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Report On Ing-Vysya
Report On Ing-Vysya
SUBMITTED TO
In partial fulfillment of the requirement for the award of the Post Graduate Program of Bhagwan Mahaveer Jain College
ACKNOWLEDGMENT
successful completion of any work would be incomplete unless we mention the name of the person, who made it possible, who constant guidance and encouragement served as a beckon of light and crowned our efforts with success privilege to express through the pages of this report, a few words of gratitude and respect to those who guided and inspired in the completion of this project. I am deeply indebted to (Branch Head) Mr. Pankaj Sharma . I consider it a
my project in their esteemed organization and the their timely suggestions & Valuable guidance. I also want to give thanks to Mr. Arastu Sharma (Sales Manager). encouraged me and showed the right path from day first till the completion of my project. I had visited almost all markets of Bareilly and collected information of the project. I have also done promotional activities under the constant guidance of my project guide. They constantly
In the last but not the least, my grateful appreciation is also extended to Department), Prof. David Easow (Head of RBA Ms. Varsha Solanki (Coordinator RBA and
Department), Mr. Nishikant Bele (Faculty EMPI) also my thanks to all my faculties members, Parents and friends. However, I accept the sole responsibility for any possible errors of omission and would be extremely grateful to the readers of this project report if they bring such mistakes to my notice.
MUKHAR GOEL
Preface Decision-making is a fundamental part of the research process. Decisions regarding that what you want to do, how you want to do, what tools and techniques must be used for the successful completion of the project. In fact it is the researchers efficiency as a decision maker that makes project fruitful for those who concern to the area of study. Basically when we are playing with computer in every part of life, I used it in my project not for the ease of my but for the ease of result explanation to those who will read this project. The project presents the role of financial system in life of persons. I had toiled to achieve the goals desired. Being a neophyte in this highly competitive world of business, I had come across several difficulties to make the objectives a reality. I am presenting this hand carved efforts in black and white. If anywhere something is found not in tandem to the theme then you are welcome with your valuable suggestions
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DECLARATION Ihereby declare that the project entitled Awareness of Banks Product offered by ING-Vysya Bank in Bareilly submitted in partial fulfillment of the requirements for the Post Graduate Program in Research & Business Analytics is my original work and not submitted for the award of any degree, fellowship, diploma, or any other similar title or prizes. An attempt has been made by me to provide all relevant and important details regarding the topic to support the theoretical edifice with concrete research evidence. This will be helpful to clean the fog surrounding the various aspect of the topic. I hope that this project will be beneficial for the Organization. Create
TABLE OF CONTENTS
S.NO TOPIC PAGE 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Company Overview Origin of ING Group Company Profile Mission New Identity Milestones in the journey of ING-VYSYA bank Balance-sheet Profit & Loss Account Cash Flow Board of Directors Synopsis Facts about ING VYSYA Products Executive Summary Introduction of Banking Industry Training session on Selling Skills KYC Research methodology Analysis of Data Conclusions & Recommendations Questionnaire Bibliography NO. 7 8 9 9 10 11 13 14 15 16 17 20 22 54 56 66 77 80 88 94 98 102
Company Overview
ING Vysya Bank Ltd., is an entity formed with the coming together of erstwhile, Vysya Bank Ltd, a premier bank in the Indian Private Sector and a global financial powerhouse, ING of Dutch origin, during Oct 2002. The origin of the erstwhile Vysya Bank was pretty humble. It was in the year 1930 that a team of visionaries came
together to form a bank that would extend a helping hand to those who weren't privileged enough to enjoy banking services.
It's been a long journey since then and the Bank has grown in size and stature to encompass every area of present-day banking activity and has carved a distinct identity of being India's Premier Private Sector Bank.
In 1980, the Bank completed fifty years of service to the nation and post 1985; the Bank made rapid strides to reach the coveted position of being the number one private sector bank. In 1990, the bank completed its Diamond Jubilee year. At the Diamond Jubilee Celebrations, the then Finance Minister Prof. Madhu Dandavate, had termed the performance of the bank Stupendous. The 75th anniversary, the Platinum Jubilee of the bank was celebrated during 2005.
company called Internationale Nederlanden Group. Market circles soon abbreviated the name to I-N-G. The company followed suit by changing the statutory name to ING Group N.V..
Profile ING has gained recognition for its integrated approach of banking, insurance and asset management. Furthermore, the company differentiates itself from other financial service providers by successfully establishing life insurance companies in countries with emerging economies, such as Korea, Taiwan, Hungary, Poland, Mexico and Chile. Another specialization is ING Direct, an Internet and direct marketing concept with which ING is rapidly winning retail market share in mature markets. Finally, ING distinguishes itself internationally as a provider of employee benefits, i.e. arrangements of non wage benefits, such as pension plans for companies and their employees. Mission ING`s mission is to be a leading, global, client-focused, innovative and low-cost provider of financial services through the distribution channels of the clients preference
ING-VYSYA
Set up in Bangalore Scheduled bank Largest private sector bank The Vysya Bank Leasing Ltd .Commenced
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Pioneered the concept of Co branding of credit Cards Promoted Vysya Bank Housing Finance Ltd. Deposits cross Rs.1000 crores Number of branches crossed 300 Signs Strategic Alliance with BBL.,Belgium. Two National Awards by Gem & Jewellery export Promotion council for excellent performance in export promotion. Cash Management Services & commissioning of VSAT. Golden Peacock Award-for the best HR Practices by Institute of Directors. Rated as Best Domestic Bank in India by Global Finance(International Financial Journal-June 1998) State-of-the-art Date Centre at ITPL, Bangalore. RBI clears setting up of ING
1998
2000
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Vysya Life Insurance 2001 2002 Company ING-Vysya commenced life insurance business. The Bank launched a range of products & services like the Vys Vyapar Plus, the range of loan schemes for traders, ATM services, Smartserv, personal assistant service, Save & Secure, an account that provides accident hospitalization and insurance cover, Sambandh, the International Debit Card and the mi-bank 2002 net banking service. ING takes over the Management of the Bank 2002 from October 7th , 2002 RBI clears the new name of the Bank as ING Vysya Bank Ltd, vide their letter of 2003 17.12.02 Introduced customer friendly
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products like Orange Savings, Orange Current 2004 and Protected Home Loans Introduced Protected Home Loans - a housing loan 2005 product Introduced Solo - My Own Account for youth and Customer Service Line 2006 Phone Banking Service Introduced Solo - My Own Account for youth and Customer Service Line Phone Banking Service
Sources of funds Owners fund Equity share capital 102.47 90.90 90.72 Reserves and surplus 1323.67 901.60 817.41
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Loan Funds Secured loans Nil Nil Nil Unsecured loans 20,498.20 16,411.09 14,243.39 Total 21,924.20 16,411.09 14,243.39 Uses of Funds Fixed assets Gross Block 706.82 681.06 676.23 (-)Revaluation 109.52 110.78 111.54 reserve (-)Accumulated 429.31 394.33 383.02
depreciation Net Block 167.99 175.95 181.67 Capital WIP 121.70 109.24 112.20 Investments 6293.32 4527.81 4372.34 Net current assets Current assets,loans & advances (-) current liabilities & provisions Total net current assets Total 5339.69 3686.78 3995.97
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(Rs in crores)
Mar08 Mar07 Mar06 Income Operating Income 1983.64 1537.22 1321.24 Expenses Personnel
expenses Selling Expenses 4.28 3.49 5.36 Administrative 299.90 296.56 295.43 expenses Cost of sales 606.56 538.53 534.98 Operating profit 195.03 139.38 45.01 Other recurring 121.62 56.87 31.56 Income Adjusted PBDIT 316.66 196.26 76.57 Financial 1182.05 859.31 741.25 expenses Depreciation 38.93 37.98 37.20 Other write offs Nil Nil Nil Adjusted PBT 277.72 158.27 39.37 Tax charges 94.53 38.72 12.46 Adjusted PAT 151.57 83.92 6.01 Non-recurring 3.38 4.99 3.05 items Reported net 154.95 88.91 9.06
appropriation Equity dividend 15.37 5.91 Nil Preference Nil Nil Nil dividend Dividend Tax 2.61 1.00 Nil Retained 155.41 83.29 -25.55 earnings
Cash flow
(Rs in crores) Mar08 Mar07 Mar06 Profit before tax 251.46 127.63 21.52 Net cash flow1426.23 308.12 -202.67 operating activity Net cash used in -35.55 -17.62 -74.90
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financial activity Net increase/decrease in cash and equivalent Cash and equivalent at the beginning of the year Cash and equivalent at the end of the year
Board of Directors
S.no. Name of the person Designation 1 Aditya Krishna Director 2 Arun Thiagarajan Director 3 K R Ramamoorthy Director 4 K R V Subrahmanian Director 5 M Damodaran Non-Executive
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and Non Independent Director 6 Philipee Damas Additional Director 7 Ramakrishnan Subramanian Director 8 Richard Cox Additional Director 9 Ryan Andrew Padgett Director 10 Santosh Ramesh Desai Additional director 11 Vaughn Nigel Richtor Managing Director and Chief Executive Officer 12 Wilfred Nagel Additional Director Synopsis
Objective To do the market analysis of the Bareilly city and to make aware the people of Bareilly about ING Bank
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Data Collection 1- Questionnaire filled bya) Existing customers of ING in Bareilly b) New customers who are not associated with ING in Bareilly. Research Design Problem identification Data collection related to awareness of ING in Bareilly.
Sampling Technique Convenience sampling It is purposive or non-probability sampling. This sampling method involves deliberate or purposive selection of particular units of the universe for consulting a sample, which represents the universe and when elements are selected for inclusion in the sample based on the ease of access, it is called convenience sampling.
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Research technique Conclusive research This type of research helps in reaching certain conclusions and also in taking decisions.
Assets
Liabilities
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CASA
Current account
TD/FD
Term deposits
Others
Lockers
Savings account
Fixed Depoits
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Demat account
Products
Orange Savings Bank Account
Key Features:
Quarterly Average Balance (QAB) of Rs. 5000/Free issue of the International Debit Card. Shopping convenience at over 2 Lakh merchant locations, with the ING Vysya International Debit card.
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Free Unlimited ATM transactions at over 25,000 (Cirrus/Cash net) ATM's in India, where QAB is maintained. Free Unlimited ATM transactions at over 196 ING Vysya ATM's. Free 2 Demand Drafts with a value not exceeding Rs. 50,000 per annum, where the QAB is maintained. Free Unlimited usage of payable at par (PAP) Cheques. Free Transfer of funds across all branches. Free National Electronic Funds Transfer (NEFT) through the internet banking channel. Free Electronic Bill Payment service Free Smartserv - Personal Assistance Service Free Statement of Account through E-mail. Free Mi-b@nk - Internet banking facility. Free RTGS (Real Time Gross Settlement) transactions at all branches. Free AAA Cash deposit (Customers) - Free up to 2 transactions per month and a value limit of Rs. 50,000/-. Free Up gradation from any other savings account of the Bank to the Orange Savings Account at no additional cost.
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Benefits:
Free unlimited access to 25,000+ other bank ATMs enhanced accessibility. Free Multi branch, Multi-city banking convenience. Payable at par Cheques. Smartserv Personal Concierge Services
Eligibility:
Individuals above the age of 18. Upwardly mobile tech savvy professionals, entrepreneurs in metros and urban areas. Guardians on behalf of minors. Salaried individuals. Trusts / Societies and Charitable Institutions
Key Features:
Zero Balance Account. Free Unlimited ATM transactions on the ING Vysya
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ATM network and Corporation Bank ATM network 6 Free ATM transactions per month at 25,000 (Cirrus) ATMs Free ING Vysya International Debit Card. Re-issue charged at Rs. 200/- per request Shopping convenience at over 200,000 merchant locations. Free issue of personalized chequebooks. Free 2 D.Ds / P.Os not exceeding a value of Rs. 10,000/- per month. Free transfer of funds across all the branches of ING. Free Bill Pay service at select centres. Free Bill Pay service at select centres. Internet banking facility. (Mi-b@nk). Free Customer Service Line Free joint account status with one other family member Adhoc Checkout* (Temp Overdraft) to an extent of 50 % of the last salary credit charged at 18 % for the number of days overdrawn. Service Charge of Rs.100/- for every month that the account is overdrawn.. Free for life ING Vysya Credit Card based on customers eligibility.
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AAA Cash deposits are restricted to two transactions with a value not exceeding Rs. 50,000/- per month.
Benefits:
The quarterly average balance of Rs. 5000/- is waived as long as the employee is employed with the corporate. (Zero Balance Account). Enhanced Accessibility - Unlimited access to ING Vysya and Corporation Bank ATMs and 6 transactions at Cirrus ATMs per month. Free multi-city, multi-branch banking convenience. Minimum documentation supported by an official communication from the corporate. No restriction in the number of transactions in the account
Eligibility:
The minimum number of employees of the corporate, whose salary accounts are to be opened, should be 10. The average salary credit in to the employees orange salary account should be equal to or higher
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than Rs. 10,000/- per month. Where there is a joint account holder, the normal KYC norms need to be adhered to for the joint account holder Preferably corporate to have a current account with ING.
Zero Balance Account. (QAB requirement of Rs. 5000/- reduced to zero) Free Unlimited ATM transactions on the ING Vysya ATM network. Free unlimited ATM transactions at 25,000 (Cirrus) ATMs. network and Corporation Bank ATM
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Free ING Vysya International Debit Card Re-issue charged at Rs. 200/- per request. Shopping convenience at over 200,000 merchant locations. Free issue and unlimited usage of Payable at Par cheque books. Free transfer of funds across all the branches of ING. Free Personal Assistance Service - Smartserv at select centres. Free Bill Pay service at select centres. Free statement of account through e-mail. Internet banking facility. (Mi-b@nk) Free Customer Service Line. Free joint account status with one other family member. Adhoc Checkout* (Temp Overdraft) to an extent of 50 % of the last salary credit charged at 18 % for the number of days overdrawn. Service Charge of Rs.100/- for every month that the account is overdrawn. Free for life Credit Card based on Customers eligibility AAA Cash deposits are restricted to two transactions with a value not exceeding Rs. 50,000/- per month
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Benefits: The quarterly average balance of Rs. 5000/- is waived as long as the employee is employed with the corporate. (Zero Balance Account).
Enhanced Accessibility - Unlimited access to ING Vysya, Corporation Bank and Cirrus ATMs
Enhanced Accessibility - Unlimited access to ING Vysya, Corporation Bank and Cirrus ATMs
Eligibility:
The minimum number of employees of the corporate, whose salary accounts are to be opened, should be
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20.
The average salary credit in to the employees orange salary account should be equal to or higher than Rs.20,000/- per month.
Where there is a joint account holder, the normal KYC norms need to be adhered to for the joint account holder.
Quarterly Average Balance - Rs. 500/- to be maintained in the account. Penalty for non-maintenance of QAB will be Rs. 150/per quarter. Free International Debit Card, above 18 years of age, which affords shopping convenience at over 90,000
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shopping outlets across the country. Free & unlimited access to all ING ATM's. Free 30 transactions per annum at HDFC & Corp Bank ATM's. Free Multi branch, Multi-city banking convenience. Free Fund transfers within the Profile network through E-banking channels. Internet Banking through Mi-b@nk. Free access to the Customer Service Line. Personalized Chequebook above 18 years of age. Smartserv & SMS Alerts at Rs. 100/- per annum. No restriction in the number of transactions in the account. Bill Pay facility. Financial transactions at the branch will be charged at Rs. 50/- per transaction. In the course of normal operations, if the account is overdrawn, interest will be charged at 13 % per annum, for the number of days overdrawn. Demat Account for electronic storage of shares.
Benefits:
Independent Bank account. Wide Accessibility through Corporation & HDFC ATM's. E-channels to make banking convenient to the student.
Freedom Account
Key Features: Quarterly Average Balance to be maintained in the account reduced to zero. (Zero Balance Account). Unlimited ATM transactions on all ING Vysya ATM's. Free four ATM transactions per month in over 25,000 other Bank ATM's in India. Shopping convenience at over 200,000 merchant locations, with the ING Vysya International Debit card. Free issue of Personalized chequebooks. Free Electronic Bill Payment service -at select centres. Free Transfer of funds across all networked branches. Free Statement of Account through E-mail at no charge.
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Mi-b@nk - Internet banking facility Customer Service Line facility Conversion from other type of accounts to the Freedom Savings Account is not allowed. Annual Maintenance Charge of Rs.1000/- + taxes to be collected in advance, upfront from the Customer every year.
Benefits:
Customers can use up to the last penny in their account. No unexpected service charges for non-maintenance of balances. Free limited access to over 20,000+ other banks ATM's every month - enhanced accessibility. Free Multi branch, Multi-city banking convenience.
Eligibility:
Individuals above the age of 18. Upwardly mobile tech savvy professionals, entrepreneurs in metros and urban areas. Guardians on behalf of minors.
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Key Features:
Quarterly Average Balance of Rs. 5000/- to be maintained in the account. Service charge for non-maintenance of the quarterly average balance is Rs. 200/- + taxes per quarter. Free Unlimited ATM transactions on all ING Vysya ATM's. Shopping convenience at over 200,000 merchant locations, with the ING Vysya International Debit card. Free International Debit Card for the first year, with a renewal fee of Rs. 150/- from the second year. Free Electronic Bill Payment service -at select centres. Free Transfer of funds across all networked branches. (AAA Banking) Free Statement of Account through E-mail at no charge.
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Free issue of Personalized chequebooks. Mi-b@nk - Internet banking facility. Free Customer Service Line facility.
Benefits: Basic banking account without any frills. Service charge for non-maintenance of QAB is only Rs. 200 + taxes per quarter. Free Multi branch, Multi-city banking convenience.
Eligibility: Individuals above the age of 18. Upwardly mobile tech savvy professionals, entrepreneurs in metros and urban areas. Guardians on behalf of minors. Salaried individuals. Trusts / Societies and Charitable Institutions.
Key Features:
Penalty for non-maintenance of QAB will be Rs. 45/per quarter. Free issue of personalized chequebook. Free 4 Cash transactions per month at the base branch through withdrawal slips. Over and above 4 transactions per month, every additional transaction during the month will be charged at Rs. 20/- per transaction. Free annual Statement of Account.
Additional value added services at a cost: Debit Card - Rs. 100/- per annum. Internet Banking - Rs. 100/- per annum. Customer Service Line - Rs. 100/- per annum. All AAA cash deposits and withdrawals are charged at Rs. 50/- per transaction. Adhoc / Additional statement of accounts will be charged at Rs. 50/- per transaction. Up gradation from any other savings account of the Bank to the Orange Savings account at no additional cost.
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Basic banking facilities - with a view of financial inclusion. For the reach of banking facilities to a vast section of the population. Benefits of technology extended at a negligible cost
Eligibility:
Individuals above the age of 18. Customers at Rural & Semi Urban locations. Guardians on behalf of minors. Any individual. Trusts / Societies and Charitable Institutions.
Recognized the world over The ING Formula debit card is accepted at over 23 million* merchant establishments worldwide, including 1,10,000* merchant establishments in India (*information basis MasterCard) Race anytime, anywhere
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Now you dont need to carry around large amounts of cash to shop, travel or entertain. Whether your purchase is planned or on impulse, all you need is your ING Formula debit card Easy pit stops Need cash? Just step into any one of our ATMs or member ATMs and withdraw cash up to Rs. 50, 000/- a day from ING ATM Whats more, utilize this facility at over 25,000 ATMs across the country, free of charge. Safety Car The debit card in your hands is the safest way to transaction Special Benefits card Fuel Gauge Fill fuel across any petrol pump in India and get the 2.5% surcharge waived Speed Lap Shop using your ING Formula savings account and get Formula One merchandise. Refer to the rewards catalogue in your usage guide. Depending upon which item you are interested in use your ING Formula debit card to shop for the
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required amount fill in the details on the form and send it to us for us to send you the Formula One merchandise absolutely free. Race Day Whenever there is a Formula 1 race anywhere in the world, there is a race for you as well. Shop using your ING Formula debit card on the day of the race and top 25 spenders for the race day wins vouchers from ING 3 winners Gift vouchers worth Rs 5000/10 runner ups Gift vouchers worth Rs 2000/- 12 second runner ups Gift vouchers worth Rs 1000/12 second runner ups Gift vouchers worth Rs 1000/Benefits 1) Formula 1 International Debit card 2) Free Payable at Par cheques 3) Exclusive F1 themed, Internet Banking services 4) Free sms alerts on transactions above Rs1,500
Eligibility
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Individuals above the age of 18.Guardians on behalf of minors. Guardians on behalf of minors. Salaried individuals. Average Quarterly balance amount of Rs25000/- to be maintained
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individual risk preferences. Simple documentation and easy processing of the policy . Key Benefits Limited Premium Payment Flexible investment options Systematic Investment benefit
Eligibility Minimum entry age: 0 years Maximum entry age: 50 years Policy Term Policy term can be 10, 15 or 20 years Premium Payment Terms Minimum of 3 years upto the policy term
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Quarterly Average Balance (QAB*) Requirement 1.Requirement to maintain Platina status 2.Requirement to avoid nonmaintenance charges 3.*Quarterly Average Balance(QAB) Requirement Service Charges for Non-Maintenance of Quarterly Average Balance (QAB) 1.First two calender quarters if QAB > = Rs. 5,000/2.First two calender quarters if QAB < Rs. 5,000/Rs. 600/- per quarter; Platina NIL No charge; Platina status retained NIL NIL Rs.1,00,000/Rs.5,000/NIL NIL NIL Rs.25,000/-
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status retained 3.After first two calender quarters if QAB < Rs. 5,000/4.Quarterly service charges for non maintenance of QAB NIL General Charges Statement of Accounts Free Quarterly NIL 1.Where QAB is maintained 2.Where QAB is not maintained 3.Statement of Accounts 4. Additional Statement of Accounts Daily Weekly Fortnightly Issue of Duplicate / Rs. 750/- p.a. Rs. 400/- p.a. Rs. 200/- p.a. Rs. 50/- per request Issued free of charges - both MICR and PAP NIL NIL NIL Rs. 50/- per request Free Free Yearly NIL NIL Free Quarterly Rs. 600/- per quarter; Platina status withdrawn Rs. 750/-
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Adhoc statements Cheque book issues ATM usage Savings A/c's with QAB of ING Vysya ATMs Rs. 5,000/- and above Free * Other Bank ATM' s International ATMs - Withdrawal International ATMs - Enquiry Free USD 1.50 per withdrawal USD 0.50 per enquiry Savings A/c's Cash withdrawl at other Bank ATMs Balance Enquiry Issue of International Debit Card Annual Maintenance
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Free
without QAB of Rs. 5,000/Rs. 20/- per transaction Free Free* Rs. 150/- per annum
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6 Standing Instructions 1. Transfer from one account to another account within profile network(Intercity) Set Up - Rs. 50/AmendmentRs.25/2. External payments Execution NA Rs.25/- per execution + Demand Draft charges + Postage 7 Closure of Accounts 1. Within 1 year of opening NA Rs. 100/Remittances 1 Demand Draft / Pay Free issuance NA NA Free
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of DDs up to Rs. 50,000/p.m. Beyond Rs. 50,000/- p.m. the charges are:Up to Rs. 50,000/- - Rs. 2.50 per Rs. 1,000/- (Min Order Rs. 50/-) Rs. 50,001/- to Rs. 2 lakhs Rs. 2.00/- per Rs. 1,000/(Min Rs. 125/-) Rs. 2 lakhs and above Rs. 1.00/- per Rs. 1,000/(Min Rs. 400/Max - Rs. 6,000/-) 2 Charges for PAP Free &
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Free
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cheque payments in intercity clearing unlimited Up to Rs. 3 Free Limit 50,000/- per month Up to Rs.5 lakhs, Rs.25/Charges for RTGS 4 (Inward : free for all products) per transaction & Rs.5 lakhs and above Rs.50/per 5 Charges for NEFT transaction Up to Rs.1 Up to Rs.5 lakhs, Rs.25/- per transaction & Rs.5 lakhs and above Rs.50/- per transaction Up to Rs.1 lakh, Rs.5/- per transaction & Rs.1 lakh & above, Rs.25/- per transaction (Free if transacted through mi-b@nk, Internet Banking) NA
(Inward & Outward, lakh, Rs.5/Inward: free for all products) per transaction & Rs.1 lakh & above, Rs.25/per transaction (Free if transacted through mib@nk, Internet
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Banking) (Not applicable to third party AAA (inter-city) 6 transaction - cash deposits AAA cash deposits) 2 free transactions per month up to value limit of Rs. 50,000/Charges beyond free limit Rs. 2/- per Rs. 1,000/Rs. 5/- per Rs. 1,000/Rs. 5/- per Rs. 1,000/Rs. 2/- per Rs. 1,000/Rs. 50/- per AAA cash deposit Up to Rs.50,000/Rs.2.50 per Rs.1000/-, min Rs.50; Rs.50,001/- to Rs. 2 lakhs - Rs.2.00 per Rs.1000/- min of Rs.125; Beyond Rs. 2 lakhs - Rs.1.00 per Rs.1000/- min Rs.400/- (Max of Rs.6000/-) FREE
Up to and exclusive of Rs. 25,000/Above Rs. 25,000/7 to less than Rs. 50,000/Rs. 50,000/- and above All third party deposits Minimum charges
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AAA Fund Transfer Transfer of funds 1 within networked branches Cheque Collection Charges Local clearing and at all AAA 1 (networked branches) locations Outstation cheque 2 drawn on ING Vysya branch Free Free Local clearing Free Free NA Free
locations 3 NRI Accounts Free 4 Outstation - non networked branches / non ING Vysya Bank locations upto and including Rs. 10,000/-
Rs. 50/- + Out of pocket expenses + Other bank charges + Postage. Rs. 4 per Rs.
Rs. 4 per Rs. 1,000/- (Min. Rs. 50/- & Max. Rs.5,000/-) + Other bank charges +
1,000/- (Min.
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Rs.5,000/-) + Out of pocket expenses + Other bank charges + Postage Stop Payment of cheque Transfer of funds 1 within networked branches Cheque return charges per instrument Cheques deposited by customers and 1 returned unpaid outstation (returned to us) Cheques deposited by customers and 2 returned unpaid local (returned to us) 3 Cheque issued by customers and returned by us including ECS Rs. 50/- + Other bank charges + Postage NA Rs. 50/- per cheque & Rs. 100/- per series
Rs. 200/- per cheque if it is due to insufficient of funds. NIL for any
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Mandate and Post dated cheques including IVBL cheques Special Services 1 Balance confirmation Rs. 25/- Rs. 25/Rs. 25 per 2 Signature verification attestation 3 No due certificate Rs.25/- per certificate. Rs.100 for each enquiry 4 Old record Enquiry more than one year old from the date of request Charges for changes in the operational 5 instructions or noting change in the signature/name Free Free other reasons - No charge other reason.
Rs. 25 per attestation Rs.25/- per certificate. Rs.100 for each enquiry more than one year old from the date of request
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Conditions Apply
1) QAB - Quarterly Average Balance is sum of end of the day balance during the quarter divided by no. of days in the quarter
2) Service charges indicated above excludes applicable service tax; subject to change from time to time.
4) Free facilities are available only against maintenance of quarterly average balance.
5) Customer depositing cash of Rs.25,000/- and above under "Anywhere Banking" should produce letter as per Bank's format, from the account holder.
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Banking Industry, which is basically my concern industry around which my project has to be revolved, is really a very complex industry. And to work for this was really a complex and hectic task and few times I felt so frustrated that I thought to left the project and go for any new industry and new project. Challenges, which I faced while doing this project, were followingBanking sector was quite similar in offering and products and because of that it was very difficult to discriminate between our product and products of the competitors. Target customers and respondents were too busy persons that to get their time and view for specific questions was very difficult. Sensitivity of the industry was also a very frequent factor, which was very important to measure correctly. Area covered for the project while doing job also was very large and it was very difficult to correlate two
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different customers/respondents views in a one. Every financial customer has his/her own need and according to the requirements of the customer product customization was not possible. So above challenges some time forced me to leave the project but anyhow I did my project in all circumstances. Basically in this project I analyzed thatWhat factors are really responsible for performance of ING Banks performance in this competitive era.
Industry introduction The Indian Banking industry, which is governed by the Banking Regulation Act of India, 1949 can be broadly classified into two major categories, non-scheduled banks and scheduled banks. Scheduled banks comprise commercial banks and the co-operative banks. In terms of ownership, commercial banks can be further grouped into nationalized banks, the State Bank of India and its group banks, regional rural banks and private sector banks (the old/ new domestic and foreign). These banks have over 67,000 branches spread across the country in every city and villages of all nook and corners of the land.
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The first phase of financial reforms resulted in the nationalization of 14 major banks in 1969 and resulted in a shift from Class banking to Mass banking. This in turn resulted in a significant growth in the geographical coverage of banks. Every bank had to earmark a minimum percentage of their loan portfolio to sectors identified as priority sectors. The manufacturing sector also grew during the 1970s in protected environs and the banking sector was a critical source. The next wave of reforms saw the nationalization of 6 more commercial banks in 1980. Since then the number of scheduled commercial banks increased four-fold and the number of bank branches increased eight-fold. And that was not the limit of growth. After the second phase of financial sector reforms and liberalization of the sector in the early nineties, the Public Sector Banks (PSB) s found it extremely difficult to compete with the new private sector banks and the foreign banks. The new private sector banks first made their appearance after the guidelines permitting them were issued in January 1993. Eight new private sector banks are presently in operation. These banks due to their late start have access to state-of-the-art technology, which in turn helps them to save on manpower costs. During the year 2000, the State Bank Of India (SBI) and its 7 associates accounted for a 25 percent share in
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deposits and 28.1 percent share in credit. The 20 nationalized banks accounted for 53.2 percent of the deposits and 47.5 percent of credit during the same period. The share of foreign banks (numbering 42), regional rural banks and other scheduled commercial banks accounted for 5.7 percent, 3.9 percent and 12.2 percent respectively in deposits and 8.41 percent, 3.14 percent and 12.85 percent respectively in credit during the year 2000.about the detail of the current scenario we will go through the trends in modern economy of the country.
Current Scenario: The industry is currently in a transition phase. On the one hand, the PSBs, which are the mainstay of the Indian Banking system are in the process of shedding their flab in terms of excessive manpower, excessive non Performing Assets (Npas) and excessive governmental equity, while on the other hand the private sector banks are consolidating themselves through mergers and acquisitions. PSBs, which currently account for more than 78 percent of total banking industry assets are saddled with NPAs (a mind-boggling Rs 830 billion in 2000), falling revenues from traditional sources, lack of modern technology and a massive workforce while the new private sector banks are
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forging ahead and rewriting the traditional banking business model by way of their sheer innovation and service. The PSBs are of course currently working out challenging strategies even as 20 percent of their massive employee strength has dwindled in the wake of the successful Voluntary Retirement Schemes (VRS) schemes. The private players however cannot match the PSBs great reach, great size and access to low cost deposits. Therefore one of the means for them to combat the PSBs has been through the merger and acquisition (M&A) route. Over the last two years, the industry has witnessed several such instances. For instance, HDFC Banks merger with Times Bank , ICICI Banks acquisition of ITC Classic, Anagram Finance and Bank of Madurai. Centurion Bank, IndusInd Bank, Bank of Punjab, Vysya Bank are said to be on the lookout. The UTI bank- Global Trust Bank merger however opened a pandoras box and brought about the realization that all was not well in the functioning of many of the private sector banks. Private sector Banks have pioneered internet banking, phone banking, anywhere banking, mobile banking, debit cards, Automatic Teller Machines (ATMs) and combined various other services and integrated them into the mainstream banking arena, while the PSBs are still
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grappling with disgruntled employees in the aftermath of successful VRS schemes. Also, following Indias commitment to the WTO agreement in respect of the services sector, foreign banks, including both new and the existing ones, have been permitted to open up to 12 branches a year with effect from 1998-99 as against the earlier stipulation of 8 branches. Tasks of government diluting their equity from 51 percent to 33 percent in November 2000 have also opened up a new opportunity for the takeover of even the PSBs. The FDI rules being more rationalized in Q1FY02 may also pave the way for foreign banks taking the M& A route to acquire willing Indian partners. Meanwhile the economic and corporate sector slowdown has led to an increasing number of banks focusing on the retail segment. Many of them are also entering the new vistas of Insurance. Banks with their phenomenal reach and a regular interface with the retail investor are the best placed to enter into the insurance sector. Banks in India have been allowed to provide fee-based insurance services without risk participation, invest in an insurance company for providing infrastructure and services support and set up of a separate joint-venture insurance company with risk participation.
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Aggregate Performance of the Banking Industry Aggregate deposits of scheduled commercial banks increased at a compounded annual average growth rate (Cagr) of 17.8 percent during 1969-99, while bank credit expanded at a Cagr of 16.3 percent per annum. Banks investments in government and other approved securities recorded a Cagr of 18.8 percent per annum during the same period. In FY01 the economic slowdown resulted in a Gross Domestic Product (GDP) growth of only 6.0 percent as against the previous years 6.4 percent. The WPI Index (a measure of inflation) increased by 7.1 percent as against 3.3 percent in FY00. Similarly, money supply (M3) grew by around 16.2 percent as against 14.6 percent a year ago. The growth in aggregate deposits of the scheduled commercial banks at 15.4 percent in FY01 percent was lower than that of 19.3 percent in the previous year, while the growth in credit by SCBs slowed down to 15.6 percent in FY01 against 23 percent a year ago. The industrial slowdown also affected the earnings of listed banks. The net profits of 20 listed banks dropped by 34.43 percent in the quarter ended March 2001. Net profits grew by 40.75 percent in the first quarter of 20002001, but dropped to 4.56 percent in the fourth quarter of 2000-2001.
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On the Capital Adequacy Ratio (CAR) front while most banks managed to fulfill the norms, it was a feat achieved with its own share of difficulties. The CAR, which at present is 9.0 percent, is likely to be hiked to 12.0 percent by the year 2004 based on the Basle Committee recommendations. Any bank that wishes to grow its assets needs to also shore up its capital at the same time so that its capital as a percentage of the risk-weighted assets is maintained at the stipulated rate. While the IPO route was a much-fancied one in the early 90s, the current scenario doesnt look too attractive for bank majors. Consequently, banks have been forced to explore other avenues to shore up their capital base. While some are wooing foreign partners to add to the capital others are employing the M&A route. Many are also going in for right issues at prices considerably lower than the market prices to woo the investors.
Interest Rate Scene The two years, post the East Asian crises in 1997-98 saw a climb in the global interest rates. It was only in the later half of FY01 that the US Fed cut interest rates. India has however remained more or less insulated. The past 2 years in our country was characterized by a mounting
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intention of the Reserve Bank Of India (RBI) to steadily reduce interest rates resulting in a narrowing differential between global and domestic rates. The RBI has been affecting bank rate and CRR cuts at regular intervals to improve liquidity and reduce rates. The only exception was in July 2000 when the RBI increased the Cash Reserve Ratio (CRR) to stem the fall in the rupee against the dollar. The steady fall in the interest rates resulted in squeezed margins for the banks in general. Governmental Policy: After the first phase and second phase of financial reforms, in the 1980s commercial banks began to function in a highly regulated environment, with administered interest rate structure, quantitative restrictions on credit flows, high reserve requirements and reservation of a significant proportion of lendable resources for the priority and the government sectors. The restrictive regulatory norms led to the credit rationing for the private sector and the interest rate controls led to the unproductive use of credit and low levels of investment and growth. The resultant financial repression led to decline in productivity and efficiency and erosion of profitability of the banking sector in general. This was when the need to develop a sound commercial
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banking system was felt. This was worked out mainly with the help of the recommendations of the Committee on the Financial System (Chairman: Shri M. Narasimham), 1991. The resultant financial sector reforms called for interest rate flexibility for banks, reduction in reserve requirements, and a number of structural measures. Interest rates have thus been steadily deregulated in the past few years with banks being free to fix their Prime Lending Rates (PLRs) and deposit rates for most banking products. Credit market reforms included introduction of new instruments of credit, changes in the credit delivery system and integration of functional roles of diverse players, such as, banks, financial institutions and non-banking financial companies (Nbfcs). Domestic Private Sector Banks were allowed to be set up, PSBs were allowed to access the markets to shore up their Cars.
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One day we all summer trainees got a chance to attend a special training session of sales in ING-Vysya Bank. There we come to know the basics of selling. I am very thankful to my seniors especially Arastu Sharma Sir Pankaj Sharma Sir and
What is selling? Selling is a process of mutual exchange of goods or services for a value. One of the most effective ways of increasing the organizational profits.
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Sales Cycle
Lead Generation
Introduction Presentation
Closing Follow-up
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Steps of Selling
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Leads
Customers who you think will fulfill the KYC norms without much difficulty and you can convert them into your customers.
Customers who you think may not able to provide required documentation as per the KYC norms .
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1. First impression is important. A customer will form an opinion of you within the first 30 seconds. You will be judged on: Your appearance Your attitude Your presentation
2. Dress appropriately. Wear clothes that relate to the job you are in. Pay attention to things like hygiene, cleanliness, neat clothing etc. These are important!
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3. Keep copies of product brochures, account opening & other related forms. Circulars 7 any other related references that you may need on your table.
4. Collect background information of the customer (if available). Go through the same prior to the meeting. Plan your questions that you wish to ask.
5. Dont smoke or chew gum prior to any meeting customer. If you are in the habit, best is to wash the mouth with water or any mouthwash prior to meeting a customer.
7.
Sit up in a chair and lean slightly toward the Show interest in what theyre saying. Try
customer.
not to do things like cross your arms and lean away. Maintain eye contact and a pleasant expression on your face.
conversation. In case of emergency, seek the permission of the customer & try, limit to a minimum and as brief as possible.
Learn to make criticism. When your customer to you that you could do a job better or faster, recognize these as a way to improve your performance.
Sit in a position that both of you can see each other clearly
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Introduce yourself, the organization, your role and the purpose of todays meeting
Set a timeline for the meeting and ask the customer if he is ok with the time-line.
Use the detailer to make the introduction and let the customer choose the product. If you know the background, you can indicate the product that you are detailing and get on with the detailing. b) Presentation
As on the detailer-
Hold the chart in such a way that its visible to the customer clearly
Use a pen/pointer and point out the product and introduces the product.
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Use a pen/pointer and speak about each of the features of the product.
Use a pen/pointer and speak about the advantages comparing the same to the features of the product.
Show the charges chart and point to the relevant table for the same.
Ask if there are any questions that the customers may have.
Step 4: Closing
Get a commitment from the customer in the form of yes or ask for any objections.
Check for the possibility of the customer needs for other products of the bank.
Thank the customer for the time and agree on a new date/time to collect the documents.
What is KYC
that we need to
follow as a bank. Every customer of the bank should necessarily satisfy the KYC norms laid down.
stated about himself. For example a salaried employee should be able to state the name of the organization and the location of the office easily without having to refer to any document.
The prescribe documents as to what has been given in the application form and also in the sales detailer
Look at each of the documents and compare with the data given by the customer. If there is any deviation, clarify with the customer immediately. What should I do if the customer has no supporting document?
Ask of the customer can get it in a few days time, if no, drop the lead. Whats the impact of not following KYC?
Research Methodology Objective of the study Project study, which is being conducted by me for the last two month, is not only a formality for the fulfillment of the two-year full time Post Graduate Program in Research and Business Analytics. But being a management student and a good employee I tried my best to extract best of the information available in the market for the use of society and people. The objectives areTo know about environmental factors affecting ING-Vysya Banks performance. To analyze the role of advertisement for bank performance. To know the perception and conception of customers towards banking products and specially focused for ING Banks product. To explore the potential areas for the new bank branches which will provide both price and people to the bank with constant promotion and placing strategy.
Each and every project study along with its certain objectives also has scope for future. And this scope in future gives to new researches a new need to research a new project with a new scope. Scope of the study not only consist one or two future business plan but sometime it also gives idea about a new business which becomes much more profitable for the researches then the older one. Scope of the study could give the projected scenario for a new successful strategy with a proper implementation plan. Whatever scope I observed in my project are not exactly having all the features of the scope, which I described above, but also not lacking all the features . Research study could give an idea of network expansion for capturing more market and customer with better services and lower cost, with out compromising with quality. In future customer requirements could be added with the product and services for getting an edge over competitors. Consumer behavior could also be used for the purpose of launching a new product with extra benefits which are required by customers for their account (saving or current) and/or for their
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investments. Factors, which are responsible for the performance for bank, can also be used for the modification of the strategy and product for being more profitable. Factors which I observed while doing project study are following1. Competitors 2. Customer Behavior 3. Advertisement/promotional activities 4. Attitude of manpower and 5. Economic conditions
These all could also be interchanged with each other for each other in banks strategies for making a final business plan to effect the market with a positive way without disturbing a lot to market, customers and competitors with disturbance in market shares .
Tools and Techniques As no study could be successfully completed without proper tools and techniques, same with my project. For the better presentation and right explanation I used tools of statistics and computer very frequently. And I am very thankful to all those tools for helping me a lot. Basic tools
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which I used for project from statistics areBar Charts Pie charts Tables Bar charts and pie charts are really useful tools for every research to show the result in a well clear, ease and simple way. Because I used bar charts and pie charts in project for showing data in a systematic way, so it need not necessary for any observer to read all the theoretical detail, simple on seeing the charts any body could know that what is being said.
Technological Tools Ms- Excel Ms-Access Ms-Word Above application software of Microsoft helped me a lot in making project more interactive and productive. Microsoft-Excel had a great role in my project, it created for me a situation of you sit and get. provided it simply all the detail of data and in return it given me all the relevant information.. Microsoft-Access did the performance of my personal assistant who organizes my all the details of document I
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without disturbing them even a single time in all the project duration. And in last Microsoft-Word did help me for the documentation of the project in a presentable form.
Applied Principles and Concepts While I started to do the project the main thing, which was the matter of concern was that, around what principles I have to revolve my project. Because with out having any hypothesis and objective we cannot determine that what output or result we are expecting form the project. And second thing is that having only tools and techniques for the purpose of project is not relevant until unless we have the principals for which we have to use those tools and techniques. Mathematical Averages Standard Deviation Correlation
Sources of Primary and Secondary data: For the purpose of project data is very much required which works as a food for process, which will ultimately give output in the form of information. So before mentioning the source of data for the project I would like to mention that what type of data I have collected for the
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Primary Data: Primary data is basically the live data which I collected on field while doing cold calls with the customers and I shown them list of question for which I had required their responses. In some cases I got no response form their side and than on the basis of my previous experiences I filled those fields. Source: Main source for the primary data for the project was questionnaires, which I got filled by the customers or some times filled myself on the basis of discussion with the customers. Secondary Data: Secondary data for the base of the project I collected from intranet of the Bank and from Internet, RBI Bulletin etc.
Statistical Analysis In this segment I will show my findings in the form of graphs and charts. All the data which I got form the market will not be disclosed over here but extract of that in the form of information will definitely be here.
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Detail: Size of Data 100 Area Bareilly Type Primary & Secondary Industry Banking Respondent Customers
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80
15 25 5 10
11 40-45 10 12 12 60-ABOVE
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81
25
75%
82
5% 10% 5% 5%
Efficiency
10%5%5% 5% 75%
Phone Banking
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OTHERS
10%
30% 25% 20% 15% 10% 5% 0% % OF SHARE SBI IDBI ICICI PNB HDFC ING OTHERS
60% 50% 50% 40% 30% 20% PERSENTAGE 10% 0% % OF SHARE PARAMETERS 5% 2% 5% 25% PRODUCT ADVERTISMENT MANPOW ER NET-BANKING PHONE BANKING 10% 3% INVESTMENT SCHEME NETWORK
85
85
Positive response
86
86
Savings account Current Account FDR Life Insurance Mutual Fund SIP Lockers Demat Account
35 25 15 5 7 2 5 6
87
87
88
88
Highly satisfied Satisfied Neither satisfied nor dissatisfied Dissatisfied Highly Dissatisfied
2 75 15 6 2
89
89
62 15
90
90
80 15 5
91
91
25 35 40
25 40
35
Normal services
92
92
Table 11:Type of investment the respondents like to invest FDR, NSC Mutual Fund SIP LI Shares Gold Govt. & Tax saving Bonds 55 5 5 15 5 5 10
Yes No
93
65 35
93
Table 13: Preferences of the respondents at the time of hiring the locker
35 15 35 10
94
2 25 65
95
500000-1500000 >1500000
6 2
62
2 25
65
Table 15: Categorization of respondents on the basis of Education Under-Graduate Graduate Post-Graduate 5 85 10
96
96
10
5 UG Graduate PG 85
High Quality services & Reliability Average quality services & Dependability Low quality services &
97
5 90 5
97
Reliability
90
1. Customers of Bareilly have enough awareness level about ING Vysya bank as well as about its services and products. 2. The advertising campaign has successfully been able to increase the market share of ING in Bareilly. 3. The modern days technology like Internet banking, phone banking, used by ING bank for providing banking services has sent positive signals in the mind of consumers.
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4. The network of ING in Bareilly is lagging behind a little than its competitors like ICICI bank and HDFC bank. 5. It can be distilled from data that ING bank has good market share as compared to its competitors considering the amount of resources deployed by them in the market. 6. It has a very good potential to have the new customers especially the youth because it has the Formula a/c, which is very much liked by the youth in the other cities. 7. Most of the residents of Bareilly dont know about the establishment of ING-Vysya Bank in Bareilly. 8. Most of the persons having contacts in big cities know about ING-Vysya Bank very well and also the products. 9. ING-Vysya Bank is providing more facilities to its customers in comparison to other banks such as hospital scheme, investment scheme etc 10. Locker facilities in ING-Vysya Bank are more modernized in comparison to other banks. 11. Commercials of ING-Vysya Bank have a very deep impact on the minds of people. Even they can remember the name after the 15 days of the telecast of the commercials on television.
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12. Operating time for cash counter is from 10 in the morning till 6 in the evening. This is much more than any other bank in Bareilly. 13. ULIP plans are beneficial from the long-term perspective whereas customer should invest in mutual funds if he wants quick returns.
14.
Most of the market is still unaware about the ULIP plans and hence by making proper promotional strategy companies can increase there sales .
Findings 1.ING bank has potential a tapped market in Bareilly and hence has opportunities for growth.
2.The products of ING bank have good credibility in the region compare to its competitors.
3.The advertisement of the bank was very effective from the first day of its airing till the fifth day and there after it starts declining.
4.The initial balance for A/C opening is Rs, 5000/- and thats why people are reluctant in opening the same.
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5. ING is very much compliance to follow the KYC norms. 6. The size of the locker provided by the ING-Vysya Bank is banks. 7. The residents of Bareilly like the products of INGVysya Bank. Most of them need some change. So, they can be the new potential customers for ING Bank. 8. Even today, the people of Bareilly believe in the big in size as compared to other
Recommendations 1) More resources should be allocated in the market of Bareilly as there is big untapped market in Bareilly, so it becomes necessary for ING bank for taking an edge over the competitors. 2) A short advertising campaign in Bareilly has produced good results in a short span of times, so to gain long term benefits is very necessary for ING bank to carry on this campaign with more intensity. 3) Besides opening more branches it should also look for opening some extension counter in D.D.Puram. 4) As a number of colleges are going to be opened in Bareilly in the next few years, so ING should try to gain some contacts with these colleges.
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5) Most of the people in Bareilly wants that they should not stand in queue in bank . If we can convince them on this, than this can open a vast potential market for ING Bank in Bareilly. 6) The cash withdrawal time can be one of the aspects to gain popularity in Bareilly. 7) The benefits provided by the ING Bank to its customers should be advertise so that people can understand that customers satisfaction is the main aim for the persons working in ING. 8) The businessman should be convinced on the cash operating time. This makes ING to tap the huge market of Bareilly.
LIMITATIONS
1. The sample size is very less, hence the responses of just 100 respondents does not imply for the complete population. 2. There was lack of time and resources that prevented from carrying out an in depth study. 3. The findings of the survey are based on the subjective
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opinion of the respondents and there is no way of assessing truth of the statements. 4. There is some respondents bias, which cannot be removed. 5. Lastly, some amount of error exists in the data filling process because of the following reasons: Influence of others. Misunderstanding of the concept. Hurried filling of the questionnaire.
Questionnaire
1) Name ________________
4) Contact No ._______________
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5) Education __________________
7) Occupation:
Salaried
Retired
Business
House-wife
Self-Employed
Student
Agriculture Others(specify)_________
8) Income P.A.:
<60000
60000-100000
100000-500000
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104
500000-1000000
>1500000
9) Your current Bank __________________________ 10) What products/services you are presently availing
Saving a/c
Mutual Fund
Current a/c
SIP
FDR
Equity
Loans
11) How happy you are with the services provided by your existing bank .
Highly satisfied
105 105
Satisfied
Dissatisfied
Highly dissatisfied
12) Before this survey, how often had you heard of ING Vysya Bank Ltd .
106
106
13) How you came to know about ING Vysya Bank Ltd.
TV Commercials
Word of Mouth
Billboards
Average quality services and dependability Low quality services and reliability
Yes
No
107
107
Preferred services
Normal services
FDR
Equity
Shares Gold
Life Insurance
108
Government
108
18) If you invest in mutual funds more frequently, would you like all your funds to be managed and controlled at a single point rather than scattered
Yes of course
I am not sure
19) Have you hired a safe deposit locker in any of the bank
Yes
No
Safety/Security
Locker Size
110
110
BIBLIOGRAPHY
1)
www.ingvysyabank.com
2) www.google.com 3) R.S. Sharma, Business statistics, First India Print, India, 2004,
4)
Aaker Kumar and Day, Marketing research, 6 Ed.,john willy & sons,1997.
th
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