sbi mutual fund/ amit ramawat
TRANSCRIPT
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MANAGEMENT OF FINANCIAL
SERVICE
SBI MUTUAL FUNDS
CAPITAL ADEQUCY RATIO
CASH RESERVE RATIO
Faraz
MBA/8002/12
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INTRODUCTION
The evolution of State Bank of India can be traced back to the first decade of the 19th
century. It began with the establishment of the Bank of Calcutta in Calcutta, on 2 June
1806. The bank was redesigned as the Bank of Bengal, three years later, on 2 January
1809. It was the first ever joint-stock bank of the British India, established under the
sponsorship of the Government of Bengal. Subsequently, the Bank of Bombay
(established on 15 April 1840) and the Bank of Madras (established on 1 July 1843)
followed the Bank of Bengal. These three banks dominated the modern banking scenario
in India, until when they were amalgamated to form the Imperial Bank of India on 27
January1921.
An important turning point in the history of State Bank of India is the launch of the first
Five Year Plan of independent India, in 1951. The Plan aimed at serving the Indian
economy in general and the rural sector of the country, in particular. Until the Plan, the
commercial banks of the country, including the Imperial Bank of India, confined their
services to the urban sector. Moreover, they were not equipped to respond to the growing
needs of the economic revival taking shape in the rural areas of the country. Therefore, in
order to serve the economy as a whole and rural sector in particular, the All India Rural
Credit Survey Committee recommended the formation of a state-partnered and state bank
sponsored
The All India Rural Credit Survey Committee proposed the takeover of the Imperial
Bank of India, and integrating with it, the former state-owned or state-associate banks.
Subsequently, an Act was passed in the Parliament of India in May 1955. As a result, the
State Bank of India (SBI) was established on 1 July 1955. This resulted in making the
State Bank of India more powerful, because as much as a quarter of the resources of the
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Indian banking system were controlled directly by the State. Later on, the State Bank of
India (Subsidiary Banks) Act was passed in 1959. The Act enabled the State Bank of
India to make the eight former State-associated banks as its subsidiaries.
The State Bank of India emerged as a pacesetter, with its operations carried out by the
480 offices comprising branches, sub offices and three Local Head Offices, inherited
from the Imperial Bank. Instead of serving as mere repositories of the communitys
savings and lending to creditworthy parties, the State Bank of India catered to the needs
of the customers, by banking purposefully the bank served the heterogeneous financial
needs of the planned economic development.
Branches
the corporate center of SBI is located in Mumbai. In order to cater to different functions,
there are several other establishments in and outside Mumbai, apart from the corporate
center. The bank boasts of having as many as 14 local head offices and 57 Zonal Offices,
located at major cities throughout India. It is recorded that SBI has about 10000 branches,
well networked to cater to its customers throughout India.
ATM Services
SBI provides easy access to money to its customers through more than 8500 ATMs in
India. The Bank also facilitates the free transaction of money at the ATMs of State Bank
Group, which includes the ATMs of State Bank of India as well as the Associate Banks
State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Indore, etc. You
may also transact money through SBI Commercial and International Bank Ltd by using
the State Bank ATM-cum-Debit (Cash Plus) card.
Subsidiaries
The State Bank Group includes a network of eight banking subsidiaries and several non-
banking subsidiaries. Through the establishments, it offers various services including
merchant banking services, fund management, factoring services, primary dealership in
government securities, credit cards and insurance.
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The eight banking subsidiaries are:
State Bank of Bikaner and Jaipur (SBBJ) State Bank of Hyderabad (SBH) State Bank of India (SBI) State Bank of Indore (SBIR) State Bank of Mysore (SBM) State Bank of Patiala (SBP) State Bank of Saurashtra (SBS) State Bank of Travancore (SBT)
Products And ServicesPersonal Banking
SBI Term Deposits SBI Loan For Pensioners SBI Recurring Deposits Loan Against Mortgage Of Property SBI Housing Loan Loan Against Shares & Debentures SBI Car Loan Rent Plus Scheme SBI Educational Loan Medi-Plus Scheme
Other Services
Agriculture/Rural Banking NRI Services ATM Services Demat Services Corporate Banking Internet Banking Mobile Banking International Banking Safe Deposit Locker RBIEFT E-Pay E-Rail SBI Vishwa Yatra Foreign Travel Card Broking Services Gift Cheques
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COMPANY PROFILE
SBI Mutual Fund (SBI MF) is one of the largest mutual funds in the country with an
investor base of over 5.8 million. With over 20 years of rich experience in fund
management, SBI MF brings forward its expertise in consistently delivering value to its
investors.
SBI MF draws its strength from India's Largest Bank State Bank of India and Socit
Gnrale Asset Management, France
SBI Mutual Fund is Indias largest bank sponsored mutual fund and has an
enviable track record in judicious investments and consistent wealth creation. The
fund traces its lineage to SBI - Indias largest banking enterprise. The institution
has grown immensely since its inception and today it is India's largest bank,
patronized by over 80% of the top corporate houses of the country. SBI Mutual
Fund is a joint venture between the State Bank of India and Society General Asset
Management, one of the worlds leading fund management companies that
manages over US$ 500 Billion worldwide. At SBI Mutual Fund, resources are
considerably devoted to gain, maintain and sustain profitable insights into market
movements. The trust reposed on SBI-MF by over 5.4 million investors is a
genuine tribute to its expertise in Fund Management. SBI Mutual Fund is Indias
largest bank sponsored mutual fund and has an enviable track record in judicious
investments and consistent wealth creation.
Thus SBI-MF believes in
Proven Skills in Wealth Generation
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Exploiting expertise, compounding growth
Proven Skills in Wealth Generation.
SBI Mutual Fund is Indias largest bank sponsored mutual fund and has an enviable trackrecord in judicious investments and consistent wealth creation.
The fund traces its lineage to SBI - Indias largest banking enterprise. The institution hasgrown immensely since its inception and today it is India's largest bank, patronized byover 80% of the top corporate houses of the country.
SBI Mutual Fund is a joint venture between the State Bank of India and Socit GnraleAsset Management, one of the worlds leading fund management companies thatmanages over US$ 500 Billion worldwide.
Exploiting expertise, compounding growth
In twenty years of operation, the fund has launched 38 schemes and successfullyredeemed fifteen of them. In the process it has rewarded it's investors handsomely withconsistent returns.
A total of over 5.8 million investors have reposed their faith in the wealth generationexpertise of the Mutual Fund.
Schemes of the Mutual fund have consistently outperformed benchmark indices and haveemerged as the preferred investment for millions of investors and HNIs.
Today, the fund manages over Rs. 42,100 crores of assets and has a diverse profile ofinvestors actively parking their investments across 38 active schemes.
The fund serves this vast family of investors by reaching out to them through network ofover 130 points of acceptance, 29 investor service centers, 59 investor service desks and
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6 Investor Service Points.
SBI Mutual is the first bank-sponsored fund to launch an offshore fundResurgent IndiaOpportunities Fund.
Growth through innovation and stable investment policies is the SBI MF credo.
Mr. Deepak Kumar ChatterjeeManaging Director & Chief ExecutiveOfficer
Mr. Didier TurpinDy. Chief Executive Officer
Mr. V. V. AnandExecutive Vice President
Mr. K. T. RavindranChief Operating Officer
Ms. Aparna NirgudeChief Risk Officer
Ms. Vinaya DatarCompany Secretary & Compliance Officer
Mr. Navneet Munot
Chief Investment Officer
Mr. R. S. Srinivas Jain
Chief Marketing OfficerMr. C A SantoshChief Manager - Customer Service.
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OPERATIONS
In twenty years of operation, the fund has launched thirty-eight schemes and successfully
redeemed fifteen of them. In the process it has rewarded its investors handsomely with
consistently high returns. A total of over 5.4 million investors have reposed their faith in
the wealth generation expertise of the Mutual Fund. Schemes of the Mutual fund have
consistently outperformed benchmark indices and have emerged as the preferred
investment for millions of investors and HNIs. Today, the fund manages take care of
almost over Rs. 31,794 cores of assets and has a diverse profile of investors actively
parking their investments across 36 active schemes. The fund serves this vast family of
investors by reaching out to them through network of over 130 points of acceptance, 28
investor service centers, 46 investor service desks and 56 district organizers.
HISTORICAL VIEW
SBI MUTUAL FUNDS
1987- SBI mutual fund was the first bank sponsored mutual fund in India, incorporated
by SBI bank in June 1987.
1987- SBI mutual fund launches the fist scheme Magnum regular income scheme1987
1993- May 1993, SBI took over the principal trustee of the fund. The investment
management function was entrusted to SBI Funds Management Pvt Ltd.
1993- SBI mutual funds launches SBI magnum Taxgain on March 31 1993. The fund is
now the largest managed schemes and is a flagship ELSS scheme in industry.
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1999- SBI mutual funds launches magnum sector fund umbrella in July 1999. The fund
includes sub funds like MSFU FMCG, MSFU Pharmacy, MSFU IT, MSFU emerging
business and MSFU contra fund (Indias 1st contrarian based equity fund)
2002- SBI mutual fund launches its investors education initiative to reach out to the
Investors and to educate about them mutual funds as interactive investment option.
2004- SBI mutual funds launches dedicated fund targeted to the NRI investors. NRI
investment fund to provide attractive returns through periodic dividends or through
capital appreciation.
2004- SBI mutual funds formalize its joint venture with Society General Asset
management of France in December 2004.
2005- SBI mutual fund launches magnum COMMA on August 17 2005, invests in stocks
of commodity based companies.
2006- Most preferred mutual fund 2006-awared by CNBC awaaz.
2006- SBI mutual fund launches SBI ONE INDIA fund, 1st equity based fund on
regional focus.
2007- Mutual fund of the year -2007 CNBC TV 18CRISIL
2007- Record mobilization in NFO- SBI INFRASTRUCTURE FUND- SERIES 1.
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AWARDS
Our expertise and excellent performance is frequently recognized by the mutual fundindustry.
SBI Mutual Fund (SBIMF) has been the proud recipient of the ICRA Online Award - 8times, CNBC TV - 18 Crisil Award 2006 - 4 Awards, The Lipper Award (Year 2005-2006) and most recently with the CNBC TV - 18 Crisil Mutual Fund of the Year Award2007 and 5 Awards for our schemes.
2010
2009
2008
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2006
Much of the credit for sustained performance of SBIMF goes to our team. They are thereal performers whose expertise and capability rewards our investors
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COMPETITORS OF SBI MUTUAL FUND
Some of the main competitors of SBI Mutual Fund as follow
ICICI Mutual FundReliance Mutual Fund
UTI Mutual Fund
Birla Sun Life Mutual F und
Kotak Mutual Fund
HDFC Mutual Fund
Sundaram Mutual Fund
LIC Mutual Fund
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STRUCTURE OF MF IN INDIA
Like other countries, India has a legal framework within which mutual funds must be
constituted. In India, open and closed-end funds operate under the same regulatory
structure, i.e. in India; all mutual funds are constituted along one unique structure-as unit
trust. A mutual fund in India is allowed to issue open-end and close end schemes under
a common legal structure. Therefore, a mutual fund may have different schemes (open
and closed-end) under it i.e. under one unit trust, at any point of time. The structure,
which is required to be followed by mutual funds in India, lay down under SEBI (Mutual
Fund) Regulations, 1996.
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The Fund Sponsor
'Sponsor" is defined under SEBI regulations as any person who, acting alone or in
combination with another body corporate, establishes a, mutual fund. The sponsor of a
fund is akin to the promoter of companies he gets the fund registered with SEBI. The
sponsor will form a Trust and appoint a board of Trustees. The sponsor will also
generally appoint 11 Asset management Company (AMC) as fund managers. The
sponsor ill also appoint a Custodian to hold the fund assets. All these appointment are
made in accordance with the SEBI regulations. Per the existing SEBI regulations, for a
person to qualify as a sponsor, must contribute at least 40% of the net worth of the AMC
and issues a sound financial track over five years prior to registration.
Mutual Funds as Trusts
Mutual fund in India is constituted in the form of a Public Trust under the Indian Trusts
Act 1882.The fund invites investors. Contributetheir money in the common pool by
subscribing to units Issued by various schemes established by the trust as
evidence of their beneficial interest in the fund.
The trust or fund has no legal capacity itself rather it is the Trustee(s) who
have legal capacity and therefore the trustees take all acts in relation to the
trust on its behalf.Trustees
A board of trustees - a body of individuals, or a Trust company - a corporate
body, may manage the Trust. Board of Trustees manages most of the funds
in India. The Board or the Trustee Company (body of individuals, corporate
body, for managing the portfolio, appoints an Asset Management Company.
The Trust is created through a document called the Trust Deed that isexecuted by the Fund Sponsor in favors of the trustees. They are the
primary guardian of the unit holder's funds and assets. They ensure that
AMC's operations are along professional lines.
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Asset Management Company
The role of an Asset Management Company (AMC) is to act as the investment
manager of the trust under the Board supervision.
Transfer Agents
Transfer agents are responsible for issuing and redeeming units of the
mutual fund and provide other related services such as preparation of
transfer documents updating investors' records. A fund may choose to
out this activity in-house or by an outside transfer agent.
Distributors
AMCs usually appoint Distributors or Brokers, who sell units on behalf of the
fund. Some funds require that all transactions to be routed through such brokers.
In India, besides brokers, independent individuals are appointed as agents for the
purpose of selling the fund scheme to the investors. While individual constitute the
largest segment in the category of mutual fund distributors, other distributors include
banks, NBFCs and corporate.
Bankers
A fund's activities involve dealing with the money on a continuous basis primarily
with respect to buying and selling units, paying for investment made, receiving the
proceeds on sale of investment and discharging its obligations towards operating
expenses. A funds banker therefore plays a crucial role with respect to its financial
dealings by holding its bank account and providing it with remittance services
Custodian and Depository
The custodian is appointed by the Board of Trustees for safekeeping of securities in
terms of physical delivery and eventual safe keeping or participating in the
clearing system through approved depository companies on behalf of the
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mutual fund and must fulfill its responsibilities in accordance with its
agreement with the mutual fund.
The Indian markets are moving away from having physical certificates for securities,
to ownership of these securities in dematerialized form with a depository. Thus, a
Depository Participant will hold a mutual funds dematerialized securities holdings.
A fund's physical securities will continue to be held by a custodian.
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TYPES OF SBI MUTUAL FUND SCHEMES
Type Scheme
Name
Investment
Objective
Minimum
Investment
amount
Additional
Investment
Exit
Load
Expenses
Ratio
Equity SBIArbitrageOpportunities Fund
"To provide capitalappreciation andregular income forunit holders byidentifying profitable
arbitrageopportunities betweenthe spot andderivative marketsegments as alsothrough investment ofsurplus cash in debtand money marketinstruments "
Rs. 25000 Rs.1000 "For exitwithin 7businessdays fromthe date
ofallotment-0.25%,For exitafter 7businessdays fromthe dateofallotment- Nil "
1.22
Equity SBIMagnumBlue-chipFund
"To provide investorswith opportunities forlong-term growth incapital through anactive management ofinvestments in adiversified basket ofequity stocks ofcompanies whosemarket capitalizationis at least equal to or
more than the leastmarket capitalizedstock of BSE 100Index."
Rs.5000 Rs.1000 Nil 2.50
Equity SBIMagnumCOMMA
"To generateopportunities forgrowth along with
Rs.5000 Rs.1000 "For exitwithin 1year from
2.50
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Fund possibility ofconsistent returns byinvestingpredominantly in aportfolio of stocks of
companies engagedin the commoditybusiness within thefollowing sectors -Oil & Gas, Metals,Materials &Agriculture and indebt & money marketinstruments."
the dateofallotment- 1%; Forexit after
1 yearfrom thedate ofallotment- Nil."
Equity SBIMagnum
EquityFund
"The objective of thescheme is to provide
the investorLongterm capitalappreciation byinvesting in highgrowth companiesalong with theliquidity of an open-ended schemethrough investmentsprimarily in equitiesand the balance in
debt and moneymarket instruments."
Rs.5000 Rs.1000 "For exitwithin 1
year fromthe dateofallotment- 1%; Forexit after1 yearfrom thedate ofallotment- Nil."
2.50
Equity SBIMagnumGlobalFund 94
"To provide investorsmaximum growthopportunity throughwell researchedinvestments in Indianequities, PCDs andFCDs from selectedindustries with high
growth potential andin Bonds"
Rs. 2000 Rs. 500 "For exitwithin 1year fromthe dateofallotment- 1%; Forexit after
1 yearfrom thedate ofallotment- Nil."
2.50
Equity SBIMagnumIndex Fund
Thescheme willinvest in stockscomprising the S&P
Rs.5000 Rs.1000 Exit Load1.00%for exit
1.50
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CNX Nifty index inthe same proportionas their weight age inthe index with theobjective of
achieving returnsequivalent to theTotal Returns Indexof S&P CNX Niftyindex by minimizingthe performancedifference betweenthe benchmark indexand the scheme. TheTotal Returns Indexis an index that
reflects the returns onthe index from indexgain/loss plusdividend payments bythe constituent stocks.The scheme willadopt a passiveinvestment approach"
within 7businessdays fromthe dateof
investment
Equity SBIMagnumMidcap
Fund
"To provide investorswith opportunities forlong-term growth in
capital along with theliquidity of an open-ended scheme byinvestingpredominantly in awell diversifiedbasket of equitystocks of Midcapcompanies. Midcapcompanies are thosecompanies whose
market capitalizationat the time ofinvestment is lowerthan the last stock inthe S&P CNX NiftyIndex less 20%(upper range) and
Rs. 5000 Rs.1000 "For exitwithin 1year from
the dateofallotment- 1%; Forexit after1 yearfrom thedate ofallotment- Nil."
2.50
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above Rs. 200 cores."
Equity SBIMagnumMulti CapFund
"To provide investorswith opportunities forlong-term growth incapital along with theliquidity of an open-ended schemethrough an activemanagement ofinvestments in adiversified basket ofequity stocksspanning the entiremarket capitalizationspectrum and in debt
and money marketinstruments "
Rs. 5000 Rs.1000 "For exitwithin 1year fromthe dateofallotment- 1%; Forexit after1 yearfrom thedate ofallotment- Nil."
2.50
Equity SBIMagnumMultiplierPlus 1993
"The objective of thescheme is to providethe investor with longterm capitalappreciation/dividends along withthe liquidity of anopen-ended scheme.
The scheme willinvest in a diversifiedportfolio of equitiesof high growthcompanies "
Rs. 1000 Rs.500 "For exitwithin 1year fromthe dateofallotment- 1%; Forexit after
1 yearfrom thedate ofallotment- Nil."
2.50
Equity SBIMagnumNRIInvestmentFund FlexiAsset Plan
"To provide attractivereturns to theMagnum/unit holdersholders either throughperiodic dividends orthrough capital
appreciation throughan actively managedportfolio of debt,equity and moneymarket instruments. "
Rs.50000 Rs.1000 "For exitwithin 1year fromthe dateofallotment
- 1%; Forexit after1 yearfrom thedate ofallotment- Nil."
2.50
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Equity SBIMagnumSectorUmbrellaContra
"To provide theinvestors maximumgrowth opportunitythrough equityinvestments in stocks
of growth orientedsectors. There arefour sub-fundsdedicated to specificsectors viz. IT,Pharmaceuticals,FMCG, Contra subfund for investmentin stocks currentlyout of favor andEmerging Business
Fund (EBF) toparticipate in thegrowth potentialpresented by variouscompanies that areconsidered emergentand have exportorientation/outsourcing opportunities or areglobally competitiveby investing in the
stocks representingsuch companies. Thefund may alsoevaluate emergingbusinesses withgrowth potential anddomestic Focus "
Rs. 2000 Rs.500 "For exitwithin 1year fromthe dateof
allotment- 1%; Forexit after1 yearfrom thedate ofallotment- Nil."
2.50
Equity SBIMagnumSectorUmbrella
EmergingBusinesses
"To provide theinvestors maximumgrowth opportunitythrough equity
investments in stocksof growth orientedsectors. There arefour sub-fundsdedicated to specificsectors viz. IT,Pharmaceuticals,
Rs. 2000 Rs.500 "For exitwithin 1year fromthe date
ofallotment- 1%; Forexit after1 yearfrom thedate of
2.50
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FMCG, Contra subfund for investmentin stocks currentlyout of favor andEmerging Business
Fund (EBF) toparticipate in thegrowth potentialpresented by variouscompanies that areconsidered emergentand have exportorientation/outsourcing opportunities or areglobally competitiveby investing in the
stocks representingsuch companies. Thefund may alsoevaluate emergingbusinesses withgrowth potential anddomestic Focus "
allotment- Nil."
Debt SBIMagnumGilt STP
"To provide theinvestors/unit holderswith returns generatedthrough investments ingovernment securitiesissued by the CentralGovernment and / or aState Government "
"Growth -Rs.25000Dividend -Rs.100000"
"GrowthOption -Rs. 5000DividendOption -Rs. 5000"
CDSC -0.15% forexit within 15days from thedate ofinvestment
0.84
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PROCEDURE
Fresh Purchase: After deciding on the type of scheme, the investor will have to fill in
the Application form, attach a payment instrument and submit it at any of the funds'
collection centers before the cut off time. The investor has to invest in rupees and units
will be allotted to him in fractions depending upon the NAV.
Additional Purchase: Buying more units either of the same scheme or of a different
Scheme under the SAME FOLIO is an additional purchase, which can be done through
Additional Purchase slips provided along with the account statement. After filling the
Same, the investor will have to attach a cheque with it and submit it at any of the
collection centers before the cut-off time.
Switch Units: A switch request will have to be filled in and submitted at any of the
Collection centers before the cut off time. SWITCH can be done with either partial or all
Units under a particular scheme to another scheme as specified by him under the same
Folio.
Redeem / Repurchase Units: If the fund is open ended, the investor has to send the
Repurchase requisition slip, duly completed and signed, to any of our branches. It isPossible to lodge repurchase requests on the Internet also. The redemption can be done
for all units, partial units, or for an amount.
ASSOCIATION OF MUTUAL FUNDS IN INDIA (AMFI)
AMFI is a trade body of all the mutual funds in India. It was incorporated in August 1995
As a non-profit organization to promote and protect the interests of mutual funds and
Their Unit holders define and maintain high ethical and professional standards and
Enhance Public awareness of mutual funds. All mutual funds in India are members of the
Association. AMFI works through committees and working groups.
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Capital Adequacy Ratio
Capital adequacy is as a measure of financial strength and securities in a firm mostly in
banks. It is expressed as percentage ratio of a bank's capital to its assets or risks. Capital
adequacy ratio is applicable in banks and other financial institutions.
TIER 1 CAPITAL = (paid up capital + statutory reserves + disclosed free reserves) -(equity investments in subsidiary + intangible assets + current & b/f losses)
TIER 2 CAPITAL = A) Undisclosed Reserves + B) General Loss reserves + C) hybriddebt capital instruments and subordinated debts
where Risk can either be weighted assets ( ) or the respective national regulator'sminimum total capital requirement.
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Statutory liquidity ratio
Statutory liquidity ratio refers amount that the commercial banks require to maintain in
the form of gold or govt. approved securities before providing credit to the customers.
Here by approved securities we mean, bond and shares of different companies. Statutory
Liquidity Ratio is determined and maintained by the Reserve Bank of India in order to
control the expansion of bank credit. It is determined as percentage of total demand and
time liabilities. Time Liabilities refer to the liabilities, which the commercial banks are
liable to pay to the customers after a certain period mutually agreed upon and demand
liabilities are such deposits of the customers which are payable on demand. example of
time liability is a fixed deposits for 6 months, which is not payable on demand but after
six months. example of demand liability is deposit maintained in saving account or
current account, which are payable on demand through a withdrawal form of a cheque.
SLR is used by bankers and indicates the minimum percentage of deposits that the bank
has to maintain in form of gold,cash or other approved securities.Thus, we can say that it
is ratio of cash and some other approved liabilities(deposits). It regulates the credit
growth in India
SLR rate = (liquid assets / (demand + time liabilities)) 100%
This percentage is fixed by the central bank. The maximum and minimum limits for theSLR are 40% and 25% respectively in India.[1]Following the amendment of the Bankingregulation Act(1949) in January 2007, the floor rate of 25% for SLR was removed.
Presently, the SLR is 23 %.
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SOURCES
1.www.sbimf.com
2.www.wikipedia.com
3.www.sbi.co.in