ALM Synopsis

A STUDY ON THE ASSET LIABILITY  MANAGEMENT PROCESS CONDUCTED AT CANARA BANK  BANGALORE Submitted In Partial Fulfillment Of the Requirements Of the Two Year Post Graduate Programme In Business Administration

By Ms. Anjana Unnikrishnan

Under the guidance of: Prof. Ravindra V.N.

MOUNT CARMEL INSTITUTE OF MANAGEMENT BANGALORE -560052 2009-10

SYNOPSIS

TITLE OF THE PROJECT

“A STUDY ON THE ASSET LIABILITY MANAGEMENT PROCESS CONDUCTED AT CANARA BANK, BANGALORE”

INTRODUCTION A balance sheet is a financial report that shows the value of a company's assets, liabilities, and owner's equity at a specific period of time, usually at the end of an accounting period, such as a quarter or a year. An asset is anything that can be sold for value. A liability is an obligation that must eventually be paid, and, hence, it is a claim on assets. The owner's equity in a bank is often referred to as bank capital, which is what is left when all assets have been sold and all liabilities have been paid. The relationship of  the assets, liabilities, and owner's equity of a bank is shown by the following equation Bank Assets = Bank Liabilities + Bank Capital A bank uses liabilities to buy assets, which earns its income. By using liabilities, such as deposits or borrowings to finance assets such as loans to individuals or businesses, or to buy interest earning securities, the owners of the bank can leverage their bank capital to earn much more than would otherwise be possible using only the bank's capital. Asset and liability management is the practice of managing risks that arise due to mismatches between the assets and liabilities (debts and assets) of the bank. Banks face several risks such as the liquidity risk, interest rate risk, credit risk 

and operational risk. Asset Liability management (ALM) is a strategic management tool to manage interest rate risk and liquidity risk faced by  banks, other financial services companies and corporations. Banks manage the risks of Asset liability mismatch by matching the assets a ssets and liabilities according to the maturity pattern or the matching the duration, by hedging and  by securitization. Much of the techniques techniques for hedging stem from the delta hedging concepts introduced in the Black-Scholes model and in the work of Robert C. Merton and Robert A. Jarrow. The early origins of asset and liability management date to the high interest rate periods of 1975-6 and the late 1970s and early 1980s in the United States. Modern risk management now takes place from an integrated approach to enterprise risk management that reflects the fact that interest rate risk, credit risk, market risk, and liquidity risk are all interrelated. Increasing integrated risk  management is done on a full mark to market basis rather than the accounting  basis that was at the heart of the first interest rate sensivity gap and duration calculations.

STATEMENT OF THE PROBLEM Asset Liability Management is a dynamic process of Planning, Organizing & Controlling of Assets & Liabilities- their volumes, mixes, maturities, yields and costs in order to maintain liquidity and Net Interest Income. An effective ALM Technique aims to manage the volume, mix, maturity, rate sensitivity, quality and liquidity of assets and liabilities as a whole so as to attain a predetermined acceptable risk/reward ration. It is aimed to stabilize short-term profits, longterm earnings and long-term substance of the bank. Hence a study of the

Asset Liability Management process is undertaken to know the bank’s efficiency in managing the assets and liabilities .

TOOLS AND TECHNIQUE USED •

Primary data will be collected by using an interview schedule to

obtain clarification from concerned officials. •

Secondary data comprises of data which will be collected from

various books, reports and manuals generated by the company.

SCOPE OF THE STUDY This study was conducted at Canara Bank, Vasanth nagar ,with specific reference to Bangalore to analyze the cost benefit analysis of use of technology in banking operation.

OBJECTIVES OF THE STUDY •

To study the components of assets and liabilities.

•

To study the factors affecting the assets and liabilities.

•

To study the process adopted to manage assets and liabilities.

•

To study the financial implication of managing assets and liabilities.

•

To offer solutions to better manage Assets and Liabilities.

METHODOLOGY The present study is a descriptive study where the data was collected mainly through secondary data. Seconadary data was collected from the reports, internet, magazines journals, books and brochure generated by the bank. Primary data will be collected by using an interview schedule to obtain clarification from concerned officials.

PLAN OF ANALYSIS The data collected will be presented in the tabular form and wherever necessary graph will be made. Data analysis and interpretation is done on the data collected. Inference is drawn to attain the objective of the study. Summary of  findings is received based on data collected.

OVERVIEW OF CHAPTER  o

Chapter 1 Introduction

The theoretical aspects of the study with detailed relevance to the serve as introductory chapter.

o

Chapter 2 Design of the study:

This chapter will include introduction, statement of review, objective of  the study, methodology, tools and technique used, plan of analysis and limitation.

•

Chapter 3 Profile of the company

This chapter contains history of Canara Bank, its objective, vision, mission and strategy of the bank and also the various schemes and services provided by the bank.

•

Chapter 4 Analysis and interpretation of data

This chapter contains the analysis of data that was collected through the secondary data.

•

Chapter 5 Summary of findings

It contains the summary of findings, conclusions and also recommendations to the study.

CHAPTER- 1

INTRODUCTION

INTRODUCTION TO BANK  A Bank is a financial institution that accepts deposits and channels those deposits into lending activities. The Banks primarily provide financial services to customers while the main goal is enriching investors. Government restrictions on financial activities by Banks vary over time and location. Banks are important players in financial markets and offer services such as investment funds and loans. In some countries such as Germany, Banks have historically owned major stakes in industrial corporations while in other countries such as the United States Banks are prohibited from owning non-financial companies. In Japan, Banks are usually the nexus of a cross-share holding entity known as the keiretsu. In France, Bancassurance is prevalent, as most Banks offer  insurance services to their clients. The level of government regulation of the Banking industry varies widely, with countries such as Iceland, having relatively light regulation of the Banking sector, and countries such as China having a wide variety of regulations but no systematic process that can be followed typical of a communist system. The oldest Bank still in existence is

Monte dei Paschi di Siena, headquartered in Siena, Italy, which has been operating continuously since 1472.

EVOLUTION OF BANKING INSTITUTION:

Origin of the word Bank: According to some authorities,the word Bank itself is derived from the word “Bancus” or “Banque”, that is, a bench. The early Bankers,the Jews in Lombardy,transacted their business on benches in the market place. There are others who are of the opinion that the word “Bank” is originaly derived from the German word “Back” meaning a joint stock fund,which was Italianised into “Banco”,when the Germans were masters of a great part of Italy. This appears to be more possible. But whatever be the origin of the word Bank, it would trace the history of Banking in Europe from the middle ages.

The first Banks were probably the religious temples of the ancient world, and were probably established sometime during the third millennium B.C. Banks  probably predated the invention of money. Deposits initially consisted of grain and later other goods including cattle, agricultural implements, and eventually  precious metals such as gold, in the form of easy-to-carry compressed plates. Temples and palaces were the safest places to store gold as they were constantly attended and well built. As sacred places, temples presented an extra deterrent to would-be thieves. There are extant records of loans from the 18th century BC

in Babylon that were made by temple priests/monks to merchants. By the time of Hammurabi's Code, Banking was well enough developed to justify the  promulgation of laws governing Banking operations.Ancient Greece holds further evidence of Banking. Greek temples, as well as private and civic entities, conducted financial transactions such as loans, deposits, currency exchange, and validation of coinage. There is evidence too of credit, whereby in return for a payment from a client, a moneylender in one Greek port would write a credit note for the client who could "cash" the note in another city, saving the client the danger of carting coinage with him on his journey. Ancient Rome perfected the administrative aspect of Banking and saw greater regulation of financial institutions and financial practices. Charging interest on loans and  paying interest on deposits became more highly developed and competitive. The development of Roman Banks was limited, however, by the Roman preference for cash transactions. During the 3rd century AD, Banks in Persia and other  territories in the Persian Sassanid Empire issued letters of credit known as

Ṣakks. Muslim traders are known to have used the cheque or  ṣakk system since the time of Harun al-Rashid (9th century) of the Abbasid Caliphate. In the 9th century, a Muslim businessman could cash an early form of the cheque in China drawn on sources in Baghdad,a tradition that was significantly strengthened in the 13th and 14th centuries, during the Mongol Empire. Indeed, fragments

found in the Cairo Geniza indicate that in the 12th century cheques remarkably similar to our own were in use, only smaller to save costs on the paper. They contain a sum to be paid and then the order "May so and so pay the bearer such and such an amount". The date and name of the issuer are also apparent. Medieval trade fairs, such as the one in Hamburg, contributed to the growth of  Banking in a curious way: moneychangers issued documents redeemable at other fairs, in exchange for hard currency. These documents could be cashed at another fair in a different country or at a future fair in the same location. If  redeemable at a future date, they would often be discounted by an amount comparable to a rate of interest. Eventually, these documents evolved into bills of exchange, which could be redeemed at any office of the issuing Banker.

Modern Western economic and financial history is usually traced back to the coffee houses of London. The London Royal Exchange was established in 1565. At that time moneychangers were already called Bankers, though the term "Bank" usually referred to their offices, and did not carry the meaning it does today. There was also a hierarchical order among professionals; at the top were the Bankers who did business with heads of state, next were the city exchanges, and at the bottom were the pawn shops or "Lombard".

HISTORY OF BANKING IN INDIA

Without a sound and effective Banking system in India it cannot have a healthy economy. The Banking system of India should not only be hassle free but it should be able to meet new challenges posed by the technology and any other external and internal factors. For the past three decades India's Banking system has several outstanding achievements to its credit. The most striking is its extensive reach. It is no longer confined to only metropolitans or cosmopolitans in India. In fact, Indian Banking system has reached even to the remote corners of the country. This is one of the main reasons of India's growth process.

 The government's regular policy for Indian Bank since 1969 has paid rich dividends with the nationalization of 14 major private Banks of India.

Not long ago, an account holder had to wait for hours at the Bank counters for getting a draft or for withdrawing his own money. Today, he has a choice. Gone are days when the most efficient Bank transferred money from one branch to other in two days. Now it is simple as instant messaging or dials a pizza.

Money has become the order of the day.  The first Bank in India, though conservative, was established in 1786. From 1786 till today, the journey of Indian Banking System can be segregated into three distinct phases. They are as mentioned below:

•

Early phase from 1786 to 1969 of Indian Banks

•

Nationalization of Indian Banks and up to 1991 prior to Indian Banking sector Reforms.

•

New phase of Indian Banking System with the advent of  Indian financial & Banking Sector Reforms after 1991.

Phase1  The General Bank of India was set up in the year 1786. Next came Bank of Hindustan and Bengal Bank. The East India Company established Bank of Bengal (1809), Bank of  Bombay (1840) and Bank of Madras (1843) as independent units and called it Presidency Banks. These three Banks were amalgamated in 1920 and Imperial Bank of India was established which started as private shareholders Banks, mostly

European

shareholders.

In 1865 Allahabad Bank was established and first time

exclusively by Indians, Punjab National Bank Ltd. was set up in 1894 with headquarters at Lahore. Between 1906 and 1913, Bank of India, Central Bank of India, Bank of Baroda, Canara Bank, Indian Bank, and Bank of Mysore were set up. Reserve Bank of India came in 1935.

During the first phase the growth was very slow and Banks also experienced periodic failures between 1913 and 1948.  There were approximately 1100 Banks, mostly small. To streamline the functioning and activities of commercial Banks, the Government of India came up with The Banking Companies Act, 1949 which was later changed to Banking Regulation Act 1949 as per amending Act of 1965 (Act No. 23 of 1965). Reserve Bank of India was vested with extensive powers for the supervision of Banking in India as the Central Banking Authority.

During those day’s public has lesser confidence in the Banks. As an aftermath deposit mobilization was slow. Abreast of it the savings Bank facility provided by the Postal department was comparatively safer. Moreover, funds were largely given

to traders.

Phase2 Government took major steps in this Indian Banking Sector Reform after independence. In 1955, it nationalized Imperial Bank of India with extensive Banking facilities on a large scale especially in rural and semi-urban areas. It formed State Bank of India to act as the principal agent of RBI and to handle Banking transactions of the Union and State Governments all over the country.

Seven Banks forming subsidiary of State Bank of India was nationalized in 1960 on 19th July, 1969, major process of  nationalization was carried out. It was the effort of the then Prime Minister of India, Mrs. Indira Gandhi. 14 major commercial Banks in the country were nationalized.

Second phase of nationalization Indian Banking Sector Reform was carried out in 1980 with seven more Banks. This step brought 80% of the Banking segment in India under Government ownership.

 The following are the steps taken by the Government of India to Regulate Banking Institutions in the Country:

•

1949: Enactment of Banking Regulation Act.

•

1955: Nationalization of State Bank of India.

•

1959: Nationalization of SBI subsidiaries.

•

1961: Insurance cover extended to deposits.

•

1969: Nationalization of 14 major Banks.

•

1971: Creation of credit guarantee corporation.

•

1975: Creation of regional rural Banks.

•

1980: Nationalization of seven Banks with deposits over 200 crore.

After the nationalization of Banks, the branches of the public sector Bank India rose to approximately 800% in deposits and advances took a huge jump by 11,000%. Banking in the sunshine of Government ownership gave the public implicit faith and immense confidence about the sustainability of these institutions.

Phase III

This phase has introduced many more products and facilities in the Banking sector in its reforms measure. In 1991, under the chairmanship of M

 Narasimham, a committee was set up by his name which worked for the liberalization of Banking practices.

The country is flooded with foreign Banks and their ATM stations. Efforts are  being put to give a satisfactory service to customers. Phone Banking and net Banking is introduced. The entire system became more convenient and swift. Time is given more importance than money. The financial system of India has shown a great deal of resilience. It is sheltered from any crisis triggered by any external macroeconomics shock as other East Asian Countries suffered. This is all due to a flexible exchange rate regime, the foreign reserves are high, the capital account is not yet fully convertible, and Banks and their customers have limited foreign exchange exposure.

Banking in India originated in the last decades of the 18th century. The oldest Bank in existence in India is the State Bank of India, a government-owned Bank  that traces its origins back to June 1806 and that is the largest commercial Bank  in the country. Central Banking is the responsibility of the Reserve Bank of  India, which in 1935 formally took over these responsibilities from the then Imperial Bank of India, relegating it to commercial Banking functions. After  India's independence in 1947, the Reserve Bank was nationalized and given

 broader powers. In 1969 the government nationalized the 14 largest commercial Banks; the government nationalized the six next largest in 1980.

Currently, India has 96 scheduled commercial Banks (SCBs) - 27 public sector  Banks (that is with the Government of India holding a stake), 31 private Banks (these do not have government stake; they may be publicly listed and traded on stock exchanges) and 38 foreign Banks. They have a combined network of over  53,000 branches and 17,000 ATMs. According to a report by ICRA Limited, a rating agency, the public sector Banks hold over 75 percent of total assets of the Banking industry, with the private and foreign Banks holding 18.2% and 6.5% respectively.

NATIONALISATION OF BANKS IN INDIA The nationalization of Banks in India took place in 1969 by Mrs. Indira Gandhi the then prime minister. It nationalized 14 Banks then. These Banks were mostly owned by businessmen and even managed by them.

•

Central Bank of India

•

Bank of Maharashtra

•

Dena Bank

•

Punjab National Bank

•

Syndicate Bank

•

Canara Bank

•

Indian Bank

•

Indian Overseas Bank

•

Bank of Baroda

•

Union Bank

•

Allahabad Bank

•

United Bank of India

•

UCO Bank

•

Bank of India

Before the steps of nationalization of Indian Banks, only State Bank of India (SBI) was nationalized. It took place in  July 1955 under the SBI Act of 1955. Nationalization of Seven State Banks of India (formed subsidiary) took place on 19th  July, 1960. The State Bank of India is India's largest Bank

commercial

and is ranked one of the top five Banks worldwide. It

serves 90 million customers through a network of 9,000 branches and it offers either directly or through subsidiaries a wide range of  Banking services. The second phase of  nationalization of Indian Banks took place in the year 1980. Seven more Banks were nationalized with deposits over 200 crores.

Till

this

Bankingsegments

year,

approximately

80%

of

the

in India were under Government ownership.

After the nationalization of Banks in India, the branches of  the public sector Banks rose to approximately 800% in deposits and advances took a huge jump by 11,000%.

•

1955: Nationalization of State Bank of India.

•

1959: Nationalization of SBI subsidiaries.

•

1969: Nationalization of 14 major Banks.

•

1980: Nationalization of seven Banks with deposits over 200 crores.

INTRODUCTION

An asset is anything tangible or intangible that is capable of being owned or  controlled to produce value and that is held to have positive economic value and a liability is defined as an obligation of an entity arising from past transactions or events, the settlements of which may result in the transfer or use of assets,  provisions of services or other yielding of economic benefits in the future .In financial accounting, a balance sheet or statement of financial position is a summary of the financial balances of a sole proprietorship, a business  partnership or a company. Assets, liabilities and ownership equity are listed as

of a specific date, such as the end of its financial year. A balance sheet is often described as a "snapshot of a company's financial condition". Of the four basic financial statements, the balance sheet is the only statement which applies to a single point in time. A standard company balance sheet has three parts: assets, liabilities and ownership equity. The main categories of assets are usually listed first, and typically in order of liquidity. Assets are followed by the liabilities. The difference between the assets and the liabilities is known as equity or the net assets or the net worth or capital of the company and according to the accounting equation, net worth must equal assets minus liabilities.

ASSETS AND LIABILITIES OF A BANK

Assets earn revenue for the bank and includes cash, securities, loans, and  property and equipment that allows it to operate. Liabilities are either the deposits of customers or money that banks borrow from other sources to use to fund assets that earn revenue. Deposits are like debt in that it is money that the  banks owe to the customer but they differ from debt in that the addition or  withdrawal of money is at the discretion of the depositor rather than dictated by contract. The owner's equity in a bank is often referred to as bank capital, which is what is left when all assets have been sold and all liabilities have been paid.

SIGNIFICANCE OF ALM •

•

Volatility Product Innovations & Complexities

•

Regulatory Environment

•

Management Recognition

PURPOSE & OBJECTIVE OF ALM 

Review the interest rate structure and compare the same to the interest/product pricing of both assets and liabilities.



Examine the loan and investment portfolios in the light of  the foreign exchange risk and liquidity risk that might arise.



Examine the credit risk and contingency risk that may originate either due to rate fluctuations or otherwise and assess the quality of assets.



Review, the actual performance against the projections made and analyse the reasons for any effect on spreads.

An effective Asset Liability Management Technique aims to manage the volume, mix, maturity, rate sensitivity, quality and liquidity of assets and liabilities as a whole so as to attain a predetermined acceptable risk/reward ration. It is aimed to stabilize short-term profits, long-term earnings and long-term substance of the bank. The parameters for stabilizing ALM system are: 1.

Net Interest Income (NII)

2.

Net Interest Margin (NIM)

3.

Economic Equity Ratio

RBI DIRECTIVES •

Issued draft guidelines on 10th Sept’98.

•

Final guidelines issued on 10th Feb’99 for implementation of ALM w.e.f. 01.04.99.

•

To begin with 60% of asset &liabilities will be covered; 100% from 01.04.2000.

•

Initially Gap Analysis to be applied in the first stage of implementation.

•

Disclosure to Balance Sheet on maturity pattern on Deposits, Borrowings, Investment & Advances w.e.f. 31.03.01

SUCCESS OF ALM IN BANKS : PRE - CONDITIONS •

Awareness for ALM in the Bank staff at all levels–supportive management & dedicated Teams.

•

Method of reporting data from Branches/ other Departments. (Strong MIS).

•

Computerization-Full computerization, networking.

•

Insight into the banking operations, economic forecasting, computerization, investment, credit.

•

. Linking up ALM to future Risk management Strategies.

CHAPTER- 2 DESIGN OF THE STUDY

INTRODUCTION A balance sheet is a financial report that shows the value of a company's assets, liabilities, and owner's equity at a specific period of time, usually at the end of an accounting period, such as a quarter or a year. An asset is anything that can be sold for value. A liability is an obligation that must eventually be paid, and, hence, it is a claim on assets. The owner's equity in a bank is often referred to as bank capital, which is what is left when all assets have been sold and all liabilities have been paid. The relationship of  the assets, liabilities, and owner's equity of a bank is shown by the following equation Bank Assets = Bank Liabilities + Bank Capital A bank uses liabilities to buy assets, which earns its income. By using liabilities, such as deposits or borrowings to finance assets such as loans to individuals or businesses, or to buy interest earning securities, the owners of the bank can leverage their bank capital to earn much more than would otherwise be possible using only the bank's capital. Asset and liability management is the practice of managing risks that arise due to mismatches between the assets and liabilities (debts and assets) of the bank. Banks face several risks such as the liquidity risk, interest rate risk, credit risk  and operational risk. Asset Liability management (ALM) is a strategic management tool to manage interest rate risk and liquidity risk faced by  banks, other financial services companies and corporations. Banks manage the risks of Asset liability mismatch by matching the assets and liabilities according to the maturity pattern or the matching the duration, by hedging and  by securitization.

Much of the techniques for hedging stem from the delta hedging concepts introduced in the Black-Scholes model and in the work of Robert C. Merton and Robert A. Jarrow. The early origins of asset and liability management date to the high interest rate periods of 1975-6 and the late 1970s and early 1980s in the United States. Modern risk management now takes place from an integrated approach to enterprise risk management that reflects the fact that interest rate risk, credit risk, market risk, and liquidity risk are all interrelated. Increasing integrated risk  management is done on a full mark to market basis rather than the accounting  basis that was at the heart of the first interest rate sensivity gap and duration calculations.

STATEMENT OF THE PROBLEM Asset Liability Management is a dynamic process of Planning, Organizing & Controlling of Assets & Liabilities- their volumes, mixes, maturities, yields and costs in order to maintain liquidity and Net Interest Income. An effective ALM Technique aims to manage the volume, mix, maturity, rate sensitivity, quality and liquidity of assets and liabilities as a whole so as to attain a predetermined acceptable risk/reward ration. It is aimed to stabilize short-term profits, longterm earnings and long-term substance of the bank. Hence a study of the Asset Liability Management process is undertaken to know the bank’s efficiency in managing the assets and liabilities .

TOOLS AND TECHNIQUE USED •

Primary data will be collected by using an interview schedule to

obtain clarification from concerned officials. •

Secondary data comprises of data which will be collected from

various books, reports and manuals generated by the company.

SCOPE OF THE STUDY This study was conducted at Canara Bank, Vasanth nagar ,with specific reference to Bangalore to analyze the cost benefit analysis of use of technology in banking operation.

OBJECTIVES OF THE STUDY •

To study the components of assets and liabilities.

•

To study the factors affecting the assets and liabilities.

•

To study the process adopted to manage assets and liabilities.

•

To study the financial implication of managing assets and liabilities.

•

To offer solutions to better manage Assets and Liabilities.

METHODOLOGY The present study is a descriptive study where the data was collected mainly through secondary data. Seconadary data was collected from the reports, internet, magazines journals, books and brochure generated by the bank.

Primary data will be collected by using an interview schedule to obtain clarification from concerned officials.

PLAN OF ANALYSIS The data collected will be presented in the tabular form and wherever necessary graph will be made. Data analysis and interpretation is done on the data collected. Inference is drawn to attain the objective of the study. Summary of  findings is received based on data collected.

OVERVIEW OF CHAPTER  o

Chapter 1 Introduction

The theoretical aspects of the study with detailed relevance to the serve as introductory chapter.

o

Chapter 2 Design of the study:

This chapter will include introduction, statement of review, objective of  the study, methodology, tools and technique used, plan of analysis and limitation.

•

Chapter 3 Profile of the company

This chapter contains history of Canara Bank, its objective, vision, mission and strategy of the bank and also the various schemes and services provided by the bank.

•

Chapter 4 Analysis and interpretation of data

This chapter contains the analysis of data that was collected through the secondary data.

•

Chapter 5 Summary of findings

It contains the summary of findings, conclusions and also recommendations to the study.

CHAPTER

3

PROFILE OF   THE COMPANY

A Brief Profile of the Bank  Widely known for customer centricity, Canara Bank was founded by Shri Ammembal Subba Rao Pai, a great visionary and philanthropist, in July 1906, at Mangalore, then a small port in Karnataka. The Bank has gone through the various phases of its growth trajectory over hundred years of its existence. Growth of Canara Bank was phenomenal, especially after nationalization in the year 1969, attaining the status of a national level player in terms of  geographical reach and clientele segments. Eighties was characterized by  business diversification for the Bank. In June 2006, the Bank completed a century of operation in the Indian banking industry. The eventful journey of the Bank has been characterized by several memorable milestones. Today, Canara Bank occupies a premier position in the comity of Indian banks. With an unbroken record of profits since its inception, Canara Bank has several firsts to its credit. These include: •

•

•

 Launching of Inter-City ATM Network  Obtaining ISO Certification for a Branch  Articulation of ‘Good Banking’ – Bank’s Citizen Charter 

•

Commissioning of Exclusive Mahila Banking Branch

•

 Launching of Exclusive Subsidiary for IT Consultancy

•

 Issuing credit card for farmers

•

 Providing Agricultural Consultancy Services

Over the years, the Bank has been scaling up its market position to emerge as a major 'Financial Conglomerate' with as many as nine subsidiaries/sponsored