FXTM - Treasury Forex

Treasury and Forex
Management
Prof. Arup Choudhuri
Chairman and CEO, Acasia Global Consulting LLP
9830056887
arupsir@gmail.com
Pedagogy
The
Learning style
Prof. Arup Choudhuri- ICAI Treasury and Forex Management Chennai 06 and 07 August 2016
9/4/16
The Professor
The
Blackboard (whiteboard) Professor
The
Slide transitor
The
Problem-solver
The
Note-giver
The
Definition Expert
9/4/16
We have different Options

Option
1- I start lecturing. You get bored and feel
sleepy.
Option
2- I go on showing you slides after slides.

You ignore and enjoy the day on the deck.
Option
3- Let us (all) create a learning

environment. All of us contribute and we create a
body of knowledge.
9/4/16
I shall be more of a facilitator

Let
us take a stock of what we know

about Treasury and Forex Operations
9/4/16
Discussion 1
How do you see
the corporate financial scenario in
2016?
From the
business opportunity point of view
Investors point
of view
Rates and rating

Various
point of view
Markets and tradability point of view
9/4/16
What do you perceive by the

term Treasure?
Source: http://tsoicollection.com
9/4/16
One must decipher the road map

and must manage risk
Source: timvandevall.com
9/4/16
Then what do we mean by

treasury Management?
Management
of Organizations Liquidity to ensure

that the right amount of cash resources are
available in the right place in the right currency
and at the right time in such a way that it
maximizes (rather optimizes) the return on surplus
funds; minimizes the financing costs of the
business and controls various risks, particularly the
interest rate risks and currency exposure to an
acceptable level.
9/4/16
Treasury Focus
Managing
Liquidity
Mitigating
Risks
9/4/16
10
Managing Liquidity
Optimizing
Cash Resources
Short term financing
Medium to Long term financing
Managing Financial
information
9/4/16
11
The Size of Treasury depends

on the Size of the Company
Do
you agree?
9/4/16
12
Discussion 3
What
is meant by size?
(Size of treasury)
(Size of the company)
9/4/16
13
Forex Exposure
What?
When?
How?
Where?
Why?
9/4/16
14
Treasury Departments of
Different Organizations
Multinationals
(like Posco, Toyota, Pepsico, Coke)
Large
Corporate Houses (Tata Steel, ITC, Reliance

Industries)
Service
Providers (Infosys, Jet Airways, ITC Hotels)
Banking
Companies (Standard Chartered, State

Bank of India, UCO, HDFC)
Small
Organizations
9/4/16
15
Who Looks after Treasury?

CFO
VP- Finance
or Director of Finance
Treasurer
Controller
Investment
Managers
9/4/16
16
Desks
Payables
and Receivables
Short/ Medium and Long
term investments
9/4/16
17
Banks have elaborate Treasury

Operations
Fixed
Income / Money Market
Desk
Forex Desk
Equity Investment Desk
Commodity Desk
9/4/16
18
Treasury
9/4/16
19
Challenges
ALM
Interest Rate Mismatch
Gap Analysis
Payables
and Receivables
Management
9/4/16
20
Macro Challenges
Policy Standards
Regulation
Compliance
Technology
adoption
Transfer Pricing
9/4/16
21
Cash is King
The
Traditional Approach
Matching
Purchase to Pay and Order to

Cash Cycles
Managing
the Triad- Debtors (Accounts

Receivables), Inventories and Creditors
(Accounts Payables)
9/4/16
22
Traditional Functions
Cash
Forecasting- budgeting / accounting

records/ Capital budgeting decisions
Dividend
payments / Payment of Interests/

Redemption of bonds, debentures,
preference shares
Working
Cash
Capital monitoring
Management (limits)
9/4/16
23
Traditional Functions (contd.)

Investments
Credit
decisions
Fund raising
(Debt vs Equity, sale of assets)
Bank Relationships
(OD / CC limit
negotiation)
Cash management
through lock-boxes
9/4/16
24
Modern Approach
The
Strategic Approach (strategic risk/

reputational risk)
Automated
processes (Operational Risks,

Operational Security measures)
Cash may not
be favoured always (Money

Laundering Risk)
9/4/16
25
Hierarchy
Board
of Directors
Chairman
CEO/MD
CFO
VPs
/ Directors
Head
of Treasury
Dealers
(Forex / Money Market/ Capital Market/

Commodity Market)
9/4/16
26
Role of Front Office

Dealing
Investment
Frontline
wing to face Investment /interest

rate/ currency/ market risks
9/4/16
27
Role of Mid Office

Risk
rating (including Limit setting)
Risk
Management (Research / Analysis)
Risk
Mitigation (Hedging Strategies)
Monitoring
Risk
Open Currency Positions
return Analysis
Providing
Management Information (MIS)
9/4/16
28
Role of Back Office

Deals with Confirmations
Verification
of Deal Slips
Settlements
(monitoring Exposure Limits)
Reporting
(to RBI for banks)
Reconciliation
(Nostro / Vostro for banks)
Accounting
9/4/16
29
The Emerging Function

Risk
Management
Japans Mitsubishi
bank and its Data
center
9/4/16
30
Kolkatas Metro Railway Stations
9/4/16
31
Londons M-25
9/4/16
32
Managing M-25 24x7
9/4/16
33
Bank Drafts in India
9/4/16
34
Airbags in cars
9/4/16
35
Risk
Management vs Risk Mitigation
9/4/16
36
Some risks are predictable,

some are not.
Earthquake in Nepal
Air
attacks on World Trade Center

Tsunami in India (after 187 years)
MH-17, the Malaysian flight
disappeared with all its passengers
9/4/16
37
Some corporate failures due to

wrong risk mapping
Shut-down
of Uninor and exit of Norwegian

Telenor from India
Closure
of business of Royal Bank of Scotland in
India
Failure of Tata Motors
in Singur in West Bengal
Failure
of Kingfisher and SBI led syndication of Rs.

4000 crore turning bad
9/4/16
38
Risk is a part of any business

Chinese phrase:
The
least risk option of buying a ship is to

anchor it in a safe harbour through out its
life.
9/4/16
39
Who are at risk?
An earthquake kills 3000 people in Nepal

Bosnias annualized inflation jumps to 18%
High liquidity in Japanese banks calls for revision of interest rate
Sweden boycotts Chinese toys
12 banks collapses in Greece
Strikes on different political issues paralyses Egypt
Terrorists stormed into a theatre hall, open fire and kill several
people in Paris
Unprecedented continuous rain flooded the city of Chennai and
paralyses life.
9/4/16
40
The bigger the business, the

bigger is the risk
Indian
Bank will be affected by the Chennai

flood, BUT
Standard Chartered Bank
will be affected by
all
9/4/16
41
Different types of interrelated

risks are around business
Events
Risks
State Bank of Hyderabad gives a Rs. 10 Crore

credit to Adarsh Exports Ltd for 5 years at an
interest at 13%. Banks interest rate falls to 11.75
%. The party looks for refinancing by making prepayment.
Credit risk for the

bank
Adarsh exports silk garments to European

nations. Euro weakens in 2 years.
Some orders got cancelled.
Forex Risk
A consignment to Italy was rejected due to overbilling of inferior quality products. Italy blacklists
Adarsh
Reputation Risk
5 Containers of silk garments exported by Adarsh

remained un-cleared in a Spanish port due to a
Prof.
Arup Choudhurilocal
strikeICAI Treasury and Forex Management Chennai 06 and 07 August 2016
Derived risk
Interest Rate Risk
Business Risk
9/4/16
42
For banks most of the risks are

derived risks
Banks
face the risks faced by other

industries
9/4/16
43
Banks face a Galaxy of interrelated

risks..
9/4/16
44
The Concept of Risk Universe
9/4/16
45
RISK
Risk = chance of
incurring loss or injury.
9/4/16
46
Risk Management
Risk
cycle
Managing the risk consists

four steps
Assessment
Evaluation
Measurement
Management
9/4/16
47
To Manage Risks, we have to

identify the sources of risks
Risks
emanate from uncertainties

There are several levels of uncertainties
9/4/16
48
Levels of Uncertainties
None/nil
(outcomes can be predicted) CERTAINTY

Level-1 (outcomes are identified and probabilities
are known) OBJECTIVE UNCERTAINTY
Level-2 (Outcomes are identified but probabilities
are unknown) SUBJECTIVE UNCERTAINTY
Level-3 (Outcomes are not fully identified and
probabilities are Unknown) TOTAL UNCERTAINTY
9/4/16
49
Uncertainty is related to:

Physical
Social
Legal
Environment
Environment
Environment
Operational
Environment
Economic
Environment
Cognitive
Environment
9/4/16
50
Whose risk is it anyway ?

Industry
Sector orientation
Socio-political orientation
Stakeholder orientation
Risk orientation
9/4/16
51
Risks primary classification

Pure
(Chance to lose only) vs. Speculative (Chance

to win or lose) Risks
Diversifiable vs. Non-diversifiable

Systematic (General)
risks
vs. Nonsystematic (firm
specific) risks
9/4/16
52
Major risks
Inflation
risk
Interest rate
risk
Credit risk
Liquidity risk
Market risk
Investment horizon
risk (in Bonds, capital market,

mutual funds, foreign exchanges)
9/4/16
53
Major risks
Political risks
Upheaval risks
Technology-Methodology Replacement
Risks
Merger-Acquisition
(Change in business
combination) Risks
Environmental Risk
9/4/16
54
Business Event Risks
Collapse of markets
Currency convertibility risks
Disaster risks
Legal risks
Regulatory risks
Reputation risks
Taxation risks
War risks
9/4/16
55
Operational control Risks

Fraud
risks
Capacity over limit risks

Key
personnel risks
Money laundering
risks
Processing risks
Security risk
9/4/16
56
Transaction Risks
Booking
error
Commodity
delivery risks
Contract/
Documentation risks
Execution
error risks
Product complexity
Settlement
risks
error risks
9/4/16
57
Systems Risks
IT systems
failure risks
Data Back-up risks
Programming error risks
Telecom failure risks
Mark-to-market mismatch error risks
9/4/16
58
Risk Analysis
Pure Risks
and Speculative Risks

Acceptable Risks and Non- acceptable
risks
Static Risks and Dynamic Risks
Systematic Risks and Non-systematic
Risks
9/4/16
59
Cost of Risks
Risk
Identification costs
Risk
Handling costs
Social
costs
Actual
loss both direct and indirect
Loss
financing costs
Loss
control costs
Residual
uncertainty costs
9/4/16
60
Approaches to Risk management

Risk
Avoidance
Loss Control
Separation
Risk Combination
Risk Transfer
9/4/16
61
Types of Financial Risks

Risk
is multidimensional
Market Risk
Financial
Risks
Credit Risk
Operational Risk
9/4/16
62
Hierarchy of Financial Risks
Equity Risk
Market Risk
Financial
Risks
Credit Risk
Specifi
c
Risk
General
Market
Risk
Trading Risk
Interest Rate Risk

Currency Risk
Gap Risk
Commodity Risk
Operational
Risk
Counterparty
Risk
Transaction Risk
Issuer Risk
Portfolio
Concentration
Risk
Issue
Risk
9/4/16
63
Response to Financial Risk

Market response-introduce
new products
Equity futures
Foreign
currency futures
Currency swaps
Options
Regulatory response
Prudential
norms
Stringent Provisioning norms
Corporate governance norms
9/4/16
64
Evolution of Regulatory Environment

G-3-
recommendation in 1993
20 best practice
price risk management

recommendations for dealers and end-users of
derivatives
Recommendations
for legislators, regulators and
supervisors
Followed
by 1988 BIS Accord, 1996 amendment

and Basel II
2009
Basel III
9/4/16
65
The primary risks for bank

Credit
Risk
Market Risk
Interest Rate Risk
Liquidity Risk
Operational Risk
9/4/16
66
Fraud Risk- an integral part of the risk

management strategy
Let us take a few instances
1: Oriental Bank of Commerce: One Mr. Shibapada Bishnu

took a SME loan of INR 45 lacs in 2009. He mortgaged 2
apartments worth 23 lacs and 28 lacs in a place called
Birati. He and his family stays in one of the apartments. The
other one is unoccupied. He bought it to gift this to his
daughter after marriage.
Unfortunately, he suffered a loss due to the effects of sub

prime crisis. Many of the European orders were cancelled.
9/4/16
67
Contd.
While
analyzing his history for restructuring his debt,

only one apartment is mortgaged.
The
other apartment was sold to Mr. Kamalendu

Mondal, which was registered, mutated and later on
sold to one K.C Mohapatra
Identified
that one of the ex bank employee made Mr.

Bishnu to sign many papers for the loan documentation
process. The gift deed paper was also signed.
9/4/16
68
Next
2:
A man deposited INR 2,00,000 in the Burrabazar branch

of State Bank of India. 17 INR 1000 notes were identified as
counterfeited notes later when cash was reconciled.
3:
A man hacked the electronic network of the Bank of

Baroda and transferred INR 1.36 crore from 60,000
accounts from Bidarva area of Maharashtra and deposited it
in an account in Jammu and Kashmir. The money was
withdrawn in several instances using a debit card.
9/4/16
69
More
4: A fire destroyed the factory of SM Chemicals. They took a

credit of INR. 2 crores to buy machines. The experts of the
insurance company could not identify the charred remains
of many of the machines.
5: A call came from Ukraine on the mobile phone of PD, a

popular film actress. She replied back. A bug attacks her
mobile as well as computer. They used PDs Credit card and
debit card to defraud INR 48 lakhs.
6: 2 college students and 3 college dropouts in Tumkur robs

a branch of Central Bank of India
9/4/16
70
Two more
7: Sarovar Investments, a stock brokerage company in

Mumbai, used to give tips to buy high yielding shares. They
started recommending on Bank of India shares. People
started buying and the stock price was soaring high. A
newspaper also was fuelling the stock price with misleading
analysis. The partners of the firm had a huge chunk of BOI
shares. They offloaded all their shares. Suddenly the market
reversed and the partners went back to the original position
with huge profit.
8: Syndicate Bank CMD was arrested for taking bribe from

a big steel company
9/4/16
71
From these cases

We find that, fraud may come
from various sources
The
policy on Anti Fraud or Fraud Risk

Management must take into consideration various
social, economic, political, cultural, educational,
environmental and national factors
We have
to study the Dynamic Forces Model
And Stakeholder
Model
9/4/16
72
The Dynamic Forces Model

Dominant Forces in the
Business-Government-Society Relationship
Business Influence Efforts
Environmental
Catalysts
Economic
Factors
Wars
Ideologies
Technologies
Nature
Chance
Social Changes
The
Public
Values
Expectations
Needs
Demands
Supports
Government
Laws
Regulations
Pressures
Leadership
Corporations
Operations
Production
Finance
Marketing
Policies
Influence
Efforts
Lobbying
Advocacy Ads
Leadership
Issues
Management
Impact of Business Operations

9/4/16
73
The Integrated Treasury

Holistic
Approach
ALM
Funds Management
Transfer Pricing
Derivative
Products
Arbitrage
Capital
Adequacy
9/4/16
74
The Importance of a Treasury Policy

Purpose
Responsibility
Investment Objective
Framing
Portfolio Composition
Degree of default Risk (setting limits)
9/4/16
75
Open Position Limits

Daylight
Overnight
Asset
Position
Intra Day Limit
Dealing Limit (Individual Dealers Limit)
Stop-Loss Limit
9/4/16
76
The Moral and Ethical Codes

Commitment
Principles
Oath
Confidentiality
penalties
9/4/16
77
Managing Float
Payables- Receivables Analysis
Market
movements
Foreign Events
Liquidity Risk
Swaps
9/4/16
78
Lock-box Management
Mail Float
Processing Floats
Availability Floats
Lockbox
cost analysis
Collection Research
9/4/16
79
In case of banks.
CRR
SLR
REPO
Reverse Repo
9/4/16
80
Internal Control
Framing
Goals
Cost of Fund analysis
Deviation from objectives
Tolerance limit (Risk Factor)
Damage Control
9/4/16
81
Netting
Inter subsidiary transactions
and
Forex exposure
Liquidity/ Funding deficiencies
Local hedging
Dispute Resolution
9/4/16
82
Gap Management
Position
Evaluation
Maturity Evaluation
Cash Flow Evaluation
Liquidity Evaluation
NPV Evaluation
NPA Evaluation
9/4/16
83
Payment and Settlement

CCIL
Forex
CLS
RTGS
NEFT
SWIFT
9/4/16
84
Dealing
Nostro
Vostro
LORO
Mirror
Accounts
Open Currency Positions
Dealers Cash Position
9/4/16
85
NOP and NOOPL

RBI Guidelines
Calculation
of capital charge on Forex
risk
Net Spot Position
Net Forward Position
Offshore Exposure
9/4/16
86
Role of ALCO in a Bank

Adequate Capital
Aggregate
Gap Limit (AGL)
9/4/16
87
Domestic Treasury vs, Foreign

Treasury Markets
CRR
SLR
Currency
Trading
9/4/16
88
Role of some Organizations

RBI
IRDA
SEBI
FIMMDA
CCIL
9/4/16
89
Mechanisms
NDS OM
CROMS
9/4/16
90
Money Market Instruments

Government Securities
Treasury
Bills
Promissory Notes
Dated Securities
9/4/16
91
Markets
Primary
markets
Secondary markets
Auctions
Yield-Based
Price-Based
Underwriting and Primary Dealers
9/4/16
92
Let Us Explore the Investment
In Investment management, the most important decision

made is the allocation of funds among various assets classes
The two major asset classes are equities and fixed income
securities.
The other asset classes such as real estate, private equity,

hedge funds, and commodities are referred to as
alternative asset classes
While overshadowed by the media prominence of the equity

market , fixed income securities play a critical role in the
portfolios of individual and institutional investors
Prof.
Arup Choudhuri- ICAI Treasury and Forex Management Chennai 06 and 07 August 2016
1193
9/4/16
Fixed Income Securities
Fixed income securities fall into two general categories: debt

obligation and preferred stock.
In case of debt obligation, the issuer is called the borrower

and the investor is said to be lender or creditor
The promised payments that the issuer agrees to make at the

specific dates consist of two components: interest and
principal. In case of bonds the interest is called coupon
Fixed income securities that are debt obligations include

bonds, mortgage-backed securities and assetbacked securities, and bank loans
1194
Prof. Arup
ChoudhuriICAI Treasury
and Forex
9/4/16
Management
Chennai 06
and 07 August
2016
Indenture and Covenants
The promises of the issuer and the rights of the bondholders are
set forth in great details in a bonds indenture.
Bondholders would have great difficulty in determining from

time to time whether the issuer was keeping all the promises
made in the indenture.
The problem is resolved for the most part by bringing in a

trustee as a third party to the bond or debt contract.
The indenture identifies the trustee as a representative of the

interests of the bondholders
Refer FAQ on Debenture Trustee for details
Prof.
1195
9/4/16
Affirmative & Negative Covenants
As part of the indenture, there are affirmative covenants and

negative covenants.
Affirmative covenants set forth activities that borrower promises to do.

The most common covenants are:
to pay interest and principal on timely basis
to pay all taxes and other claims when due
to maintain all properties used and useful in the borrowers

business in good condition and working order
to submit periodic reports to a trustee stating that the borrower is

in compliance with the agreement
Negative covenants set forth certain limits & restrictions on the

borrowers activities
Prof.
1196
9/4/16
Corporate Debt Securities
The Corporations throughout the world that seek to borrow

funds can do so through either bank borrowing or the issuance
of debt securities.
The securities issued include bonds (called corporate

bonds), medium term notes, asset-backed securities,
and commercial papers. The next slide gives an overview
of Corporate Debt Securities
In many countries throughout the world, the principal form of

borrowing is via bank borrowing and, as a result, a well
developed market for non bank borrowing has not developed
or still in its infancy stage.
Prof.
1197
9/4/16
Corporate Debt Securities
Overview of Corporate Debt Securities
Prof.
1198
9/4/16
Secured Debt
Mortgaged Debt - either real property or personal property

may be pledged as security for secured debt. With mortgage
debt, the issuer grants the bondholders a lien against pledged
assets. A lien is a legal right to sell mortgaged property to
satisfy unpaid obligations of bondholders.
Collateral trust bonds Instead of above, some companies own

securities of other companies, as holding companies. These
securities include stocks, notes, bonds or other financial assets
which are granted as securities to bondholders. Such debts are
called Collateral trust bonds
Prof.
1199
9/4/16
Unsecured Debt
Subordinated debenture bonds are issues that rank after

secured debt, after debenture bonds and often after some general
creditors in their claim on assets and earnings
One of the important protective provisions for unsecured debt

holders is the negative pledge clause. This provision found
inmost senior debt issues and a few subordinated issues, prohibits
a company from creating or assuming any lien to secure a debt
issue without equally the subject debt issue
Prof.
11100
9/4/16
Unsecured Debt
Unsecured debt is commonly referred to as debenture bonds or

simply debentures.
Although, it does is not secured by a specific pledge of property,

that does not mean that bondholders have no claim on property
of issuers or on their earnings.
Debenture holders have the claim of general creditors on all

assets of the issuer not pledged specifically to secure other debt.
And they even have a claim on pledged assets to the extent that
these assets generate proceeds in liquidation that are greater
than necessary to satisfy secured creditors
Prof.
11101
9/4/16
Unsecured Debt
Unsecured debt is commonly referred to as debenture bonds or

simply debentures.
Although, it does is not secured by a specific pledge of property,

that does not mean that bondholders have no claim on property of
issuers or on their earnings.
Debenture holders have the claim of general creditors on all assets

of the issuer not pledged specifically to secure other debt.
And they even have a claim on pledged assets to the extent that
these assets generate proceeds in liquidation that are greater than
necessary to satisfy secured creditors
9/4/16
102
Credit Enhancements
Some debt issuers have other companies-guarantee their loans.

This is normally done when a subsidiary issues debt and the
investors want the added protection of a third-party
guarantee.
The use of guarantees make it easier and more convenient to

finance special projects and affiliates
Another credit enhancing feature is the letter of credit (LOC or

LC) issued by a bank. A LC requires the bank to make the
payments to the trustee when requested so that monies will be
available for the bond issuer to meet its interest & principal
payments when due rating of the bond is usually no better than
the credit rating of the guarantor
9/4/16
103
Credit Rating
In conducting a credit examination, each rating agency, generally

considers four Cs of credit character, capacity, collateral,
and covenants
Character analysis involves the analysis of the quality of

management.
In assessing capacity, the financial statements and other factors

are analyzed
The third C, collateral is looked at not only in the traditional sense

of assets pledged to secure the debt, but also to the quality & value
of those unpledged assets controlled by the issuer
Covenants deal with limitations & restrictions on the borrowers

activities. There are affirmative & negative covenants
Prof.
11104
9/4/16
Media reporting
India central bank may step up bond purchases to ease liquidity

pressure ahead of the up keeping busy season which starts from this
month, and that may soften yields on govt. securities.
The benchmark 10 year bond yields have climbed more than 150 bps
since June 30 and peaked at 8.97% on August 28. Bond prices and
yields move in opposite direction.
It is reasonable to assume that RBI will conduct a series of Open

Market Operations in the next two-three months to improve liquidity.
------- Economic Times of India
9/4/16
105
Thank you
9/4/16
106

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Treasury and Forex

Blackboard (whiteboard) Professor

We have different Options

1- I start lecturing. You get bored and feel

2- I go on showing you slides after slides.

3- Let us (all) create a learning

I shall be more of a facilitator

us take a stock of what we know

the corporate financial scenario in

business opportunity point of view

Rates and rating

Markets and tradability point of view

What do you perceive by the

One must decipher the road map

Then what do we mean by

of Organizations Liquidity to ensure

The Size of Treasury depends

(like Posco, Toyota, Pepsico, Coke)

Corporate Houses (Tata Steel, ITC, Reliance

Providers (Infosys, Jet Airways, ITC Hotels)

Companies (Standard Chartered, State

Who Looks after Treasury?

Banks have elaborate Treasury

Income / Money Market

Purchase to Pay and Order to

the Triad- Debtors (Accounts

Forecasting- budgeting / accounting

payments / Payment of Interests/

Traditional Functions (contd.)

(Debt vs Equity, sale of assets)

Strategic Approach (strategic risk/

processes (Operational Risks,

Cash may not

be favoured always (Money

(Forex / Money Market/ Capital Market/

Role of Front Office

wing to face Investment /interest

Role of Mid Office

rating (including Limit setting)

Management (Research / Analysis)

Mitigation (Hedging Strategies)

Open Currency Positions

Management Information (MIS)

Role of Back Office

(monitoring Exposure Limits)

(to RBI for banks)

(Nostro / Vostro for banks)

The Emerging Function

bank and its Data

Kolkatas Metro Railway Stations

Managing M-25 24x7

Bank Drafts in India

Some risks are predictable,

attacks on World Trade Center

Some corporate failures due to

of Uninor and exit of Norwegian

of business of Royal Bank of Scotland in

in Singur in West Bengal

of Kingfisher and SBI led syndication of Rs.

Risk is a part of any business

least risk option of buying a ship is to

Who are at risk?

An earthquake kills 3000 people in Nepal

The bigger the business, the