A summer training Project Report On

MOTIVATIONAL CLIMATE AND JOB ATI !ACTION A

PREDICTOR O! PER!ORMANCE IN A PRIVATE OR"ANI#ATION$ At

ICICI Ban% Limite&

u'mitte& B() !ara* Na+

M.B.A -3rd Semester Enrollment No- ,-./-0,,12 In partia3 4u34i33ment o4 t*e re5uirement 4or t*e Master o4 Business A&ministration .,,-6.,11

ri Ram co33ege O4 Management in mu+a44arnagar789P:

AC;NO<LED"EMENT
I take the opportunity to express my gratitude to all the concerned people who ha e directly or indirectly contri!uted towards completion o" this pro#ect. I extend my sincere gratitude $owards I%I%I Bank &td. "or pro iding the opportunity and resources to work on this pro#ect.

I am extremely grate"ul to Mr. Santosh ' Singh( %hannel Manager I%I%I Bank &td. "or his guidance and in alua!le ad ice during the pro#ects. I would also like to thank )* "aculty mem!er-AIMA-%ME( Mr. *.'.singh whose insight encouraged us to go !eyond the scope o" the pro#ect and this !roadened our learning on this pro#ect. I must thank the employees o" I%I%I Bank "or their support and alua!le contri!ution in pro iding the re+uired data.. $hanks are also due to my "riends( my parents who pro ided use"ul comments( suggestions( and support in reali,ing the dissertation and processing the report..

-A*A) NA.

DECLARATION
$his is to here!y declare that the work that "orms the !asis o" the pro#ect work 0M1$I2A$I1NA& %&IMA$EAN3 41B SA$IS-A%$I1N AS 5*E3I%$1*S 1- 5E*-1*MAN%E IN A 5*I2A$E 1*6ANI.A$I1N 7== is original work carried out !y me and has not !een su!mitted anywhere else "or the award o" any degree. I "urther declare that all sources o" in"ormation and data are "ully acknowledged in the pro#ect report.

-A*A) NA.

PRE!ACE
8

$he glo!al economy o" the day has endangered the sur i al o" e ery organi,ation and in particular those who want to ha e a competiti e edge o er the others. In the present era o" competition the 9+uality ser ice re olution: is occurring around the world. $he competiti e edge may !e a distant dream in the a!sence o" Superior ;uality 5roducts and ser ices which otherwise is the "unction o" well-trained employees or human resources. $he product deli ery is contingent upon perception o" employee has o" the organi,ation( his moti ational le el and #o! satis"action. 5ositi e attitude towards work leads to higher producti ity. .1rgani,ational climate interacts with indi idual personality in in"luencing #o! satis"action and per"ormance.. $hus human resources ha e to !e used care"ully so that they gi e their !est per"ormance and !etter product deli ery and in competiti e era9

TABLE O! CONTENT
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PART A

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Executi e Summary %ompany 5ro"ile

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PART B

3. Introduction to $opic

>?-?= ?/ ?3-?< ?@-A@ A> A? AA =BB =B= =B/-=B8

8. 1!#ecti e 1" Study <. *esearch Methodology @. 3ata Analysis >. -indings ?. %onclusion A. &imitation =B. *ecommendation ==9 Bi!liography =/. Appendices

5A*$ A

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E>EC8TIVE 8MMAR?
$he o!#ecti e o" the study is to analy,e the actual recruitment process in $he Aryans 6roups. and to e aluate how "ar these processes con"irm to the purposes underlying the operational aspects o" the industry. )ow "ar the process is accepted !y itC $he study on recruitment highlights the need o" recruitment in Icici Bank &td. )uman resource is a most alua!le asset in the 1rgani,ation. 5ro"ita!ility o" the 1rgani,ation depends on its utili,ation. I" their utili,ation is done properly 1rgani,ation will make pro"it otherwise it will make loss. I" a good dancer appointed as a %hie" Executi e 1""icer o" a %ompany( he may not run the !usiness. So right man should !e procured at right place in right time( otherwise their proper utili,ation may not !e done. $o procure right man at right place in right time( some in"ormation regarding #o! and #o! doer is highly essential. $hese in"ormation are o!tained through 4o! Analysis( 4o! 3escriptions( 4o! Speci"ications. Icici Bank &td. procure manpower in a ery scienti"ic manner . It gets in"ormation !y use o" these important documents like 4o! Analysis( 4o! 3escriptions and 4o! Speci"ications. Dithout these recruitment may !e unsuccess"ul.

COMPAN? PRO!ILE
I%I%I Bank started as a wholly owned su!sidiary o" I%I%I &imited( an Indian "inancial institution( in =AA8. -our years later( when the company o""ered I%I%I BankEs shares to the pu!lic( I%I%IEs shareholding was reduced to 8@F. In the year /BBB( I%I%I Bank o""ered made an e+uity o""ering in the "orm o" A3*s on the New Gork Stock Exchange HNGSEI( there!y !ecoming the "irst Indian company and the "irst !ank or "inancial institution "rom non-4apan Asia to !e listed on the NGSE. In the next year( it ac+uired the Bank o" Madura &imited in an all-stock amalgamation. &ater in the year and the next "iscal year( the !ank made secondary market sales to institutional in estors. Dith a change in the corporate structure and the !udding competition in the Indian Banking industry( the management o" !oth I%I%I and I%I%I Bank were o" the opinion that a merger !etween the two entities would pro e to !e an essential step. It was in /BB= that the Boards o" 3irectors o" I%I%I and I%I%I Bank sanctioned the amalgamation o" I%I%I and two o" its wholly-owned retail "inance su!sidiaries( I%I%I 5ersonal -inancial Ser ices &imited and I%I%I %apital Ser ices &imited( with I%I%I Bank. In the "ollowing year( the merger was appro ed !y its shareholders( the )igh %ourt o" 6u#arat at Ahmeda!ad as well as the )igh %ourt o" 4udicature at Mum!ai and the *eser e Bank o" India.

PRE ENT CENARIO I%I%I Bank has its e+uity shares listed in India on Bom!ay Stock Exchange and the National Stock Exchange o" India &imited. 1 erseas( its American 3epositary *eceipts HA3*sI are listed on the New Gork Stock Exchange HNGSEI. As o" 3ecem!er 3=( /BB?( I%I%I is IndiaEs second-largest !ank( !oasting an asset alue o" *s. 3(>88.=B !illion and pro"it a"ter tax *s. 3B.=8 !illion( "or the nine months( that ended on 3ecem!er 3=( /BB?.

ICICI Ban% is IndiaEs second-largest !ank with total assets o" *s. 3(88@.<? !illion HJSK >A !illionI at March 3=( /BB> and pro"it a"ter tax o" *s. 3=.=B !illion "or "iscal /BB>. I%I%I Bank is the most alua!le !ank in India in terms o" market capitali,ation and is ranked

third amongst all the companies listed on the Indian stock exchanges in terms o" "ree "loat market capitali,ation. $he Bank has a network o" a!out A<B !ranches and 3(3BB A$Ms in India and presence in => countries. I%I%I Bank o""ers a wide range o" !anking products and "inancial ser ices to corporate and retail customers through a ariety o" deli ery channels and through its speciali,ed

su!sidiaries and a""iliates in the areas o" in estment !anking( li"e and non-li"e insurance( enture capital and asset management. $he Bank currently has su!sidiaries in the Jnited 'ingdom( *ussia and %anada( !ranches in Singapore( Bahrain( )ong 'ong( Sri &anka and 3u!ai International -inance %entre and representati e o""ices in the Jnited States( Jnited Ara! Emirates( %hina( South A"rica( Bangladesh( $hailand( Malaysia and Indonesia. 1ur J' su!sidiary has esta!lished a !ranch in Belgium. I%I%I BankEs e+uity shares are listed in India on Bom!ay Stock Exchange and the National Stock Exchange o" India &imited and its American 3epositary *eceipts HA3*sI are listed on the New Gork Stock Exchange HNGSEI. I%I%I Bank is IndiaEs second-largest !ank. $he Bank has a network o" a!out <>3 !ranches and extension counters and o er /(BBB A$Ms. I%I%I Bank was originally promoted in =AA8 !y I%I%I &imited( an Indian "inancial institution( and was its wholly- owned su!sidiary.

=B

I%I%I was "ormed in =A<< at the initiati e o" the Dorld Bank( the 6o ernment o" India and representati es o" Indian industry. $he o!#ecti e was to create a de elopment "inancial institution "or pro iding medium-term and long-term pro#ect "inancing to Indian !usinesses. In the =AABs( I%I%I trans"ormed its !usiness "rom a de elopment "inancial institution o""ering only pro#ect "inance to a di ersi"ied "inancial ser ices group o""ering a wide ariety

o" products and ser ices( !oth directly and through a num!er o" su!sidiaries and a""iliates like I%I%I Bank. In =AAA( I%I%I !ecome the "irst Indian company and the "irst !ank or "inancial institution "rom non-4apan Asia to !e listed on the NGSE. In /BB=( I%I%I !ank ac+uired Bank o" Madura &imited. I%I%I Bank set up its international !anking group in "iscal /BB/ to cater to the cross !order needs o" clients and le erage on its domestic !anking strengths to o""er products internationally. I%I%I Bank currently has su!sidiaries in the Jnited 'ingdom( %anada and *ussia( !ranches in Singapore and Bahrain and representati e o""ices in the Jnited States( %hina( Jnited Ara! Emirates( Bangladesh and South A"rica. $oday( I%I%I Bank o""ers a wide range o" !anking products and "inancial ser ices to corporate and retail customers through a ariety o" deli ery channels and through its

specialised su!sidiaries and a""iliates in the areas o" in estment !anking( li"e and non-li"e insurance( enture capital and asset management.

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@istor( o4 ICICI I%I%I Bank was originally promoted in =AA8 !y I%I%I &imited( an Indian "inancial institution( and was its wholly-owned su!sidiary. I%I%IEs shareholding in I%I%I Bank was reduced to 8@F through a pu!lic o""ering o" shares in India in "iscal =AA?( an e+uity o""ering in the "orm o" A3*s listed on the NGSE in "iscal /BBB( I%I%I BankEs ac+uisition o" Bank o" Madura &imited in an all-stock amalgamation in "iscal /BB=( and secondary market sales !y I%I%I to institutional in estors in "iscal /BB= and "iscal /BB/. I%I%I was "ormed in =A<< at the initiati e o" the Dorld Bank( the 6o ernment o" India and representati es o" Indian industry. $he principal o!#ecti e was to create a de elopment "inancial institution "or pro iding medium-term and long-term pro#ect "inancing to Indian !usinesses. In the =AABs( I%I%I trans"ormed its !usiness "rom a de elopment "inancial institution o""ering only pro#ect "inance to a di ersi"ied "inancial ser ices group o""ering a wide ariety o" products and

ser ices( !oth directly and through a num!er o" su!sidiaries and a""iliates like I%I%I Bank. In =AAA( I%I%I !ecome the "irst Indian company and the "irst !ank or "inancial institution "rom non-4apan Asia to !e listed on the NGSE. A"ter consideration o" arious corporate structuring alternati es in the context o" the

emerging competiti e scenario in the Indian !anking industry( and the mo e towards uni ersal !anking( the managements o" I%I%I and I%I%I Bank "ormed the iew that the

merger o" I%I%I with I%I%I Bank would !e the optimal strategic alternati e "or !oth entities( and would create the optimal legal structure "or the I%I%I groupEs uni ersal !anking strategy.

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$he merger would enhance

alue "or I%I%I shareholders through the merged entityEs access

to low-cost deposits( greater opportunities "or earning "ee-!ased income and the a!ility to participate in the payments system and pro ide transaction-!anking ser ices. $he merger would enhance alue "or I%I%I Bank shareholders through a large capital !ase

and scale o" operations( seamless access to I%I%IEs strong corporate relationships !uilt up o er "i e decades( entry into new !usiness segments( higher market share in segments( particularly "ee-!ased ser ices( and access to the su!sidiaries. In 1cto!er /BB=( the Boards o" 3irectors o" I%I%I and I%I%I Bank appro ed the merger o" I%I%I and two o" its wholly-owned retail "inance su!sidiaries( I%I%I 5ersonal -inancial Ser ices &imited and I%I%I %apital Ser ices &imited( with I%I%I Bank. $he merger was appro ed !y shareholders o" I%I%I and I%I%I Bank in 4anuary /BB/( !y the )igh %ourt o" 6u#arat at Ahmeda!ad in March /BB/( and !y the )igh %ourt o" 4udicature at Mum!ai and the *eser e Bank o" India in April /BB/. %onse+uent to the merger( the I%I%I groupEs "inancing and !anking operations( !oth wholesale and retail( ha e !een integrated in a single entity. 1-AA $he Industrial %redit and In estment %orporation o" India &imited HI%I%II incorporated at the initiati e o" the Dorld Bank( the 6o ernment o" India and representati es o" Indian industry( with the o!#ecti e o" creating a de elopment "inancial institution "or pro iding medium-term and long-term pro#ect "inancing to Indian !usinesses. Mr.A.*amaswami Mudaliar elected as the "irst %hairman o" I%I%I &imited arious !usiness

ast talent pool o" I%I%I and its

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I%I%I emerges as the ma#or source o" "oreign currency loans to Indian industry. Besides "unding "rom the Dorld Bank and other multi-lateral agencies( I%I%I also among the "irst Indian companies to raise "unds "rom International markets. 1-AB I%I%I declared its "irst 3i idend at 3.<F. 1-AC Mr.6.&.Mehta was appointed the /nd %hairman o" I%I%I &td. 1-B, I%I%I !uilding at =@3( Back!ay *eclamation was inaugurated. 1-B1 $he "irst Dest 6erman loan o" 3M < million "rom 'redianstalt was o!tained !y I%I%I. 1-B0 I%I%I made its "irst de!enture issue "or *s.@ crore( which was o ersu!scri!ed. 1-B-irst two regional o""ices in %alcutta and Madras were opened. 1-0. Second entity in India to set-up merchant !anking ser ices. Mr. ). $. 5arekh appointed as the third %hairman o" I%I%I.

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1-00 I%I%I sponsors the "ormation o" )ousing 3e elopment -inance %orporation. Managed its "irst e+uity pu!lic issue 1-0C Mr. 4ames *a# appointed as the "ourth %hairman o" I%I%I. 1-0Mr.Siddharth Mehta appointed as the "i"th %hairman o" I%I%I. 1-C. Becomes the "irst e er Indian !orrower to raise European %urrency Jnits. I%I%I commences leasing !usiness. 1-C/ Mr. S. Nadkarni appointed as the sixth %hairman o" I%I%I. 1-CA Mr.N.2aghul appointed as the se enth %hairman and Managing 3irector o" I%I%I. 1-CB I%I%I "irst Indian Institution to recei e A3B &oans. -irst pu!lic issue !y an Indian entity in the Swiss %apital Markets. I%I%I along with J$I sets up %redit *ating In"ormation Ser ices o" India &imited( H%*ISI&I IndiaEs "irst pro"essional credit rating agency.

=<

I%I%I promotes Shipping %redit and In estment %ompany o" India &imited. HS%I%II $he %orporation made a pu!lic issue o" Swiss -ranc >< million in Swit,erland( the "irst pu!lic issue !y any Indian e+uity in the Swiss %apital Market. 1-C0 I%I%I signed a loan agreement "or Sterling 5ound =B million with %ommonwealth 3e elopment %orporation H%3%I( the "irst loan !y %3% "or "inancing pro#ects in India. 1-CC I%I%I promotes $3I%I - IndiaEs "irst enture capital company. 1--2 I%I%I sets-up I%I%I Securities and -inance %ompany &imited in #oint Morgan. I%I%I sets up I%I%I Asset Management %ompany. 1--/ I%I%I sets up I%I%I Bank. 1--B I%I%I !ecomes the "irst company in the Indian "inancial sector to raise 63*. I%I%I announces merger with S%I%I. Mr.'.2.'amath appointed the Managing 3irector and %E1 o" I%I%I &td enture with 4. 5.

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1--0 I%I%I was the "irst intermediary to mo e away "rom single prime rate to three-tier prime rates structure and introduced yield-cur e !ased pricing. $he name 7$he Industrial %redit and In estment %orporation o" India &imited: was changed to 7I%I%I &imited7. I%I%I announces takeo er o" I$% %lassic -inance. 1--C Introduced the new logo sym!oli,ing a common corporate identity "or the I%I%I 6roup. I%I%I announces takeo er o" Anagram -inance. 1--I%I%I launches retail "inance - car loans( house loans and loans "or consumer dura!les. I%I%I !ecomes the "irst Indian %ompany to list on the NGSE through an issue o" American 3epositary Shares. .,,, I%I%I Bank !ecomes the "irst commercial !ank "rom India to list its stock on NGSE. I%I%I Bank announces merger with Bank o" Madura. .,,1 $he Boards o" I%I%I &td and I%I%I Bank appro ed the merger o" I%I%I with I%I%I Bank.

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.,,. MoodysE assign higher than so ereign rating to I%I%I. Merger o" I%I%I &imited( I%I%I %apital Serc ices &td and I%I%I 5ersonal -inancial Ser ices &imited with I%I%I Bank. BOARD MEMBER 19 O! ICICI

Mr9 N9 Vag*u3D C*airman

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Mr9 ;9V9 ;amat*D Managing Director E CEO

29

Ms9 C*an&a ;oc**arD Deput( Managing Director

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Dr9 Nac*i%et MorD Deput( Managing Director

A9

Ms9 Ma&*a'i Puri6Buc*D EFecutiGe Director

B9

Mr9 V9 Vai&(anat*anD EFecutiGe Director

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BOARD COMMITTEE

Boar& "oGernance E Remuneration Au&it Committee Committee Mr. Mr. Sridar Narendra Iyengar Mr. Murkum!i Mr. Mr. Mr. M. 5. N. Anupam '. M. Sharma Sinha 2aghul 5uri

Mr. M. '. Sharma

5ro". Marti 6. Su!rahmanyam Customer Mr. Mr. Mr. Mr. erGice Committee N. Narendra M.'. 5.M. Cre&it Committee N. Narendra M 5. 2aghul Murkum!i .'. M. Sharma Sinha

2aghul Mr. Murkum!i Mr. Sharma Mr. Sinha Mr.

Mr. '. 2. 'amath !rau& Monitoring Committee Mr. Mr. Mr. Ms. M. Narendra '. 2. 3. '.

Mr. '. 2. 'amath Ris% Committee N. Sridar Marti 2. 6. 5rem 2aghul Iyengar Su!rahmanyam Datsa

Sharma Mr. Mr. 5ro".

Murkum!i 'amath

%handa

'ochhar Mr.

Mr. 2. 2aidyanathan

Mr. '. 2. 'amath

=A

*are

Trans4er

E Asset6Lia'i3it( Management Committee

*are*o3&ersHI

InGestorsH

"rieGance Committee Mr. Mr. Ms. M. '. Sharma Ms. Murkum!i 3r. 3. 'ochhar Ms. %handa Nachiket Madha!i 3. 'ochhar Mor 5uri-Buch

Narendra %handa

Ms. Madha!i 5uri-Buch Committee o4 Directors Mr. Ms. 3r. Ms. '. %handa 2. 3. 'amath 'ochhar Mor 5uri-Buch

Mr. 2. 2aidyanathan

Nachiket Madha!i

Mr. 2. 2aidyanathan

ICICI BAN; "RO8P

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/=

ICICI LOMBARD ICICI Lom'ar& 6eneral Insurance %ompany &imited is a >8L/@ #oint enture !etween I%I%I

Bank &imited and the %anada !ased K /@ !illion -air"ax -inancial )oldings &imited. I%I%I Bank is IndiaEs second largest !ankM while -air"ax -inancial )oldings is a di ersi"ied "inancial corporate engaged in general insurance( reinsurance( insurance claims management and in estment management. &om!ard %anada &td( a group company o" -air"ax -inancial )oldings &imited( is one o" %anadaEs oldest property and casualty insurers. I%I%I &om!ard 6eneral Insurance %ompany recei ed regulatory appro als to commence general insurance !usiness in August /BB=. ICICI PR8DENTIAL LI!E IN 8RANCE COMPAN? Esta!lished in &ondon in =?8?( 5rudential plc( through its !usinesses in the J'( JS and Asia( pro ides retail "inancial ser ices products and ser ices to more than /= million customers( policyholders and unit holders worldwide with o er JSK8BB Has o" 3=st 3ecem!er( /BB<I !illion in "unds under management. 5rudential employs some /3(BBB sta"" worldwide. In Asia( 5rudential has li"e insurance and "unds management operations across twel e countries - %hina( )ong 'ong( India( Indonesia( 4apan( 'orea( Malaysia( the 5hilippines( Singapore( $aiwan( $hailand and 2ietnam. 5rudential has championed customer-centric products and ser ices "or o er ?B years( supported !y an extensi e etwork o" o er =8<(BBB sta"" and agents across the region I%I%I Bank is IndiaEs second-largest !ank with total assets o" a!out *s. /(<=3.?A !n HJSK <@.3 !nI at March 3=( /BB@ and pro"it a"ter tax o" *s. /<.8B !n HJSK <@A mnI "or the year ended March 3=( /BB@ H*s. /B.B< !n HJSK 88A mnI "or the year

//

ended March 3=( /BB<I. I%I%I Bank has a network o" a!out @=8 !ranches and extension counters and o er /(/BB A$Ms. I%I%I Bank o""ers a wide range o" !anking products and "inancial ser ices to corporate and retail customers through a ariety o" deli ery channels and through its speciali,ed

su!sidiaries and a""iliates in the areas o" in estment !anking( li"e and non-li"e insurance( enture capital and asset management. I%I%I Bank set up its international !anking group in "iscal /BB/ to cater to the cross !order needs o" clients and le erage on its domestic !anking strengths to o""er products internationally. I%I%I Bank currently has su!sidiaries in the Jnited 'ingdom( *ussia and %anada( !ranches in Singapore( Bahrain( )ong 'ong( Sri &anka and 3u!ai International -inance %entre and representati e o""ices in the Jnited States( Jnited Ara! Emirates( %hina( South A"rica and Bangladesh. 1ur J' su!sidiary has esta!lished a !ranch in Belgium. I%I%I Bank is the most market capitali,ation. ICICI Pru&entia3 Asset Management Compan( ICICI Pru&entia3 Asset Management Compan( en#oys the strong parentage o" 5rudential plc( one o" J'Es largest players in the insurance & fund management sectors and I%I%I Bank( a well known and trusted name in "inancial ser ices in India. ICICI Prudential Asset Management Company, in a span o" #ust o er eight years( has "orged a position o" preeminence in the In&ian Mutua3 !un& industry as one o" the largest asset management companies in the country with assets under management o" *s. 3>(AB@./8 crores Has o" March 3=( /BB>I. $he %ompany manages a comprehensi e range o" schemes to meet the needs o" its in estors spread across @? cities in the country.
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alua!le !ank in India in terms o"

arying inGestment

ICICI ICICI

ecurities J In&ia=s Lea&ing InGestment Ban% ecurities Limite& is IndiaNs leading "ull ser ice in estment !ank with a dominant

position in all segments o" its operations - %orporate -inance( -ixed Income and E+uities. It is a su!sidiary o" I%I%I Bank( the largest pri ate sector !ank in India and operates out o" Mum!ai with o""ices in New 3elhi( %hennai( 'olkata( New Gork( &ondon and Singapore. Jnder the a!le leadership o" Mr.S Mukher#i( Managing 3irector and %E1 ( I%I%I Securities continues to grow as re"lected in its per"ormance o er the past couple o" years. $he %orporate -inance team has consistently !een among the top players in MOAs and "und raising "rom domestic and international capital markets. $he E+uities team is a ma#or Indian !rokerage house and its research co ers o er ABF o" Sensex market capitalisation. $he !ond research o" the -ixed Income team is a !enchmark "or the industry. $he eminent position o" I%I%I Securities is re"lected in the num!er o" awards that our teams in the -ixed Income( MOA and E+uity %apital Markets win. 1ur -ixed Income team "or the last two years H%GB8 and %GB<I has !een ad#udged as the 9Best Bond )ouse: in India !y !oth Asiamoney and -inance Asia. $he E+uities team was ad#udged as the 0Best Indian Brokerage )ouse-/BB3N !y Asiamoney. $he %orporate -inance team tops the MOAP%apital markets league ta!les regularly. 1ur wholly owned su!sidiary( I%I%I Brokerage Ser ices &imited HIBS&I( !uys and sells e+uities "or our institutional clients. I%I%I Securities has a J.S. su!sidiary( I%I%I Securities Inc.( which is a mem!er o" the National Association o" Securities 3ealers( Inc. HNAS3I. As a result o" this mem!ership( I%I%I Securities Inc. can engage in permitted acti ities in the J.S. securities markets. $hese acti ities include dealing in securities markets transactions in the Jnited States and pro iding research and in estment ad ice to JS in estors.
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I%I%I Securities Inc. is also registered with the -inancial Ser ices Authority( J' H-SAI and the Monetary Authority o" Singapore HMASI to carry out %orporate Ad isory Ser ices. ICICI Venture ICICI Venture is one o" the largest and most success"ul pri ate e+uity "irms in India with "unds under management in excess o" JS3 / !illion. I%I%I 2enture( o er the years has !uilt an en ia!le port"olio o" companies across sectors including pharmaceuticals( In"ormation $echnology( alue. media( manu"acturing( logistics(

textiles( real estate etc there!y !uilding sustaina!le

It has se eral 9"irsts: to its credit in the Indian 5ri ate E+uity industry. Amongst them are IndiaNs "irst le eraged !uyout HIn"omediaI( the "irst real estate in estment H%y!er 6atewayI( the "irst me,,anine "inancing "or a ac+uisition HArch 5harmala!sI and the "irst 0royalty!asedN structured deal in 5harma *esearch O 3e elopment H3r *eddyNsI. I%I%I 2enture is a su!sidiary o" I%I%I Bank( the largest pri ate sector "inancial ser ices group in India. ICICI Ban%Hs "3o'a3 Mar%ets "roup 7"M": I%I%I BankEs ision is to !ecome the leading player in Indian "inancial markets and grow our

o erseas presence. $he "3o'a3 Mar%ets "roup 7"M": ( the BankEs client-centric treasury( endea ors to partner its customers in ensuring they use "inancial markets to optimi,e their risk pro"ile and enhance alue to their stakeholders. $he group seeks to do this !y !ecoming

the risk solutions pro ider o" choice( o""ering +uality treasury products and o""erings( and !eing the leader in product inno ation.

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$he Treasur( Researc* team is a key cornerstone o" our entire

alue proposition. 1ur

o!#ecti e is to o""er comprehensi e economics and markets research( with the aim o" pro iding timely market updates( conducting rele ant research and dri ing product

de elopment initiati es. %urrently our research co ers "oreign exchange( "ixed income( commodity and industry research( with geographical co erage encompassing India( Asia( ma#or economies and key economies and markets in each regional area or asset class. 1ur research encompasses the pro ision o" in"ormation( analysis and iews on all o" these.

ICICI Ban% has a client-centric treasury. De aim to deli er the widest range o" ser ices customi,ed to our client re+uirement. 1ur "ocus is to !e the risk solution pro ider o" choice and the premier market maker in the country. I CICI Ban% *as Kon t*e Asia Ris% DeriGatiGe @ouse o4 t*e ?ear .,,BD t*e t*ir& (ear K e receiGe& t*e acco3a&e9 $he Bank deli ers +uality products through the use o" process-impro ement methodologies like iF igma an& !iGe6 9

I>

I"MA

Six Sigma simply means a measure o" +uality that stri es "or near per"ection. Six Sigma is a disciplined( data-dri en approach and methodology "or eliminating de"ects Hdri ing towards six standard de iations !etween the mean and the nearest speci"ication limitI in any process -- "rom manu"acturing to transactional and "rom product to ser ice. $he statistical representation o" Six Sigma descri!es +uantitati ely how a process is per"orming.

/@

!IVE6

Sort - the "irst step in making things cleaned up and organi,ed Set In 1rder - organi,e( identi"y and arrange e erything in a work area Shine - regular cleaning and maintenance Standardi,e - make it easy to maintain - simpli"y and standardi,e Sustain -maintaining what has !een accomplished

E""ecti ely managing your "oreign exchange "luctuations risk is today the most essential aspect o" doing !usiness. -actors like "luctuations in interest and exchange rates and the price o" essential materials can rapidly turn a pro"ita!le deal into a loss. $o !e prepared( you need a partner with pro en expertise in international trade and "inance. I%I%I Bank is today one o" the premier players in the risk management market o" "inancial deri ati es( protecting !usinesses against glo!al currency and price "luctuations using tools such as "orwards( swaps and options at a minimal cost. $his greater predicta!ility gi es you an edge in your international transactions( allowing you to concentrate on your core competency( !e it manu"acturing or selling( while we take care o" the risk.

/>

COMPETITOR =.

O! ICICI IN INDIA J

S$A$E BAN' 1- IN3IA

$he Bank is acti ely in ol ed since =A>3 in non-pro"it acti ity called %ommunity Ser ices Banking. All our !ranches and administrati e o""ices throughout the country sponsor and participate in large num!er o" wel"are acti ities and social causes. 1ur !usiness is more than !anking !ecause we touch the li es o" people anywhere in many ways. 1ur commitment to nation-!uilding is complete O comprehensi e. CENTRAL BOARD OF STATE BANK OF INDIA (AS ON 8TH OCTOBER 2007)

39No9

Name o4 Director Shri 1.5. Bhatt

ec9 o4

BI ActD 1-AA

=. %hairman Shri $.S. Bhattacharya /. M3 O 6E H%BI Shri S.'. 3. M3 O %%O*1 8. <. @. >. Shri Suman 'umar Bery 3r. Ashok 4hun#hunwala Shri Ananta %handra 'alita Shri Amar 5al Bhattacharyya

=AHaI

=A H!I

=AH!I

=AHcI =AHcI =AHcaI =AHc!I

/?

?. A.

Shri 5iyush 6oyal 3r. 3e a Nand Balodhi 5ro". Mohd. Salahuddin

=AHdI =AHdI

=B. Ansari ==. =/. ORI"IN O! BI Shri 2inod *ai Smt. Shyamala 6opinath

=AHdI

=AHeI =AH"I

$he origin o" the

tate Ban% o4 In&ia goes !ack to the "irst decade o" the nineteenth century

with the esta!lishment o" the Bank o" %alcutta in %alcutta on / 4une =?B@. $hree years later the !ank recei ed its charter and was re-designed as the Bank o" Bengal H/ 4anuary =?BAI. A uni+ue institution( it was the "irst #oint-stock !ank o" British India sponsored !y the 6o ernment o" Bengal. $he Bank o" Bom!ay H=< April =?8BI and the Bank o" Madras H= 4uly =?83I "ollowed the Bank o" Bengal. $hese three !anks remained at the apex o" modern !anking in India till their amalgamation as the Imperial Bank o" India on /> 4anuary =A/=. 5rimarily Anglo-Indian creations( the three presidency !anks came into existence either as a result o" the compulsions o" imperial "inance or !y the "elt needs o" local European commerce and were not imposed "rom outside in an ar!itrary manner to modernise IndiaEs economy. $heir e olution was( howe er( shaped !y ideas culled "rom similar de elopments in Europe and England( and was in"luenced !y changes occurring in the structure o" !oth the local

/A

trading en ironment and those in the relations o" the Indian economy to the economy o" Europe and the glo!al economic "ramework. BAN; O! BEN"AL @9O9 E TABLI @MENT $he esta!lishment o" the Bank o" Bengal marked the ad ent o" limited lia!ility( #oint-stock !anking in India. So was the associated inno ation in !anking( i,. the decision to allow the

Bank o" Bengal to issue notes( which would !e accepted "or payment o" pu!lic re enues within a restricted geographical area. $his right o" note issue was ery alua!le not only "or the Bank o" Bengal !ut also its two

si!lings( the Banks o" Bom!ay and Madras. It meant an accretion to the capital o" the !anks( a capital on which the proprietors did not ha e to pay any interest. $he concept o" deposit !anking was also an inno ation !ecause the practice o" accepting money "or sa"ekeeping Hand in some cases( e en in estment on !ehal" o" the clientsI !y the indigenous !ankers had not spread as a general ha!it in most parts o" India. But( "or a long time( and especially upto the time that the three presidency !anks had a right o" note issue( !ank notes and go ernment !alances made up the !ulk o" the in esti!le resources o" the !anks. $he three !anks were go erned !y royal charters( which were re ised "rom time to time. Each charter pro ided "or a share capital( "our-"i"th o" which were pri ately su!scri!ed and the rest owned !y the pro incial go ernment. $he mem!ers o" the !oard o" directors( which managed the a""airs o" each !ank( were mostly proprietary directors representing the large

3B

European managing agency houses in India. $he rest were go ernment nominees( in aria!ly ci il ser ants( one o" whom was elected as the president o" the !oard. B8 INE $he !usiness o" the !anks was initially con"ined to discounting o" !ills o" exchange or other negotia!le pri ate securities( keeping cash accounts and recei ing deposits and issuing and circulating cash notes. &oans were restricted to *s.one lakh and the period o"

accommodation con"ined to three months only. $he security "or such loans was pu!lic securities( commonly called %ompanyEs 5aper( !ullion( treasure( plate( #ewels( or goods Enot o" a perisha!le natureE and no interest could !e charged !eyond a rate o" twel e per cent. &oans against goods like opium( indigo( salt woollens( cotton( cotton piece goods( mule twist and silk goods were also granted !ut such "inance !y way o" cash credits gained momentum only "rom the third decade o" the nineteenth century. All commodities( including tea( sugar and #ute( which !egan to !e "inanced later( were either pledged or hypothecated to the !ank. 3emand promissory notes were signed !y the !orrower in "a our o" the guarantor( which was in turn endorsed to the !ank. &ending against shares o" the !anks or on the mortgage o" houses( land or other real property was( howe er( "or!idden. Indians were the principal !orrowers against deposit o" %ompanyEs paper( while the !usiness o" discounts on pri ate as well as salary !ills was almost the exclusi e monopoly o" indi iduals Europeans and their partnership "irms. But the main "unction o" the three !anks( as "ar as the go ernment was concerned( was to help the latter raise loans "rom time to time and also pro ide a degree o" sta!ility to the prices o" go ernment securities. OLD BAN; O! BEN"AL

3=

Major C*ange in T*e Con&itions A ma#or change in the conditions o" operation o" the Banks o" Bengal( Bom!ay and Madras occurred a"ter =?@B. Dith the passing o" the 5aper %urrency Act o" =?@=( the right o" note issue o" the presidency !anks was a!olished and the 6o ernment o" India assumed "rom = March =?@/ the sole power o" issuing paper currency within British India. $he task o" management and circulation o" the new currency notes was con"erred on the presidency !anks and the 6o ernment undertook to trans"er the $reasury !alances to the !anks at places where the !anks would open !ranches. None o" the three !anks had till then any !ranches Hexcept the sole attempt and that too a short-li ed one !y the Bank o" Bengal at Mir,apore in =?3AI although the charters had gi en them such authority. But as soon as the three presidency !ands were assured o" the "ree use o" go ernment $reasury !alances at places where they would open !ranches( they em!arked on !ranch expansion at a rapid pace. By =?>@( the !ranches( agencies and su! agencies o" the three presidency !anks co ered most o" the ma#or parts and many o" the inland trade centres in India. Dhile the Bank o" Bengal had eighteen !ranches including its head o""ice( seasonal !ranches and su! agencies( the Banks o" Bom!ay and Madras had "i"teen each. BAN; O! MADRA NOTE DATED 1CB1 !OR R 91,

Presi&enc( Ban%s Act $he presidency Banks Act( which came into operation on = May =?>@( !rought the three presidency !anks under a common statute with similar restrictions on !usiness. $he proprietary connection o" the 6o ernment was( howe er( terminated( though the !anks

3/

continued to hold charge o" the pu!lic de!t o""ices in the three presidency towns( and the custody o" a part o" the go ernment !alances. $he Act also stipulated the creation o" *eser e $reasuries at %alcutta( Bom!ay and Madras into which sums a!o e the speci"ied minimum !alances promised to the presidency !anks at only their head o""ices were to !e lodged. $he 6o ernment could lend to the presidency !anks "rom such *eser e $reasuries !ut the latter could look upon them more as a "a our than as a right. BAN; O! MADRA $he decision o" the 6o ernment to keep the surplus !alances in *eser e $reasuries outside the normal control o" the presidency !anks and the connected decision not to guarantee minimum go ernment !alances at new places where !ranches were to !e opened e""ecti ely checked the growth o" new !ranches a"ter =?>@. $he pace o" expansion witnessed in the pre ious decade "ell sharply although( in the case o" the Bank o" Madras( it continued on a modest scale as the pro"its o" that !ank were mainly deri ed "rom trade dispersed among a num!er o" port towns and inland centres o" the presidency. India witnessed rapid commercialisation in the last +uarter o" the nineteenth century as its railway network expanded to co er all the ma#or regions o" the country. New irrigation networks in Madras( 5un#a! and Sind accelerated the process o" con ersion o" su!sistence crops into cash crops( a portion o" which "ound its way into the "oreign markets. $ea and co""ee plantations trans"ormed large areas o" the eastern $erais( the hills o" Assam and the Nilgiris into regions o" estate agriculture par excellence.

33

All these resulted in the expansion o" IndiaEs international trade more than six-"old. $he three presidency !anks were !oth !ene"iciaries and promoters o" this commercialisation process as they !ecame in ol ed in the "inancing o" practically e ery trading( manu"acturing and mining acti ity in the su!-continent. Dhile the Banks o" Bengal and Bom!ay were engaged in the "inancing o" large modern manu"acturing industries( the Bank o" Madras went into the "inancing o" large modern manu"acturing industries( the Bank o" Madras went into the "inancing o" small-scale industries in a way which had no parallel elsewhere. But the three !anks were rigorously excluded "rom any !usiness in ol ing "oreign exchange. Not only was such !usiness considered risky "or these !anks( which held go ernment deposits( it was also "eared that these !anks en#oying go ernment patronage would o""er un"air competition to the exchange !anks which had !y then arri ed in India. $his exclusion continued till the creation o" the *eser e Bank o" India in =A3<.

38

BAN; O! BOMBA? PRE IDENC? BAN; O! BEN"AL

$he presidency Banks o" Bengal( Bom!ay and Madras with their >B !ranches were merged in =A/= to "orm the Imperial Bank o" India. $he triad had !een trans"ormed into a monolith and a giant among Indian commercial !anks had emerged. $he new !ank took on the triple role o" a commercial !ank( a !ankerEs !ank and a !anker to the go ernment. But this creation was preceded !y years o" deli!erations on the need "or a EState Bank o" IndiaE. Dhat e entually emerged was a Ehal"-way houseE com!ining the "unctions o" a commercial !ank and a +uasi-central !ank. $he esta!lishment o" the *eser e Bank o" India as the central !ank o" the country in =A3< ended the +uasi-central !anking role o" the Imperial Bank. $he latter ceased to !e !ankers to the 6o ernment o" India and instead !ecame agent o" the *eser e Bank "or the transaction o" go ernment !usiness at centres at which the central !ank was not esta!lished. But it continued to maintain currency chests and small coin depots and operate the remittance "acilities scheme "or other !anks and the pu!lic on terms stipulated !y the *eser e Bank. It also acted as a !ankersE !ank !y holding their surplus cash and granting them ad ances against authorised securities. $he management o" the !ank clearing houses also continued with it at many places where the *eser e Bank did not ha e o""ices. $he !ank was also the !iggest tenderer at the $reasury !ill auctions conducted !y the *eser e Bank on !ehal" o" the 6o ernment.

3<

$he esta!lishment o" the *eser e Bank simultaneously saw important amendments !eing made to the constitution o" the Imperial Bank con erting it into a purely commercial !ank. $he earlier restrictions on its !usiness were remo ed and the !ank was permitted to undertake "oreign exchange !usiness and executor and trustee !usiness "or the "irst time. IMPERIAL BAN; $he Imperial Bank during the three and a hal" decades o" its existence recorded an impressi e growth in terms o" o""ices( reser es( deposits( in estments and ad ances( the increases in some cases amounting to more than six-"old. $he "inancial status and security inherited "rom its "orerunners no dou!t pro ided a "irm and dura!le plat"orm. But the lo"ty traditions o" !anking which the Imperial Bank consistently maintained and the high standard o" integrity it o!ser ed in its operations inspired con"idence in its depositors that no other !ank in India could perhaps then e+ual. All these ena!led the Imperial Bank to ac+uire a pre-eminent position in the Indian !anking industry and also secure a the countryEs economic li"e. tamp o4 Imperia3 Ban% O4 In&ia Dhen India attained "reedom( the Imperial Bank had a capital !ase Hincluding reser esI o" *s.==.?< crores( deposits and ad ances o" *s./><.=8 crores and *s.>/.A8 crores respecti ely and a network o" =>/ !ranches and more than /BB su! o""ices extending all o er the country. ital place in

3@

!IR T !IVE ?EAR PLAN In =A<=( when the -irst -i e Gear 5lan was launched( the de elopment o" rural India was gi en the highest priority. $he commercial !anks o" the country including the Imperial Bank o" India had till then con"ined their operations to the ur!an sector and were not e+uipped to respond to the emergent needs o" economic regeneration o" the rural areas. In order( there"ore( to ser e the economy in general and the rural sector in particular( the All India *ural %redit Sur ey %ommittee recommended the creation o" a state-partnered and state-sponsored !ank !y taking o er the Imperial Bank o" India( and integrating with it( the "ormer state-owned or state-associate !anks. An act was accordingly passed in 5arliament in May =A<< and the State Bank o" India was constituted on = 4uly =A<<. More than a +uarter o" the resources o" the Indian !anking system thus passed under the direct control o" the State. &ater( the State Bank o" India HSu!sidiary BanksI Act was passed in =A<A( ena!ling the State Bank o" India to take o er eight "ormer State-associated !anks as its su!sidiaries Hlater named AssociatesI. $he State Bank o" India was thus !orn with a new sense o" social purpose aided !y the 8?B o""ices comprising !ranches( su! o""ices and three &ocal )ead 1""ices inherited "rom the Imperial Bank. $he concept o" !anking as mere repositories o" the communityEs sa ings and lenders to creditworthy parties was soon to gi e way to the concept o" purpose"ul !anking su!ser ing the growing and di ersi"ied "inancial needs o" planned economic de elopment. $he State Bank o" India was destined to act as the pacesetter in this respect and lead the Indian !anking system into the exciting "ield o" national de elopment.

3>

COMPETITOR .9 @D!C

O! ICICI IN INDIA J

)3-% Bank was incorporated in August =AA8( and( as o" March 3=( /BB>( had an nationwide network o" @?8 !ranches and =@B< A$MEs in 3=@ Indian towns and cities. )3-% Bank !egan operations in =AA< with a simple missionL to !e a L<or3&6c3ass In&ian Ban%L . De realised that only a single-minded "ocus on product +uality and ser ice excellence would help us get there. $oday( we are proud to say that we are well on our way towards that goal. It is extremely grati"ying that our e""orts towards pro iding customer con enience ha e !een appreciated !oth nationally and internationally. )3-% Bank was incorporated in August =AA8 in the name o" E)3-% Bank &imitedE( with its registered o""ice in Mum!ai( India. $he Bank commenced operations as a Scheduled %ommercial Bank in 4anuary =AA<. $he )ousing 3e elopment -inance %orporation &imited H)3-%I was amongst the "irst to recei e an Ein principleE appro al "rom the *eser e Bank o" India H*BII to set up a !ank in the pri ate sector( as part o" the *BIEs li!erali,ation o" the Indian Banking Industry in =AA8. )ead+uartered in Mum!ai( )3-% Bank( has a network o" o er <3= !ranches spread o er //? cities across India. All !ranches are linked on an online real-time !asis. %ustomers in o er =/B locations are ser iced through $elephone Banking. $he Bank also has a network o" a!out o er =B<8 networked A$Ms across these cities. )3-% BankEs A$M network can !e accessed !y all domestic and international 2isa P Master%ard( 2isa Electron P Maestro( 5lus P %irrus and American Express %redit P %harge cardholders.

3?

)3-% Bank has won many awards "or its excellent ser ice. Ma#or among them are 7Best Bank in India7 !y )ong 'ong-!ased -inance Asia maga,ine in /BB< and 7%ompany o" the Gear7 Award "or %orporate Excellence /BB8-B<.

3A

@I TOR? O! BAN;IN"

ECTOR

Banking in India originated in the "irst decade o" =?th century with $he 6eneral Bank o" India coming into existence in =>?@ . $his was "ollowed !y Bank o" )industan. Both these !anks are now de"unct. $he oldest !ank in existence in India is the State Bank o" India !eing esta!lished as 7$he Bank o" Bengal7 in %alcutta in 4une =?B@ . A couple o" decades later( "oreign !anks like %redit &yonnais started their %alcutta operations in the =?<Bs . At that point o" time( %alcutta was the most acti e trading port( mainly due to the trade o" the British Empire ( and due to which !anking acti ity took roots there and prospered. $he "irst "ully Indian owned !ank was the Allaha!ad Bank ( which was esta!lished in =?@< . By the =ABBs ( the market expanded with the esta!lishment o" !anks such as 5un#a! National Bank ( in =?A< in &ahore and Bank o" India ( in =AB@ ( in Mum!ai - !oth o" which were "ounded under pri ate ownership. $he *eser e Bank o" India "ormally took on the responsi!ility o" regulating the Indian !anking sector "rom =A3< . A"ter IndiaEs independence in =A8> ( the *eser e Bank was nationali,ed and gi en !roader powers. At the end o" late- =?th century ( there were hardly any !ank in India in the modern sense o" the term. At the time o" the American %i il Dar ( a oid was created as the supply o" cotton

to &ancashire stopped "rom the Americas. Some !anks were opened at that time which "unctioned as entities to "inance industry( including speculati e trades in cotton. Dith large exposure to speculati e entures( most o" the !anks opened in India during that period could

not sur i e and "ailed. $he depositors lost money and lost interest in keeping deposits with

8B

!anks. Su!se+uently( !anking in India remained the exclusi e domain o" Europeans "or next se eral decades until the !eginning o" the /Bth century. $he Bank o" Bengal ( which later !ecame the State Bank o" India . At the !eginning o" the /Bth century ( Indian economy was passing through a relati e period o" sta!ility. Around "i e decades ha e elapsed since the IndiaEs -irst war o" Independence( and the social( industrial and other in"rastructure ha e de eloped. At that time there were ery small !anks operated !y Indians( and most o" them were owned and operated !y particular communities. $he !anking in India was controlled and dominated !y the presidency !anks( namely( the Bank o" Bom!ay ( the Bank o" Bengal ( and the Bank o" Madras - which later on merged to "orm the Imperial Bank o" India ( and Imperial Bank o" India( upon IndiaEs independence ( was renamed the State Bank o" India . $here were also some exchange !anks( as also a num!er o" Indian #oint stock !anks. All these !anks operated in di""erent segments o" the economy. $he presidency !anks were like the central !anks and discharged most o" the "unctions o" central !anks. $hey were esta!lished under charters "rom the British East India %ompany . $he exchange !anks( mostly owned !y the Europeans( concentrated on "inancing o" "oreign trade. Indian #oint stock !anks were generally undercapitali,ed and lacked the experience and maturity to compete with the presidency !anks( and the exchange !anks. $here was potential "or many new !anks as the economy was growing. &ord %ur,on had o!ser ed then in the context o" Indian !ankingL 7In respect o" !anking it seems we are !ehind the times. De are like some old "ashioned sailing ship( di ided !y solid wooden !ulkheads into separate and cum!ersome compartments.7

8=

Jnder these circumstances( many Indians came "orward to set up !anks( and many !anks were set up at that time( a num!er o" which ha e sur i ed to the present such as Bank o" India and %orporation Bank ( Indian Bank ( Bank o" Baroda ( and %anara Bank . D8RIN" T@E <AR $he period during the -irst Dorld Dar H=A=8-=A=?I through the end o" the Second Dorld Dar H=A3A-=A8<I( and two years therea"ter until the independence o" India were challenging "or the Indian !anking. $he years o" the -irst Dorld Dar were tur!ulent( and it took toll o" many !anks which simply collapsed despite the Indian economy gaining indirect !oost due to war-related economic acti ities.

8/

At Least -/ Ban%s In In&ia !ai3e& &uring T*e ?ears 1-12 To 1-1C As In&icate& In T*e !o33oKing ta'3e)

Aut*orise& Num'er ?ears t*at 4ai3e& 7Rs9 La%*s: =A=3 =A=8 =A=< =A=@ =A=> =A=? =/ 8/ == =3 A > />8 >=B <@ /3= >@ /BA 3< =BA < 8 /< = o4 'an%s capita3 7Rs9 La%*s: Pai&6up Capita3

PO T6INDEPENDENCE $he partition o" India in =A8> had ad ersely impacted the economies o" 5un#a! and Dest Bengal( and !anking acti ities had remained paraly,ed "or months. IndiaEs independence marked the end o" a regime o" the &aisse,-"aire "or the Indian !anking. $he 6o ernment o" India initiated measures to play an acti e role in the economic li"e o" the nation( and the Industrial 5olicy *esolution adopted !y the go ernment in =A8? en isaged a mixed economy . $his resulted into greater in ol ement o" the state in di""erent segments

o" the economy including !anking and "inance. $he ma#or steps to regulate !anking includedL

83

In =A8?( the

*eser e Bank o" India ( IndiaEs central

!anking authority(

was

nationali,ed( and it !ecame an institution owned !y the 6o ernment o" India.

In =A8A( the Banking *egulation Act was enacted which empowered the *eser e Bank o" India H*BII 7to regulate( control( and inspect the !anks in India.7

$he Banking *egulation Act also pro ided that no new !ank or !ranch o" an existing !ank may !e opened without a licence "rom the *BI( and no two !anks could ha e common directors.

)owe er( despite these pro isions( control and regulations( !anks in India except the State Bank o" India ( continued to !e owned and operated !y pri ate persons. $his changed with the nationali,ation o" ma#or !anks in India on =Ath 4uly( =A@A. NATIONALI#ATION By the =A@Bs( the Indian !anking industry has !ecome an important tool to "acilitate the de elopment o" the Indian economy. At the same time( it has emerged as a large employer( and a de!ate has ensued a!out the possi!ility to nationali,e the !anking industry. Indira 6andhi( the-then 5rime Minister o" India expressed the intention o" the 61I in the annual con"erence o" the All India %ongress Meeting in a paper entitled 7Stray thoughts on Bank Nationali,ation.7 $he paper was recei ed with positi e enthusiasm. $herea"ter( her mo e was swi"t and sudden( and the 61I issued an ordinance and nationalised the =8 largest commercial !anks with e""ect "rom the midnight o" 4uly =A( =A@A. 4ayaprakash Narayan ( a national leader o" India( descri!ed the step as a 7masterstroke o" political sagacity.7 Dithin two weeks o" the

88

issue o" the ordinance( the 5arliament passed the Banking %ompanies HAc+uition and $rans"er o" JndertakingI Bill( and it recei ed the presidential appro al on Ath August( =A@A. A second dose o" nationalisation o" @ more commercial !anks "ollowed in =A?B. $he stated reason "or the nationalisation was to gi e the go ernment more control o" credit deli ery. Dith the second dose o" nationalisation( the 61I controlled around A=F o" the !anking !usiness o" India. A"ter this( until the =AABs( the nationalised !anks grew at a pace o" around 8F( closer to the a erage growth rate o" the Indian economy. Li'era3i+ation In the early =AABs the then Narasimha *ao go ernment em!arked on a policy o" li!eralisation and ga e licences to a small num!er o" pri ate !anks( which came to !e known as New 6eneration tech-sa y !anks ( which included !anks such as J$I BankHnow re-named

as Axis BankI Hthe "irst o" such new generation !anks to !e set upI( I%I%I Bank and )3-% Bank. $his mo e(along with the rapid growth in the economy o" India( kickstarted the !anking sector in India( which has seen rapid growth with strong contri!ution "rom all the three sectors o" !anks( namely( go ernment !anks( pri ate !anks and "oreign !anks. $he next stage "or the Indian !anking has !een setup with the proposed relaxation in the norms "or -oreign 3irect In estment( where all -oreign In estors in !anks may !e gi en oting rights which could exceed the present cap o" =BF( at present it has gone up to 8AF with some restrictions.

8<

$he new policy shook the Banking sector in India completely. Bankers( till this time( were used to the 8-@-8 method HBorrow at 8FM &end at @FM 6o home at 8I o" "unctioning. $he new wa e ushered in a modern outlook and tech-sa y methods o" working "or traditional

!anks.All this led to the retail !oom in India. 5eople not #ust demanded more "rom their !anks !ut also recei ed more. Current ituation

%urrently H/BB>I( !anking in India is generally "airly mature in terms o" supply( product range and reach-e en though reach in rural India still remains a challenge "or the pri ate sector and "oreign !anks. In terms o" +uality o" assets and capital ade+uacy( Indian !anks are considered to ha e clean( strong and transparent !alance sheets relati e to other !anks in compara!le economies in its region. $he *eser e Bank o" India is an autonomous !ody( with minimal pressure "rom the go ernment. $he stated policy o" the Bank on the Indian *upee is to manage without any "ixed exchange rate-and this has mostly !een true. Dith the growth in the Indian economy expected to !e strong "or +uite some time-especially in its ser ices sector-the demand "or !anking ser ices( especially retail !anking( mortgages and in estment ser ices are expected to !e strong. 1ne may also expect MOas( takeo ers( and asset sales. In March /BB@( the *eser e Bank o" India allowed Dar!urg 5incus to increase its stake in 'otak Mahindra Bank Ha pri ate sector !ankI to =BF. $his is the "irst time an in estor has !een allowed to hold more than <F in a pri ate sector !ank since the *BI announced norms olatility !ut

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in /BB< that any stake exceeding <F in the pri ate sector !anks would need to !e them.

etted !y

%urrently( India has ?? scheduled commercial !anks HS%BsI - /? pu!lic sector !anks Hthat is with the 6o ernment o" India holding a stakeI( /A pri ate !anks Hthese do not ha e go ernment stakeM they may !e pu!licly listed and traded on stock exchangesI and 3= "oreign !anks. $hey ha e a com!ined network o" o er <3(BBB !ranches and =>(BBB A$Ms. According to a report !y I%*A &imited( a rating agency( the pu!lic sector !anks hold o er >< percent o" total assets o" the !anking industry( with the pri ate and "oreign !anks holding =?./F and @.<F respecti ely. In the =AABs( the !anking sector in India saw greater emphasis !eing placed on technology and inno ation. Banks !egan to use technology to pro ide !etter +uality o" ser ices at greater speed. Internet !anking and mo!ile !anking made it con enient "or customers to do their !anking "rom geographically di erse places. Banks also sharpened their "ocus on rural markets and introduced a ariety o" ser ices geared to the special needs o" their rural customers.

Banking acti ities also transcended their traditional scope and new concepts like personal !anking( retailing and !anc assurance were introduced. Increasing competition Hwhether "or-pro"it or nonpro"itI is "orcing !usinesses to pay much more attention to satis"ying customers. HIt may help the reader to notice the role o" customer satis"action in the o erall context o" product or ser ice de elopment and management.

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Banking sector is the hot spot o" success now-a-days. $hatEs why I ha e chosen this $opic. Bank is such an industry which runs purely on customers. )ere the need "or customer satis"action is most important. Because once a customer is lost !y a !ank it is lost "ore er( and it is such a sector where you canNt run away "rom the customers. %ustomers are on premises almost e eryday so !anks need to retain their customers and try to satis"y them as "ar as they can. )ere the key o" customer relationship management comes. A lot o" changes are taking place with ama,ing rapidity in a simple sector called !anking( which originally was custodian "or "unds. $hroughout most o" the millennium the changes were marginally except in denomination and some "acility or other. )owe er( the last decade has trans"ormed !anking into a totally new experienceM with impro ed technology( !orn o" and amidst sti"" competition. Dhen a !ankHerI plans a delight plan "or his customer( the "ocus would !e on K*ic* customerD K*at attri'utes o4 serGice &oes *e Ga3ueD "actors o" importance to the customer Hwhich aries in each o" the category and the pro"ile o" the customerI and the relationship

with the respecti e customer till date Hi" anyI. Ban%ing sti33 an& in 4utureD is not*ing 'ut peop3e managementD with !anking as an apparent o""ering. $he plan aries "rom customer to

customer( !ased on his pro"ile( to the ser ice pro idersN H!ankersNI pro"ile( o!#ecti eP mission o" the corporate !ody( relationship till date and macro en ironment conditions like "iscal rates( economic status( market trends( !rand alue o" the !ank( "acilities o""ered and

cost parameters and many other "orces HsituationalP cultural P social etc.I. $oday ma#or dri er o" a companyNs pro"ita!ility depends on customer satis"action le el. Dith more O more easy a aila!ility o" optionsM the consumers are riding a high wa e.

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6one are those days when producers would !e kingsL today the consumer is the king. $he key to entry- exist o" companies is in the hands o" the consumer. Jnlike in the past( the !anks today are market dri en and market responsi e. $he top concern in the mind o" e ery !ankEs %E1 is increasing or at least maintaining the market share in e ery line o" !usiness against the !ackdrop o" heightened competition. Dith the entry o" new players and multiple channels( customers H!oth corporate and retailI ha e !ecome more discerning and less 7loyal7 to !anks. $his makes it imperati e that !anks pro ide !est possi!le products and ser ices to ensure customer satis"action. $o address the challenge o" retention o" customers( there ha e !een acti e e""orts in the !anking circles to switch o er to customer-centric !usiness model. $he success o" such a model depends upon the approach adopted !y !anks with respect to customer data management and customer relationship management. $oday customers ha e so many choices or alternati es that they ne er had !e"ore. Means customers ha e endowed with e ery power to accept on re#ect any o""erings. 3ue to li!eration i" the Indian economy has open up( the market place has !ecome more challenging and competiti e. So now the customer is well placed to choose among e ery set o" o""erings as international hit !rands with International technology( our hit and pro en( national technology and "eatures in the product line "inally adapted in the market. Dhich claims alue "or moneyC

<*o Is A Customer To A Ban% M T*e Mu3ti !acete& Ro3e o4 A Ban% To&a( <ou3& C3assi4( Customers into An( o4 t*e !o33oK ing A Categories)

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HaI

Custo&ian o4 4un&sD pro iding security "or "unds( sometimes goods Hlocker etcI and ena!ling use without incon enience.

H!I

InGestor K*o 3oo%s 4or maFimum returns "or his "inances through deposits certi"icates etcM while !eing guaranteed o" the security.

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!inancier an& support in *is tra&e an& commerce actiGities extending( loans( letters o" credits( packing and post shipment credit( !ank guarantees Hthough non "unded yet contingentI and similar credits "or short term !ills etc

HdI

erGices 4or 4aci3itations such as negotiations( "orwarding agents o" documents( money transactions and con ersions( tax payments etc.

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A&Gisor( serGices ( such as on "orex rates( reha!ilitation reports( operating agency arrangements Hin case o" sick unitsI( tax ad ice etc.

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5A*$ B

INTROD8CTION TO T@E TOPIC

$he AIM o" the present research was to - Study Moti ational %limate And 4o! Satis"action As 5redictors o"

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5er"ormance In A 5ri ate 1rgani,ation HI%I%I Bank &tdI. Some o" the concepts entailed in the theoretical !ase are related toL 1rgani,ational %limate 3e"initions O $ypes *elationship !etween %limate O %ulture -actors A""ecting %limate 4o! Satis"action $heories 3eterminants %onse+uences o" 4o! Satis"action O 3issatis"action

OR"ANI#ATIONAL CLIMATE MotiGation) T*e Basis o4 A33 Be*aGiour

)uman nature can !e ery simple( yet ery complex too. An understanding and appreciation o" this is a prere+uisite to e""ecti e employee moti ation in the workplace and there"ore e""ecti e management.

A personEs !eha iour is the result o" se eral "actors or moti es. A knowledge o" the typical( primary moti ators o" !eha iour in a work setting can help managers and consultants to deal more e""ecti ely with people.

1ne o" the earliest( and one o" the most popular models o" moti ation was proposed !y Maslow H=A<8I. )e considered se eral needs to explain human !eha iour( and proposed that these needs ha e a hierarchyM that

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some needs are lower-order needs as compared to others. )e also proposed that unless the need at the lower le el is satis"ied( the higher-order need will not !e operati eM and once the lower-order need is satis"ied( it will no more moti ate the person. )e proposed "i e main hierarchical le els in the needs( as Sel" Actuali,ation Ego Needs

&o e Needs

Sa"ety Needs

5hysiological Needs

!igure 191 Mas3oKHs *ierarc*( o4 nee&s

5hysiological needs Hhunger( thirst( etc. sym!oli,e !y wages and salaryI are the lowest needs in the hierarchy. Sa"ety needs come next. $hese would include security o" all kinds. &o e needs Hneed to related closely to othersI are the next in the order( "ollowed !y ego needs Hthe need to get a status and recognitionI. $he highest order needs are those o" sel"-actuali,ation( and achie ing oneEs potential.

Applied to work organi,ations( the lowest order need would !e that o" salaryM security needs would include the

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seniority in the #o!. &o e needs could include the need o" !elonging to a "riendly work groupM the esteem needs would !e the needs o" status and promotions. $he highest is the sel"-actuali,ation need( which is the need "or achie ement o" things according to oneEs sel"-image. MaslowEs theory has made a ery alua!le contri!ution in drawing attention to the lower-order needs( which may !e neglected( in some

1rgani,ation and the a!sence o" the satis"action o" these needs( the higher order needs may not !e operati e. $he limitation o" the theory( howe er( is that in no organi,ation does the higher order needs await the satis"action o" the lower order needs. All the needs operate simultaneously.

In =A3? Murray de eloped a long list o" human moti es or needs and his work inspired "urther studies( which produced di""erent lists o" signi"icant !eha ioural moti es. Mc%lelland( Atkinson( %lark and &owell H=A<3I suggested three important moti es Hachie ement( a""iliation and powerI and ela!orate methods "or measuring them. Mc%lelland su!se+uently demonstrated the importance o" the achie ement moti e "or entrepreneurship and marketing HMc%lelland( =A><M Mc%lelland and Dinter( =A>=I and o" power as moti ation in management HMc%lelland( =A><M Mc%lelland and Burnham( =A>@I. )e also attempted to identi"y a pattern o" leadership moti ation in which power plays a critical role HMc%lelland and Boyat,is( =A?/I. &itwin and Stringer H=A@?I used the three moti es o" achie ement( a""iliation( and power in their study o" organi,ational climates and "ound these use"ul "or the study o" organi,ational !eha iour.

Although Mc%lellandEs study o" achie ement and a""iliation moti es showed them to !e rather simple aria!les( he "ound the power moti e to !e a complex one. According to him HMc%lelland( =A><I( the desire "or power contains three di""erent elementsL $he need to control others Hpersonali,ed powerI. $he need to make an impact on others

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$he need to use power to do something "or other persons and groups in( "or instance( organi,ations Hsociali,ed powerI.

It is help"ul to make clear distinctions !etween these three. %ontrol seems to "ocus on keeping track o" de elopments according to an agreed plan( and on !eing in"ormed a!out 7how things are going7. $his seems to !e an important need or moti e in managerial !eha iour. $he so-called sociali,ed dimension o" power Hre"lected in the use o" power "or the !ene"it o" othersI Seems to !e a separate need or moti e pareek H=A@?I suggests that this need is important "or social de elopment and calls it the extension moti e.

Another moti e that is rele ant "or organi,ational !eha iour is dependence. Although it has generally !een regarded as a negati e "orce( Mc6regor H=A@@I recogni,ed the positi e alue o" dependence in management( and 'otter H=A>AI "urther drew attention to its importance. &e inson H=A?/I has also pointed out its importance in the de elopment o" managers. $his need is acknowledged in the process o" mentoring H&e inson( =A?/I( which has recei ed considera!le attention in recent management literature.

$hus( six primary needs or moti es( which are rele ant "or understanding the !eha iour o" people in organi,ations( ha e !een identi"ied. $hese are as "ollowsL

=. Achie ementL %haracteri,ed !y control "or excellence( competition with the standards o" excellence set !y others or !y onesel"( the setting o" challenging goals "or onesel"( awareness o" the hurdles in the way o" achie ing those goals( and persistence in trying alternati e paths to reach oneEs goals. /. A""iliationL %haracteri,ed !y a concern "or esta!lishing and maintaining close personal relationships( !y alue on "riendship( and a tendency to express oneNs emotions.

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3. In"luenceL %haracteri,ed !y a concern to make an impact on others( a desire to make people do what one thinks is right( and an urge to change matters and Hde elopI people. 8. %ontrolL %haracteri,ed !y a concern "or orderliness( a desire to remain unin"ormed( and an urge to monitor and take correcti e action when needed.

<. ExtensionL %haracteri,e !y concern "or others interest in super ordinate goals( and an urge to !e rele ant and use"ul to larger groups( including society.

@. 3ependenceL %haracteri,ed !y a desire "or help "rom others in oneEs own sel"- de elopment( checking with signi"icant others Hthose who are more knowledgea!le or ha ing higher status( experts( close associates( etc.I( su!mitting ideas or proposals "or appro al( ha ing an urge to maintain an 7appro al7 relationship.

All these needs or moti es can !e used to explain the !eha iour o" people in organi,ation.

DE!INITION

=. -orehand and 6ilmer H=A@8IL 1rgani,ational climate is 7... the set o" characteristics that descri!e an organi,ation and that HaI distinguishes the organi,ation "rom other organi,ations( H!I is relati ely enduring o er time( and HcI in"luences the !eha iour o" people in the organi,ations7 HEn ironmental 2ariations in Studies o" 1rgani,ational Beha iour( 5sychological Bulletin( @/( 3@=-3?/I /. 3ennison H=AABIL 7%limate re"ers to a set o" conditions that exist and ha e an impact on indi idual !eha iour.7 3. According to -rench( 'at,( and *osen,weig H=A?<I( organi,ational climate is a relati ely enduring +uality o" the internal en ironment o" an organi,ation that HaI is experienced !y its mem!ers( H!I in"luences their

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Beha iour can !e descri!ed in terms to the alues o" a particular set o" characteristics Hor attri!utesI o" the organi,ation.

T(pes o4 Organi+ationa3 C3imate

3e %ock et al H=A?8I ga e a model o" 1rgani,ational %limate. 1n the !asis o" their researches they "ound that stwo dimensions com!ine to gi e "our types o" climate. $he dimensions areL -lexi!ility Q %ontrol Indi idual 1riented - 1rgani,ation 1riented

T*e t(pes o4 c3imate are) Supporti e %limateL In a supporti e climate( an organi,ation "ocuses on the indi idual and "lexi!ility is directed inwards. 3ecisions grow in in"ormal contacts( and there is a tendency to postpone decisions that are necessary "or the organi,ation !ut that ha e a radical impact on the li es o" those a""ected !y them. *elational aspects pre ail a!o e task-oriented "actors in con"licts. Attention "or the personnel is re"lected in well laid out working areas and outside work acti ities. Newcomers need a good deal o" time to get to grips with the in"ormal structure and to ac+uire their own position within it. $he style o" leadership is "ocused on people and relationships. Indi iduals who attach importance to social contact and good relationship will "eel most at home here. $here is a relati e lack o" structure. $here is a danger that this climate type !egins to take on more the character o" a clu! than o" an organi,ation. )uman in ol ement is o" central important( !ut is "ocused more on the person as an indi idual than as a mem!er o" the group.

A high le el o" importance attached to in"ormal and incidental contacts characteri,es them. -ormal meetings take place occasionally. Anyone can approach anyone else at any moment in order to make arrangements.

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$he direction o" communication tends to !e !ottom-up with the managers listening attenti ely to what is happening. 3ecisions are taken more on an indi idual !asis than during meetings. %on"licts are "irst discussed with indi iduals concerned and only later in-groups.

C3imate6Cu3ture) ControGers( or De'ate

Since organi,ational climate is the relati ely persistent set o" perceptions held !y organi,ation mem!ers concerning the characteristics and +uality o" organi,ational culture( it is a concept entangled with the culture concept. So( it is important to mention here the concept o" culture and the climate-culture de!ate.

*ousseau H=AABI argued that climate "ocuses on descripti e !elie"s that are in"luenced !y indi idualsE characteristics and the position o" the indi iduals in the organi,ation. $hese descripti e !elie"s are contrasted with normati e !elie"s( 7which are more strictly a product o" cultural processes.7 %ulture re"ers more to deeprooted assumptions( !elie"s and preconscious. alues that are taken "or granted( i.e.( not directly o!ser a!le and o"ten

Similarities !etween the two - shared perceptions HclimateI and shared assumptions HcultureI - are conceptually related. Both concepts re"er to EEthe percei ed logic o" the internal social en ironment o" a human organi,ation.7

Another similarly !etween climate and culture is that !oth concepts try to explain the impact o" the organi,ation or system on indi iduals.

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Also( !oth concepts are multidimensional. In an organi,ation there could !e a sa"ety culture or climate and a ser ice culture or climate.

3espite these similarities( there are important methodological and epistemological di""erences !etween climate and culture.

1rgani,ational climate has to do with indi idualsE perceptions o" organi,ational !eha iour and o" the o!ser a!le conditions in an organi,ation( whereas culture re"ers to in isi!le assumptions( alues and normsM it speci"ies what are accepta!le !eha iours and what are not. I" we include climate in the culture concept( we can consider climate as the mani"estation o" culture.

$he concept o" organi,ational climate is rooted is psychology( with an emphasis on the perception on indi iduals. $hese perceptions are measured with +uestionnaires and related to other aria!les( such as

per"ormance and a!senteeism whereas( the concept o" culture is rooted in anthropology and is usually studied through heuristical research methods( like ethnography.

-igure =./ !elow shows the *elationship !etween %ulture and %limate. HNext 5ageI

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1rgani,ational

%ulture

Situation 5re ailing pattern o" alues *e"lected in language( myths !elie"s assumptions sym!ols( technology and and norms management practices and in participation sentiments( attitudes( actions and interactions. Articulated in statements a!out management in 5hilosophy( 1rgani,ational alues or missions. In"erred or explicit "rom o!ser ations and inter iews Re3ations*ip BetKeen Cu3ture an& C3imate

1rgani,ational %limate 5erception Measures !y systematic use o" +uestionnaires or inter iews In"erred "rom o!ser ations and inter iews

*elati ely persistent set o" perceptions held !y mem!ers concerning the characteristic and +uality o" organi,ational culture.

$he de"initions take into account indi idualsE perceptions and attitudes o" organi,ations. It should !e understood that each person has his own account o" the organi,ational climate. -or instance( a characteristic that seems positi e to one mem!er o" the organi,ation( may !e percei ed as negati e or unsatis"actory !y another. $hese attitudes are !ased on "actors like super isory techni+ues( team spirit( management politics etc. In turn( these "actors( play a determinant role in deciding the organi,ational climate.

!actors A44ecting Organi+ationa3 C3imate &aurence 4ames and Alien 4ones H=A>8I had !roken the "actors that in"luence organi,ational climate into "i e ma#or components.

=. /. 3. 8. <.

1rgani,ational context - 6oals and o!#ecti e( "unctions. 1rgani,ational structure - Si,e( degree o" centrali,ation and operating procedure. 5rocesses - &eadership styles( communication( decision making and related processes. 5hysical en ironment - Employees sa"ety( en ironmental stress and physical space characteristics. Systems( alue and norms - %on"ormity( personality and reciprocity.

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JOB ATI !ACTION

$he terms #o! satis"action and #o! attitudes are typically used in interchangea!ly. Both re"er to a""ecti e orientations on the part o" indi iduals towards work roles which they are presently occupying.

In other words( 4o! Satis"action re"ers to the attitudes possessed !y employees. $hese attitudes are related to the #o!s and concentrate on all dimensions o" a #o!.

A #o! has arious dimensions or "acets - nature o" work( super isors( pay or promotional opportunities( etc. 4o! satis"action also includes "actors like conditions o" work( "air e aluation o" work( social relations at work( recognition o" a!ility( prompt settlement o" grie ances( and "air treatment !y employer. $raditional "actors like age( health( temperament( desires( le el o" aspirations( social status( "amily relations( and recreational outlets and contri!ute to #o! satis"action.

$hus #o! satis"action is a complicated and multi"aced area o" industrialPorgani,ational psychology.

4o! specialists want to know what makes a #o! more en#oya!le to the indi idual worker. Besides this( IP1 psychologists( sociologists( anthropologists( economists( management and la!our unions are all interested in their +uestions.

T*e concept o4 Jo' atis4action 4o! satis"action is the way an employee "eels a!out a #o!. It is the generali,ed attitude toward a #o!( !ased on e aluation o" arious aspects o" the #o!.

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Since( satis"action is an emotional state( the meaning o" the concept can !e understood only !y the process o" introspection and identi"ication.

Both satis"action and morale re"er to positi e emotional states that may !e experienced !y employees.

2iteles de"ined Morale as RS an attitude o" satis"action that encourages an employee to work towards goals o" a group or an organi,ation.

$wo di""erences emerge( howe er L=I /I Morale is more "uture oriented while satis"action is more present and past oriented. Morale o"ten has group re"erent !ecause it is !ased on a sense o" common purpose and the !elie" that group goals can !e attained and are compati!le with indi idual goals. 1n the other hand ( satis"action typically re"ers to - appraisal !y one single indi idual o" his #o! situation.

T*eories o4 Jo' atis4action

A personEs attitude towards his or her #o! re"lects pleasant and unpleasant experiences in the #o! and expectations a!out "uture experiences. )owe er( despite se eral thousand studies on #o! attitudes during the past three decades( it is not possi!le to speci"y precisely how #o! satis"action is determined. Most o" the research has attempted to disco er what things are related to #o! satis"action( !ut the causal !asis "or the relationship has usually !een ignored H&awler( =A>3I. $he reasons some employees are more satis"ied than others or the reasons employees consider some #o! "eatures to !e more important than others were seldom considered. A comprehensi e theory o" #o! attitudes has not yet

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!een de eloped to integrate the di erse "indings o" the satis"action *esearch H&awer =A>3BI )owe er a "ew satis"action o" more limited scope ha e !een proposed includingL H=I discrepancy theory H/I e+uity theory H3I social in"luence theory and H8I two-"actors theory.

Discrepanc( T*eor( According to &ocke H=A@AI( satis"action or dissatis"action with some aspects o" the #o! depends on the discrepancy !etween what a person percei ed hePshe is getting and what is desired. $he 7desired7 amount o" a #o! characteristic is de"ined as the minimum amount necessary to "ul"ill the personEs current needs. A person will !e satis"ied i" there is no discrepancy desired and actual considerations. A person will !e dissatis"ied i" there is less than the desired amount o" a #o! characteristics. $he greater the de"iciency and the more important the thing desired( the greater will !e the dissatis"action. I" there is more thing desired( the greater will !e the dissatis"action. I" there is a more than the minimally accepta!le amount o" some #o! "actor and the excess is !ene"icial He.g.( extra payI( a person will !e e en more satis"ied than when there is no discrepancy !etween the desired and actual amount. )owe er( i" the excess is percei ed to !e detrimental He.g.( extra workload( longer hoursI( the person will !e #ust as dissatis"ied as when there is less than the desired amount. 1ther ariations o" the discrepancy model o" #o! satis"action ha e !een proposed. -or example( 5orter H=A@=I de"ined satis"action as the di""erence !etween how much o" something there 7should !e7 and how much there 7is now7. $his conception is !asically similar to &ockeEs model( !ut 5orterEs 7should !e7 implies more emphasis on e+uity consideration and less on needs as the determinant o" the pre"erred amount o" a #o! "actor. A study !y Danous and &awler A=A>/I "ound that employees respond di""erently depending on how the discrepancy is de"ined. $hey conclude that people ha e more than on king o" "eeling a!out their #o!( and no 7one !est way7 exists to measure #o! satis"action. $he appropriate way o" de"ining and measuring satis"action will depend on the purpose o" the measurement. It is important to remem!er that( regardless o" how this discrepancy is measured( this theory in ol es what we call an intrapersonal comparison process.

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E5uit( T*eor( E+uity theory speci"ies the conditions under which an employee will percei e the !ene"its and inducements in the #o! to !e "air and reasona!le. $he theory was de eloped !y Adams H=A@3I( and it is a ariation o" earlier theories o" social comparison process. $he principal components in e+uity theory are 7inputs(7 7outcomes(7 7comparison person7( and 7e+uity-ine+uity.7 An input is anything o" alue that employees percei e contri!ute to the #o!( such as education( experience( sills( amount o" e""ort expended( num!er o" hours worked( and personal tools( supplies( or e+uipment used on the #o!. An outcome is anything o" alue that the employee percei e they o!tain "rom the #o!( such as pay( "ringe !ene"its( status sym!ols( recognition( and opportunity "or achie ement or sel"-expression.

According to the theory( an employee #udges the "airness o" outcomes !y comparing hisPher outcome-input ratio to the outcome-input ratio o" one or more comparison persons. $he comparison person may !e someone in the same organi,ation( someone in di""erent organi,ation( or e en the employee in a pre ious #o!. $he theory does not speci"y how an employee selects a comparison person or how many comparison persons will !e used. I" an employeeEs ratio o" outcomes to inputs is e+ual to the ratio "or the comparison personHsI( a state o" e+uity is percei ed to exit !y the employee( i" the employees percei e the ratios to !e une+ual( a state o" ine+uity will usually !e percei ed to exist.

T(pes an& magnitu&e o4 ine5uit(

Ine+uity can occur in many ways. -or example( an employee will percei e hisPher salary to !e ine+uita!le i" other employees with similar +uali"ications are recei ing a higher salary or i" employees who are less +uali"ied are recei ing the same salary. $hese are !oth example o" under compensation ine+uity. According to the theory( an employee will also experience ine+uity i" o ercompensated relati e to the comparison person. $he amount o"

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ine+uity will depend on the magnitude o" the di""erence !etween outcomePinput ratios the larger the di""erence !etween than employees outcomePinput ratio and that o" the comparison personsP( me greater the percei ed ine+uity.

Reactions to Ine5ua3it( Ine+uality is one source o" #o! dissatis"action( and it is accompanied !y a state o" dissonance that acts as a moti e "or the person to restore e+uity. $he emotional reaction to o ercompensation is likely to !e a "eeling o" guilt( whereas with under compensation the "eeling is likely to !e anger and resentments at the organi,ation or the !oss. $here are a ariety o" ways that an employee can attempt to restore e+uityL

=. Increase or decrease oneEs own inputs( especially e""ort. /. 5ersuade the comparison person to increase or decrease hisPher inputs. 3. 5ersuade the organi,ation to alter the employeeEs outcomes or those o" the comparison person. 8. 5sychologically distort oneEs own inputs or outcomes. <. 5sychologically distort the inputs or outcomes o" the comparison person. @. Select a di""erent comparison person. >. &ea e the organi,ation.

)ow an employee attempts to reduce ine+uity will depend on the nature o" the outcome and input discrepancies and on the relati e cost and "easi!ility o" alternati e reactions in the gi en situation. 1ne weakness o" the theory is that it does not speci"y in any detail how person will choose among the a aila!le reactions to ine+uity.

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Imp3ications 4or emp3o(ee per4ormance E+uity theory has implications "or employee per"ormance as well as "or #o! satis"action. $he theory predicts that an employee will alter his or her e""ort input when this is more "easi!le than other reactions to ine+uity. An employee who is under compensated and is paid a salary or hourly rate will restore E+uity !y reducing e""ort input there!y decreasing the +uality or +uantity or per"ormance( i" an employee is under compensated and a su!stantial portion o" hisPher pay is contingent on per"ormance +uantity He.g.( piece rateI( the employee will try to increase incenti e earnings without increasing e""ort.

-or an example who is o ercompensated and is paid on an hourly or salary !asis( e+uity can !e restored !y an increase in e""ort input. $his should result in an increase in the +uantity or +uality o" per"ormance. I" an employee is o ercompensated and a su!stantial portion o" pay is contingent on per"ormance +uantity( the employee will try to increase e""ort input without a corresponding increase in incenti e earnings. According to the theory( the employee will increase per"ormance +uality while reducing or holding constant per"ormance +uantity. $hese prediction a!out employee per"ormance when there is under compensation and o ercompensation ine+uity are summari,ed in -igure =.8 shown !elow. Per4ormance Imp3ications On Ine5uit( Jnder compensation )ourly salary rate or &ower +uality and +uantity o" output 1 ercompensation P or )igher +uality and +uantity o" output. P or

5iece rate commission

or &ower +uality and greater )igher +uality( lower or same +uantity +uantity.

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Empirica3 support $he prediction that employees will restrict or reduce their incenti e earnings o" they percei e themsel es to !e o ercompensated is highly contro ersial. $his prediction is contrary to expssectancy theory and dri erein"orcement theory( which imply that larger incenti es will result in an increase in the +uantity o" employee per"ormance. Most o" the research on e+uity theory has tested the per"ormance implications o" the theory( including the prediction #ust mentioned. 1ther important +uestions ha e !een mostly *egisted including the !asis "or selecting a comparison person the !asis "or choosing di""erent reactions to ine+uity( and the !asis "or determining what personal attri!utes and #o! characteristics will !e regarded as inputs and outcomes in the social comparison process.

*e iews o" the e+uity theory research H %omp!ell and 5rinchard( =A>@( 6oodman( =A>>I "ind that the empirical e idence is mixed. $he occurrence o" social comparison process among employee and the phenomenon o" percei ed ine+uity are well alidated. )owe er( the implications o" ine+uity "or per"ormance ha e not !een conclusions demonstrated. Most o" the studies ha e had methodological pro!lems o" one sort or another and ha e !een too short in duration to e aluate anything !ut the immediate short-term e""ects o" ine+uity on per"ormance. $hus( "or the present( e+uity theory appears to !e less use"ul predicting e""ort and per"ormance than "or predicting whether an employee will !e dissatis"ied with certain aspects o" the #o! "or which social comparisons are likely to occur( such as pay( ad ancement( recognition( and status sym!ols.

ocia3 In43uence T*eor( Salancik and 5"e""er H=A>>( =A>?I and others ha e +uestioned the alidity o" such complicated social

comparison notions as e+uity theory in explaining #o! satis"action. $hese authors also take issue with the !asic need satis"action model that "orms thd "oundation o" #o! enrichment approaches. Instead( they suggest that perhaps people decide how satis"ied they are with their #o!s !y simply making o!ser ations a!o e other

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employeeEs satis"action le els. $his implies that an employee in"ers a le el o" his or her own satis"action !y merely seeing how co-workers !eha e and !y listening to what they are saying a!out their #o!s. $hat is( satis"action may !e more o" a result o" how oneEs workers react to the #o! rather than o" the #o! itsel".

Deiss and Shaw H=A>AI conducted a study that also illustrates how indi iduals model others #o! satis"action. $hey "irst de elop a training "ilm showing people working on an assem!ly task. $wo types o" tasks were "ilmedL one !oring and one interesting. $hroughout the "ilm( the actors made incidents comments that indicated that they either liked the task He.g.( 7$his task is 1'7 and 7I donEt mind doing this at all7I or that they held a neutral position toward the task. -ollowing the "ilm( the participants in the study worked on the same task they saw demonstrated in the "ilm Heither the !oring or interesting oneI and then later rated their satis"action with the task. $he results clearly showed that their satis"action with the task was in"luenced !y the reactions o" the people per"orming the same task in the "ilm as well as !y the properties o" the task itsel".

$his theory o" #o! satis"action is interesting !ecause it recogni,es the social "actors that in"luence employeeEs a""ecti e reactions at work. Apparently( oneEs co-workers ha e a greater in"luence on our satis"action le els than we reali,e.

@er+'ergHs Dua3 6 !actor Mo&e3 $his theory is also called the two-"actor theory or the extrinsic-intrinsic( theory or the moti ation-hygiene theory or the content-context theory o" #o! satis"action.

-redrick )er,!erg and his associatesE iew o" moti ation complements that o" the other need theorists. It is similar to MaslowEs $heory in se eral respects. It postulates two classes o" "actors that roughly coincide with the lower and higher order le els o" the Maslowian "ramework.

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T*e Nature o4 t*e tu&( 3uring a series o" inter iews( /BB engineers and accountants "rom A companies were asked to descri!e se eral pre ious #o! experiences in which they had "elt 7exceptionally good7 or 7exceptionally !ad7 a!out their #o!s. $hey were also asked to indicate the degree to which their "eelings had !een in"luenced !y those experiences.

$he researchers !roke down this inter iew data into Ethought unitsE such as( 7I am ready( "resh and eager to go to work7 or 7I like to know the reason "or the work I am doing7. $he thought units were classi"ied into di""erent categories. In addition( they were compared to determine whether they resulted in moti ation or not.

As a result o" the analysis( researchers concluded that certain #o! elements - moti ati e "actors can lead to satis"action when they are present !ut not lead to dissatis"action !y their a!sence. 1ther #o! e ents - hygiene "actors can either cause or pre ent #o! dissatis"action.

$he "irst category or )ygiene "actors include physical working conditions( security( !ene"its( company policies and practices( technical super ision( etc. and other "actors related to the #o!Es context. $hey satis"y lower order needs and pre ent dissatis"action. Dhen su!#ects well asked( what made them "eel 7exceptionally7 !ad a!out their #o!s( all responses had one thing in commonM they related to the en ironment in which the work was per"ormed. )er,!erg called these( the hygiene "actorsM !ecause like physical hygiene( they pre ent deterioration !ut do not lead to growth.

$he Second %ategory or Moti ators are "actors related to a #o!Es content( including autonomy( responsi!ility( achie ement( etc. $hey satis"y higher order needs and moti ate the person to per"orm !etter.

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Dhen su!#ects were asked to determine( what made them "eel 7exceptionally good7 a!out their #o!s( all responses had one thing in commonM they related to the #o! itsel"( were psychological in nature( and led to upper le el need satis"action. T*e T*eor( Dorkers were di ided into two groupsL =I $hose "or whom extrinsic moti ation H"rom "actors outside the #o!I such as( status( security( hours o" work( etc. is most appropriate. /I $hose "or whom intrinsic moti ation H"rom "actors within the #o!I( such as autonomy( responsi!ility( recognition( creati ity( etc. is most appropriate. !or @er+'ergD t*ere are tKo in&epen&ent outcome &imensions)6 =I No satis"action - satis"action addressed !y moti ators. /I No dissatis"action - dissatis"action( addressed !y hygiene "actors. In this iew( satis"action and dissatis"action are considered not as opposite ends o" the same continuum !ut as di""erent "actors.

)ygiene "actors do not encourage indi iduals to exert more e""ort !ut hygiene must !e addressed to "irst( to !ring the indi idual to a point o" no dissatis"action so that moti ators can then increase satis"action and ultimately increase moti ation.

In sum( making pro ision "or hygiene "actors causes workers to !e in a neutral state Ho" no dissatis"actionIM only then moti ators !e introduced( !e expected to cause satis"action( and ultimately lead to !etter per"ormance.

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T*e Criti5ue )er,!ergEs theory had se eral serious shortcomings =. )er,!erg contents that something is either a hygiene "actoror a moti ator. According to him( i" you gi e people hygiene( you will not gi e them moti ation !ut you will pre ent dissatis"action. Satis"action results only "rom the presence o" moti ators. )owe er( research suggests that people can !e moti ated !y external "actors such as money and !e dissatis"ied !y "actors such as money and !e dissatis"ied !y "actors such as achie ement or responsi!ility. /. Answers !y su!#ects can !e !iased since people tend to gi e socially accepta!le responses.

3. $he recall o" critical incidents can also introduce a !ias in the methodology.

)owe er( )er,!erg has made a ma#or contri!ution in our knowledge and understanding o" #o! satis"action. )is stress o" psychological growth as a pre-condition to 4o! satis"action and showing that such work stems "rom a general work content is commenda!le.

Determinants o4 Jo' Attitu&es $he research e idence suggests that the !est way to explain how #o! attitudes are determined is !y means o" an 7sinteraction model.7 $hat is( a personEs #o! satis"action depends #ointly on the characteristics o" the #o! situations and the characteristics o" the person. 1" the "our satis"action theories descri!ed earlier( the one most compati!le with an interaction model is pro!a!ly discrepancy theory. A personEs perception o" what 7should !eT in a #o! will !e determined !y employee characteristics and situationai aria!les( and perception o" what 7is now7 in a #o! will !e determined mostly !y actual #o! conditions. An example o" how discrepancy theory can !e extended to include these satis"action determinants is shown in -igure =.< shown !elow HNext pageI.

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Needs alues and personality traits

%urrent social comparisons *e"erence group in"luence 4o! "actors in prior experience
%ompensation

5erception o" conditions that should exist

Super ision Dork itsel" %o-workers 4o! security Ad ancement 1pportunity

5erception o" acutal #o! conditions

Employee #o! satis"action

A @(pot*etica3 Mo&e3 O4 Jo' atis4action Determinants

$hree kinds o" employee characteristics that a""ect 7should !e7 perceptions are - needs( alues( and personality traits. Needs are important !ecause an employee will desire more o" any #o! "actor that is instrumental in "ul"illing currently acti ated needs. 1nce enough o" a #o! "actor He.g.( recognitionI is present in the #o! to "ill needs to which it is rele ant He.g.( esteemI( additional amounts o" the #o! "actor will not !e desired !y the employee and will not increase #o! satis"action. 2alues are the relati ely sta!le !elie"s o" a person a!out what is 7right7 and 7wrong7 !eha iour and what are desira!le and undesira!le li"e goals. 2alues in"luence an employeeEs

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5er"erences "or certain kinds o" occupations and #o! content. -inally personality traits. such as sel"-esteem( modi"y a persons #o! aspirations and pre"erences. Sel"-esteem is the extent to which a person likes and alues himsel" Phersel" and percei es himsel"Phersel" to !e a competent( ade+uate human !eing. An employee with high sel"-esteem will pre"er a #o! that is important or one that pro ides the opportunity "or ad ancement and personal success. An employee with low sel"-esteem will pre"er a low-prestige #o! that is consistent with an un"a oura!le sel"-image and is not ery demanding H'orman( =A>BI.

$hree aspects o" #o! situation that e""ect 7should !e7 perceptions are social comparisons with other employees( pre ious #o! characteristics( and re"erences groups. $he social comparison process was descri!ed earlier in the section on e+uity theory. An employee will compare the !ene"icial outcomes recei ed !y other employees with similar #o!s( a"ter taking into account any di""erences !etween hisPher 7inputs7 and those o" the comparison persons. EmployeesE perceptions o" what 7should !e7 in the #o! are also in"luenced !y their perceptions o" 7what was7 in the past. 5re ious conditions are important in that they set a minimum expectation "or the present. No!ody wants to recei e lower pay or less !ene"its than were recei ed earlier in the same #o! or in a pre ious #o!.

*e"erence groups make up a third situational in"luence on an employeeEs 7should !e7 perceptions. A re"erence group is one to which a person looks "or guidance in interpreting and e aluating personal experiences. A personEs expectations and aspirations "or a #o! will !e in"luenced !y the re"erence groupEs conceptions o" what kind o" #o! and working conditions are appropriate "or that indi idual H'orman( =A>=I. An employee will !e more satis"ied i" a #o! is endorsed !y the re"erence group than i" it is not. A good example o" a re"erence groups is the in"luence o" a la!our union on worker perceptions o" a "air and reasona!le increase in pay and !ene"its.

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A ma#ority o" studies on the determinants o" #o! attitudes ha e "ocused on either the in"luence o" #o! characteristics or the in"luence o" employee characteristics( rather than examining the #oint in"luence o" !oth kinds o" aria!les. 1nly a "ew studies include employee characteristics as well as #o! characteristics to explain how #o! satis"action Is determined.

atis4action Kit* t*e Kor% Studies on the importance o" di""erent #o! characteristics consistently "ind that the nature o" the work itsel" is ma#or determinant o" #o! satis"action. Se eral recent studies ha e attempted to identi"y the ma#or dimensions o" #o! content and to see how employee satis"action is in"luenced !y #o! content

$ask identity and task signi"icance also a""ect the experienced meaning"ulness o" the work. An employee who solders three connections on an electrical panel as it passes !y on the assem!ly line is not likely to "ind the work ery meaning"ul. $he employee is not really 7making7 a tele ision set( or e en a signi"icant component o" a tele ision set. 1n the other hand( an employee who assem!les the entire "inished product( or who makes an important component o" the "inished product( will experience a sense o" completion and will pro!a!ly percei e the work to !e meaning"ul.

$he amount o" autonomy an employee has in the #o! and the degree to which the work pro ides o!#ecti e per"ormance "eed!ack will determine how much opportunity there is "or satis"action o" higher-order needs( such as achie ement and independence. Dhen an employee has no control o er work procedures or work pace( as on most mechanically paced assem!ly lines( there is little opportunity to experience the intrinsic satis"action o" success"ully accomplishing a challenging task.

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atis4action Kit* Compensation Se eral studies ha e "ound that pay is the #o! characteristic most likely to !e a source o" employee dissatis"action H&awler( =A>=. As seen in the e+uity theory( i" an organi,ation pays less than the going rate in the community "or a gi en type o" #o!( employees will pro!a!ly !e dissatis"ied with their pay.

Employees will also compare their salaries with those o" co-workers in the same organi,ations. In the case o" managers( social comparisons will pro!a!ly !e made with su!ordinate as well as with peers. Managers will expect their pay to re"lect the di""erence in reasona!ility( experience( and a!ility that they percei e to exist !etween themsel es and su!ordinates. $he higher a person is in the authority hierarchy and the more responsi!ility( education( skills( and seniority a person had( the more pay he or she will expect to recei e.

1" course( as an employeeEs income gradually increases( hisPher standard o" li ing rises( and past 7&uxuries7 !ecome present 7necessities7. $hus higher wages are likely to result in only a temporary impro ement in Satis"action E en i" the standard o" li ing to which an employee aspires does not increase( in"lation is likely to erode satis"action with any gi en le el o" pay.

5ay is also a means o" "ul"illing certain in security needs. A person who worries a!out economic disaster will !e less satis"ied with a gi en le el o" pay than a person who does not "eel insecure( and much more pay will !e needed to satis"y the "ormer. -inally( an employeeEs attitude towards hisPher pay will re"lect underlying alues regarding money and materialism. 5ay will !e a more important determinant o" #o! satis"action "or people who alue money and material possessions than "or people who do not. HDallac O -ay( =A?3I.

atis4action Kit* superGision $he !eha iour o" the immediate super isor is another important determinants o" an employeeEs #o! satis"action.

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)owe er( the reaction o" employees to their super isor will usually depend on characteristics o" the employees as well as on characteristics o" the super isor. $here is seldom any simple and consistent relationship !etween leader characteristics and su!ordinate satis"action. $he only leader !eha iour that has a predicta!le e""ect on su!ordinate satis"action with the leader is consideration.

$he e""ect o" a super isors task-oriented !eha iour on su!ordinate satis"action is less predicta!le. In some studies( employees ha e !een more satis"ied with leaders who engage in a great deal o" task-oriented !eha iour( In a #o! situation in which su!ordinate work rules are +uite am!iguous( the su!ordinates will pre"er a leader who classi"ies their role re+uirements. $hat is( i" su!ordinates are not capa!le o" "iguring out how to per"orm the work !y themsel es( they will pre"er a leader who pro ides ade+uate guidance and instruction. 1n the other hand Hwhere work roles are clearly de"ined and the su!ordinates are highly content to per"orm without "re+uent guidance and instruction( a leader who does not super ise closely will !e pre"erred H)ouse( =A>=M )ouse and Mitchell( =A>8I. -inally( i" su!ordinates are not ery moti ated and they "ind the work to !e unpleasant( they will pre"er a leader who does not pressure them to maintain a high le el o" per"ormance.

In a study !y Morse H=A<3I( workers were most satis"ied when the amount o" their participation was e+ual to the desired amount( regardless o" how much was desired. )owe er( researchers ha e only !egun to identi"y what speci"ic indi idual traits and situational aria!les shape an employeeEs pre"erences "or participati e super ision.

Conse5uences o4 Jo' atis4action an& Jo' Dissatis4action

Some !eha iour scientists ha e studied #o! satis"action !ecause they !elie e that the +uality o" work experience has important implications "or a personEs mental health and psychological ad#ustment He.g.( 'ornhauser( =A@<I. A second reason "or studying #o! satis"action is that it may ha e direct or indirect conse+uences "or

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organi,ational e""ecti eness. Most o" the research on #o! attitudes has re"lected a greater concern "or organi,ational e""ecti eness than "or employeesE wel"are. Numerous studies ha e !een conducted to determine whether #o! attitudes a""ect producti ity( a!senteeism(

$urno er and other aspects o" employee !eha iour rele ant to organi,atinal e""ecti eness

atis4action an& per4ormance

In the early research on #o! attitudes( it was commonly assumed that employees who were satis"ied would !e more moti ated and thus more producti e than dissatis"ied. I" true( this assumption would imply that an organi,ation could impro e producti ity !y pro iding employees with pleasant working conditions( a "air salary( considerate super isors( and su""icient amounts o" other kinds o" rewarding outcomes. $he early conception o" the casual relationship !etween satis"action and per"ormance is illustrated in -igure =.@.

*e iews o" the research literature !y Bray"ield and %rockett H=A<<I and !y 2room H=A@8I "ound that satis"action and per"ormance were not closely related to each other in any simply "ashion. In ma#ority o" studies( there was a positi e correlation( !ut the si,e o" the correlations was usually +uite small. $hus the assumption that #o! satis"action leads to superior per"ormance was discredited. Building on the analyses and recommendations made !y Bray"ield and %rockett( more complex and sophisticated models Dhen the organi,ation makes extrinsic rewards contingent on per"ormance( employees with a erage or in"erior per"ormance. As long as these extrinsic rewards are percei ed to !e e+uita!le( the superior per"ormers will also tend to !e more Satis"ied in other words when per"ormance leads to intrinsic and extrinsic rewards and these lead in turn to higher #o! satis"action( per"ormance and satis"action will !e positi ely correlated with each other. )owe er(

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when per"ormance does not led to intrinsic and extrinsic rewards( per"ormance and satis"action will not !e correlated positi ely with each other. Extrinsic rewards are usually less closely related to per"ormance than are intrinsic rewards !ecause extrinsic rewards are administered !y the organi,ation and intrinsic rewards are Esel"administered.7 *ewarding outcomes Employee satis"action Employee moti ation Employee per"ormance

!igure 19B) Ear3( conception o4 t*e re3ations 'etKeen satis4action an& per4ormance

$he casual relationship in the &awler and 5orter model are illustrated in -igure =.>. $he results o" research conducted to test the &awler-5orter model ha e not !een consistent.

3issatis"action and withdrawal

A num!er o" literature re iews ha e "ound a "airly consistent relationship !etween dissatis"action and withdrawal in the "orm o" a!senteeism and turno er. Employees who are dissatis"ied with their #o!s are more likely than satis"ied employees to stay away "rom Dork or resign although the relationship is not a strong one. 1ther "orms o" withdrawal !eha ior( such as drinking and taking illegal( drugs( ha e recei ed less attention in the research literature( !ut it is likely that they are also associated to some extent with #o! dissatis"action.

Dithdrawal !eha ior !y employees usually has ad erse conse+uences "or the organi,ation. A!senteeism disrupts normal operations( causes delays( increase expenses "or 7sick pay(7 and necessitates the employment o" extra personnel to su!stitute "or employees who donEt show up "or work. $urno er also disrupts normal operations( and the expense o" selecting and training replacement is o"ten 5er"ormanceHaccomplishmentI. ery su!stantial.

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5ercei ed e+uita!le rewards

Intrinsic rewards 5er"ormance HaccomplishmentI -igure =.> Extrinsic rewards Satis"action

LaK3er6Porter mo&e3 o4 t*e re3ation 'etKeen satis4action an& per4ormance

Dissatis4action an& aggression $he "rustration that accompanies #o! dissatis"action can lead to aggressi e !eha iour rather than withdrawal. Aggression may take the "orm o" sa!otage( deli!erate errors( and militant union acti ities( such as strikes( slowdowns( and excessi e grie ances. Aggression may also !e displaced to other parties( such as -co-workers or an employeeEs "amily. $hus there may !e lot o" !ickering and "ighting among employees when they are ery

-rustreated Dhen aggressi e acts inter"ere with operations reduce the +uality o" production and inhi!it cooperation and teamwork( they can pro e costly to the organi,ation. 3issatis"action with inade+uate compensation or !oring work can also contri!ute to the incidence o" employee the"t. Stealing o" money( merchandise( and supplies !y employees has !een a serious pro!lem in some organi,ations.

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Jo' satis4action an& 3i4e satis4action

Dhat is the relationship !etween #o! satis"action and li"e satis"actionC 1n theoretical grounds( three possi!ilities exist H'a!ano""( =A?BI. $he "irst is that o" compensationM higher satis"action in one domain HworkI may compensate "or low satis"action in the other. $he second possi!ility is spill o er. $hat is high Hor lowI satis"action in one domain will spill o er to the other domain. $he third possi!ility is segmentation. $his suggests that the two domains are psychologically separate "rom one another.

At this time researchers ha e no de"initi e empirical support "or any o" these three explanations. Instead( each o" the three theories has recei ed some con"irmation H3u!in O %hampoux( =A>>M &ondon( %randall( O Seals( =A>>M 1rpen( =A>?M Dea es( =A>?I. $he ma#or pro!lems researchers seem to !e experiencing is in measuring non-work satis"action. It is hoped that when this methodological pro!lems is sol ed we will !e a!le to know which o" the possi!ilities !est descri!es this important relationship.

atis4action an& Organi+ationa3 E44ectiGeness 4o! attitudes a""ect organi,ational e""ecti eness to the extent that they in"luence turno er( a!senteeism( strikes grie ances( sa!otage( the"t( and so on. -urther studies ha e shown that satis"ied employees tend to li e longer H5almore( =A@AI( exhi!it !etter mental and physical health HBurke( =A@AM %hadwick-4ones( =A@AI( learn new tasks "aster HDyatt( &angdon( O Stock( =A3>I and ha e "ew accidents at work H2room( =A@8I. It is "or these reasons $hat steers H=A>>I noted that #o! satis"action one o" the most popular indicator used !y consultants and researchers "or assessing organi,ational e""ecti eness.

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$he importance o" #o! satis"action is o! ious. -or management( a satis"ied work "orce translates into higher producti ity due to "ewer disruptions caused !y a!senteeism or good employees +uitting( as well as into lower medical and li"e insurance costs. Additionally( there are !ene"its "or society in general. Satis"action on the #o! carries o er to the employeeEs o""- the-#o! hours. So the goal o" high #o! satis"action can !e de"ended in terms p" !oth money and social responsi!ility.

In the 5resent Study( there"ore( the researcher attempts to study the perception o" employees o" their moti ational climate as well as their attitude toward their #o!( i.e.( #o! satis"action with arious dimensions. It is also intended to study how climate and #o! satis"action contri!ute to the per"ormance o" the employees.

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MET@ODOLO"?
MET@ODOLO"? is de"ined as 7$he analysis o" the principles o" methods( rules( and postulates employed !y a discipline7 or 7$he de elopment o" methods( to !e applied within a discipline7 7a particular procedure or set o" procedures7.
U=V

It should !e noted that methodology is "re+uently used when method would !e more accurate. -or example( 7Since students were not a aila!le to complete the sur ey a!out academic success( we changed our methodology and gathered data "rom instructors instead7. In this instance the met*o&o3og( Hgathering data ia sur eys( and the assumption that this produces accurate resultsI did not change( !ut the met*o& Hasking teachers instead o" studentsI did. Methodology includes the "ollowing concepts as they relate to a particular discipline or "ield o" in+uiryL =. /. 3. a collection o" theories( concepts or ideasM comparati e study o" di""erent approachesM and criti+ue o" the indi idual methods

Methodology re"ers to more than a simple set o" methodsM rather it re"ers to the rationale and the philosophical assumptions that underlie a particular study. $his is why scholarly literature o"ten includes a section on the methodology o" the researchers. $his section does more than outline the researchersN methods Has in( 9De conducted a sur ey o" <B people o er a two-week period and su!#ected the results to statistical analysis:( etc.IM it might explain what the researchersN ontological or epistemological iews are. HSee ontology ( epistemology I

Another key Hthough argua!ly impreciseI usage "or methodology does not re"er to research or to the speci"ic analysis techni+ues. $his o"ten re"ers to anything and e erything that can !e

?/

encapsulated "or a discipline or a series o" processes( acti ities and tasks. Examples o" this are "ound in so"tware de elopment( pro#ect management and !usiness process "ields. $his use o" the term is typi"ied !y the outline who( what( where( when O why. In the documentation o" the processes that make up the discipline( that is !eing supported !y 7this7 methodology( that is where we would "ind the 7methods7 or processes. $he processes themsel es are only part o" the methodology along with the identi"ication and usage o" the standards( policies( rules( etc. RE EARC@ MET@ODOLO"? In order to achie e the o!#ecti e o" the pro#ect( primary and secondary data was used. $he sources "rom where the in"ormation was o!tained are as "ollowsLPRIMAR? O8RCE

$he data collection was primarily through "ace-to-"ace interaction and con ersation with the respondent. 3ata was also collected through consultation within !ank and unit managers o" I%I%I Bank. ECONDAR? DATA Business maga,ines which includes !usiness today( !usiness India and !usiness world. Insurance ad isors manual and study material on I%I%I prudential Newspapers which includes economic times( the "inancial express and "inancial times. Internet was also used to gather the re+uired data. MET@ODOLO"? ADOPTED As "or the prospecting o" the respondents is concerned( Area sampling O $elecalling was used extensi ely. Researc* met*o&o3og( is t*e mean to p3an out t*e K or%ing process or t*e course o4 action to reac* t*e o'jectiGe9

?3

$he product itsel" is not #ust enough "or winning the customers. $here are some !unch o" ser ices that adds alue to the sales process and winning the customers. $his study has !een conducted with intention o" ha ing an insight into the knowledge o" 3eri ati e 5roducts !y *espondent situated in Agra region. All the sources o" the data are primary( which includes the "illing o" +uestionnaire "rom the "inancial manager or ad isor o" an organi,ation !y sur eyor.

AMPLE AREA AMPLIN"

) )

DEL@I IMPLE RANDOM AMPLIN"

T?PE O! DATA DATA COLL9 MET@OD

) )

PRIMAR? DATA INTERVIE< T@RO8"@ N8E TIONNAIRE

INTERVIE< TEC@NIN8E T?PE O! N8E TION RE EARC@ DE I"N RE EARC@ ACTIVITIE

) ) )

CONTACTED PER ONALL? OPEN AND CLO E ENDED DE CRIPTIVE

3e"ining the research o!#ecti es and the need o" the in"ormation. 3e eloping the research design. 3ata source Q 5rimary *esearch approach Q Sur ey *esearch instruments Q ;uestionnaire %ontact method Q 5ersonal

?8

5reparing and modi"ying the schedule. %onducting the actual sur ey to collect the in"ormation. 5rocessing and analy,ing the data. 5resenting the research results.

RE EARC@ DE I"N As the need o" the research was already speci"ied and known to the sur eyors there"ore descripti e research design was "ollowed. It ena!led the sur eyors to carry on the right line o" action and the scope o" de iation "rom the track was eradicated. DATA COLLECTION MET@OD $he sur eyors ha e chosen the method o" Inter iew through ;uestionnaire in order to carry on the process. $here were some pre-determined parameters on the !asis o" which the sur eyor collected the data. amp3ing Met*o& amp3e Sample is the small part o" the any population which is considered "or the o!ser ation or the study. amp3ing Sampling is the process to get the sample "or the large population. 5opulation can !e de"ined as the large collection o" data( i.e.- commodity( census( time etc. T(pe o4 samp3ing 16 Non pro'a'i3it( samp3ing A sampling in which units o" the sample are selected on the !asis o" personal #udgment or con ince. Non pro!a!ility sampling is also called non-random.

?<

It *as 4o33oK ing t(pes .6 ;uota sampling %on ince sampling 4udgment sampling Pro'a'i3it( samp3ing A pro!a!ility sampling is chooser in such a way that each mem!er o" the uni erse has a known change o" !eing selected. It *as 4o33oK ing t(pe Simple random sampling Systematic random sampling

Strati"ied random sampling %luster random sampling )ence in this pro#ect work Probability sampling design i.e. Random sampling was adopted as a de"inite plan "or o!taining a sample "rom the population. $he selection techni+ue was a Strati"ied random sampling a restricted pro!a!ility sampling.

?@

OBJECTIVE
$he 5urpose o" the present research was - $o Study Moti ational %limate and 4o! Satis"action as 5redictors o" 5er"ormance in a 5ri ate 1rgani,ation HI%I%I Bank &tdI.

Primar( O'jectiGes
$he present research had the "ollowing o!#ecti esL =. $o assess the moti ational climate o" a pri ate organi,ation HI%I%I Bank &tdI as percei ed !y its employees with di""erent periods o" ser ice HtenureI. /. $o study the #o! satis"action o" the employees with di""erent periods o" ser ice on arious dimensions. 3. $o assess the relationship o" age and total work experience with the moti ational climate( #o! satis"action( and per"ormance o" employees.

econ&ar( O'jectiGes

=. $o assess the relationship o" pre ious work experience o" employees in the three groups with moti ational climate( #o! satis"action( and per"ormance. /. $o assess the per"ormance o" employees with di""erent periods o" ser ice as appraised !y their immediate super isors. 3. $o assess the relationship !etween the dimensions o" percei ed moti ational climate( #o! satis"action and per"ormance o" employees. 8. $o in estigate the determinants o" Dork 5er"ormance o" employees.

$his chapter presents the interpretation and discussion o" results o" the study in line with the set o!#ecti es.

?>

DATA ANAL?A I E INTERPRETATION

N19 Market share o" pri ate and go t. BankC

Ban %

Mar% et

*are 7!i g9 i n O:

6o t . Bank 5 ri at e Bank

>A.A /B.=

Market Share of Govt. & Private Bank

100 80 Percentage 60 Series1 40 20 0 Govt. Bank Private Bank 20.1 79.9

Ana3(sis) according to the analysis pri ate !ankNs has /B.=F share and 6o t. Bank has >A.AF o" share.

??

N.9 5ercentage o" account holder.

Ban % Ges No Mar% et ?< =< * are H-i g. i n FI

No 15%

Yes No

Yes 85%
An a3 (sis)

a!o e analysis shows that total num!er o" account holder has their account in

pri ate !ank And =<F o" account holder has their account in go t. !ank.

?A

N29 market shares arious pri ate !anks.

B an%

Mar% et

* are H-i g. i n FI

I% I% I BAN' )3-% SBI 1$)E* S

=< =B @B =<

15%

15%

10%

ICICI H !C SBI "t#ers

60%

An a3 (sis)

a!o e analysis shows that I%I%I !ank has =<F shares( )3-% has =BF( SBI @BF and

otherNs has =<F o" shares.

AB

N/9 how many are interested in opening icici !ank account in "uture
Ban % Int er est ed * espondent Non i nt erest ed * espondent No9 o4 Resp on & en t /A.?A >B.==

Respondent Behaviour
80 70 60 50 40 $0 20 10 0 Intereste% &es'on%ent Non intereste% &es'on%ent

Percentage

Series1

Respondent Response

An a3 (sis)

a!o e analysis shows that /A.?A peoples are interested and >B.==F peoples are not

interested.

A=

NA9 Dhich type o" account do you ha eC

Ban % %urrent Account S a i ng Account -ix ed Account None

No9 o4 Resp on & en t =< 8B /< /B

%one $!%

Current Account 15%

"i#ed Account $5%

Saving Account !%

An a3 (sis)

a!o e analysis shows that =<F 5eoples ha e current account( 8BF people ha e

sa ing account( /<F ha e "ixed account and /BF ha e others .

A/

NB9 which !ank pro ides you !etter ser icesC

B an% I% I% I BAN' )3-% SBI 1$)E*

No9 o4 Resp on& en t /B /B <B =B

"*H+& 10%

ICICI B(N) 20% ICICI B(N) H !C H !C 20% SBI "*H+&

SBI 50%

An a3 (sis)

a!o e analysis shows that /BF o" peoples are satis"ied with )3-% Bank( /BF with

I%I%I !ank( <BF with SBI and =BF with others .

A3

N09which !ank is pro iding more rate o" interestC

Ban % I% I% I BAN' )3-% S BI 1$)E*

No9 o4 Resp on & en t 3< /B 8B <

5% $5% 40% 20% ICICI H !C SBI "t#ers

An a3 (sis)

a!o e analysis shows that 3<F 1" peoples are agreed with the I%I%I( /BF with the

)3-%(8BF with SBI( <F with otherNs.

A8

NC9 what should !e the minimum account !alanceC

Va3u e .ero- "i e hundred -i e )undred Q 1ne $hous. A!o e 1ne $housand

No9 o4 Resp on & en t @B /B /B

20% 0,500 500,1000 1000,a-ove

20%

60%

An a3 (sis)

a!o e analysis shows that @BF peoples open their account with B-<BB rs( /BF

peoples with =BBB-a!o e( /BF with <BB-=BBB.

A<

N-9 I s icici !ank pro iding good atm ser icesC

Ban % Ges No

No9 o4 Resp on & en t ?B /B

No 20%

Yes No

Yes 80%
Ana3(sis) a!o e analysis shows that /BF peoples are not satis"ied with I%I%I A$M Ser ice and ?BF o" peoples are satis"ied.

A@

;=B.is icici !ank( a consumer oriented !ankC

B an% Ges No No9 o4 Resp on & en t @B 8B

No 40% Yes 60%

Yes No

An a3 (sis) a!o e anal ysi s shows t hat @BF peopl es al l ow t hat I% I% I Bank i s consum er ori ent ed and 8BF o" peopl es doesnNt N all ow.

A>

!INDIN"

In this sur ey I "ind that market share o" 6o t. !ank is more than the market share o" pri ate !ank.

$his sur ey shows that most o" the people ha e account in !anks. Most o" the people ha e account in SBI( rather than other !anks. Dith the help o" this sur ey I "ind that most o" the people ha e sa ing Account. SBI pro ide !etter ser ice in comparison o" I%I%I( )3-% and others. $his sur ey shows that SBI pro ide !etter rate o" interest( in comparison o" other !anks.

In this sur ey( it shows that I%I%I pro ide !etter A$M ser ices. Among pri ate !anks I%I%I is leading the way.

A?

CONCL8 ION
$he present research was undertaken in order to - Study Moti ational %limate and 4o! Satis"action as 5redictors o" 5er"ormance in a 5ri ate 1rgani,ation HI%I%I Bank &tdI.

Proce&ure
$he MA1-% and the 4o! Satis"action +uestionnaire were handed o er to each su!#ect indi idually explaining to himPher the purpose o" the research. $he su!#ects were asked to read the instructions then and there and clari"ications were made where er re+uired. Since this exercise was carried out at the outlets where the employees worked and where customer "oot"all is generally ery high( the su!#ects were gi en the relaxation o" taking the +uestionnaires home and thus responding to them care"ully and candidly. $he 5er"ormance Scale gi en to the immediate super isors o" e ery respondent was administered in the same "ashion( making clear to the su!#ects( that that was in no way a part o" their per"ormance appraisal. Some !ackground in"ormation o" the employees( i,.( age( whether they ha e worked !e"ore( and total years o" work experience( was also gathered.

tatistica3 Tec*ni5ues 8se&

=. /. 3escripti e AnalysisL Mean and Standard 3e iation were calculated "or all the aria!les. In"erential AnalysisL $-test was done to "ind the signi"icance o" the di""erence !etween the means o" all the aria!les. 3. 8. <. %o relational Analysis 5earsonNs 5roduct Moment %orrelation was used Stepwise *egression Analysis was used to determine the predictors o" the 3ependent 2aria!les. 6raphical *epresentation was also used.

AA

Conc3usions o4 t*e tu&(

$he "ollowing conclusions were drawn a"ter Statistical analysis and 3iscussion o" resultsL 5ositi e Moti es HAchie ement( Expert In"luence( and ExtensionI o" the climate =. $here is no signi"icant di""erence !etween the mean scores o" the three groups Hwith di""erent periods o" ser ice tenureI on the moti es o" Achie ement( %ontrol( and 3ependency. /. -or the sample as a whole( EExtensionE is the 3ominant moti e and E3ependencyE the Secondary or Back-Jp moti e. 3. $here are no signi"icant di""erences !etween the means o" the three groups on the dimensions o" 4o! Satis"action. All the three groups ha e the highest mean scores on the dimension o" E Super isionE and the lowest on the dimension o" E%ompany 5oliciesE. 8. In all three groups( maximum num!er o" people "alls in the a erage category o" satis"action. <. $here are no signi"icant di""erences !etween the means o" the three groups on the dimensions o" 5er"ormance. $he total sample as a whole has the highest mean score on the dimension o" ESpeed on the 4o!E. @. Maximum num!er o" people in each o" the three groups has a erage scores on 1 erall Dork 5er"ormance. >. In terms o" pre ious work experience( the men scores are signi"icantly di""erent on aI the EAchie ementE dimension o" the MA1-%( !I the EDorking %onditionsE dimension o" 4o! Satis"action( and cI EAttendance O punctualityE dimension o" 5er"ormance. ?. $here are no signi"icant correlations o" either age or total work experience with any o" the aria!les o" the MA1-% or 4o! Satis"action. $he per"ormance dimensions o" Attendance O 5unctuality A!ility to 6et Along with 1thers correlate negati ely( wniie Amount o" E""ort positi ely with EAgeE. EAttendanceE also correlates positi ely with $otal work experience. A. All the dimensions o" 5er"ormance are positi ely correlated with each other and with 1 erall Dork 5er"ormance.

=BB

=B. $he correlations o" the 5ositi e Moti es o" the MA1-% H=( /( 3I are mostly positi ely correlated with the dimensions o" 4o! Satis"action and 5er"ormance. All the three Negati e Moti es o" the MA1-% H8( <( @I show negati e correlations with the dimensions o" 4o! Satis"action and 5er"ormance( Hall correlations are not signi"icantI. ==. 1 erall Dork 5er"ormance and 1 erall 4o! Satis"action show a signi"icant positi e correlation at the B.B< le el o" signi"icance. =/. 1nly one dimension o" #o! satis"action( namely( E5er"ormance Measurement= H=B.3 FI and one dimension o" the moti ational climate(E A""iliationE H<.= FI are signi"icant predictors o" the ;uality o" Dork 5er"ormance. =3. $wo dimensions o" #o! satis"action( that is( EInterpersonal *elationshipsE H=/ FI and $raining O 3e elopment 1pportunitiesE H>.< FI and one dimension o" the moti ational climateM namely( E Expert In"luenceE H8.> FIare signi"icant predictors o" E Amount o" E""ort expended on the 4o!E( along with the !ackground aria!le o" EAgeE H3.< FI. =8. 1nly one dimension o" the moti ational climate( i.e.( the moti e o" E%ontrolE is a signi"icant predictor o"E Initiati e on the 4o!E H< FI. =<. 1nly one dimension o" 4o! Satis"action( namely(E 5er"ormance Measurement E is a signi"icant predictor o" 1 erall Dork 5er"ormance H> FI.

$he sample si,e taken HABI is not large enough to make generali,ations a!out the entire population in the company . =. 3ue to time constraints( +uestionnaires were le"t with the employeesM there was minimal "ace-to-"ace interaction( which in"act could ha e !rought a!out more alid and speci"ic notions into account. /. Jsing the MA1-%( only a "ew moti es related to the 1rgani,ational %limate were studied. 3. $he measure o" 5er"ormance used did not gi e a detailed picture o" the su!#ectsE per"ormance in terms o"

=B=

arious dimensions. Indi idual !iases could !e high on such a +uestionnaire.

uggestions !or !urt*er Researc*

=. More lucid and alid pictures might ha e emerged i" there was more detailed en+uiry into each dimension o" 4o! Satis"action. /. It would !e worthwhile to study similar aria!les in the %orporate 1""ice on arious le els o" hierarchy. 3. A more descripti e index o" 5er"ormance Measurement could !e used. 8. Application o" techni+ues such as #o! enrichment or #o! enlargement could !e studied as inter ention strategies( depending on the results. <. In a more detailed study( personality aria!les could also !e taken into account.

=B/

LIMITATION
=. $ime was a main restricting "actor while working the pro#ect. /. Employees are sometimes hesitant to pro ide complete and "ull in"ormation. 3. 1"ten due to pressure o" meeting goals and achie ing targets and day to day work( employees were not
a!le to put in the picture all that they wanted to.

8. A group discussion could also ha e helped in the research( !ut could not !e held due to arious "actors.

=B3

=B8

RECOMMENDATION
A"ter the sur ey undertaken !y me( I suggest I%I%I Bank should take into account this !enchmarking work to maintain its position I%I%I Bank should keep on undertaking promotional Acti ities and awareness !uilding programmes( so that awareness o" the people a!out their policy and high premiums pro ided them will !e increased I%I%I Bank should keep in touch with their Account holders regularly. I%I%I Bank should also pay attention to customersN "eed!ack. E en i" a customer does not gi e "eed!ack himsel"Phersel"( hePshe should !e called up to know hisPher "eed!ack a!out the product and ser ices o""ered. 1nly through this( the company can modi"y its products and grow with customersN lo e and "aith &ast !ut not the least( I%I%I Bank should work on the suggestions gi en !y the respondents ery care"ully and should

=B<

BIBLIO"RAP@?
=. Introduction to psychology-Morgan and 'ing /. )uman resourse management-M.s.Saiyadain. 3. -rench( 'art,( O *osenweig. Jnderstanding )uman Beha iour in 1rgani,ations. New Gork( )arper O *ow. 8. )ersey(5.( Blanchard( '.). H=AA?I. Building E""ecti e relationshipsL Management o" 1rgani,ational

Beha iour. 5rentice )all o" India 5ri ate &td. <. 5areek( J. H=A??I. 1rgani,ational Beha iour 5rocesses. *awat 5u!licatons( New 3elhi.

@. 5areek( J. H=AA>I. *ele ant %onceptual -ramework o" 1rgani,ational 5rocesses. $ata Mc6raw )ill 5u!lishing %o. &td.( New 3elhi. >. 5eston#ee( 3. M. H=A??I. Second )and!ook o" 5sychological And Social Instruments. %oncept 5u!lishing %o.( New 3elhi. ?. 5ratap( SM O Sri asta a( S. '. H=A?<I. A %omparati e Study o" 4o! Satis"action and 1rgani,ational %limate in 5ri ate and 5u!lic $extile Industries. Indian 4ournal o" Applied 5sychology. 2ol. //H=IL <-A. A. *ai O Sinha. H/BBBI. $rans"ormational &eadership( 1rgani,ational %ommitment( and -acilitating %limate. 5sychological Studies. 2ol. 84H= O /IL 33-8/. .JO8RNAL 4ournal o" management 4ournal o" 1rgani,ational Beha iour 4ournal o" Indian Academy o" Applied 5sychology <EB ITE www.wilkipedia.com www.google.co.in
=B@

N8E TIONNAIRE
Nuestionnaires No9 Respon&ent Name) A&&ress 999 ;.= Dhich type o" !ank do you pre"erC aI ;./ 5ri ate !ank !I 5u!lic !ank ) ..........................................................

Are you a !ank account holderC aI Ges !I No.

;.3

In which !ank( you ha e your account aI cI I%I%I Bank )3-% Bank !I dI SBI Bank None

;.8

Dhich type o" account do you ha eC aI cI %urrent account -ixed 3iposit !I dI Sa ing account None

;.<

Dhich !ank pro ides you a !etter ser iceC aI cI I%I%I Bank SBI Bank !I dI )3-% None

;.@

Dhich !ank pro ides you more rate o" interestC aI cI I%I%I Bank SBI Bank !I dI )3-% Bank None

=B>

;.>

Dhat should !e the minimum account !alanceC aI cI Jp to <BB A!o e =BBB !I dI <BB to =BBB 3onEt 'now

;.?

Is I%I%I Bank pro iding a good A$M ser iceC aI Ges !I No

;.A

Is I%I%I Bank( a consumer oriented !ankC aI Ges !I No

;.=B

3o you ha e any suggestions to impro e the credi!ilityC .......................................................................................

=B?