Académique Documents
Professionnel Documents
Culture Documents
Submitted To:
By:
Rahul Singh (MMS)
2
Acknowledgment
THAKUR INSTITUTE OF
MANAGEMENT STUDIES AND
RESEARCH, MUMBAI
year 2007-09.
4
The Project is in the nature of original work that
Rahul Singh
Prof. S. Ganga
5
Executive Summary
Bibliography………………………………………
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Overview of Indian Banking Sector:
Phase I
Phase II
Nationalization:
The major aim for nationalization was to give priority to meet
the credit requirement of the neglected sectors. Further this
credit facility was supposed to be extended at subsidized rates
i.e rate of interest were to be lower than those charged to larger
business units. Wholesale Banking paved the way for retail
banking resulting in an all round growth in the branch network,
deposit mobilization, credit disbursals and employment. As a
result profitability and competition took a back seat.
Objectives of Nationalization:
Impact of Nationalization:
Categorization of Banks
Banks in India
Nationalized Banks:
There are in total 27 nationalized banks in the
country. State bank of India and associate banks – 08 .Other
Nationalized banks – 19
Private sector Banks:
There are in total 30 Private sector banks in
our country. Some of them are
ICICI Bank
HDFC Bank
Kotak Mahindra Bank
IDBI Bank
IndusInd Bank
ING Vysya Bank
Jammu & Kashmir Bank
Karnataka Bank
Kotak Mahindra Bank
Foreign Banks:
There are in total 40 foreign banks operating in
our country.
Few of them are…..
The foreign banks have brought with them the latest technology
and latest banking practices in India. They have made Indian
Banking system more competitive and efficient. Government
has come up with a road map for expansion of foreign banks in
India.
The latest banking reforms have got many things for the foreign
banks to establish themselves in the Indian banking sector and
become a major player and reap the benefits by capitalizing on
the opportunities lying in this sector.
Currently, banking in India is generally fairly mature in terms of
supply, product range and reach-even though reach in rural India
still remains a challenge for the private sector and foreign banks.
In terms of quality of assets and capital adequacy, Indian banks
are considered to have clean, strong and transparent balance
sheets relative to other banks in comparable economies in its
region. The Reserve Bank of India is an autonomous body, with
minimal pressure from the government. The stated policy of the
Bank on the Indian Rupee is to manage volatility but without
any fixed exchange rate-and this has mostly been true.
With the growth in the Indian economy expected to be strong
for quite some time-especially in its services sector-the demand
for banking services, especially retail banking, mortgages and
investment services are expected to be strong. One may also
expect M&As, takeovers, and asset sales.
In March 2006, the Reserve Bank of India allowed Warburg
Pincus to increase its stake in Kotak Mahindra Bank (a private
sector bank) to 10%. This is the first time an investor has been
allowed to hold more than 5% in a private sector bank since the
RBI announced norms in 2005 that any stake exceeding 5% in
the private sector banks would need to be vetted by them.
In recent years critics have charged that the non-government
owned banks are too aggressive in their loan recovery efforts in
connection with housing, vehicle and personal loans. There are
press reports that the banks' loan recovery efforts have driven
defaulting borrowers to suicide.
Accepting Deposits
Fund Based and Non Fund Based Activities
Transaction Banking Services
Investment Banking Advisory
Authorized Dealers
Loans/
Advances
Car Finance
Two Wheeler Loan
Housing Loan
Personal Loan
Commercial Vehicle Loan
Loan against Property
Commercial Loan
Loan for Starting up of New Venture
Farm Equipment and Many more
Objectives of Lending
The basic objectives of lending are to grant credit
facilities to the entities:
i. For a defined purpose.
ii. To deploy the Bank’s resources in a profitable manner
and to achieve the statutory and regulatory norms.
Basic Principles
To achieve these objectives, the Bank has to follow a
prudent policy and conduct the business on the basis of
sound principles of lending namely, Safety, Liquidity
and Profitability. These aspects are further elaborated
below.
Safety
Safety of the funds lent has to be ensured with respect to:
i. Borrower
The Borrower should have the means, ability and
willingness to repay the advance along with interest as
per the terms of finance. These depend on factors like
tangible assets, income generating potential, operational
efficiency and integrity of the borrower. It is therefore
imperative to make a thorough investigation into the
means, character, antecedents, respectability and
capacity of the borrower before allowing them any credit
facilities and by keeping a close watch on their dealings
and on the operations in their accounts during the period
of advance. Character - Indicating the borrower’s
honesty, integrity, business ethics, regularity,
dependability, reputation and promptness to keep
promise.
ii. Profitability
Notwithstanding the socio-economic objectives of
lending, the fact remains that banks are profit making
institutions. They have to be run on commercial
considerations to meet the expectations of the
shareholders and ensure their healthy growth. The Bank
should, therefore, have a proper mix of credit portfolio
which would earn sufficient income to enable it to defray
the cost of funds, meet establishment and other expenses,
provide for contingencies and risky assets, build reserves
and pay dividend to the shareholders.
iii. Liquidity
As the funds lent mostly belong to the depositors and as
the Bank should always be in a position to meet the
demands of the depositors, it is essential that the loans
and advances are recoverable in full on demand or within
a reasonable period. It is, therefore, necessary to ensure
that the funds lent are backed by securities that are easily
marketable and realisable. Matching of Assets and
Liabilities is very critical from this point of view.
iv. Security
Though repayment in the ordinary course must come out
of the surplus from business of the borrower, the security
aspect cannot be neglected. Security serves as a cushion
or comfort to fall back upon in the event on the
borrower’s failure or default in the repayment of
advance. Adequate tangible security ensures safety of
advance. The assets purchased out of the credit facilities
are obviously the first to be taken. It is a safeguard
against disposal/alienation of such securities. Wherever
necessary, the advances could also be secured by
obtaining collateral securities.
Procedure of Lending:
Hence, let’s have a look at the procedure involved in the
issuance of a loan by financial institutions.
Documents to be Submitted :
While submitting the application form, every bank asks for
several documents. And most banks these days provide doorstep
service, so that the customers don’t have to spend time visiting
their office to submit the documents. However, some banks still
insist on the customer visiting their offices at least once.
Proof of income:
This will need to be backed up by proof such as
copies of last three years Income Tax returns (along with copies
of Computation of Income/Annual accounts, if any), Form
16/Form 16A, last three months salary slips, copies of the last 6
months statements of all your active bank accounts in which the
salary/business income details are reflected, etc. Other
documents that needed to with the application form include age
proof, address proof and identification proof. Customers may
also be asked to give their employment details.
Age proof:
Copy of school leaving certificate/Driving
license/Passport/ration card/PAN card/Election Commission's
card/etc. are accepted as age proof.
Address proof:
Similar documents need to be provided to prove
that one is actually staying there currently.
Identification proof:
Same as above, but with photograph.
Sometimes, the same document if it contains a photograph, the
current residential address and the correct age can be the proof
for all 3 things.
Employment details:
If company, where the prospect is working
is not well-known, then a short summary about the nature of the
company, its business lines, its main customers, its competitors,
number of offices, number of employees, turnover, profit, etc
may be needed. Usually, the company profile that is available on
the standard website of the company is enough.
Financial check:
All the income-related documents one submits
like past Profit and Loss Account with the Balance Sheet and
expected/ forecasted cash flow statement with Profit and Loss
and Balance Sheet which serve a specific purpose. The lending
institution uses them to study the customer’s financial status.
Along with the application form and the credit documents, banks
ask for a processing fee. This fee varies from bank to bank, but
is usually around 0.25% to 0.50% of the total loan amount. For
instance, if you take a loan of Rs 10 lakh, you will have to pay
around Rs 2,500 to Rs 5,000 as processing fee. The agent
dealing with you earns a commission from the bank, which to
some extent is also affected by the amount of fees paid by you.
Again, this stage is insisted upon only in very few cases these
days.
This is the
make-or-break stage. If the bank is not convinced about the
credentials, the application may get rejected. If it is satisfied, it
sanctions the loan. The bank or the home financier establishes
the applicant’s repayment capacity based on his/her income,
age, qualifications, experience, employer, nature of business (if
self employed), etc, and based on these, works out the
maximum loan eligibility, and the final loan amount is
communicated. The bank then issues a sanction letter. This
letter máy either be an unconditional letter, or may have certain
terms and conditions mentioned, which have to fulfill before
the loan disbursal.
The title documents of your seller, which prove the seller\'s title
including the chain of title documents if he is not the first owner
NOCs from the legal owners such as cooperative housing
societies, statutory development authorities, the lessor of the
land in the case of leasehold land, etc. NOCs are not required
where the property is situated on freehold land and the entire
land is being transferred along with the structure. These
documents remain in the bank's custody until the loan is fully
repaid.
Legal Check:
Site Visit:
Step 7: Valuation:
• Loan amount
• Rate of Interest
• Whether fixed or variable rate oæ interest linked to a
reference rate
• Tenure of the loan
• Mode of repayment
• If the loan is under some special scheme, then the details
of the scheme
• General terms and conditions of the loan
• Special conditions, if any
Acceptance Copy:
All borrowers need to sign the home loan agreement and need to
submit post-dated cheques for the first 36 months (if that is the
agreed mode of repayment). The original property documents
have to be handed over to the bank at this stage. Some banks
also create a document recording the handing over of the
property documents to them as security for the due repayment of
the home loan.
The cheque will be in the name of the reseller (for resale flats),
builder, society or the development authority. It is only in
exceptional circumstances, that is, if the applicant provides
documents to support that he/she has made an excess payment
then only the cheque will be handed over to the applicant
directly by the bank.
Disbursement in Stages:
At this stage, banks may take only around three to six post-dated
cheques on account of PEMI.
Full and final disbursement: If it is a ready-possession
property, the bank disburses the entire loan amount in favor of
either the reseller or the builder.
Payment receipt: Once the bank hands over the pay order to the
borrower, he/she in turn is expected to hand it over to the
reseller or the builder and should get a receipt from them for the
payment and hand it back to the bank, as it will become part of
the borrower’s mortgage documentation.
Repayment
The loan is generally repaid by equated monthly
installments, using post-dated cheques. Banks usually ask for
12, 24 or 36 PDCs (Post Dated Chques), after which the
customer need to repeat the process until the entire loan has
been repaid. Some banks may also insist on a cheque for an
amount equivalent to the loan outstanding at the end of PDC
period to ensure timely replenishment of PDCs for the next 12,
24 or 36 months as the case may be.
In case the installments are
to be deducted against the borrower’s salary, he/she need to
submit a letter letter from the employer accepting this
arrangement and directly remitting the amount to the bank
every month.
Some banks allow to give standing instructions to the bank to
deduct money each month crediting the borrower’s home loan
account.
Some banks allow the monthly installments to be paid by
convenient ECS facility.
Another possible mode of payment is by cash or demand draft
(not all banks offer this). One can also deposit the EMI every
month at the bank's office.
Prepayment
Loan pre-closure/satisfaction
After one has completely repaid the entire loan, he/she must
ensure that the entire set of original property documents are
taken back. One should also ask the bank for a No-Objection
Certificate saying the account has been cleared. As an option,
the bank may issue a consent letter stating that the property is
now free from mortgage.
At this stage, in some cases, you may discover that the original
documents have yet not been received by the bank from the
registrar. In such cases, the customer needs to follow up with
the registrar and get the documents from them directly by
showing them a copy of the bank's clearance certificate.
Remember that receipt will come in very useful when the loan
is fully paid off. Also, it is extremely useful when one wants to
shift the loan to a new lender.
After having seen, the steps involved in the processing of a loan,
let’s us understand the main issues involved in the issuance of
loan to meet the Working Capital Requirement.
Cash/Sundry
Creditors
Sundry Debtors
Sales
Stock-in-Process
Finished Goods
The total working capital requirements for Industrial Units will
depend upon the holding period of assets and the operation of
the cycle. Thus, the stocking of raw materials may be
equivalent to one or three months’ raw materials consumption
for most industries, but say nil for a sugar mill.
Current Assets
Current Assets are convertible assets, liquid assets or floating
assets. They change their form every now and then and
ultimately are converted into cash. Current assets are such assets
which are reasonably expected to be realised into cash within a
period of 12 months. They indicate short-term deployment of
funds and form Gross Working Capital.
The quantum and period, for which each current asset is held,
should be reasonable and related to the requirement. Any asset
held in excess, burdens the business with unnecessary interest
and costs on such borrowings.
Cash and Bank Balance tied to or earmarked for long term use,
for example for a future expansion / diversification programme
or investment outside business, should be excluded from Current
Assets. Such part of the Cash and Bank Balances should be
shown under Other Non-Current Assets.
Current Liabilities
Current liabilities are short term liabilities which are repayable
within a year. They are normally raised for meeting the working
capital needs and to acquire current assets. Current liabilities
are the main source of finance for working capital and are
normally identified with the operating cycle of the business.
Current Liabilities normally consists of:
1) Bank Borrowings for working capital
2) Other short term borrowings like Unsecured Loans, Inter
Corporate Deposits etc.
3) Sundry Creditors (for goods, expenses and others including
advance payment against orders)
4) Term Loan / Debentures / Deferred Payments and Lease
Rental instalments repayable within a period of one year
5) Statutory Liabilities (due within one year)
6) Other current liabilities and provisions (accrued expenses of
wages, interest, unclaimed dividend and provision for
taxation etc.)
Current Ratio
The ratio of current assets to current liabilities is known as
Current Ratio. It indicates the liquidity position whereby the
capacity of unit to pay the creditors and short-term liabilities is
determined. It is generally expected that the customer should
meet about 25% of its Working Capital requirements or Current
Asset from long term sources. Thus, normally, the current ratio
should be minimum 1.33.
The current ratio
indicates only the quantitative coverage and by itself does not
give any indication as to quality of current assets and current
liabilities. The adequacy of the ratio should, therefore be judged
by examining the quality of the components of current assets
and current liabilities.
Consideration of
factors such as valuation of stocks and guidelines on inventory,
sundry debtors, borrowing and marketability of investments
would substantially assist in determining the quality of the ratio.
If a scrutiny of current assets reveals that they contain slow
moving/non moving stock of raw materials, work in process,
finished goods and non recoverable debtors, and if there are
current liabilities requiring urgent attention/payment, even a
high current ratio cannot be deemed adequate as liquidity may
be affected. Similarly, a certain fall in the price of materials
would shrink the value of stocks thereby narrowing the margin
of safety to creditors/banks. It is therefore always necessary to
make an in depth study of the current ratio of the unit and not to
take it at is face value. It is also essential that proper
classification of current assets and current liabilities is ensured
to arrive at need based permissible bank finance.
METHODS OF ASSESMENT OF WORKING CAPITAL
NEEDS
Turnover Method
Under this method working capital limit shall be computed at
20% of the projected gross sales turnover accepted by the bank.
This system is normally applicable to traders, merchants,
exporters who are not having a pre determined manufacturing /
trading cycle. Under the turnover method bank should ensure
that maintenance of minimum margin on the projected annual
sales turnover. Normally 25% of the estimated gross sales
turnover value shall be computed as working capital
requirements, of which 20% shall be provided by the bank and
the balance 5% by way of promoter contribution towards margin
money. However if the available net working capital (NWC) is
more, the same shall be reckoned for assessing the extent of
bank finance and lower limit/s can be considered. The turnover
method may be applied for sanction of fund based working
capital to the borrowers requiring working capital facility upto
Rs 500 lakhs from the banking system for SSI units. In case of a
traders, while bank finance could be assessed at 20% of the
projected turnover, the actual drawals should be allowed on the
basis of drawing power determined after deducting unpaid
stocks. Under this method current ratio would be 1.25.
Example
Projected accepted annual Gross Sales Turnover -
Rs.10.00 lacs
25% of the above - Rs.
2.50 lacs
Minimum margin to be provided by the borrower - Rs.
0.50 lacs
(or NWC, whichever is higher)
Bank finance - Rs.
2.00 lacs
(or lesser, in case NWC is higher)
MPBF System
Before the MPBF Method is explained, it is necessary to
understand the erstwhile Second Method of Lending under
Tandon Committee Recommendations. Under Method II, the
borrower should bring in a minimum margin of 25% of all
current assets from owned funds and long term liabilities, and
the balance i.e 75% be financed by the Bank.
The example given below will illustrate this:-
Current Liabilities Current Assets
Credit for purchase 100 Raw materials 200
Other current liabilities 50 Stock-in-process 20
150 Finished goods 90
Bank borrowings including bill 200 Receivables including bill 50
discounted discounted
350 Other current assets 10
Method II 370
a. Current Assets 370
Less:
b. Current Liabilities other than Bank 150
Borrowings
c. Working Capital Gap 220
d. Minimum stipulated net working 92
capital i.e 25% of Current Assets
e. Actual / projected net working capital 20
(total current assets – 370 minus total
current liabilities – 350 incl. Bank
Borrowings – 200)
f. Item c minus d 128
g. Item c minus e 200
h. Max. Permissible Bank Finance 128
(Item f or g whichever is lower)
i. Excess borrowings 72
(representing shortfall in net working
capital – item d minus e)
As per past practice, current assets and current liabilities for the
next year are reckoned in accordance with the usually accepted
approach of bank.
C. Limited Companies
a) Apart from paid capital and free reserves as
appearing in the balance sheet, balance in the
share premium account, capital and debenture
redemption reserves, and any other reserves (not
being the reserve created for repayment of any
future liability for depreciation in assets, for bad
debts or reserves created by revaluation of assets)
shall also be taken into account.
b) Accumulated balance of loss, balance of deferred
revenue expenditure and other intangible assets
should be deducted from the capital as in (a)
above.
Obtention of Personal Guarantees of Directors
Wherever loans / advances are granted to corporate borrowers
the sanctioning authorities are required to obtain guarantees
from Directors (excluding nominee directors) and other
managerial personnel in their individual capacity, wherever felt
necessary. Managerial personnel are those who may not be
called as promoters / directors but who have otherwise, a stake
in the ownership / management of the company concerned.
However, obtention of personal guarantee from such managerial
personnel may be decided on case to case basis.
This apart, the branches should also obtain from the borrowing
company, an auditor’s certificate annually, to the effect that no
commission, brokerage/fees, etc., has been paid to the
guarantors by the company.
Credit Rating
All proposals brought before the Zonal Committee/Credit
Committee for sanction to be assessed by Internal Rating
System.
1. Business Risk
It mainly covers market position factors such as access to
patents, brand equity, consistency in quality,
customisation of product/product design, distribution set
up, diversity of markets, financial ability to withstand
price competition, long term contracts/assured offtake,
product range/mix, support service facilities/after sales
service, project management skills and size related
pricing advantages.
It also covers operating efficiency factors such as
availability of raw materials, Multi locational
advantages, adherence to environmental regulation,
capacity utilization, cost of effective technology,
employee cost, efficient raw material usage, energy cost,
extent of integration, management of input price
volatility, selling costs, vulnerability of event risks,
bargaining power with suppliers, proximity to customers
and employee attrition rate.
2. Management Risk
This risk mainly covers Track Record, credibility,
payment record and other factors like group support,
management proactiveness
3. Financial Risk
This risk is evaluated through a combination of the
following ratios (both past and projected)
→ Interest Coverage
→ Return on capital employed
→ Operating Margins
→ Operating income/short term borrowings
→ Current Ratio
→ DSCR
→ Total Outside Liabilities/Total Networth
→ Free cash flow from operations/Total debt.
4. Industry Risk
The factors covered under industry risk are qualitative
factors such as demand supply gap, Government Policy,
Extent of competition, Input related risk and Quantitative
factors such as Return on capital employed, operating
margins, variability of operating margins, slope of
operating margin trendline.
The limit upto which the drawings are allowed in the cash Credit
/ Overdraft account is called Drawing Limit. It is the lower of
Sanctioned Limit and Drawing Power. Drawing Power is Value
of Security less Margin. An illustration for this is given below:
Working Capital
Gap (CA-CL) Rs.12,00,000
Less 25% on CA Rs. 3,75,000
PBF Rs. 8,25,000
1. Inventories
Total inventory (excluding non usable non moving, slow moving A
stocks) (period to be specified)
LESS; Unpaid stocks (on account of sundry creditors for purchases, B
DALC, advance payment guarantees / suppliers credit etc.) and stock
hypothecated to any other facilities
Value of paid stock (A – B) C
LESS: Stipulated margin on stocks as per sanction D
DP / DL on stocks (C-D) E
2. Book Debts
Total amount of inland credit sales (debtors) not exceeding the period F
permitted by the sanctioning authority
LESS; Value of bills (Supply Bill, SDB, BE) discounted by the G
Bank/Factors duly adding back the margin (on the date of stock
statement) & advance received against suppliers
Net bills receivables / debtors unfinanced by the Bank / Factors (F-G) H
LESS: Stipulated margin on book debts as per sanction I
DP / DL on Book Debts (H-I) or stipulated sub limit under Book Debt J
whichever lower
The total drawing power / drawing limit against stocks and Book
Debts shall be E+J or sanctioned limit whichever is lower.
Assessing BG Limit
Banks usually issue guarantees in the following circumstances:
1) Enterprise participating in tenders, auctions etc are
generally required to submit bank guarantees for a
minimum stipulated amount in lieu of security
deposits/earnest money deposit etc.
2) It is common practice to provide mobilisation advance
by the principal to contractors/vendors executing turn-
key projects or civil projects which may take
considerable time for completion. Mobilisation advance
may be provided both before the commencement of the
project and at various stages of progress in respect of
plant layout design, drawings, construction etc. As a
security against funds provided in advance, the
contractors are often required to submit bank guarantees.
3) Sometimes raw material ar supplied by the buyer to the
manufacturing units with whom supply orders are placed
by the former. In these cases, the buyer of goods
(supplier of raw material) may require security in the
form of bank supplying products/services to a parent
company, where the latter suppliles raw material against
submission of bank guarantee.
4) Even after the goods have been supplied in terms of the
contract, the buyers may hold a portion of the supply
bills till they are finally satisfied about the quality of the
material supplied. The retained amount is released only
after a bank guarantee for an equivalent amount is
submitted by the supplier.
5) Supplier of goods and services often proved warranty
period to the buyers of such products. In these cases, the
suppliers may request the bank to issue performance
guarantees in favour of the buyers. On submission of
such performance guarantee, the suppliers receive the
proceeds without waiting for the expiry of the warranty
period.
Credit risk
Socio-political
Risks
Business Risks
Economic Risks
Other Exogenous
Financial Risks
Risks
a. Exposure Ceilings:
Prudential Limit is linked to Capital Funds -say 20%
for individual borrower entity, 45% for a group with
additional 5%/10% for infrastructure projects,
subject to approval of the Board of Directors,
threshold limit is fixed at a level lower than
Prudential Exposure; Substantial Exposure, which is
the sum total of the exposures beyond threshold
limit should not exceed 600% to 800 % of the
Capital Funds of the bank (i.e. 6 to 8 times).
b. Review/Renewal:
Multi-tier Credit Approving Authority, constitution
wise delegation of powers, sanctioning authority’s
higher delegation of powers for better-rated
customers; discriminatory time schedule for review
/ renewal, Hurdle rates and Bench marks for fresh
exposures and periodicity for renewal based on risk
rating, etc
Gross NPA:
Classification of NPAs:
Various assets can be classified as NPA,
if the assets satisfy the following conditions:
Term Loans:
A term loan is a loan repayable by installments. It
is treated as NPAs if interest/ installmeIt is nt. An amount
remains past due for a period of six months or two quarters or
more. An amount is considered as past due when it remains
outstanding for 90 for 90 days beyond the date of payment.
Agricultural Advances:
In case of advance granted for
agricultural purposes including agricultural gold loan, the loan
will balance NPAs if interest/ installment as the case may be
remains unpaid after it has become due for two harvest season,
but for a period not exceeding two half years.
Provisioning:
Standard Assets:
Are those assets, which do not disclose any
problem and do not carry more than normal risk and are regular
in all respect.
Sub-Standard Assets:
These are those accounts which have been
classified as NPAs for a period not exceeding two years means
upto two years.
Doubtful Assets:
The assets which have remained NPAs for a
period of above two years.
Loss Assets:
Those NPA accounts where loss has been
identified by the bank/ internal inspector/ external auditor/ RBI
inspector or are those NPAs where there is no realizable value of
security.
Internal Factors:
The internal factors include
External Factors:
They are
I. Industrial stickiness
II. Non viability of unit/ project
III. Change in government policies
IV. Diversion of funds and willful defaults
V. Persistent losses due to shift in competition, lack of
demand, labor problems etc.
Steps taken to Reduce NPAs:
The financial institutions and
banks are coming up with the various innovative ways to
reduce the mounting level of NPAs , some of them are stated
below…
Bibliography:
Websites:
www.buzinessstandard.com
www.apnaloan.com
www.economictimes.com
www.rbi.org
www.ibef.com
www.wikipedia.org
www.syndicatebank.in
Textbooks:
Management of Non Performing Assets in Banks
- By: Sugan C. Jain