Located in suitable manner Essay Example

Out of these, 223 are public sector banks and 51 are private sector banks. Additionally, there are 24 foreign banks operating within the country. Nationalized banks include specialized banking institutions such as cooperatives and rural banks that focus on agriculture and rural development. Unlike commercial banks, cooperative banks do not provide loans based on prime lending rates but enjoy tax benefits leading to lower operating costs. As a result, they offer slightly higher interest rates on savings deposits. Many cooperative banks have expanded their services to cater to a wider retail audience by offering car finance, housing loans, and truck finance. To stay competitive with both public and private sector rivals, cooperative banks have made significant investments in information technology.In the late 19th century, a momentous event took place in Indian banking when Prime Minister Indira Gandhi nationalized 14 major commercial Indian banks on July 19, 1969. This was followed by the nationalization of six more commercial Indian banks in 1980. Not only were prominent private banks like Central Bank (owned by Tata), United Commercial Bank (owned by Baroda), and Syndicate Bank (owned by Paisa) brought under state control, but it is important to note that the State Bank of India had already been nationalized in July 1955 under the SIB Act of 1955. The objective behind this move was to increase governance over credit delivery. Subsequently, these nationalized banks witnessed consistent growth at a rate approximately around 4%, known as the Hindu growth of the Indian economy.

Nevertheless, in the early 2000s, liberalizing policies were introduced by Raw government and licenses were granted to a limited number of private banks referred to as New Generation

tech-savvy banks such as CHIC Bank and CHIC Bank. As India's economy rapidly expanded, this action led to significant growth for government banks, private banks, and foreign banks. However, new challenges emerged for these recently-established banks; some faced takeovers like Global Trust Bank while others encountered difficulties like Centurion Bank.

The next phase for Indian banking involves relaxing norms for Foreign Direct Investment which could potentially enable foreign investors in banks to have voting rights exceeding the current cap of 10%.Private banks have gained a reputation as specialized players in the industry, focusing on specific businesses and individuals rather than targeting the mass market. This strategy has allowed them to offer personalized services at exceptional levels.
The Reserve Bank of India has authorized banks to conduct 70% of their operations in urban areas, resulting in reduced costs for deposit manipulation and higher margins compared to public sector banks.
The process of nationalizing banks in India occurred in stages, starting with the State Bank of India in 1955 and concluding with six banks holding significant deposits by 1980.
Other advancements in the Indian financial system include the establishment of regional rural banks in 1975 and the introduction of deposit insurance coverage in 1961.
The key participants within the Indian financial system include commercial banks, financial institutions, non-bank financial companies, as well as other market intermediaries like stock brokers and money-lenders.
Commercial banks and certain types of non-bank financial companies have a long history in the market, while financial institutions are relatively new entities.
In chapter 2 titled "Introduction to Study," this project aimed to gain knowledge about various products offered by the bank to customers using an innovative approach for product sales.In addition,

the analysis aimed to assess customer awareness of the Bank@home service, educate them about it, and encourage enrollment. A questionnaire was given to existing customers at the branch to gather information on their knowledge of the service and address any concerns. Results revealed that many customers, even those located far from the branch, visited frequently but had limited awareness of this service. Thus, promoting the service is necessary to expand its reach and establish a presence. Observations also showed that regardless of their relationship with other branches, customers from different parts of the city visit Visa's branch. The placement of drop boxes in various high-traffic locations lacks strategic planning and suggests a flawed corporate policy. Recommendations for appropriate drop box placements and proposed solutions have been provided to address this issue.Throughout my learning process, bank executives provided guidance and extensive observation and internet research were conducted to understand the features of different products offered by CHIC bank. Chapter 3, Research Methodology "Products and Services provided by CHIC bank", outlines the goals of acquiring knowledge about the products through observation and secondary data, understanding daily operations, and conducting customer surveys. Bank@Home is a service that aims to improve understanding, raise awareness, and encourage customer enrollment while also generating ideas for promotional strategies. The descriptive and conclusive research design for this service involves a sample size of 50 customers using non-probability convenience sampling methods such as questionnaires, personal interviews with walk-ins, and observations. However, it should be noted that the research study is limited to a specific geographical area which may affect the accuracy of responses from some respondents. Bank@Home collects secondary data from the internet, intranet,

and company documents in order to gain a better understanding of its functioning and obtain corporate box documents. The banking sector reforms in India were aimed at ensuring the safety and stability of financial institutions while also promoting a strong, efficient, diverse, and competitive banking system.These reforms aimed to address the decreasing productivity, efficiency, and profitability in the sector. It was also recognized that the Indian banking system needed to align with international standards for capital adequacy, prudential regulations, and accounting disclosure standards. CHIC Bank, one of India's largest banks, has successfully implemented principles for banking supervision, making the Indian banking system resilient to global shocks. The bank currently has total assets of RSI. 3,634.0 billion (IIS$ 81 billion) and a profit after tax of RSI. 40.25 billion (IIS$ 896 million) as of March 31, 2010.With a network of 2,508 branches and 5,808 ATMs in India and operations in19 countries ,CHIC Bank offers various banking products and financial services through different delivery channelsand specialized subsidiaries in investment banking ,life insurance ,non-life insurance , venture capital asset management .The CEO was ranked as Financial Times'11th Top Woman Business Leader worldwideThe bank has subsidiaries in the United Kingdom, Russia, and Canada. It also has branches in the United States, Singapore Bahrain Hong Kong Sri Lanka Qatar Dublin International Finance Centre. Additionally, it has representative offices in the United Arab Emirates China South Africa Bangladesh Thailand Malaysia Indonesia UK subsidiary branches Belgium Germany.

The bank's equity shares are listed on Bombay Stock Exchange National Stock Exchange India Limited American Depositary Receipts (ADRs) listed New York Stock Exchange (NYSE).

The Board of Directors consists of individuals experienced in international business management

consulting banking financial services.

CHIC Bank has received awards for its innovative banking services.

Ms. Chance Cockroach, the CEO of CHIC Bank, is ranked 10th on Fortune's list of the 50 most powerful women in business.

At the 2010 Economic Times - Brand Equity Most Trusted Brands Awards, CHIC Bank was voted as the Most Trusted Brand among private sector banks. It also ranked 7th on the list of Top 50 service brands.CHIC Bank, in addition to its various achievements, has received numerous awards such as the 2010 World Finance UK award for Excellence in Remittance Business and the Worldwide Excellence Award for NOIR Services. The bank was also recognized with the Worldwide Excellence Award for Private Banking Business and OPAC Region excellence award. CHIC Bank I-J has been acknowledged as the Best Online Savings Account Provider by Your Money and commended by Moneybag's as both the Best Internet Account Provider and Best Fixed Rate Account Provider.

Furthermore, Ms. Chance Cockroach, MD & CEO of CHIC Bank, has been honored with the Financial Express Best Banker Award six times consecutively. The bank was also awarded Most Preferred Auto Loan Brand in the Financial Services category at SYNC Consumer Awards.

Moreover, CHIC Bank achieved Gold in Readers Digest Trusted Brands 2010 Consumer award under Finance category as both Best Bank and Best Credit Card Issuing Bank.

Mr. K.V.Kamala, Chairman of Indian's second largest bank, holds a degree in mechanical engineering and completed his management studies at Indian Institute of Management Metadata. He began his career at CHIC in 1971 before it merged with CHIC Bank in 2002. After working at the Asian Development Bank in 1988, he returned to CHIC as Managing

Director & CEO in 1996.

Under Mr. K.V.Kamala's leadership, CHIC Group transformed into a diversified financial services group emphasizing technology and establishing a strong presence across banking, insurance, and asset management sectors in India.Mr. Kamala retired from his role as Managing Director & CEO of CHIC Group in 2009 and took on his current position on May 1st, 2009. He is internationally recognized for receiving the Pad Babushka honor in 2008 and has been named "Businessman of the Year" by Forbes Asia and "Business Leader of the Year" by The Economic Times India in 2007. Additionally, he was honored as Conic's "Asian Business Leader of the Year" in 2001.

Currently serving as President of the Confederation of Indian Industry for 2008-09, Mr. Kamala holds independent director positions on multiple boards including Informs Technologies Limited, Lupine Limited, and Sulzberger Limited. He is also a co-chair of the World Economic Forum's Annual Meeting in Davis and a member of the Board of the Institute of International Finance.

Chapter five introduces SOOT Analysis which evaluates a company's Strengths, Weaknesses, Opportunities, and Threats. This analysis helps identify external factors such as opportunities and threats that businesses may face within their environment.

The external environment of CHIC Bank consists of two parts: 1) Macro Environment, which includes demographic, economic, technology, political-legal, and socio-cultural factors;and 2) Micro Environment involving customers, competition distributors,and suppliers.

CHIC Bank possesses various strengths that contribute to its success.It provides online services for all its banking facilities including access to Edema account from anywhere.The Edema account is a specialized option for salaried individuals who wish to engage in buying and selling shares of various companies. CHIC Bank's branches are equipped with advanced

infrastructure, including strategically placed computerized machines that facilitate swift banking services. The staff at all branches maintain friendly relationships with customers. Moreover, CHIC Bank extends its banking hours from 8 am to 8 pm, benefiting those in urgent need of funds. Additional amenities such as drinking water facilities, comfortable seating arrangements, proper ventilation, and sanitary facilities are provided for both customers and employees. Some branches even offer late-night ATM services after 11 PM.

However, there are certain weaknesses that the bank needs to address. One weakness is the high service charges imposed by the bank, which may hinder accessibility for individuals belonging to higher social classes. Another weakness is the limited credit period offered by the bank along with reminder letters sent to customers causing annoyance.

Nevertheless, there are opportunities available for CHIC Bank as well. An opportunity exists for potential collaboration with an insurance company to provide bank-insurance services. By effectively advertising and promoting these offerings, the bank can encourage customers to purchase insurance policies alongside their banking activities.

Additionally, CHIC Bank has the chance to enhance profitability and attract more customers by offering higher returns on deposits.
The bank should explore the possibility of hiring students who have received professional guidance in banking. This may involve enlisting individuals who have completed courses like Insurance, which provide insight into bank operations, services, and various tax policies. By partnering with colleges, the bank can open doors for recruitment and leverage these well-guided students as valuable assets.