“CUSTOMER SATISFACTION IN THIRD PARTY

PRODUCTS OF J&K BANK”

Submitted by:
NITAN NARANG
R.No- 154 MBA09

For academic session

(2009-2011)

MIET
MODEL INSTITUTE OF ENGINEERING AND
TECHNOLOGY
 CERTIFICATE

It is certify that Mr.NITAN NARANG studying in MBA-3 rd sem, under Model

Institute Of Engineering and Technology had completed his project report on the
topic “customer satisfaction in third party products of Jammu and Kashmir
Bank”,F.S Department, Rail Head Complex, Zonal Office Jammu under my
guidance and supervision during the academic year 2010-2011. To the best of my
knowledge the work done by the student is original and will be of valuable sources
for the scholars and organisation/banks the advance research work in the field under
reference.

Mrs.Susham Sharma
Zonal Coordinator
FS Department
 DECLARATION

I hereby declare that the project report of the topic “CUSTOMER SATISFACTION
IN THIRD PARTY PRODUCTS OF J&K BANK” in Jammu city completed and
submitted under the guidance and supervision of Mrs. SUSHAM SHARMA [FS
Department] is my original work.

The preparation of the project report is based on my personal findings, several visits
and interaction with the officials, employees, customers, consultations with the
eminent scholars. Further study was also assisted by published and unpublished
material and secondary sources.

Name of student:
NITAN NARANG
 ACKNOWLEDGEMENTS

No Project work is carried in vacuum. Project work is never the work of an

individual. Many persons contributed to the development of my project report.
Everyone was with their ideas, suggestions & contributions that really helped me in
making an easy, clear , limited and systematic project report.

First of all I express my regards to my family who are always there to support and
encourage me. They provided a congenial atmosphere for my work. I could not have a
accomplished all that was expected without that special patience and understanding
that only a family can give..

A heartfelt thank is also extended to the incharge marketing Mrs. Susham Sharma and
Mr. Rohit for their valuable guidance for the project which help me in making this
project work as a success.

Last but not least, I want to thank all those customers of J&K Bank Ltd. who sincerely
filled in the questionnaires.

NITAN NARANG
 CONTENTS

1. Meaning of “Customer Satisfaction”

2. Introduction.

i. History of J&K Bank

ii. Govt. Ownership-an advantage
iii. Mission of the Bank
iv. Vision
v. Company Profile
vi. Features

3. Board of Directors

4. Third Party Products of J & k bank

i. Insurance Services
ii. Mutual Fund Services
iii. Point of Sale Service
iv. Card Services

5. Objectives of study

6. Scope of study

7. Methodology

8. Sample design

9. Analysis and Interpretation

10.Conclusion

11.Questionnaire

12.Bibliography
MEANING OF CUSTOMER SATISFACTION

“SATISFACTION is a person’s feelings of pleasure or disappointment

resulting from comparing a product’s perceived performance(or
outcome) in relation to his or her expectations”

As this definition makes clear, Satisfaction is a function of perceived

performance &expectations. If the performance falls short of
expectation, the customer is dissatisfied. If the performance matches
the expectation, the customer is highly satisfied or delighted.

Many companies are aiming for high satisfaction because customers

who are just satisfied still find it easy to switch when a better offer
comes along. Those who are highly satisfied are much less ready to
switch. High satisfaction or delight creates an emotional bond with the
brand, not just a rational preference.The result is high customer
loyalty. Xerox’s senior management believes that a very satisfied or
delighted customer is worth 10 times as much to the company as a
satisfied customer. A very satisfied customer is likely to stay with
Xerox many more years & buy more than a satisfied customer will.

How do buyers form their expectations? From past buying experience,

friends & associates’, advice, & marketers’ &competitors’ information
& promises. If marketers raise expectations too high, the buyer is
likely to be disappointed. For example,Holiday Inn ran a campaign a
few years ago called “No surprises”.Yet hotel guests still encountered
a host of problems & Holiday Inn had to withdraw the campaign.
However, if the company sets expectations too low, it won’t attract
enough buyers (although it will satisfy those who do buy).

Some of today’s most successful companies are raising expectation &

delivering performances to match these expectation. These companies
are aiming for TCS-total customer satisfaction. Xerox, for
example,guartees “total satisfaction” &will replace at its expense any
dissatisfied customer’s equipment within a period of 3 years after
purchase.
The key to generating high customer loyalty is to deliver high
customer value. Today various kinds of tools are used for tracking &
measuring customer satisfication. These are:

1) COMPLAINT SUGGESTION SYSTEMS

A customer-centered organization makes it easy for its customer to

deliver suggestion & complaints. Some companies provide forms to
customers to report likes & dislikes. Others establish hot with toll-free
number. Companies are also adding web pages & e-mail to facilitate
two-way communications. These information flows provide companies
with many good ideas &enable them to act quickly to resolve
problems.
2) CUSTOMER SATISFACTION SURVEYS:

Studies show that although customers are, dissatisfied with one out of
every fours purchases, less than 5% of dissatisfied customer will
complain. Most customer will buy less or switch suppliers. Complaint
levels are thus not a good measure of customer satisfaction directly by
conducting periodic surveys. They send questionnaires or make
telephone calls to a random sample of recent customer. They also
solicit customer views on their competitors performances.

3) GHOST SHOPPING:

Companies can hire persons to pose a potential customers to report on

strong & weak points experienced in buying the company’s &
competitors products and services. They can also test whether
company’s personnel can handle various situtions well. A variant of
this is for managers to phone their own organization with questions
and complaints to see how the calls are handled.
 Different definitions have been given for Consumer
Behaviour which are:

1) It is “ the process whereby individual decide whether , what ,

when , where , how and from whom purchase goods and services.”

- Professor Walter C.G & Professor Paul G.W.

2) Consumer behaviour is “the behaviour that consumers display

in searching for , purchasing , using , evaluating and disposing off
products and services that they expect will satisfy their needs.”

- Schifftnan & Kanuk.

3) Consumer behaviour is defined as “all psychological, social &

physical behaviour of potential customers as they become aware of
evaluate purchase, consume & tell others about products & services.”

- Webster.

4) “The study of consumer behaviour in most part is the study of consumer

buying the actual conception.”
- Professor Alderson W.

So, it is necessary on the part of the company to understand consumer

behaviour for the survival of organization in present time. Consumer
should be the focus of marketing efforts.
HISTORY OF JAMMU AND KASHMIR BANK

The Jammu & Kashmir bank limited was incorporated on 1st October, 1938 &
commenced from 4th July, 1939. The bank was first as a state owned bank.

The new identity for J & K bank is a visual representation of the Banks philosophy
and strategy. The three coloured squares represent the regions of Jammu, Kashmir &
Ladakh. The interaction of the squares is a falcon with outstretched wings- a symbol
of empowerment. The synergy between the three regions propels the banks towards
new horizons signifies growth and renewal. Blue conveys stability and unity. Red
represents energy and power; Green attributes integrity all assimilated in the white
counter-form.

According to the extended laws of the state, Jammu & Kashmir bank defined
government and the provision of Indian company’s Act 1956 in the year 1971, the
Bank received the status of scheduled bank. It was declared as “A” class bank by RBI
in 1976.

The origin of Jammu and Kashmir Bank Limited, more commonly referred to as J&K
Bank, can be traced back to the year 1938, when it was established as the first state-
owned bank in India. The bank was incorporated on 1st October 1938 and it was in
the following year (more precisely on 4th July 1939) that it commenced its business,
in Kashmir (India). It was initially set up as a semi-State Bank, with its capital being
contributed by State as well as the public under the control of State Government.

Jammu and Kashmir Bank had to face serious problems in 1947 i.e. at the time of
independence. With the partition of Pakistan, two out of the total ten branches of the
bank, namely the ones in Muzaffarabad and Mirpur, fell to the other side of the line of
control (now Pak Occupied Kashmir), along with cash and other assets. At that point
of time, in keeping with the extended Central laws of the state, J&K Bank was
categorized as a Government Company, as per the provisions of Indian Companies
Act 1956
.

It was in the year 1971 that Jammu and Kashmir Bank was granted the status of a
'Scheduled Bank'. Five years later, it was declared as "A" Class Bank, by the Reserve
Bank of India (RBI). As the years passed on, the bank started achieving more and
more success. Today, it boasts of more than 500 branches across the country. It was
only recently that Jammu and Kashmir Bank became a billion dollar company.
Governed by the Companies Act and Banking Regulation Act of India, it is regulated
by RBI and SEBI. It finds a listing on the National Stock Exchange (NSE) and
Bombay Stock Exchange (BSE) as well.

GOVERNMENT OWNERSHIP AN ADVANTAGE

J & K Bank has a unique competitive advantage stemming from its government
ownership, access to low cost of funds, the bankers are also building the good will of
the bank. Thus helping the bank to move forward.

MISSION OF THE BANK

Mission have been set to remain a financially strong, growth oriented and profitable
by bringing main focus towards providing convenient, reliable, cost effective and
personalized services to customers and globally competitive and foray with the
business of banking. The objectives of banking provide ‘value maximization’ to all its
share holders i.e. its customers and employees.

VISION

The vision of the J&K bank is to be financially sound, profitable and technological
bank committed to banking and maximization sustainable value for its share holders,
customers and employees.
COMPANY’S PROFILE

• Incorporated in 1938 as a limited company.

• Governed by the Companies Act and Banking Regulations Act of India.

• Regulated by Reserve Bank Of India (RBI) & Security Exchange Board Of

India(SEBI).

• Listed on the National Stock Exchange (NSE) and Bombay Stock

Exchange(BSE)
.
• 53 Percent owned by the government of J&K bank.

• Rated “P1+” S & P CRISIL connoting highest degree of safety.

• Four decades of uninterrupted profitability and dividends.

UNIQUE CHARACTERISTICS

• Private sector bank despite government holding 53 percent of equity.

• Sole banker and lender of last resort to the government of J & k.
• Plan and non plan funds, taxes and non tax revenues routed through the bank.
• Salaries of government official disbursed by the bank.
• Only private sector bank designated as agent of RBI for Banking.
• Carries out banking business of the central Government.
• Collects Taxes pertaining to central board of direct taxes in J & k.
• J&K Bank carries out banking business of the Central Government.
• Inspite of a government equity holding of 53 per cent, Jammu & Kashmir
Bank (J&K Bank) is regarded as a private sector bank

Registered Office Corporate Headquarters

M A Road M A Road

Srinagar 190001 Srinagar 190001

Jammu & Kashmir Jammu & Kashmir

www.jkbank.net
HASEEB A DRABU (Chairman & Executive)

Haseeb A Drabu, Chairman & Chief Executive Officer of is a professional

economist, who has been on the board of the bank since 11th July, 2003. Possessing a
diverse wide ranging experience, he started his professional career Perspective
Planning Division of the economic Advisory to the prime Minister. His final stint
with policy making was Tenth Finance Commission. Moving from government to, of
business journalism, he joined India’s premier finance Business standard, and rose to
become National Edit paper. Even as a regular commentator on economic issues
associated with various governmental policy making notably, in 1997, he was
appointed member of High Committee on Economic Reforms for J & k to present, he
continued to work as the economic Advisor of Govt. of J & k, opposition he has held
on January 2003. He is credited with having conceptualised ranging economic and
fiscal reforms of the state Govt. has been recently inducted by the planning
commission working group on resources for the eleventh Five-year plan.

M.S. Verma

Maya Shanker Verma, a career banker with 45 years experience, working in the
Indian financial sector has held some of the most and critical positions in the
country’s financial system as its regulatory regimes. In a career spanning over four
decades with the State Bank of India. India’s commercial bank, Mr Verma’s
experience has been multiwide ranging on different facets of banking at national and
international levels encompassing commercial, development and investment banking
as well as asset management and capital operations. He was the Chairman of the State
Bank of India during April, 1997 to November, 1998. Mr Verma has understanding of
total financial systems and strutting and management of such systems in developing
countries. It was under the chairmanship of Mr Verma recorded very strongly to
become a leading Private Sector Bank in India. Mr Verma acted as Honourable
advisor to the Reserve Bank of India in which time he under took several important
policy with the projects from Governor of the Reserve Bank of India.

G.P.GUPTA

G.P.Gupta, a post-Graduate in Commerce, having combination in both academics and

public sector, is also the Ex-Chairman Managing Director, IDBI and served on several
distributed positions such as Chairman, SIDBI,
National Stocks Exchange of India Ltd; Member, Life Insurance Corporation of India,
Member, General Insurance Corporation of India. The infrastructure Development
Finance Company Ltd, Directs the airlines Ltd., Director, Discount & Finance House
of Indian Director, Securities Trading Corporation of India Ltd
DR.NARENDRA JADHAVE

Dr.Narendra Jadhave is an eminent economist. More than 30 years of distinguished

service with Reserve Bank including as Principal Adviser and Chief economist,
played an important role in macro-economic policy making. Dr. Jadhav will be
bringing with himself a unique set of several dimensions, which will add value and
compliment the objectives of the bank. A prolific writer, Dr. Jadhav has written books
mainly on economic and social issues and has prepared the research papers to his
credit in national and international repute. He has also served as Advisor to Executive
Director of India at the International Monetary Fund and Senior Advisor to various
governments; including Ethopia.More he was involved in the reconstruction of
Afghanistan economic Chief Economic Counsellor.

B.B. VYAS (IAS)

B.B.VYAS(IAS) Officer alloted to J & K Cadre is a Govt. nominated Director of our

bank, having rich and varied experience in Banking,Finance,Agriculture,Disaster
Management and Divisional Administration.Mr. Vyas has held distinguished
positions in his career as Govt. servant served in the central Govt. as Deputy Secretary
in the Rural Credit, in Department of Banking in Ministry of Finance has played an
active role in the recapitalisation of regional banks (RRBs) and restructuring of Co-
operative Credit frame work in the country. Mr. Vyas has also served as Govt.
Nominee Directors of UCO Bank was involved in the formulation and
implementation of Revival Plan, State Bank of Bikaner and Jaipur (SBBI), Insurance
and Credit Guarantee Corporation (DICGC) etc. has also headed the personal office
of union Finance besides serving for three years in United Nations Development
Programme (UNDP), over seeing “livelihood-based” presently, Mr.B.B.VYAS is
working as Finance Secretary State Government of J & k. He is also holding directors
number of state-owned Corporation such as Jammu & state Power Development
Corporation Ltd., J & K Development, Jammu & Kashmir Industries Cement J & K
Handicrafts Development Corporation, Handlooms Development Corporation, J & K
Projects Corporation etc.

ASHOK KUMAR MEHTA

Mr. Ashok Kumar Mehta is the Executive Director of Organisation. Mr. Mehta has a
long standing association with the bank, dated to 1972 and has served bank’s
hierarchy in various of capacities as part of Bank’s Corporate Management Team in
course of his career with the bank, Mr. Mehta has also Chairman of Jammu Rural
Bank-a rural bank sponsored by J&K Bank. Mr. Mehta has been instrumental in
setting of joint insurance venture with Met Life International, USA played a key role
in forging ties with Bajaj Allianz Insurance Co. Ltd. for distribution of Non Life and
Life Insurance Products. He has pioneering work in initiating and implementing the
package under “Naye Subah” which incorporates new organisational setup and
procedures. His other areas of specialization include Finance and Financial Services,
Planning and development of Accounts and Estates.
ABDUL MAJID MIR

Mr. Abdul Majid Mir, Executive Director of Bank, more than 36 years of experience
in banking. Mr. Abdul Majid had held various important and senior positions in the
Bank and its corporate Management Team. He has special knowledge of practical
experience in the fields of Finance, Credit, Trade of Foreign Exchange, Treasury,
Corporate and Retail Deposits and Liability Management and Risk Management.

B.L.DOGRA

B.L.DOGRA is a Fellow Member of the institute Accountants of India and is also

Founder of M/S DOGRA as a practising firm of Chartered Accountants. Presently is
Director with our bank, Mr.Dogra has also served on the Directors of Punjab National
Bank and has also been the organiser of J & k chapter of Northern India. Mr.Dogra
has been associated with social and sports associations of the state a rich and varied
experience in the field of Banking and which has facilitated healthy rejuvenation in
the Bank’s working.
 THIRD PARTY PRODUCTS OF J&K BANK

• MUTUAL FUNDS

• INSURANCE

• CREDIT CARDS

• POINT OF SALE
Mutual Funds

Mutual Fund is an instrument of investing money. Nowadays, bank rates have fallen
down and are generally below the inflation rate. Therefore, keeping large amounts of
money in bank is not a wise option, as in real terms the value of money decreases over
a period of time.

One of the options is to invest the money in stock market. But a common investor is
not informed and competent enough to understand the intricacies of stock market.
This is where mutual funds come to the rescue.

A mutual fund is a group of investors operating through a fund manager to purchase a

diverse portfolio of stocks or bonds. Mutual funds are highly cost efficient and very
easy to invest in. By pooling money together in a mutual fund, investors can purchase
stocks or bonds with much lower trading costs than if they tried to do it on their own.

Also, one doesn't have to figure out which stocks or bonds to buy. But the biggest
advantage of mutual funds is diversification.

Diversification means spreading out money across many different types of

investments. When one investment is down another might be up. Diversification of
investment holdings reduces the risk tremendously.

On the basis of their structure and objective, mutual funds can be classified into
following major types:-

TYPES OF MUTUAL FUNDS:-

Closed-end funds;

A closed-end mutual fund has a set number of shares issued to the public through an
initial public offering.

Open-end funds;
Open end funds are operated by a mutual fund house which raises money from
shareholders and invests in a group of assets
Large cap funds;

Large cap funds are those mutual funds, which seek capital appreciation by investing
primarily in stocks of large blue chip companies

Mid-cap funds;

Mid cap funds are those mutual funds, which invest in small / medium sized
companies. As there is no standard definition classifying companies.

Equity funds;

Equity mutual funds are also known as stock mutual funds. Equity mutual funds
invest pooled amounts of money in the stocks of public companies.

Balanced funds;

Balanced fund is also known as hybrid fund. It is a type of mutual fund that buys a
combination of common stock, preferred stock, bonds, and short-term bonds.

Growth funds;

Growth funds are those mutual funds that aim to achieve capital appreciation by
investing in growth stocks.

No load funds;

Mutual funds can be classified into two types - Load mutual funds and No-Load
mutual funds.

Exchange traded funds;

Exchange Traded Funds (ETFs) represent a basket of securities that is traded on an

exchange, similar to a stock. Hence, unlike conventional mutual funds

Value funds;

Value funds are those mutual funds that tend to focus on safety rather than growth,
and often choose investments providing dividends as well as capital appreciation.

Money market funds;

A money market fund is a mutual fund that invests solely in money market
instruments. Money market instruments are forms of debt that mature in less than one
year and are very liquid.
International mutual funds;

International mutual funds are those funds that invest in non-domestic securities
markets throughout the world.

Regional mutual funds;

Regional mutual fund is a mutual fund that confines itself to investments in securities
from a specified geographical area, usually, the fund's local region.

Sector funds;

Sector mutual funds are those mutual that restrict their investments to a particular
segment or sector of the economy.

Index funds;

An index fund is a mutual fund or exchange-traded fund) that aims to replicate the
movements of an index of a specific financial market.

Fund of funds;

A fund of funds (FoF) is an investment fund that holds a portfolio of other investment
funds rather than investing directly in shares, bonds or other securities.
Mutual Funds of J&K Bank;

• J&K Bank has entered into tie-ups with reputed Asset Management
Companies for distribution of Mutual Fund products.

• Mutual Fund industry is one of the fastest growing segments in financial

services in India. Over the years, banks in India have emerged as the biggest
distributors of financial products. This has helped the J&K Bank to capture
and retain their huge client base and simultaneously adding a steady stream of
fee based income.

• Mutual Funds have become an attractive proposition for investors in the

current context and for J&K Bank it will be a good investment option to have
in our product portfolio. This shall be an important step towards converting
the bank branch into a financial supermarket addressing all the financial needs
of the customers thus helping the bank retain the customers within its fold

• Moreover the J&K Bank can augment its fee based income the Bank aims to
match to industry standards.
INSURANCE SERVICES:-

Insurance policies are a safeguard against the uncertainties of life. Insurance is system
by which the losses suffered by a few are spread over many, exposed to similar risks.
Insurance is a protection against financial loss arising on the happening of an
unexpected event. Insurance policy helps in not only mitigating risks but also
provides a financial cushion against adverse financial burdens suffered.

INTRODUCTION

Insurance is a contract between two parties, the insurer or the insurance company, and
the insured, the person seeking the cover. Within this contract, the insurer agrees to
pay the insurer for financial losses arising out of any unforeseen events or risk in
return for a regular payment of premium. Thus, these insurance plans are also called
as a Risk Cover Plans, which means to financially compensate for losses that occur
uncertainly through accident, illness, theft, natural disaster. As one can not fight
against these man-made and natural calamities, so at least be prepared for them and
their aftermath by taking insurance policies.

INSURANCE:- A KIND OF INVESTMENT

Insurance is an attractive option for investment but most people are not aware of its
advantages as an investment option.

Insurance also serves as an excellent tax saving mechanism. The Government of India
has offered tax incentives to life insurance products in order to facilitate the flow of
funds into productive assets.

Insurance Regulatory & Development Authority(IRDA)

Insurance Regulatory & Development Authority is regulatory and development

authority under Government of India in order to protect the interests of the
policyholders and to regulate, promote and ensure orderly growth of the insurance
industry.
Types of Insurance

Insurance policies cover the risk of life as well as other assets and valuables, such as,
home, automobiles and jewellery. On the basis of the risk they cover, insurance
policies can be classified into two categories:

• Life Insurance

• General /non-life Insurance.

As the term suggests, Life Insurance covers the risk involved in a person's life,
while General Insurance provides financial protection against unforeseen events,
like accident, flood, earthquake, disease, etc.

LIFE INSURANCE SERVICE OF J&K BANK;

In life insurance segment, the bank joined hands with MetLife International (USA)
and it culminated into the launch of MetLife India Insurance Company Private
Limited, which was incorporated in India on April 11, 2001. MetLife India is a joint
venture between MetLife International Holdings Inc., the J&K Bank, M. Pallonji and
Co. Private Limited and other small private investors. MetLife India is headquartered
in Bangalore

It is remarkable that MetLife International, headquartered in New York, is number

one insurer in the United States based on over US$ 2 trillion of life insurance in force
and serves approximately 9 million individual households in the U.S. as well as 87 of
the Fortune 100 companies. It has its affiliates, subsidiaries and representative offices
in 15 countries.

The bank is also Corporate Agent of MetLife and is marketing its products through its
strong branch network.

NON-LIFE INSURANCEOF J&K BANK;

The Bank has entered into an alliance with Bajaj Allianz to distribute their non-life
products.

These products are available at all branches of the bank across India.
About METLIFE:-

With over 137 years of experience, the MetLife companies serve millions
of customers in the Americas and Asia with one goal in mind – to build
financial freedom for everyone. The MetLife companies are a leader in
group benefits that serve 88 of the top one hundred FORTUNE 500®*
companies, and provide benefits to 37 million employees and family
members through its plans sponsors in the U.S. The MetLife companies
are also ranked #1 in group life and #1 in commercial dental in the U.S.
The MetLife companies are the number one life insurer in the U.S. with
approximately US $2.8 trillion of life insurance in force.

In India, MetLife was incorporated in 2001, and aims to differentiate itself

through customized need based selling, simple and innovative products,
and technology-backed service experience, to tread its path to build
financial freedom for everyone.

The equity holdings of the MetLife are divided as follows:-

MetLife: - 25%

J&K Bank: - 26%

M Pallonji Group: - 31%

Other strategic investors hold the remaining 18% equity; seven

shareholders in total

Product Details:-

No one can give you all the answers when it comes to dealing with life's
ups and downs. But insurance certainly equips one to deal with life better.
Following are the various products offered by MetLife to suit specific
needs of the consumers :
Accumulation

• Whole Life Policy

• Met 100- Limited Pay Whole life Non - Participating

• Met 100- Limited Pay Whole life Participating

• Endowment Policy

• MET Suvidha

• Money Back Policy

• Met Sukh Money Back Non Participating

• Met Bhavishya

Multi Purpose

• Met Smart Plus

• Met Smart Premier

• Met Smart Plus - Single Pay

• Met Smart Premier - Single Pay

Protection

• Met Suraksha - TROP

• Met Suraksha - TA

• Met-Mortgage Protector SP/Limited pay(MRTA)

Retirement

• MET Pension - Participating Deferred Annuity

• MET Advantage Plus

Add Ons

• Accidental Death Benefit (ADB)

• Term Rider

• Waiver Of Premium

• Critical Illness
CREDIT SERVICES

Customer Information | Investor Relations | Services

Global Access Card | Empowerment Credit Card | Merchant

Acquiring | User Guide

Global Access C

Empowerment Credit Charges

Customer Benefits

• 20-50 day Credit Free Period

• Revolving Credit Facility on paying of minimum payment due in the same

billing period.

• Hassle free credit facility at competitive rate of interest.

• Cash Withdrawal Facility upto 20% of total credit limits.

• Loyalty programme.

• 24 Hour Customer Assistance at JK Bank Helpdesk.

CREDIT CARDS;

Types of Cards

• Blue Empowerment Credit Card

• Silver Empowerment Credit card

• Gold Empowerment Credit Card

Acceptability

• All Merchant Establishments like shops who honour MasterCard™ Credit

Cards.
• All ATM's which accept MasterCard™ Credit Cards

Eligibility

FOR EMPLOYED:-

BLUE CREDIT CARD; up to 1.5lac/annum

SILVER CREDIT CARD; 1.5 to 2.5lac/annum

GOLD CREDIT CARD; above 2.5lac/annum

FOR BUSINESS MEN:-

BLUE CREDIT CARD; up to 2.5lac/annum

SILVER CREDIT CARD; 2.5 to 3.5lac/annum

GOLD CREDIT CARD; above 3.5lac/annum

Documentation

Income Proof

Address Proof

Identity Proof

Credit Limits

Blue Empowerment Credit Card- Upto Rs.25,000.00

Silver Empowerment Credit Card-Upto Rs.50,000.00

Gold Empowerment Credit Card-Upto Rs.1,00,000.00

Rate of Interest
2% per month

Late Fee

• Rs.100

Cash Withdrawal Charges

• 2% per month from date of Withdrawal along with transactional charges

Top Merchant Acquiring

Features

All types of Visa & MasterCard based cards Accepted.

Can Extend American Express Card Acceptance.

Quick Merchant Payment.

Merchant Helpdesk and Onsite Support.

Competitive Commission Rates.

No hidden Charges.

Charges

On time Installation Charges.

Commision on per transaction basis.

Documentation

Form is to be downloaded from net.

EXPERIENCE:-
During my Summer Training Project under J&K Bank I was assigned a job of
marketing of Credit cards of J&K bank. I was given full fledged training about the
overview of the product. The training was provided by our Project In charge Mr.
Rohit. He taught us how to motivate the people to purchase the product.

I was made to go in the market and sell the given product. My experience was good as
I got a chance to interact with people and to know about the market conditions and
challenges that the product and the Bank are facing.

I participated actively and persuaded people to get the product. I found that people are
very much eager to know about the new product. Many people got ready to invest in
the scheme but many were those who were not sure about the product and needed
some assurance and some have denied straightly.

So it was a good experience to get into the market and directly interact with people
and know about the market challenges that a person faces during the marketing of any
product.
POINT OF SALE SERVICE

INTRODUCTION

A POS service is now a days becoming a necessity. As people are making so much of
transactions that it is becoming hectic to carry a large amount of money from place to
place. But the POS has made the life easier as it has made the world more
globalized.It has introduced the idea of Plastic Money in the Globilised world.

People swaps and make the clearance by the help of POS service. It’s also a divine
gift to the business men as they are able to get more money transactions and in turn
getting more money.

Point of Sale Systems Buyer's Guide

1. Steps to follow to get the POS service

• POS Systems introduction.

• Need a POS system?

• Hospitality POS vs. retail POS systems.

• POS system basics.

• Point of sale equipment.

• POS hardware - other peripherals.

• Point of Sale Software

• POS Pricing & how to buy.

• POS service and support.

• Choosing a POS dealer.

• POS buying tips.

• Find a dealer.

2. Problems if any

One should get an in-depth explanation of how your potential POS system vendors
handle support.J&K bank will diagnose problems over the phone first many basic
problems can be solved this way.J&K bank have telephone support available 24 x 7,
while others are available only during business hours.

For problems that can not be solved over the phone, there are different options for
escalation. J&K bank usually have field service technicians who can come to one’s
location and make repairs. If they can not fix the problem on site, they are able to
provide loaner equipment that can keep one’s business running. Usually one can get a
guarantee that site repairs will happen with 24 hours.

If the salesman does not have field technicians - they will set up direct Internet access
to your system, so they can dial in and make changes remotely.

Also, J&K bank will send you a replacement component as soon as you call in with a
problem and then have you send the broken component to them for repair.

If you have many terminals, this is probably fine - you will get your new parts within
a day or two. For smaller business with only a few terminals, losing one for two days
may not be an option.

Choosing a POS dealer;

Because of the critical nature of a POS system, choosing a POS dealer is a big
decision - bigger in many ways than the actual hardware and software choices. Price
is an issue, but in many cases you get what you pay for, so it is worth doing your
research before committing to a POS dealer. Here are some ways to make sure that
your POS dealer is dedicated to and capable of supporting your business through any
problems you might have.

Table of Contents
• POS Systems introduction

• Need a POS system?

• Hospitality POS vs. retail POS systems.

• POS system basics.

• Point of sale equipment.

• POS hardware - other peripherals.

• Point of Sale Software

• POS Pricing & how to buy.

• POS service and support.

• Choosing a POS dealer.

• POS buying tips.

• Find a dealer.

After AXIS bank its J&K bank who provide better POS service in J&K state.
Thus people can opt for J&K Bank or AXIS bank for POS service.

Support
As discussed here, customer support is critical to the success of a POS installation.
Make sure you know exactly what your POS dealer provides in terms of response
times, replacement policies, and telephone support. This is the single most important
aspect of a POS purchasing decision.

But opting for J&K bank’s service can be a right decision to be taken for POS service.
As J&K bank is providing better facilities for the merchants to enjoy.

Installation
Installation is done by the J&K bank it self. Marketing salesmen have to motivate
merchants to install the machine. After persuading them an agreement is to be filled.
If the merchant is not having a bank account in the J&K bank then he has to fill an
another form of current account and then the whole documents are submitted in the
main branch of the bank and then the further procedure is done by the bank itself.

After 15 days of gap the POS machine is installed by the engineers at the given place.

Facilities

Visiting POS dealers' facilities can be a great way to get a sense of their operation.
One should be able to check out their repair shop and get a sense of how busy they
are.. Depending on your support needs, proximity may or may not be important to you
- if you plan to rely on telephone support and shipping components back for repair, it
will not matter, but if you expect field technicians to come to you, distance from the
vendor can be a factor.

The J&K bank is providing following services;

• It’s providing free service for first 3 months.

• Bank is charging 1.3% commission per swap.
• It allows every card to be swaped through POS machine.
• It charges 250 Rs per month after first 3 months if transaction is not up to
45,000 Rs per month.

Demonstrations

Nothing gives a better sense of how easy a system is to use than trying it yourself.
Some vendors do on-site demos, which gives you the added advantage of being able
to see how the hardware looks in your location. Others will invite you to try the
system in their office, which gives you that facilities tour we discussed. Either way,
an in-person demo is strongly recommended if you are unfamiliar with POS systems.

But J&K bank is not providing such on-site or live demos. The bank is providing
some brochures, forms and agreements, they are to be filled and agreement is made to
enjoy the service. The Bank sends its marketing people in the market and these people
makes the merchant to understand that actually what is POS service, how it will affect
your business and you will get the gains in your business e.t.c.

References

Another familiar way to investigate POS dealers for your business is to ask for
references to other customers - make sure to ask for references that are in business
similar to yours. Of course, you will be referred to the vendor's most satisfied
customers, but you can still learn quite a bit from them. Here are some sample
questions to ask the references:

How has the POS system influenced your business that you do?

What do you wish you had done differently?

Have you needed any support or repairs? How did the vendor respond?

Do you know of any one else who uses this system? This can get you additional
references to speak to, some of whom might be more candid.

If you had to say one negative thing about the system/dealer, what would it be?

Do not be afraid to ask for a reference that dislikes the dealer, as well. Every business
has dissatisfied customers from time to time, and you can certainly learn from them.

Return policies

J&K bank offer warranties that will enable you to get repairs or replacements for any
equipment failures, but returning equipment is more difficult. J&K Bank may allow
you to exchange individual pieces of hardware for others, but some may not accept
returns at all. Again, make sure you understand these policies before you sign a
contract.

POS buying tips

Point of Sale Systems Buyer's Guide

• Make sure you think through all of your special discounts and promotions
before making a purchase. Those unusual programs can be difficult to
accommodate in some software, so make sure you do the research.

MAINTAINANCE
As with any computer systems, backups are important. Talk to the bank about
creating automated backup schedules.

Do not use your POS computers for anything other than POS. Especially resist the
temptation to connect them to the Internet and use them for web browsing or email.

Preventative maintenance can be important. Simply vacuuming out the cases and
lubing and cleaning printers can extend their lives considerably.

If you have a little bit of computer ability and think you might be able to put a POS
system together yourself… that is probably a very bad idea. POS systems have to be
much more robust than regular systems, and the issues that can crop up are very
specific to POS.

Most major POS software publishers provide some sort of demo on their web sites –
many even provide a full working version of the software either as a download or on
CD. Using the software on your own can help you evaluate the ease of use and judge
how stable and/or buggy the software is.

So one should make sure that one has to inquire about the bank and its POS service
but J&K bank is providing most reliable services.

OBJECTIVES OF THE STUDY

 • To know what are third party products.

• To review the third party products/services undertaken by the bank.

• To be knowledged about the level of expectations of any customer about any

particular third party product.

• To analyse what motivates people to buy third party products.

• To analyse the dissatisfaction among people for any third party product of
J&K bank.

• To analyse the marketing strategies of J&K bank.

• To analyse the market challenges that bank is facing.

SCOPE OF THE STUDY:-

• To improve the Third Party Product services of the bank.

• To make the bank able to face the market challenges.

• To know about their competitors.

• To increase the customer satisfaction.

• To increase the good will of the bank.

Research Methodology
Research Methodology is a science of studying how research is done scientifically. It
is way to systematically solve the research problem by logically adopting various
steps. Methodology helps to understand not only the products but the process itself. It
aims to describe and analyse methods, through light on their limitations and
procedures and resources, clarify their presuppositions and potentialities to the
twilight zone at the ‘frontiers of knowledge’.
Research is an art of scientific investigation. It is the systematic investigation on order
to find out facts and solution of a particular problem. It is the “Search for Knowledge”
By adopting proper method of research we can easily find our Solution and can
achieve our objectives easily.
Research methodology is the systematic way to solve the research problem. This
research methodology has helped in assessing the finding & result for this purpose a
let of information was needed.

Research Design
The mode of the research was the exploratory i.e goal oriented or target oriented.
Sample Size 100
Collection of data
Primary data:
Pry. Data is collected through personal interviews, questionnaires, telephonic
conversations, by doing swot analysis.
A survey was conducted on the different categories of people to study the level of
awareness of products and schemes offered by the bank.
The main research instrument with the help of which survey was undertaken was
questionnaire. The questionnaire contains a set of open-end questions through which
information was collected.
A sample of 100 people was taken to conduct the survey. The people belong to
different occupations.
Occupation Percentage
Businessman 20%
Service class 45%
Professionals 35%
ANALYSIS AND INTERPRETATION:-
On conducting survey on Third Party Products of J&K Bank following data was
concluded

1. Are you aware of different credit cards offered by J&K Bank?

yes
no

Where
70% -- Aware
30% -- Unaware

Here we conclude that most of the people are aware of different credit cards offered
by the bank.

2. Which card you prefer?

 Blue Empowerment
Card
Silver Emowerment
Card
Gold Empowerment
Crad

Where
Blue Empowerment Card -- 60%
Silver Empowerment Card – 30%
Gold Empowerment Card – 10%

Here we conclude that preference of Credit Cards goes in this order:

Blue Empowerment Card>Silver Empowerment Card >Gold Empowerment Card

3. Are you finding any difficulty while using credit cards?

 Yes
No

Where
20% said YES
And 80% said NO

Here we conclude that most of the customers are not finding any difficulty while
using credit cards.

4. Does the company solves your problem or queries in time?

 Yes
No

Where

75% are satisfied with the query handling &

25% are unsatisfied.

5. How would you rate the Interest Rates charged by J&K Bank
on credit cards?
 High
Medium
Low
Competitive

Where ratings were like this:

High – 5%
Medium – 30%
Low – 15%
Competitive – 50%

Here we conclude that the rating goes in this way;

Competitive>Medium>Low>High
6. Are you satisfied with the bank’s delivery of statement of your
bills?

Yes
No

Where
70% -- Satisfied
30% -- Not Satisfied

7. How would you rate credit card services provided by J&K

Bank?
 Excellent
Good
Average
Below Average

Where
Excellent --- 15%
Good --- 35%
Average --- 45%
Below Average --- 5%

Here we conclude that rating given by the people goes in the order:

Average>Good>Excellent>Below Average

8. Are you using MUTUAL FUNDS services provided by J&K

bank?
 Yes
No

Where
60%---- Yes
20%---- No

9. Are you satisfied with the timely information of the Mutual

Funds that the bank provided?
 Yes
No

Where
75% are Satisfied &
25% are Unsatisfied.

Here we conclude that majority people are satisfied with the information provided by
the bank about Mutual Funds.

10. Do you find any difficulty while the purchase of Mutual

Funds?
 Yes
No

Where 5% said Yes

And 95% said No

Here we conclude that majority of the people find it easy to purchase Mutual
Funds.
 11. Do you get easy and required information from the toll free
numbers financed by the Mutual Funds provider?

Yes
No

Where
65% said Yes
& 35% said No

12.Do you get the timely feedback for the money you have
invested in Mutual Funds?
 Yes
No

Where
70%--- Yes
& 30%--- No

Here we conclude that information provision by the bank is good but still there are
chances for improvement.

13.Are you satisfied with the services of the J&K Bank in terms of
query handling of Mutual Funds?
 Yes
No

Where
80% said Yes
& 20% said No

Here we conclude that most of the people were satisfied but still there needs a
proper query handling.

14. J&K Bank’s Insurance policy preferred by people?

 Met Smart Plus
Met Smart Gold
Met Suvidha
Met Sukh
Met Smart Saver

Where
Met Smart Plus = 40%
Met Smart gold = 30%
Met Suvidha = 12%
Met Sukh = 10%
Met Smart Saver = 8%

Here we conclude that the preference of Insurance goes in the order:

Met Smart plus>Met Smart gold>Met Suvidha> Met Sukh>Met Smart Saver.

15.Are you satisfied by the type of insurance product/packages

provided by J&K Bank?
 Yes
No

Where
95% were Satisfied
& 5% were Unsatisfied

Here we conclude that majority of people were satisfied by Insurance products of

J&K Bank

16.How would you rate the services or assistance provided by

J&K bank as an agent?
 Excellent
Good
Average
Below Average

Where
Excellent – 10%
Good – 56%
Average – 33%
Below Average – 1%
Here we conclude that the rating of J&K Bank as an Agent goes like this:
Good>Average>Excellent>Below Average.

17.Are you satisfied with growth generated by the policy that you
have?
 Yes
No

Where
90% said Yes
& 10% said No

Here we conclude that majority of the policyholders were satisfied with the growth of
their policy.

SUGGESTIONS

• Bank should have proper department or person who has complete

knowledge & information about mutual funds.
 • There should be improvement in the toll free numbers financed by the
mutual fund provider.

• Bank need to create good & efficient customer care centre for credit card
holders.

• Bank need to improve timely delivery of customer bills

• They are focused on getting new business but they should also focus on
existing customer service.

CONCLUSION

Thus from the above inferences we get the following conclusion:-

 • Credit service is most preferable Third Party Product service of J&K Bank
that is enjoyed by the citizens of the state. But the other services should
also be stressed on so as to make them up to the mark.

• People had rate the card service as good that means that there is more
customer satisfaction for card service

• Most people had rated interest rate charged on credit card by J&k Bank as
competitive.

• Most of people are satisfied by the timely information of the mutual funds that
the bank provided.

• Most of people are satisfied by the toll free nos but still there is need of
improvement in this service to increase more customer satisfaction.

• In case of Insurance service provided by the bank most of the people have
taken Met Smart plus plan and Met smart gold. So there is neeed of
improvement in other policies provided by the bank by making various
marketing strategies.

• Most of people had rate the service provided by J&K bank as an agent as
good that means customer are satisfied by Insurance service
CUSTOMER SATISFACTION IN THIRD PARTY SERVICES OF
J&K BANK

QUESTIONNAIRE

AGE: ____________________

PROFESSION: ____________________

QUALIFICTION: ________________________________

SEX: ____________________

INCOME (annually) _________________________________

1. Are u aware of the different credit card offered by J&K bank?

Yes Insura No

2. Which card will you prefer?

Blue empowerment card Silver empowerment card

Gold empowerment card

3. Are you finding any difficulty while using credit card, if yes give any
instance?
_________________________________________________________________
_________________________________________________________________

4. Does the company solve your problems or queries in time?

Yes No

5. How would you rate the interest rate charged by J&K Bank on credit cards?

High Low

Medium Competitive
6. Are you satisfied with the Bank delivery of statement of ur bills?

Yes No

7. How would you rate credit card services provided by J&K Bank?

Excellent Good

Average Below average

Your Suggestion about credit card if any?

8. Are you using mutual fund services provided by J&K Bank?

Yes No

9. Are you satisfied with the timely information of the Mutual Funds that the bank
provided?

Yes No

10. Do you find any difficulty while the purchase of Mutual Funds?

Yes No

11. Do you get easy and required information in the toll-free nos financed by the
mutual fund provider?

Yes No

12. Do you get the timely feed back for the money you have invested in mutual
funds?

Yes No
13. Are you satisfied with the services of the J&K bank in terms of query handling
of Mutual Funds ?

Yes No

Your suggestion about Mutual Funds ?

_______________________________________________________________

14. Have you taken any insurance policy from J&K bank, if yes specify the name
which policy you have taken?

_________________________________________________________________

15. Are you satisfied by the type of insurance product/packages provided?

16. How would you rate the services or assistance provided by J&K bank as an
agent?

Excellent Good

Average Below average

17. Are you satisfied with the growth generated by the policy that you have?

Yes No

Your suggestion about MetLife ?

_______________________________________________________________

BIBLOGRAPHY

• www.jkbank.net
• www.google.com

• Marketing Management ---- By: Philip Kotler.

• Research Methodology ---- By: Kothari