o!. and
the *a%e ha* not 6een *#6%itted to an5 #ni7e!*it58in*tit#te "o! the a'a!d o" an5
de(!ee o! an5 P!o"e**ional De(!ee
Date9 M,-i-e( Si-.&
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ACKNOWLEGEMENT
“Success is not a description, but a journey.” While I reach towards the end of this journey, I
realized I may not have come this far without the guidance, help and support of the people who
acted as guides, friends and torch bearers along the way.
I tae this opportunity to than P(!/0 Geeti1, without their cooperation I would not have been
able to complete this project.
I e!press my deepest and most sincere thans to my organization guide, Mr. H,(i'& Obe(!i
(C0A) from who I had the opportunity to learn a lot, I would lie to than him for giving me
valuable suggestion and guidance with which, my project would have been complete.
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Table of contents
Chapter art!c"lars a#es
"#$%&'&(I)*
&$+*)W%#"#-#*(
/
0
$1&2(#' 3.
3.3.
3./.
3.0.
3.4.
3.5.
3.6.
3.7.
3.8.
I*(')"9$(I)*:
I*(')"9$(I)* ); I*"I&*
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$1&2(#' 4. "&(& &*&%=SIS &*" I*(#'2'#(&(I)* 40?53
$1&2(#' 5. -&B)' ;I*"I*S5/?55
$1&2(#' 6. %I-I(&(I)*S 56?57
$)*$%9SI)* 58?5A
S9#S(I)*S 6?63
C9#S(I)**&I'# 6/?64
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C$ATER %
INTROD&CTION
INTROD&CTION
%.%. INTROD&CTION O' INDIAN ANKING *TEM:
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In the modern sense originated in the last decades of the 38th century. (he first bans were
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or unorganized sources of credit include indigenous baners and money?lenders. Information
about the unorganized sector is limited and not readily available.
&n important feature of the credit maret is its term structure:
DaE Short?term credit
DbE -edium?term credit
DcE %ong?term credit.
While bans and *
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%.,. CONCET&ALI-ATION
(he last decade has seen many positive developments in the Indian baning sector. (he policy
maers, which comprise the 'eserve
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%.. 'OC& O' T$E ROLEM
(he research report concentrates on macro and micro factors affecting
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+. an/!n# E0ol"t!on 1 Re#"lator2 'ra3e4or/
;inancial Sector 'eforms set in motion in 3AA3 have greatly changed the face of Indian
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,. Internal $!n5rances to an/!n# In5"str2
(he research focuses on emphasizing the need of decisively and Guicly to build and enabling,
rather than a limiting, baning sector in India. (he major challenges ahead for ban management
are as follows:
;irst, cost management, a ey to sustainability of ban profits as well as their long?term
viability.
Second, recovery management, which is a ey to the stability of the baning sector.
(hird, technological intensity of baning, an area where India happens to be a world leader in
information technology, but its usage by our baning system is somewhat muted. It is wise for
Indian bans to e!ploit this globally state?of?art e!pertise, domestically available, to their fullest
advantage.
;ourth, ris management,
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%.6. INDIAN ANKING IND&TR*7
In India, given the relatively underdeveloped capital maret and with little internal resources,
firms and economic entities depend, largely, on financial intermediaries to meet their fundreGuirements. In terms of supply of credit, financial intermediaries can broadly be categorized as
institutional and non?institutional. (he major institutional suppliers of credit in India are bans
and non?ban financial institutions Dthat is, development financial institutions or ";IsE, other
financial institutions D;IsE, and non?baning finance companies D*
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In5!an an/!n# ector E8per!ence
India inherited a wea financial system after Independence in 3A47. &t end?3A47, there were 6/5
commercial bans in India, with an asset base of 's. 33.53 billion. $ommercial bans mobilized
household savings through demand and term deposits, and disbursed credit primarily to largecorporations. ;ollowing Independence, the development of rural India was given the highest
priority. (he commercial bans of the country including the I
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(he nationalization of bans was the culmination of pressures to use the bans as public
instruments of development. (he oI imposed Nsocial controlJ on bans. 1owever, by the 3A8s,
it was generally perceived that the operational efficiency of bans was declining.
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INDIAN 'INANCIAL ER9ICE ECTOR WOT ANAL*I
tren#ths7
2roven asset Guality resilience in past downturns
2roven management teams, trac record
Stable industry dynamics
Well?established regulatory framewor
StableOlow *2% formation rates
Wea/nesses7
$ontinued crowding out effect from govt budget deficit, combined with accelerating
private sector credit demands
)wnership restrictions
$onstraints on state?owned bansF micro reforms, including 1', staff cut, branch cut
constraints.
Opport"n!t!es7
Improving secular "2 growth prospects
#stablishment of special economic zones liely to promote further industrialization
=ears, if not decades, of catch?up economicsP low per capita income, educated
worforce
'apid financial deepening, i.e. loan growth as multiple of nominal "2 growth
'ising consumer spending, consumer credit business
'ising corporate cape!, investments
-Q& optionally
Threats7
R'unning on emptyR in terms of liGuidity
(ightening in global liGuidity may tricle down to India
2otentially hawish '
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2otential for valuation pullbac, should earnings delivery disappoint e!pectations
%.:. tr"ct"re of an/!n# ector(he baning sector in India functions under the umbrella of the '
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Cre5!t Gro4th7;
(he ban lending has e!panded in a number of emerging maret economies, especially in &siaand %atin &merica, in recent years.
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%.
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R!s!n# f"n5!n# costs 4!th soft len5!n# rates !rrat!onal7
lent2 of h!stor!cal e0!5ence of ret"rn of pr!c!n# po4er to ban/s7
$oncerns are often e!pressed about bansJ ability to increase lending rates in the face of
competition and government pressure. (he reality is that bans, which led the mortgage price
war, have increased mortgage rate by /?0bps from the bottom, and is yet to see significant
resistance. (hat 2S9 bans raised prime lending rates twice in. $ompetition from overseas
borrowings is a serious factor only with &&& companies, and bans have reduced e!posure to
them considerably during the last 0?4 years. overnment stand is understandably against higher
interest rates. 1owever, it is unliely that the government will be able to influence the course of
interest rates single?handedly.
Infle8!b!l!t2 of 5epos!t #ro4th a 32th7
With 3?/bps increase in the card rates of deposits, bans have managed to move the deposit
growth rate from 35?36M to 3A? /M, on a larger base. In the last five years, household financial
savings have moved out of eGuities and long?term products to ban deposits in percentage terms.
(he point to note here is that component of cash DcurrencyE has marginally risen T thatJs the real,
incremental opportunity as more cash from chests moves into ban deposits first before
potentially going to other avenues.
(he C4;=7 is e!pected to be a period of margin pressure. (his is because as the last interest?
rate cycle showed, deposit costs increase first, and followed by lending rates. C4 is also usually a
period of tight liGuidity, and the '
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an/s= !ncrease5 r!s/ appet!te #oo5 for loan 2!el5s7
(he bansJ lending ris appetite has increased significantly over the last five years T bans
veering more towards lending at increasing spreads rather than investing in ris?free bonds.
&ccordingly, bans are willing to tae higher riss, which is good for overall asset yields.
In0est3ent sprea5s 3a2 !ncrease !n f"t"re7
&s long?duration bonds at high interest rates have been coming up for maturity and getting re?
priced at lower interest rates, yields on investments have been continuously falling over the last
few years.
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Non > erfor3!n# Loans (NLs)7 concerns o0erstate57
Loan #ro4th;NL
(he asset price deflation Dread real estate pricesE may hurting bansJ asset Guality has been blownout of proportion.
Res!5ent!al 3ort#a#es7
It is very unliely in near term that there can be a large?scale increase in delinGuencies on loans
taen for the first house Dtypically self?occupiedEK unless there is a household income problem, it
does not matter to the borrower whether the price of the house he is staying in is rising or falling.
#ven then, with an average loan?to?value of 75M, a /5M fall is theoretically not possible. %(@
ratios had gone up to more risy levels at the pea of the mortgage boom.
2roblems can arise more freGuently for loans taen for the second house, typically for
investmentOspeculation.
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Cost of borro4!n# has r!sen? b"t so ha0e !nco3es7
(he apparent disconnect between interest rates rising now for two years and lending not losing
steam can be e!plained by iE rising incomes in case of individuals, thereby imparting increased
thrust to retail lending, and iiE improved corporate profitability through better pricing power.
While there are several studies illustrating the household income growth in India, according to
*ational $ouncil for &pplied #conomic 'esearch, an e!plosive growth is underway in the
percentage of households earning 'sA3, ?3,, pa, the most prominent individual
borrowers for bans.
(he corporate pricing power story is less nown because of the media harping on high
competition and margin compression. While these issues cannot be summarily dismissed, it is a
fact that manufactured product inflation has been rising. #ven the '
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Areas of I3pro0e3ent7
;ew challenges associated with technology adoption by bans are:
Indian bans still donJt have the robust systems reGuired for efficient functioning
of online baning. '
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%.@. INDIAN ECONOM*;MACRO 'ACTOR
A''ECTING INDIAN ANKING
-ajor $hanges in ;= /6?7
'obust economic growth in ;=7. "2 is increased by over 8M in ;=7K &griculture,
industry and services to grow at 3.7M, 3.5M and 3.7M respectively 'abi season e!periences normal monsoon
II2 DInde! of Industrial 2roductionE growth dips in )ctober /6. (he poor performance
of the manufacturing sector, which forms 8M of the II2 inde! lead to a blip in its robust
growth trend for the past A months.
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The In5!an Econo32 has seen 3aor Macro chan#es !n7
%. Gross Do3est!c ro5"ct7
(he Indian #conomy is driven by the strong fundamentals and uptrend in industrial cycle.
(he Indian economy maintained a strong growth momentum for the third successive year in
/5?6 with real "2 growth accelerating to 8.4M /5?6. (he services sector recorded
double digit growth to contribute nearly three?fourths of incremental "2. & consistent
increase in domestic investment rate from /0.M of "2 in /3?/ to 0.3M in /4?5
supported a high credit growth witnessed during the past few years. (he manufacturing
sector T the ey growth driver for baning credit, cloced a healthy growth of A.M during
;=6.
In ;= 6?7, services sector account for major 55M of India "2 followed by /5M in Industrial
sector and /M in agriculture sector.
Sectoral $omposition of India "2&s per the figures available for /33 fiscal, almost 5/ percent of IndiaJs "2 comes from theagricultural sector and the services sector is the second biggest contributor with 04 percent. (heindustrial sector contributes almost 34 percent of IndiaJs "2.
1S
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'DI Conf!5ence In5e87
'ela!ation of foreign direct investment rules has e!panded the mountain of capital in every
sector of Indian economy. (he government is maing efforts in liberalizing the guidelines
and norms for investment through ;"I, maing them more *'I friendly. -ainly due to
efforts taen by Indian overnment, Indian ran /nd among all countries in the world on ;"I
$onfidence Inde!.
+. Inflat!on7
Inflation remained largely benevolent due to investment driven nature of growth and
subsidized nature of oil prices as pass?on of international crude price rise remained
incomplete in India. W2I Inflation has risen to 5.45M for the wee ended *ovember 38,
/6 after remaining in the range of 4.?5.M earlier. '
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and other central bans worldwide would not only pause rate hies but soon get into rate the
current fiscal at 7.5M but moved up Guite sharply cut mode.
'eal interest rate indicated by spread between inflation and 3 year benchmar yield has
trended in the range of /?4M. (he real interest rate in developed economies is normally in the
range of /?0M. 1owever, the marginal productivity of capital being much higher in the
developing economy lie India. "ue to this, real interest should be higher than those prevailing
in more matured economies.
6. R!s!n# O!l pr!ces an5 E8chan#e Rate7
World over, the central baners led by 9S ;ederal 'eserves embared on withdrawal of
monetary accommodation through a series of rate hies as the rising oil and asset prices
threatened the global economies with inflationary pressures. (he 9S ;ed, which embared
on an aggressive rate hie campaign through 37 consecutive rate hies of the magnitude of
/5 bps, several economies including #uro?zone and Bapan hied their ey policy rates. In
response to the same, '
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C$ATER +
LITERAT&RE RE9IEW
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INROD&CTION O' LITERAT&RE RE9IEW7
'eview of literature has vital relevance with any research wor due to literature review the
possibility of repetition of study can be eliminated and another dimension can be selected for the
study. (he literature review helps researcher to remove limitations of e!isting wor or may assist
to e!tend prevailing study.
Re0!e4 relate5 to pol!c2 fra3e4or/ an5 re#"lator2 3eas"res7;
Anantha 4a3! made an attempt in his paper, L!n the conte8t of f!nanc!al sector refor3s? to
!5ent!f2 the factors 4h!ch co"l5 ha0e le5 to chan#es !n the pos!t!on of fo"r ban/ #ro"ps? !.e.
"bl!c ector an/s? Ol5 r!0ate ector an/s? Ne4 r!0ate ector an/s an5 'ore!#n
an/s !n ter3 of the!r share !n the o0erall ban/!n# !n5"str2 5"r!n# the per!o5 %BB6;B: to
%BBB;+. ;or analytical e!amination of the impact of reforms on the bansF performance, the
very performance of a ban has to be evaluated as per appropriate criteria by choosing selected
parameters lie share of different ban?groups in total assets, share of rural branches, &verage branch size, trends in bansF profitability, share of priority sector advances, share of wages in
e!penditure, provision and contingencies as percentage to total assets, ratio of *2&s to *et
advances, ratio of contingent liabilities to total liabilities, spread as a percentage to total assets,
Intermediation costs, etc.
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Na!r KNC (+:) !n h!s paper an/!n# an5 Technolo#2 to 3eet +%st Cent"r2 challen#es=?
published in
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atel has h!#hl!#hte5 the proble3 of ba5 loans an5 #ro4!n# le0el of Non;erfor3!n# Assets
!n co33erc!al ban/s !n the post;refor3 per!o5. It was observed that it is important for the
bans andF supervisory authorities to adopt more effective lending practices. &t the same time, it
was also emphasized that corporate entities should be made more accountable through following
more stringent disclosure and transparency practices and corporate governance principles.
#fficient legal machinery, the larger number of "ebt 'ecovery (ribunals and Settlement
&dvisory $ommittees and $redit Information
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M"/hopa5h2a2? K.K.threw light on the challen#es that the p"bl!c ector ban/ has to face
on the !n!t!at!on of refor3 3eas"res. (he author e!pressed that Indian
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Re0!e4 relate5 to !3pact of refor3s7;
!n#h? "ltan (+%E made an attempt in his h.D. Thes!s t!tle5 An appra!sal of ban/!n#
sector refor3s !n In5!aF in uru Bambeshwar 9niversity 1aryana, to &ccess the impact of the
reforms on the operational performance and efficiency of the $ommercial
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a54al .M. in his paper made an attempt to assess the !3pact of l!beral!Hat!on on In5!an
an/!n#. 2adwal came to a conclusion that high cost of branch e!pansion, growing percentage
of credit portfolio to low yielding assetsK increasing operating and establishment e!penses have
adversely affected bansF profitability. (he scholar in this paper strongly felt that deregulation in
the baning sector is e!pected to help to widen credit maret, enhance saving mobilization and
stimulate competition but there is a need to prepare the baning industry to face the conseGuence
of liberalization.
M"n!appan (++) studied paradigm sh!ft !n ban/s fro3 a re#"lator po!nt of 0!e4 !n In5!an
an/!n#: 2aradigm Shift, I
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aggregate assets of the financial system while in maret based system, eGuity maret has largest
share of assets in the aggregate assets of the financial system.
&ppal an5 Ka"r (+
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I@. -edian 2rofit per employee of 2S
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(his chapter has e!hibited the studies conducted and review of literature available on the subject
of research. It has been divided into four major parts according to the subject area. &fter this
review of literature it is found that, though there are several studies conducted on the subject,
most of the studies are conducted on performance appraisal studies or impact studies of financial
reforms and its impact on individual bans. (here are very few studies have been conducted on
the financial reforms and its impact on Indian public sector and private sector bans. (hus there
was a gap of the study on the subject. (herefore after finding the gap of research, the study has
been undertaen on the above mentioned subject. &fter the review of literature, we will study
the development and reforms taen place in the post liberalization period in both public and
private sector bans.
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C$ATER ,
REEARC$ MET$ODOLOG*
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REEARC$ MET$ODOLOG*
,.%. roble3 Def!n!t!on7
(o determine and analyze the hidden potential in
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,.6. REEARC$ DEIGN
#!ploratory 'esearch "esign because the problem reGuired an in?depth study of all the related
variables.
ast !nfor3at!on an5 forecasts7
$ollected the past information in the form of details of the various accounting statements
DIncome Statement,
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Constra!nts7
%ac of time availability with the people involved in any manner with the research
especially when decisions were to be made Guicly.
"ifficulty in application of Statistical (ools.
"ifficulty in maing accurate forecasts because of presence of #conomic impediments
lie inflation, '
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C$ATER
DATA ANAL*I AND
INTERRETATION
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Data Anal2s!s an5 Interpretat!on of "est!onna!res
3. (he following chart shows that respondents having what type of account in
1";$ ban
INTERRETATION
&bove graphical representation shows that 07M of them are having saving account.
%east of them are having current account.
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/. (he following chart shows that the numbers of customers having account for
many long time.
INTERRETATION
&bove graphical representation shows that 46M of them are possessing account in
1";$
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0. (he following chart shows that respondents having what total numbers of
account in 1";$ ban
INTERRETATION
&bove graphical representation shows that 4/M customers are having single
accounts.
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4. (he following chart shows that customer holding total numbers of 2roducts with
them of 1";$ ban.
INTERRETATION
&bove graphical representation shows that 4/M of customer holding more than
two products
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5 .(his charts shows the percent of customer maing investments in 1";$
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6. $hart shows the percent of customer using credit card of 1";$
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7. (his chart shows the percent of customer taen loan from 1";$
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8. (his Cuestion shows that the numbers customers currently using services of
1";$
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C$ATER 6
MAOR 'INDING
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MAOR 'INDING
Maor Macro > Econo3!c 'actors include ross "omestic 2roduct T which has grown by over
8M in /5?6, ;"I $onfidence Inde! T where India stands II in the world, Inflation T which has
slow down due to falling crude prices, ross ;iscal "eficit Interest 'ate T the 92& government
is confident to achieve the budgeted targets, 'ising )il prices Q #!change 'ate T Indian
government and oil companies are rela! as oil prices have fallen beside Indian 'upee has
strengthen against 9S", #9') and =en and $apital -aret T the year is booming for maret
with ;II and mutual fund are pumping money increasing
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are also in high growth phase. (he laggards are S
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policies of the 'eserve
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C$ATER :
LIMITATION
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LIMITATION
(he scope of the study will be restricted to selected
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C$ATER <
Concl"s!on
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CONCL&ION
. (he methodology followed is (arget 2ricing, which including estimating growth rate byregression on historical sales to forecast ne!t year sales, earning and 2rofit and %oss account.
(hen #2S is calculated which is multiplied to 1istorical 2O# to forecast intrinsic value of share.
&ll shares are undervalued and e!pected to give positive ris adjusted returns to investors. Since
the intrinsic value is more than current maret price for all the companies, the share can be
recommended to conservative investors.
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Chapter @
"##est!ons
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"##est!ons
Indian baning needs to focus on the following aspects and build reGuired capabilities to cope up
with the challenges of the dynamic baning environment.
Without adversely affecting the Guality of services, the bans should device the strategiesto cut down and control the costs.
(he future strategies of bans should be to earn more of Lother income Land reduce
dependence of interest income.
(o fulfill the e!pectations of customers, to improve the profitability and efficiency, bans
should adopt latest and cost?effective technology, because technology has emerged as a
strategic tool in the operations of bans.
In the coming years, the ey word is mareting would be innovation. It would become
impossible to survive and prosper unless organizational sills are effectively canalized
towards innovating new ideas, new products, and new strategies for winning over and
retaining the customer.
Since the service sector in India started contributing around 5 per cent to the ross
"omestic 2roductK bans should e!plore the possibilities to tap this sector.
¬her area, which reGuires urgent attention, is improving staff productivity particularly
in public sector bans. (here is need to downsize staff to cut high cost of staff e!penses.
It is also necessary to redistribute staff to strengthen the neglected areas of mareting.
Since customersJ perception of bans products are influenced more by the Guality of
services associated with it than by the physical product itself, bans have to undertae a
continuous process of monitoring customersJ perceptions of service Guality, identifying
the causes for service Guality shortfalls and taing appropriate remedial action to improve
Guality.
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&ETIONNAIRE
Dea! Si!8Mada%:
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$ompany 'eports
overnment of India, 3AA8, Report of the Committee on Banking Sector Reforms
overnment of India, 3AA3, Report of the Committee on the Financial System
I-; Woring 2aper ? $ompetition in Indian