Banking - IBEF

9 downloads 491 Views 829KB Size Report
Mar 12, 2013 - Customer Relationship Management (CRM) and data warehousing will drive the next wave of ... of India, ATM
Banking

MARCH

2013

For updated information, please visit www.ibef.org

1

Banking

MARCH

2013

Contents  Advantage India  Market overview and trends  Growth drivers  Success stories: HDFC, Axis Bank  Opportunities  Useful information

For updated information, please visit www.ibef.org

2

MARCH

Banking

2013

Advantage India Growing demand •



FY25F

Innovation in services

Increase in working population and growing disposable incomes will continue to propel demand for banking and related services Rural banking is expected to witness strong growth in the future



Mobile and internet banking to improve operational efficiency



Vast un-banked population highlights scope for innovation in delivery

Total asset size: USD28.5 trillion

Advantage India Policy support

Business fundamentals

FY12 Total asset size: USD1.5 trillion



Rising fee incomes improving the revenue mix of banks



Wide policy support in the form of private sector participation and liquidity infusion



High net interest margins, along with low NPA levels, ensure healthy business fundamentals.



Healthy regulatory oversight and credible Monetary Policy by the Reserve Bank of India (RBI) have lent strength and stability to the country’s banking sector

Source: IBA report titled “Being five-star in productivity - Roadmap for excellence in Indian banking”, Aranca Research, Notes: NPA - Non Performing Assets

For updated information, please visit www.ibef.org

ADVANTAGE INDIA

3

Banking

MARCH

2013

Contents  Advantage India  Market overview and trends  Growth drivers  Success stories: HDFC, Axis Bank  Opportunities  Useful information

For updated information, please visit www.ibef.org

4

Banking

MARCH

2013

Evolution of the Indian banking sector

Post 2000 1956-2000 1936 -1955

1935

1921 • Closed market

• RBI was established as the central bank of country • Quasi central banking role of Imperial Bank came to an end

• Imperial Bank expanded its network to 480 branches • In order to increase penetration in rural areas, Imperial Bank was converted into State Bank of India

• State-owned Imperial Bank of India was the only bank existing

For updated information, please visit www.ibef.org

• Nationalisation of 14 large commercial banks in 1969 and 6 more banks in 1980 • Entry of private players such as ICICI intensifying the competition • Gradual technology upgradation in PSU banks

• Number of banks increased to-27 public sector banks, 22 private sector banks and 36 foreign banks • Advent of mobile and internet banking • Growing FDI in the Indian banking sector

Source: IBA, Aranca Research, BMI Notes: RBI - Reserve Bank of India, FDI - Foreign Direct Investment MARKET OVERVIEW AND TRENDS

5

Banking

MARCH

2013

The structure of Indian banking sector

Reserve Bank of India

Financial institutions

Banks

Scheduled Commercial Banks (SCBs)

Cooperative credit institutions All-India financial institutions

Public sector banks (27) Private sector banks (22) Foreign banks (36)

State-level institutions

Regional Rural Banks (RRB) (82) Other institutions Urban cooperative banks (1,674)

Rural cooperative credit institutions (96,751)

For updated information, please visit www.ibef.org

Source: RBI, Aranca Research Note: The data on number of banks belongs to FY11 MARKET OVERVIEW AND TRENDS

6

Banking

MARCH

2013

Indian banking sector has grown at a healthy and steady pace … (1/2)





Credit off-take has been surging ahead over the past decade, aided by strong economic growth, rising disposable incomes, increasing consumerism and easier access to credit

Growth in credit off-take over past few years (USD billion)

990

1,015

846

Over FY07-12, credit off-take expanded at a CAGR of 18.8 per cent (to USD990.5 billion)

695 596





Credit off take has grown at 16.7 per cent to USD1,015 billion in August 2012 as compared to USD870 billion in August 2011. Demand has grown for both corporate and retail loans.

510 418 328

FY06

FY07

FY08

FY09

FY10

FY11

FY12

FY13*

Source: Reserve Bank of India (RBI), Aranca Research; Note: CAGR: Compounded Annual Growth Rate. Note: FY13* - Figure mentioned is up to August 2012

For updated information, please visit www.ibef.org

MARKET OVERVIEW AND TRENDS

7

Banking

MARCH

2013

Indian banking sector has grown at a healthy and steady pace … (2/2)



Deposits have grown at a CAGR of 17.6 per cent over FY07-12; in FY12 total deposits stood at USD1,265.1 billion

Growth in deposits over the past few years (USD billion) 1,349.02



Deposits have grown at 14.3 per cent to USD1,349.0 billion in August 2012 compared to USD1,180.7 billion in August 2011

1,265.10

1,115.66 965.67 823.46



Deposit growth has been mainly driven by strong growth in savings amid rising disposable income levels



Access to the banking system has also improved over the years due to persistent government efforts; at the same time India’s banking sector has remained stable despite global upheavals, thereby retaining public confidence over the years

For updated information, please visit www.ibef.org

561.39

FY07

686.89

FY08

FY09

FY10

FY11

FY12

FY13*

Source: Reserve Bank of India (RBI), Aranca Research, Note: FY13* - Figure mentioned is up to August 2012

MARKET OVERVIEW AND TRENDS

8

Banking

MARCH

2013

Income from interest has seen robust growth



Public sector banks account for over 73 per cent of interest income in the sector →

Interest income growth in Indian banking sector (USD billion)

They lead the pack in interest income growth with a CAGR of 21.1 per cent over FY09-12

101.0 76.3



Overall, the interest income for the sector has grown at 19 per cent CAGR during FY09-12

63.8

56.9

17.7 6.3 FY09 Public Banks

17.3

5.9

5.5 FY10

27.9

20.2

FY11

Private Banks

7.6 FY12

Foreign Banks

Source: IBA, Aranca Research

For updated information, please visit www.ibef.org

MARKET OVERVIEW AND TRENDS

9

Banking

MARCH

2013

Growth in ‘other income’ also on a positive trend



Public sector banks account for about 59 per cent of income other than from interest (‘other income’) →



‘Other income’ for public sector banks has risen at a CAGR of 5.7 per cent during FY09-12

‘Other income’ growth in Indian banking sector (USD billion) 10.2

10.5

10.0

8.9

Overall, ‘other income’ for the sector has risen at 4.5 per cent CAGR during FY09-12 4.3

3.7 3.1

Public Banks

FY10

2.3

2.3

2.1

FY09

5.1

4.3

FY11

Private Banks

FY12 Foreign Banks

Source: IBA, Aranca Research

For updated information, please visit www.ibef.org

MARKET OVERVIEW AND TRENDS

10

Banking

MARCH

2013

High NIM, Low NPA place Indian banking among the world’s best … (1/2)



Indian banking sector enjoys healthy net interest margins (NIM) compared with global peers



HDFC leads the large banks with a NIM of over 4 per cent

Healthy net interest margins (FY12)

4.22%

3.85%

3.59% 2.73%



Prominent Chinese banks have NIM’s between 2-3 per cent, significantly lower than Indian peers



Despite virtually zero cost funds, the banks in the US have NIM’s comparable to Indian peers HDFC

ICICI

SBI

Axis

Source: Company reports, Aranca Research Note: HDFC - Housing Development Finance Corporation, ICICI - Industrial Credit and Investment Corporation of India, SBI - State Bank of India

For updated information, please visit www.ibef.org

MARKET OVERVIEW AND TRENDS

11

Banking

MARCH

2013

High NIM, Low NPA place Indian banking among the world’s best … (2/2)





NPA levels

Despite the global financial crisis the net nonperforming assets (NPA) of Indian banking sector have declined over past few years.

1.28%

Although net NPA levels increased to 1.28 per cent in FY12 from 0.97 per cent in FY11, it is relatively stable 1.12%

1.02%

1.05% 1.00% 0.97%

FY07

FY08

FY09

FY10

FY11

FY12

Source: Reserve Bank of India (RBI), Aranca Research

For updated information, please visit www.ibef.org

MARKET OVERVIEW AND TRENDS

12

Banking

MARCH

2013

Private/foreign banks are aggressively increasing their presence … (1/2)



Although public sector banks continue to control majority of the banking assets, their share is gradually declining



Share of public sector banks in total assets have declined from 76 per cent in FY05 to 72.8 per cent in FY12

Market share of bank groups by assets

7.0%

7.0%

17.0%

20.2%

76.0%

72.8%

FY05 Public sector

Private sector

FY12 Foreign

Source: IBA statistics, Aranca Research

For updated information, please visit www.ibef.org

MARKET OVERVIEW AND TRENDS

13

Banking

MARCH

2013

Private/foreign banks are aggressively increasing their presence … (2/2)





Share of public sector banks in total deposits have also declined from 78.2 per cent in FY05 to 77.5 per cent in FY12 This is largely due to the fact that foreign and private sector banks are rapidly capturing share in savings deposit

Market share of bank groups by deposits 100% 80%

4.7%

4.3%

17.1%

18.2%

78.2%

77.5%

60% 40% 20% 0% FY05 Public sector

Private sector

FY12 Foreign

Source: IBA statistics, Aranca Research

For updated information, please visit www.ibef.org

MARKET OVERVIEW AND TRENDS

14

Banking

MARCH

2013

Notable trends in the Indian banking sector … (1/2) • Indian banks are increasingly focusing on adopting integrated approach to risk

management

Improved risk management practices

• Banks have already embraced the international banking supervision accord of

Basel II; interestingly, according to RBI, majority of the banks already meet capital requirements of Basel III • Most of the banks have put in place the framework for asset-liability match,

credit and derivatives risk management. • Banks are laying emphasis on diversifying the source of revenue stream to

Diversification of revenue stream

protect themselves from interest rate cycle and its impact on interest income • Focusing on increasing fee and fund based income by launching plethora of

new asset management, wealth management and treasury products • Indian banks, including public sector banks are aggressively improving their

Technological innovations

technology infrastructure to enhance customer experience and gain competitive advantage • Internet and mobile banking is gaining rapid foothold • Customer Relationship Management (CRM) and data warehousing will drive

the next wave of technology in banks Source: BCG-FICCI-IBA, Indian Banking sector 2020

For updated information, please visit www.ibef.org

MARKET OVERVIEW AND TRENDS

15

Banking

MARCH

2013

Notable trends in the Indian banking sector … (2/2) • RBI has emphasised the need to focus on spreading the reach of banking

Focus on financial inclusion

services to the un-banked population of India • Indian banks are expanding their branch network in the rural areas to capture

the new business opportunity

• The increasingly dynamic business scenario and financial sophistication has

Derivatives and risk management products

increased the need for customised exotic financial products • Banks are developing Innovative financial products and advanced risk

management methods to capture the market share • With entry of foreign banks competition in the Indian banking sector has

intensified.

Consolidation

• Banks are increasingly looking at consolidation to derive greater benefits such

as enhanced synergy, cost take-outs from economies of scale, organisational efficiency, and diversification of risks

For updated information, please visit www.ibef.org

MARKET OVERVIEW AND TRENDS

16

Banking

MARCH

2013

Banks reaping benefits from increased usage of technology •

Technology has allowed banks to increase their scale rapidly and manage increased business and transactions volume with lesser man power and reduced costs (at the operational level)



Digital analytics is providing deeper insights into customer needs and enabling banks to offer highly targeted products and services; this is likely to pick up pace in the coming years



New channel-integration technologies are enabling a more seamless end-to-end experience for banking customers



Offering new opportunities to engage and interact with customers and thereby build relationship and grow revenues; social media has a crucial role to play in this

Increasing usage of technology • •

• • •

In the last few years, technology is being increasingly used by Indian banks Banks are using technology at various levels such as, back-office processing, convergence of delivery channels, IT-enabled business process reengineering as well as communication with customers

Indian banks currently devote around 15 per cent of total spending on technology Spending on technology is expected to increase at an annual rate of 14.2 per cent. Banks in the country are set to benefit further as they move ahead in implementing additional technological advancements

Source: PWC, ‘Searching for new frontiers of growth’, Aranca Research

For updated information, please visit www.ibef.org

MARKET OVERVIEW AND TRENDS

17

Banking

MARCH

2013

Contents  Advantage India  Market overview and trends  Growth drivers  Success stories: HDFC, Axis Bank  Opportunities  Useful information

For updated information, please visit www.ibef.org

18

Banking

MARCH

2013

Growth drivers of Indian banking sector

Economic and demographic drivers • Favourable demographics

and rising income levels • Strong GDP growth (CAGR

of 7.7 per cent expected over 2012-17) to facilitate banking sector expansion • The sector will benefit

from structural economic stability and continued credibility of Monetary Policy

Policy support

• Extension of interest

subsidy to low cost home buyers • Simplification of KYC

norms, introduction of nofrills accounts and Kisan Credit Cards to increase rural banking penetration • RBI is considering giving

more licenses to private sector players to increase banking penetration

Infrastructure financing

• India currently spends 6

per cent of GDP on infrastructure; Planning Commission expects this fraction to grow going ahead • Banking sector is expected

to finance part of the USD1 trillion infrastructure investments in the 12th Five Year Plan, opening a huge opportunity for the sector

Technological innovation

• Technological innovation

will not only help to improve products and services but also to reach out to the masses in cost effective way • Use of alternate channels

like ATM, internet and mobile hold significant potential in India

Notes: GDP - Gross Domestic Product, KYC - Know Your Customer, RBI - Reserve Bank of India, ATM - Automated Teller Machine

For updated information, please visit www.ibef.org

GROWTH DRIVERS

19

Banking

MARCH

2013

Housing and personal finance have been key drivers … (1/2)



Rapid urbanisation, decreasing household size and easier availability of home loans has been driving demand for housing



Credit to housing sector grew at a CAGR of 10.5 per cent during FY08-12



Credit deployed to housing sector as on September 2012 was at USD87.8 billion compared to USD80.8 billion for the whole of FY12



Demand in the low- and mid-income segments exceeds supply three-to four-fold



This has propelled demand for housing loan in the last few years

For updated information, please visit www.ibef.org

Growth in credit to housing sector (USD billion)

80.8

54.2

58.2

FY08

FY09

62.7

FY10

72.1

FY11

FY12

Source: Reserve Bank of India (RBI), Aranca Research

GROWTH DRIVERS

20

Banking

MARCH

2013

Housing and personal finance have been key drivers … (2/2)



Growth in disposable income has been encouraging households to raise their standard of living and boost demand for personal credit



Credit under personal finance segment (excluding housing) grew at a CAGR of 9.8 per cent during FY0812



Growth in personal finance (excluding housing) (USD billion)

79.23 70.68 54.48

58.98

59.31

FY08

FY09

FY10

Unlike some other emerging markets, credit-induced consumption is still less in India

FY11

FY12

Source: Reserve Bank of India (RBI), Aranca Research

For updated information, please visit www.ibef.org

GROWTH DRIVERS

21

Banking

MARCH

2013

Strong economic growth to propel banking sector expansion … (1/2)



Rising per capita income will lead to increase in the fraction of the Indian population that uses banking services Population in 25-60 age group is expected to grow strongly going ahead, giving further push to the number of customers in banking sector

India’s working age population and GDP per capita (USD) 700 600

2,500

Population million

2,000

500 400

1,500

300

1,000

200 500

100 0

GDP per capita USD



0 2001

2006 Population

2011E

2016F

GDP per capita (USD)

Source: World Bank, IMF, Aranca Research Note: E - Expected, F - Forecasted, GDP - Gross Domestic Product

For updated information, please visit www.ibef.org

GROWTH DRIVERS

22

Banking

MARCH

2013

Strong economic growth to propel banking sector expansion … (2/2)







India’s GDP is forecasted to grow at a healthy CAGR of 7.7 per cent during 2012-17 to USD2,218 billion Strong GDP growth will facilitate banking sector expansion The sector will also benefit from economic stability and credibility of Monetary Policy

Total loans: growth forecast over 2011-16 2,500

2,218

USD billion

1,775

2,000 1,431 1,173

1,500 978 1,000

858

500 2011E

2012F

2013F

2014F

2015F

2016F

Source: Business Monitor International Ltd (BMI), Aranca Research

For updated information, please visit www.ibef.org

GROWTH DRIVERS

23

Banking

MARCH

2013

Low banking penetration indicates huge latent demand … (1/2)



Loan/GDP vs. GDP per-capita in select countries

Despite healthy growth over the past few years, the Indian banking sector is relatively underpenetrated 350%



Loans-to-GDP ratio is low (62 per cent) relative to many of its emerging markets peers as well as developed economies such as the US and UK

Size of the bubble represents GDP per capita

Total loans / GDP

300%

UK

250%

Germany

200% 150%

Vietnam China Bulgaria

100%

US Estonia Hungary

Czech Republic India Turkey Poland

50% 0% 0

10,000

20,000

30,000

Per-capita GDP (USD) 40,000

50,000

60,000

Source: World Bank Financial Access report 2010, IMF, Aranca Research

For updated information, please visit www.ibef.org

GROWTH DRIVERS

24

Banking

MARCH

2013

Low banking penetration indicates huge latent demand … (2/2)



Limited banking penetration in India is also evident from low branch per 100,000 adults ratio



Branch per 100,000 adults in India stands at 747 compared to 1,065 for Brazil and 2,063 for Malaysia Deposit accounts per 1,00,000 adults 4,500

Banking penetration (deposits/ '000 adults) in India is lower than a number of peers in Emerging countries

4,000 3,500 3,000

Advanced economies

2,500 Emerging economies

2,000 1,500 1,000 500

Belgium

UK

Austria

Ireland

US

Malaysia

Turkey

Poland

Brazil

South Africa

India

0

Source: World Bank Financial Access report 2010, IMF, Aranca Research

For updated information, please visit www.ibef.org

GROWTH DRIVERS

25

Banking

MARCH

2013

Contents  Advantage India  Market overview and trends  Growth drivers  Success stories: HDFC, Axis Bank  Opportunities  Useful information

For updated information, please visit www.ibef.org

26

Banking

MARCH

2013

Success stories in the Indian banking sector: HDFC Bank … (1/2) HDFC Bank Net profit (USD millions)

• Established in 1994, HDFC Bank is the second largest private sector

bank in India. HDFC was amongst the first to receive an 'in principle' approval from the RBI to set up a bank in the private sector

1,076

• Divisions - Retail banking, Wholesale banking and Treasury

818

operations 614

• Size - Number of branches and extensions: 2,620* •

Number of ATMs: 10,316*



Number of employees: 66,076 as on March 31, 2012



Total Assets: USD33.76 billion*

468 238

331

FY07

FY08

• Recognition •

Best Retail Bank in India (Asian Banker:2012)



Best Performing Bank - Private (CNBC TV18:2011)

FY09

FY10

FY11

FY12

Source: Company annual reports, Aranca Research Note: * - As on September 2012

For updated information, please visit www.ibef.org

SUCCESS STORIES: HDFC, AXIS BANK

27

Banking

MARCH

2013

Success stories in the Indian banking sector: HDFC Bank … (2/2)

Income break-up (FY12)

Advances and deposits

USD billion

51

6%

43

24% Net Interest Income 21 Fee Income 70%

35

30

41

33

26 21

13

Other Income

FY08

FY09

FY10 Advances

FY11

FY12

Deposits

Source: Company annual reports, Aranca Research

For updated information, please visit www.ibef.org

SUCCESS STORIES: HDFC, AXIS BANK

28

Banking

MARCH

2013

Success stories in the Indian banking sector: Axis Bank … (1/2) Axis Bank

Net profit (USD millions)

• Established in 1994, Axis Bank is the third largest private sector bank

in India. The bank is capitalised to the extent of USD86.0 million with the public holding at 54.1 per cent as on 31st March, 2012

884

• Divisions - Treasury, retail banking, corporate/wholesale banking and

other banking business

706

• Size - Number of branches and extensions: 1,741*



Number of ATMs: 10,297*



Number of employees: 31,738 as on March 31,2012



Total Assets: USD63 billion*

• Recognition •

Most Productive Private Sector Bank award (FIBAC: 2011)



3rd strongest bank in Asia Pacific region (Asian Banker: 2011)

524 378 223

FY08

FY09

FY10

FY11

FY12

Source: Company annual reports, Aranca Research Note: FIBAC - FICCI and Indian Banks’ Association Conference * - As on September 2012

For updated information, please visit www.ibef.org

SUCCESS STORIES: HDFC, AXIS BANK

29

Banking

MARCH

2013

Success stories in the Indian banking sector: Axis Bank … (2/2)

Income break-up

Advances and deposits 46

USD billion

39

3% 29 24

Net Interest income

37% 60%

Fee Income

18

17

30

35

22

12

Other Income FY08

FY09

FY10 Advances

FY11

FY12

Deposits

Source: Company annual reports, Aranca Research

For updated information, please visit www.ibef.org

SUCCESS STORIES: HDFC, AXIS BANK

30

Banking

MARCH

2013

Contents  Advantage India  Market overview and trends  Growth drivers  Success stories: HDFC, Axis Bank  Opportunities  Useful information

For updated information, please visit www.ibef.org

31

Banking

MARCH

2013

Rising rural income pushing up demand for banking →

The real annual disposable household income in rural India is forecasted to grow at CAGR of 3.6 per cent over the next 15 years



The Indian agriculture, forestry & fishing sector has grown at a fast pace, clocking a CAGR of 14.2 per cent over the past seven years



Rising incomes are expected to enhance the need for banking services in rural areas and therefore drive the growth of the sector GDP of agriculture, forestry & fishing sector, at current prices

133

FY06

295

CAGR: 14.2 %

USD billion

151

FY07

174

FY08

Real disposable household income in rural India

265

USD

225 194

1,875

FY09

FY10

FY11 QE

FY12 RE

Source: MOSPI, Aranca Research

2010

CAGR: 3.6 %

3,229 2,667

2,167

2015

2020

2025

Source: McKinsey estimates, Aranca Research

Notes: CAGR - Compounded Annual Growth Rate QE - Quick Estimate, RE - Revised Estimate

For updated information, please visit www.ibef.org

OPPORTUNITIES

32

Banking

MARCH

2013

Mobile banking to provide a cost effective solution →



Agriculture requires timely credit to enable smooth functioning. However, only one-eighth of farm households avail bank credit Local money-lending practices involve interest rates well above 30 per cent, therefore making bank credit a compelling alternative

Banking penetration is low in rural India • Of the 600,000 village habitations in India only 5 per cent have a



Tele-density in rural India soared to nearly 40.4 per cent in 2012* from less than 1 per cent in 2007



Banks, telecom providers and RBI are making efforts to make inroads into the un-banked rural India through mobile banking solutions

Soaring rural teledensity opens avenue of mobile banking %

commercial bank branch

40.36

• Only 40 per cent of the adult population has bank accounts

37.48

• Debit card holders constitute only 13 per cent of the population and

24.29

only 2 per cent have a credit card 15.2 • 51.4 per cent of nearly 89.3 million farm households do not have

access to any credit either from institutional or non-institutional sources • Only 13 per cent of farm households are availing loans from the

banks in the income bracket of < USD1000 For updated information, please visit www.ibef.org

0.4 2007

9.2 2008

2009

2010

2011

2012*

Source: TRAI, Aranca Research Note: * - As on September 2012 OPPORTUNITIES

33

Banking

MARCH

2013

Mobile banking to transform the banking space Evolution of mobile banking •









Mobile banking allows customers to avail banking services on the move through their mobile phones. The growth of mobile banking could impact the banking sector significantly Mobile banking across the world is still at a primitive stage with countries like China, India and UAE taking the lead Mobile banking is especially critical for countries like India, as it promises to provide an opportunity to provide banking facilities to a previously underbanked market RBI has taken several steps to enable mobile payments, which forms an important part of mobile banking; the central bank has recently removed the transaction limit of INR50,000 and allowed banks to set their own limits Mobile banking transactions in India will cross 340 million by 2015 and would result in cost savings of approximately INR11 billion (USD230 million)

Mobile remittances

Mobile recharge

Key services provided through mobile banking

Mobile commerce

Payment of bills

Mobile banking (fund transfers, etc.)

Source: PWC, ‘Searching for new frontiers of growth’, Aranca Research

For updated information, please visit www.ibef.org

OPPORTUNITIES

34

Banking

MARCH

2013

Contents  Advantage India  Market overview and trends  Growth drivers  Success stories: HDFC, Axis Bank  Opportunities  Useful information

For updated information, please visit www.ibef.org

35

Banking

MARCH

2013

Industry Associations Indian Banks' Association World Trade Centre, 6th Floor Centre 1 Building, World Trade Centre Complex, Cuff Parade, Mumbai - 400 005 India E-mail: [email protected]

For updated information, please visit www.ibef.org

USEFUL INFORMATION

36

Banking

MARCH

2013

Glossary →

ATM: Automated Teller Machines



CAGR: Compound Annual Growth Rate



FY: Indian financial year (April to March)



GDP: Gross Domestic Product



INR: Indian Rupee



KYC: Know Your Customer



NIM: Net interest margin



NPA: Non-performing assets



RBI: Reserve Bank of India



USD: US Dollar →



Conversion rate used: USD1=INR 48

Wherever applicable, numbers have been rounded off to the nearest whole number

For updated information, please visit www.ibef.org

USEFUL INFORMATION

37

Banking

MARCH

2013

Disclaimer

India Brand Equity Foundation (IBEF) engaged Aranca to prepare this presentation and the same has been prepared by Aranca in consultation with IBEF. All rights reserved. All copyright in this presentation and related works is solely and exclusively owned by IBEF. The same may not be reproduced, wholly or in part in any material form (including photocopying or storing it in any medium by electronic means and whether or not transiently or incidentally to some other use of this presentation), modified or in any manner communicated to any third party except with the written approval of IBEF. This presentation is for information purposes only. While due care has been taken during the compilation of this

For updated information, please visit www.ibef.org

presentation to ensure that the information is accurate to the best of Aranca and IBEF’s knowledge and belief, the content is not to be construed in any manner whatsoever as a substitute for professional advice.

Aranca and IBEF neither recommend nor endorse any specific products or services that may have been mentioned in this presentation and nor do they assume any liability or responsibility for the outcome of decisions taken as a result of any reliance placed on this presentation. Neither Aranca nor IBEF shall be liable for any direct or indirect damages that may arise due to any act or omission on the part of the user due to any reliance placed or guidance taken from any portion of this presentation.

DISCLAIMER

38