IMPACT OF NON-PERFORMING LOANS ON PROFITABILITY OF

BANKS IN BANGLADESH: A STUDY ON UNITED COMMERCIAL

BANK LTD.

This report has been prepared under the supervision of

Mohammad Nakib
Lecturer, Faculty of Business Studies
Bangladesh University of Professionals

by
Muhammad Faiaj Muhtadi
Department of Business Administration in
Accounting & Information Systems

March, 2020
Dedicated to My Beloved Parents
 Abstract

Excessive amount of non-performing loan (NPL) has become a worrisome issue in the banking
sector of Bangladesh. When a loan is sanctioned, it comprises a repayment schedule including
principal and interest amounts. According to Bangladesh bank regulations, a loan becomes
classified when the borrower fails to pay the scheduled principal and interest amounts for more
than 90 days. If the proportion of NPL grows, it reduces the capacity of banks to sanction
further loans, their capacity to repay the depositors, and reduces the banks’ ability to earn
profit. Continuation of large size of loan defaults lead to liquidity crisis in the overall banking
sector and even failure of banks. Due to this, banks have to keep provisions against their non-
performing loans as per the central bank’s guidelines which severely affects Banks’s
profitability.

The aim of this research is to analyze the comparative position of United Commercial Bank’s
non-performing loans for last five years and whether it has any significant impact on the
profitability of the bank and also investigate what are the different causes of non-performing
loans in banking sectors of Bangladesh. This study is conducted based on secondary data,
which has been collected from the annual reports of UCB during the 2014-2018 for 5 years
and total NPL, NPL to Total Loans ratio, Return on Assets and Return on Equity which are
two key important firm factors are taken as variables of the study. The data are analyzed by
using linear regression model on SPSS. Mainly focusing on to find out if there is any
relationship among the variables used in this study. Expectedly, significant impact of NPL on
both the factors have been found by analyzing the data.

Findings from the study is mainly focused on the core reasons behind the increasing amount
of classified loans. Some key measures are suggested that can be taken to water down the issue.
This paper can be a means to understand the effect of increasing NPLs on the performance of
banks and to take initiatives to control it.

Key Words: Non-Performing Loan, Profitability, NPL to Total Loan Ratio, ROA, ROE

iii
 Table of Contents

Contents Pages
Acknowledgement iii
Abstract iv
List of Tables vi
List of Figures vii
List of Abbreviations viii
1 Background
1.1 Introduction 2
1.2 Problem Statement 3
1.3 Rationale of the Study 4
1.4 Research Question 4
1.5 Objectives
1.5.1 General Objective 5
1.5.2 Specific Objective 5
1.6 Limitations of the Study 5
2 Literature Review 6-8
3 Methodology 9-16
3.1 Research Design 10
3.2 Sources of Data Collection 10
3.3 Hypothesis of the Study 10
3.4 Model & Variable Definition 11-12
3.5 Data Analysis 13-14
3.6 Data Interpretation 15--16
4 Findings & Analysis 18-20
5 Conclusion and Recommendations 21-23
6.1 Recommendations 22
6.2 Conclusion 23
References ix

iv
 List of Tables

Table No. Title Page

Table 3.4.1 List of Variables 11
Table 3.5.1 Correlation (Model 1) 12
Table 3.5.2 Model Summary (Model 1) 12
Table 3.5.3 ANOVA (Model 1) 12
Table 3.5.4 Correlation (Model 2) 13

Table 3.5.5 Model Summary (Model 2) 13

Table 3.5.6 ANOVA (Model 2) 13

v
Chapter 1

Background

1
1.1 Introduction

Non-performing loans refer to the financial assets from which banks no longer receive
scheduled installment or interest payments which is a very common issue in financial
institutions involved in lending business such as banks and NBFIs. In recent years, NPL
has become a matter of great concern in our country. Many credits move toward becoming
non-performing loan in the wake of being in default for 90 days based upon the agreement
terms. As specified by International Monetary Fund (IMF), "A loan is Non-performing
when payments of interest and/or principal are past due by 90 days or more, or interest
payments equal to 90 days or more have been capitalized, refinanced, or delayed by
agreement, or payments are less than 90 days overdue, but there are other good reasons—
such as a debtor filing for bankruptcy—to doubt that payments will be made in full". Due
to recent expansion of the economy, the banking sector has been diversified and going
through a transition period in general. The banking sector plays a critical role in the
economy, mobilizing savings and feeding the savings for productive investment. The better
it does so, the better the economy will perform in the long run through more productive
economic activities and reduced financial risk. The role is even more distinct in a
developing country like Bangladesh, where the banks are the major source of long-term
finance in the absence of a full-fledged mature capital market. A sound banking system
safeguards effective use of resources, facilitating effective allocation of resources. Access
to fund for business capital by individuals, firms, and projects is critical, among others, for
undertaking different social and physical infrastructure projects, creating jobs, and
increasing productivity. Developing the banking sector is a vital condition for economic
development because of its vital function of promoting capital formation, savings and
investments, as well as development in agriculture, industry and trade, and services. On the
contrary, the banking sector itself has to experience a massive downturn every year due to
increased number of classified loans. Loans and advances become classified due to
irregularity in repayment of installments. This surely affects the profitability of a bank since
every financial institution has to keep provisioning against its NPL. However, UCB
addresses their concerns due to incremental loan disbursement compared to deposit
mobilization in the year 2017 and increased trend of non-performing loans.

2
1.2 Problem Statement

Provisioning against defaulted loans jeopardizing the financial health of banking

institutions. Banks have to keep provisions against their non-performing loans as per the
central bank’s guidelines. The provision amounts are kept aside from the banks’ profits.
When provisioning amounts become higher than the profits of a bank, it has to provision
amounts from its capital, which can result in capital shortfalls. Capital shortfalls in turn
hamper trade activities with overseas banks.

25000

19268.09 20021.63
20000 17920.57

15000
10324.69
10000 8050.04

5000

0
2014 2015 2016 2017 2018

Non Performing Loans

Fig: 1.2.1: Total Non-Performing Loan of UCB (in million of taka)

In 2014, UCB’s total Non-Performing Loan was 8050.04 million as disclosed. The bank’s
non-performing loan increased almost 2.5 times with a span of 5 years to 20021.63 million.
On the other hand, the bank’s total asset and liability increased 1.53 and 1.5 times
respectively when its ROA (Figure 1.2.2) & ROE (Figure 1.2.3) decreased significantly.

3
1.3 Rationale of the Study

Non-performing Loan (NPL) is a credit that is already in default or near to being default.
Many credits move toward becoming non-performing loan in the wake of being in default
for 90 days based upon the agreement terms. As specified by International Monetary Fund
(IMF), "A loan is Non-performing when payments of interest and/or principal are past due
by 90 days or more, or interest payments equal to 90 days or more have been capitalized,
refinanced, or delayed by agreement, or payments are less than 90 days overdue, but there
are other good reasons—such as a debtor filing for bankruptcy—to doubt that payments
will be made in full". Due to recent expansion of the economy, the banking sector has been
diversified and going through a transition period in general. The banking sector plays a
critical role in the economy, mobilizing savings and feeding the savings for productive
investment. The better it does so, the better the economy will perform in the long run
through more productive economic activities and reduced financial risk. The role is even
more distinct in a developing country like Bangladesh, where the banks are the major
source of long-term finance in the absence of a full-fledged mature capital market. A sound
banking system safeguards effective use of resources, facilitating effective allocation of
resources. Access to fund for business capital by individuals, firms, and projects is critical,
among others, for undertaking different social and physical infrastructure projects, creating
jobs, and increasing productivity. Developing the banking sector is a vital condition for
economic development because of its vital function of promoting capital formation, savings
and investments, as well as development in agriculture, industry and trade, and services.
On the contrary, the banking sector itself has to experience a massive downturn every year
due to increased number of classified loans. Loans and advances become classified due to
irregularity in repayment of installments. This surely affects the profitability of a bank since
every financial institution has to keep provisioning against its NPL. The sole purpose of
carrying out this study is to see how it really affects the bank’s profitability using some key
performance indicators.

4
1.4 Research Question

To reach the entire goal of the research the following questions were set:

1. Does bank’s profitability have any relation with its Non-Performing Loan?
2. What is the extent of impact NPL has on UCB’s profitability?

1.5 Objectives

1.5.1 General Objective: The general objective of the study is to assess the causes of
non-performing loans in Bangladesh.

1.5.2 Specific Objective(s):

a. To examine the significance of NPL on the profitability of United Commercial

Bank Limited.

b. Explore the relationship among variables of the study.

c. Recommend some possible initiatives to control the adverse effects of NPL.

1.6 Limitations of the Study

This study considers only 5 years data to draw inference due to unavailability of data before
the year 2014 and after the year 2018. Also, this research has been conducted based on
secondary data and empirical works. Certain information could not be accessed due to
company confidentiality policies. Hence lack of expertise and of proficient knowledge are
also among the constraints.

5
 Chapter 2

Literature Review

6
 Literature Review

Non-performing Loan has become a contemporary issue in a bank’s credit management

and indisputably the new frontier in economy. Non-performing Loans (NPLs) is generally
attributed to a number of factors, including downturn in economy and macro-economic
volatility, trade deterioration, high interest rate, excessive reliance on desperately high-
priced inter-bank borrowings, insider trading and moral hazard, (Goldston & Turner, 1996).
According to the World Bank, Nonperforming Loans are loans for which the contractual
payments are delinquent, usually defined as and NPL ratio being overdue for more than a
certain number of days usually more than 90 days, a point where loans and advances are
recognized as classified.

A banks future performance and profitability are mostly determined by its lending decision.
Banks are becoming more and more conscious in customer selection to avoid the negative
impact of bad loan or NPLs. The issue of NPLs has gained increasing attentions in the last
few decades. Amounts of bad loans are increasing at an alarming rate not only in the
developing and underdeveloped countries but also in developed countries. Banks’ lending
policy could have crucial influence on NPLs. A default is not entirely an irrational decision.
Rather a defaulter considers probabilistic assessment of various costs and benefits of his
decision. Lazy banking’ critically reflects on banks’ investment portfolio and lending
policy (Sinkey, 1991); (Reddy & Mohan, 2006) & (Dash, 2010)

(Podder,2012) discovered NPL, Advance/Deposit ratio, Total Asset, Equity/Total Asset

ratio as some prominent determinants of profitability of banks during the period 2001-2010
observed on 30 PCBs in Bangladesh.

With an evil trend of loan embezzlement among borrowers, the number of loan defaulters
is increasing at an alarming rate in our country. Recent series of scams in state-owned as
well as private commercial banks indicate how massive the issue is turning out to be. With
an attempt to find out the time-series scenario of this issue, it’s growth and relation to the
bank's profitability, the author believes that there are some qualitative factors involved that
hugely affect this issue. (Lata, R.S, 2015)

7
(Balango & Rao K. 2017) explored that there is a significant relation between profitability
and the amount of NPL. The results of the analysis specified that NPL has a negative and
significant effect on ROA while CAR has a positive and relatively insignificant effect on
ROA of commercial banks in Ethiopia.

(Kingu et al, 2018) in their research, studied the influence of NPL on bank’s profitability
using information asymmetry theory and bad management hypothesis. The study states that
occurrence of NPL is negatively related to the level of profitability in commercial banks of
Tanzania.

(Patwary & Tasneem, 2019) revealed that there is different directional short-run causality
exist between variables and their analysis confirms that two independent variables; non-
performing loan ratio and provision maintenance ratio are statistically significant to the
dependent variable; return on asset (ROA).

A study entitled “A Comparative Analysis on Non-Performing Loans (NPLs) In The

Banking Sectors of Bangladesh” analyzed the comparative position of all the fours banking
categories on non-performing loans in Bangladesh and also investigate what are the
different causes of non-performing loans in banking sectors of Bangladesh. (Sarker S. k.
2019)

Non-performing loan has always been an important issue for researchers. Most studies have
been made based on commercials banks of different countries. To determine the root causes
of NPL, researchers considered different classes of variables. Among those classes,
macroeconomic variables, bank specific variables and regulatory framework have been
vastly analyzed. This research aims to find out the impact of the associated firm-specific
variables on NPL.

8
 Chapter 3

Methodology

9
3.1 Research Design: This study is analytical since this study is trying to explore the cause
and effects relationship among two variables. To estimate and measure the variables the
quantitative approach is used in this study. This study is an empirical research because of
its dependence on secondary data and some other empirical works.

3.2 Sources & Collections of Data: Secondary data are analyzed in the study and all the
data are collected from the annual reports of United Commercial Bank Limited from the
period of 2014 to 2018. Annual reports are collected from the website of United
Commercial Bank Limited. In this study total 5 years data of United Commercial Bank
Limited have been applied. Due to unavailability of most recent and some previous year’s
data, I have used data from the year 2014 to 2018.

3.3 Hypothesis of the Study:

H0 (1) There is no significant impact of NPL on ROA

H1 (1) There is significant impact of NPL on ROA

H0 (2) There is no significant impact of NPL on ROE

H1 (2) There is significant impact of NPL on ROE

For each hypothesis, if Level of significance is <0.05, null hypothesis is rejected, and
alternative hypothesis is accepted. If Level of significance is>0.05, null hypothesis is
accepted.

10
3.4 Model & Variable Definition

This study intended to analyze the effects of NPL on a few firm-specific variables that
might suggest that if there is any impact of NPL on UCB’s profitability. Non-performing
loan to total loan ratio of UCB was used as dependent variable. As independent variables,
ROA & ROE were used.

9
8.01
8 7.38
6.79
7
6 5.23
4.62
5
4
3
2
1
0
2014 2015 2016 2017 2018

% of NPL to Total Loans ad Advances

Fig 3.4.1: NPL to Total Loan and Advances (%)

y=a+a1x+e (Model 1)
y1= a+a2x+e (Model 2)

y= Return on Assets
y1=Return on Equity
a= Constant
x=NPLR
e= Disturbance/ Error

11
List of Variables

Target Variable Definition

ROA A common and widely used indicator of profitability. Return on
Assets (ROA) stated as a percentage of net income to total assets
of a bank. Indicates the earning efficiency of a bank.
ROE ROE is used to measure how effectively management is using a
company’s assets to create profits.
Explanatory Variables
NPLR Non-Performing Loan Ratio (NPLR) is a relative measure of
nonperforming loan to its total loan outstanding as stated as
percentage as well. Measuring the assets quality of a bank.

Table 3.4.1: List of Variables

12
3.5 Data Analysis

Correlations

ROA NPLR
Pearson Correlation ROA 1.000 -.888
NPLR -.888 1.000
Sig. (1-tailed) ROA . .022
NPLR .022 .
N ROA 5 5
NPLR 5 5

Table 3.5.1: Correlation (Model 1)

b
Model Summary

Model R Change Statistics

R Square Adjusted R Std. Error of
R Square the Estimate R Square Change F Change

1 .888a .789 .719 .21303 .789 11.219

Change Statistics Durbin-Watson

Model df1 df2 Sig. F Change

1 1 3 .044 1.041
a. Predictors: (Constant), NPLR
b. Dependent Variable: ROA

Table 3.5.2: Model Summary (Model 1)

a
ANOVA

Model Sum of df Mean Square F Sig.

S Squares
q
u
ar
es
1 Regression .509 1 .509 11.219 .044b
Residual .136 3 .045
Total .645 4
c. Dependent Variable: ROA
d. Predictors: (Constant), NPL
Table 3.5.3: Anova (Model 1)

13
Correlations

ROE NPLR
Pearson Correlation ROE 1.000 -.917
NPLR -.917 1.000
Sig. (1-tailed) ROE . .014
NPLR .014 .
N ROE 5 5
NPLR 5 5

Table 3.5.4: Correlation (Model 2)

Model Summaryb

Model R
R Square Adjusted R Std. Error of Change Statistics
R Square the Estimate R Square F Change
Change
1 .917a .841 .788 1.82537 .841 15.884

Change Statistics Durbin-Watson

Model df1 df2 Sig. F Change

1 1 3 .028 1.033
a. Predictors: (Constant), NPLR
b. Dependent Variable: ROE

Table 3.5.5: Model Summary (Model 2)

ANOVAa

Model Sum of df Mean F Sig.

Squares Square
1 Regression 52.926 1 52.926 15.884 .028b
Residual 9.996 3 3.332
Total 62.922 4
a. Dependent Variable: ROE
b. Predictors: (Constant), NPL

Table 3.5.6: Anova (Model 2)

14
3.6 Data Interpretation

In statistics, linear regression is a linear approach to exhibit the relationship between a

scalar response (or dependent variable) and one or more explanatory variables (or
independent variables). In linear regression, the relationships are modeled using linear
predictor functions whose unknown model parameters are estimated from the data. Such
models are called linear models. linear regression focuses on the conditional probability
distribution of the response given the values of the predictors, rather than on the joint
probability distribution of all these variables, which is the domain of multivariate analysis.

The Pearson correlation coefficient is a measure of the strength of the linear

relationship between two variables. It is known as Pearson's correlation. If the relationship
between the variables is not linear, then the correlation coefficient does not satisfactorily
signify the strength of the relationship between the variables. Pearson's r can range from -
1 to 1. An r of -1 indicates a perfect negative linear relationship between variables, 0
indicates no linear relationship between variables, and a value of 1 indicates a perfect
positive linear relationship between variables.

For Model 1, Pearson’s value -0.888 indicates almost perfect negative linear relation
between the two variables. Which means our dependent variable y which is ROA reduces
significantly as the value of independent variable x (NPLr) increases. (Table 3.5.1)

For Model 2, Pearson’s value -0.917, which also indicates strong negative linear relation
between the two variables. Which means our dependent variable y 1which is ROE reduces
significantly as the value of independent variable x (NPLr) increases. (Table 3.5.4)

Coefficient of determination R 0.888 that shows the highest percentage value that the
independent variables explain 89 percent change of ROA. The goodness of fit test of the
model is also acceptable as the adjusted R2 is 0.719. The value of Durbin-Watson is 1.041
that does not lie within the range between 1.5 and 2.5 which indicates positive
autocorrelation among independent variables. In this case, we must take under
consideration that the number of independent variables is 1. (Table 3.5.2)

15
For Model 2, Coefficient of determination R 0.917 shows the highest percentage value that
the independent variables explain 92 percent change of ROA. The goodness of fit test of
the model is also satisfactory as the adjusted R2 is 0.788. The value of Durbin-Watson is
1.033 that does not lie within the range between 1.5 and 2.5 which indicates positive
autocorrelation among independent variables. In this case, we have to take under
consideration that the number of independent variables is 1. (Table 3.5.5)

The variables used in the regression are potentially endogenous as they are determined
through bank’s balance sheet constraints and are correlated with each other. From the
ANOVA table (3.7, 3.10) it is found that comparing calculated F value of 11.219 and
15.414 with table value at 4% and 3% significance level respectively, the null hypothesis
of H0 (1): There is no significant impact of NPL on ROA and H0 (2): There is no significant
impact of NPL on ROE are rejected. So, with a level of 96 % and 97% confidence we can
conclude the statement that alternative hypothesis of H1 (1): There is significant impact of
NPL on ROA and H1 (2): There is significant impact of NPL on ROE are accepted.

16
17
 Chapter 4

Findings & Analysis

18
The data analysis part is based on quantitative factors related to NPLs. Besides there are
some qualitative factors that act as a catalyst to this issue.

a) Bandwagon Effect: Many borrowers try to set up enterprises with institutional

finance influenced by the success of others. Lack of proper evaluation of the
key factors of success in these activities, financial institutions often get
convinced by the enthusiasm of the potential defaulter based on others’ success
stories. To the extent that market dispersion, size of operation, location, varying
entrepreneurial attributes and a lot of other factors may have bearings on the
outcome of the investment, financial institutions often take the risk of making
adverse choices in such cases.

b) Lack of Effective research: There is also very little effort on the part of banks
to seek out promising entrepreneurs, particularly new ones. Attempts to
determine the characteristics of the entrepreneurs through “Know your customer
(KYC)” assessing is not adequate. For example, information is collected on the
credit status of the debtor from the CIB and an unclassified status is considered
satisfactory.

c) Poor Appraisal: When the investment activity and the borrower are selected
properly, problems may arise due to defective estimation of the optimum credit
need, which often directs to over-financing, creating scopes for fund rerouting,
over-invoicing and even money-laundering. Problems transpire at the other end
as well. Every so often the size and duration of loan is inadequate and puts the
borrower into serious cash flow problems, particularly because of compounding
high interest rate. One more aspect of deficient appraisal can be faulty
assessment of collateral, resulting in under-coverage of the loan or acceptance
of doubtful collateral.

19
 d) Even if there is a high probability of being bad loans financial institutions are
very much reluctant to show the loan as a classified one as result there remain
ambiguity in financial statements of these bank.
e) As per Central Bank’s guideline, the exposures are maximum 30% (funded 15
percent and non-funded 15 percent) for a single party of the respective bank’s
paid up capital. But many of the defaulting issues represents the frequent
violation of it.
f) Political influence is one of the big reasons why the number of defaulted loans
is soaring. Parties having strong political affiliation are most likely to be
sanctioned their desired amount of loan without and considering the credit risk.

Measures given below are followed by UCB to control its NPL and protect the structural
quality of its portfolio

a) UCB maintains constant contact with its borrowers which is instrumental to NPL
management at the bank.

b) Bank’s employees maintain strong relationships and close contact with its
customers through regular visits.

c) The SME loans are supervisory in nature as the field staffs make regular visits to
the business premises of the customers and this helps limit NPLs to some extent.

d) The Bank also restructured Special Assets Management to align it with the evolving
nature of the business.

e) The field level employees are accountable for recovery according to the ACM
model in small business in the SME division.

f) Coordinated efforts of the Credit Risk Monitoring Team and the Special Assets
Management and Recovery Team to help the bank book quality assets while
keeping NPLs under check.

g) As the portfolio grew, the overall revenue also increased by 22% in last five years
apart from increasing trend of its NPL.

20
 Chapter 5

Recommendation & Conclusion

21
5.1 Recommendations

a) With strong and independent internal control system and compliance, Financial
Institutions must ensure proper KYC and customer due diligence (CDD) to satisfactorily
assess a loan proposal and properly determine market potential, authenticity of the
collateral and optimum credit needs.

b) Client selection mechanisms which screen out applicants with a lack of repayment
capacity with previous record and unwillingness to make repayments.

c) Strengthening the supervisory capability of Bangladesh Bank and CIB.

d) Necessary legal reforms to strengthen and expedite the legal process should be
undertaken immediately.

e) Selection and appointment of board members should be done based on strict objective
measures and there should be a mechanism in place to scrutinize the performance of the
board members.

f) Political influence on sanctioning loans should be reduced for the greater interest of the
economy.

g) The prevailing corruption practices in our banking industry should be controlled through
applying legal action against willful defaulters and corrupted persons. Also, Judicial Use
of Rescheduling and Write-off should be followed

22
5.2 Conclusion

Adverse effects of Non-Performing Loan NPL reduces interest income with the principal amount
of loan. Banks need to keep provisioning against NPL which ultimately reduces net income. Also,
the primary source of banks income is the interest income. Banks cannot afford to lose their interest
income due to NPLs since they need to maintain their operating cost to run their business smoothly.
As an incidence of that bank further increases lending rates for new loans. Increasing amount of
NPLs require banks to raise provisions against probable loan losses and carry out internal
consolidation to improve asset quality, including writing-off loans. The resulting decline in credit
disbursement advances to a lower ROA and ROE, affecting bank’s solvency and liquidity. It is
difficult for banks with high NPLs to take risk due to lower profits. Altogether, the high NPL ratio
weakens the overall credit quality of the banking sector in general. Banks act as protectors of the
assets of the general public, and influence and accelerate economic activities, such as resource
mobilization both in the public and private sector. Hence it is critical to implement adequate
measures to effectively address the stream of bad loans. The study shows different causes, effects,
analysis and initiatives that can be taken regarding NPL. Banks should consider all the causes and
the consequences of NPL and develop effective credit management tools to reduce the problem so
that the bank can ensure maximum dedication on the development of the banking industry, their
business and can contribute to the economic development of the country in a positive manner.

23
 References

1. Lata, R. S., 2015. Non-Performing Loan and Profitability: The Case of State Owned
Commercial Banks in Bangladesh. World Review of Business Research, 5(3), pp.
171-182.

2. Sarker, S. K., 2019. A Comparative Analysis on Non Perfoming Loans (NPLs) in

the Banking Sector of Bangladesh. International Journal of Research -
Granthaalayah.

3. Tasneem, M. S. H. P. &. N., 2019. Impact of Non-Performing Loan on Profitability.

Global Journal of Management and Business Research: C, 19(1).

4. Dhal, Sarat. (2003). Non-Performing Loans and Terms of Credit of Public Sector
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5. Mohanty, Asit. (2018). Determinants of Non-Performing Loans in India: A System

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6. Dash, MK 2010 ‘The Determinants of Non-Performing Assets in Indian Commercial

Bank: An Econometric Study’, viewed November 2012,

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ix