1. INTRODUCTION
1.1
INDUSTRY PROFILE:-
HISTORY
OF BANKING
According
to history, Babylonians had developed a Banking system. The great temples were powerful of the Greek
Banking institutions. In ancient Greece
and Rome, the practice of granting credit was widely prevalent. People used cheques and drafts to settle
their accounts. Manu, the ancient Hindu law giver has written exhaustive
regulations governing credit. He talks about credit installments, interest on
loans and commercial papers. During the early periods, although banking
business was mostly done by private individuals, many countries established
private banks. A public bank was established in Barcelona in 1941. During 1407, the bank of Genoa was
established. The Bank of Amsterdam was established in 1609 to meet the needs of
the merchants of the city. It accepted
deposits which could be drawn on demand.
English
Banking may correctly be attributed to the London gold smiths. They received their customer’s valuables and
funds for safe custody and issue receipts. These notes, in course of time,
became payable to bearer of demand and hence enjoyed considerable circulation. However, in the course of time, gold smiths
were ruined. This led to the growth of
private banking and establishment of “Bank of England” in 1694.
In
India, banking existed even during Vedic period. The books of Manu contain references regarding
deposits, pledges, policy of loans and rate of interest. Although, the business of banking is old,
Banking Institutions have since changed in character and content. Banks play an important role in the economic
development of the country. The entire
commercial and industrial activities are well knitted with the banks. One cannot imagine the cessasion of the
banking activities even for a day. There
may be an economic crisis in the country if the banks stop functioning for some
days.
In the
early days, the banking business was confined receiving of deposits and lending
of money. But the modern bankers
undertake wide variety of functions to assist their customers. In countries like United Kingdom, Banking
development preceded industrial development and in United States of America,
the Banking development followed the industrial development. But in many other countries including India,
the development has almost been simultaneous.
The peculiarly of Indian Banking is that the banks were started, funded
and managed by industrialists to enable them get adequate finance for their
businesses or industries. We can see a
direct relationship between banks and the business houses. The Tata group was associated with Central
Bank of India; House of Birla with United Commercial Bank and similarly Rajahs
of Chettinad with Indian Bank etc.
Most of
the traditional bankers were interested in developing their industries and
business units. So there has been an organized development is such banking
activities. Such banks were
concentrating in the urban areas. The
vast majority of the rural population was governed only by unorganized group of
bankers like indigenous banks and moneylenders.
It would be easier to classify the banks on the basis of their
functions:
1.
Central Banks
2.
Commercial Banks
3.
Co-operative Banks
4.
Industrial Banks
5.
Development Banks
6.
Exchange Banks
7.
Agricultural Banks
8.
Indigenous Banks
9.
Regional Rural Banks
Banking
system is the driving force for all Economic activities. Banks through their
control over the volume of money in circulation influences Production,
Consumption and Distribution. Banks play
an active role in the Economic Progress of a country, as they are the major
instrument behind the mobilization of resources, investment and on the
operation efficiency of the various segments of the economy
The
Significance of the Banking system in the process of Economic Development is
picturised in the following.
ü Creation
and controlling the circulation money.
ü Promoting
infrastructural facilities.
ü Capital
formation.
ü Rural
Development
ü Provides
long-term loans and micro credits.
ü Entrepreneurial
development
ü Balancing
international trade
ü Facilitating
with a good medium of exchange (cheque system).
ü Assistance
to agriculture and SSI.
ü Acting
as a bridge between various sector.
ü Instrument
to implement to monetary policy.
ü Catalyst
to social change
ü Mobilising
savings
ü Incentive
to investment.
ü Controlling
trade cycle.
DEFINITION OF BANK:
The
banking regulation act 1949. A Bank is a company which accepts deposits of
money from the public, for the purpose of lending or investment, repayable on
demand or otherwise.
DEFINITION OF BANKER:
According
to SIR JOHN PAGET, “No person or body, Corporate otherwise, can be a banker who
does not (i) take deposit accounts; (ii)
take current accounts; (iii) issue and pay cheques and (iv) collect cheques,
crossed and uncrossed, for his customers”.
DEFINITION OF CUSTOMERS:
According
to SIR JOHN PAGET, “To constitute a customer, there must be some recognizable
course or habit of dealing in the nature or regular banking business”.
1.
To be a customer, the person should have some
sort of an account with the bank.
2.
He should also have had a few transactions with
the bank (i.e. Deposits/Withdrawals).
FUNCTIONS OF BANKING INDUSTRY:
1.
The borrowing, raising or taking of money;
2.
The lending or advancing of money either upon
security or without security;
3.
The drawing, Making, accepting, discounting,
buying, selling, collecting and dealing in bills of exchange, promissory notes,
drafts, bill of lading, railway receipts, warrants, debentures, certificates,
scripts and other instruments and securities whether transferable or not;
4.
The granting and issuing of letters of credit,
travelers cheque and circular notes;
5.
The
buying, selling and dealing in bullion and specie;
6.
The buying and selling of foreign bank notes;
7.
The acquiring, holding, issuing on commission,
underwriting and dealing in stock, funds, shares, debentures, debenture stock,
obligations, securities and investments of all kinds;
8.
The purchasing and selling of bonds, scripts and
other forms of securities on behalf of constituents or others;
9.
The negotiating of loans and advances;
10. The
receiving of all kinds of bonds, scripts or valuables on deposits or for safe
custody or otherwise;
11. The
providing of safe deposit vault;
12. The
collecting and transmitting of money and securities and they are acting as a
miscellaneous functions also for their valuable customers.
SAVINGS ACCOUNT:
An
account opened by a customer to make a deposit and withdrawal of small sums of
money is known as ‘savings account’. This account can be opened for
individuals, nontrading, organizations, permitted institutions, etc., Minimum
balance is Rs.500 with cheque book. The
account may be operated either single or joint. No restrictions on the number
and the amount of deposit of cash.
Passbook, nomination, standing instructions, cheque collection
facilities, etc., are available.
CURRENT ACCOUNT:
A
Special type of bank account opened by traders, businessmen, corporate bodies
and others who operate the account frequently is known as a current account.
AUTOMATIC TELLER MACHINES (ATM):
The
ATMs have revolutionsed the banking system in the country. Some Foreign Banks have introduced Automatic
Teller Machines (ATMs) to facilitate their customers to withdraw and deposit
cash without any waiting time. The
credit cardholders can also withdraw emergency cash from the ATMs at various
centers in the country at any time- day and night.
INTERNET BANKING:
Banking
transaction that takes place in a virtual ambience on the website of a banking
company or a financial institution is termed as ‘Internet Banking’. The essence
of Internet Banking lies in on-line access by customers of banking and financial
services.
MOBILE BANKING:
Mobile
Banking is the kind of banking and financial service that fives a real-time
mobile access to customers on the move is called ‘Mobile Banking’, the service
being offered through ‘Mobile Phones’.
SMS BANKING SERVICES:
SMS
stands for ‘Short Messaging Services’. The service enables the mobile banking
customers to access SMS server through their mobile phone. SMS server provide message inputs (query or
request) from mobile phone to the personal server of the Internet Banking
Company. The Customer can avail the following services under the SMS banking:
1. Making
balance inquiry.
2. Making
query of the last five transactions.
3. Sending
mail to the banks’ Relationship Officer.
4. Changing
SMS password.
5. Opting
out of SMS.
POS (POINT OF SALES):
Point-of-Sale
Transfer facilitates payment for purchases with a debit card, which also may be
the ATM card. The process is similar to
using a credit card, with some important exceptions. While the process is fast
and easy, a debit card purchase transfers money, fairly, quickly from the
customer’s bank account to the merchant’s account.
OVERDRAFT:
A
fluctuating account that indicates the aggregate amount by which a depositor
has overdrawn the account, is known as ‘overdraft’. Available to the current account holders of
high standing and integrity, the arrangement enables a customer to draw over
and above the balance standing on the credit of the account. The banker insists on securities such as
shares, debentures, Government papers, life insurance policies, etc. Besides, personal security plays an important
role in the extension of overdraft facility.
CALL CENTRES:
Call
Centers are workstations that act as a nucleus of the functioning of the
telephonic banking system operated through fully computer-integrated telephone
system. The telephone system is linked to the workstations. In offering the best possible and efficient
telephone banking service, call centers play a significantly primary role. Call centers constitute locations where
telephone operators are based, who represent the bank in every respect and the
people operating the service have a real personality because their voice is
representing the bank. Call centers
maintain a comprehensive database of the bank’s customers.
NATIONAL ELECTRONIC FUND TRANSFER (NEFT):
A
method of fund transfer mechanism, which facilitates transfer of funds between
banks and users, is called ‘Electronic Funds Transfer’ The scheme of NEFT was introduced by the RBI with a view to
helping banks offer their customers money transfer service from
account-to-account of any bank branch to any other bank branch, both inter-city
and intra-city. The method allows for
both interbank and intra bank funds transfer (money transfer between the
branches of the same bank).
REAL TIME GROSS SETTLEMENT (RTGS):
'RTGS'
stands for Real Time Gross Settlement, which can be defined as the continuous
(real-time) settlement of funds transfers individually on an order by order
basis (without netting). 'Real Time' means the processing of instructions at
the time they are received rather than at some later time. 'Gross Settlement'
means the settlement of funds transfer instructions occurs individually (on an
instruction by instruction basis). Considering that the funds settlement takes
place in the books of the Reserve Bank of India, the payments are final and
irrevocable.
CASH CREDIT:
Cash
credit is a credit given in cash to business firms. It is essentially a drawing
account against credit granted by the bank.
It is operated in the same way as a current on which an overdraft is
sanctioned. The borrower has an option
to operate the account within the stipulated limit as an when required. Cash credits are generally allowed against
the pledge or hypothecation of goods, against book debts or personal security.
GOLD:
Gold is
considered to be one of the most precious metals in the world. It is identified
by its rich, yellow coloring and bright. Once it is processed, it will be
melted down either to be formed into bullion or to be made into jewelry.
1.1.1 KEY PLAYERS IN THE
INDUSTRY:
1.
State bank of India
2.
Punjab National Bank
3.
Indian Bank
4.
Co-operative Bank, Pondicherry
5.
Bharathiar Grama Bank
6.
Canara Bank
7.
ICICI Bank
8.
UCO Bank
9.
Syndicate Bank
1.2 COMPANY PROFILE
Indian
Overseas Bank (IOB) was founded in February 10th of the year 1937 by
Shri.M.Ct.M.Chidambaram Chettyar, a pioneer in many fields Banking, Insurance
and Industry with the twin objectives of specialising in foreign exchange
business and overseas banking. Indian Overseas Bank (IOB) is a leading bank
based in Chennai India. IOB had the
distinction of simultaneously commencing operating in three branches at
Karaikudi, Chennai and Yangon (Myanmar). Since IOB aimed to encourage overseas
banking foreign exchange operations, it soon opened its branches in Penang and
Singapore. Indian Overseas Bank has an
ISO certified in-house Information Technology department, which has developed
the software that 900 branches use to provide online banking to customers. At the
dawn of Independence IOB had 38 branches in India and 7 branches abroad. The
Products & Services of the bank includes NRI Services, Personal Banking,
Forex Services, Agri Business Consultancy, Credit Cards, Any Branch Banking and
ATM Banking. Saga of the IOB is covered into four categories, such as
Pre-nationalisation era (1947- 69), at the time of Nationalisation (1969), Post
- nationalisation era (1969-1992) and Post-Reform Period - Unprecedented
developments (1992 & after). In Pre-nationalisation era (1947- 69), IOB
expanded its domestic activities and enlarged its international banking
operations. As early as in 1957, the Bank established a training centre, which
has now grown into a Staff College at Chennai with 9 training centres all over
the country.IOB was the first Bank to venture into consumer credit. It
introduced the popular Personal Loan scheme during this period. In 1964, the
Bank made a beginning in computerisation in the areas of inter-branch
reconciliation and provident fund accounts. In 1968, IOB established a
full-fledged department to cater exclusively to the needs of the Agriculture
sector. Today, Indian Overseas Bank
boasts of a vast domain in banking sector with over 1400 domestic
branches and 6 branches overseas.
1.2.1
ORGANISATIONAL STRUCTURE:
Figure 1.2.1: Organization Structure of IOB
1.2.2
IOB VISION AND MISSION STATEMENT:
VISION:
“To be
among the top five nationalised banks in terms of business volumes and
sustained profitability with global recognition guided by high standards of
governance and ethics; and emerge as the “Most Preferred Banking Partner” to
unlock value to all its stakeholder”.
CORE VALUES:
·
Customer centricity.
·
Good people to grow with.
·
Touching Hearts and Spreading Smiles.
·
Honesty, Integrity, Fairness & Transparency.
·
Build leaders for industry.
·
Innovation & Risk Appetite.
·
Green
Banking.
MISSION:
·
Deliver the best of competitive products in
terms of Quality, Range, Utility and cost effectiveness.
·
Optimize out HR resources through training,
exposure, Mentoring and incentive, relying on the “Soft touch” instead of the
“Big stick”.
·
Develop quality bankers who would rise to be
future leaders of the industry.
·
Contribute to country’s economic growth through
dedicated efforts and customer focus.
·
Streamline the process of service delivery from
time to time to meet emerging requirements.
·
Nurture a climate of creative problem-solving to
resolve customer’s grievances with alacrity ensuring that the bank is regarded
as customer centric.
·
Emphasize a policy-oriented and rule-driven
culture of compliance to meet evolving requirements.
·
Engineer CRM (Customer Relationship Management)
and in sights gained for further enhancement of products and service quality.
·
Expand IT infrastructure to deliver all banking
services from “one tap” irrespective of customer location.
1.2.3
SWOT ANALYSIS:
STRENGTH:
·
Capital strength
·
Strong communication.
·
Well established and continuously expanding
geographical foot prints.
·
Overseas banking expertise
·
Strong
foreign exchange operations
·
Dedicated IT department
·
Banking schemes with social approach like
agriculture seed bank
·
Offers
services like Loans, Credit Cards, Savings, Investment vehicles
WEAKNESSES:
·
Lack of visible goodwill among this generation.
·
Less penetration in India
·
Few no.
of branches across the country as compared to other brands
·
Low
visibility in advertising and branding
OPPORTUNITIES:
·
Structure of the industry, Market size and
growth rate is huge potential in Indian Market.
·
Innovative products and services
·
Can open up branches worldwide.
·
Expansion into rural areas and retail banking
·
Doing aggressive marketing in order to improve
brand value
THREATS:
·
High degree of competition
·
Fluctuations in government policies and
Political environment.
·
Developing Indian economy.
·
Changes of exchange rates (commission) for a
transaction from one Bank to another.
·
Economic crisis and fluctuating markets
·
Highly competitive environment and Stringent
Banking Norms laid by RBI
1.2.4
BRANCH PROFILE:
·
INDIAN
OVERSEAS BANK, Villianur.
·
Villianur branch was started at 13th
July 2012.
·
Key People of the Branch:
Ø R.CHITRA
RAJAVEL (Senior manager)
Ø P.
VIJAYALAKSHMI (Assistant manager)
Ø N.
DHANDAPANY (Chief cashier)
Ø T.
KODHANDAPANI (Cashier)
·
Products:
Ø Loans,
Credit Card Savings, S.B, C.D, Cash Credit, Online Transaction etc.
·
Branch code: 2959
·
IFSC – Code No: IOB000295
·
Email: villianurbr@ponsco.iobnet.co.in
1.2.5
ORGANISATIONAL SET UP:
|
 |
Figure: 1.2.4 Organization Structure of IOB Villianur Branch
1.2.6
PRODUCT AND SERVICES:
1. SAVING
BANK
i.
CORPORATE SALARY ACCOUNT
ii.
STUDENT A/C
iii.
PLATINUM
iv.
SB REGULAR
v.
SB NO FRILLS
vi.
SB GOLD-I
vii.
SB GOLD-II
viii.
SB SILVER-I
ix.
SB SILVER-II
i. CORPORATE
SALARY A/C
Ø 60
Cheque leaves per annum.
Ø IOB
International VISA debit card
Ø RTGS/NEFT
facility
Ø Internet
banking facility
Ø Mobile
banking facility.
Ø Personal
accident Insurance cover for Rs.1 lac
Ø Zero
balance Account.
Ø Withdrawal
Up to Rs.50,000 per day in ATMs.
Ø Overdraft
facility.
ii. STUDENT
ACCOUNT
ELIGIBILITY:
Students from 16 years of age and above.
MINIMUM BALANCE: Rs.
500/-
MAXIMUM AMOUNT: Rs.
50,000/- (Max. Amount restriction will be removed after the account holder attains
the age of 18 years.)
iii. IOB
PLATINUM ACCOUNT:
ELIGIBILITY: All individual including those employed in
reputed companies, among software, public, private sector, government etc.,
MINIMUM
BALANCE: 750/-
iv.
REGULAR SAVINGS BANK ACCOUNT:
ELIGIBILITY: Individuals / joint account/ clubs /
associations/ trust/ Govt. bodies/ educational institutions/ associations and
other Non trading organisations, Minors above 10 years of age.
MINIMUM BALANCE: Rs. 100 (without cheque) and Rs. 500 (with
cheque) for rural & semi-urban branches; Rs. 500 (without cheque) and
Rs.1000 (with cheque) for urban and metro branches.
INTEREST: 3.5% (payment every half
year)
v. SB – NO FRILLS ACCOUNT:
ELIGIBILITY:
Individual above 10 years of age and pensioners, joint account permitted.
MINIMUM
BALANCE: Only Rs. 5.
Withdrawal only through withdrawal slip. No cheque books issued.
INTEREST: 3.5%.
Balance not to exceed Rs. 50,000 at any time and total credit not to exceed
Rs.1 lac.
vi.
SB GOLD – I:
ELIGIBILITY: All individuals including professionals such
as Doctors, Lawyers, C.A., Executives working in MNC, software companies,
public/private sector and business people, High net worth individuals, CEOs,
IAS and IPS.
MINIMUM
BALANCE: Quarterly average balance not less than Rs. 50,000.
vii. SB –
GOLD II
ELIGIBILITY: All individuals including professionals such
as Doctors, Lawyers, C.A., Executives working in MNC, software companies,
public/private sector and business people, High net worth individuals, CEOs,
IAS and IPS.
MINIMUM
BALANCE: Quarterly average balance not less than Rs.1,00,000/-
viii.
SB SILVER – I
ELIGIBILITY: All
individuals including those employed in reputed companies, among software,
public/private sector, Govt.
MINIMUM
BALANCE: Quarterly average balance not less than Rs. 5000 to be
eligible for concessions.
ix. SB SILVER – II
ELIGIBILITY:
All individuals including those employed in reputed companies, among software,
public/private sector, Govt.
MINIMUM BALANCE:
Quarterly average balance not less than Rs. 25,000 to be eligible for
concessions.
2. CURRENT DEPOSITS:
i.
CD – SUPREME
ii.
CD - CLASSIC
iii.
CD – SUPER
i.
IOB SUPREME CURRENT ACCOUNT:
ELIGIBILITY: Proprietary,/Partnership firms, clubs,
Societies etc.,
MINIMUM
BALANCE: Rs. 7,500/-
ii. IOB-CD CLASSIC:
ELIGIBILITY:
Proprietary
concern, Partnership firm, HUF, Limited companies, corporations, SMEs, Trusts,
Societies, clubs, Association, Local Bodies, Govt. Departments subject to RBI
directives.
MINIMUM
BALANCE REQUIREMENT: The average daily balance in the current account
during last three months should not be less than Rs.1 lakh.
iii.
IOB-CD SUPER:
ELIGIBILITY: Proprietary
concern, Partnership firm, HUF, Limited companies, corporations, SMEs, Trusts,
Societies, clubs, Association, Local Bodies, Govt. Departments subject to RBI
directives
MINIMUM BALANCE: The
average daily balance in the account over the last three months should not be
less than Rs.5 lakh.
3. TERM
DEPOSITS:
i.
Reinvestment deposit scheme
ii.
Fixed deposits
iii.
Recurring deposits
iv.
Education deposits
v.
Easy deposits
vi.
Vardhan scheme
vii.
Floating rate deposits
viii.
Tax saver scheme
i.
REINVESTMENT DEPOSIT
OBJECTIVE:
Reinvest interest earned on deposit.
END USE: Meet future expenditure like children’s education,
Marriage.
MODE OF DEPOSITS: Minimum Rs. 1000, initial deposits in multiples of
100. Renewals any amount.
Ø Deposits
accepted for 6 months to 10 years.
Ø Interest
compounded quarterly and paid at maturity.
ii. FIXED
DEPOSIT
OBJECTIVE: Invest
fixed amount of money for a fixed period at a higher rate of interest. END
USE: Retention of savings for a future use.
MODE OF DEPOSITS: MINIMUM Rs.1000, in multiples of 100.
Ø Variables
deposit periods, ranging from 6 months to 120 months.
Ø
Interest payable once in 6 months.
iii. RECURRING
DEPOSIT
OBJECTIVE: Invest
small amounts of money regularly.
Meant for salaried individual, small trader, housewife, student or rural
saver.
END
USE: Obtain a higher sum of money at a future date to meet financial
obligations. MODE
OF DEPOSIT: Minimum Rs. 50/m, in multiples of 5.
Ø Deposit
period ranging from 6 months to 120 months
Ø Interest
at rate applicable for Fixed Deposit; quarterly compounding of interest.
iv.
EDUCATION DEPOSIT
OBJECTIVE
: invest small amounts of money regularly.
·
Salaried individual,
small trader, rural saver, professional and self employed.
END
USE: Obtain a large sum of money at a future date for
higher education of children. MODE OF DEPOSIT: 63 months and 84 months.
Ø
Repayment in one Lump
sum or 3 annual installments for 63 month deposit.
Ø
Repayment in 4 annual
installments for 84 month deposit to pay for the annual school/college fees.
v.
EASY
DEPOSIT
OBJECTIVE: Save money in flexible and convenient monthly
installments.
·
Salaried individuals,
Professionals, small traders, students, housewives.
MODE OF
DEPOSIT: minimum Rs. 100. Higher deposits
in multiples of 10, maximum 10,000/-.
Ø
Monthly interest
depending on the minimum balance in account between the 10th and the
last day of the month.
Ø
Choice of minimum
amount every month from Rs.100 to Rs. 1000/-
vi.
VARDHAN
SCHEME
OBJECTIVE:
Special deposit scheme for senior citizens – Any
individual above 60 years of age.
MODE OF
DEPOSIT: Minimum Rs. 5000, Rs.100pm for
recurring deposit. Minimum period 15 days, Maximum 120 months for Recurring
deposit minimum 6 months and maximum 120 months.
vii. FLOATING RATE DEPOSIT
ELIGIBILITY:
Any individual, single or jointly.
PERIOD
OF DEPOSIT:3 to 10 years
AMOUNT: Minimum 1 lakh, Multiples of 10000 thereafter
INTEREST:
Reset on 1st March and 1st
September every year.
Table 1.2.6: Floating rate for
deposits
|
PERIOD
|
|
FLOATING RATE OF INTEREST %
|
|
3 TO 5 YEARS
|
|
6.48%
|
|
5 TO 10 YEARS
|
|
6.76%
|
|
|
|
|
viii.
TAX
SAVER SCHEME
TARGET:
Self
employed/ Salaried individuals
AMOUNT:
Maximum of Rs. 1,00,000, minimum Rs. 10,000.
PERIOD:
5 to 10 years.
INTEREST: 7.50%.
·
No loans against
deposits.
·
No premature closure.
4. INSURANCE PRODUCTS
I.
IOB NRI Shield
II.
IOB Jeevan
III.
IOB Personal Accident
Insurance
IV.
IOB Health Care Plus
V.
Vidya Suraksha
VI.
Vidya Jyothi with
Suraksha
VII.
Liability Insurance
5. IOB FINE GOLD
o IOB Fine Gold – 999.9 Pure Gold from PAMP,
Switzerland.
o Packed in attractive, temper proof CERTICARDS form
PAMP, Switzerland.
o Available in
2,4,8,20 gram coins, and 50 & 100 gram rectangular bars.
6. NEW SCHEMES UNDER AGRI DIRECT
1. IOB Urban Horticulture Scheme
2. IOB
Agri Transport
3. IOB Green Credit
7. RETAIL CREDIT SCHEMES
Ø SAHAYIKA (To meet Social commitments Like Marriage
etc).
Ø PENSIONER’S LOAN SCHEME (To meet personal expenses).
Ø SUBHAGRUHA (Housing finance for Resident
individuals).
Ø HOME IMPROVEMENT SCHEME (Loan for Repair/Renovation
of homes).
Ø HOME DECOR SCHEME (For interior
decoration/furnishing of existing homes).
Ø HOME LOAN FOR NRIs (Loan for Non-Resident Indians of
India Origin).
Ø PUSHPAKA (Loans to buy car or two wheeler).
Ø
LIQUIRENT (Loan
against Rent Receivables).
Ø
CLEAN LOAN (Loan for
salaried employees to meet personal and domestic expenses).
Ø VIDYA JYOTHI (Education loan for both in India or
Abroad).
Ø IOB AKSHAY (Loan against Life Insurance).
Ø SANJEEVINI (Loan for Medical practioners to
construct hospitals / Purchase of equipments).
Ø EASY TRADE (Loans to Retail Traders).
Ø COMMERCIAL CASH CREDIT AGAINST JEWELLERY (Loan for
other than agricultural purposes against primary security of Jewellery).
Ø AGRICULTURE JEWEL LOAN (Loan for agricultural
purposes against primary security of jewellery).
8. NRI ACCOUNTS
I. FOREIGN CURRENCY (NON RESIDENT) ACCOUNT:
Foreign
Currency (Non resident) (FCNR) accounts can be opened by non resident Indian
and persons of Indian origin with nomination facility.
II. NON RESIDENT EXTERNAL (NRE) ACCOUNT:
NRE
Accounts are Indian rupee denominated accounts that can be maintained as
savings, current or term deposit.
III. NON
RESIDENT ORDINARY (NRO) ACCOUNT:
NRIs
and PIOs – meant for bonafide local banking transactions denominated in rupees,
not involving any violation of the provisions of FEMA.
IV. RESIDENT FOREIGN CURRENCY (RFC)ACCOUNT:
RFC
can be maintained by NRI who has returned home for permanent settlement, after
staying abroad for minimum one year.
9.
IT
RELATED PRODUCTS:
I.
INTERNET BANKING
II.
IOB MOBILE BANKING
III.
POS MACHINE
IV.
INTERNET PAYMENT GATEWAY
I.
INTERNET
BANKING
Ø For
individuals and corporate users.
Ø Query
and account services: Balance enquiry, last few transactions, statement of
account etc.,
Ø Funds
transfer to:
o
Accounts within our bank
o
Accounts with other banks.
Ø Payment
of direct taxes.
Ø Payment
of indirect taxes.
Ø College
fees for students.
Ø Credit card payment:
Register and pay credit card dues online.
Ø Bill payments:
Electricity, Mobile top-up, Insurance premia etc.
Ø Payment
of loan EMIs, RD installments.
II. IOB MOBILE BANKING
Ø Customer
should have a mobile phone with any of following three features enabled: SMS,
GPRS AND J2ME.
Ø Must be
a SB/CD/CC account holder of bank.
TYPES
OF SERVICES OFFERED: SMS/ GPRS.
SERVICES:
Balance Enquiry, Last few transactions, Funds Transfer ( Rs. 5000 per day,
Goods/Services- Rs. 10,000 per day.)
III. POS MACHINE
Both
credit and debit cards for payment has increased in all major metros and tier
II cities. More shops and malls are coming up daily in cities and payments
through cards are invariably accepted in all establishments. The card payment is easy mode of payment for
the shops/ establishments and major share of sale transactions are made through
cards only nowadays. Now our bank has also entered “Card Payment Acquiring
Business” under tie up with VISA International and M/s. Bank tech India (P)
Ltd.
1.2.6 COMMISSION STRUCTURE:
Table 1.2.6: Commission structure
|
MONTHLY TRANSACTION VALUE
|
COMMISSION PAYABLE
|
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Above
Rs.25 lakhs
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1.45%
|
|
Rs.15
lakhs to 25 lakhs
|
1.5%
|
|
Rs.10
lakhs to 15 lakhs
|
1.6%
|
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Rs 5
lakhs to 10 lakhs
|
1.7%
|
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Less
than Rs.5 lakhs
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1.8%
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INTERNET
PAYMENT GATEWAY
Payment
Gateway = Virtual POS Machine on internet.
Debit
card customers to pay a very nominal fee than what they are paying now – 1.6 to
2.45%
1.3 STATEMENT OF THE PROBLEM:
The study examines the demographic
profile of the respondents and this Study will help me to understand the
customer’s satisfaction about banking services and products. This study
will help bank to understand, how a customer selects, organizes and interprets
the Quality of service and product offered by banks. The market is more aware
and realistic about investment and returns from financial products. In this
background this study tries to analyze the customer satisfaction towards
banking services in INDIAN OVERSEAS BANK.
Ø To find
out the differences among perceived service and expected service.
Ø To
understand customer’s preferences.
Ø To
access the degree of satisfaction of the customers
Ø To
analyze which products is most preferred by the customers.
Ø To know
the most preferred financial institution by the customers.
Ø To know
the work culture and environment of the banking sector.
Ø To
evaluate the awareness about various products.
Ø To
study the various factors affecting while taking different products of the
bank.
1.5 SCHEME OF THE CHAPTER:
Ø CHAPTER-1: Introduction
Ø CHAPTER-2: Review
of literature
Ø CHAPTER-3:
Research methodology
Ø CHAPTER-4: Data
analysis and interpretation
Ø CHAPTER-5: Conclusion
CHAPTER-2
2.REVIEW
OF LITERATURE
SHAHIN A. &
SAMEA M. (2010).
Developing the Service Quality and satisfaction level in General
banking. Some survey evidence, “Business Management and Strategy”. Objective of
this study is finding the best and comprehensive model in measuring customer
satisfaction and preference towards in banking sector. Using secondary sources and work of other
researchers is base of this study. This
survey was based on difference between
perception and expectation of service from bank staff. Service quality is the
best tool for marketing to find and analyze information about customer needs,
wants, and perceptions about services. This information will help to identify
problems and make strategic plans in order to improve quick and efficient
services, profitability, and overall performance by bank staff with high
quality. During recent decades, scientists attempted to find the perfect model
in measuring service quality that cover all the factors and answer to this area
of necessity. There are many models suggested by researchers and all models
have their own advantages and disadvantages. Scientists are not unanimous about
any of these service quality models. Service quality models have different
dimensions regarding the field of banking sector. However, service is the most
common model used by researchers but it is not comprehensive and suitable for
different applications. The hierarchical model has covered weaknesses of other
models. It has strong structure and specifies the factors of customer
perspective as well. Moreover, Hierarchical measurement considers services
outcomes, the most advantageous approach to service quality assessment to date
(Pollack, 2009). Finally, by this review of literature we can conclude that the
Service Quality is the most important for the bankers and helpful for
measurement and to collect the right information and make the right decisions.
Dr.CHAISOMPHOL
CHAOPRASERT, “Customer’s satisfaction, preference and
quality of service improvement in the Retail Banking Industry”. Objective of the study is about the
satisfaction level and the relationship between service quality in personnel
counter services and electronic services. This research will seek to close the
gap in this field of study Secondly, customer’s expectations and needs for
services have substantially. As customers become better educated, they demand
new products, better and more reliable delivery, as well as more responsive
services. As a consequence, to improve competitiveness, banks have to
understand customer needs and expectations and satisfy their customers by
providing better products and services. Moreover, the economic crises,
especially the Asian crisis, have greatly impacted on banking profit margins
and also on customers’ confidence in banking institutions. As a result, banking
customers have not felt confident with local financial institutions and have
moved their deposits and transacted their financial business with reputable
institutions from overseas. As a result,
banking customers have not felt confident with local financial institutions and
have moved their deposits and transacted their financial business with
reputable institutions from overseas. In the future, there may be new target
groups that banks need to focus on and the regulations, especially for
electronic banking. For this study 300 questionnaires are used. The results of
this study illustrated that banks have to maintain the standard of their
convenience/accuracy and efficiency. In addition, they need to improve their
customisation, feedback/complaints and queue management by reallocating their
resources. One point of interest, though, was that although the performance of
the electronic banking service was not accepted as being of a high standard,
52.9 per cent of respondents were satisfied with the personal service and
manual transaction.
PRABHA RAMSEOOK-MUNHURRUN and PERUNJODI NAIDOO, (2011) Services
Marketing (32:247-264). “Customers satisfaction and perspectives of service
quality in Banking Industry”. A survey was carried out in order to measure and
test the relationships between the service quality dimensions, satisfaction,
and behavioral intentions. The questionnaire was divided into four parts. The first and second parts were
designed to measure the expectations and perceptions of respondents
respectively. The third part of the
questionnaire measured respondents’ satisfaction and behavioral intentions.
using a 5-point Likert scale ranging from 1 (strongly disagree) to 5 (strongly
agree). The last part of the
questionnaire captured the respondents’ demographic information. Demographic
breakdown of the sample presents the frequencies and percentages of the
respondents divided according to gender, age, education, and personal monthly
income. The majority of the respondents were male (66.1%). As for the age
distribution, most of respondents were under 40 years of age and the majority
of them were in the age group of 18_30
years old (57.4%). It is generally acknowledged that the younger generation
prefers Internet banking compared to older age groups. The education level of
the respondents was above secondary school, and most of them were holders of
bachelor degrees (54.6%). The majority of the respondents earned between
Rs10000–Rs24999 ($295–$735) per month (54.1%), which is considered as the
middle-income group in Mauritius. The findings of the study provide important
insights to banks while framing their banking strategies and policies. This
study identified 18 attributes that are important to customers under four
dimensions: Reliability– Responsiveness, security, ease of use, and
accessibility. Only one dimension, security, was found to have remained the
same as the original construct. The banking service quality dimension in this
study was found to be accessibility, followed by Reliability–Responsiveness,
security, and ease of use. The negative scores across these dimensions clearly
show that there is room for service quality improvement. The results provide
empirical evidence that the four banking service quality dimensions identified
are distinct constructs in Mauritius. The banking service dimensions such as
Reliability– Responsiveness and accessibility were found to be a predictor of
customer satisfaction. Security and ease of use were not contributing
significantly towards overall satisfaction, and this indicates that customers
feel that banks fail in providing the services on these two dimensions
satisfactorily. When it comes to predicting customers’ behavioral intentions,
the results of this study suggested that security is most important for banking
service. The Reliability–Responsiveness
dimension indicates that banks should provide customers with accurate and
prompt services. The findings of this study are supported by Wolfinbarger and
Gilly (2003), who found that reliability ratings were the strongest predictor
of customer satisfaction and the third strongest predictor of behavioral
intentions. Bankers need to provide a high level of service quality, as this is
likely to result in high levels of satisfaction and favorable behavioral
intentions. To deliver superior banking service quality, banks must first
understand how customers perceive and evaluate banking services.
ASHOK NAGAR and SHWETA RAMEJA,
“study
of Customers Perceptions towards services of commercial Banks”. Some survey evidence, The Indian journal of commerce. Volume 63,
No4, [Oct-Dec. 2010]. Sample size 100. The study was of an exploratory
nature. Prompt service is the main
concern for respondents for holding accounts in particular banks as 44.8% of
the respondents have shown their concern for the same, while convenient location
is also considered important by 30.8% respondents. The fact that the bank is a public, private
or foreign does not have a bearing on their on their decision to hold accounts
in a particular bank as only 6% respondents agreed to this. Use of RTGS is
mainly done by businessmen in the district being 70% out of 100, while other
segments are using the facility to a certain level being 21.5% out of remaining
sample of 400 respondents. 62.4% of respondents are of the view that use of
technology in banks is the most important change occurred in banking in the
last decade, followed by relationship with customers and work environment.
Entry of foreign bank in the district has positively affected the spirit of
competition in the banking scenario.
Major affect was seen the increase in efficiency of service of banks,
followed by introduction of innovative products and technology up
gradation. About 60%-70% of employees
are of the view that innovative products have benefited the banks to a great
extent.
ANTREAS ATHANASSOPOULOS
(Athens Laboratory of Business Administration (ALBA), Athens, Greece).
“Investigate the behavioral of customer satisfaction on Banking Industry”. Physical evidence is also recognised for its
importance on the performance ratings of individual banks. It is important to
note that issues of a tangible nature are better linked to consumer memory
ultimately gain higher importance on the behavioural customer responses. It is
also evident that having two factors of a tangible nature, reliability and
physical evidence, with such high effects indicates that the customer feedback
reflects their medium and long-term memory and are not instant reactions to
recent contacts with the banks’ personnel. Furthermore, the case of physical
evidence draws to a large extent predetermined and not variable levels of
satisfaction since having decided upon the bank you do business with it means
you are to a large extent satisfied from issues of physical evidence. Product
innovation in services has been found in previous research as being a quite
important element of customer satisfaction. In this research, product
innovation has been found to have a significant effect on the behavioural
responses of customers. This effect, however, was found to be of less importance
compared to other service satisfaction characteristics such as employee
competence, physical evidence and service reliability. It must be borne in
mind, however, that in a competitive market where its customers are not known
for their demanding character for product innovations (see Athanassopoulos,
1999), it seems that the case of innovation-based competition will take some
more time before it becomes a driving force of the behaviour of individual
customers. In any case, the positive effect on behavioural responses is a
satisfactory result by its own means. Our study was to examine the impact of
customer satisfaction on customers’ behavioural responses. Our study is one of
the first in marketing to investigate such effects. Overall, the results provide
strong support for the notion of direct effects of customer satisfaction on the
behavioural responses of customers. More specifically, our findings indicate
that when customers assess customer satisfaction to be high, they: decide to
stay with the existing service provider; and subdue their negative behavioural
intentions. Finally, data from longitudinal studies would be particularly
useful for capturing the process dynamics of the relationship between customer
satisfaction and behavioural responses.
CHAPTER-3
3.
RESEARCH DESIGN
3.1 TYPE OF PROJECT
Design
of the study: - Descriptive study
Descriptive
studies involve describing the characteristics of a particular situation, event
or case.
This is a descriptive study as the factors
influencing customer’s satisfaction and preference towards Indian Overseas Bank
was studied.
3.2
TARGET RESPONDENTS AND SAMPLE SIZE
The
target is the customers who are having Account in the IOB, Villianur branch.
Total population is 1800 in that I have collected data from 100 customers.
Convenience sampling method is used to collect data from the respondents.
SAMPLING DESIGN:
A Convenience sampling method was adopted, and
a sample size of 100 was selected from the population of Villianur
(Pondicherry) town.
Customer’s
satisfaction and preference towards General Banking with reference to IOB,
Villianur. Duration for the project is three month. This study is based on
Primary and Secondary data, which was collected from bank’s Customer and
Records. Hence, it is subject to
measurement of service quality of employees and satisfaction level and
preference of customers. Respondents may give biased answers for the required
data. Some of the respondents did not like to respond.
Respondents
tried evade give response to some statements by simply answering “Neutral” to
most of the statements. This was one of the most important limitations faced,
as it was difficult to analyse and come at a right conclusion.
3.4 DATA COLLECTION
The
method of data collection adopted for the study is both primary and secondary
data.
A)
The
primary data collected, is though questionnaire, which was
collected from individuals from the study area.
B)
The
secondary data was collected through company department
records.
3.5 ANALYTICAL TOOLS
The Statistical Package used for this study is SPSS and Ms
Excel 2007. The data collected are classified, analysis and tabulated. The
statistical tools are applied for the analysis of the data. The tools used are:
Ø Percentage analysis
Ø Chi-Square Test
Ø Kruskal wallis test
Ø One - way anova
Ø T- test
Percentage Analysis:
Percentage refers to a special kind of ratio and it
describes relationships.
Chi-Square Analysis (χ
2):
It used to test the
significance of discrepancy between experimental values and the critical values
obtained from a hypothesis. This test is used for testing hypothesis when
distribution of the population is non-known and when nominal data is to be
analyzed.
|
O = Observed frequency.
E =
Expected frequency.
One way Anova:
Analysis
of variance (ANOVA) is the separation of variance ascribable to one group of
causes from the variance ascribable to other group”. It is nothing but an arithmetical
procedure used to express the total variation of data as the sum of its
non-negative components.
Kruskal Wallis Test:
A
non-parametric method for
one-way analysis of variance used to determine if three or
more samples originate from the same distribution. The
Kruskal-Wallis test essentially a standard one-way analysis
of variance, with ranks assigned to the data points replacing the
data points themselves, and is similar to the Mann-Whitney U test, but
applicable to more than two sample groups.
nj = number of items in sample j
Rj = sum of the all items in sample j
k = number of samples
n = n1 + n2+....................+nk,
the total number of observations in all samples
APPENDIX
CUSTOMER SATISFACTION SURVEY
Dear
Sir/Madam,
Please take a few minutes of your
time to complete this Customer Satisfaction Survey. Your comments will help me
gauge how well the Bank performs in all facts of its interaction with you.
Please fill this Questionnaire only if you are a customer of the Bank.
Demographic Details
1. Employment
Status
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Public
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Private
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Self-Employed/Business
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Agriculture
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Retired
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Others ______________
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2. Income
(Monthly)
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Less than 10,000
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10,001 – 20,000
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20,000 – 40,000
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40,000 – 75,000
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Greater than 75,000
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3. Age
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Under 20
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21 – 35 Years
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36 – 50 Years
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50 – 60 Years
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Above 60 Years
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4. Gender
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Male
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Female
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Main Questionnaire
1. How
long did you have to wait to finish your work at the bank today?
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Immediate
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Under 5 Minutes
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Between 5-10 minutes
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Over 10 minutes
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2. When do
you think of the bank what comes first in your mind?
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Financial Stability
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Customer Service
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Image & Reputation
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Proximity of Branches
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Access to other channels
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Personalised Service
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3. Do you
think this branch provides you quick and efficient services?
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Strongly Agree
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Agree
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Neutral
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Disagree
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Strongly Disagree
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4. Do you
think this bank has more formalities while opening an Account?
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Strongly Agree
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Agree
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Neutral
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Disagree
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Strongly Disagree
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5. Do you
think this bank provides various innovative schemes to customers?
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Strongly Agree
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Agree
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Neutral
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Disagree
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Strongly Disagree
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6. Do you
use the following Products?
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Yes
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No
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Savings A/c
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Current A/c
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Loans /
Advances
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Gold Purchase
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Credit Card
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Demand Draft
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Over Draft
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Deposits
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7. What is
the most important reason for you to maintain the relationship with the bank?
(Chose only one option)
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Financial Stability
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Customer Service
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Image & Reputation
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Proximity of Branches
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Access to other channels
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8. How
often do you use the following Channels?
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Weekly
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One in 2
Weeks
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Once a Month
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Rarely
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Never
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Branch
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ATM
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POS
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Internet
Banking
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Mobile
Banking
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Call Centre
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NEFT
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RTGS
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Online
Transaction
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(Phone/EB/Ticket)
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9. Are you
aware about all the above products and services offered by this Branch?
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Aware
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Not Aware
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If not aware, Mention the
Services you would be interested in
10. Would
you recommend this branch of IOB to others?
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Absolutely Will
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Often Will
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Sometimes Will
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Absolutely Will Not
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No Response
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11. What is
the primary reason that will make you to change your Bank?
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Service Quality
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Transaction/Request time
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Interest Rate & Fees
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Financial Stability
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Proximity of Branched
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Others
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12. Are you
satisfied with the services of the bank?
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Highly Satisfied
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Satisfied
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Neutral
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Dissatisfied
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Highly Dissatisfied
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13. Please
mark whether one the following have incurred during your transaction?
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Very Often
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Frequently
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Rarely
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Very Rarely
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Never
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Delay in
Deliverables
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Errors in
Transactions
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Insufficient Technical Reports
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Communication Difficulties
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Improper Behaviour of Staff
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14. Please
rate the following about the bank staff you have interacted with.
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Excellent
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Good
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Average
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Fair
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Poor
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Availability
on time
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Offered to
help - Friendly
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Answered your
Queries
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Has good Knowledge of Product/ Service
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Offered the
correct advice
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Addressed
your requirement in full
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15. What is
the first bank that comes to mind when you think of banking sector?
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IOB
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Other Nationalised Bank
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Other Private Banks
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Name of
the Bank, if other than IOB _________________________________
16. Would
you recommend this bank to your Friends, Relatives, Associates etc.,
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Yes
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No
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Name
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Address
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