chapter 1 mini2.docx
TRANSCRIPT
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PROJECT REPORT
ON
THE STUDY ON CUSTOMER SATISFICATION ON THE
PRODUCTS AND SERVICES OFFERED BY IOB
SUBM ITTED BY
MEENAKSHI MORE
SEAT NO -13
(SEM V).TYBBI
UNDER THE GUIDANCE OF
Mrs. BYSHI PANIKAR
Submitted to university of Mumbai i n partial fu lf il lment for the
requirements of the award of degree
BACHELOR OF COMMERCE (Banking & Insurance)
PATUCK GALA COLLEGE OF COMMERCE & MANAGEMENT
SANTACRUZ, MUMBAI
20132014
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PROJECT REPORT
ON
THE STUDY ON CUSTOMER SATISFICATION ON THE
PRODUCTS AND SERVICES OFFERED BY IOB
SUBM ITTED BY
MEENAKSHI MORE
SEAT NO -13
(SEM V).TYBBI
UNDER THE GUIDANCE OF
Mrs. BYSHI PANIKAR
Submitted to university of Mumbai i n partial ful fi llment for the
requirements of the award of degree
BACHELOR OF COMMERCE (Banking & Insurance)
PATUCK GALA COLLEGE OF COMMERCE & MANAGEMENT
SANTACRUZ, MUMBAI
2013 - 2014
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CERTIFICATE
This is to certify that the project entitled THE STUDY ONCUSTOMER SATISFICATION ON THE PRODUCTS AND
SERVICES OFFERED BY IOB is a true and satisfactory work done
by MEENAKSHI MORE, T.Y.B.B.I., and Roll No. 13. The project report
submitted to university of Mumbai in partial fulfillment for the
requirements of the award of the degree of Bachelor of Banking &
Insurance for the academic year 2013-2014.
--------------------------------------------------- -----------------------------------------------------
Signature of Project Guide Signature of External Examiner
--------------------------------------------------- -------------------------------------------------------
Signature of the Coordinator Signature of the Principal
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DECLARATION
I, MEENAKSHI MORE, student of Patuck-gala college ofCommerce & management, T.Y.B.B.I. (SemV) hereby declare that I have
completed the project on THE STUDY ON CUSTOMER
SATISFICATION ON THE PRODUCTS AND SERVICES
OFFERED BY IOB in the academic year 2012-2013.
The subject matter contained in this project is research work and most of
the work carried out is original and was done under the guidance of my
project guide Mrs: BYSHI PANIKAR
The information submitted is true and original to the best of my
knowledge.
---------------------------------
(MEENAKSHI MOE)
(Roll No. 13)
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ACKNOWLEDGEMENT
It is my earnest and sincere desire and ambition to acquire profound
knowledge in the study of Banking and Insurance. I have had
considerable help to advice ate very outset of this project. It is my
pleasure to acknowledge the help and guidance that I had received from
those personnel and to thank them individually.
First of all, I express my sincere thanks to Dr. (Mrs.) Meeta Pathade,
Principal for having given me a chance to undergo the project work.
Secondly, I convey my sincere thanks to my project guide and the course
coordinator Mrs. Byshi Panikar for her valuable suggestions and co-
operation and encouragement for refining this project study.
Finally, I thank all my friends for their valuable support and contribution
to my project.
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EXECUTIVE SUMMARY
Customer satisfaction has a vital role in sustaining and improving
hold on the market.
Customer satisfaction is the outcome felt by buyers who have
expectation. Customers are satisfied when their expectation are met and
delighted when their expectations are exceeded. Satisfied customers
remain loyal longer, buy more, and are less sensitive and talk favorableabout the company.
We should also consider the fact that the cost of attracting a new
customer may be five times the cost of keeping the current customer
happy. Therefore the companies are intending in developing stronger
bones and loyalty with their customers.
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INDEX
SR.No TOPIC
1 INTRODUCTION
1.1
1.2
1.31.4
1.5
1.6
1.7
1.8
1.9
What is customer satisfaction?
Definition
What Do Customer Want?What Constitute Satisfaction?
Customer Satisfaction Survey
Banking In India
Overview
Indian Overseas Bank
Product and Services Offered By IOB.
2 PROJECT TASK
2.1
2.2
2.3
2.4
2.5
Statement Of the Problem
Objective Of the Study
Research Methodology
Method Of Data Collection
Scope Of Study
3 DATA ANALYSIS &
INTERPRETATION
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4 FINDINGS
5 SUGGESTIONS
6 CONCLUSION
7 ANNEXURE
BIBLIOGRAPHY
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CHAPTER 1
INTRODUCTION
THE STUDY ON CUSTOMER SATISFICATION
ON THE PRODUCTS AND SERVICES OFFERED
BY INDIAN OVERSEAS BANK
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1.1INTRODUCTION
The modern concepts of marketing realized that measuring
consumer needs or behavior was not enough. CONSUMER
SATISFACTION should be the core and then the correct perception on
which marketing policies of our organization should be built.
Management must think of itself not as producing products but as
providing customer creating value satisfaction.
Customer satisfaction has a vital role in sustaining and improving
hold on the market. Brief descriptions about the various measures that are
needed to improve customer orientation have also been dealt with.
Consider the fact to days customer face a plenitude of products in
every category. Customer will be having high and raising expectation of
quality and service. In the face of their vast choices, the customer will
gravitate to the offering that the best meet their individual needs and
expectation. They will buy one of the bases of their perception value.
Therefore it is not surprising that todays winning companies are
those succeed best in satisfying indeed delighting their target customer.
They pay extreme attention to quality and service to meeting and even
exceeding customer expectation.
Customer satisfaction is the outcome felt by buyers who have
expectation. Customers are satisfied when their expectation are met and
delighted when their expectations are exceeded. Satisfied customers
remain loyal longer, buy more, and are less sensitive and talk favorable
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about the company. From this it is clear that the satisfied customer will be
less sensitive towards the fluctuating price and offensive marketing
typically cost more than defensive marketing, because it requires much
effort and cost to induce satisfied customers to switch away from their
current suppliers. We should also consider the fact that the cost of
attracting a new customer may be five times the cost of keeping the
current customer happy. Therefore the companies are intending in
developing stronger bones and loyalty with their customers.
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1.2 DEFINITION OF CUSTOMER SATISFACTION
Customer satisfaction refers to the extent to which customers are happy
with the products and services provided by a business. Customer
satisfaction levels can be measured using survey techniques and
questionnaires
DEFINITIONS:
Definition 1: Customer satisfaction is equivalent to making sure that
product and service performance meets customer expectations.
Definition 2: Customer satisfaction is the perception of the customer that
the outcome of a business transaction is equal to or greater than his/her
expectation.
BENEFITS OF CUSTOMER SATISFACTION
The importance of customer satisfaction and support is increasingly
becoming a vital business issue as organization realize the benefits of
Customer Relationship Management (CRM) for providing effective
customer service. Professionals working within customer focused
business or those running call centres or help desks, need to keep
informed about the latest customer satisfaction techniques for running a
valuable customer service function. From small customer service
departments to large call centres, the importance of developing a valued
relationship with customers using CRM is essential to support customer
and long-term business growth.
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1.3 What Do Customers Want?
Before we begin to create tools to measure the level of satisfaction,it is important to develop a clear understanding of what exactly the
customer wants. We need to know what our customers expect from the
products and services we provide.
Customer expectations have two types
Expressed Implied
Expressed Customer Expectations are those requirements that are
written down in the contract and agreed upon by both parties for
example, product specifications and delivery requirements. Suppliers
performance against these requirements is most of the items directly
measurable.
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Implied Customer Expectations are not written or spoken but are the
ones the customer would expect the supplier to meet nevertheless. For
example, a customer would expect the service representative who calls on
him to be knowledgeable and competent to solve a problem on the spot.
There are many reasons why customer expectations are likely to change
overtime. Process improvements, advent of new technology, changes in
customers priorities, improved quality of service provided by
competitors are just a few examples. The customer is always right.
Suppliers job is to provide the customer what he/she wants, when he/she
wants it. Customer satisfaction is customers perception that a supplier
has met or exceeded their expectations.
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1.4 WHAT CONSTITUTES SATISFACTION?
We cannot create customer satisfaction just by meeting customers
requirements fully because these have to be met in any case. However
failing short is certain to create dissatisfaction.
Major Attributes of customer satisfaction in banking industry
Can be summarized as:
Product quality Premium Outflow Return on Investment Services Responsiveness and ability to resolve complaints and reject reports.
WHAT ARE THE TOOLS?
Overall communication, accessibility and attitude.
Customer expectations can be identified using various methods such as:
Periodic contract reviews
Market research Telephonic interviews Personal visits Warranty records Informal discussions Satisfaction surveys
Depending upon the customer base and available resources, we can
choose a method that is most effective in measuring the customers
perceptions. The purpose of the exercise is to identify priorities for
improvements. We must develop a method or combination of methods
that helps to continually improve service.
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1.5 CUSTOMER SATISFACTION SURVEYS
Formal survey has emerged as by far the best method of periodically the
customer satisfaction. The survey are not marketing tools but an
informationgaining tool. Enough homework needs to be before
embarking on the actual survey.
This includes:
Defining Objectives of the Survey
Design Survey approach
Develop questionnaires and forms
Administer Survey (Email, Telephone or Post)
Method of compiling data and analysing the findings
Format of the report to present the findings
There is no point in asking irrelevant questions on a customer satisfaction
questionnaire. The basic purpose is to find out what we are doing right or
wrong. Where is the scope for improvement, where do we stand vis--vis
other suppliers. How we can serve the customer better?
A customer satisfaction measurement survey should at least
Identify the following objectives:
Importance to customers (Customers priorities)
Customers perception of suppliers performance
Your performance relative to customers priorities.
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Priorities for improvement
Survey forms should be easy to fill out with minimum amount of time
and efforts on customers part. They should be designed to actively
encourage the customer to complete the questions. Yet they must provide
accurate data should also be sufficiently reliable for management decision
making. This can be achieved by incorporating objective type questions
where customer has to rate on scale of say 1 to 10.
For repeated surveys, you could provide the rating that was previously
accorded by the customer. This works like a reference point for the
customer.Space should always be provided for the customers own
opinions this enables them to state any additional requirements or report
any shortcomings that are not covered by the objective questions.
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INTRODUCTION TO BANKING IN INDIA
Banking in India in the modern sense originated in the last decades of
the 18th century. The first banks were Bank of Hindustan (1770-1829)
and The General Bank of India, established 1786 and since defunct.
The largest bank, and the oldest still in existence, is theState Bank
of India, which originated in theBank of Calcuttain June 1806, which
almost immediately became theBank of Bengal. This was one of the
three presidency banks, the other two being theBank of Bombayand
theBank of Madras, all three of which were established under chartersfrom theBritish East India Company. The three banks merged in 1921 to
form theImperial Bank of India, which, upon India's independence,
became theState Bank of Indiain 1955. For many years the presidency
banks acted as quasi-central banks, as did their successors, until
theReserve Bank of Indiawas established in 1935.
In 1969 the Indian governmentnationalizedall the major banks
that it did not already own and these have remained under government
ownership. They are run under a structure know as 'profit-making publicsector undertaking' (PSU) and are allowed to compete and operate
ascommercial banks. The Indian banking sector is made up of four types
of banks, as well as the PSUs and the state banks, they have been joined
since 1990s by new private commercial banks and a number of foreign
banks.
Banking in India was generally fairly mature in terms of supply,
product range and reach-even though reach in rural India and to the poor
still remains a challenge. The government has developed initiatives toaddress this through the State bank of India expanding its branch network
and through theNational Bank for Agriculture and Rural
Developmentwith things likemicrofinance.
http://en.wikipedia.org/wiki/State_Bank_of_Indiahttp://en.wikipedia.org/wiki/State_Bank_of_Indiahttp://en.wikipedia.org/wiki/State_Bank_of_Indiahttp://en.wikipedia.org/wiki/State_Bank_of_Indiahttp://en.wikipedia.org/wiki/Bank_of_Calcuttahttp://en.wikipedia.org/wiki/Bank_of_Calcuttahttp://en.wikipedia.org/wiki/Bank_of_Calcuttahttp://en.wikipedia.org/wiki/Bank_of_Bengalhttp://en.wikipedia.org/wiki/Bank_of_Bengalhttp://en.wikipedia.org/wiki/Bank_of_Bengalhttp://en.wikipedia.org/wiki/Bank_of_Bombayhttp://en.wikipedia.org/wiki/Bank_of_Bombayhttp://en.wikipedia.org/wiki/Bank_of_Bombayhttp://en.wikipedia.org/wiki/Bank_of_Madrashttp://en.wikipedia.org/wiki/Bank_of_Madrashttp://en.wikipedia.org/wiki/Bank_of_Madrashttp://en.wikipedia.org/wiki/British_East_India_Companyhttp://en.wikipedia.org/wiki/British_East_India_Companyhttp://en.wikipedia.org/wiki/British_East_India_Companyhttp://en.wikipedia.org/wiki/Imperial_Bank_of_Indiahttp://en.wikipedia.org/wiki/Imperial_Bank_of_Indiahttp://en.wikipedia.org/wiki/Imperial_Bank_of_Indiahttp://en.wikipedia.org/wiki/State_Bank_of_Indiahttp://en.wikipedia.org/wiki/State_Bank_of_Indiahttp://en.wikipedia.org/wiki/State_Bank_of_Indiahttp://en.wikipedia.org/wiki/Reserve_Bank_of_Indiahttp://en.wikipedia.org/wiki/Reserve_Bank_of_Indiahttp://en.wikipedia.org/wiki/Reserve_Bank_of_Indiahttp://en.wikipedia.org/wiki/Nationalisedhttp://en.wikipedia.org/wiki/Nationalisedhttp://en.wikipedia.org/wiki/Nationalisedhttp://en.wikipedia.org/wiki/Commercial_bankhttp://en.wikipedia.org/wiki/Commercial_bankhttp://en.wikipedia.org/wiki/Commercial_bankhttp://en.wikipedia.org/wiki/National_Bank_for_Agriculture_and_Rural_Developmenthttp://en.wikipedia.org/wiki/National_Bank_for_Agriculture_and_Rural_Developmenthttp://en.wikipedia.org/wiki/National_Bank_for_Agriculture_and_Rural_Developmenthttp://en.wikipedia.org/wiki/National_Bank_for_Agriculture_and_Rural_Developmenthttp://en.wikipedia.org/wiki/Microfinancehttp://en.wikipedia.org/wiki/Microfinancehttp://en.wikipedia.org/wiki/Microfinancehttp://en.wikipedia.org/wiki/Microfinancehttp://en.wikipedia.org/wiki/National_Bank_for_Agriculture_and_Rural_Developmenthttp://en.wikipedia.org/wiki/National_Bank_for_Agriculture_and_Rural_Developmenthttp://en.wikipedia.org/wiki/Commercial_bankhttp://en.wikipedia.org/wiki/Nationalisedhttp://en.wikipedia.org/wiki/Reserve_Bank_of_Indiahttp://en.wikipedia.org/wiki/State_Bank_of_Indiahttp://en.wikipedia.org/wiki/Imperial_Bank_of_Indiahttp://en.wikipedia.org/wiki/British_East_India_Companyhttp://en.wikipedia.org/wiki/Bank_of_Madrashttp://en.wikipedia.org/wiki/Bank_of_Bombayhttp://en.wikipedia.org/wiki/Bank_of_Bengalhttp://en.wikipedia.org/wiki/Bank_of_Calcuttahttp://en.wikipedia.org/wiki/State_Bank_of_Indiahttp://en.wikipedia.org/wiki/State_Bank_of_India -
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OVERVIEW
If one were to say that the future of banking in India is bright, it would be
a gross understatement. With the growing competition and convergence
of services, the customers stand only to benefit more to say the least. At
the same time, emergence of a multitude of complex financial
instruments is foreseen in the near future (the trend is visible in the
current scenario too) which is bound to confuse the customer more than
ever unless she spends hours (maybe days) to understand the same. The
success (or failure) of any bank would depend not only on tapping the
untapped customer base (from other departments of the same bank,
customers of related similar institutions or those of the competitors) but
also on the effectiveness in retaining the existing base.
India has witness to a sea change in the way banking is done in the past
more than two decades. Since 1991, the Reserve Bank of India (RBI)
took steps to reform the Indian banking system at a measured pace so that
growth could be achieved without exposure to any macro environment
and systemic risks. Some of these initiatives were deregulation of interest
rates, dilution of the government stake in public sector banks (PSBs),
guidelines being issued for risk management, asset classification, and
provisioning.
Technology has made tremendous impact in banking. Anywherebanking and Anytime banking have become a reality. The financial
sector now operates in a more competitive environment than before and
intermediates relatively large volume of international financial flows. In
the wake of greater financial deregulation and global financial
integration, the biggest challenge before the regulators is of avoiding
instability in the financial system.
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BANK PROFILE
Established on 10th February 1937 by Mr. M. Ct. M. Chidambaram
Chettyar, leader in banking, insurance and industry areas, Indian
Overseas Bank (IOB) had the twin aims of attaining specialization in
overseas banking as well as foreign exchange business. IOB has always
been talked about for its excellent presence and services. At the time of
inauguration, IOB started its business in three branches at the same time.The branches were located at Karaikudi and Chennai in India and
Rangoon in Myanmar, erstwhile Burma. It had a branch in Penang also.
During the time when India became an independent nation, Indian
Overseas Bank was running 38 branches in India and 7 overseas
branches. At that point of time, the Deposits of the bank was Rs.6.64
corer and Advances was Rs.3.23 corer
IOB received the status of nationalized bank in the year 1969 along with
other 13 major banks. By this time, it had 195 branches. Gradually
between the periods 1969 and 1992, IOB started spreading its wings in
foreign destinations like Colombo and Seoul.
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IOB was the first bank to receive ISO 9001 Certification from Det Norske
Verities (DNV), Netherlands in the month of September 1999 for its
Computer Policy and Planning Department. Besides, in its journey, it has
won many awards and accolades too. These include:
NABARD's award 2000-2001 for creating maximum number ofcredit links of Self Help Groups in comparison to all the other
Banks in Tamil Nadu
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INDIAN OVERSEAS BANK
IOB is a one of the major bank based in Chennai with over 1400 domestic
branch & 6 branches in Abroad. The bank was established in 1937 to
encourage overseas banking for foreign exchange operation. The bank
started simultaneously with 3 branches there are;
Indian overseas bank Chennai
Indian overseas bank Rangoon Indian overseas bank Singapore Indian overseas bank Burma Indian overseas bank Malaysia Indian overseas bank Srilanka Indian overseas bank Sumatra
In the year 2000 I.O.B engaged India in IPO which brought the Govt.
share in the bank down to 75%.
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IOB International expansion
1937-38: As mentioned above, IOB was international from itsinception with branches Indian Overseas Bank Rangoon, Indian
Overseas Bank Penang, and Indian Overseas Bank Singapore.
1941: IOB opened a branch in Malaya that presumably closed almostimmediately because of the war.
1946: IOB opened a branch in Ceylon. 1947: IOB opened a branch in Bangkok and re-opened others. 1948: United Commercial Bank (see below) opened a branch in
Malaya.
1949: IOB opened a branch in Bangkok.
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BRANCH PROFILE (IOBBANDRA)
Bandra is also one of the important branches in Mumbai. In Bandra
branch has more than 28000 accounts is there and also issuing Port trust,
Govt. Hospitals, railways, MTC, PWD, Tele-communication department
etc. this service is offering from 35years ago. Totally 32 staff working for
that the branch, Foreign exchange dealing is done here. All type of loans
is provided here. Locker, DD, BC, gold coins etc., are the facilities given
here. Cathedral branch is CBS type.
WORKING HOURS;
In Indian overseas bank working hours is from 9:30AM to 4:30PM.
HEAD OFFICE;
The head office of the Indian overseas bank is located at mount road near
spencer plaza
In Chennai
ADDRESS;
Radhaswami Apartment,
Gr. Floor, Maharashtra 400050,36th Rd, Bandra West
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FUNCTIONS OF INDIAN OVERSEAS BANK
Its accept deposits from the public.
It lends money to the needy people, for having loans, jewelsloans & for the customer durable goods.
Bank issue Cheque.
It deals in the bill of exchange, dies, promissory notes, coupons,draft, and bill of lending, railway receipts, warrants, certificates,
scripts & other securities weather transferable or negotiable.
It acts as agent for remittance of money on behalf ofgovernment, municipality, local board, Insurance Corporation &
other.
It grants & issue letter of credit travelers Cheque & circularnotes.
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PRODUCTS & SERVICES
IOB Bank offers wide variety of Deposit Products to suit your
requirements. Coupled with Convenience of networked branches/ ATMs
and facility of E-channels like Internet and Mobile Banking, IOB banking
Bank brings at your doorstep. Select any of deposit Products and provide
your details online and our representative will contact you for Account
Opening.
DEPOSITS:
SAVING DEPOSIT
In this type of deposit the depositor can deposit & withdraw whenever he
is in need of money. The depositor can also have Cheque book facility by
maintain a balance of Rs.500/-, in the account any person can deposit on
behalf of the account holder can withdraw the amount.
FIXED DEPOSIT
Fixed deposit can be accepted for 30 days to 37 months and at
various interest rates, while depositing money in a fixed. The customer
received a deposit receipt which is usually market NOT
NEGOTIABLE the deposit is repayable on demand & after the maturity
period.
RECURRING DEPOSITS
Deposits received for 6 months to a maximum of 10 years as monthly
fixed installment. The amount saved and interest compounded at
quarterly intervals paid at the time of maturity. In case of monthly
installments exceeding Rs.25000 a maximum period is restricted to 3
years
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SPECIAL FIXED DEPOSITS
Deposits accepted for 6 months to 10 years. Interest payable every
quarterly or monthly. Monthly interest is payable @ discount rate.
RE-INVESTMENT DEPOSITS
Deposits accepted for 6 months to 10 years. Interest compounded
quarterly and at the time of maturity in case of deposits Rs. 15 lakhs
maximum period is restricted to 3 years.
GRANTINTY LOANS AND ADVANCE
Lending is one of the primary functions of co- operative bank, some of
the method of lending are.
PERSONAL LOANS
Individual in employment, professional, self-employed not over 55 years
of age is eligible for personal loan to buy consumer durable such as
electric, electronic goods metals and wooden furniture etc. the minimum
loan is 5 times the gross salary or 90% if the cost so the article whichever
is less.
PUSHPAKHA (CAR LOAN)
Car finance for purchase of new as well as used car and two wheelers
90% of a cost of new car and two wheeler and 75% cost of old car two
wheeler or financed against hypothecation of vehicles. Repayments of 60
EMI for new car and 36 EMI for old car
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COMMERCIAL LOAN
Range of services on existing loans & extended products like funding of
new vehicles, refinance on used vehicles, balance transfer on high cost
loans, top up on existing loans, Extend product, working capital loans &
other banking products.
SUBHA GRUHA
Home loans scheme for residents individual up to Rs. 50 lakhs repayable
in 20 years for purchase construction of new/old house flats in the case of
fixed rate opinion the maximum repayment period is 10 years.
HOME IMPROVEMENT SCHEMES
Loans schemes for repairing / renovation/up gradation of existing houses
to individuals in service, profession, trade. Loan up to Rs.5 lakhs
repayable in 120 EMI with a holiday of months.
VIDYA JOTHI EDUCATION LOAN SCHEME
Loans schemes and student education in abroad loan amount Rs. 7.5
lakhs study in abroad.
FARM EQUIPMENT LOANS
Preferred financier for almost all leading tractor manufacturers in the
country. Flexible repayment options in tandem with the farmer's seasonal
liquidity. Monthly, Quarterly and Half-yearly repayment patterns to
choose from. Comfortable repayment tenures from 1 year to 9 year
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CREDIT CARDS
IOB Bank Credit Cards give you the facility of cash, convenience and a
range of benefits, anywhere in the world. These benefits range from life
time free cards, Insurance benefits, global emergency assistance service,
Discounts, utility payments, travel discounts and much more.
DEBIT CARDS
The IOB Bank Debit Card is a revolutionary form of cash that allows
customers to access their bank account around the clock, around the
world.
The IOB Bank Debit Card can be used for shopping at more than 100,000
Merchants in India and 13 million merchants worldwide.
TRAVEL CARD
Presenting IOB Bank Travel Card. The Hassle Free way to Travel theworld. Traveling with US Dollar, Euro, Pound Sterling or Swiss Francs;
Looking for security and convenience; take IOB Bank Travel Card Offers
the Pin based security. Has the convenience of usage of Credit or Debit
card.
PRE PAID CARDSIOB Bank brings to you a complete bouquet of pre-paid cards providing
payment solutions at your fingertips. IOB Bank pre-paid cards are a safe
& convenient way for associate payments, disbursements, gifting & small
ticket transactions. Pre-paid cards are available on a VISA platform thus
providing accessibility to over one lakh merchant establishments & cash
withdrawal from all VISAS.
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IOB BANK PURE GOLD
Gold has been traditionally the most favored form of investment for
Indians. IOB Bank with its `Pure Gold' offer attempts to bridge the gap
between the need of the customers for buying gold and availability of an
organized avenue to satisfy that need, by taking care of the two key
components Reliability and Convenience. Reliability 24 Carat IOB Bank
Pure Gold is imported from Switzerland.
This Gold carries a 99.99% Assay Certification, signifying highest level
of purity, as per international standards. IOB Bank Pure Gold is
competitively priced based on daily prices in the international bullion
market. Currently, gold is available in 2, 4, 8, 20, 50,100gm
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FOREIGN EXCHANGE DEALINGS
The foreign exchange management act.1999 defines: Foreign exchange
means foreign currency and includes---
(I) Deposits, credits and balances payable in any foreign currency.(II) (ii) Drafts, travelers Cheque, letters of credit or mills of
exchange, expressed or drawn in Indian currency but payable in
any foreign currency;
(iii) Drafts, travellers Cheque, letters of credit or bills of exchange drawn
by banks, intuitions or persons outside India, bit payable in Indian
currency.
Thus, foreign exchange includes foreign currency, balances kept
abroad, and instruments payable in foreign currency, and instruments
drawn aboard but payable in Indian currency.
Foreign exchange is the mechanism by which the currency of one
country gets converted into the currency of another country. Foreign
exchange plays an important role in international trade. The conversion of
currencies is done by banks who deal in foreign exchange. These banks
maintain stocks of foreign currencies in the form of balances with banks
abroad.
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REPORTING OF FOREIGN EXCHANGE
TRANSWACTIONS
BY BRANCHES:
MONETARY LIMIT:
ANY SALE OR PURCHASE OF FOREIGN EXCHANGE WHERE
REPEE VALUE IS RS.50, 000/- or above, branches should obtain rat3s
form dealings rooms at FEDCO (FOREIGN EXCHANGE
DEVELOPMENT CENTRAL OFFICE) Th.B., Mumbai, as the case
maybe. If the transactions are put through at the rates given by
FEDCO/Tr.B.,Mumbai, the same should be reported by branch
immediately by telex/fax.
If the branches purchase more than one sale at a time, whose aggregate
value is rs.50,000/- and above then also branches should contact dealingsroom at FEDCO/Th.B. ,Mumbai for rates and repor6t the same by
telex/fax even though the individual item may be below Rs.50,000/-.
If the branches purchase/sell foreign exchange (either as one or multiple)
whose value at the time of purchase/sale will be below Rs.50,000/- by
applying the card rate, but during the day the aggregate purchase or sale
exceed Rs.50,000/-, then at the end of the day branches should report the
aggregate of such purchases/sales dealing room at FEDCO/Tr. Mumbai
by teem/fax at the card rate if the aggregate purchase or sale is below
rs.50,000/-, branch should report through exchange position memo
immediately. The exchange position memo may be sent by teem or
details conveyed over phone according to the convenience of branch.
Care should be taken not to omit any transaction form reporting
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In case of u since bill discounted, the branches should contact dealing
room at FEDCO/TR. B, Mumbai for rates irrespective of the amount of
bill, i.e., even if the rupee amount of bill is less than Rs.50,000/-.
Branches should not apply card rates but apply card rates but apply rates
obtained from dealing room.
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CHASSIFICATION OF SALE/PURCHASE
TRANSACTIONS FOR REPORTING PURPOSES
The purchase transactions are classified under the heads exports andnon-exports. Similarly the sale transactions are classified under the heads
non-import
The items are to be include these heads are as below.
EXPORT NON-
EXPORTS
IMPORTS NO-IMPORTS
Export bills
Purchased
discounted
negotiated
Purchase of
instruments
Other than for
export
Sales transaction
for all import
whether under
LC or not under
LC
Sale for issuances of
DD / TT/TC etc., for
other than imports
Realization of
export bill
sent and
collection.
Realization
instruments on
collection other
than of exports
Sales of foreign
exchange for
import bill
which are
received directly
by the imported
Conversion of NRE
rupee to FCNR/RFC
deposits etc.,
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OTHER LOANS
The bank providing personal loans for purchasing television, refrigerator
other house hold article. There also offering loans to small scale industry,
self-employed person & transport operators.
NRI ACCOUNTS
Non-Resident Ordinary (NRO) Resident Foreign Currency Account (RFC) Foreign Currency Non-Resident Accounts (Banks) NRI home loan scheme NRI remittances Remittances procedures Tracking cell Forward cover IOB NRI shield IOB Expo Gold Card
Corporate Banking
Micro Small and Medium Enterprises (MSME) IT & BPO Cash management services -IOB STARS
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Rural
IOB's commitment for social causes
Agricultural short time loans Financial inclusion Agri business consultancy
OTHER SERVICES AND PRODUCTS:
VISA International Credit Cards VISA Debit Card IOB Fine Gold Real Time Gross Settlement (RGTS) Forex Collection Services Agriculture and Business Consultancy Service Investment options like Mutual Funds and Shares
SECONDARY FUNCTIONS OF THE BANK
Secondary function refers to the various service rendered by thebank
Safety locker Clearing of bills Overdraft of weavers Financial analysis for PDS Issue of DD Refinance for product loan
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IOB CREDIT CARD
annual / entry fee ( life time)
International card affiliated to VISA Roll over facilities with repayment of 10 % of the outstanding
amount
Lowest interest @ 24% (analyzed) for the roll over credit Free credit card period up to 50 days from the date of purchase.
Enhanced insurance coverage such as personal, accident, baggage,purchase, protection, etc.
Add on car facilities to the family members. Lowest service charges @ 2.25% on the cash payment. Facilities to draw cash at over 15000 ATMs in India and over 8.7
lakhs ATMs worldwide.
Payment for fee to foreign institution
Reward point are redeemed and credited to the account.
INSURANCE LINKED RETAIL PRODUCTS
IOB Jeevan Health Care Plans Vidya Suraksha Vidya Jothi with Suraksha Liability insurance for retail loans. NRI shield
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MUTUAL FUND DISTRIBUTIONS
Franklin Templeton limited Tata mutual funds Standard charted mutual funds Kotak mutual funds
GOVERNMENT BUSINESS
E-Payment of direct taxes E-Payment of indirect taxes Pension payment scheme Sales tax collections Provident Fund Scheme 1968 8 percent savings taxable bond scheme Senior citizen scheme 2004
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SERVICE AVAILABILITIES AT FREE OF CHARGES
Insurance, revenue, annual, free for ATM cards No frill account, no minimum balance changes and additional
deduction of names in deposits
Verification in nomination Closure of A/cSB /CDCC Charges in operation of CDCC Duplicate deposit receipt
No due certificate Cancelation of DD / BC Balance enquire by using ATM cards Inward remittance through NEFT/ RTGS
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DEMAND DRAFT CURRENT CHARGE IN IOB
BANKERS CHEQUE CURRENT CHARGES IN IOB
AMOUNT
RANGE FOR CUSTOMERS
NON-
CUSTOMERS
Up to 1000 Rs. 14 Rs. 21
Above 1000-5000 Rs. 21 Rs. 32
Above 5000-10000 Rs. 28 Rs. 41
Above 10000-1
lakh
Rs. 2.04 per 1000. (Min Rs.
30)
Rs. 3.06 per 1000
(Min Rs. 45)
Above 1 lakh-10lakh
Rs. 2.76 per 1000(Min Rs. 2712)
Rs. 4.41 per 1000(Min Rs. 4068)
Above 10 lakhRs. 2.76 per 1000
(Min Rs. 2712)
Rs. 4.41 per 1000
(Min Rs. 4068)
AMOUNT
RANGEFOR CUSTOMERS
NON-
CUSTOMERS
Up to 1000 Rs. 7 Rs. 11
Above 1000-5000 Rs. 20 Rs. 31
Above 5000-10000 Rs. 28 Rs. 41
Above 10000-1
lakh
Rs. 2.05 per 1000. (Min Rs.
30)
Rs. 3.06 per 1000
(Min Rs. 45)
Above 1 lakh-
10lakh
Rs. 1.38 per 1000
(Min Rs. 1020)
Rs. 2.07 per 1000
(Min Rs. 1058)
Above 10 lakhRs. 1.38 per 1000
(Min Rs. 1632)
Rs. 2.07 per 1000
(Min Rs. 2448)
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CHAPTER 2
PROJECT TASK
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2.1 STATEMENT OF THE PROBLEM
This Study will help us to understand the consumers satisfaction about
banking services and products. This study will help banks to Understand,
how a consumer selects, organizes and interprets the Quality of service
and product offered by banks. The market is more aware and realistic
about investment and returns From financial products. In this backgroundthis study tries to analyze The customer satisfaction towards banking
services in general and IOB In particular.
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2.2 OBJECTIVE OF THE STUDY
PRIMARY OBJECTIVE
To study, analyze and evaluate the customer satisfaction level
towards the different services rendered by the bank and to identifying the
critical success factors.
SECONDARY OBJECTIVES
To evaluate the awareness level of the customer on the product andservices.
To find out the differences among perceived service and expectedservice.
To evaluate the process efficiency in customer query andrequirement handling
To understand consumers preferences. To access the degree of satisfaction of the customers
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2.3 REASERCH METHODOLOGY
RESEARCH DESIGN:
A descriptive study tries to discover answers to the questions who, what,
when, where, and, sometimes, how. The researcher attempts to describe
or define a subject, often by creating a profile of group of problems,
people, or events. Such studies may involve the collection of data and the
creation of a distribution of the number of times the researcher observes a
single Event or characteristic (the research variable), or they may involve
relating the interaction of two or more variables. Organizations that
maintain databases of their employees, customers, and suppliers already
have significant data to conduct descriptive studies using internal
information. Yet many firms that have such data files do not mine them
regularly for the decision-making insight they might provide.
This descriptive study is popular in business research because of its
versatility across disciplines. In for-profit, not-for-profit and government
organizations, descriptive investigations have a broad appeal to the
administrator and policy analyst for planning, monitoring, and evaluating.
In this context, how questions address issues such as quantity, cost,
efficiency, effectiveness, and adequacy. Descriptive studies may or may
not have the potential for drawing powerful inferences. A descriptive
study, however, does not explain why an event has occurred or why the
variables interact the way they do.
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SAMPLING
Convenience sampling method is used for the survey of this project. It is
a non-probability sample. This is the least reliable design but normally
the cheapest and easiest to conduct .In this method Researcher have the
freedom to choose whomever they find, thus the name convenience.
Example includes informal pools of friends and neighbors or people
responding to a newspapers invitation for readers to state their position
on some public issue..
SAMPLE SIZE
Sample size denotes the number of elements selected for the study. For
the present study, 50 respondents were selected at random. All the 50
respondents were the customers of IOB in Bandra Branch
SAMPLING METHOD
A sample is a representative part of the population. In sampling
technique, information is collected only from a representative part of the
universe and the conclusions are drawn on that basis for the entire
universe. A convenience sampling technique was used to collect data
from the respondents.
QUESTIONNARIE DESIGN:
The questionnaire consists of 2 types of questions.
i) open endedii) Closed ended.
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OPEN ENDED QUESTION
This refers to a question that has no fixed alternatives to which the
answer must confirm. The respondent answers in his own words and at
any length they choose.
CLOSED ENDED QUESTION
It contains those questions in which the respondent is given a limited
number of alternatives responses from which he/she is to select the one
that most closely matches his attitude.
The fixed alternative questions may be taken in the form of
Dichotomous questions Multi-choice questions
Dichotomous questions
It refers to one, which offers the respondent a choice between only 2
alternatives and reduces the issues to its simplest terms.
Multi-choice questions
A multiple-choice question refers to one, which provides several set ofalternatives. Multiple-choice questions can be used when an issue has
more than two aspects.
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2.4 METHOD OF DATA COLLECTION
To know the response, the researcher used questionnaire method. It has
been designed as a primary research instrument. Questionnaires were
distributed to respondents and they were asked to answer the questions
given in the questionnaire. The questionnaires were used as an
instrumentation technique, because it is an important method of data
collection. The success of the questionnaire method in collecting the
information depends largely on proper drafting. So in the present study
questions were arranged and interconnected logically. The structured
questionnaire will reduce both interviewers and interpreters bias. Further,
coding and analysis was done for each questions response to reach into
findings, suggestions and finally to the conclusion about the topic.
TYPES OF DATA
Every decision poses unique needs for information, and relevant
strategies can be developed based on the information gathered through
research. Research is the systematic objective and exhaustive search for
and study of facts relevant to the problem Research design means the
framework of study that leads to the collection and analysis of data. It is a
conceptual structure with in which research is conducted. It facilitates
smooth sailing of various research operations to make the research as
effective as possible.
1. PRIMARY DATA
Primary data are those collected by the investigator himself for the first
time and thus they are original in character, they are collected for
particular purpose. A well-structured questionnaire was personallyadministrated to the selected sample to collect the primary data.
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Total No. of Customers
2. SECONDARY DATA
Secondary data are those, which have already been collected by some
other persons for their purpose and published. Secondary data are usually
in the shape of finished products. Two types of secondary data were
collected for the preparation of the project work:
Internal Data was generated from companys brochures, manuals and
annual reports
External Data, on the other hand, was generated from magazines,
research books, intranet and internet (websites).
TOOLS USED FOR ANALYSIS OF DATA
1. Simple percentage analysis2. weighted score method
1. SIMPLE PERCENTAGE ANALYSIS
Percentage refers to a special kind of ratio percentage are used to describe
relationship.
Percentage=No. of. Customers x
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Total No. of Respondents
2. WEIGHTED SCORE METHOD
In weighted score method the weights are obtained by multiplying the
rating given with the frequency, this gives a very basic idea as to the
factor carrying highest to lowest weight.
Weighted average = Rating * Frequency
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2.5 SCOPE OF THE STUDY
This study is limited to the customers with in Mumbai city. The study
will be able to reveal the preferences, needs, satisfaction of the customers
regarding the banking services, It also help banks to know whether the
existing products or services they are offering are really satisfying the
customers needs.
LIMITATIONS OF THE STUDY
Although the study was carried out with extreme enthusiasm and careful
planning there are several limitations, which handicapped the research
vise,
1. Time Constraints:
The time stipulated for the project to be completed is less and thus there
are chances that some information might have been left out, however due
care is taken to include all the relevant information needed.
2. Sample size:
Due to time constraints the sample size was relatively small and would
definitely have been more representative if I had collected information
from more respondents.
3. Accuracy:
It is difficult to know if all the respondents gave accurate information;
some respondents tend to give misleading information.
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4. It was difficult to find respondents as they were busy in their Schedule
and collection of data was very difficult. Therefore, the study had to be
carried out based on the availability of respondents
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CHAPTER 3
DATA ANALYSIS
&
INTERPRETATION
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DATA ANALYSIS & INTERPRETATION
DATA ANALYSIS
Analysis is the process of placing the data in an ordered form, combining
them with the existing information and extracting the meaning from
them. In other words analysis is an answer to the questions what message
is conveyed by each group of the data which are otherwise raw facts are
unable to give meaning full information. A raw data become information
only when they are analyzed and put in a meaning form.
INTERPRETATION
Interpretation is a process of relating various bits of information to
existing information. Interpretation attempts to answer well, what relation
existing between the findings to research objectives and hypothesis
framed for the study in the beginning.
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TYPE OF ACCOUNT TO OPERATE WITH BANK
1. What type of account do you have in bank?
SL.
NO
ACCOUNT
TYPE
NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
1 Saving Account 58 58%
2 Current
Account
22 22%
3 Fixed Deposit 17 17%
4 NRI Account 13 13%
Analysis: From the above table it could be inferred that 58% of the
customers are choosing savings account and very few of about 13%
prefer NRI Account.
Interpretation: Most of the respondents are preferring savings account.
Presently the bank offers varieties of account services to the customer.
58%
22%17%
13%
Saving Account Current Account Fixed Deposit NRI Account
0
10
20
30
40
50
60
70
Account Type
Saving Account
Current Account
Fixed Deposit
NRI Account
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Facility Level of IOB than SBI & HDFC Bank
2. IOB Provide better facilities than SBI & HDFC Bank?
SL. NO FACILITY
LEVEL
NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
1 Excellent 27 27%
2 Good 43 43%
3 Satisfactory 23 23%
4 Poor 7 7%
Total 100 100%
Analysis: From the above table it could be inferred that 43% of the
customers are satisfied with the service and quality of products of their
bank. Only 7% of customers are says poor facility in IOB
Interpretation: Most of the respondents say IOB offering good facility
to its customer. But to the other end few people says the facilities are less.
27%
43%
23%
7%
Excellent Good Satisfactory Poor
0
10
20
30
40
50FACILITY LEVEL
Excellent
Good
Satisfactory
Poor
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IOBs Value Added Service
3. What type of value added service provide by IOB?
SL. NO VALUE ADDED
SERVICE
NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
1 Young Star 12 12%
2 Senior Citizen 57 57%
3 Prepaid Cards 24 24%
4 Recurring Deposit 7 7%
Total 100 100%
Analysis: 57% of the customers are using senior citizen service and only
7% are using recurring deposit scheme.
Interpretation: Most of the respondents are utilizing the value added
service as senior citizen accounts. But rarely very few people are
choosing recurring deposit account.
12%
57%
24%
7%0
10
20
30
40
50
60
Young Star Senior Citizen Prepaid Cards Recurring Deposit
VALUE ADDED SERVICE
Young Star
Senior Citizen
Prepaid Cards
Recurring Deposit
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Product Ratings of IOB from Others
4. How do you rate the products and services offered by IOB than
others?
SL. NO PRODUCT
RATING
NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
1 Excellent 16 16%
2 Good 62 62%
3 Better 20 20%
4 Poor 2 2%
Total 100 100%
Analysis: From the above table it could be inferred that 62% of the
customers rate IOB products as Good. Only 2% of the people Rate IOB
products as Poor.
Interpretation: Most of the respondents are rating the products as good.
Moderate peoples are rating as excellent. Only few people in the
customers are rating the IOB products as poor.
16%
62%
20% 2%0
20
40
60
80
Excellent Good Better Poor
Product Rating
Excellent
Good
Better
Poor
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REFERRING IOB TO OTHERS
5. Will you suggest Indian Overseas Bank to your friends/ Relatives for
its service?
SL. NO REFERRING
IOB
NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
1 Yes 76 76%
2 No 18 18%
3 Not Sure 6 6%
Total 100 100%
Analysis: From the above table it could be inferred that 76% of the
customers are ready to refer IOB to others. Only 6% of customers are not
sure what to do.
Interpretation: Most of the respondents are obviously ready to refer IOB
to their friends, relatives and others. But few of them are not sure on this
decision also some people are straight forward in not referring IOB to
others.
76%
18% 6%0
20
40
60
80
Yes No Not Sure
Referring IOB
Yes
No
Not Sure
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Relationship with IOB
6. How long have you been banking with IOB?
SL. NO IOB ACCOUNT
OPERATIONS
NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
1 < 1 Year 17 17%
2 1-5 Years 55 55%
3 5-10 Years 17 17%
4 >10 Years 11 11%
Total 100 100%
Analysis: From the above table it could be inferred that 55% of the
customers are having relationship with the bank for about 1-5 years. Only
11% of customers are having more than 10 years of relationship with
IOB.
Interpretation: Most of the respondents are satisfied with the service
offered by IOB. Presently the bank has more customers who have theaccount with them for more than a year and less than 5 years.
17%
55%
17%11%
0
10
20
30
40
50
60
< 1 Year 1-5 Years 5-10 Years >10 Years
IOB ACCOUNT OPERATIONS
< 1 Year
1-5 Years
5-10 Years
>10 Years
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PURITY OF GOLD OFFERED IN IOB
IOB offerings ____ Purity of fine gold to their customers
SL. NO GOLD PURITY
IN IOB
NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
1 100% 1 1%
2 99.99% 60 60%
3 99% 9 99%
4 99.9% 30 30%
Total 100 100%
Analysis: From the above table it could be inferred that 60% of the
customers believe that the gold offered by the IOB are 99.99% pure. Only
1% thinks that the purity of good offered by IOB is 100%.
Interpretation: Most of the respondents have the clear idea on the purity
of the gold. Since gold cannot offered in 100% pure it is said to be in
99.99% pure.
1%
60%
9%
30%
0
10
20
30
40
50
60
70
100% 99.99% 99% 99.90%
GOLD PURITY IN IOB
100%
99.99%
99%
99.90%
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Best Insurance Product in IOB
8. What is your main concern while taking an Insurance policy?
SL. NO INSURANCE
PRODUCT
NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
1 Tax Saver 15 15%
2 Investment 20 20%
3 Security 5 5%
4 All the Above 60 60%
Total 100 100%
Analysis: From the above table it could be inferred that 60% of the
customers choose the entire insurance product for their benefits. Only 5%
of the customers choose the insurance product offered them security.
Interpretation: Most of the respondents are investing in IOB for tax
saving, investment and security for their money. This shows that the
customers believe IOB has a best insurance market in India.
15%20%
5%
60%
0
10
20
30
40
50
60
70
Tax Saver Investment Security All the Above
INSURANCE PRODUCT
Tax Saver
Investment
Security
All the Above
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OTHER MAJOR SERVICES IN IOB
9. What are the other products & services offered by IOB to the
customers?
SL. NO OTHER
SERVICES .IOB
NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
1 Visa Credit Card 16 16%
2 Visa Debit Card 54 54%
3 IOB Fine Gold 23 23%
4 Forex Exchange 7 7%
Total 100 100%
Analysis: From the above table it could be inferred that 54% of the
customers feel the Visa Debit Card is the service other than the general
service.
Interpretation: Most of the respondents are utilizing the additional
service of visa debit card from IOB. But only few people are utilizing the
Forex exchange and other services from IOB
16%
54%
23%
7%0
10
20
30
40
50
60
Visa Credit Card Visa Debit Card IOB Fine Gold Forex Exchange
OTHER SERVICES IN IOB
Visa Credit Card
Visa Debit Card
IOB Fine Gold
Forex Exchange
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GOVERNMENT BUSINESS SCHEMES THROUGH IOB
10. What are the government business schemes available for the
customers through the banks?
SL.
NO
GOVERNMENT
SCHEME
NUMBER OF
RESPONDENTS
PERCENTAGE
OF
RESPONDENTS
1 Pension Payment 40 40%
2 PF Scheme 27 27%
3 Senior Citizen A/C 3 3%
4 All the above 30 30%
Total 100 100%
40%
27%
3%
30%
0
5
10
1520
25
30
35
40
45
Pension
Payment
PF Scheme Senior Citizen
Account
All the above
GOVERNMENT BUSINESS SCHEME
Pension Payment
PF Scheme
Senior Citizen Account
All the above
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Analysis: From the above table it could be inferred that 40% of the
customers are pension payment account holders. Only 3% of the account
holders are senior citizen account holders in the government retired
account holders
Interpretation: Most of the respondents are having the pension payment
in IOB since many of the customers are government retired employees
Here few customers are senior citizen account holders. One- third of the
people have using the all schemes
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GOVERNMENT TAX COLLECTION IN IOB
11. What type of taxes can be pay to the government through the
banks?
SL. NO GOVERNMENT
TAX COLLECTION
NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
1 Sales Tax 19 19%
2 Income Tax 24 24%
3 Value Added Tax 7 7%
4 All the above 50 50%
Total 100 100%
Analysis: From the above table it could be inferred that 50% of the
customers are paying all the government taxes in IOB. Only 7% of the
customers are paying only value added tax in IOB.
Interpretation: Most of the respondents feel that IOB is the good place
to pay all type of government taxes. Also this makes sure IOB is offering
best class service for taxpaying.
19%24%
7%
50%
0
10
20
30
40
50
60
Sales Tax Income Tax Value Added Tax All the above
GOVERNMENT TAX COLLECTION
Sales Tax
Income Tax
Value Added Tax
All the above
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AWARNESS AND SATISFACTION LEVEL OF
VARIOUS LOANS
12. Please provide us with Information about your awareness &satisfactory level for the schemes
SL. NO LOAN SCHEME NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
1 Pushpaka 8 8%
2 Liquirent 15 15%
3 Subh Gruha 72 72%
4 Vidya Jothi 5 5%
Total 100 100%
Analysis: From the above table it could be inferred that 72% of the
customers are aware of the Subh Gruha Loan. Only 5% of the customers
are not sure on the vidhya Jothi.
Interpretation: Most of the respondents are Aware about the Subh
Gruha in IOB. But few customers are not so
8% 15%
72%
5%
0
20
40
60
80
Pushpaka Liquirent Subh Gruha Vidya Joythi
AWARNESS AND SATISFACTION LEVEL OF VARIOUS
LOANS
Pushpaka
Liquirent
Subh Gruha
Vidya Joythi
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LOCKER FACILITY AVAILING CUSTOMER
13. What type of customer mostly using locker facilities in the bank?
SL. NO LOCKERFACILITY
PREFERENCE
NUMBER OFRESPONDENTS
PERCENTAGE OFRESPONDENTS
1 Business People 50 50%
2 Government Staff 30 30%
3 Bank Staff 13 13%
4 House Wifes 7 7%
Total 100 100%
50%
30%
13% 7%
0
10
20
30
40
50
60
Business People Government Staff Bank Staff House Wifes
LOCKER FACILITY PREFERENCE
Business People
Government Staff
Bank Staff
House Wifes
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Analysis: From the above table it could be inferred that 50% of the
customers using locker facility are business class people. Only 7% of the
customers are house wifes using locker facility.
Interpretation: Most of the respondents say they are utilizing the locker
facility in IOB. The main players are business class people. Followed by
government staffs and then bank staffs.
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RELATIONAL SHIP BETWEEN BANKER CUSTOMERS
14. How is the relational ship between the customer and the bankers?
SL. NO RELATIONSHIPBETWEEN BANK &
CUSTOMER
NUMBER OFRESPONDENTS
PERCENTAGE OFRESPONDENTS
1 Good 13 13%
2 Moderate 58 58%
3 Better 9 9%
4 Poor 20 20%
Total 100 100%
Analysis: From the above table it could be inferred that 58% of the
customers are have moderate relationship with IOB. Only 9% of the
customers feel relationship between bank & customer is better.
Interpretation: Most of the respondents are having a moderate
relationship between the bank & customer. But few customers are feeling
it is better and some feel it is poor in relationship.
13%
58%
9% 20%0
20
40
60
80
Good Moderate Better Poor
RELATIONSHIP BETWEEN BANK &CUSTOMER
Good
Moderate
Better
Poor
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FIXED DEPOSIT INTEREST RATE SLAB OF IOB
FROM OTHER BANKS
15. How the fixed deposit interest rate slab varies in IOB from otherbanks
SL. NO FIXED DEPOSIT
RATE
NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
1 2- 3% 5 5%
2 3- 4% 27 27%
3 5- 10% 40 40%
4 Above 10% 28 28%
Total 100 100%
5%
27%
40%
28%
0
10
20
30
40
50
2- 3% 3- 4% 5- 10% Above 10%
FIXED DEPOSIT RATE
2- 3%
3- 4%
5- 10%
Above 10%
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Analysis: From the above table it could be inferred that 40% of the
customers are satisfied with the interest rate slab. Only 5% of customers
are not satisfied.
Interpretation: Most of the respondents are satisfied with the fixed rate
slab with the bank. Hence it is offering the interest rate at minimum level.
Also few people are not aware of the interest rate of fixed deposit in IOB.
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OPENION ABOUT THE CHARGES LEIVED BY IOB
16. Give your opinion about the charges levied by IOB for the services
provided
SL. NO CHARGES
LEIVED BY
IOB
NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
1 High 26 26%
2 Moderate 64 64%
3 Low 10 10%
Total 100 100%
Analysis: From the above table it could be inferred that 64% of the
consumers feel that the charges are high comparatively from other banks.
Only 10% of consumers are not satisfied in charges levied by IOB.
Interpretation: Most of the respondents are not satisfied the charges
levied by IOB. Customers are expecting the charges to be reduced to get
more benefit from the bank.
26%
64%
10%0
10
20
30
40
50
60
70
High Moderate Low
CHARGES LEIVED BY IOB
High
Moderate
Low
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HOW DO YOU KNOW IOB
17. How would you know the products and services of IOB
SL. NO HOW YOU
KNOW IOB
NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
1 Advertisements 20 20%
2 Friends & Relatives 61 61%
3 Awareness 18 18%
4 Direct Selling Agents 1 1%
Total 100 100%
20%
61%
18%1%
0
10
20
30
40
50
60
70
Advertisements Friends &
Relatives
Awareness Direct Selling
Agents
HOW YOU KNOW IOB
Advertisements
Friends & Relatives
Awareness
Direct Selling Agents
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Analysis: From the above table it could be inferred that 61% of the
consumers are referred by friends & relatives for the best service offered
by IOB. Only 1% of consumers are came by direct selling agents.
Interpretation: Most of the respondents tell they are referred by their
friends and relatives. Where very few came by the advertisements and the
awareness created by the bank. Very less in count are generated by direct
selling agents.
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MOSTLY PREFERRED LOAN OFFERED BY IOB
18. Which type of loan is mostly preferred by the customers?
SL. NO MOSTLY
PREFERREDLOAN
NO.OF
RESPONDENS
PERCENTAGE OF
RESPONDENTS
1 Personnel Loan 10 10%
2 Commercial Loan 8 8%
3 Housing Loan 72 72%
4 Educational Loan 5 5%
Total 100 100%
Analysis: From the above table it could be inferred that 72% of the
consumers are choosing housing loan
Interpretation: Most of the respondents prefer housing loan from IOB.Only few of the customers prefer education loan and other loans in
10% 8%
72%
5%0
10
20
30
40
50
60
70
80
Personnel Loan Commercial Loan Housing Loan Educational Loan
MOSTLY PREFERRED LOAN
Personnel Loan
Commercial Loan
Housing Loan
Educational Loan
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IS MANAGER AVAILABLE FOR ANY CLARIFICATION
19.Can we have the discussion with the bank manager in case of any
complaints or clarifications?
SL. NO MANAGER
DISCUSSION
NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
1 Yes 68 68%
2 No 32 32%
Total 100 100%
Analysis: From the above table it could be inferred that 68% of thecustomers are satisfied since the manager is available for any
clarification. Only 32% of the customers says it is not followed in IOB.
Interpretation: Most of the respondents are satisfied with the
clarification facility with manager. But some customers feel not so.
68%
32%
0
20
40
60
80
Yes No
MANAGER DISCUSSION
Yes
No
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ABROAD SERVICE OUTLETS OF IOB
20. Specify any drawbacks/ problems that you faced with IOB
SL. NO ABROAD
SERVICES
NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
1 Yes 95 95%
2 No 5 5%
Total 100 100%
Analysis: From the above table it could be inferred that 95% of the
customers are aware that IOB has the service outlet in abroad. Only 5%
of the customers do not know there are any branches in abroad.
Interpretation: Most of the respondents are aware that there are
branches throughout the world in important locations. Where we can see
that many people are aware in the branch regarding the abroad outlets.
95%
50
20
40
60
80
100
Yes No
ABROAD SERVICES
Yes
No
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DRAWBACKS/ PROBLEM WITHIN IOB
21. Specify any drawbacks/ problems that you faced with IOB
SL. NO CUSTOMERSUGGESTION
NUMBER OFRESPONDENTS
PERCENTAGE OFRESPONDENTS
1 Yes 86 86%
2 No 12 12%
3 Not Sure 2 2%
Total 100 100%
Analysis: From the above table it could be inferred that 86% of the
consumers are suggesting that there are drawbacks within ION. Only
12% of consumers are sure that there are no internal problems in IOB.
Interpretation: Most of the respondents tell that there are some internal
problems and drawbacks in IOB. Where few people say that no problem
in IOB.
86%
12 20
20
40
60
80
100
Yes No Not Sure
DRAWBACKS/ PROBLEM WITHIN IOB
Yes
No
Not Sure
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WEIGHTED AVERAGE METHOD
RATE THE FACILITIES PROVIDED AT IOB
FACILITI
ES AT IOBGOOD AVG
POO
R
WEIGHT
ED
SCORE
WEIGH
TED
AVERA
GE
RAN
K
Comfortable
seat36 60 4 232 2.32
III
Hospitality 56 38 4 248 2.48 II
Rest Room 13 87 0 213 2.13 IV
Drinking
Water58 42 0 258 2.58
I
Interference:
The drinking water facility available at IOB in Bandra branch is mostlyimpressive followed by the hospitality service provided by the customer.
Comfortable seating and Rest Room facility need to be improved.
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DEALINGS WITH IOB
SERVICE HIGH MEDIUM LOW NONE
WEIGHTED
RANK
SCORE AVG
Stock Broking 78 69 40 13 412 2.06 I
Insurance 24 63 26 87 224 1.12 IV
Tax Saving 17 26 64 93 107 0.84 V
TIN Facility
(PAN, TDS)29 74 13 84 248 1.24
III
Mutual Fund 82 58 36 24 398 0.76 VI
Other Services 8 32 64 96 152 1.99 II
Interference:
The various service provided by IOB. Share and Stock Broking rank first
as the highly sorted after service by customer. Followed by the
investment in the mutual funds, while awaiting TIN facility and insurance
services are moderately utilized by the customer by the tax saving scheme
and other services are less.
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RATE THE QUALITY OF SERVICES PROVIDED BY
IOB
FACTOREXCELL
ENT
GOO
DOK
POO
R
WEIGHTED R
A
N
K
SCO
RE
AVERA
GE
Immediate
attention52 41 3 4
2660.43
I
online service 21 40 37 2 205 0.35 III
skill of
employee13 25 55 7
1490.28
V
time taken for
service 20 29 45 6 233 0.39 II
quality of
advice13 28 49 8
1670.30
V
product &
service details19 24 45 11
1740.31
IV
bank timing 8 22 52 18 147 0.28 VI
Pamphlets 14 17 49 20150
0.28VI
I
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Interference:
From the above table it can be interfered that the immediate attention
followed by time taken for service on online applicable by the users while
quality of advice displaced of products dealt / availability of application.
Also office timing should be improved.
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CHAPTER 4
FINDINGS OF THE STUDY
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FINDINGS OF THE STUDY
58% of the respondents are opinion that the customers are choosingsaving account in IOB.
43% of the respondents are opinion that the customers are satisfiedwith the service and the quality of products in IOB.
57% of the respondents are opinion that the customers are using seniorcitizen services in IOB.
62% of the respondents rated that IOB products is good. 76% of the respondents are ready to refer IOB to others. 55% of the respondents have relationship with the IOB for about 1-5
years.
60% of the respondents are opinion that the gold offered in IOB is99.99% pure.
60% of the respondents are opinion that all the insurance products ofIOB are beneficial.
54% of the respondents are opinion that the Visa Debit card is themajor service in IOB.
40% of the respondents are opinion that they are pension paymentaccount holder in IOB.
50% of the respondents are opinion that they are paying all thegovernment taxes through IOB.
72 of the respondents are opinion that they are aware of Subh Gruhaloan product of IOB.
50% of the respondents are utilizing the locker facility in IOB bybusiness class people.
72% of the respondents are opinion that the publicity of IOB to thepeople is done through friends & Relatives.
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64% of the respondents are sure that the levied charges by IOB arelow.
72% of the respondents are opinion that the customers prefer HousingLoan from IOB.
68% of the respondents are satisfied with the manager availability forany clarification.
58% of the respondents are opinion that the customers have moderaterelationship with IOB.
95% of the respondents are aware of the IOB service outlets in abroad. 50% of the respondents agree that customers have some drawbacks
and problems in IOB.
40% of the respondents are satisfied with the interest rate slabs. 33% of the respondents are opinion that the stock broking ranks first
as the highly sorted after service by customer in IOB.
71% of the respondents are opinion that they do not expect any moreservice from IOB.
55% of the respondents are opinion that the customers prefer ATMservices.
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CHAPTER 5
SUGGESTIONS
&
RECOMMENDATIONS
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SUGGESTIONS & RECOMMENDATIONS
With regard to banking products and services, customers respond at
different rates, depending on the consumers characteristics. Hence I IOB
should try to bring their new product and services to the attention of
potential early adopters.
Due to the intense competition in the financial market, IOB shouldadopt better strategies to attract more customers.
Return on investment company reputation and premium outflow aremost preferred attributes that are expected by the respondents. Hence
greater focus should be given to these attributes.
IOB should adopt effective promotional strategies to increase theawareness level among the customers.
IOB should ask for their consumer feedback to know whether thecustomers are really satisfied or dissatisfied with the service and
product of the bank. If they are dissatisfied, then the reasons for
dissatisfaction should be found out and should be corrected in future.
The IOB brand name has earned a lot of goodwill and enjoys highbrand equity. As there is intense competition, IOB should work hard
to maintain its position and offer better service and products to
customers.
The bank should try to increase the Brand image through performanceand service then, only the customers will be satisfied.
Majority of the people find banking important in their life, so IOBshould employ the strategies to convert the want in to need which will
enrich their business.
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The bank may conduct events/ schemes week or months for promotingproducts.
A separate information desk marked as an investment consultancyprovider may be established for catering to the needs of the customers.
A refined data base may be used for sending personal reminders to thecustomers.
Strategic points may be identified for the displaying the potters. Allthe communications may be bear the information/ logo of the different
schemes.
Cost effective, visually appearing tools like bulletin board may beused for promotion.
Direct mailers may be sent to co-operate account holder.
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CONCLUSION
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CONCLUSION
The project entitled THE STUDY ON CUSTOMER
SATISFICATION ON THE PRODUCTS AND SERVICES
OFFERED By Indian Overseas Bank has helped me in studying
satisfaction about services and products offered to customers. Since the
opening up of the banking sector, private banks are in the fray each one
trying to cover more market share than the other. Yet, IOB is far behind
SBI. IOB must also be alert what with Private Banks (ICICI, HDFC)
breathing down its neck.
I am sure the bank will find my findings relevant and I sincerely hope it
uses my suggestions enlisted, which I hope will take them miles ahead of
competition.
In short, I would like to say that the very act of the concerned
management at Indian Overseas Bank in giving me the job of critically
examining consumer satisfaction towards financial products and services
of the company is a step in their continual mission of making all round
improvements as a means of progress.
I am sure the bank has a very bright future to look forward.
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ANNEXURE
NAME :
AGE :
SEX :
TYPE OF CUSTOMER TO IOB :
1. What type of account do you have in bank?a. Savings Account
b. Current Accountc. Fixed Depositd.NRI2. IOB Provide better facilities than SBI & HDFC Banka. Excellent
b. Goodc. Satisfiedd. Poor3. What type of value added service provide by IOB?a. Young Star
b. Senior Citizenc. Prepaid Cardsd. Recurring Deposit4. How do you rate the products and services offered by IOB than
others?
a. Excellentb. Goodc. Betterd. Poor
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5. Will you suggest Indian Overseas Bank to your friends/ Relatives forits service?
a. Yesb.Noc.Not Sure6. How long have you been banking with IOBa. 10 years
7. IOB offerings ____ Purity of fine gold to their customersa. 99.19%
b. 99.9%c. 99.99%d. 100%8. What is your main concern while taking an Insurance policya. Tax benefits
b. Securityc. Investment/Savingd. All the above9. What are the other products & services offered by IOB to the
customers
a. Visa International Credit Cardsb. Visa Debit Cardc. IOB fine Goldd. Forex Exchange10.What are the government business schemes available for the
customers through the banks?
a. Pension payment schemeb.provident fund scheme 1968
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c. Senior Citizen Scheme 2004d. All the above11.What type of taxes can be pay to the government through the banks?a. Sales tax
b. Income Taxc. Value Added Taxd. All the above12.Please provide us with Information about your awareness &
satisfactory level for the schemes
a) Pushpakab) Subh Gruhac) Liquirentd) Vidhya Joythi13.What type of customer mostly using locker facilities in the bank?a. Business people
b. government staffsc.bank staffsd. house wifes14.How is the relational ship between the customer and the bankers?a. Good
b. Moderatec. Betterd. Poor
15.How the fixed deposit interest rate slab varies in IOB from otherbanksa. 2% - 3%
b. 3% - 5%c. 5%- 10%d. Above 10%
16.Give your opinion about the charges levied by IOB for the servicesprovided
a. Highb. Moderate
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c. Lowd. High for certain services
17.How would you know the products and services of IOBa. Advertisements
b. friends & Relativesc. Awarenessd. Direct Selling Agents18.Which type of loan is mostly preferred by the customersa. Personnel Loan
b. Commercial Loanc. Housing Loand. Educational Loan19.Can we have the discussion with the bank manager in case of any
complaints or clarifications?
a. Yesb.b. No
20.Specify any other outlets in abroad to serve the customers globally?a. Yes
b.No21.Specify any drawbacks/ problems that you faced with IOBa. Yes
b.Noc.None
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22.Facility that used by the customer in IOB?Good Average Poor
Comfortable seat
Hospitality
Rest Room
Drinking Water
23.What is the Level of business with IOB from the day 1?SERVICE HIGH MEDIUM LOW NONE
Stock Broking
Insurance
Tax Saving
TIN Facility (PAN, TDS)
Mutual Fund
Other Services
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24.What are the qualities of service provided in IOB?SERVICE EXCELLENT GOOD OK POOR
Immediate attention
online service
skill of employee
time taken for service
quality of advice
product & service details
bank timing
25.Which type of service preferred the most of youa. ATM Serviceb. Internet Bankingc. Mobile Bankingd. Retail Banking
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BIBLOGRAPHY
Books Referred
Book Name Author publication
SERVICEMAKETING
Zeithaml.
A
Tata Mc Graw-Hills,
Publications
New Delhi
BUSINESSSTATISTIC
S
G.P.Gupt
a
SultanchandPublicati
on Mumbai
Websites
www.wikipedia.com www.thehindu.com www.newyorktimes.com www.economictimes.com www.iob.in
http://www.wikipedia.com/http://www.wikipedia.com/http://www.thehindu.com/http://www.thehindu.com/http://www.newyorktimes.com/http://www.newyorktimes.com/http://www.economictimes.com/http://www.economictimes.com/http://www.economictimes.com/http://www.newyorktimes.com/http://www.thehindu.com/http://www.wikipedia.com/ -
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