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Book value insolvency score of banks is calculated using the Z-statistic. Bank size is a major determinant that significantly affects the solvency of Indian commercial banks. Increase in Non-Performing Assets leads to high insolvency risk in Indian banks.
Book value insolvency score of banks is calculated using the Z-statistic. Bank size is a major determinant that significantly affects the solvency of Indian commercial banks. Increase in Non-Performing Assets leads to high insolvency risk in Indian banks.
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Book value insolvency score of banks is calculated using the Z-statistic. Bank size is a major determinant that significantly affects the solvency of Indian commercial banks. Increase in Non-Performing Assets leads to high insolvency risk in Indian banks.
Droits d'auteur :
Attribution Non-Commercial (BY-NC)
Formats disponibles
Téléchargez comme PDF, TXT ou lisez en ligne sur Scribd
19 A Comparative Study of Book Value Insolvency of Indian Commercial Banks:
An Application of Z-Score Model
2013 IUP. All Rights Reserved. A Comparative Study of Book Value Insolvency of Indian Commercial Banks: An Application of Z-Score Model Ranjan Aneja* and Anita Makkar** The present study addresses the problem of book value insolvency by analyzing 47 Indian commercial banks (26 public sector and 21 private sector banks) over the period of 2006-07 to 2010-11. Book value insolvency score of banks is calculated using the Z-statistic, and further, the Z-statistic scores of public and private sector banks are compared. The study also analyzes selected internal determinants of book value insolvency. The results reveal that bank size is a major determinant that significantly affects the solvency of Indian commercial banks. On the other hand, it is found that increase in non-performing assets leads to high insolvency risk in Indian banks. The study concludes that public sector banks have efficient risk management and are safer than private sector banks. Introduction The recent financial crisis experience has raised many questions on the real origin of the relentless and increasing vulnerability of the financial institutions not only in the US, but also all over the world. The banks are often at the center of a financial crisis due to the frail capital structure of banks to provide liquidity to both borrowers and lenders (Diamond and Rajan, 2001). The recent global crisis has demonstrated the importance of banks both at national and international levels. In the developing countries, the substance of banks is increasing continuously as banks are the major source of finance for a majority of firms and the main depository to encourage people for saving in these nations. In India also, banks are the major financial intermediaries as they are playing a foremost role in the economic development of the country. Indian banks have performed sound during the recent financial turmoil, as is evident from the annual credit growth, profitability and trends in Non-Performing Assets (NPA) of the banks. This consistent performance of Indian banks has been achieved through the efforts of Reserve Bank of India (RBI). Indian banking system has grown through many significant changes during the post-reform period. Deregulation of interest rates, provisioning and capital adequacy, emergence of new private sector banks, and increasing use of technology have changed the whole picture of Indian banks. * Assistant Professor, Department of Economics, Central University of Rajasthan, Kishangarh, India. E-mail: ranjananeja@curaj.ac.in ** Junior Research Fellow (UGC), Haryana School of Business, Guru Jambheshwar University of Science & Technology, Hisar, Haryana, India; and is the corresponding author. E-mail: anita29561@gmail.com 20 The IUP Journal of Financial Risk Management, Vol. X, No. 2, 2013 However, the challenges of banks have also been increasing continuously during the post-reform era. Now, banks are constrained to encounter various types of risks like credit risk, liquidity risk, market risk, interest rate risk, and insolvency risk. Handling of such risks in efficient and integrated manner is essential for maintaining the resonant financial health. Failure in managing these risks efficiently affects the financial stability of a bank, which leads to the probability of insolvency of the bank. However, Indian banks are in a strong position and there is lesser probability of them getting exposed to book value insolvency. But still there are some instances where banks had gone to the threshold of the insolvency. One of that is the case of Global Trust Bank. Global Trust Bank, one of the new generation banks, started its operations in 1994 and began showing adverse growth in 2002. The bank became sick with huge bad debts in 2004. Such increasing importance of risk management prompted the present study. Therefore, the present study is an attempt to analyze the book value insolvency of Indian commercial banks. The paper is organized as follows: it scans the relevant literature relating to the banking sector, and then outlines the objectives and methodology adapted to analyze the issue at hand. Subsequently, it discusses the results, and finally, reports the conclusion. Literature Review Numerous studies have been conducted in the area of risk management of the banking industry. Saunders et al. (1990) analyzed the relationship between bank ownership structure and risk-taking of the banks. They found that banks owned by stockholders had incentives to take higher risk than managerially-owned banks. Odesanmi and Wolfe (2007) investigated the impact of revenue diversification activities of the banks on banks insolvency. A panel set data of 322 listed banks of 22 countries was used for the period 1995-2006. They found that the revenue diversification activities relating to interest income and non-interest income-generating activities reduced the insolvency risk. Laeven and Levine (2009) concluded that banks in countries with stronger shareholder rights tend to take more risk, because the owners are in a stronger position and they have more ability to enforce their views of risk on management. Rahman et al. (2009) investigated the impact of lending structure on the insolvency risk exposure of the conventional and Islamic banks. They found that real estate lending was positively related to conventional banks risk exposure, while negatively related to Islamic banks risk exposure. Sinha et al. (2010) evaluated the riskiness and book value insolvency of 15 Indian commercial banks for the period of 2006-2008 using Z-score model. They found that probability of book value insolvency of Indian banks had reduced during the study period. Yap et al. (2010) identified the factors affecting the risk exposure of the Malaysian banks. They concluded that liquidity, interest rate, business operations and credit risk were the key factors that significantly contributed to banks risk exposure in Malaysia. Maji et al. (2011) compared the insolvency risk of 56 Indian commercial banks for the period 2001-2010. They found that bank size was the most significant factor influencing the insolvency risk. Reumers (2011) analyzed the risk-taking capacity and corporate governance of 308 banks in 44 countries 21 A Comparative Study of Book Value Insolvency of Indian Commercial Banks: An Application of Z-Score Model over the period of three years from 2006 to 2008. He found that stronger shareholders rights were negatively related to bankruptcy risk, while creditors rights were positively related to bankruptcy risk. On the basis of the above discussion, it is identified that not many studies were undertaken to measure the book value insolvency, especially in the context of Indian commercial banks. There is a dire need for comparative studies to analyze and compare the book value insolvency in Indian banking sector. Further, not many attempts have been made to identify the factors affecting the book value insolvency of the Indian commercial banks. Thus, there exists a literature gap in this area. The present study attempts to fill this gap. Objectives To analyze the book value insolvency of the Indian commercial banks. To identify the key factors influencing the book value insolvency of Indian commercial banks. To compare the book value insolvency of the public and private sector banks of India. Methodology The study is analytical in nature and is based on the secondary data. The data was collected from the annual reports of the commercial banks and RBI publications. A sample of 47 Indian commercial banks, including 26 public sector banks and 21 private sector banks, was selected for the study for the period 2006-07 to 2010-11. Various internal and external factors affect the solvency of a bank. In the present study, some of the internal factors are taken into consideration to identify the key determinants of the book value insolvency. Capital adequacy, non-performing loans, size of the bank, liquidity and net interest margins are used to identify the determinant factors relating to bank insolvency risk. Z-statistic (Hannan and Hanweck, 1988) is used to measure the insolvency risk of the banks. Least square regression model is fitted to examine the impact of the above variables on the insolvency risk. Hypotheses On the basis of the objectives of the study, the following hypotheses are outlined: H 0 : There is no significant difference in the book value insolvency of public and private sector banks of India. H 1 : There is a significant difference in the book value insolvency of public and private sector banks of India. Z-Statistic: Measure of Insolvency Risk Z-statistic uses the data on the banks expected profits, the likelihood of these profits to be realized, and the banks capital base. The Z-statistic captures the likelihood of 22 The IUP Journal of Financial Risk Management, Vol. X, No. 2, 2013 bank earnings in a given year becoming low enough to exhaust the banks capital base and thus the likelihood of the bank becoming insolvent (Sinha et al., 2010). The Z-statistic is defined as:
ROA of SD Ratio Assets to Capital ROA Assets on turn Re Z ) ( where Assets Total of Average Income Net ROA Assets Total Equity Ratio Asset to Capital Higher value of Z-statistic indicates lower insolvency risk, because higher values of Z correspond to higher level of equity relative to a potential shock to the earnings of a bank. Thus, banks with risky loan portfolios can maintain a low risk of insolvency as long as they are adequately capitalized. Conversely, more volatility in the ROA would lead to a lower Z-statistic and a higher risk of bankruptcy. Thus, probability of book value insolvency (P) that is inversely associated with Z-statistic is computed as: 2 2 / 1 Z P Results and Discussion The results of Z-statistic are shown in Tables 1 and 2. Perusal of the table reveals that on an average ROA of private sector banks is higher in comparison to public sector banks during the study period. Average of Capital to Asset (CAP) ratio is also high in the case of private sector banks during 2006-07 to 2010-11. But Z-statistic of public sector banks is much greater than that of private sector banks. This is due to the difference in the variability of ROA as measured by the standard deviation of ROA. Standard Deviation of ROA [ (ROA)] is only 0.00245 in the case of public sector banks, while it is very high (0.00478) in the case of private sector banks during the study period. The significant difference in the variability of ROA leads to lower Z-statistic of the private sector banks despite higher ROA and CAP. Z-value in the case of public sector banks was 26.08 in the year 2006-07, but it declined to 19.44 in the year 2008-09. This decline is mainly due to the impact of global financial crisis as banking operations of the public sector banks were affected due to the global economic meltdown. But in the year 2009-10, the value of Z-statistic increased to 19.50 and further to 21.13 in the year 2010-11. Z-value of private sector banks was 19.75 in 2006-07 and increased to 22.98 in the year 2007-08. But it started declining drastically and reached 15.29 and 13.68 in the years 2009-10 and 2010-11 respectively. This decline clearly depicts the impact of the global recession on the operations of the private sector banks. As major private sector banks of India have large foreign investments and operate at international level, they are much 23 A Comparative Study of Book Value Insolvency of Indian Commercial Banks: An Application of Z-Score Model affected by the economic meltdown. After that period, private sector banks improved their position, as Z-score increased to 20.48 in the year 2010-11. Overall, public sector banks were in a better position as compared to the private sector banks. Public sector banks had a higher Z-statistic in comparison to private sector banks over the entire study period, except the year 2007-08. This indicates that public sector banks are safer than private sector banks, as the probability of book value insolvency is much lower in the public sector banks. However for a broader picture, ROA, CAP ratio, standard deviation of ROA and Z-statistic of 47 Indian commercial banks have also been calculated; ranks have been assigned to each bank, as shown in the Appendix. Table 3 reveals that the State Bank of Bikaner & Jaipur stood first with the highest Z-score (158.66) in the ranking of 47 Indian commercial banks. Out of the top five banks, the first three are public sector banks, while the remaining two are private sector banks. This clearly indicates that public sector banks performed extremely well in managing their sound financial health. On the other hand, the five banks at the bottom of the list of 47 banks with lowest Z-score include three private sector banks. Performance of Development Credit Bank, Indusind Bank and Dhan Laxmi Bank is very poor in maintaining their financial strength. Development Credit Bank stood at 47 th place with the lowest Z-score (8.56). This lowest score of Development Credit Bank is mainly due to its negative ROA. It is further observed that 41 banks have Z-score higher than 21.22 and only six banks have a Z-score below 21.22 (Z-score of 21.22 is given by Jorden (1998) in his study of New England Banks). Overall, Indian banks are in a strong position in terms of their risk management. (ROA) 0.00950 0.01008 0.00984 0.00978 0.00976 0.00979 (CAP) 0.05475 0.05310 0.05263 0.05174 0.05518 0.05348 (ROA) 0.00246 0.00281 0.00321 0.00315 0.00280 0.00245 Z-Statistic 26.08000 22.43000 19.44000 19.50000 23.13000 25.76300 P Value 0.00073 0.00099 0.00132 0.00131 0.00093 0.00753 Table 1: Z-Statistic and Probability of Book Value Insolvency of Public Sector Banks (2006-07 to 2010-11) Particulars 2006-07 2007-08 2008-09 2009-10 2010-11 Average (2006-11) (ROA) 0.00967 0.01145 0.01115 0.01016 0.01145 0.01078 (CAP) 0.07692 0.09024 0.08976 0.09205 0.09950 0.08970 (ROA) 0.00438 0.00442 0.00659 0.00747 0.00540 0.00478 Z-Statistic 19.75000 22.98000 15.29000 13.68000 20.48000 21.01000 P Value 0.00128 0.00094 0.00213 0.00267 0.00119 0.00113 Table 2: Z-Statistic and Probability of Book Value Insolvency of Private Sector Banks (2006-07 to 2010-11) Particulars 2006-07 2007-08 2008-09 2009-10 2010-11 Average (2006-11) 24 The IUP Journal of Financial Risk Management, Vol. X, No. 2, 2013 Determinants of Book Value Insolvency of Indian Commercial Banks There are several internal and external factors affecting the risk management of the banks. Some of the factors have positive effect, while others have negative effect on the performance of banks. In the present study, five internal factors (capital adequacy, non-performing loans, liquidity, size of the bank, and net interest margin) have been selected to identify their impact on the book value insolvency of the Indian commercial banks. For the purpose, multiple regression analysis has been applied. Z = + 1 CAR 2 NPL + 3 lnTA + 4 LQ + 5 NIM + where Dependent Variable Z = Safety Index of Book Value Insolvency Independent Variables CAR = Capital Adequacy Ratio NPL = Ratio of Non-Performing Loans to Advances lnTA = Natural Log of Total Assets (Bank Size) LQ = Ratio of Liquid Assets to Total Assets NIM = Net Interest Margin High Z-statistic indicates low book value insolvency exposure of the bank. Thus, Z-statistic is used as a safety index from insolvency risk. The results reveal that the liquidity (LQ) variable is highly correlated to all other variables. To avoid multicollinearity problem, liquidity is excluded from the regression model. Table 4 presents the results of multiple regression analysis. Significance of the variables is checked at 5% level. Association between the independent variables and insolvency risk is reverse of the signs mentioned in the table, as these are measures of Z-statistic. 1 State Bank of Bikaner & Jaipur 158.66 43 Bank of India 18.68 2 Corporation Bank 142.70 44 Indian Overseas Bank 16.98 3 State Bank of Patiala 133.83 45 Dhan Laxmi Bank 15.72 4 City Union Bank 128.96 46 Indusind Bank 14.42 5 Tamilnad Mercantile Bank 121.70 47 Development Credit Bank 08.56 Table 3: List of Top Five and Bottom Five Banks with Regard to Z-Statistic (2006-07 to 2010-11) Bottom Five Banks with Lowest Z-Statistic Top Five Banks with Highest Z-Statistic Rank Name of Bank Z- Statistic Name of Bank Z- Statistic Rank 25 A Comparative Study of Book Value Insolvency of Indian Commercial Banks: An Application of Z-Score Model CAR 0.148 0.678 0.629 6.355* 1.571 2.903 ln TA 0.795 3.719* 1.914 NPL 0.013 0.077 1.849 NIM 0.064 0.239 1.079 60.615 Table 4: Results of Regression Analysis Determinants of Insolvency Risk of Indian Commercial Banks Variable Beta Coefficient t-Statistic R 2 F-Statistic D-W Statistic VIF The results show that bank size (log of total assets) is significantly, positively associated with Z-statistic. Thus, bank size is inversely related to book value insolvency. Banks with large assets face lower insolvency risk as large assets indicate higher risk-taking ability of the banks as they have sufficient assets to pay their liabilities and thus it reduces the chances of book value insolvency. Capital adequacy is inversely related to book value insolvency. Adequate capital base ensures the capability of a bank in meeting the unexpected losses that can push them towards insolvency. All the Indian commercial banks maintain capital adequacy above 9% as prescribed by RBI. It is a good indicator of financial soundness of Indian commercial banks. High level of NPA has an adverse effect on the overall performance of the banks. NPA management has received critical attention after the financial sector reforms. The results reveal an inverse association between NPL and Z-statistic. Therefore, book value insolvency is positively associated with NPA. The higher the NPA level, the higher are the chances of a bank becoming insolvent. NIM is inversely related to insolvency risk. Net interest margin shows efficiency of the bank in earning its income and also enhances its revenue generation capacity. Large net interest margin shows the capacity of the bank to meet its expenses as and when these occur, thus securing a safe position for the bank from book value insolvency. Significant F-statistic reveals that capital adequacy, non-performing assets, bank size and net interest margin clearly explain the variation in book value insolvency. R 2 = 0.629 is also quite satisfactory in representing the goodness-of-fit of the regression model to the data to identify the major determinants of book value insolvency in Indian commercial banks. Multicollinearity is measured through Variance Inflation Factor (VIF). Low VIF values reveal very low multicollinearity problem among the variables used in the study. Durbin-Watson test shows the dependability of the results. Further, t-test has been applied to compare the book value insolvency of public and private sector banks of India. The results of t-test (Table 5) reveal that there is a significant difference in the book value insolvency of public and private sector banks of India. Thus, the null hypothesis that there is no significant difference in the book value insolvency of public and private sector banks in India is rejected, and the alternate hypothesis is accepted. The mean of book value insolvency score of public sector banks (19.15) is more than that of the private sector banks (13.94). The standard deviation of book value insolvency is higher in private sector banks in 26 The IUP Journal of Financial Risk Management, Vol. X, No. 2, 2013 Variable Groups No. Mean SD t-Value Sig. Book Value Insolvency Public 26 19.15 3.712 2.32* 0.032 Private 21 13.94 6.061 Table 5: Comparison of Book Value Insolvency of Public and Private Sector Banks comparison to public sector banks. This shows that the fluctuation in the risk management is more in the case of the private sector banks. Conclusion The study concludes that the chances of book value insolvency are less in the public sector banks in comparison to private sector banks. The results reveal a negative association of capital adequacy and net interest margin with insolvency risk, which is a good indication of the financial health of the Indian banks. Reduction in non-performing assets and increase in capital adequacy indicate the soundness of the Indian commercial banks. The study suggests that in addition to following the instructions of RBI, the commercial banks should also maintain their solvency position so that insolvency risk can be minimized. The banks should also maintain adequate capital to absorb unexpected losses efficiently and also to stabilize ROA to stop the fluctuation in their earnings. References 1. Alam Z and Masukujjaman M (2011), Risk Management Practices: A Critical Diagnosis of Some Selected Commercial Banks in Bangladesh, Journal of Business and Technology, Vol. VI, No. 1, pp. 15-35. 2. Basel Committee on Banking Supervision (2004a), International Convergence of Capital Measurement and Capital Standards: A Revised Framework, Report, Bank for International Settlement (BIS). 3. De Vries C G (2005), The Simple Economies of Bank Fragility, Journal of Banking and Finance, Vol. 29, No. 4, pp. 803-825. 4. Demsetz R S and Strahan P E (1997), Diversification, Size, and Risk at Bank Holding Companies, Journal of Money, Credit and Banking, Vol. 29, No. 3, pp. 300-313. 5. Diamond D W and Rajan R (2001), Liquidity Risk, Liquidity Creation and Financial Fragility: A Theory of Banking, Journal of Political Economy, Vol. 10, No. 9, pp. 287-327. 6. Hannan T H and Hanweck G A (1988), Bank Insolvency Risk and the Market for Large Certificates of Deposit, Journal of Money, Credit and Banking, Vol. 20, No. 2, pp. 203-211. 7. Jayadev M and Sarma R S (2009), Are Bank Stocks Sensitive to Risk Management, Journal of Risk Finance, Vol. 10, No. 1, pp. 1-28.
27 A Comparative Study of Book Value Insolvency of Indian Commercial Banks:
An Application of Z-Score Model 8. Jorden J S (1998), Problem Loans at New England Banks 1989 to 1992: Evidence of Aggressive Loan Policies, New England Economic Review, January, pp. 23-38, Federal Reserve Bank of Boston. 9. Laeven L and Levine R (2009), Bank Governance, Regulation and Risk Taking, Journal of Financial Econometrics, Vol. 93, No. 2, pp. 259-275. 10. Lehar A (2005), Measuring Systemic Risk: A Risk Management Approach, Journal of Banking and Finance, Vol. 29, No. 10, pp. 2577-2603. 11. Maji S G, Dey S and Jha A K (2011), Insolvency Risk of Selected Indian Commercial Banks: A Comparative Analysis, International Journal of Research in Commerce, Economics and Management, Vol. 1, No. 15, pp. 120-124. 12. Odesanmi S and Wolfe S (2007), Revenue Diversification and Insolvency Risk: Evidence from Banks in Emerging Economies, Master Thesis Submitted to School of Management, pp. 1-32, University of Southampton. 13. Rahman A, Ibrahim M and Meera A K M (2009), Lending Structure and Bank Insolvency Risk: A Comparative Study Between Islamic and Conventional Banks, Journal of Business and Policy Research, Vol. 4, No. 2, pp. 189-211. 14. Reserve Bank of India (2010a), Financial Stability Report Financial Institutions, March, RBI Publications. 15. Reserve Bank of India (2010b), Statistical Tables Relating to Banks, RBI Publications. 16. Reumers M (2011), Corporate Governance Practices and Bankruptcy Risk of Banks, Master Thesis Submitted to School of Business and Economics, pp. 1-38, University of Maastricht. 17. Roy A D (1952), Safety First and the Holding of Assets, Econometrica, Vol. 20, No. 3, pp. 431-449. 18. Saunders A, Strock E and Travlos N G (1990), Ownership Structure, Deregulation and Bank Risk Taking, Journal of Finance, Vol. 45, No. 2, pp. 643-654. 19. Sinha P, Taneja V S and Gothi V (2010), Evaluation of Riskiness of Indian Banks and Probability of Book Value Insolvency, International Research Journal of Finance and Economics, No. 38, pp. 7-12. 20. Yap V C, Ong H B, Chan K T and Ang Y S (2010), Factors Affecting Banks Risk Exposure: Evidence from Malaysia, European Journal of Economics, Finance and Administrative Sciences, No. 19, April, pp. 121-126. 28 The IUP Journal of Financial Risk Management, Vol. X, No. 2, 2013 S. No. Name of Bank ROA CAP SD of ROA Z-Stat. Rank Appendix Table A1: Average Z-Statistic of Indian Commercial Banks (2006-07 to 2010-11) 1. State Bank of India 0.0090 0.0598 0.0013 51.3497 19 2. State Bank of Bikaner & Jaipur 0.0091 0.0465 0.0004 158.658 1 3. State Bank of Hyderabad 0.0106 0.0471 0.0012 47.4934 23 4. State Bank of Mysore 0.0104 0.0540 0.0008 85.7117 10 5. State Bank of Patiala 0.0082 0.0486 0.0004 133.832 3 6. State Bank of Travancore 0.0110 0.0447 0.0023 24.2109 41 7. Allahabad Bank 0.0115 0.0602 0.0016 44.1831 24 8. Andhra Bank 0.0126 0.0571 0.0013 53.3636 16 9. Bank of Baroda 0.0105 0.0582 0.0024 28.0514 37 10. Bank of India 0.0102 0.0523 0.0033 18.6775 43 11. Bank of Maharashtra 0.0068 0.0433 0.0012 41.8173 27 12. Canara Bank 0.0114 0.0582 0.0021 32.4212 34 13. Central Bank of India 0.0059 0.0452 0.0010 51.2039 20 14. Corporation Bank 0.0124 0.0585 0.0005 142.703 2 15. Dena Bank 0.0096 0.0472 0.0014 40.0790 29 16. IDBI Bank 0.0064 0.0606 0.0007 89.7744 9 17. Indian Bank 0.0158 0.0772 0.0009 107.272 6 18. Indian Overseas Bank 0.0101 0.0530 0.0037 16.9841 44 19. Oriental Bank of Commerce 0.0101 0.0668 0.0013 59.2269 15 20. Punjab and Sind Bank 0.0114 0.0572 0.0023 29.2792 36 21. Punjab National Bank 0.0127 0.0604 0.0017 42.1794 26 22. Syndicate Bank 0.0080 0.0409 0.0011 42.6600 25 23. UCO Bank 0.0062 0.0374 0.0016 27.9337 38 24. Union Bank of India 0.0115 0.0543 0.0016 41.7540 28 25. United Bank of India 0.0057 0.0524 0.0017 34.5850 32 29 A Comparative Study of Book Value Insolvency of Indian Commercial Banks: An Application of Z-Score Model S. No. Name of Bank ROA CAP SD of ROA Z-Stat. Rank Appendix (Cont.) 26. Vijaya Bank 0.0075 0.0495 0.0012 48.3810 22 27. Axis Bank 0.0143 0.0760 0.0026 35.0523 31 28. Catholic Syrian Bank 0.0035 0.0512 0.0027 20.4373 42 29. City Union Bank 0.0157 0.0715 0.0007 128.963 4 30. Development Credit Bank 0.0021 0.0861 0.0098 8.56030 47 31. Dhan Laxmi Bank 0.0061 0.0549 0.0039 15.7169 45 32. Federal Bank 0.0134 0.0997 0.0012 94.5228 8 33. HDFC Bank 0.0141 0.0850 0.0014 72.5188 13 34. ICICI Bank 0.0113 0.1196 0.0013 97.2225 7 35. Indusind Bank 0.0077 0.0651 0.0050 14.4213 46 36. ING Vysya Bank 0.0073 0.0614 0.0014 49.9502 21 37. Jammu & Kashmir Bank 0.0111 0.0702 0.0010 78.0163 12 38. Karnataka Bank 0.0103 0.0721 0.0032 25.9449 40 39. Karur Vysya Bank 0.0162 0.0813 0.0011 84.9218 11 40. Kotak Mahindra Bank 0.0131 0.1204 0.0040 33.4068 33 41. Laxmi Vilas Bank 0.0054 0.0648 0.0026 26.9798 39 42. Nanital Bank 0.0155 0.0794 0.0018 52.3358 17 43. Ratnakar Bank 0.0103 0.2195 0.0065 35.1320 30 44. SBI Comm. and Int. Bank 0.0114 0.1794 0.0060 31.6689 35 45. South Indian Bank 0.0100 0.0599 0.0014 51.6539 18 46. Tamilnad Mercantile Bank 0.0159 0.0928 0.0009 121.701 5 47. Yes Bank 0.0159 0.0737 0.0013 70.2098 14 Reference # 37J-2013-06-02-01
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