UNI

T–I
V

LOANS,
ADVANCESANDNON–PERFORMI
NGASSETS

BANKLENDI NG
Bankl endi ngconst i
tut esl oansandadv ancesgr antedbybanks.I tpl aysan
i
mportantr ol ei naugment ingt hegr ossear ni ngsandnetpr of i
tsofcommer ci
albanks
andcausesaccel erati
oni nt hegr owt handdev elopmentofacount ry.
1.PRINCI PLESOFSOUNDLENDI NG
Thef ollowi ngpr inci plesofsoundl endi ngar edi scussedbel ow:
 Safet y
Saf et ydependsupon
(i
) Thesecur i
tyof fer edbyt hebor rower .
(i
i) Ther epay i
ngcapaci tyandwi l
l
ingnessoft hedebt ortor epay
t
hel oanwi thint erest .
Sobankershoul densur ethatsecur i
ti
esof feredar eadequat eandr eadily
realizabl eandt hebor roweri saper sonofi ntegrity,
goodchar acterand
reput ation.
 Liquidi ty
Itref erstot heabi li
tyofanassett oconv ertintocashwi thoutlosst omeet
demandofdeposi tsi nt i
me;t hebankshoul dkeepi tsfundsi nliquidstate.Shor t
terml oansandl oansgr ant edagai nstsecur i
tiescanbeeasi lyconv er
tedi nt o
cash, sobankershoul dl endagai nstmar ketablesecur i
ties.
 Prof i
tabi l
ity
Abankershoul dempl oyhi sf undsi nsuchawayt hatitwi llbri
ngr eturnt o
them.Banksear npr of ittopayi nter estt odeposi torsdecl aredi vi
dendt oshar e
holder s,meetest abl ishmentchar ges,pr ovider eser vef ordoubt fuldebt sand
depr eci ation
 Secur ity
Cust omer sof ferdi ffer entsecur i
tiesl i
kel and,bui ldi
ng,goodsandr aw
mat er ialt ogetadv ances.Fort hesakeofsaf etyheshoul densur et hatt he
secur itiesar eadequat e, mar ketableandf reef r
om bur den.
 PurposeofLoan
Bef or esanct i
oni ngl oansabankershoul denqui ret hepur poseofl oanf or
whichi ti sneeded;l oansf orundesi rablepur posessuchasspecul ati
onand
hoar ding shoul d be di scour aged.Loans gr ant ed f orpr oduct i
ve pur poses
increasest heear ningcapaci tyofbor rowerandensur epr omptpay ment.
 Sour cesofRepay ment
Thebankershoul dconsi dert hesour cef r
om whi chr epay menti spromi sed.
Debent ureswhi char er edeemedi nf ewmont hs’l i
fepol i
cywhi chi stomat urei n
nearf ut urei fofferedassecur itygiv est rouble.
 Diver sif i
cat ionofRi sk
Thebankershoul dnotl endamaj orpor tionofhi sl oanabl efundst oany
 singlebor rowerort oani ndust r
yort opar t
icularr egion.Sot hebankershoul d
l
endmoder atesumst oal argenumberofcust omer sspr eadov erawidear ea
andbel ongi ngt odi f
f erenti ndust ri
es.
2.Secur edAdv ancesandunsecur edAdv ances
I. Unsecur edAdv ances
Anunsecur edadv ancedef inesas“ unsecur edl oanoradv ancesmeansa
loannotsecur ed”.
Theyar egr antedt ocust omer sofi ntegri
tywi thasoundf inanci
albacking,
highbusi nessr eput at
ionandcapaci tytomanaget hebusi ness.
Conf idenceofbor roweri st hebasi sofunsecur edadv ances.Theconf idence
i
sjudgedbyt hr eeconsi der ati
ons:
 Char act er
Iti mpl ies per sonalqual iti
es like honest y ,r esponsi bil
ity
,prompt ness,
reput ationandgoodwi ll
.
 Capaci ty
Itr ef erst ohi sabi l
ityt omanaget hebusi nessanddependsoni nit
iati
ve,
i
nt erest, exper i
enceandmanager ial abi
lit
y .
 Capi tal
A bor rowershoul dhav esuf fi
cientcapi talt oconducthi sbusinessand
adequat epl antandmachi ner ytocar ryoutnor mal pr oduct i
on.
II
. Secur edAdv ances
Secur edadv ancesmeansl oansmadeont hesecur ityoft angi
bleassets
l
ikel and, bui l
ding, machi nery ,goodsanddocument soft i
tl
et ogoods.
Secur edl oanoradv ancemeansal oanoradv ancemadeont hesecurit
yof
asset sl ikemar ketv alueofwhi chisnotatanyt imel essthant heamountofl oan
oradv ance.
Ther ear et woessent ialfeaturesofsecur edadv ances:
 Theadv ancemustbemadeagai nsttangi blesecur it
y.
 Themar ketv alueoft hesecur it
ymustnotbel esst hantheamount
ofloangr anted.

3.Secur
edAdv
ancesorLoanVsUnsecur
edAdv
ancesorLoan

S.
No Basi
sfor Secur
edLoan Unsecur
edLoan
Compari
son

1 Meani
ng Theloanwhichi
s Unsecur
edloani
s
securedbyan thel
oaninwhich
 asseti
sknown ther
eisnoasset
asaSecured mortgagedas
Loan. securi
ty.
2 Basi
s Col
l
ater
al Cr
edi
twor
thi
ness
3 pl
edgingof Yes No
asset
4 Ri
skofLoss Ver
yless Hi
gh
5 Tenur
e Longper
iod Shor
tper
iod
6 Expensi
ve No,duet
olow Yes,
becausethe
i
nter
estr
ates i
nter
estr
ateishi
gh
7 Bor
rowi
ng Hi
gh Compar
ati
vel
yless
l
imi
t
8 Rightof For
fei
ttheasset
. Cansuehi
mfort
he
l
enderincase money.
borrowerf
ail
s
topay

4.For
msofAdv
ances

 Loans
Thebankeradv ancesal umpsum f oracer
tainperi
odatanagr eedrat
eof
i
nterest.Theent i
reamounti spai dincashorcr edi
tedtocur r
entaccountof
customer.Thei nterestischargedonf ullamount
.LoanmaybeDemandLoanor
Term Loan.
Demandl oani spay ableondemand,i tisf orshortperi
odandusual ly
grantedtomeetwor kingcapitalneedsofborr
ower.
Terml oanmaybemedi um andlongterm.Medi um t
ermisgr ant
edfora
peri
odr angingf rom oney eart of i
veyearsforpurchaseofv ehi
cles,tr
act
ors.
Longt ermloansar egrantedf orcapit
alexpendi
turesuchaspur chaseofland,
construct
ionoff actorybui
lding.
  CashCr edi t
Iti sanar rangementbywhi cht hecust omeri sal l
owedt obor row money
upt ocer tainl imi t.Thi sisaper manentar rangementandt hecust omerneednot
draw sanct ioned amountatonce,butdr aw amountasand when r equir ed.
Interesti schar ged onl yf ort he amountwi t
hdr awn and notf ort hewhol e
amountchar ged.I tismadeagai nstpledgeorhy pothecat i
onofgoods.
 Ov erdraf t
Itisanar rangementbet weenabankerandhi scust omerbywhi cht helat er
i
sal lowedt owi thdrawov erandabov ehiscr editbal ancei ncur r
entaccountupt o
an agr eed l i
mi t,t hisi st empor ary accommodat ion usual ly grant ed agai nst
secur i
ties.Thebor roweri sper mi t
tedt odr aw andr epayanynumberoft i
mes.
Ov erdraf tismadeoccasi onal l
yf orshortdur ation.
 Bi ll
sDi scount edandPur chased
Banksgr antadv ancest ot heircustomer sbydi scount i
ngbi llofexchange
orpr o– not e,t heamountaf terdeduct ingt hei nt erestf rom t heamountof
i
nst rument ,i
scr edi tedi ntheaccountofcust omer .Di scount ingofbi l
lconst i
tut es
acl eanadv anceandbanksr elyont hecr editwor t
hinessoft hepar tiest ot hebi ll
.
Bankspur chasebi ll
si nsteadofdi scountingt hem.
5.MODESOFCHARGI NGSECURI TY
Lien
Itisther ightofcr editortor etainthepr oper t
iesbel ongi ngtodebt orunt ilt
hedebt
duet ohi mi sr epai d.Thebankerhast her i
ghtt osel lt hesecur i
tiesaf terser v i
ng
reasonablenot icet ot hebor rower .
Pledge
Sect i
on172ofI ndianCont ractAct ,1872,def i
nesapl edgeas,t he“ bai l
mentof
goodsassecur ityf orpay mentofadebtorper formanceofapr omise”
I
nt hecaseofpl edge, bankergr antsloansagai nstv aluabl essuchasj ewel ers, et c.
thesecur it
ygoesi ntot hecust odyoft hebankerandi srel easedt ot hebor rowerupon
therepay mentoft hel oan.Thet i
tl
et ot hevaluables, howev er,remai nswi tht hebor r
ower .

Essent
ial
sofPl edge
 Deli
veryofGoods
Deliveryofgoodsi sessent i
altocompl eteapl edge.Thedel i
ver
ymaybe
physicalorsy mbolic.
 TransferofOwner ship
Theowner shipofgoodsr emai nswiththepl edger.Thepossessi
onofthe
goodsv estswi t
hpl edget i
l
l t
hel oani srepaid.
 Rightincaseoff ailuretor epay
Ifthepledgerf ail
stor epaywi thinthestipul
atedtime,thepledgemay,
 Sel lthegoodspl edgedaf tergivi
ngar easonablenot i
ce,
 Fileaci vi
lsuitagainstt hepl edgerfortheamountdue,
 Fileasui tfort hesaleoft hegoodspl edgedandt hereal
izati
onofmoney
 duet
ohi
m.

Mortgage
Amor tgageisamet hodofcr eat
ingchargeoni mmov ableproperti
eslikeland
andbui l
ding.Inthecaseofmor tgage,loansareadv ancedagainstt hesecurityof
i
mmov ableassetssuchasl andandbuilding,
plantandmachi neryetc.notransferof
assetsfrom thebor r
owert ot hebankerhappens,t hedocument soft i
tl
et osuch
assetsis,howev ertr
ansfer
r edtothebankerandr emainint hebankercust odyt i
l
l
therepaymentoft heloan.

Char
act
eri
sti
cs

 Amor tgagecanbeef f
ectedoni mmov abl
epropert
ylikeland,benef
it
sthat
ar
ise outofl and and t
hings at
tached t
o eart
hl i
ke tr
ees,buildi
ng and
machinery.

 Amor tgagei
sthetr
ansferofani
nter
estint
hespeci
fi
cimmovabl
epr
oper
ty
i
.e.
,theownertr
ansf
erssomeofhi
sr i
ght
sonlyt
othemort
gage.

 Theact
ual
possessi
onoft
hemor
tgagedpr
oper
tyi
swi
tht
hemor
tgager
.

 Theinter
esti
nthemort
gagedproper
tyisreconv
enedt
othemor
tgageron
repay
mentofthel
oanwi
thi
nter
estdueon.

 I
fmor tgagerf
ail
storepayloant
hemortgageegetst
her
ightt
orecov
ert
he
debtoutofsal
eproceedsofmort
gagedproper
ty.

For
msofMor
tgages

 Si
mpl
emor
tgage

 Mor
tgagebycondi
ti
onal
sal
e

 Usuf
ruct
urymor
tgage

 Engl
i
shmor
tgage

 Mor
tgagebydeposi
toft
it
ledeeds

 Anomal
ousmor
tgage

 Legal
mor
tgage

 Equi
tabl
emor
tgage

Assi
gnment
 Assignmentmeanst r
ansferofanyexist
ingorf
utureri
ght
,pr
opert
yordebtby
onepersont oanot herper
son.Theper sonwhoassi gnstheproper
tyiscall
ed
assi
gnorandt heper sont
owhom i tistransfer
redi
scal l
edassi
gnee.Inbanki
ng
busi
ness,aborrowermayassigntothebanker
(
i) Thebookdebt

(
ii
) Moneyduef
rom gov
ernmentdepar
tment

(
ii
i) I
nsur
ancepol
i
cies

LegalAssi
gnment

I
tisanobsol
utet
ransf
erofactionabl
ecl
aim.Itmustbei
nwr
it
ingsi
gnedby
t
heassi
gnorint
imat
ingt
heassigneenameandaddress.

Equi
tabl
eAssi
gnment

I
tisonewhi
chdoesnotf
ulf
il
lal
lther
equi
rement
s.

Hy
pot
hecat
ion

The mortgage of mov able proper

tyf or secur
ing a l
oan i
s call
ed
hypot
hecat
ion.I
not herwords,i
nhypothecat
ion,achargeovermov
abl
eproper
ti
es
l
ikegoods,
rawmat eri
als,
goodsinprogr
essiscreat
ed.

Hartdefi
nedHypot
hecati
onas‘achar
geagai
nstpr
opertyforanamount
wherenei
therowner
shi
pnorpossessi
oni
spassedt
othecredi
tor
’.Hypot
hecat
ion
f
acil
i
tyisal
socall
ed‘
openfaci
li
ty’

6.CANNONOFBANKI
NGSECURI
TY

 Validi
tyoft hetitleoft hebor rower
Whenacust omerappl i
esf oral oanagai nstsomesecur it
y,t
hebanker
mustascer taint hev ali
dityofthet i
tleofthebor rower.
 Li qui
dity
Themai nf eatureofasecur edloani sreli
anceonsecur it
yandnoton
thecreditwor thi nessandf inancialstandingoft hebor r
ower .So,abanker
mustconsi derwhet hert hesecurityofferediseasilymar ketabl
ewi t
houtloss.
 St abil
it
yisv alue
Thev alueofsecur ityshoul d best eadyand st able.Itshould not
fl
uctuatewi dely.
 EasyTr ansferabi li
ty
Thesecur ityshoul dbeeasi l
yt r
ansferrable.A documentoft it
let o
goodscanbet ransf erredbyendor sementanddel iver
y.Immov abl
eproperty
doesnothav eeasyt ransferabil
i
ty.
 Cl eanandMar ket ableTi tl
e
 Thesecur i
tyshoul dhav ecl eart i
tle.Ifiti snotcl ear ,char gingof
securitybecomesdef ectiveanddi sposaloft hepr oper tyonasubsequent
datebecomesi mpossi ble.Thesecur i
tyshoul dbef r
eef rom encumbr ances.
 Freef r
om Di sabiliti
es
Abankershoul ddi squalifysecur iti
escr i
ppledwi thcer taindi sabi l
i
ties
l
ikepar tlypai d–upshar es, l
if
ei nsurancepol i
cywi thoutsur renderv alueand
soon.Heshoul dseebef oreaccept ingt hatt hesecur it
yi sfr eef rom such
disabil
ities.
 RealizationofAdv ance
Ift hebor rowerf ai l
st or epayt hedebtwi thint het i
mespeci f
ied,t he
banker ,af terser vingar easonabl enot ice,cansel lthesecur it
iesandr ecov er
hisdues.I ft hebankeri sunabl etor ecov erthef ullamountf r
om t hesal e
proceeds,hecanf i
l
easui tagainstt hebor rowerf ort her ecov eryoft he
balancewi thi
nt hreey ear sf r
om t hedat eofsanct ionoft headv ance.
 Mar gin
Mar ginist hepr ov i
sionf orsaf etymai ntainedbyt heBankerwhi l
e
advanci ngagai nstsecur it
ies.Abankerdoesnotl endt hef ullv alueoft he
securityof feredbyt hebor r
ower .Her etainsamar ginov erit
.Themar gi
ni s
thedi f
fer encebet weent hemar ketv alueoft hesecur ityof f
eredandt hel oan
granted.
 Document ati
on
Document at i
oni sasal i
entf eatur eofsoundl ending.Thet ermsand
conditionsunderwhi cht hel oani ssanct ionedandt hesecur i
tyaccept edar e
putdowni nwr i
tingandsi gnedbyt hebor rower.Obt ai
ni ngsuchagr eementi s
call
eddocument ation.

7.ADVANCESAGAI NSTGOODS
60% oftotalbankadv ancesar esecuredagai nstmanuf acturedgoodsand
agr
icul
tur
alproduce.
Advant
ages
 EasyMar ketabi
li
ty–Ifbor r
owermakesadef ault
,thebankercanr eali
zehis
duesbydisposingofthegoodsi nthemar ket.
 ReadyMar ket–Mostoft hegoodshav er eadymar ket;t heycanbeeasi l
y
sol
dt hanotherki
ndsofsecur it
ies.
 Adv ancesf orShortPeriod–Adv ancesagainstgoodsar ef orshortper
iod
becauseofseasonablechar acter.
 Easyt oEv al
uate– Mar kett r
endsandr eportsar eavailableinrespectof
 almostal lcommodi t
iesi nnewspaper s.
 Fr eef rom f luctuat ion–Thepr iceofr ice,wheat ,sugarandcot tondoesnot
fluct uat e.
Di
sadvant ages
 Ri skofDet er iorat i
on–Det erioratesi nqual i
tyov eraper iodoft imer esulti
ng
i
nr educt ioni nt hev alueoft hesecur i
ty
 Ri sk off raud – I n absence ofpr operst andardization and br anding,
agr i
cul turalpr oducear el ikelyt ot herei sampl escopef orunscr upulous
peopl et ocar ryonadul ter ation.
 St or ageandv erifi
cat i
on– Thebankerhast of indgodownst okeept he
goodspl edged and secur et heser vi
ceofhonestgodownskeeper sand
ensur epr opersuper vi
sionoft hegodowns.
 Fal li nt hev alueofsecur ity– Thev alueofsecur it
yi ssubj ectt owi de
fluct uat ionpar t
icularlyincaseofl uxur ygoods.
 Hi ghTr anspor tcost– Whenbor rowermakesdef aultt or epayment ,the
bankerhast odi sposet hegoods, whi chinv olvestranspor t
ation.
Pr
ecautionst obet aken
 I nt egr i
tyoft hebor rower
 Pur poseofl oan
 Nat ureofcommodi ty
 Knowl edgeofdi fferentmar kets
 Pr opercar ei nv al uation
 Ascer t
ai nt het i
tl
eofowner
 Pr operst orage
 Rent edgodown
 I nsur anceupt of ullmar ketv alue
 Cr eat ionofchar ge/ pledge–Hy pot hecat ion
 Handl i
ngofgodownkey s
 I nspect ion
 Super vi
si onr egar dingr eleaseofgoods
 R. B.Idi rect i
v es.
8.Advancesagai nstdocument soft i
tlet ogoods
Thef ollowi ngdocument sar ehandl edbyt hebankeri nt hi
sconnect i
on.
 Bi l
lofLadi ng
I
ti si ssuedandsi gnedbyt hemast erorbyaut horit
yoft hemast erof
theshi p.I tser v
esasapr oofoft her eceiptofgoodsonboar d.Theshi pping
companyunder takest odel iv
ert hegoods,i nt hemannerandcondi ti
onas
recei ved, tot heconsi gneeort ohi sor der.
 War ehousekeeper scer ti
ficate/ Recei pt
I
ti sadocumenti ssuedbyt hewar ehousekeeperst ati
ngt hathehol ds
 thegoodsdescr ibedt her einandawai tsinst r
uctionsf rom theper sont o
whom i tisaddr essed.War ehousekeeper s’r
eceiptisanacknowl edgementof
thegoodshol dbywar ehousekeeperonbehal foftheper sonnamedt herei
n.
 Del i
v eryor der
I
ti stheor deraddr essedbyt heowneroft hegoodst othepr opri
etorof
thedockorwar ehouse, wher ethegoodsar el odged, todeliversomeoral lthe
goodst oaspeci fiedper sonort ohisor der .
 Rai lwayRecei pt
I
ti sadocumenti ssuedbyt her ail
waycompanyacknowl edgi
ngt he
recei ptofgoodsandunder t
akingt ocar rythegoodsdel i
veredt omakepl ace
ment ionedt her ei
n.
 DockWar r
ant
I
ti sadocumenti ssuedbyt hedockcompanyi nexchangeofgoods
recei ved.Thedocumentcanbet ransf erredbyendor sementanddel i
very.
Ri
skinadv ancesagai nstdocumentoft itl
et ogoods
 Ri skoff r aud–Thewar ehousekeeperi ssuesr eceiptsf orgoodsr eceivedbut
do not guar antee t he cont ent s of packages and cont ents may not
correspondt ot hedescr iptionoft hegoods.
 For ger yofendor sement– Theendor sementon t hedocumentmaybe
forgedi nwhi chcaset hebankerwi llnotgetbet tert i
tlebecausef or
gery
conv ey snot itle.
 Notnegot i
abl esecur i
ties–Theyar enotnegot iablei nstrument s,sobanker
willnotgetbet tert i
tl
e.
 St oppagei nt ransi t–Anunpai dsel lerhasal ienont hegoodsasl ongast hey
arest il
linhi spossessi on.I nsuchacase,t hebankerwi llhavenocl aim on
thegoods.
Gener alpr ecaut i
ons
 I nt egrityoft hecust omer
 Cer ti
ficateofpackagi ng
 Nocondi ti
ons
 Endor sementi nblank
 I nsur anceagai nstrisk
 Speci al carei nr eleasi ngt hegoods
9.NON–PERFORMI NGASSETS–MEANI NG
NPAsar eani nev itablebur denont hebanki ngi ndustry.Banksneeds
tomoni torst andar dasset stoar restanyaccountbecomi nganNPA.Today ,
thesuccessofbankdependsupont hemet hodsofmanagi ngNPAsand
keepi ngt hem wi thinat ol erancel evel.
10.FACTORSCONTRI BUTI NGTONPAs
Thef act orscont ribut i
ngt oNPAscanbecl assi f
iedi ntot woheads.
Theyar e:
  I nter nal fact or s
 Ext er nal f act or s
 InternalFact or s
a)Di ver si onoff undsf orexpansi on/ diver sification/ moder nizationorf or
takingupnewpr oj
ect s.
b)Di ver si onoff undsf orassi sti
ngorpr omot i
ngassoci ateconcer ns.
c)Ti meorcostov err
undur i
ngt hepr ojecti mpl ement ationst age
d)Busi nessf ailur esduet oproductf ail
ur e, failurei nmar keting, etc.
e)I neff i
ci encyi nmanagement
f) Slacknessi ncr editmanagementandmoni toring.
g)I nappr opr iatet echnol ogyorpr oblemsr el atedt omoder nt echnol ogy .
 Exter nalFact ors
a)Recessi oni nt heeconomyasawhol e.
b)I nputorpowershor tage
c)Pr iceescal ationofi nput s
d)Exchanger atef l
uct uat i
on
e)Acci dent sandnat ur alcalami ti
es
f) Changesi ngov ernmentpol iciesr elat ingt oexci seandi mpor tdut ies,
pol l
ut i
oncont r olorder s,etc.
g)Gov er nmentl oanwai verscheme
 OtherFact or s
a)Li ber alizat ionoft heeconomyandt heconsequentpr essur esf rom
li
ber alizat ionl ikesev erecompet ition,r educt ionoft ar i
ffs,r emov alof
rest rict i
on, et c.
b)Poormoni tor ingofcr edit
sandt hef ai luret or ecogni zeear l
ywar ning
signal sshownbyst andar dasset s.
c)Pr omot er s’ ov eropt imi sm inset ti
ngupl argepr ojects.
d)Hi ghl ev er agingandhi ghcostofbor rowi ng.
e)Suddencr ashi ngofcapi talmar ket sandt hef ailuret or ai seadequat e
funds.
f) Mi smat choff undi ng, i
.e.,
usi ngloansgr ant edf orshor tter msf orlong
termt ransact ions.
11.
REMEDI ESOFNPAs
In spi teofbet tercr editmanagementi nt ermsofappr aising and
moni t
oringofl oanasset s,NPAsdooccur .I nsuchcases,v ariousmeasur es
areav ail
abl et odealwi thsuchNPAs.Ther emedi esmaybebr oadl ydi vided
int
ot wonamel y:
 Non–Legal remedi es
 Legal remedi es
 Non–l egalr emedi es
Non–l egalr emedi esmaybei nthef orm ofcompr omi se, mer ger sand
take–ov er .Thegoodspl edgedorhy pot hecat edmaybesol dwi thoutt he
 int
erventi
onofthecour t
.Thedebt scanbeassi gnedi nfav ourofanagency
whichmaycomef orwardtocoll
ectdebtsf oraser v
icechar ge.
 Legalremedies
 Fi l
ingofcivi
lsui
tsforther ecoveryofdebt sorf ortheenf or
cementof
thesecuri
ty.
 Fi l
ingofsui
tsunderstaterecoveryactsforther ecoveryofdebts.
 Ref err
ing t
he cases to DebtRecov er
y Tribunals( DRT)and Debt
RecoveryAppell
ateTri
bunal( DRAT)setupundert her ecover
yofdebts
duetobanksandFi nanci
alInsti
tuti
onsAct ,1993