A

PROJECT REPORT

ON

INDIAN BANKING SYSTEM

SUBMITED TO

CENTRE FOR MANAGEMENT STUDIES

GANPAT UNIVERSITY
Mehsana- Gozariya Highway, Kherva
Mehsana - 382711, INDIA
Tele Fax : +91-2762-286080, 286924

In Practical Fulfillment of Academic Requirement of

PGDBRI Program

SUBMITED BY
TAUSIF BAIG (01)
HARSHAD PATEL (06)
PGDBRI

ACADEMIC YEAR: 2008-09

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Acknowledgement

To acknowledge all the persons who had helped for the fulfillment of the

project is not possible for any researcher but in spite of all that it becomes

the foremost responsibility of the researcher and also the part of research

ethics to acknowledge those who had played a great role for the completion

of the project.

So in the same sequence at very first, I would like to

acknowledge my parents because of whom I got the existence in the world

for the inception and the conception of this project. Later on I would like to

confer the flower of acknowledgement to Mrs. Akansha madam and other

faculty members who taught me that how to do project through appropriate

tools and techniques. Because IDBI bank has trusted me and given me a

chance to do my integrated research study, I would like to give thanks to the

organization and especially to Mr. Mahendra Sharma from the depth of my

heart.

Rest all those people who helped me are not only matter of acknowledgment

but also authorized for sharing my success.

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Preface

Decision making is a fundamental part of the research process. Decisions

regarding that what you want to do, how you want to do, what tools and

techniques must be used for the successful completion of the project. In fact

it is the researcher’s efficiency as a decision maker that makes project fruitful

for those who concern to the area of study.

Basically when we are playing with computer in every part of life, I used it in

my project not for the ease of my but for the ease of result explanation to

those who will read this project. The project presents the role of financial

system in life of persons.

I had toiled to achieve the goals desired. Being a neophyte in this highly

competitive world of business, I had come across several difficulties to make

the objectives a reality. I am presenting this hand carved efforts in black and

white. If anywhere something is found not in tandem to the theme then you

are welcome with your valuable suggestions.

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Executive Summary

Banking Industry which is basically my concern industry around which my

project has to be revolved is really a very complex industry. And to work for

this was really a complex and hectic task and few times I felt so frustrated

that I thought to left the project and go for any new industry and new project.

Challenges which I faced while doing this project were following-

- Banking sector was quite similar in offering and products and because

of that it was very difficult to discriminate between our product and

products of the competitors.

- Sensitivity of the industry was also a very frequent factor which was

very important to measure correctly.

- Area covered for the project while doing job also was very large and it

was very difficult to collect right information for report.

So above challenges some time forced me to leave the project but any how I

did my project in all circumstances. Basically in this project I analyzed that-

What factors are really responsible for performance of ICICI Bank’s

performance in this competitive era?

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INDEX
PREFACE………………………………………………………….2

Acknowledgement…………………………………………………3

EXECUTIVE OVERVIEW…………………………………………….4

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 no Particular Page no.
1 INDIAN BANKING SYSTEM
History of Indian banking system 6
2 Learning objectives
The meaning of ‘bank’ 9
Banking system of India 9
private banks in India 10
Indian banks’ operation abroad 11
Local area banks(LAB) 11
3 Pre-reforms development
Lead bank scheme 12
Co-operative banks 12
Regional rural bank(RRB) 13
4 Some important financial institution
National bank for agriculture and rural development(NABARD) 14
Export import bank of India(EXIM Bank) 15
National housing bank(NHB) 15
Housing and urban development corporation ltd(HUDCO) 16
Housing development finance corporation(HDFC) 17
Industrial development bank of India(IDBI) 18
Industrial finance corporation of India(IFCI)Ltd. 19
Industrial investment bank of India(IRBI) 20
Industrial credit and investment corporation of India(ICICI) 20
Small industries development bank of India 21
Infrastructure development finance co.(IDFC) 22
Life insurance corporation of India 23
General insurance corporation of India 25
UTI 26
Deposit insurance and credit guarantee corporation limited 27
Credit guarantee fund trust for small industries 28
Export credit guarantee corporation of India limited 29
Current situation 30
Conclusion 35

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History of Banking in India
Without a sound and effective banking system in India it cannot have a
healthy economy. The banking system of India should not only be hassle free
but it should be able to meet new challenges posed by the technology and
any other external and internal factors.

For the past three decades India's banking system has several outstanding
achievements to its credit. The most striking is its extensive reach. It is no
longer confined to only metropolitans or cosmopolitans in India. In fact,
Indian banking system has reached even to the remote corners of the
country. This is one of the main reasons of India's growth process.

The government's regular policy for Indian bank since 1969 has paid rich
dividends
With the nationalization of 14 major private banks of India.
The first bank in India, though conservative, was established in 1786. From
1786 till today, the journey of Indian Banking System can be segregated into
three distinct phases. They are as mentioned below:

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 • Early phase from 1786 to 1969 of Indian Banks
• Nationalization of Indian Banks and up to 1991 prior to Indian banking
sector Reforms.
• New phase of Indian Banking System with the advent of Indian
Financial & Banking Sector Reforms after 1991.

The Bank of Bengal which later became the State Bank of India

To make this write-up more explanatory, I prefix the scenario as Phase I,

Phase II and Phase-III.

Phase-I

the General Bank of India was set up in the year 1786. Next came Bank of
Hindustan and Bengal Bank. The East India Company established Bank of
Bengal (1809), Bank of Bombay (1840) and Bank of Madras (1843) as
independent units and called it Presidency Banks. These three banks were
amalgamated in 1920 and Imperial Bank of India was established which
started as private shareholders banks, mostly Europeans shareholders.

In 1865 Allahabad Bank was established and first time exclusively by Indians,
Punjab National Bank Ltd. was set up in 1894 with headquarters at Lahore.
Between 1906 and 1913, Bank of India, Central Bank of India, Bank of
Baroda, Canara Bank, Indian Bank, and Bank of Mysore were set up. Reserve
Bank of India came in 1935.

During those day’s public has lesser confidence in the banks. As an

aftermath deposit mobilization was slow. Abreast of it the savings bank
facility provided by the Postal department was comparatively safer.
Moreover, funds were largely given to traders.

Phase II

Government took major steps in this Indian Banking Sector Reform after
independence. In 1955, it nationalized Imperial Bank of India with extensive
banking facilities on a large scale especially in rural and semi-urban areas. It
formed State Bank of India to act as the principal agent of RBI and to handle
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banking transactions of the Union and State Governments all over the
country.
Second phase of nationalization Indian Banking Sector Reform was carried
out in 1980 with seven more banks. This step brought 80% of the banking
segment in India under Government ownership.

The following are the steps taken by the Government of India to Regulate
Banking Institutions in the Country:

• 1949: Enactment of Banking Regulation Act.

• 1955: Nationalization of State Bank of India.
• 1959: Nationalization of SBI subsidiaries.
• 1961: Insurance cover extended to deposits.
• 1969: Nationalization of 14 major banks.
• 1971: Creation of credit guarantee corporation.
• 1975: Creation of regional rural banks.
• 1980: Nationalization of seven banks with deposits over 200 crore.

After the nationalization of banks, the branches of the public sector bank
India rose to approximately 800% in deposits and advances took a huge
jump by 11,000%.

Phase -III

This phase has introduced many more products and facilities in the banking
sector in its reforms measure. In 1991, under the chairmanship of M
Narasimham, a committee was set up by his name which worked for the
liberalization of banking practices.

The country is flooded with foreign banks and their ATM stations. Efforts are
being put to give a satisfactory service to customers. Phone banking and
net banking is introduced. The entire system became more convenient and
swift. Time is given more importance than money.

The financial system of India has shown a great deal of resilience. It is

sheltered from any crisis triggered by any external macroeconomics shock as
other East Asian Countries suffered. This is all due to a flexible exchange rate
regime, the foreign reserves are high, the capital account is not yet fully
convertible, and banks and their customers have limited foreign exchange
exposure.

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LERNING OBJECTIVES
THE MEANING OF BANK

From the Italian banca meaning 'bench', the table at which a dealer in money
worked. A bank is now a financial institution which offers savings and cheque
accounts, makes loans and provides other financial services, making profits
mainly from the difference between interest paid on deposits and charged for
loans, plus fees for accepting bills and other services. Other relevant
legislation includes the Banks (Shareholdings) Act and the Reserve Bank Act.

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The Reserve Bank Act gives the Reserve Bank of Australia (the central bank)
a wide range of powers over the banking sector.

BANKING SYSTEM OF INDIA

Modern banking in India is said to be developed during the British era. In the
first half of the 19th century, the British East India Company established
three banks – the Bank of Bengal in 1809, the Bank of Bombay in 1840 and
the Bank of Madras in 1843. But in the course of time these three banks were
amalgamated to a new bank called Imperial Bank and later it was taken over
by the State Bank of India in 1955. Allahabad Bank was the first fully Indian
owned bank. The Reserve Bank of India was established in 1935 followed by
other banks like Punjab National Bank, Bank of India, Canara Bank and Indian
Bank.

In 1969, 14 major banks were nationalized and in 1980, 6 major private

sector banks were taken over by the government. Today, commercial banking
system in India is divided into following categories.

Types of Banks
Central Bank

The Reserve Bank of India is the central Bank that is fully owned by the
Government. It is governed by a central board (headed by a Governor)
appointed by the Central Government. It issues guidelines for the functioning
of all banks operating within the country.

Public Sector Banks

Among the Public Sector Banks in India, United Bank of India is one of the 14
major banks which were nationalized on July 19, 1969. Its predecessor, in the
Public Sector Banks, the United Bank of India Ltd., was formed in 1950 with
the amalgamation of four banks viz. Comilla Banking Corporation Ltd. (1914),
Bengal Central Bank Ltd. (1918), Comilla Union Bank Ltd. (1922) and Hooghly
Bank Ltd. (1932).

a. State Bank of India and its associate banks called the State Bank Group
b. 20 nationalized banks
c. Regional rural banks mainly sponsored by public sector banks

Private Sector Banks

Private banking in India was practiced since the beginning of banking system
in India. The first private bank in India to be set up in Private Sector Banks in
India was IndusInd Bank. It is one of the fastest growing Bank Private Sector

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Banks in India. ING Vysya, yet another Private Bank of India was incorporated
in the year 1930.

a. Old generation private banks

b. New generation private banks
c. Foreign banks operating in India
d. Scheduled co-operative banks
e. Non-scheduled banks

Co-operative Sector
The co-operative sector is very much useful for rural people. The co-
operative banking sector is divided into the following categories.

a. State co-operative Banks

b. Central co-operative banks
c. Primary Agriculture Credit Societies

Development Banks/Financial Institutions

• IFCI • Export-Import Bank

of India
• IDBI
• National Housing
• ICICI Bank

• IIBI • Small Industries

Development Bank
• SCICI Ltd. of India
• NABARD • North Eastern
Development
Finance Corporation

INDIAN BANKS’ OPERATIONS ABROAD

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 As on October 20,2005,fourteen Indian banks-nine from the
public sector and five from the private sector had operation
overseas spread across 42 countries with a network of 101
branches,6 joint ventures,17 subsidiaries and representative
offices.
• HDFC Bank • Punjab National Bank
• ICICI Bank • Andhra Bank
• SBI Bank • Corporation Bank
• AXIS Bank • Allahabad Bank
• Yes Bank • Karur Vysya Bank -
• Indian Overseas career page
Bank • Canara Bank
• Kotak Mahindra Bank • Federal Bank
for carees clicks • Syndicate Bank
here. • State Bank of Mysore

Besides these branches, Indian commercial banks are

having representative offices in USA, Brazil, Indonesia, Iran,
Egypt, Russia, Italy, Zimbabwe, China, Uzbekistan,
Philippines and Vietnam. Indian commercial banks are also
having wholly-owned subsidiaries and joint ventures in USA,
Canada, Zambia, Nigeria, Uganda, Bhutan, Mauritius, Kenya
and Nepal.

LOCAL AREA BANKS

The Local Area Bank Scheme was introduced in August 1996

aimed at bridging the gaps in credit availability and
enhancing the institutional credit framework in the rural and
semi urban areas and providing efficient and competitive
services. Since then, five LABs have been established.

The review group, which was appointed by RBI in July 2002

to study and make recommendations on the LABs scheme,
has in its report, drawn attention to the structural infirmities
in the concept of the LABs and recommended that there,
should be no licensing of new LABs. It has pointed out
several weaknesses in the concept of the Local Area Bank
model, particularly in regards to size, capital base and
inherent inability to absorb the losses in the course of
business etc.
Four LABS were functional at end-march 2005. They were

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 • Coastal area bank ltd, Vijayawada, Andhra Pradesh,
• Capital local area bank ltd,phagwara,Navsari,Gujrat,
• Krishna bhima samrudhdhi local area bank limited ,
Mehboob Nagar,
• Subhadra local area bank limited, Kolhapur.

LEAD BANK SCHEME

The Lead Bank Scheme, introduced towards the end of
1969, envisages assignment of lead roles to individual
banks (both in public sector and private sector) for the
districts allotted to them. A bank having a relatively large
network of branches in the rural areas of a given district and
endowed with adequate financial and manpower resources
has generally been entrusted with the lead responsibility for
that district. Accordingly, all the districts in the country
(excepting the metropolitan cities) have been allotted to
various banks. The lead bank acts as a leader for
coordinating the efforts of all credit institutions in the
allotted districts to increase the flow of credit to agriculture,
small-scale industries and other economic activities included
in the priority sector in the rural and semi-urban areas, with
the district being the basic unit in terms of geographical
area.

The Bank has been assigned lead responsibility in respect of

140 districts out of the total 564 districts across the country.
The Bank disbursed loans to the different sectors
aggregating Rs.2, 033 crore in lead districts and has
achieved 104% of the annual outlay for the year ended
March 2004 as against 90% by All Financial Institutions. The
Bank also disbursed loan aggregating Rs.11, 552 crores in
the non-lead districts to various sectors and has achieved
92% of the annual outlay

State Level Bankers' Committees are formed in all the

States for inter-institutional coordination and joint
implementation of programmes and policies by all the
financial institutions operating in the State. Responsibility
for convening State Level Bankers’ Committee (SLBC)
meetings has been assigned to various commercial banks.

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 CO- OPERATIVE BANKS
The Co-operative banks have a history of almost 100 years.
The Co-operative banks are an important constituent of the
Indian Financial System, judging by the role assigned to
them, the expectations they are supposed to fulfill, their
number, and the number of offices they operate. The co-
operative movement originated in the West, but the
importance that such banks have assumed in India is rarely
paralleled anywhere else in the world. Their role in rural
financing continues to be important even today, and their
business in the urban areas also has increased
phenomenally in recent years mainly due to the sharp
increase in the number of primary co-operative banks.

While the co-operative banks in rural areas mainly finance

agricultural based activities including farming, cattle, milk,
hatchery, personal finance etc. along with some small scale
industries and self-employment driven activities, the co-
operative banks in urban areas mainly finance various
categories of people for self-employment, industries, small
scale units, home finance, consumer finance, personal
finance, etc.

Some of the co-operative banks are quite forward looking

and have developed sufficient core competencies to
challenge state and private sector banks.
Though registered under the Co-operative Societies Act of
the Respective States (where formed originally) the banking
related activities of the co-operative banks are also
regulated by the Reserve Bank of India. They are governed
by the Banking Regulations Act 1949 and Banking Laws (Co-
operative Societies) Act, 1965.

Regional Rural Banks in India

Rural banking in India started since the establishment of
banking sector in India. Rural Banks in those days mainly
focused upon the agro sector. Regional rural banks in India
penetrated every corner of the country and extended a
helping hand in the growth process of the country.

SBI has 30 Regional Rural Banks in India known as RRBs.

The rural banks of SBI are spread in 13 states extending
from Kashmir to Karnataka and Himachal Pradesh to North
East. The total number of SBIs Regional Rural Banks in India
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 branches is 2349 (16%). Till date in rural banking in India,
there are 14,475 rural banks in the country of which 2126
(91%) are located in remote rural areas.

Apart from SBI, there are other few banks which functions
for the development of the rural areas in India. Few of them
are as follows.

Some important financial

institution
NABARD
National Bank for Agriculture and Rural Development
(NABARD) is a development bank in the sector of Regional
Rural Banks in India. It provides and regulates credit and
gives service for the promotion and development of rural
sectors mainly agriculture, small scale industries, cottage
and village industries, handicrafts. It also finances rural
crafts and other allied rural economic activities to promote

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 integrated rural development. It helps in securing rural
prosperity and its connected matters.

NABARD's credit functions cover planning, dispensation and monitoring of

credit.

This activity involves:

• Framing policy and guidelines for rural financial institutions

• Providing credit facilities to issuing organizations

• Preparation of potential-linked credit plans annually for all districts for

identification of credit potential

• Monitoring the flow of ground level rural credit

Major Activities
• Preparing of Potential Linked Credit Plans for identification of exploitable
potentials under agriculture and other activities available for development
through bank credit.

• Refinancing banks for extending loans for investment and production

purpose in rural areas.

• Providing loans to State Government/Non Government Organizations

(NGOs)/Panchayati Raj Institutions (PRIs) for developing rural
infrastructure.

• Supporting credit innovations of Non Government Organizations (NGOs)

and other non-formal agencies.

• Extending formal banking services to the unreached rural poor by

evolving a supplementary credit delivery strategy in a cost effective
manner by promoting Self Help Groups (SHGs)

• Promoting participatory watershed development for enhancing

productivity and profitability of rain fed agriculture in a sustainable
manner.

• On-site inspection of cooperative banks and Regional Rural Banks (RRBs)

and iff-site surveillance over health of cooperatives and RRBs.

Export Import Bank of India

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 Export Import Bank of India is also known as Exim Bank of
India and was established by an Act passed by the Indian
Parliament in September, 1981. Export Import Bank of India
is fully owned by the Indian government and it started its
operations in March, 1982.

The major objectives of Export Import Bank of India are to

provide economic assistance to importers and exporters and
to function as the apex financial institution. Its services
include export credit, overseas investment finance, agri &
SME finance, film finance and finance for units that are
export oriented.

The total amount of loans disbursed by Export Import Bank

of India amounted to Rs. 150,389 million in 2005- 2006 and
in the following year, this figure increased to Rs. 220760
million.

The net profit of the Bank came to around Rs. 2707 million
in 2005- 2006. In the following year this figure increased to
Rs. 2994 million. The head office of Export Import Bank of
India is located in Mumbai and its regional offices are
located at Pune, Kolkata, Hyderabad, New Delhi, Bangalore,
Chennai and Ahmadabad. The Bank's overseas offices are
located at London, Washington D.C., Dakar, Dubai,
Singapore and Johannesburg.

National Housing Bank India

The National Housing Bank (NHB) was established on 9th
July 1988 the National Housing Bank Act, 1987 to function
as a principal agency to promote Housing Finance
Institutions and to provide financial and other support to
such institutions.

The National Housing Bank Act empowers National Housing

Bank or NHB to:

o Direct and regulate the functioning of housing finance

institutions for fair practices

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 o Provide loans, advances or any other financial
assistance to Banks and housing finance institutions
for slum improvement
o Supervise mobilization of resources and extension of
credit for housing

NHB has the main objective of promoting a network of

highly efficient and dedicated housing finance institutions to
cater to the finance needs from various regions and income
groups. In order to upgrade the housing stock in the
country, National Housing Bank undertakes augmentation of
supply of buildable land and building materials.

Besides raising resources for the housing sector, NHB also

provides refinance to major housing finance institutions. All
the Housing Finance Companies registered with the
National Housing Bank are eligible for refinance support
from NHB if they have net owned funds of minimum Rs. 10.0
crores. National Housing Bank has contributions in equity
capital of five Housing Finance Companies (HFC).

Along with the HFC's, National Housing Bank also engages in

direct lending to state housing boards and development
authorities. It also provides financial assistance to people
affected by natural calamities like earthquake, flood,
cyclones etc.

HOUSING AND URBAN DEVELOPMENT

CORPORATION LTD. (HUDCO)

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HUDCO - Housing And Urban Development Corporation Ltd was
incorporated on 25th April 1970. HUDCO India was formed to assist
various agencies and authorities in upgrading the housing conditions in
the country. Special emphasis was laid on the development of housing
facilities or HUDCO Niwas Yojana for the lower income group (LIG) and
the economically weaker sections (EWS) of the society.

Starting with an initial equity base of Rs. 2 crores, HUDCO India has a
net worth of Rs. 3977 crores today. HUDCO Inc primarily aims to provide
financing for housing developments. HUDCO Financial Services are the
task of HUDCO Bank that has mobilized finances from:

o Financing institutions like LIC, GIC and other banking institutions

o International assistance from KfW, JBIC, ADB, USAID etc.
o Market borrowings through debentures, taxable and tax-free bonds
o Public deposits

HUDCO has been associated with not just housing development but the
overall infrastructure development assistance. The activity areas of HUDCO
include:
HOUSING

o Urban housing
o Rural housing
o Staff rental housing
o Repairs and renewal
o Shelter and sanitation facilities for footpath dwellers
o Workingwomen ownership condominium housing
o Housing through private builders/ joint sector
o Individual HUDCO housing loans and HUDCO home loan for construction and
renovation through 'HUDCO Niwas'
o Land acquisition
o Valmiki Ambedkar Awas Yojana (VAMBAY)

HOUSING DEVELOPMENT FINANCE CORPORATION (HDFC)

Objectives & Background

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FOCUS
Until the establishment of ICICI in 1956 and IDBI in 1964, IFCI remained
solely responsible for implementation of the government’s industrial
policy initiatives. It made a significant contribution to the modernization
of Indian industry, export promotion, import substitution, pollution
control, energy conservation and generation through commercially
viable and market- friendly initiatives. Some sectors that have directly
benefited from IFCI include:
Agro-based industry (textiles, paper, sugar)

 Service industry (hotels, hospitals)

 Basic industry (iron & steel, fertilizers, basic chemicals, cement)

 Capital & intermediate goods industry (electronics, synthetic fibers,

synthetic plastics, miscellaneous chemicals) and Infrastructure
(power generation, telecom services)

IFCI’s economic contribution can be measured

from the following: -

1. Cumulatively, IFCI has sanctioned financial assistance

of Rs 462 billion to 5707 concerns and disbursed Rs
444 billion since inception.
2. In the process, IFCI has catalyzed investments worth
Rs 2,526 billion in the industrial and infrastructure
sectors.
3. By way of illustration, IFCI’s assistance has been
helped create production capacities of:

Industrial Investment Bank of India Ltd.

The industrial investment bank of India is one of oldest
banks in India. The Industrial Reconstruction Corporation of
India Ltd., set up in 1971 for rehabilitation of sick industrial
companies, was reconstituted as Industrial Reconstruction
Bank of India in 1985 under the IRBI Act, 1984. With a view
to converting the institution into a full-fledged development
financial institution, IRBI was incorporated under the
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 Companies Act, 1956, as Industrial Investment Bank of India
Ltd. (IIBI) in March 1997. IIBI offers a wide range of products
and services, including term loan assistance for project
finance, short duration non-project asset-backed financing,
working capital/ other short-term loans to companies, equity
subscription, asset credit, equipment finance as also
investments in capital market and money market
instruments.

In view of certain structural and financial problems

adversely impacting its long-term viability, IIBI submitted a
financial restructuring proposal to the Government of India
on July 25, 2003. IIBI has since received certain directives
from the Government of India, which, inter alias, include
restricting fresh lending to existing clients approved cases
rated corporate, restrictions on fresh borrowings, an action
plan to reduce the overhead expenditure, disposal of fixed
assets and a time-bound plan for asset
recovery/reconstruction. The Government of India has also
given its approval for the merger of IIBI with IDBI and the
latter has already started the due diligence process.

INDUSTRIAL Credit and Investment

Corporation of India (ICICI)
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
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 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.

ICICI Bank is India's second-largest bank with total assets of

Rs. 3,744.10 billion (US$ 77 billion) at December 31, 2008
and profit after tax Rs. 30.14 billion for the nine months
ended December 31, 2008. The Bank has a network of
1,416 branches and about 4,644 ATMs in India and presence
in 18 countries. 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 specialized subsidiaries and affiliates 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.

SMALL INDUSTRIES DEVELOPMENT

BANK OF INDIA

Small Industries Development Bank of India

[SIDBI] as the principal financial institution for
promotion, financing and development of industry in the
small scale sector, has been assisting the entire spectrum of
the SSI sector,
including the Tiny, Village and Cottage industries.

During the year 2002-03, the aggregate sanctions and

disbursements of SIDBI amounted to Rs.10904 crore and
Rs.6789 crore respectively. Cumulative assistance, as at the
end of March 2003, surged to Rs.86, 158 crore in terms of
sanctions and at Rs.59, 101 crore of disbursements, thus
recording a compounded annual growth rate of 13.4 % and
11.4 % respectively. Net worth of the Bank is Rs.4075 crore
as at the end of March 2003.

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 About SIDBI

Small Industries Development Bank of India (SIDBI) was

established in April 1990 under an
Act of Indian Parliament as the principal financial institution
for:
- Promotion
- Financing
- Development of industry in the small scale sector and
- Co-ordinating the functions of other institutions engaged in
similar activities
The bank provides its services through a network of 49
offices located all over India.

Current Scenario

SIDBI runs several financing for Small and Medium

Enterprises (SMEs) schemes across the
Following broad areas:
♦ Direct Finance
♦ Bills Finance
♦ Refinance
♦ International Finance
♦ Promotion and Development
♦ Micro-finance
SIDBI's financial assistance for professionals is available
through commercial banks, state financial corporations and
state investment corporations. You may please approach
your banker, SFC or SIDC located in your region for further
details of the scheme of assistance.

INFRASTRUCTURE DEVELOPMENT
FINANCE COMPANY LIMITED (IDFC)
IDFC was established in 1997 as a private sector enterprise
by a consortium of public and
Private investors. IDFC operates as a professionally
managed commercial entity with the
Objective of maximizing shareholder value. Its expertise in
the infrastructure sector and strong

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 Relationships with government and infrastructure sponsors
provides it with a platform for
Facilitating private investment and public-private
partnerships in infrastructure projects in
Sectors where market structures, government policy and
regulation are evolving. IDFC is a
Specialized intermediary in infrastructure financing. It not
only provides project finance but
Also arranges and facilitates the flow of private capital to
infrastructure development by
Creating appropriate structures and financing vehicles for a
wide range of market participants.
IDFC formed one of the first infrastructure focused private
equity funds in India and played
A key role in introducing innovative structures like take-out
financing that enabled the
Participation of a broader section of lenders and investors in
infrastructure financing. Its
clients include prominent participants in infrastructure
development in India. Its product
portfolio caters to the diverse needs of these clients across
all layers of the capital structure.
IDFC’s mission is to be India’s specialist infrastructure
financier across the entire
Infrastructure value chain by creating a strong platform that
combines businesses that offer
high return on equity with more traditional lending-related
businesses. IDFC is focused on
Enhancing shareholder value by pursuing strategies that
enhance its profitability, return on
Assets and return on equity.
In the last five years, IDFC’s loan book and balance sheet
have grown by 50% per annum
And 40% per annum respectively. Today IDFC is already the
single largest debt & equity
Financier of privately sponsored infrastructure in the
country. It has a balance sheet of US$
4.3 billion and US$ 630 million of third party equity capital
under management for
Deployment only in the Indian infrastructure space.

LIFE INSURANCE CORPORATION (LIC)

25 | P a g e
 The story of insurance is probably as old as the story of
mankind. The same instinct that prompts modern
businessmen today to secure themselves against loss and
disaster existed in primitive men also. They too sought to
avert the evil consequences of fire and flood and loss of life
and were willing to make some sort of sacrifice in order to
achieve security. Though the concept of insurance is largely
a development of the recent past, particularly after the
industrial era – past few centuries – yet its beginnings date
back almost 6000 years.

Life Insurance in its modern form came to India from

England in the year 1818. Oriental Life Insurance Company
started by Europeans in Calcutta was the first life insurance
company on Indian Soil. All the insurance companies
established during that period were brought up with the
purpose of looking after the needs of European community
and Indian natives were not being insured by these
companies. However, later with the efforts of eminent
people like Babu Muttylal Seal, the foreign life insurance
companies started insuring Indian lives. But Indian lives
were being treated as sub-standard lives and heavy extra
premiums were being charged on them. Bombay Mutual Life
Assurance Society heralded the birth of first Indian life
insurance company in the year 1870, and covered Indian
lives at normal rates. Starting as Indian enterprise with
highly patriotic motives, insurance companies came into
existence to carry the message of insurance and social
security through insurance to various sectors of society.
Bharat Insurance Company (1896) was also one of such
companies inspired by nationalism. The Swadeshi
movement of 1905-1907 gave rise to more insurance
companies. The United India in Madras, National Indian and
National Insurance in Calcutta and the Co-operative
Assurance at Lahore were established in 1906. In 1907,
Hindustan Co-operative Insurance Company took its birth in
one of the rooms of the Jorasanko, house of the great poet
Rabindranath Tagore, in Calcutta. The Indian Mercantile,
General Assurance and Swadeshi Life (later Bombay Life)
were some of the companies established during the same
period. Prior to 1912 India had no legislation to regulate
insurance business. In the year 1912, the Life Insurance
Companies Act, and the Provident Fund Act were passed.
The Life Insurance Companies Act, 1912 made it necessary
that the premium rate tables and periodical valuations of
companies should be certified by an actuary. But the Act
26 | P a g e
 discriminated between foreign and Indian companies on
many accounts, putting the Indian companies at a
disadvantage.

LIC has been one of the pioneering organizations in India

who introduced the leverage of Information Technology in
servicing and in their business. Data pertaining to almost 10
crore policies is being held on computers in LIC. We have
gone in for relevant and appropriate technology over the
years.

1964 saw the introduction of computers in LIC. Unit Record

Machines introduced in late 1950’s were phased out in
1980’s and replaced by Microprocessors based computers in
Branch and Divisional Offices for Back Office
Computerization. Standardization of Hardware and Software
commenced in 1990’s. Standard Computer Packages were
developed and implemented for Ordinary and Salary
Savings Scheme (SSS) Policies.
Objective of LIC

• Spread Life Insurance widely and in particular to the

rural areas and to the socially and economically
backward classes with a view to reaching all insurable
persons in the country and providing them adequate
financial cover against death at a reasonable cost.

• Maximize mobilization of people's savings by making

insurance-linked savings adequately attractive.

• Bear in mind, in the investment of funds, the primary

obligation to its policyholders, whose money it holds in
trust, without losing sight of the interest of the
community as a whole; the funds to be deployed to
the best advantage of the investors as well as the
community as a whole, keeping in view national
priorities and obligations of attractive return.

• Conduct business with utmost economy and with the

full realization that the moneys belong to the
policyholders.

• Act as trustees of the insured public in their individual

and collective capacities.

27 | P a g e
 • Meet the various life insurance needs of the
community that would arise in the changing social and
economic environment.

• Involve all people working in the Corporation to the

best of their capability in furthering the interests of
the insured public by providing efficient service with
courtesy.

• Promote amongst all agents and employees of the

Corporation a sense of participation, pride and job
satisfaction through discharge of their duties with
dedication towards achievement of Corporate
Objective.

GENERAL INSURANCE CORPORATION

(GIC)
The entire general insurance business in India was
nationalized by General Insurance Business (Nationalization)
Act, 1972 (GIBNA). The Government of India (GOI), through
Nationalization took over the shares of 55 Indian insurance
companies and the undertakings of 52 insurers carrying on
general insurance business.
General Insurance Corporation of India (GIC) was formed in
pursuance of Section 9(1) of GIBNA. It was incorporated on

28 | P a g e
 22 November 1972 under the Companies Act, 1956 as a
private company limited by shares. GIC was formed for the
purpose of superintending, controlling and carrying on the
business of general insurance.
As soon as GIC was formed, GOI transferred all the shares it
held of the general insurance companies to GIC.
Simultaneously, the nationalized undertakings were
transferred to Indian insurance companies. After a process
of mergers among Indian insurance companies, four
companies were left as fully owned subsidiary companies of
GIC (1) National Insurance Company Limited, (2) The New
India Assurance Company Limited, (3) The Oriental
Insurance Company Limited, and (4) United India Insurance
Company Limited
The next landmark happened on 19th April 2000, when the
Insurance Regulatory and Development Authority Act, 1999
(IRDAA) came into force. This act also introduced
amendment to GIBNA and the Insurance Act, 1938. An
amendment to GIBNA removed the exclusive privilege of
GIC and its subsidiaries carrying on general insurance in
India.
In November 2000, GIC is refortified as the Indian Reinsurer
and through administrative instruction; its supervisory role
over subsidiaries was ended.
With the General Insurance Business (Nationalization)
Amendment Act 2002 (40 of 2002) coming into force from
March 21, 2003 GIC ceased to be a holding company of its
subsidiaries. Their ownership were vested with Government
of India

GICs play an important role in a balanced portfolio because

of the security they offer. GICs provide a secure way to save
for short-term goals, like a vacation, or for longer-term
plans, like buying a house or retirement. Either way, a GIC is
a sound investment option.
29 | P a g e
 When you buy a GIC, you invest a sum of money for a
specific term, or period of time. At the end of that term, you
are guaranteed to receive your full principal - your initial
investment - plus interest income on your money.
UTI

Jan 14, 2003 is when UTI Mutual Fund started to pave its
path following the vision of UTI Asset Management Company
Limited, who has been appointed by the UTI Trustee Pvt.
Limited Co. for managing the schemes of UTI Mutual Fund
and the schemes transferred/migrated from the erstwhile
Unit Trust of India.

The UTI Asset Management Company provides

professionally managed back office support for all business
services of UTI Mutual Fund in accordance with the
provisions of the Investment Management Agreement, the
Trust Deed, the SEBI (Mutual Funds) Regulations and the
objectives of the schemes. State-of-the-art systems and
communications are in place to ensure a seamless flow
across the various activities undertaken by UTIMF.

UTI AMC is a registered portfolio manager under the SEBI

(Portfolio Managers) Regulations, 1993 on 3rd February
2004, for undertaking portfolio management services and
also acts as the manager and marketer to offshore funds
through its 100 % subsidiary, UTI International Limited,
registered in Guernsey, Channel Islands.

Vision
to be the most Preferred Mutual Fund.

Our mission is to make

UTI Mutual Fund:
• The most trusted brand,
admired by all
stakeholders
• The largest and most
efficient money manager
with global presence
• The best in class

30 | P a g e
 customer service provider
• The most preferred
employer
• The most innovative and
best wealth creator
• A socially responsible
organization known for
best corporate governance

Deposit insurance and credit Guarantee

Corporation limited
The concept of insuring deposits kept with banks received
attention for the first time in the year 1948 after the
banking crises in Bengal. The question came up for
reconsideration in the year 1949, but it was decided to hold
it in abeyance till the Reserve Bank of India ensured
adequate arrangements for inspection of banks.
Subsequently, in the year 1950, the Rural Banking Enquiry
Committee also supported the concept. Serious thought to
the concept was, however, given by the Reserve Bank of
India and the Central Government after the crash of the
Palai Central Bank Ltd., and the Laxmi Bank Ltd. in 1960.
The Deposit Insurance Corporation (DIC) Bill was introduced
in the Parliament on August 21, 1961. After it was passed by
the Parliament, the Bill got the assent of the President on
December 7, 1961 and the Deposit Insurance Act, 1961
came into force on January 1, 1962.

The Deposit Insurance Scheme was initially extended to

functioning commercial banks only. This included the State
Bank of India and its subsidiaries, other commercial banks
and the branches of the foreign banks operating in India.

Since 1968, with the enactment of the Deposit Insurance

Corporation (Amendment) Act, 1968, the Corporation was
31 | P a g e
 required to register the 'eligible co-operative banks' as
insured banks under the provisions of Section 13 A of the
Act. Effective from April 1, 1981, the Corporation extended
its guarantee support to credit granted to small scale
industries also, after the cancellation of the Government of
India's credit guarantee scheme. With effect from April 1,
1989, guarantee cover was extended to the entire priority
sector advances, as per the definition of the Reserve Bank
of India. However, effective from April 1, 1995, all housing
loans have been excluded from the purview of guarantee
cover by the Corporation.

Legal Framework/Objective
The functions of the DICGC are governed by the provisions
of 'The Deposit Insurance and Credit Guarantee Corporation
Act, 1961' (DICGC Act) and 'The Deposit Insurance and
Credit Guarantee Corporation General Regulations, 1961'
framed by the Reserve Bank of India in exercise of the
powers conferred by sub-section (3) of Section 50 of the
said Act.

The preamble of the Deposit Insurance and Credit

Guarantee Corporation Act, 1961 states that it is an Act to
provide for the establishment of a Corporation for the
purpose of insurance of deposits and guaranteeing of credit
facilities and for other matters connected therewith or
incidental thereto.

CREDIT GUARANTEE FUND TRUST FOR

SMALL INDUSTRIES
Objective

Availability of bank credit without the hassles of collaterals /

third party guarantees would be a major source of support
to the first generation entrepreneurs to realize their dream
of setting up a unit of their own Micro and Small Enterprise
(MSE). Keeping this objective in view, Ministry of Micro,

32 | P a g e
 Small & Medium Enterprises (MSME), Government of
India launched Credit Guarantee Scheme (CGS)

The main objective is that the lender should give

importance to project viability and secure the credit facility
purely on the primary security of the assets financed. The
other objective is that the lender availing guarantee facility
should endeavor to give composite credit to the borrowers
so that the borrowers obtain both term loan and working
capital facilities from a single agency.

Credit Guarantee

Any collateral / third party guarantee free credit facility

(both fund as well as non fund based) extended by eligible
institutions, to new as well as existing Micro and Small
Enterprise, including Service Enterprises, with a maximum
credit cap of Rs.100 lakh (Rupees Hundred lakh only) are
eligible to be covered. The guarantee cover available under
the scheme is to the extent of 75% / 80% of the sanctioned
amount of the credit facility, with a maximum guarantee
cap of Rs.62.50 lakh / Rs. 65 lakh. The extent of guarantee
cover is 85% for micro enterprises for credit up to Rs.5 lakh.

The extent of guarantee cover is 80%(i) Micro and Small

Enterprises operated and/or owned by women; and (ii) all
credits/loans in the North East Region (NER). In case of
default, Trust settles the claim up to 75% (or 80%) of the
amount in default of the credit facility extended by the
lending institution.

The lender should cover the eligible credit facilities as soon

as they are sanctioned. In any case, the lender should apply
for guarantee cover in respect of eligible credits sanctioned
in one calendar quarter latest by end of subsequent
calendar quarter. Guarantee will commence from the date
of payment of guarantee fee and shall run through the
agreed tenure of the term credit in case of term loans /
composite loans and for a period of 5 years where working
capital facilities alone are extended to borrowers, or for such
period as may be specified by the Guarantee Trust in this
behalf.

33 | P a g e
 EXPORT CREDIT GUARANTEE
CORPORATION OF INDIA

Export Credit Guarantee Corporation of India Limited was

established in the year 1957 by the Government of India
to strengthen the export promotion drive by covering the
risk of exporting on credit.

Being essentially an export promotion organization, it

functions under the administrative control of the Ministry
of Commerce & Industry, Department of Commerce, and
Government of India. It is managed by a Board of Directors
comprising representatives of the Government, Reserve
Bank of India, banking, and insurance and exporting
community.

ECGC is the fifth largest credit insurer of the world in terms of coverage of
national exports. The present paid-up capital of the company is Rs.800 crores
and authorized capital Rs.1000 crores.

34 | P a g e
 i
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t
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e
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35 | P a g e
 Current situation
Today, the banking sector in India is fairly mature in terms of
supply, product range and reach. As far as private sector
and foreign banks are concerned, the reach in rural India
still remains a challenge. In terms of quality of assets and
capital adequacy, Indian banks are considered to have
clean, strong and transparent balance sheets relative to
other banks in comparable economies in its region. The
Reserve Bank of India is an autonomous body, with minimal
pressure from the government. The stated policy of the
Bank on the Indian Rupee is to manage volatility but without
any fixed exchange rate. Till now, there is hardly any
deviation seen from this stated goal which is again very
encouraging.

With passing time, Indian economy is further expected to

grow and be strong for quite some time-especially in its
services sector. The demand for banking services, especially
retail banking, mortgages and investment services are
expected to grow stronger. Therefore, it is not hard to
forecast few M&as, takeovers, and asset sales in the sector.
Consolidation is going to be another order of the day.

The significant change in the policy and attitude that is

currently being seen is encouraging for the banking sector
growth. In March 2006, the Reserve Bank of India allowed
Warburg Pincus, a private foreign investor, to increase its
stake in Kotak Mahindra Bank to 10%. Notably, this is the
first time that a foreign individual investor has been allowed
to hold more than 5% in a private sector bank since 2000.
Earlier, The RBI in 2005 announced that any stake
exceeding 5% by foreign individual investors in the private
sector banks would need to be vetted by them.

“Currently, India has 88 scheduled commercial banks (SCBs) - 28 public

sector banks (that is with the Government of India holding a stake), 29
private banks (these do not have government stake; they may be publicly
listed and traded on stock exchanges) and 31 foreign banks. They have a
combined network of over 53,000 branches and 17,000 ATMs. According to
36 | P a g e
 a report by ICRA Limited, a rating agency, the public sector banks hold
over 75 percent of total assets of the banking industry, with the private and
foreign banks holding 18.2% and 6.5% respectively.”1

Despite the current global slowdown, despite the

fear of US economic recession, despite the volatility
of Indian stock markets, every informed observer is
more or less optimistic about the 8% to 10% growth
per annum for the Indian economy till the next few
years. Therefore, it can safely be said that the
banking industry in India will only surge ahead in
coming years. We can also expect to see many other
sea changes in terms of their operations, funding and
structures. As they say, this is just the beginning!

37 | P a g e
 WE UNDERSTAND YOUR
WORLD

The Housing Development Finance Corporation Limited

(HDFC) was amongst the first to receive an ‘in principle'
approval from the Reserve Bank of India (RBI) to set up a
bank in the private sector, as part of the RBI's liberalization
of the Indian Banking Industry in 1994. The bank was
incorporated in August 1994 in the name of 'HDFC Bank
Limited', with its registered office in Mumbai, India. HDFC
Bank commenced operations as a Scheduled Commercial
Bank in January 1995.

HDFC is India's premier housing finance company and

enjoys an impeccable track record in India as well as in
international markets. Since its inception in 1977, the
Corporation has maintained a consistent and healthy
growth in its operations to remain the market leader in
mortgages. Its outstanding loan portfolio covers well over a
million dwelling units. HDFC has developed significant
expertise in retail mortgage loans to different market
segments and also has a large corporate client base for its
housing related credit facilities. With its experience in the
financial markets, a strong market reputation, large
shareholder base and unique consumer franchise, HDFC was
ideally positioned to promote a bank in the Indian
environment.

HDFC Bank began operations in 1995 with a simple mission:

to be a “World Class Indian Bank.” We realized that only
a single mindedfocus on product quality and service
excellence would help us get there. Today, we are proud to
say that we are well on our way towards that goal.

38 | P a g e
 HDFC BANK PRODUCT AND CUSTOMER
SEGMENTS

PERSONAL BANKING

Loan Product Deposit Product Investment & Insurance

•• Auto
Loan Loan
Against
• Saving a/c • Mutual Fund
Security
• Loan Against • Current a/c • Bonds
Property • Fixed deposit • Knowledge Centre
• Personal loan • Demat a/c • Insurance
• Credit card • Safe Deposit • General and
• 2-wheeler Lockers Health Insurance
loan • Equity and
• Commercial Derivatives
vehicles • Mudra Gold Bar
finance
• Home loans
• Retail
business
banking
• Tractor loan
• Working
Capital
Finance
• Construction
Equipment
Finance
• Health Care
39 | P a g e
 Finance
• Education
Loan
• Gold Loan

Cards Payment Services Access To Bank

• Credit Card • Net Safe • NetBanking

• Debit Card • Merchant • One View
• Prepaid Card • Prepaid Refill • InstaAlert
• Bill pay Mobile Banking
• Visa Billpay • ATM
• InstaPay • Phone Banking
-------------------------- • Email Statements
• Direct Pay
------
• VisaMoney • Branch Network
Forex Services
-------------------------- Transfer
------ • e–Monies
• Product & Electronic
Services Funds
• Trade Transfer
Services • Online
• Forex service Payment of
Branch Direct Tax
Locater
• RBI
Guidelines

WHOLESALE BANKING

Corporate Small and Medium Financial Institutions and

Enterprises Trusts

40 | P a g e
 • Funded • Funded Services BANKS
Services • Non Funded • Clearing Sub-
• Non Funded Services Membership
Services • Specialized • RTGS – sub
• Value Services membership
Added • Value added • Fund Transfer
Services services • ATM Tie-ups
• Internet • Internet Banking • Corporate Salary
Banking
a/c
• Tax Collection
Financial Institutions

Mutual Funds

Stock Brokers

Insurance Companies

Commodities Business

Trusts

NRI SERVICES

Accounts & Deposits Remittances

• Rupee Saving a/c • North America

• Rupee Current a/c • UK
• Rupee Fixed Deposits • Europe
• Foreign Currency • South East Asia
Deposits • Middle East
• Accounts for Returning • Africa
Indians • Others
Quick remit
India Link
Cheque Lockbox
Telegraphic/ Wire Transfer
Funds Transfer Cheques/DDs/TCs
41 | P a g e
 Investment & Insurances Loans

• Mutual Funds • Home Loans

• Insurance • Loans Against Securities
• Private Banking • Loans Against Deposits
• Portfolio Investment • Gold Credit Card
Scheme

Payment Services Access To Bank

• Net Safe • Net Banking

• Bill Pay • One View
• InstaPay • InstaAlert
• Direct Pay • ATM
• Visa Money • PhoneBanking
• Online Donation • Email Statements
• Branch Network

C0nclusion:
• Today, the banking sector in India is
fairly mature in terms of supply,
product range and reach. As far as
private sector and foreign banks are
concerned, the reach in rural India
still remains a challenge.
• The Indian banking situation is very
different from that in Europe and
the US. There, banks' distress is the
cause of the economic crisis.

42 | P a g e
 • Indian banks are not directly
impacted by the financial crisis
because of their low exposure to the
sub-prime market.
• The slowing down of the economy
impacts on banks. But, you have to
remember that economic growth of
6% is still pretty good for any
banking system.
• In earlier step of banks in India
which functioned as entities to
finance industry, including
speculative trades in cotton. Most of
the banks opened in India during
that period could not survive and
failed because of the high risk
• With passing time, Indian economy
is further expected to grow and be
strong for quite some time-
especially in its services sector.
• Currently, India has 88 scheduled
commercial banks (SCBs) - 28
public sector banks (that is with the
Government of India holding a
stake), 29 private banks (these do
not have government stake; they
may be publicly listed and traded
on stock exchanges) and 31 foreign
banks. They have a

43 | P a g e
 combined network of over 53,000
branches and 17,000 ATMs.
Bibliography
Websites:
www.oppapers.co www.idbi.com
m
www.thehindubusi
www.nabard.org nessline.com

www.eximbankind www.idbi.com
ia.com
www.indiahousing
www.ecgc.in .com

www.indiastat.co www.nhb.org.in
m
www.financialexpr
www.hdfcbank.co ess.com
m
www.licindia.com
www.hudco.org
www.sidbi.com
www.icicibank.co
m www.utimf.com

www.cgtmse.in

Journals & other references:

 Introduction to banking – Vijayaragavan

iyengar

 The Economic Times

44 | P a g e
  Business Standard

 Business India

REPORTS/ARTICLES REFFERED:
 Overview of banking sector

45 | P a g e