financial services offered by bank

7/29/2019 Financial Services Offered by Bank

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VIVEK COLLEGE OF COMMERCE

FINANCIAL SERVICES OFFERED BY BANK Page 1

INDEX

Sr No. Contents Page No.

1 OVERVIEW OF BANKING 1-4

2 FINANCIAL SERVICES 5-15

3 VARIOUS PRODUCTS & SERVICES OFBANKS

16-30

4 SERVICES OFFERED BY BANK 31-39

5 INNOVATIVE FINANCIAL PRODUCTS 40-44

6 OVERVIEW OF ICICI BANK 45-53


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CHAPTER: 1

OVERVIEW OF BANKING

1.1 INTRODUCTION TO BANK

A bank has been described as an institution engaged in accepting deposits

and granting loans. It is the institution which deals in money and credit. It

can also be described as an institution which borrows idle resources,

makes fund available to those who need it and helps in cheap remittance

of money from one place to another. In the modern time term bank is

used in wider term. Now it does not refer only to particular place of

lending and depositing money but it also acts as an agent which looks

after the various financial problems of its customers.

1.2 HISTORY OF BANKS:

The banking system in India is based on British banking company which

is largely branch banking. Commercial banks in India were started during

the latter half of 19th century Bank of Bengal, Bank of Bombay and Bank

of Madras were later amalgamated to form one bank called as Imperial

bank of India under the Imperial bank of India Act 1920. The Imperial

bank carried with business of commercial bank manages the public debt

office of central and state government. The second half of 19th century

saw establishment of Bank of Baroda, Allahabad bank, and Punjab

National Bank. These banks were set up by merchants and traders to

combined trading with banking. These led to the series if failures of

banks. The strengthening of banking system took place after the

establishment of Reserve Bank of India, 1939 as is empowers to regulate


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the banking money, inspection of mergers and acquisition in terms of

Banking Companies Act 1949 which later came to be known as Banking

Regulation Act 1949.

1.3 FUNCTIONS OF BANKS

Though borrowing and lending constitute the main functions of banking,

yet they are not only functions of commercial banks. Commercial banks

are involved in diversified activities and perform varieties of function.

The functions of a modern bank are classified under the following heads:

BANKING PRODUCTS:

Banks in India have traditionally offered mass banking products. Most

common deposit products being Savings Bank, Current Account, Term

deposit Account and lending products being Cash Credit and Term

Loans. Due to Reserve Bank of India guidelines, Banks have had little to

do besides accepting deposits at rates fixed by Reserve Bank of India and

lend amount arrived by the formula stipulated by Reserve Bank of India

at rates prescribed by the latter. PLR (Prime lending rate) was the

benchmark for interest on the lending products. But PLR itself was, more

often than not, dictated by RBI. Further, remittance products were limited

to issuance of Drafts, Telegraphic Transfers, and Bankers Cheque and

Internal transfer of funds.

In view of several developments in the 1990s, the entire banking products

structure has undergone a major change. As part of the economic reforms,

banking industry has been deregulated and made competitive. New

players have added to the competition. IT revolution has made it possible


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to provide ease and flexibility in operations to customers. Rapid strides in

information technology have, in fact, redefined the role and structure of

banking in India. Further, due to exposure to global trends after

Information explosion led by Internet, customers - both Individuals and

Corporate - are now demanding better services with more products from

their banks. Financial market has turned into a buyer's market. Banks are

also changing with time and are trying to become one-stop financial super

markets. A few foreign & private sector banks have already introduced

customized banking products like Investment Advisory Services, SGL II

accounts,

Photo-credit cards, Cash Management services, Investment products and

Tax Advisory services. A few banks have gone in to market mutual fund

schemes. Eventually, the Banks plan to market bonds and debentures,

when allowed. Insurance peddling by Banks will be a reality soon. The

recent Credit Policy of RBI announced on 27.4.2000 has further

facilitated the entry of banks in this sector. Banks also offer advisory

services termed as' private banking' - to "high relationship - value"

clients.


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CHAPTER-2

FINANCIAL SERVICES

The Indian financial services industry has undergone a metamorphosis

since1990. During the late seventies & eighties, the Indian financial

services industry was dominated by commercial banks and other financial

institution which cater to the requirements of the Indian industry. The

economic liberalization has brought in a complete transformation in theIndian financial services industry. The term Financial Services in a

broad sense means mobilizing and allocating savings. Thus it includes

all activities involved in the transformation of savings into investment.

The financial service can also be called financial intermediation.

Financial intermediation is a process by which funds are mobilized from

a large number of savers and make them available to all those who are in

need of it and particularly to corporate customers. Thus, financial service

sector is a key area and it is very vital for industrial developments. A well

developed financial services industry is absolutely necessary to mobilize

the savings and to allocate them to various investable channels and

thereby to promote industrial development in a country. Financial

services, through network of elements such as financial institution,

financial markets and financial instruments, serve the needs

of individuals, institutions and corporate. It is through these elements that

the functioning of the financial system is facilitated. Considering its

nature and importance, financial services are regarded as the fourth

element of the financial system.


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2.1 IMPORTANCE OF FINANCIAL SERVICES

Economic Growth:

The financial service industry mobilizes the savings of the

people and channels them into productive investment by providing

various services to the people. In fact, the economic development of a

nation depends upon these savings and investment.

Promotion of Savings:

The financial service industry promotes savings in the country

by providing transformation services. It provides liability, asset and size

transformation service by providing large loans on the basis of numerous

small deposits. It also provides maturity transformation services by

offering short-term claim to savers on their liquid deposit and providing

long-term loans to borrowers.

Capital Formation:

The financial service industry facilitates capital formation by

rendering various capital market intermediary services capital

formation in the very basis for economic growth. It is the principal

mobilize, of surplus funds to finance productive activities and thus it

promotes capital accumulation.

Provision of Liquidity:

The financial service industry promotes liquidity in the

system by allocating and reallocating savings and investment into various


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avenues of economic activity. It facilitates easy conversion of financial

asset into liquid cash at the discretion of the holder of such assets.

Financial Intermediation:

The financial service industry facilitates the function of

intermediation between savers and investors by providing a means and a

medium of exchange and by undertaking innumerable service.

Contribution to GNP:

The contribution of financial services to GNP has been

going on increasing year after year in almost all countries in recent times.

Creation of Employment Opportunities:

The financial service industry creates and provides

employment opportunities to millions of people all over the world

2.2FEATURES OF FINANCIAL SERVICE

Customer-Oriented:

Like any other service industry financial service industry is also a

customer-oriented one. That customer is the king and his requirements

must be satisfied in full should be the basic tenant of any financial service

industry. It calls for designing innovative financial products suitable to

varied risk-return requirements of customer.


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Intangibility:

Financial services are intangible and therefore, they cannot bestandardized or reproduced in the same form. Hence, there is a need to

have a track record of integrity, reputation, good corporate image and

timely delivery of services.

Simultaneous Performance:

Yet another feature is that both production and supply of financial

services have to be performed simultaneously. Therefore, both suppliers

of services and consumers should have a good rapport, clear-cut

perception and effective communication.

Dominance of Human Element:

Financial services are dominated by human element and thus, they are

people-intensive. It calls for competent and skilled personnel to market

the quality financial products. But, quality cannot be homogenized since

it varies with time, place and customer to customer.

Perishability:

Financial services are immediately consumed and hence inventories

cannot be created. There is a greater need for balancing demand and

supply properly. In other words, marketing and operations should be

closely inter-linked


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2.3 OBJECTIVES OF FINANCIAL SERVICES

1. Fund raising:

Financial services help to raise the required funds from a host of

investors, individuals, institution and corporate. For this purpose, various

instruments of finance are used.

2. Funds deployment:An array of financial services is available in the financial markets which

help the players to ensure an effective deployment of funds raised.

Services such as bill discounting, parking of short-term funds in the

money market, credit rating &securitization of debts are provided by

financial services firms in order to ensure efficient management of funds.

3. Specialized services:

The financial service sector provides specialized services such as credit

rating, venture capital financing, lease financing, mutual funds, credit

cards, housing finance, etc besides banking and insurance. Institutions

and agencies such as stock exchanges, non-banking finance companies,

and subsidiaries of financial institutions, banks & insurance companies

also provide these services.

4. Regulation:

There are agencies that are involved in the regulation of the

financial services activities. In India, agencies such as the Securities and

Exchange Board of India (SEBI), Reserve Bank of India (RBI) and the


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Department of Banking and Insurance of the Government of India,

regulate the functioning of the financial service institutions.

5. Economic growth:

Financial services contribute, in good measure, to speeding up the

process of economic growth & development.

2.4 SOURCES OF REVENUE

Accordingly, there are two categories of sources of income for a financial

service company namely: fund based &fee- based. Fund-based income

comes mainly from interest spread, lease rentals, income from

investments in capital market and real estate. On the other hand, fee based

income has its sources in merchant banking, advisory services, custodial

services, loan syndication etc. income has its sources in merchant

banking, advisory services, custodial services, loan syndication etc. A

major part of income is earned through fund-based activities. At the same

time, it involves a large share of expenditure in the form of interest &

brokerage. It means that such companies should have to compromise the

quality of its investment. On the other hand fee-based income does not

involve much risk.


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2.5 CAUSES OF FINANCIAL INNOVATION

Financial intermediaries have to perform the task of financial innovation

to meet the dynamically changing needs of the economy. There is a dire

necessity for the financial intermediaries to go for innovation due to

following reasons:

Low profitability:

The profitability of the major financial intermediary, namely banks

has been very much affected in recent times. There is a decline in the

profitability of traditional banking products. So, they have compelled to

seek out new products which may fetch high returns.

Keen competition:

The entry of many financial intermediaries in the financial sector market

has led to severe competition among themselves. This keen competition

has paved the way for the entry of varied nature of innovative financial

products so as to meet the varied requirements of the investors.

Economic liberalization:

Reform of the financial sector constitutes the most important component

of Indias programmers towards economic liberalization. The recent

economic liberalization measures have opened the door to foreign

competitors to enter into our domestic market. Deregulation in the form

of elimination of exchange controls and interest rate ceilings have made

the market more competitive. Innovation has become a must for survival.


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Improved communication technology:

The communication technology has become so advanced that even theworlds issuers can be linked with the investors in the global financial

market without any difficulty by means of offering so many options and

opportunities.

Hence, innovative products are brought into the domestic market in no

time.

Customer service:

Nowadays, the customers expectations are very great. They want newer

products at lower cost or at lower credit risk to replace the existing ones.

To meet this increased customer sophistication, the financial

intermediaries are constantly undertaking research in order to invent a

new product which may suit to the requirement of the investing public.

Innovations thus help them in soliciting new business.

Global impact:

Many of the providers and users of capital have changed their roles all

over the world. Financial intermediaries have come out of their traditional

approach and they are ready to assume more credit risks. As a

consequence, many innovations have taken place in the global financial

sector which has its own impact on the domestic sector also.

Investor awareness:

With a growing awareness amongst the investing public, there has been a

distinct shift from investing the savings in physical assets like gold,

silver, land etc. to financial assets like shares, debentures, mutual funds


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etc. To meet the growing awareness of the public, innovation has become

the need of the hour.

2.6 PRESENT SCENARIO OF FINANCIAL SERVICES

Conservatism to dynamism:

At present, the financial system in India is in a process of rapid

transformation, particularly after the introduction of reforms in thefinancial sector. The main objective of the financial sector reforms is to

promote an efficient, competitive and diversified financial system in the

country. This is essential to raise the allocative efficiency of available

savings and to promote the accelerated growth of the economy as a

whole. The emergence of various financial institution and regulatory

bodies has transformed the financial services sector from being a

conservative industry to a very dynamic one.

Emergence of Primary Equity Market:

The capital markets have become a popular source of raising finance. The

aggregate funds raised by the industries have gone from Rs. 5976 crore in

1991-92 to Rs. 32382 crore in 2006-07. Thus the primary market has

emerged as an important vehicle to channelize the savings of the

individuals and corporate for productive purposes and thus to promote the

industrial& economic growth of our nation.


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Concept of Credit Rating:

The investment decisions of the investors have been based on factors likename recognition of the company, reputation of promoters etc. now,

grading from an independent agency would help the investor in his

portfolio management and thus, equity grading is going to play a

significant role in investment decision making

Now it is mandatory for non-banking financial companies to get credit

rating for their debt instruments. The major credit rating agencies

functioning in India are:

i. Credit Rating Information Services of India Ltd.

ii. Credit Analysis and Research Ltd.

iii. Investment Information and Credit Rating Agency.

iv.Duff Phelps Credit Rating Pvt. Ltd.

Process of Globalization:

The process of globalization ha paved the way for the entry of innovative

financial products into our country. The government is very keen in

removing all obstacles that stand in the way of inflow of foreign capital.

India is likely to enter the full convertibility era soon. Hence, there is

every possibility of introduction of more and more innovative financial

services in our country.

Process of Liberalization:

The government of India has initiated many steps to reform the financial

services industry. The Government has already switched over to free

pricing of issues from pricing issues by the Controller of capital issues.


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The interest rates have been deregulated. The private sector has been

permitted to participate in banking and mutual funds and the public sector

undertakings are being privatized. The financial service industry in India

has to play a positive and dynamic role in the years5 India has to play a

positive and dynamic role in the years to come by offering many

innovative products to suit to the varied requirements of the millions

of prospective investors spread throughout the country


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CHAPTER-3

VARIOUS PRODUCTS OF BANKS

3.1 Deposits

Banks provide various deposit schemes for keeping the savings of people.

Some of these schemes are common in nature. Banks have to comply

with the Know Your Customers (KYC) norms introduced by the

Reserve Bank of India while opening & allowing operations in the

accounts. A few deposit schemes offered by banks are as follows:

CHART: TYPES OF DEPOSITS

1) Current Account:

Current account is primarily meant for businessmen, firms, companies

and public enterprises etc. that have numerous daily banking transactions.

Individuals generally do not open this account. Current accounts are

meant neither for the purpose of earning interest nor for the purpose of

savings but only for convenience of business hence are they non-interest

bearing accounts. In a current account, a customer can deposit &

withdraw any amount of money any number of times, as long as he has

funds to his credit. As per RBI directive, banks are not allowed to pay any

interest on the balances maintained in Current Accounts. However, in

case of death of the account holder his legal heirs are paid interest at the

rates applicable to Savings bank deposit from the date of death till the

date of settlement. Because of the large number of transactions in the


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account and volatile nature of balances maintained, banks usually levy

certain service charges for opening a Current Account.

2) Fixed Deposits:

Bank Fixed Deposits are also known as Term Deposits. In a Fixed

Deposit Account, a certain sum of money is deposited in the bank for a

specified time period with a fixed rate of interest. The rate of interest for

Bank Fixed Deposits depends on the maturity period. It is higher in case

of longer maturity period. There is great flexibility in maturity period & it

ranges from 15 days to 5 years. The interest can be compounded

quarterly, half-yearly or annually and varies from bank to bank. Loan

facility is available against bank fixed deposits upto75-90 % Premature

withdrawal is permissible but it involves loss of interest. Fixed deposits

with banks are nearly 100% safe as all the banks operating in the country,

irrespective of whether they are nationalized, private or foreign are

governed by the RBIs rules & regulations and give due weight age to the

interest of the investors.

3) Savings Bank Account:

Savings Bank accounts are meant to promote the habit of saving among

the citizens while allowing them to use their funds when required. The

main advantage of Savings Bank Account is its high liquidity and safety.

Savings Bank Account earns moderate interest. The rate of interest is

decided and periodically reviewed by the government of India. Savings

Bank Account can be opened in the name of an individual or in joint

name of the depositors. The minimum balance to be maintained in an

ordinary savings bank account varies from bank to bank. It is less in case


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of public sector banks and comparatively higher in case of private banks.

Savings Bank Account can now be accessed through ATMs & internet.

4) Recurring Deposit Account:

Under recurring deposit account, a specific amount is invested in bank on

monthly basis for a fixed rate of return. The deposit has a fixed tenure, at

the end of which the principal sum as well as the interest earned during

that period is returned to the investor. Recurring Bank Account provides

the element of compulsion to save at high rates of interest applicable to

Term Deposits along with liquidity to access those savings any time.

Loan/ Overdraft facility is also available against Recurring Bank

Deposits. The deposit for RD account is paid in monthly installments and

each subsequent monthly installment has to be made before the end of the

month and is equal to the first deposit. In case of default in payment,

penalty is levied for the delayed deposit.

5) Demat account:

Some banks are depository participants. These banks offer demat

accounts to their corporate clients. Demat account is just like a

bank account where actual money is replaced by shares. Just as a

bank account is required if we want to save money or make cheque

payments, we need to open a demat account in order to buy or sell shares.

A Demat Account holds portfolio of shares in electronic form and

obviates the need to hold shares in physical form. The account offers a

secure and convenient way to keep track of shares and investment

without the hassle of handling physical documents that get mutilated or

lost in transit. The Securities and Exchange Board of India (SEBI)


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mandates a demat account for share trading involving more than 500

countries.

Benefits of Demat Account

Protection against loss, theft, mutilation etc

Transfer of shares immediately

Shorter settlement cycles

Protection against bad deliveries

6) Safe-Deposit Lockers:

Safe deposit locker is a facility provided by banks to their customers to

keep their valuables like jewellery, title deeds etc. Safe deposit locker is a

steel cabinet having multiple cubicles. The safe deposit locker is kept

inside the safe room and can be accessed only with the permission of the

bank officials. A customer who is in need of a locker has to approach the

bank. Customer has to mention a password in the application form for

identification purpose when he comes for operating the locker. The

customer has to remit annual rent for using the locker facility. The

customer has full privacy in operating the locker. As per RBI guidelines,

the place where the locker is kept should be segregated from the place

where cash and valuables are stored using iron grill. When the customer

wants to open the locker, he has to identify himself by telling the

password and sign in a register noting the date and time of opening the

locker which will be counter signed by the bank officials. The agreement

of locker is a contract of bailment and the bank can terminate the

agreement and demand the customer to vacate locker if any of the terms

and conditions in the agreement are violated or the annual rent is not


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remitted for a long period. At present all the banks are having safe deposit

locker facility.

3.2 CREDIT CARDS:

Credit cards are innovative ones in the line of financial services offered

by commercial banks. Credit card culture is a old hat in the western

countries. In India, it is relatively a new concept that is fast catching on.

Since the plastic money has today become as good as legal tender more

people are using them in their day-to-day activities. A credit card is a card

or mechanism which enables cardholders to purchase goods, travel and

dine in a hotel without making immediate payments. It is a convenience

of extended credit without formality. Credit cards can be classified as

follows:

Old types of Credit Cards:

1. Credit Card:

It is a normal card whereby a holder is able to purchase without having to

pay cash immediately. Generally, a limit is set to the amount of money a

cardholder can spend a month using the card. At the end of every month,the holder has to pay a percentage of outstanding. Interest is charged for

the outstanding amount which varies from 30 to36 per cent per annum.

An average consumer prefers this type of card for his personal purchase.


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2. Charge Card:

A charge card is intended to serve as a convenient means of payment for

goods purchased at Member Establishments rather than a credit facility.

Instead of paying cash or cheque every time the credit cardholder makes a

purchase, this facility gives a consolidated bill for a specified period,

usually one month. There are no interest charges and no spending limits

either. The charge card is useful during business trips and for

entertainment expenses which are usually borne by the company. Andhra

Bank card, BOB cards, Can card, Diners Club card etc. belong to this

category.

3. In-Store Card:

The in-store cards are issued by retailers or companies. These cards have

currency only at the issuers outlets for purchasing products of the issuer

company. Payment can be on monthly or extended credit basis. For

extended credit facility interest is charged. In India, such cards are

normally issued by Five Star Hotels, resorts and big hotels

NEW TYPES OF CREDIT CARDS

1) Corporate Credit Cards:

Corporate cards are issued to private and public limited companies and

public sector units. Depending upon the requirements of each company,

operative Add-on cards will be issued to the persons authorized by the

company. The name of the company will beam bossed on Add-on card

holder. The transactions made by Add-on card holders are billed to the

main card and debits are made to the Companies Account.


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2) Business Card:

A business card is similar to a corporate card. it is meant for the use

of proprietary concerns, firms, firms of Chartered Accountants etc. This

card helps to avail of certain facilities for reimbursement and makes their

business trip convenient.

3) Smart Card:

It is a new generation card. When a transaction is made using the card,

the value is debited and the balance comes down automatically. Once the

monetary value comes down to nil, the balance is to be restored all over

again for the card to become operational. The primary feature of smart

card is security. It prevents card related frauds & crimes.

4) Debit Cards:

Debit card is popularly known as ATM card on the move. The debit card

gives the freedom to access savings or current account through ATMs at

merchant locations. Debit cards are also issued independent of ATM in

which case the card is presented to the merchant establishment at the time

of purchase as in a case of credit card.

However, the account of the card holder will be debited instantly when

the charge slip is presented by the merchant establishment instead of the

card holder remitting the money as is being done in the case of credit

card. Therefore, the card holder has to keep sufficient balance in his

account before he uses the card. The debit card does have a daily limit

which could be somewhere around Rs 15000 at ATMs and Rs 10000 at


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merchant locations. This again is subject to the balance available in the

account.

5) ATM Card:

An ATM (Automated Teller Machine) card is useful to a card holder as it

helps him to withdraw cash from banks even when they are closed. This

can be done by inserting the card in the ATM installed at various bank

locations.

6) Virtual Card:

A virtual card is a card that can be generated by anybody at any time

provided he has already registered his name in the Banks website. One

can also set monetary limits for each card, usually limited to the value of

the item he intends to purchase and the value should be limited to his

bank balance or the credit limit. This completely prevents misuse. It is a

kind of facility offered to existing card holders at free of cost.

3.3 LOANS

It is an arrangement by which a bank advance loans against any security

like jewels, shares or debentures or insurance policy or personal security

of the borrower. The interest is payable on the entire loan amount as

decided by the bank. Loans can be classified as follows:

VARIOUS TYPES OF LOANS

1) Personal loans:

The personal loans are granted to any customer or the non-customer if the

bank is satisfied with the repayment capacity of the borrower. The

borrower should have a steady income. Installment can be paid by


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depositing post dated cheques, authorization to debit the amount to the

borrowers savings or current account, authorization to transfer interest

on term deposit to the loan account, authorization to deduct the

installment from the salary by the employer and remit to the bank etc.

The interest varies from bank to bank. Normally banks allow 12months to

60 months for repayment. Banks also charge time processing fee ranging

from 1 to 3 percent per annum. Personal loans are generally unsecured

because in most cases there is no primary security. Therefore, many

banks demand collateral security in the form of landed property, gold

ornaments, third party guarantee etc. Some banks instead of third party

guarantee insist that another person should join as co-obligant. Many

banks prefer co-obligant as a guarantor because a co-obligant signs the

original loan documents along with the borrower & therefore has a joint

liability. The documentation is quite simple because there will be only a

promissory note.

2) Housing Loans:

Housing loans are given as direct loans and indirect loans. Direct loans

are those loans given to the individuals or group of individuals including

co-operative societies. The indirect loans are the term loans granted to

housing finance institution, housing boards etc primarily engaged in the

business of supplying serviced land and constructed house units. Banks

are permitted to extend term loans to private builders. Banks are also

granting loans under priority sector for housing purpose.


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Eligibility:-

Any person above 21 years but below the age of 65 years having

sufficient disposable income can avail housing loan from a bank. Some

banks permit even upon 70 years if the borrower can produce proof of

sufficient income to repay the loan. A self-employed person can also

avail of housing loan, subject to compliance of the income criteria.

Amount of Loan:

The loan amount starts from Rs 2 lakh. However for weaker sections the

loan can be availed even for a small amount. The maximum amount of

loan is decided after considering the disposable income of the borrower.

While calculating the income eligibility spouses income can also be

considered. The other factors considered for deciding the repayment

capacity are age, qualification, status of assets, liabilities, stability and

continuity of occupation and savings history etc.

3) Educational Loans:

Educational loans are extended with the aim to provide financial support

from the banking system to deserving students for pursuing higher

education in India & abroad. The main emphasis is that every student

should get an opportunity to pursue education with financial support from

the banking system on affordable terms and conditions. All banks are

offering educational loans, but the schemes differs from bank to bank.

The scheme aims at providing financial assistance on reasonable terms to

the poor and needy to undertake basic education.


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4) Student Eligibility:

The student should be an Indian national and should have secured

admission to professional courses through entrance test process or should

have secured admission to foreign university. The student have scored

minimum 60 percent in the qualifying examination for admission to

graduation courses.

5) Repayment:

Course period + 1 year or 6 months after getting job, whichever is earlier.

The loan has to be repaid in five to seven years from commencement of

repayment. If the student is not able to complete the course for the

reasons beyond his control, sanctioning authority may at his discretion

consider such extensions as may be deemed necessary to complete the

course.

6) Security:

Up to Rs 2 lakh:- no security Above Rs 2 lakh:- collateral security equal

to 100 % of the loan. Amount of guarantee of third person known to bank

for 100% of the loan amount.

7) Automobile Loans:

Banks are extending credit for purchase of new two or four wheeler for

personal or professional use. Bank finance is also available for purchase

of used cars less than 3 years old. Each bank has formulated their own

schemes. Vehicle finance has now become one of the highly profitable

area and therefore banks and other financial institutions are competing

with each other for attracting the customers, even by offering some


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concessions. As a result, the margin, interest rate &eligibility criteria

differ from one bank to the other. The loans are to be repaid in 36 to 60

equated monthly installments. The maximum amount of loan is limited to

3 times of net income annual salary subject to a maximum of Rs 10 lakh.

8) Mortgage Loans:

Mortgage loan is a financing arrangement in which a lender extends

finance for acquisition of real estate against the security of the real estate

purchased out of the loan. The borrower executes a mortgage deed which

registers a lien on the property in favour of the lender. The title will be re-

transferred when the borrower repays the loan in full with interest. Banks

provide loan/overdraft facility against mortgage of property at low rate of

interest to people engaged in trade, commerce and business and also to

professionals and self employed, partnership firms, companies, NRIs

and individuals with high net worth including salaried people. The

product provides an opportunity to customers to borrow against a fixed

asset at short notice

10) Repayment:

The loan has to be repaid within a period of eight years by way

of equated monthly installments. The repayment shall commence from

the month subsequent to the month in which final disbursement is made

or 6 months from the first disbursement, whichever is earlier. In case of

agriculturists the repayment is related to the generation of farm income

from crops & other subsidiary activities.


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3.4 INVESTMENT

Investment is the employment of funds with the aim of getting return on

it. It is the commitment of funds which have been saved from current

consumption with the hope that some benefits will receive in future.

Thus, it is a reward for waiting for money. Savings of the people are

invested in assets depending on their risk and return. Investment avenues

are the out lets of funds. In India, investment alternatives are

continuously increasing along with new developments in the financial

market. An investor can himself select the best avenue after studying the

merits and demerits of different avenues. Even financial advertising,

newspapers supplements on financial matters and investment journals

offer guidance to investors in the selection of suitable investment

avenues.

1) Public Provident Fund (PPF):

Public Provident Fund is one attractive tax sheltered investment scheme

for middle class and salaried persons. It is even useful to businessmen

and higher income earning people. The PPF scheme is very popular

among the marginal income tax payers.

Features of PPF scheme

The PPF scheme is for a period of 15 years but can be extended at

the desire of the depositor

The depositor is expected to make a minimum deposit of Rs100

every year

The PPF account is not transferable, but nomination facility is

available


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Tax exemption on investment is made.

A compound interest at 8% per annum is paid

2) Government of India Savings Bond:

The GOI has recently started issuing 6.50% bonds which are reasonably

attractive and secured investment for individuals and institutions.

Features of Savings Bonds

Interest 6.50%. Interest is payable half yearly or cumulative.

Interest payment is exempted from income tax.

Maturity period of 5 years

Cumulative facility available. Rs 1000 become Rs 1377 after

5years. Nomination facility is available

3) Real Estate Properties:

Investment in the real estate is popular due to high saleable value

after some years. Such properties include buildings, commercial

premises, industrial land, plantations, farmhouses, agricultural land etc.They purchase such properties at low prices and do not sale them un less

there is substantial increase in the market price. The re sale price will be

attractive in due course when they can recover 4 times the price paid.

This is one attractive as well as profitable avenue for investment.


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4) Investment in Gold, Silver:

In India, there is attraction for gold and silver since the early historicalperiod. These two precious metals are used for making ornaments and

also for investment of surplus funds over a long period. The prices

of both the metals are continuously increasing. These metals are highly

liquid, also provides a sense of security to the investors. The benefit

of capital appreciation is also available. As a result, investment in gold

and silver is one avenue for investment.

5) Bonds & Debentures:

It is possible to purchase bonds and debentures of joint stock companies

for investment purpose. Debenture indicates loan given to the company at

a specific rate of interest. Debentures are more popular than shares due to

the safety and security available. Easy transferability by endorsement and

delivery. Investment exempted from wealth-tax. Maturity period from 5-

25 years


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CHAPTER- 4

SERVICES OFFERED BY BANK

4.1 BRANCHES:

A branch, banking center or financial center is a retail location where a

bank, credit union, or other financial institution offers a wide array of

face-to-face and automated services to its customers. In the period from

1100-1300 banking started to expand across Europe and banks began

opening branches in remote, foreign locations to support international

trade. Historically, branches were housed in imposing buildings, often in

a neo-classical architecture style. Today, branches may also take the form

of smaller offices within a larger complex, such as a shopping mall.

Traditionally, the branch was the only channel of access to a financial

institutions services. Services provided by a branch include cash

withdrawals and deposits from a demand account with a bank teller,

financial advice through a specialist, safe deposit box rentals, bureau de

change, insurance sales, etc. As of the early 21st

Century, features such as Automated Teller Machine (ATM), telephone

and online banking, allow customers to bank from remote locations and

after business hours. This has caused financial institution to reduce their

branch business hours and to merge smaller branches into larger ones.

They converted some into mini-branches with only ATMs for cash

withdrawal and depositing; computer terminals for online banking and

cheque depositing machines. Some financial institutions, to show a

friendlier image, offer a boutique or coffee house-like environment in

their branches, with sit-down counters, refreshments, and interactive


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displays. Some branches also have drive-through teller windows or

ATMs

4.2 MOBILE BANKING

Mobile banking also known as M-Banking, SMS Banking is a term used

for performing balance checks, account transactions, payment etc. Over

the last few years, the mobile and wireless market has been one of the

fastest growing markets in the world and it is still growing at a rapid

pace. With mobile technology, banks can offer services to their customers

such as doing funds transfer while travelling, receiving online updates of

stock price or even performing stock trading while being stuck in traffic.

A specific sequence of SMS messages will enable the system to verify if

the client has sufficient funds in his or her wallet and authorize a deposit

or withdrawal transaction at the agent. Many believe that mobile users

have just started to fully utilize the data capabilities in their mobile

phones. In Asian countries like India, China, where mobile infrastructure

is comparatively better than the fixed-line infrastructure, and in European

countries, where mobile phone penetration is very high, mobile banking

is likely to appeal even more.

Mobile Banking Services

Account Information

1) Mini-statement and checking of account history

2) Alerts on account activity

3) Monitoring of term deposits

4) Access to loan statements


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5) Access to card statements

6) Mutual fund/ equity statements

7) Pension plan management

8) Insurance policy management

9) Status on cheque, stop payment on cheque

10) Ordering cheque books

11) Balance checking in the account

12) Recent transactions

13) Due date of payment

14) PIN provision

15) Blocking of cards

Payments, Deposits, Withdrawals and Transfers

1) Domestics and international fund transfers

2) Micro-payment handling

3) Mobile recharging

4) Commercial payment processing

5) Bill payment processing

6) Peer to peer payments

7) Withdrawal at banking agent

8) Deposit at banking agent


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4.3TELEPHONE BANKING:

Telephone banking is a service provided by a financial institution, whichallows its customers to perform transactions over the telephone. Most

telephone banking services use an automated phone answering system

with phone keypad response or voice recognition capability. To guarantee

security, the customer must first authenticate through a numeric or verbal

password or through security questions asked by a live representative.

With the obvious exception of cash withdrawals & deposits, it offers

virtually all the features of an automated teller machine: account balance

information and list of latest transactions, electronic bill payments, funds

transfers between a customers accounts.etc Usually, customers can also

speak to alive representative located in a call centre or a branch, although

this feature is not always guaranteed to be offered 24/7. In addition to the

self-service transactions listed earlier, telephone banking representatives

are usually trained to do what was traditionally available only at the

branch: loan applications, investments purchases and redemptions,

cheque book orders, debit card replacements, change of address, etc

Banks which operate mostly or exclusively by telephone are known as

phone banks. They also help modernize the user by using special

technology

4.4 INTERNET BANKING:

Internet banking or E-banking means any user with a personal computer

and a browser can get connected to his bank -s website to perform any of

the virtual banking functions. In internet banking system the bank has a

centralized database that is web-enabled. All the services that the bank

has permitted on the internet are displayed in menu. Any service can be


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selected and further interaction is dictated by the nature of service. The

traditional branch model of bank is now giving place to an alternative

delivery channels with ATM network. Once the branch offices of bank

are interconnected through terrestrial or satellite links, there would be no

physical identity for any branch. It would a borderless entity permitting

anytime, anywhere and any how banking.

INTERNET BANKING SERVICES

1) Bill Payment Service:

Customer can facilitate payment of electricity and telephone bills, mobile

phone, credit card and insurance premium bills as each bank has tie-ups

with various utility companies, service providers and insurance

companies, across the country. To pay your bills, all you need to do is

complete a simple one-time registration for each biller. You can also set

up standing instructions online to pay your recurring bills, automatically.

Generally, the bank does not charge customer for online bill payment.

2) Fund Transfer:

Customer can transfer any amount from one account to another of the

same or any another bank. Customers can send money anywhere in India.

Once you login to your account, you need to mention the payees account

number, his bank and the branch. The

Transfer will take place in a day or so, whereas in a traditional method, it

takes about three working days.


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3) Credit Card Customers:

With Internet banking, customers can not only pay their credit card bills

online but also get a loan on their cards. If you lose your credit card, you

can report lost card online.

4) Investment:

Customer can now open an FD online through funds transfer. Now

investors with interlinked demat account and bank account can easily

trade in the stock market and the amount will be automatically debited

from their respective bank accounts and the shares will be credited in

their demat account. Moreover, some banks even give you the facility to

purchase mutual funds directly from the online banking system.

5) Recharging your Prepaid Phone:

Now just top-up your prepaid mobile cards by logging in to Internet

banking. By just selecting your operator's name, entering your mobile

number and the amount for recharge, your phone is in action within no

time.

6) Shopping:

With a range of all kind of products, customer can shop online and the

payment is also made conveniently through your account. You can also

buy railway and air tickets through Internet banking


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AUTOMATED TELLER MACHINE (ATM)

Automated Teller Machine is a mechanism which enables the customer towithdraw money from his account without visiting the bank branch. An

ATM card is issued to the customer by the bank in order to make cash

withdrawals at cash machine. This service helps the ATM customer to

withdraw money even when the banks are closed. This can be done by

inserting the card in the ATM and entering the Personal Identification

Number & secret password. ATMs act as off-site branches of banks and

provide almost all services that are available from a manually operated

branch. The customer can, not only withdraw cash, but also deposit

money, get account statements, enable transfer of funds etc. The customer

who wants to deposit cash should put the notes in the pouch available at

the ATM counter close it, seal it by signing &put it in the slot provided

for this purpose. The bank staff will collect the packet when they come

for loading cash in the machine & credit the amount to the account.

However, the customer has to sign an undertaking with the bank that he

would not dispute on the amount credited. ATM has gained prominence

as a delivery channel for banking transactions in India. Now customers

will not be levied any fee on cash withdrawals using ATM & debit cards

issued by other banks. This will in turn increase usage of ATMs in India.

ATM allows customers:

To view account information

To deposit cheques or cash

To receive cash.


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Benefits of ATM:-

To the ATM Customer

1) ATM customer can utilize any possible facility availed from the ATM

e.g. balance enquiry, withdrawal, deposits, etc

2) Anytime banking, 24 hours a day, 7 days a week has become a main

service to the ATM customers who cannot manage to visit bank during

banking hours

3) Convenience acts as a tremendous psychological benefit all the time

4) Cash withdrawal from any branch through ATM

To the Bank :-

1) Innovative, secure, competitive and presents the bank as technology

driven in the banking sector market.

2) Reduces customer visits to the branch & thereby human intervention.

3) Inter-branch reconciliation is immediate thereby reducing chances

of fraud.

4) It acts as a value added product to the bank so that the banks can attract

more new generation customers


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CHAPTER-5

INNOVATIVE FINANCIAL PRODUCTS

Innovative products offered by bank:-

1) Merchant Banking:

A merchant banker is a financial intermediary who helps to

transfer capital from those who possess it to those who need it. Merchant

banking includes a wide range of activities such as management

of customer securities, portfolio management, project counseling and

appraisal, underwriting of shares and debentures, loan syndication, acting

as banker for the refund orders, handling interest and dividend warrants

etc. Thus, a merchant banker renders a host of services to corporate and

thus promotes industrial development in the country.

2) Loan Syndication:

This is more or less similar to consortium financing But, this work is

taken up by the merchant banker as a lead manager. It refers to a loan

arranged by a bank called lead manager for a borrower who is usually a

large corporate customer or a Government Department. The other banks

who are willing to lend can participate in the loan by contributing an

amount suitable to their own lending policies. Since a single bank cannot

provide such a huge sum of loan, a number of banks join together and

form a syndicate.


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3) Leasing:

A lease is an agreement which a company or a firm acquires a right to

make use of capital asset like machinery, on payment of a prescribed fee

called rental charges. The lessee cannot acquire any ownership to the

asset, but he can use it and have full control over it. He is expected to pay

for all maintenance charges and repairing and operating cost. In countries

like the U.S.A., the U.K. and Japan equipment leasing is very popular and

nearly 25% of plant and equipment is being financed by leasing

companies. In India also, many financial companies have started

equipment leasing business by forming subsidiary companies.

4) Mutual Funds:

A mutual fund refers to a fund raised by a financial service company by

pooling the savings of the public. It is invested in a diversified portfolio

with a view to spreading and minimizing risk. The fund provides

Investment Avenue for all small investors who cannot participate in the

equities of big companies. It ensures low risk, steady returns, high

liquidity and better capital appreciation in the long run.

5) Factoring:

Factoring refers to the process of managing the sales ledger of a client by

a financial service company. In other words, it is an arrangement under

which a financial intermediary assumes the credit risk in the collection of

book debts for its clients. The entire responsibility of collecting the book

debts passes on to the factor. His services can be compared to delcredre


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agent who undertakes to collect debts. But, a factor provides credit

information, collects debts, monitors the sales ledger and provides

finance against debts. Thus, he provides a number of services apart from

financing

6) Forfeiting:

Forfeiting is a technique by which a forfeiture (financing agency)

discounts an export bill and pay ready cash to the exporter who can

concentrate on the export front without bothering about collection

of export bills. The forfeiture does so without any recourse to the

exporter and the exporter is protected against the risk of non-payment of

debts by the importers.

7) Venture Capital:

A venture capital is another method of financing in the form of equity

participation. A venture capitalist finances a project based on the

potentialities of a new innovative project. It is in contrast to the

conventional security based financing. Much thrust is given to new ideas

or technological innovations. Finance is being provided not only for start-

up capital but also for development capital by the financial

intermediary.

8) Reverse Mortgage:

In 2007-08, the National Housing Bank and commercial banks have

introduced an innovative product viz., reverse mortgage to enable the

senior citizens to fetch value out of their property without selling it. In

normal mortgage, a home buyer borrows money to finance his home. In a


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Reverse Mortgage (RM) the owner of a house property surrenders the

title of his property to a lender and raises money. Again, in normal

mortgage the borrower gets 60-70% of the money upfront. But, in ARM

generally the lender does not pay the entire amount. On the other hand, he

pays out a regular sum each month for the agreed time. The owner,

normally a senior citizen, can use the property and stay with his spouse

for the rest of their lives. Thus, the owner can ensure a regular cash flow

in times of need and enjoy the benefit of using the property. Usually, after

the death of the owner, the spouse can continue to use the property. In

case, both die during the period of the RM scheme the lender will sell the

property, take his share and distribute the rest among the heirs. It is called

reverse mortgage because the payments team is reversed. Instead of

making monthly payments to the lender, as in the case of a regular

mortgage, a lender makes regular payments to the senior citizen. A RM

facilitates to convert an immovable asset into an income generating one

9) New Products in Forex Market:

New products have also emerged in the forex markets of developed

countries. Some of these products are yet to make full entry in Indian

markets. Among them, the following are the important ones:

i. Forward Contracts:

A forward transaction is one where the delivery of a foreign currency

takes place at a specified future date for a specified price. It may have a

fixed maturity for, e.g., 31st May or a flexible maturity for, e.g., 1stto

31stMay. There is an obligation to honor this contract at any cost, failing

which, there will be some penalty. Forward contracts are permitted only


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for genuine business transactions. It can be extended to other transactions

like interest payments

i. Options:

As the very name implies, it is a contract wherein the buyer of the option

has a right to buy or sell a fixed amount of currency against another

currency at a fixed rate on a future date according to his option. There is

no obligation to buy or sell, but namely call options and put options.

Under call options, the customer has an option to buy and it is the option

to sell under put option. Option trading would lead to speculation and

hence here are much restrictions in India.

ii. Futures:

It is a contract wherein there is a agreement to buy or sell a stated

quantity of foreign currency at a future date at a price agreed to between

the parties on the stated exchange. Unlike options, there is an obligation

to buy or sell foreign exchange on a future date at a specified rate. It can

be dealt only in a stock exchange.

iii. Swaps:

A swap refers to transaction wherein a financial intermediary buys and

sells a specified foreign currency simultaneously for different maturity

dates-say, for instance, purchase of spot and sale of forward or vice versa

with different maturities. Thus, swaps would result in simultaneous

buying and selling of the same foreign currency of the same value for

different maturities to eliminate exposure of risk. It can also be used as

atoll to enter arbitrage operations, if any, between two countries


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CHAPTER 6OVERVIEW OF ICICI BANK

6.1 HISTORY OF ICICI BANK

ICICI Bank was originally promoted in1994 by ICICI Limited, an Indian

financial institution, and was its wholly owned subsidiary.

ICICIsshareholding in ICICI Bank was reduced to 46% through a public

offering of shares in India in India in fiscal 1998. ICICI Bank was formed

in1995 at the initiative of the World Bank, the Government of India and

representatives of Indian industry. The principal objective was to create a

development financial institution for providing medium-term and long-

term project financing to Indian businesses. In the 1990s, ICICI

transformed its business from a development financial institution offering

only project finance to a diversified financial services group offering a

wide variety of products and services, both directly and through a number

of subsidiaries and affiliates like ICICI Bank. In 1999, ICICI become the

first Indian company and the first bank or financial institution from non-

Japan Asia to be listed on the NYSE. After consideration of various

corporate structuring alternatives in the context of the emerging

competitive scenario in the Indian banking industry, the management of

ICICI & ICICI Bank formed the view that the merger of ICICI with

ICICI Bank would be optimal strategic alternative for both entities and

would create the optimal legal structure for the ICICI groupsuniversal

banking strategy


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6.2 INTRODUCTION OF ICICI BANK

ICICI Bank is the largest private sector bank in India in terms of market

capitalization. It is also the second largest bank in India in terms of assets

with a total asset of Rs. 3,674.19 billion (US$ 77 billion) as on June

30,2009, the total profit after tax has been Rs. 8.78 billion. Formerly

known as Industrial Credit and Investment Corporation of India, ICICI

Bank has an extensive network of 1,544 branches with about 4,816

ATMS located across India and in 18 other countries. ICICI Bank serves

about 24 Million customers throughout the world. It is considered as one

of the Big Four Banks in India along with State Bank of India, HDFC

Bank and Axis Bank. ICICI Bank provides a wide range of banking

products and financial services to its retail and corporate customers. It has

a wide variety of delivery channels and specialized affiliates and

subsidiaries that ensure the flow of its offerings in the areas like

investment banking, venture capital, life and non-life insurance and asset

management. This bank is also Indias largest credit card issuer. The

equity share of ICICI Bank is listed on various stock exchanges like NSE,

BSE, Calcutta Stock Exchange and Vadodara Stock Exchange etc. Its

ADRs are also listed on the New York Stock Exchange. ICICI Bank also

has the largest international balance sheet among all the banks in India.


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6.3 PRODUCTS & SERVICES:

ICICI Bank offers a host of products and services to its clients. The

various types of services are as follows:

1)Deposits

Savings Account

Advantage Deposit

Life Plus Senior Citizens Savings Account

Fixed Deposits

Security Deposits

Recurring Deposits

Young Stars Savings Account

Advantage Woman Savings Account

2)Cards

ICICI Bank is Indias largest issuer of credit cards. It also offers

other types of card. The various cards offered by ICICI bank are as

follows:

Consumer Cards

Credit Cards

Travel Cards

Debit Cards

Commercial Cards


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Corporate Cards

Business Cards

3)Loans

Home Loans

Loan against Property

Personal Loans

Car Loans

Two Wheeler Loans

Commercial Vehicle Loans

Loans against Securities

Loan against Gold Ornaments Pre-approved Loans

4)Investments

ICICI Bank Tax Saving Bonds

Mutual Funds

Government of India Bonds

Initial Public Offers by Corporate

Foreign Exchange Services

ICICI Bank Pure Gold

Senior Citizens Savings Scheme


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5) NRI Services

Money Transfer

Bank Accounts

Investments

Home Loans

Insurance

6) Insurance

Home Insurance

Health Insurance

Family Floater

Personal Accident

Travel Insurance

Student Medical Insurance

Motor Insurance

Car Insurance

Two Wheeler Insurance Life Insurance

ICICI Pru Life Time Gold


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6.4 Awards and Recognitions

ICICI Bank was voted as the Most Trusted Brand among private sector

banks in the 2010 Economic Times Brand Equity Most Trusted Brands

Awards and ranked 7th

in the list of the Top 50 service brands.

ICICI Bank received the 2010 World Finance UK award for:

i. Excellence in Remittance Business, Worldwide.

ii. Excellence in NRI Services, Worldwide

iii. .Excellence in Private Banking Business, APAC Region

For a sixth time in a row, ICICI Bank has received the Most Preferred

Auto Loan Brand in the Financial Services category at the CNBC

Consumer Awards.

i.Best Bank

ii.Best Credit Card Issuing Bank

ICICI Bank wins the Asian Banker Award for Best Banking Security

System.

Forbes 2000 most powerful listed companies survey ranked ICICI Bank

4th among the Indian companies and 282nd globally.

ICICI Bank wins the Asian Banker Award for Excellence in SME

Banking 2009.

Mr. N. Vaghul, Former Chairman,


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Conclusion :-

Every authority concerned with Co-operative sector will have to

play its part in ensuring that the aspirations of the Urban Co-

operative Banking sector are nurtured in a manner that depositor

interest and the public interest at large is protected. The role of

RBI could, thus, be to frame a regulatory and supervisory regime

that is multi-layered to capture the heterogeneity of the sector and

implement policies that would provide adequate elbowroom for the

sector to grow in a non-disruptive manner. The State and Central

Governments could recognize that the UCBs are not just co-

operative societies but they are essentially banking entities whose

management structure is that of a co-operative. They should

recognize the systemic impact that inefficient functioning of the

entities in the sector could have. Consequently, it would be in the

interest of the sector if they support, facilitate and empower the RBI to

put in place mechanisms and systems that would enable these

UCBs to perform their banking functions in a manner that is in the

overall interest of the depositor and the public at large.

Banks provide security and convenience formanaging your money and sometimes allow you to

make money by earning interest. Convenience and

fees are two of the most important things to consider

when choosing a bank.

Writing and depositing checks are perhaps the most

fundamental ways to move money in and out of a


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checking account, but advancements in technology

have added ATM and debit card transactions and ACHtransfers to the mix.

All banks have rules about how long it takes to

access your deposits, how many debit card

transactions you're allowed in a day, and how much

cash you can withdraw from an ATM. Access to the

balance in your checking account can also be limited

by businesses that place holds on your funds.

Debit cards provide easy access to the cash in your

account, but can cause you to rack up fees if you're

not careful.

While debit cards encourage more responsible

spending than credit cards, they do not offer the

same protection or perks to consumers.

Regularly balancing your checkbook or developing

another method to stay on top of your account

balance is essential to successfully managing your

checking account and avoiding fees and bounced

checks.

If you have more money than you need to manage

your day-to-day expenses, banks offer a variety of

options for saving, including money market accounts,

CDs, high-interest online savings accounts and basic

savings accounts.


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To protect your money from electronic theft, identity

theft, and other forms of fraud, it's important toimplement basic precautions such as shredding

account statements, having complex passwords and

only doing online banking through secure internet

connections.

Websites visited :-

www.Legalserviceindia.com

www.Manupatra.com

www.Scribd.com

www.cci.in

www.rbi.org.in

www.dipp.nic.in

www.legallyindia.com
http://www.legalserviceindia.com/http://www.manupatra.com/http://www.scribd.com/http://www.cci.in/http://www.rbi.org.in/http://www.dipp.nic.in/http://www.legallyindia.com/http://www.legallyindia.com/http://www.dipp.nic.in/http://www.rbi.org.in/http://www.cci.in/http://www.scribd.com/http://www.manupatra.com/http://www.legalserviceindia.com/

financial services offered by bank

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