PEST Analysis of Banking

www.final-yearprojects.co.cc | www.troubleshoot4free.com/fyp/ Final Year Project's is One place for all En ineerin Projects! Presentation! seminar!
summer trainin report an" lot more. #O$E%-$his wor& is copyri ht to its 'uthors. $his is only for E"ucational Purpose.
1 Term Paper On Banking , and insurance sectors { PEST analysis} (With re erence to course, Business E!"#$O%E!T (%&T '1() Su*mitted to+ Su*mitted *y+ %r, P-!.-/ /-#! /inu /ose B01 SE2 + $$1341 $E& !O 14341305 -2.!OW6E&E%E!T 1 7irst o all 8e 8ould like to thank the 6o9ely :ni9ersity and take the opportunity to do this pro;ect as a part o the %,B,-, %any people ha9e in luenced the shape and content o this pro;ect, and many supported me through it, # e<press my sincere gratitude %$ P-!.-/ /-#! or assigning me a pro;ect on B-!.#!&, 7#!-!2#-6 SE$"#2ES -!= #!S:$-!2E, 8hich is an interesting and e<hausti9e su*;ect ,>e, has *een an inspirational and role model or this topic, >er guidance and acti9e support has made it possi*le to complete the assignment, We 8ould also like to thank my riends 8ho ha9e helped and
www.final-yearprojects.co.cc | www.troubleshoot4free.com/fyp/
www.final-yearprojects.co.cc | www.troubleshoot4free.com/fyp/ Final Year Project's is One place for all En ineerin Projects! Presentation! seminar! summer trainin report an" lot more. #O$E%-$his wor& is copyri ht to its 'uthors. $his is only for E"ucational Purpose.
encouraged me throughout the 8orking o this pro;ect, 6ast *ut not the least # 8ould like to thank the -lmighty or al8ays helping me , /#!: /OSE 0 ? #!=E@ P-&E !O #, #!T$O=:2T#O! 5 ##, PEST -!-6AS#S O7 B-!.#!& SE2TO$ 'B10 ###, %E-S:$ES TO -/:ST TO E@TE$!-6 7-2TO$S 1' #", B-!.#!& C:#D 1E ", #!T$O=:2T#O! TO #!S:$-!2E 1F "#, PEST -!-6AS#S O7 #!S:$-!2E SE2TO$ 1(B0' "##, $E2O%%E!=-T#O! TO #!S:$-!2E #!=:ST$A 0' "###, 2O!26:S#O! 0E #@, B#B6#O&$-P>A 0F 5 #!T$O=:2T#O! 7inancial Sector $e orms set in motion in 1331 ha9e greatly changed the ace o #ndian Banking, The *anking industry has mo9ed gradually rom a regulated en9ironment to a deregulated market economy, The market de9elopments kindled *y li*eraliGation and glo*aliGation ha9e resulted in changes in the intermediation role o *anks, The pace o
trans ormation has *een more signi icant in recent times 8ith technology acting as a catalyst, While the *anking system has done airly 8ell in ad;usting to the ne8 market dynamics, greater challenges lie ahead, 7inancial sector 8ould *e opened up or greater international competition under WTO, Banks 8ill ha9e to gear up to meet stringent prudential capital adeHuacy norms under Basel ##, #n addition to WTO and Basel ##, the 7ree Trade -greements (7T-s) such as 8ith Singapore, may ha9e an impact on the shape o the *anking industry, Banks 8ill also ha9e to cope 8ith challenges posed *y technological inno9ations in *anking, Banks need to prepare or the changes, #n this conte<t the need or dra8ing up a $oad %ap to the uture assumes rele9ance, #n order to see the uture 8e need to see 8hat is going on in e<ternal en9ironment 8ith the help o PEST -!-6AS#S I# am con ident that #ndia 8ill *ecome a =e9eloped !ation *y 1414, 2ome, let us stri9e together to turn this resol9e into realityJ K -tal Bihari "a;payee ' PEST -!-6AS#S B-!.#!& SE2TO$ PO6#T#2-6 -!= 6E&-6 E!"#$O!%E!T The ad9ent o li*eraliGation and glo*aliGation had seen a lot o changes in the ocus o $eser9e Bank o #ndia as a regulator o the *anking industry, =eBregulation o interest rates and mo9ing a8ay rom issuing operational prescriptions ha9e *een important changes, The ocus has clearly shi ted rom micro monitoring to macro management, Super9isory role is also shi ting more to8ards o Bsite sur9eillance rather than onBsite inspections, The ocus o inspection is also shi ting rom transactionB*ased e<ercise to risk*ased super9ision, #n a totally deBregulated and glo*alised *anking scenario, a strong regulatory rame8ork 8ould *e needed, The role o regulator 8ould *e critical or+
a) Ensuring soundness o the system *y i<ing *enchmark standards or capital adeHuacy and prudential norms or key per ormance parameters, *) -doption o *est practices especially in areas like riskBmanagement, pro9isioning, disclosures, credit deli9ery, etc, c) -doption o good corporate go9ernance practices, d) 2reation o an institutional rame8ork to protect the interest o depositors, e) $egulating the entry and e<it o *anks including crossB*order institutions, 7urther, the e<pected integration o 9arious intermediaries in the inancial system 8ould add a ne8 dimension to the role o regulators, -lso as the coBoperati9e *anks are e<pected to come under the direct regulatory control o $B# as against the dual control system in 9ogue, regulation and super9ision o these institutions 8ill get a ne8 direction, Some o these issues are addressed in the recent amendment Bill to the Banking $egulation -ct introduced in the Parliament, The integration o 9arious inancial ser9ices 8ould need a num*er o legislati9e changes to *e *rought a*out or the system to remain contemporary and competiti9e, The need or changes in the legislati9e rame8ork has *een elt in se9eral areas and steps ha9e *een taken in respect o many o these issues, such as, E i) -*olition o S#2- L B#7$ setup and ormation o a !ational 2ompany 6a8 Tri*unal to take up industrial reBconstruction, #i) Ena*ling legislation or sharing o credit in ormation a*out *orro8ers among lending institutions, #ntegration o the inancial system 8ould change the 8ay 8e look at *anking unctions,
The present de inition o *anking under Banking $egulation -ct 8ould reHuire changes, i *anking institutions and nonB*anking entities are to merge into a uni ied inancial system While the recent enactments like amendments to =e*t $eco9ery Tri*unal (=$T) procedures and passage o SecuritiGation and $econstruction o 7inancial -ssets and En orcement o Security #nterest -ct, 1441 (S-$7-ES# -ct) ha9e helped to impro9e the climate or reco9ery o *ank dues, their impact is yet to *e elt at the ground le9el, #t 8ould *e necessary to gi9e urther teeth to the legislations, to ensure that reco9ery o dues *y creditors is possi*le 8ithin a reasona*le time, The procedure or 8inding up o companies and sale o assets 8ill also ha9e to *e streamlined, #! the recent past, 2orporate =e*t $estructuring has e9ol9ed as an e ecti9e 9oluntary mechanism, This has helped the *anking system to take timely correcti9e actions 8hen *orro8ing corporate ace di iculties, With the *orro8ers gaining con idence in the mechanism, it is e<pected that 2=$ setup 8ould gain more prominence making !Pmanagement some8hat easier, #t is e<pected that the issue o gi9ing statutory *acking or 2=$ system 8ill *e de*ated in times to come, #n the emerging *anking and inancial en9ironment there 8ould *e an increased need or sel Bregulation, This is all the more rele9ant in the conte<t o the stated policy o $B# to mo9e a8ay rom microBmanagement issues, =e9elopment o *est practices in 9arious areas o *anksM 8orking 8ould e9ol9e through sel Bregulation rather than *ased on regulatory prescriptions, F $ole o #ndian BanksM -ssociation 8ould *ecome more pronounced as a sel regulatory
*ody, =e9elopment o *enchmarks on risk management, corporate go9ernance, disclosures, accounting practices, 9aluation o assets, customer charter, 6endersM 6ia*ility, etc, 8ould *e areas 8here #B- 8ould *e reHuired to play a more proacti9e role, The -ssociation 8ould also *e reHuired to act as a lo**yist or getting necessary legislati9e enactments and changes in regulatory guidelines, >$ practices and training needs o the *anking personnel 8ould assume greater importance in the coming days, >ere again, common *enchmarks could *e e9ol9ed, Talking a*out shared ser9ices, creation o common data*ase and conducting research on contemporary issues to assess anticipated changes in the *usiness pro ile and market conditions 8ould *e areas 8here organiGations like #ndian BanksM -ssociation are e<pected to play a greater role, E9olution o 2orporate &o9ernance *eing adopted *y *anks, particularly those 8ho ha9e gone pu*lic, 8ill ha9e to meet glo*al standards o9er a period o time, #n uture, 2orporate &o9ernance 8ill guide the 8ay Banks are to *e run, &ood 2orporate &o9ernance is not a straight ;acketed ormula or processN there are many 8ays o achie9ing it as international comparisons demonstrate, pro9ided the ollo8ing three *asic principles are ollo8ed+B a) %anagement should *e ree to dri9e the enterprise or8ard 8ith the minimum inter erence and ma<imum moti9ation, *) %anagement should *e accounta*le or the e ecti9e and e icient use o this reedom, There are t8o le9els o accounta*ility K o management to the Board and o the Board to the Shareholders, The main task is to ensure the continued competence o management, or 8ithout adeHuate and e ecti9e dri9e, any *usiness
( is doomed to decline, -s stated *y /,Wol ensohn, President, World Bank K I2orporate go9ernance is a*out promoting corporate airness, transparency and accounta*ilityJ, c) #n order to enlist the con idence o the glo*al in9estors and international market players, the *anks 8ill ha9e to adopt the *est glo*al practices o inancial accounting and reporting, This 8ould essentially in9ol9e adoption o ;udgmental actors in the classi ication o assets, *ased on BanksM estimation o the uture cash lo8s and e<isting en9ironmental actors, *esides strengthening the capital *ase accordingly, E%E$&#!& E2O!O%#2 S2E!E The inancial system is the li eline o the economy, The changes in the economy get mirrored in the per ormance o the inancial system, more so o the *anking industry, The 2ommittee, there ore elt, it 8ould *e desira*le to look at the direction o gro8th o the economy 8hile dra8ing the emerging contours o the inancial system, The I #ndia "ision 1414O prepared *y the Planning 2ommission, &o9ernment o #ndia, is an important document, 8hich is likely to guide the policy makers, in the years to come, The 2ommittee has taken into consideration the economic pro ile dra8n in #ndia "ision 1414 document 8hile attempting to 9isualise the uture landscape o *anking #ndustry, #ndia "ision 1414 en9isages impro9ing the ranking o #ndia rom the present 11th to 5th among 14F countries gi9en in the World =e9elopment $eport in terms o the &ross =omestic Product (&=P), #t also en9isages mo9ing the country rom a lo8Bincome nation to an upper middleBincome country, To achie9e this o*;ecti9e, the #ndia "ision aims to ha9e an annual gro8th in the &=P o (,' per cent to 3 per cent o9er the ne<t 14 years, Economic
de9elopment o this magnitude 8ould see Huadrupling o real per capita income, When compared 8ith the a9erage gro8th in &=P o 5BEP in the recent past, this is an am*itious target, This 8ould call or considera*le in9estments in the in rastructure and meeting the 3 unding reHuirements o a high magnitude 8ould *e a challenge to the *anking and inancial system, #ndia "ision 1414 sees a nation o 1,0 *illion people 8ho are *etter educated, healthier, and more prosperous, :r*an #ndia 8ould encompass 54P o the population as against 1( P no8, With more ur*an conglomerations coming up, only 54P o population 8ould *e engaged in agricultural sector as against nearly t8o thirds o people depending on this sector or li9elihood, Share o agriculture in the &=P 8ill come do8n to EP (do8n rom 1(P), Ser9ices sector 8ould assume greater prominence in our economy, The shi t in demographic pro ile and composition o &=P are signi icant or strategy planners in the *anking sector, Small and %edium Enterprises (S%E) sector 8ould emerge as a ma;or contri*utor to employment generation in the country, Small Scale sector had recei9ed policy support rom the &o9ernment in the past considering the employment generation and a9oura*le capitaloutput ratio, This segment had, ho8e9er, remained 9ulnera*le in many 8ays, &lo*aliGation and opening up o the economy to international competition has added to the 8oes o this sector making *ankers 8ary o supporting the sector, #t is e<pected that the S%E sector 8ill emerge as a 9i*rant sector, contri*uting signi icantly to the &=P gro8th and e<ports, #ndiaMs share in #nternational trade has remained 8ell *elo8 1P, Being not an e<port led economy (e<ports remaining *elo8 1'P o the &=P), 8e ha9e remained rather insulated
rom glo*al economic shocks, This pro ile 8ill undergo a change, as 8e plan or (B3P gro8th in &=P, Planning 2ommission report 9isualiGes a more glo*alised economy, Our international trade is e<pected to constitute 0'P o the &=P, #n short, the "ision o #ndia in 1414 is o a nation *ustling 8ith energy, entrepreneurship and inno9ation, #n other 8ords, 8e hope to see a marketBdri9en, producti9e and highly 14 competiti9e economy, To realiGe the a*o9e o*;ecti9e, 8e need a inancial system, 8hich is inherently strong, unctionally di9erse and displays e iciency and le<i*ility, The *anking system is, *y ar, the most dominant segment o the inancial sector, accounting or as it does, o9er (4P o the unds lo8ing through the inancial sector, #t should, there ore, *e our endea9or to de9elop a more resilient, competiti9e and dynamic inancial system 8ith *est practices that supports and contri*utes positi9ely to the gro8th o the economy, The a*ility o the inancial system in its present structure to make a9aila*le in9esti*le resources to the potential in9estors in the orms and tenors that 8ill *e reHuired *y them in the coming years, that is, as eHuity, long term de*t and medium and shortBterm de*t 8ould *e critical to the achie9ement o plan o*;ecti9es, The gap in demand and supply o resources in di erent segments o the inancial markets has to *e met and or this, smooth lo8 o unds *et8een 9arious types o inancial institutions and instruments 8ould need to *e acilitated, &o9ernmentMs policy documents list in9estment in in rastructure as a ma;or area 8hich needs to *e ocused, 7inancing o in rastructure pro;ects is a specialiGed acti9ity and 8ould continue to *e o critical importance in the uture, - ter all, a sound and e icient in rastructure is a sine Hua non or sustaina*le economic de9elopment,
#n rastructure ser9ices ha9e generally *een pro9ided *y the pu*lic sector all o9er the 8orld in the past as these ser9ices ha9e an element o pu*lic good in them, #n the recent past, this picture has changed and pri9ate inancing o in rastructure has made su*stantial progress, This shi t to8ards greater role o commercial unding in in rastructure pro;ects is e<pected to *ecome more prominent in coming years, The role o the &o9ernment 8ould *ecome more and more o that o a acilitator and the de9elopment o in rastructure 8ould really *ecome an e<ercise in pu*licBpri9ate partnership, Q#ndia #n rastructure $eportM ($akesh %ohan 2ommittee B 133E) placed inancing o in rastructure as a ma;or responsi*ility o *anks and inancial institutions in the years to come, The report estimated the unding reHuirements o 9arious sectors in the in rastructure area at $s 11,44,444 crore *y the year 144'B4E, Since the estimated a9aila*ility o inancing rom #ndian inancial institutions and 11 *anks 8as e<pected at only $s 1,14,444 crore, a large gap is le t 8hich needs to *e illed through *ilateralLmultilateralLgo9ernment unding, SO2#-6 #SS:ES O! B-!.#!& Since the second hal o 13E4s, commercial *anks ha9e *een playing an important role in the socioBeconomic trans ormation o rural #ndia, Besides acti9ely implementing &o9ernment sponsored lending schemes, Banks ha9e *een pro9iding direct and indirect inance to support economic acti9ities, %andatory lending to the priority sectors has *een an important eature o #ndian *anking, The !arasimham committee had recommended or doing a8ay 8ith the present system o directed lending to priority sectors in line 8ith li*eraliGation in the inancial system, The recommendations 8ere, ho8e9er, not accepted *y the &o9ernment, #n the pre9ailing political climate in the country any drastic change in
the policy in this regard appears unlikely, The *anking system is e<pected to reorient its approach to rural lending, I&oing $uralJ could *e the ne8 market mantra, $ural market comprises F5P o the population, 51P o %iddle class and '(P o disposa*le income, 2onsumer gro8th is taking place at a ast pace in 1F110 9illages 8ith a population o more than '444, O these, 33(3 9illages are in F States, namely -ndhra Pradesh, Bihar, .erala, %aharashtra, Tamilnadu, :ttar Pradesh and West Bengal, BanksM approach to the rural lending 8ill *e guided mainly *y commercial considerations in uture, 2ommercial Banks, 2oBoperati9es and $egional $ural Banks are the three ma;or segments 11 o rural inancial sector in #ndia, $ural inancial system, in uture has a challenging task o acing the drastic changes taking place in the *anking sector, especially in the 8ake o economic li*eraliGation, There is an urgent need or rural inancial system to enlarge their role unctions and range o ser9ices o ered so as to emerge as Oone stop destination or all types o credit reHuirements o people in ruralLsemiBur*an centres, Barring commercial *anks, the other rural inancial institutions ha9e a 8eak structural *ase and the issue o their strengthening reHuires to *e taken up on priority, 2oBoperati9es 8ill ha9e to *e made 9ia*le *y in usion o capital, Bringing all cooperati9e institutions under the regulatory control o $B# 8ould help in *etter control and super9ision o9er the unctioning o these institutions, Similarly $egional $ural *anks ($$Bs) as a group needs to *e made structurally stronger, #t 8ould *e desira*le i !-B-$= takes the initiati9e to consolidate all the $$Bs into a strong rural de9elopment entity, Small Scale #ndustries ha9e, o9er the last i9e decades, emerged as a ma;or contri*utor to
the economy, *oth in terms o employment generation and share in manu actured output and e<ports, SS#s account or 3'P o the industrial units and contri*ute a*out 54P o the 9alue addition in the manu acturing sector, There are more than 01 lac units spread all o9er the country producing o9er F'44 items and pro9iding employment to more than 1F( lac persons, The employment generation potential and a9ora*le capitalBoutput ratio 8ould make small scale sector remain important or policy planners, $emo9al o Huantitati9e restrictions on a large num*er o items under the WTO and opening up o #ndian market to greater international competition ha9e thro8n *oth challenges and opportunities or the SS# sector, 6o8 capital *ase and 8eak management structure make these units 9ulnera*le to e<ternal shocks, more easily, >o8e9er the units 8hich can adopt to the changing en9ironment and sho8 imagination in their *usiness 10 strategy 8ill thri9e in the ne8 en9ironment, #nstead o ollo8ing the narro8 de inition o SS#, *ased on the in9estment in i<ed assets, there is a mo9e to look at Small and %edium Enterprises (S%E) as a group or policy thrust and encouragement, 7or S%Es, *anks should e<plore the option o EB*anking channels to de9elop 8e*B*ased relationship *anking models, 8hich are customerBdri9en and more costBe ecti9e, &o9ernment is already considering legislation or the de9elopment o S%E sector to acilitate its orderly gro8th, #n the ne<t ten years, S%E sector 8ill emerge more competiti9e and e icient and kno8ledgeB*ased industries are likely to acHuire greater prominence, S%Es 8ill *e dominating in industry segments such as Pharmaceuticals, #n ormation Technology and Biotechnology, With S%E sector emerging as a 9i*rant sector o the #ndian economy, lo8
o credit to this sector 8ould go up signi icantly, Banks 8ill ha9e to sharpen their skills or meeting the inancial needs o this segment, Some o the Banks may emerge as niche players in handling S%E inance, 7lo8 o credit to this Sector 8ill *e guided purely *y commercial considerations as Banks 8ill ind S%Es as an attracti9e *usiness proposition, TE2>!O6O&A #! B-!.#!& Technology 8ill *ring undamental shi t in the unctioning o *anks, #t 8ould not only help them *ring impro9ements in their internal unctioning *ut also ena*le them to pro9ide *etter customer ser9ice, Technology 8ill *reak all *oundaries and encourage cross *order *anking *usiness, Banks 8ould ha9e to undertake e<tensi9e Business Process $eB Engineering and tackle issues like a) ho8 *est to deli9er products and ser9ices to 15 customers *) designing an appropriate organiGational model to ully capture the *ene its o technology and *usiness process changes *rought a*out, c) ho8 to e<ploit technology or deri9ing economies o scale and ho8 to create cost e iciencies, and d) ho8 to create a customer B centric operation model, Entry o -T%s has changed the pro ile o ront o ices in *ank *ranches, 2ustomers no longer need to 9isit *ranches or their day to day *anking transactions like cash deposits, 8ithdra8als, cheHue collection, *alance enHuiry etc, EB*anking and #nternet *anking ha9e opened ne8 a9enues in Icon9enience *ankingJ, #nternet *anking has also led to reduction in transaction costs or *anks to a*out a tenth o *ranch *anking, Technology solutions 8ould make lo8 o in ormation much aster, more accurate and ena*le Huicker analysis o data recei9ed, This 8ould make the decision making process aster and more e icient, 7or the Banks, this 8ould also ena*le de9elopment o appraisal
and monitoring tools 8hich 8ould make credit management much more e ecti9e, The result 8ould *e a de inite reduction in transaction costs, the *ene its o 8hich 8ould *e shared *et8een *anks and customers, While application o technology 8ould help *anks reduce their operating costs in the long run, the initial in9estments 8ould *e siGea*le, #T spent *y *anking and inancial ser9ices industry in :S- is appro<imately FP o the re9enue as against around 1P *y #ndian Banks, With greater use o technology solutions, 8e e<pect #T spending o #ndian *anking system to go up signi icantly, One area 8here the *anking system can reduce the in9estment costs in technology applications is *y sharing o acilities, We are already seeing *anks coming together to share -T% !et8orks, Similarly, in the coming years, 8e e<pect to see *anks and 7#s coming together to share acilities in the area o payment and settlement, *ack o ice processing, data 8arehousing, etc, While dealing 8ith technology, *anks 8ill ha9e to deal 8ith attendant operational risks, This 8ould *e a critical area the Bank management 8ill ha9e to deal 8ith in uture, 1' Payment and Settlement system is the *ack*one o any inancial market place, The present Payment and Settlement systems such as Structured 7inancial %essaging System (S7%S), 2entraliGed 7unds %anagement System (27%S), 2entraliGed 7unds Trans er System (27TS) and $eal Time &ross Settlement System ($T&S) 8ill undergo urther ineBtuning to meet international standards, !eedless to add, necessary security checks and controls 8ill ha9e to *e in place, #n this regard, #nstitutions such as #=$BT 8ill ha9e a greater role to play,
%E-S:$ES T>-T S>O:6= BE -&-#!ST E@TE$!-6 7-2O$S 1, Banks 8ill ha9e to adopt glo*al standards in capital adeHuacy, income recognition and pro9isioning norms, 1, $isk management setup in Banks 8ill need to *e strengthened, Benchmark standards could *e e9ol9ed, 0, Payment and settlement system 8ill ha9e to *e strengthened to ensure trans er o unds on real time *asis eliminating risks associated 8ith transactions and settlement process, 5, $egulatory setBup 8ill ha9e to *e strengthened, in line 8ith the reHuirements o a marketBled integrated inancial system ', Banks 8ill ha9e to adopt *est glo*al practices, systems and procedures, E, Banks may ha9e to e9aluate on an ongoing *asis, internally, the need to e ect structural changes in the organiGation, This 8ill include capital restructuring through mergers L acHuisitions and other measures in the *est *usiness 1E interests, #B- and !-B-$= may ha9e to play a suita*le role in this regard, F, There should *e constant and continual up gradation o technology in the Banks, *ene iting *oth the customer and the *ank, Banks may enter into partnership among themsel9es or reaping ma<imum *ene its, through consultations and coordination 8ith reputed #T companies, (, The skills o *ank sta should *e upgraded continuously through training, #n this regard, the *anks may ha9e to relook at the e<isting training modules and
e ect necessary changes, 8here9er reHuired, Seminars and con erences on all rele9ant and emerging issues should *e encouraged, 3, Banks 8ill ha9e to set up $esearch and %arket #ntelligence units 8ithin the organiGation, so as to remain inno9ati9e, to ensure customer satis action and to keep a*reast o market de9elopments, Banks 8ill ha9e to interact constantly 8ith the industry *odies, trade associations, arming community, academic L research institutions and initiate studies, pilot pro;ects, etc, or e9ol9ing *etter inancial models, 14, #ndustry le9el initiati9es 8ill ha9e to *e taken, may *e at #B- le9el, to speed up re orm measures in legal and regulatory en9ironment, B-!.#!& C:#D #ndiaRs oldest, largest and most success ul commercial *ank, o ering the 8idest possi*le range o domestic, international and !$# products and ser9ices, through its 9ast net8ork in #ndia and o9erseas BState Bank o #ndia 1F #ndiaRs second largest pri9ate sector *ank and is no8 the largest scheduled commercial *ank in #ndia BThe 7ederal Bank 6imited Bank 8hich started as pri9ate shareholders *anks, mostly Europeans shareholders B#mperial Bank o #ndia The irst #ndian *ank to open a *ranch outside #ndia in 6ondon in 135E and the irst to open a *ranch in continental Europe at Paris in 13F5 BBank o #ndia, ounded in 134E in %um*ai
The oldest Pu*lic Sector Bank in #ndia ha9ing *ranches all o9er #ndia and ser9ing the customers or the last 101 years B-llaha*ad Bank The irst #ndian commercial *ank 8hich 8as 8holly o8ned and managed *y #ndians B2entral Bank o #ndia #!$O=:2T#O! TO #!S:$-!2E SE2TO$ 2ustomer satis action predominates the success o an enterprise, #n the ser9ice industry 8here intangi*les are marketed, the importance o customer satis action is all the more signi icant, Ser9ice is said to *e the sharpest edge o marketing strategy, Sales and ser9ice are the t8o important 8ings o ser9ice industry like 6#2, #T# and the post o ice, # one o the 8ings turns 8eak the organiGation cannot rise *ecause the 8eaker 8ing 8ill hamper its light, >ence the emphasis should not *e concentrated only on the sales *ut on ser9ice aspects too, Besides a supporti9e role in promoting sales e ort, ser9icing in luences the institutional image, Prompt and e ecti9e ser9ice *oosts the morale o the sales orce to present a *old orm and hold their prospects, Ser9ice encompasses the ser9ice rendered to clients *e ore, during, and a ter sales, - e8 e<amples o ser9ices are the >otel industry, -irline industry, #nsurance industry, Transportation industry, etc, 1( #nsurance may *e descri*ed as a social de9ice to reduce or eliminate risk o loss to li e and property, :nder the plan o insurance, a large num*er o people associate themsel9es *y sharing risks attached to indi9iduals, The risks, 8hich can *e insured against, include ire, the perils o sea, death and accidents and *urglary, -ny risk contingent upon these, may *e insured against at a premium commensurate 8ith the risk in9ol9ed, Thus collecti9e *earing o risk is insurance,
Pest or insurance sector PolliitiicallBB6egall 7actors B #nsurance Sector $e orms There are 9arious e orts made *y the go9ernment to make the industry more dynamic and customer riendly, To *egin 8ith, the %alhotra committee 8as set up 8ith the o*;ecti9e o suggesting changes that 8ould achie9e the much reHuired dynamism, B The %alhotra 2ommittee $eport #n 1330, %alhotra 2ommittee, headed *y ormer 7inance Secretary and $B# &o9ernor $, !, %alhotra, 8as ormed to e9aluate the #ndian insurance industry and recommend its uture direction, #n 1335, the committee su*mitted the report and ga9e the ollo8ing 13 recommendations+ B Structure ? &o9ernment stake in the insurance 2ompanies to *e *rought do8n to '4P, ? &o9ernment should take o9er the holdings o &#2 and its su*sidiaries so that these su*sidiaries can act as independent corporations, ? -ll the insurance companies should *e gi9en greater reedom to operate, B 2ompetition ? Pri9ate 2ompanies 8ith a minimum paid up capital o $s,1*n should *e allo8ed to enter the industry, ? !o 2ompany should deal in *oth 6i e and &eneral #nsurance through a single entity, 7oreign companies may *e allo8ed to enter the industry in colla*oration 8ith the domestic companies,
? Postal 6i e #nsurance should *e allo8ed to operate in the rural market, Only one State 6e9el 6i e #nsurance 2ompany should *e allo8ed to operate in each state, ? $egulatory Body, ? The #nsurance -ct should *e changed, ? -n #nsurance $egulatory *ody should *e set up, 14 ? 2ontroller o #nsurance (2urrently a part rom the 7inance %inistry) should *e made independent, B #n9estments ? %andatory #n9estments o 6#2 6i e 7und in go9ernment securities to *e reduced rom F'P to '4P ? &#2 and its su*sidiaries are not to hold more than 'P in any company (There current holdings to *e *rought do8n to this le9el o9er a period o time) B 2ustomer Ser9ice ? 6#2 should pay interest on delays in payments *eyond 04 days ? #nsurance companies must *e encouraged to set up unit linked pension plans 2omputeriGation o operations and updating o technology to *e carried out in the insurance industry ? O9erall, the committee strongly elt that in order to impro9e the customer ser9ices and increase the co9erage o the insurance industry should *e opened up to competition, ? But at the same time, the committee elt the need to e<ercise caution as any ailure
on the part o ne8 players could ruin the pu*lic con idence in the industry, >ence, it 8as decided to allo8 competition in a limited 8ay *y stipulating the minimum capital reHuirement o $s,1 *n, This amount is not 9ery high or oreign irms, as it translates 11 to only a*out :SS1' million, 7urther, to date it is unclear 8hether eHuity should *e paya*le in one go or should *e *rought in as installments, -lso, the oreign eHuity participation 8as to *e restricted to only 54P, The committee elt the need to pro9ide greater autonomy to insurance companies in order to impro9e their per ormance and ena*le them to act as independent companies 8ith economic moti9es, 7or this purpose, it had proposed setting up an independent regulatory *ody, The industry and analysts ind that there is lack o clarity in the ollo8ing areas+B ? Though co9erage o rural areas 8as to *e made compulsory, it raises the Huestion as to 8ho 8ould su*sidiGe the rural policies as they 8ould *e di icult to ser9ice and hence costs 8ill go up, ? There is some con usion 8ith respect to in9estments, Where the unds should *e in9estedT 2urrently F4P o the unds 8ith 6#2 U &#2 are in9ested in &o9ernment securities, Would ne8 entrants *e allo8ed to in9est in &O# securitiesT ? The report also does not enumerate e<it options a9aila*le to the ne8 entrants, #n the e9ent o ailure, there should *e an arrangement made 8here*y the other companies pool in to *ail the customers, 8ho in all pro*a*ility 8ould *e middle class indi9iduals, On the *asis o the report, the then 7inance %inister P, 2hidam*aram proposed the opening up o insurance to the pri9ate sector, including multinational companies, 11
With the noti ication o the constitution o the #nsurance $egulatory and =e9elopment -uthority (#$=-) in -pril 1444, the decks are inally cleared or oreign in9estment in the insurance sector, The go9ernment noti ied the constitution o the #$=- as a statutory authority, !, $angachary 8ill *e its chairman till /une 1440, The noti ication o the *illRs passage 8as delayed as it could only *e done 8ith the constitution o the #$=- on -pril 13, 1444, This #%# looks at the gro8th prospects in the sector in the near uture, 7ollo8ing the passage o the #nsurance $egulatory =e9elopment -uthority Bill *y *oth the houses o the #ndian Parliament late 1333, the stage is no8 set or the esta*lishment o a undamentally ne8 legal regime or insurance sector in #ndia, The ne8 -ct opens the sector to pri9ate participation, esta*lishes an independent regulator, and allo8s oreign entry into the market through eHuity participation up to a le9el o 1E percent, #ndi9idual #ndian companies 8ill *e reHuired to *ring do8n their eHuity holding to 1E percent through sales o shares to the pu*lic 8ithin 14 years, - ter the passage o the Bill last year, in -pril 1444 the go9ernment noti ied the constitution o the #$=- as a statutory authority, !, $angachary 8ill *e its chairman till /une 1440, The noti ication o the *illRs passage 8as delayed as it could only *e done 8ith the constitution o the #$=- on -pril 13, 1444, With the noti ication o #$=- and rules or opening up the sector in place, the irst pri9ate insurance company 8ith oreign participation can start operation *y the all o 1444, The #$=- la8 is the culmination o the recommendations made *y the $,!, %alhotra committee that 8as constituted in 1335 8ith the o*;ecti9e o suggesting changes 10 that 8ould achie9e the reHuired dynamism in the insurance sector, O9erall, the committee strongly elt that in order to impro9e the customer ser9ices and increase the co9erage o the
insurance industry should *e opened up to competition, >ence, it 8as decided to allo8 competition in a limited 8ay *y stipulating the minimum capital reHuirement o #ndian $upees 1 *illion, This amount is not high or oreign irms, as it translates to only a*out :S= 10 million, The #nsurance $egulatory =e9elopment -uthority (#$=-) is the regulatory authority, 8hich looks o9er the related aspects o the insurance *usiness, The #$=- *ill pro9ides guidance or three le9els o players K #nsurance 2ompanies, #nsurance Brokers and #nsurance -gents, Economiic 7actors E ect o $e orms B Penetration O #nsurance Though the Pu*lic Sector #nsurance 2ompanies ha9e *een success ul in achie9ing and contri*uting to the !ational E<cheHuer o9er the years, a huge market lies untapped due to reasons like+ B ? The monopolistic nature o the marketN 15 ? 7ocused marketingN ? #ndian psyche, The *usiness o #nsurance, *y 8ay o generating premium income, adds signi icantly to the &=P o de9eloped countries, Though the potential market in #ndia or the #nsurance *usiness is large, yet the products o ered and penetration achie9ed is ar less compared to international standards, Estimates sho8 that a meager 0'B54 million, out o the total #ndian population ha9e so ar come under the insurance um*rella, The 6i e #nsurance sector is one o the key areas 8here enormous *usiness potential e<ists,
#n #ndia currently the li e insurance premium as a percentage o &=P is 1,0 P against ',1 P in the :,S, Estimates say that the potential market is so huge that it can gro8 *y 1'B1F P per annum, With the entry o pri9ate insurance companies, the #ndian insurance market may inally *e a*le to make deeper penetration into ne8er segments and e<pand the market siGe mani old and can augment the lo8 o longBterm inancial resources or the gro8th o in rastructure, &eneral #nsurance is another segment, 8hich has *een gro8ing at a ast pace, -s per the current comparati9e statistics, the general insurance premium has *een lo8er than li e insurance, &eneral #nsurance as a percentage o &=P 8as a mere 4,' P in 133E, B %ore 2ompetition - num*er o concerns are *eing e<pressed regarding the opening up o the #nsurance sector, But most o them seem to *e un ounded, The national interest lies in increasing the 1' penetration o insurance products, increasing the retention o premia in #ndia and mo*iliGing resources or in rastructure needs, 2ompetition means that players aggressi9ely target potential customers and this 8ill increase the penetration o insurance, The retention o premia in #ndia has *ecome a sensiti9e issue 8ith some people 8ho demand that the present outgo o around $s,14 *n *y the 8ay o reinsurance *e stopped, These people in the name o sa eguarding the national interest are in act compromising the interests o the nation, # no reinsurance is taken it implies that the insurance company is under8riting the entire risk itsel , Thus a single earthHuake or a cyclone can 8ipe out the entire company, The argument that oreign companies 8ill repatriate premium income through reinsurance
is misplaced, E9en no8 a signi icant part o the premium is distri*uted to reinsurers and much o the high insurance risks are reinsured o9erseas, One recent e<ample is the calamity that struck the state o &u;arat 8herein total claims stood at $s,114 *n Only $s,13 *n 8as settled locally 8ith o9erseas reinsurers settling the *alance, %oreo9er, e9ery regulator prescri*es that the premium earned is retained in the country and the lia*ilities under the contract are matched 8ith assets in the same country, #n act the opening up o the sector 8ill increase the retention o premia in #ndia and thus reduce outgo o the 9alua*le oreign e<change, The apprehension that there 8ould *e a light o capital is also not *orne *y the e<perience o other countries, # anything, there has *een a strong in lo8 o oreign capital in the irst ' 1E years or introducing ne8 products and maintaining the reHuisite capital adeHuacy ratio, The ear that ne8 companies 8ill displace e<isting players is also un ounded, #n act in 2hina, %alaysia, #ndonesia and Thailand 8here insurance irms 8ere allo8ed entry the oreign companies account or only 14P o the market share, #n South .orea the opening up o the sector sa8 the Big Si< domestic players, 8ho initially controlled the entire market, increase their *usiness rom 0 to 0F trillion 8on *y 133F, The oreign companies 8ere not a*le to capture more than 4,5P o the domestic market, 2loser home, 8e ha9e the e<perience o the *anking sector 8here despite the presence o 03 oreign *anks their share in o9erall *usiness is less than 14P, Thus it is seen that the apprehensions *eing e<pressed do not hold much 8ater and the opening up o the #ndian insurance sector 8ould *ring a*out s8eeping changes not only or the consumers *ut the economy as a 8hole,
B Opening O the #nsurance Sector #n #ndia, appro<, E4P o the total health e<penditure comes rom sel paid category as against go9ernmentMs contri*ution o 1'B04 P, - ma;ority o pri9ate hospitals are e<pensi9e or a normal middle class amily, The opening up o the insurance sector to pri9ate players is e<pected to gi9e a shot in the arms o the healthcare industry, >ealth #nsurance 8ill make healthcare a orda*le to a large num*er o people, 2urrently, in #ndia only 1 million people (4,1 P o total population o 1 *illion), are co9ered under %ediclaim, 8hereas in de9eloped nations like :S- a*out F' P o the total population are co9ered under some insurance 1F scheme, &eneral #nsurance 2ompany has ne9er aggressi9ely marketed health insurance, %oreo9er, &#2 takes up to E months to process a claim and reim*urses customers a ter they ha9e paid or treatment out o their o8n pockets, This 8ill gi9e a great ad9antage to pri9ate players like 2igna 8hich is planning to launch Smart 2ards that can *e used in hospitals, patient guidance acilities, tra9el insurance, etc, B Broadening The Bene its+ Opening :p What is the likely impact o opening up #ndiaMs insurance sectorT -n o tenB9oiced concern is that pri9ate players, especially oreign ones, 8ill s8amp the market, gra**ing a large share, This hypothesis has *een dispro9ed in emerging markets 8orld8ide, We *elie9e the threat has *een o9erBplayed in #ndia, %ultinational insurers are indeed keenly interested in emerging insurance *ecause their home markets are saturated 8hile emerging countries ha9e lo8 insurance penetrations and high gro8th rates, #nternational insurers o ten deri9e a signi icant part o their *usiness rom multinational operations, -s early as 1335, many o the :.Ms largest li e and general
insurers deri9ed 54 per cent to E4 per cent o their total premia rom outside their home markets, The igure at 2ommercial :nion 8as FE per cent in that year, While the impact o glo*al operations on their *usiness may *e large, typically oreign insurers take only a small share o an indi9idual countryMs market, #n Tai8an or e<ample, 1( oreign companies took only a 0 per cent share e9en se9en years a ter opening up, #n .orea, their share 8as 1 per cent a ter 14 years, #n 2hina, a large and comple< market like #ndia, pri9ate insurers ha9e not made much head8ay, Aet, ne8 entrants ind insurance attracti9e *ecause e9en a small share o a large and gro8ing market can *e pro ita*le, The .orean insurance market or e<ample, 8as only the 04th largest market in the 8orld *y premium 9olume in 13F1, #t mo9ed up to Eth largest in 133E, #n any case, in #ndia multinational insurers 8ill *e restricted to a minority shareholding in ne8 companies, The ne8 entrants 8ill there ore *e pri9ate #ndian companies, !ationaliGed insurers are hampered *y their large scale o operations, pu*lic sector *ureaucracies and cum*ersome procedures, There ore, potential pri9ate entrants e<pect to score in the areas o customer ser9ice, speed and le<i*ility, They point out that their entry 8ill mean *etter products and choice or the consumer, 2ritics counter that the *ene it 8ill *e slim, *ecause ne8 players 8ill concentrate on a luent, ur*an customers as oreign *anks did until recently, This might seem a logical strategy, StartBup costsBsuch as those o setting up a con9entional distri*ution net8orkBare large and highBend niches o er *etter returns, >o8e9er, 8e *elie9e that the middleBmarket o ers the greatest potential, This may *e still *eing an ur*an market *ut goes *eyond the a luent segment,
#nsurance, e9en more than *anking, is a 9olumes game, - 9ery e<clusi9e approach is unlikely 13 to pro9ide meaning ul num*ers, There ore, pri9ate insurers 8ould *e *est ser9ed *y a middleBmarket approach, targeting customer segments that are currently untapped, We anticipate that many ne8 players 8ill indeed take this approach, e<tending the *ene its o a reer marketplace to a 8ide *ase o customers, 7aced 8ith competition, 8e *elie9e that the nationaliGed insurers 8ill impro9e their game, as they are already trying to do, The customer 8ill *e the *ene iciary, SociiallB2ullturall 7actors B Population %i< #ndia has an amorphous middleBclass o a*out 1'4B044 million people 8ho can a ord to *uy li e, health, and disa*ility and pension plan products, Out o this only 11 percent ha9e insurance and that too co9ers only 1' percent o their needs and inancial capacity, The remaining (4 percent ha9e no insurance co9er, The li e insurance market o #ndia, there ore, is practically untapped, B Shrinkage O /o*s The apprehension that competiti9e #nsurance 8ill result in shrinkage o ;o*s is eHually 04 untrue, The num*er o people 8orking in #nsurance sector is much less as compared to :., :S-, and Thailand etc, With e<pected increase in the *usiness the ;o* opportunities 8ill increase rather than decrease, The #nsurance sector is a ser9ice industry and international companies 8ill help *uild local pro essionals 8ith 8orld class e<pertise *y introducing the *est glo*al practices,
2ompetition 8ill also de9elop a *etter understanding o consumer reHuirements leading to more customiGed products apt or the market place, Besides it 8ould also impro9e the tertiary sector tremendously, =e9elopment o the tertiary sector 8ould include ne8 a9enues or actuaries, accountants, stock*rokers and others, B $uralB:r*an %i< #t must *e *orne in mind that #ndia is a predominantly rural country and 8ill continue to *e so in the near uture, !e8 players may tend to a9or the OcreamyO layer o the ur*an population, But, in doing so, they may 8ell miss a large chunk o the insura*le population, strong case in point is the current *usiness composition o predominant market leader K the 6i e #nsurance 2orporation o #ndia, The lionRs share o its ne8 *usiness comes rom the rural and semiBrural markets, #n a country o 1 *illion people, mass marketing is al8ays a pro ita*le and costBe ecti9e option or gaining market share, The rural sector is a per ect case or mass marketing, 2ompetition in rural areas tends to *e Okinder and gentlerO than that in ur*an areas, 8hich can easily *e termed cutthroat -nd the generally smaller policy amounts in rural areas 8ould 01 *e more than o set *y the higher 9olume potential in these areas in contrast 8ith ur*an areas, #denti ying the right agents to harness the ull potential o the 9i*rant and dynamic rural markets 8ill *e imperati9e, $ural insurance should *e looked upon as an opportunity and not an o*ligation, - smaller *undle o inno9ati9e products in sync 8ith rural needs and perception and an e icient deli9ery system are the t8o aspects that ha9e to *e de9eloped in order to penetrate the rural markets,
Technollogiicall 7actors BB #n ormation Technology -nd 6#2 6#2 has *een one o the pioneering organiGations in #ndia 8ho introduced the le9erage o #n ormation Technology in ser9icing and in their *usiness, =ata pertaining to almost 14 crore policies is *eing held on computers in 6#2, We ha9e gone in or rele9ant and appropriate 2ustomer satis action predominates the success o an enterprise, #n the ser9ice industry 8here intangi*les are marketed, the importance o customer satis action is all the more signi icant, Ser9ice is said to *e the sharpest edge o marketing strategy, Sales and ser9ice are the t8o important 8ings o ser9ice industry like 6#2, #T# and the post o ice, # one o the 8ings turns 8eak the organiGation cannot rise *ecause the 8eaker 8ing 8ill hamper its light, >ence the emphasis should not *e concentrated only on the sales *ut on ser9ice aspects too, Besides a supporti9e role in promoting sales e ort, ser9icing in luences the institutional image, Prompt and e ecti9e ser9ice *oosts the morale o the sales orce to 01 present a *old orm and hold their prospects, Ser9ice encompasses the ser9ice rendered to clients *e ore, during, and a ter sales, - e8 e<amples o ser9ices are the >otel industry, -irline industry, #nsurance industry, Transportation industry, etc, #nsurance may *e descri*ed as a social de9ice to reduce or eliminate risk o loss to li e and property, :nder the plan o insurance, a large num*er o people associate themsel9es *y sharing risks attached to indi9iduals, The risks, 8hich can *e insured against, include ire, the perils o sea, death and accidents and *urglary, -ny risk contingent upon these, may *e insured against at a premium commensurate 8ith the risk
B 7ront End Operations With a 9ie8 to enhancing customer responsi9eness and ser9ices, in /uly 133', 6#2 started a dri9e o On 6ine Ser9ice to Policyholders and -gents through 2omputer, This on line ser9ice ena*led policyholders to recei9e immediate policy status report, prompt acceptance o their premium and get $e9i9al Cuotation, 6oan Cuotation on demand, #ncorporating change o address can *e done on line, Cuicker completion o proposals and dispatch o policy documents ha9e *ecome a reality, -ll our 145( *ranches across the country ha9e *een co9ered under rontBend operations, Thus all our 144 di9isional o ices ha9e achie9ed the distinction o 144P *ranch computeriGation, !e8 payment related %odules pertaining to *oth ordinary U SSS policies ha9e *een added to the 7ront End Package catering to 6oan, 2laims and =e9elopment O icersM -ppraisal, -ll these modules help to reduce timeBlag and ensure accuracy, 00 B %etro -rea !et8ork - %etropolitan -rea !et8ork, connecting F5 *ranches in %um*ai 8as commissioned in !o9em*er, 133F, ena*ling policyholders in %um*ai to pay their Premium or get their Status $eport, Surrender "alue Cuotation, 6oan Cuotation etc, rom -!A Branch in the city, The System has *een 8orking success ully, %ore than 14,444 transactions are carried out o9er this !et8ork on any gi9en 8orking day, Such !et8orks ha9e *een implemented in other cities also, B Wide -rea !et8ork -ll F Donal O ices and all the %-! centers are connected through a Wide -rea !et8ork (W-!), This 8ill ena*le a customer to 9ie8 his policy data and pay premium rom any
*ranch o any %-! city, -s at %ay 1441, 8e ha9e 31 centers in #ndia 8ith more than 1014 *ranches net8orked under W-!, B #nteracti9e "oice $esponse Systems (#"$S) #"$S has already *een made unctional in '3 centers all o9er the country, This 8ould ena*le customers to ring up 6#2 and recei9e in ormation (e,g, ne<t premium due, Status, 6oan -mount, and %aturity payment due, -ccumulated Bonus etc,) a*out their policies on the telephone, This in ormation could also *e a<ed on demand to the customer, B 6#2 On The #nternet Our #nternet site is #n ormati9e, We ha9e displayed in ormation a*out 6#2 U its su*sidiaries05 6#2 (#nternational) E,2,, 6#2 (!epal) 6td, 6#2 %utual 7und, 6#2 >ousing 7inance and their products, E orts are on to upgrade our 8e* site to make it dynamic and interacti9e, The addressesLeBmail #ds o our Donal O ices, Donal Training 2enters, %anagement =e9elopment 2enter, O9erseas Branches, =i9isional O ices and also all Branch O ices 8ith a 9ie8 to speed up the communication process, B Payment O Premium -nd Policy Status On #nternet 6#2 has gi9en its policyholders a uniHue acility to pay premiums through #nternet a*solutely ree and also 9ie8 their policy details on #nternet premium payments, There are 11 ser9ice pro9iders 8ith 8hom 6 # 2 has signed the agreement to pro9ide this ser9ice, B #n ormation .iosks We ha9e set up 1'4 #nteracti9e Touch screen *ased %ultimedia .#OS.S in prime locations in metros and some ma;or cities or dissemination in ormation to general pu*lic on our products and ser9ices, These .#OS.S are ena*ling to pro9ide policy details and accept premium payments,
B #n o 2enters We ha9e also set up ( call centers, manned *y skilled employees to pro9ide you 8ith in ormation a*out our Products, Policy Ser9ices, Branch addresses and other organiGational 0' in ormation, $ecommendations There are a e8 insurances, 8hich #ndian #nsurance companies do not pro9ide, >ence some ne8 product de9elopment is reHuired in this sector, - e8 o the policies are, 1, #ndustry all risk policies 1, 6arge pro;ects risk co9er 0, $isk *eyond a loor le9el 5, E<tended pu*lic and product lia*ility co9er ', Broking and capti9ities, E, -lternati9e risk inancing F, =isa*ility insurance (, -ntiHue insurance 3, %ega sho8 insurance 14, 2ele*rity 9isits to the country, 0E 2onclusion Pro*a*ly, #ndia must *e one o the lo8est insured countries in the 8orld i,e, F,5 per cent, This scenario has to change, We should not only ha9e 144 per cent insurance, *ut also 144 per cent social security,
Personally and patriotically # eel #ndian #nsurance companies should co9er #ndian #nsurance *usiness, 8e cannot insist on the same glo*ally, So #ndian #nsurance companies ha9e to *e more customers riendly and su icient so that 8e can compete 8ith the *est in the 8orld, They need to impro9e their ser9ices and o er ma<imum customer satis action, 0F

PEST Analysis of Banking

Încărcat de

Informații document

Titlu original

Drepturi de autor

Formate disponibile

Partajați acest document

Partajați sau inserați document

Opțiuni de partajare

Vi se pare util acest document?

Este necorespunzător acest conținut?

Drepturi de autor:

Formate disponibile

PEST Analysis of Banking

Încărcat de

Drepturi de autor:

Formate disponibile

www.final-yearprojects.co.cc | www.troubleshoot4free.com/fyp/ Final Year Project's is One place for all En ineerin Projects! Presentation! seminar!

S-ar putea să vă placă și