Development of Indias Banking System

Development of Indias Banking System Introduction With a population of over 1 billion, India is one of the most important countries with accelerating economic growth. According to the World Bank (2009), the annual GDP growth of India has been more than 7% over the past ten years. The financial crises in 1997 and 2008 have revealed the importance of robust banking system towards economic development. Indian Government liberalized the banking system through Indian Banking Sector Reform in 1991. From the first bank in India in 1786, the development of Indian Banking System has three distinct phases. Early Phase (1786 1969) There were 1100 small banks in India. The Government implemented the Banking Companies Act 1949 to facilitate the functioning of commercial banks. Reserve Bank of India (RBI) was authorized to supervise the Indian banking sector and became the Central Banking Authority. Post Nationalization Period (1969 1991) State Bank of India was formed to act as a principal agent of RBI and handle banking transactions in India. Fourteen major commercial banks were nationalized as there was a decline in public confidence during the early phase. Nationalization guaranteed the sustainability of banking industry and aroused public confidence. Post-Liberalization Period (1991 now) Liberalization of banking practices occurred. Foreign banks, ATMs, phone banking, net banking were introduced to make the banking system more convenient and efficient. The development of banking system is transiting. Public-Sector Banks contributes to 78% of total banking industry asset. Private-Sector Banks, on the other hand, are experiencing great progress in internet banking, ATMs and other technology advancements. They are likely to expand in India. Central Bank Reserve Bank of India It was established in 1935 and was nationalized in 1949. It has 8 functions explained as follows: Note Issuance: It has the sole right to issue bank notes of all denominations as an agent of the Government. Government Banker: It acts as Government banker, agent and adviser. It controls the banking system through licensing, inspection and calling for information. It also supervises and controls commercial and cooperative banks. Maintenance of Minimum Reserve Ratio: RBI set the cash reserve ratio is 5% and repo rate is 4.75 % in 2009. Lender of Last Resort: It acts as the lender of last resort by providing rediscount facilities to scheduled banks. Credit Controller: It controls the credit operations of banks quantitatively and qualitatively like open market operations, discount policies and reserve requirements. Settlement of Clearing Functions: RBI facilitates the inter-bank clearing of current accounts in 1050 clearing houses in India. Custodian of Foreign Reserves: RBI sets a limit on money transfer in and out of India under Foreign Exchange Management Act. It examines Indias reserve of international currencies and maintains the official rate of exchange with all member countries of International Monetary Fund. Promotional Functions: RBI is responsible to extend banking facilities to rural and semi-urban areas, and establish and promote new specialized financing agencies. Banking System Banks in India The Reserve Bank of India heads the Indian commercial banks. Banks in India can be categorized into three tiers scheduled commercial banks; regional rural banks which operate in rural areas not covered by scheduled banks; and cooperative and special purpose rural banks. There are approximately 98 scheduled commercial banks, both Indian and foreign, almost 200 regional rural banks, more than 350 central cooperative banks, 20 land development banks, and a number of agricultural credit societies. Commercial Banks Commercial banking is dominated by 28 state-owned banks controlling 69.9% of assets in the sector in 2007/08. Private domestic held 21.7% and foreign banks had the remaining 8.4%. Commercial banks can be categorized into domestic banks and foreign banks. Domestic Banks They include public-sector banks, private-sector banks and savings, mortgage and co-operative banks. The biggest domestic bank is a public-sector bank, State Bank of India with market share 16.83%. The second biggest domestic bank is a private-sector bank, ICICI Bank with market share 9.11%. Public-Sector Banks They have a country wide networks and each has its own geographic stronghold. They provide a full range of banking services and are an important source of short-term funds. State Bank of India is the largest bank providing 16.83$ of loan advances in 2007/08. In 2008, SBI merged its subsidiary, State Bank of Saurashtra, and is increasing its international presence. The introduction of stringent capital-adequacy, income-recognition and asset-classification norms in economic reform promoted public-sector banks to reveal true positions in financial statements. The gap between strong and weak banks is thus widened. Private-Sector Banks There were 41 private-sector banks and 18 of them were listed on the stock exchange as of 2009. They usually have strong regional client bases and upgrade their technology and services. ICICI, the largest private-sector bank, merged with Bank of Madura in 2001 and Shangli Bank in 2007. Life Insurance Corporation of India raised its stake in Corporation Bank to 27% from 12.32% in 2001. It is expected that more mergers and acquisitions will be found in the coming decade. Savings, mortgages and co-operative banks They are small and contribute slightly to the source of funds for most companies. They tend to finance rural and small sectors and have geographically-restricted operations. New RBI regulations have imposed restrictions on them in 2001 as some urban cooperative banks were discovered to have a high exposure to the stock market. Foreign Banks The biggest foreign bank is Citibank with market share 1.55%. Standard Chartered Bank ranked the second. Citibank, Standard Chartered Bank, HSBC and ABN Amro Bank dominate the sector in the diagram shown below. Comparing the advances of foreign banks and that of commercial banks, it is shown that foreign banks play a small role in banking industry. They accounted for 8.4% of total commercial-bank assets in 2007/08. But the rising net profits of the banks to Rs66.12bn in 2007/08 from Rs45.85bn in 2006/07 suggested the increasing importance of this sector. Foreign banks offer borrowing terms similar to local banks, but their benchmark prime lending rates are 1 to 3 percentage points higher. Foreign banks usually form part of a lending consortium. Foreign banks without a branch presence can conduct business through representative offices. These banks concentrate on providing offshore currency loans and related foreign-exchange products, rather than retail banking or local-currency lending. Investment Banks and Brokerages Investment banks and brokerages rely on advisory business. They have a limited involvement in risk capital. They can weather the downturn without the risk of going out of business. However, if the downturn continues in 2010, some banks may leave the small Indian market. Citi(US) and JM Financial Group have the greatest market share in this sector with their contribution of more than half deal value. Given the growth of Indian market, major foreign investment banks have reworked their partnerships with investment banks to help them to capture a greater market share. Development Banks Public-sector development banks were traditionally the principle source of long-term capital. Development banks provide medium and long-term rupee and foreign-currency financing, underwrite and subscribe to stocks and debentures. Due to the financial sector reform, they offer new services and products, set up organizations to provide a variety of financial services. Some countrywide development banks are Industrial Finance Corp of India and Industrial Investment Bank of India. The Post Office Saving Bank It has the largest retail-bank network, with over 155,000 branches. A growing number of post offices are also connected electronically. Given its large distribution network, India Post now leverages its presence to become a general financial-services distributor. It provides various mutual funds and bonds. It also offers an inward international money-transfer service. Offshore Banks Banks are allowed to set up overseas banking units within the countrys special economic zones functioning as overseas branches of domestic banks. Six domestic banks set up overseas banking units: Bank of Baroda, Canara Bank, ICICI Bank, Punjab National Bank, State Bank of India and Union Bank. Domestic banks can enjoy a tax deduction on the income from OBUs and advantages of global presence. Banks Deposit Composition The deposits of national banks dominate the banking industry because they are backed up by the government and the public thus have confidence in nationalized banks. However, regional rural banks have a small share of deposits. It is mainly due to the lower income level in rural areas. Although foreign banks have a second smallest share of deposits, liberalization of the banking industry will allow them to expand their business. Competitive Situation More aggressive merger and acquisition are stemming in India. One advantages stemming from merger is the ability to cross-sell a slew of retail products including housing loans, car loans, personal finance and credit cards. Further, merged entity will be able to compete with threats from global players, for instance, HSBC and Citibank. However, challenges of merger are the integration of financial and human resources, as well as satisfying statutory requirements. Also some FIs faced the problem of relying on an increasing cagey market to raise capital. As FIs were funding long-term projects with money rose short term, there was a critical asset-liability disparity. RBI then proposed to convert financial institutions into universal banks recently. A reverse merger with their own subsidiary banks will now give FIs access to low-cost funds. The trend of mergers and acquisitions will prevail in the coming years. Economic Conditions Indian banks balance sheets are not directly exposed to sub-prime mortgage leading in US. The GDP and GDP per capital are expected to grow in the coming decade. The global financial crisis does not undermine the banking industry in India in a great extent. The assessment of the banking sector risk is rather low compared to that in Asia and Australasia in 2009. The expansion of consumer credit does not pose a high risk to the banking industry as the level of debts per customer remains low. In contrast, RBI moved the focus of its policy from boosting economic growth to containing inflation. Interest rates are expected to rise and tighter monetary policy are expected to be implemented. Conclusions The liberalization of banking system has (1) strengthen the banking sector (2) provide more operational flexibility to banks (3) enhance the competitive efficiency of banks (4) strengthen the legal framework governing bank operations. This well-developed banking system is favourable when it comes to expansion in India. However, a keen competition is found in India. Each sector has various existing banks with strong customer loyalty. Numerous state-owned banks and FIs are the dominant players in India. Despite the stable Indian economy and the steady and slow movement towards liberalization of banking system, the Government will probably strengthen the financial regulatory system sufficiently before a complete liberalization. Therefore, it is concluded that India is not suitable for expansion. References World Bank (2009). Word Bank in India. Retrieved November 25, 2009, from http://web.worldbank.org/WBSITE/EXTERNAL/COUNTRIES/SOUTHASIAEXT/0,,contentMDK:22398481~menuPK:2246552~pagePK:2865106~piPK:2865128~theSitePK:223547,00.html India Finance Investment Guide (2009). Introduction. Retrieved November 25, 2009, from http://finance.indiamart.com/investment_in_india/banking_india.html Maps of India (2008). Banks in India. Retrieved November 25, 2009, from http://business.mapsofindia.com/banks-in-india/ Kamath, G.B. (2009). Emerald. The Intellectual Capital Performance of Indian Banking Sector, pp.4. Retrieved from, http://www.emeraldinsight.com.eproxy1.lib.hku.hk/Insight/viewPDF.jsp?contentType=ArticleFilename=html/Output/Published/EmeraldFullTextArticle/Pdf/2500080104.pdf Bank of India (2009). Main Functions. Retrieved November 25, 2009, from http://www.rbi.org.in/scripts/AboutusDisplay.aspx#MF OneIndia News (2009, July 28). RBI Keeps All Key Rates Unchanged. Retrieved November 25, 2009, from http://news.oneindia.in/2009/07/28/rbi-keeps-all-key-rates-unchanged.html Hubbard, R.G. OBrien (2006). How the Fed Reserves Manages the Money Supply. In Macroeconomics (2nd Ed.), Money, Banks, and the Federal Reserve System (pp. 451-452). United States: Pearson International Edition. NK Infobase (2009). Reserve Bank of India. Retrieved November 30, 2009, from http://money-transfer.in/reservebankofindia.html Economist Intelligence Unit (2009, July). Country Finance, India. Domestic Banks, pp. 14. Retrieved from http://www.eiu.com.eproxy1.lib.hku.hk/report_dl.asp?issue_id=1784732363mode=pdf Economist Intelligence Unit (2009, July). Country Finance, India. Foreign Banks, pp. 14. Retrieved from http://www.eiu.com.eproxy1.lib.hku.hk/report_dl.asp?issue_id=1784732363mode=pdf Economist Intelligence Unit (2009, July). Country Finance, India. Investment Banks and Brokerages, pp. 16. Retrieved from http://www.eiu.com.eproxy1.lib.hku.hk/report_dl.asp?issue_id=1784732363mode=pdf Economist Intelligence Unit (2009, July). Country Finance, India. Development and Postal Banks, pp. 18. Retrieved from http://www.eiu.com.eproxy1.lib.hku.hk/report_dl.asp?issue_id=1784732363mode=pdf Economist Intelligence Unit (2009, July). Country Finance, India. Offshore Banks, pp. 20. Retrieved from http://www.eiu.com.eproxy1.lib.hku.hk/report_dl.asp?issue_id=1784732363mode=pdf Subhash, D.V. (2002, February). Birth of a Universal Bank. Retrieved 2 December, 2009. from http://search.ebscohost.com.eproxy1.lib.hku.hk/login.aspx?direct=truedb=bthAN=7210765site=ehost-live Economist Intelligence Unit (2009, October). India: Banking Sector Risk. Retrieved 28 November 2009, from http://www.eiu.com.eproxy1.lib.hku.hk/index.asp?layout=displayIssueArticleissue_id=1514868936article_id=1664868951 Scribd (2009). A Report on Non-Performing Assets Challenge to the Public Sector Banks, pp. 10. Retrieved December 2, 2009, from http://www.scribd.com/doc/8817767/A-REPORT-ON-NPA-IN-BANKING

Economic Topics Essay

Discuss how the government can use discretionary fiscal policy and automatic stabilisers to stabilise fluctuations in real GDP. What tools does the government have at its discretion to stabilise the economy? Suppose the government decides to decrease income taxes. Show in a diagram and explain how this policy will lead to an increase in real GDP. Explain how potential output may be affected. Any government program that tends to reduce fluctuations in GDP automatically is called an automatic stabilizer. The reduction in economic activity automatically reduced tax payments, reducing the impact of the downturn on disposable personal income. Furthermore, the reduction in incomes increased transfer payment spending, boosting disposable personal income further. Fiscal policy is the use of government expenditures and taxes to influence the level of economic activity; it is the government counterpart to monetary policy. Fiscal policy is the best counter-stabilisation tool available to any government. Discretionary government spending and tax policies can be used to shift aggregate demand. Expansionary fiscal policy might consist of an increase in government purchases or transfer payments, a reduction in taxes, or a combination of these tools to shift the aggregate demand curve to the right. A contractionary fiscal policy might involve a reduction in government purchases or trans fer payments, an increase in taxes, or a mix of all three to shift the aggregate demand curve to the left. Income taxes affect the consumption component of aggregate demand. A reduction in income taxes increases disposable personal income, increases consumption (but by less than the change in disposable personal income), and increases aggregate demand. That shifts the aggregate demand curve rightward by an amount equal to the initial change in consumption that the change in income taxes produces times the multiplier. Suppose, for example, that income taxes are reduced by $200 billion. Only some of the increase in disposable personal income will be used for consumption and the rest will be saved. Suppose the initial increase in consumption is $180 billion. Then the shift in the aggregate demand curve will be a multiple of $180 billion; if the multiplier is 2, aggregate demand will shift to the right by $360 billion. Thus, the equilibrium level of real GDP rises to $12,260 billion, an d the price level rises to P2. $12,000 $ 12,260 $12,360 The economy shown here is initially in equilibrium at a real GDP of $12,000 billion and a price level of P1. A reduce of $200 billion in the level of Income Taxes (ΔT) shifts the aggregate demand curve to the right by $360 billion to AD2. The equilibrium level of real GDP rises to $12,260 billion, while the price level rises to P2.

M3 Interpret the contents of a trading and profit and loss account performance of the organisation Essay

Interpret the contents of a trading and profit and loss account and balance sheet for a selected company explaining how accounting ratios can be used to monitor the financial performance of the organisation . Profit and Loss account. The P&L will not tell you about the underlying health of the business, such as how much money it owes or is owed and what the value of its assets are. It shows how much money did business made in a year. It records two things sales and cost/turnover. The trading account shows the income from sales and the direct costs of making those sales. It includes the balance of stocks at the start and end of the year. There are different sections of P&L which include: 1. Sales- it is the total value of what you’ve sold during the period of time. The formula for it is price time’s quantity. 2. Cost of sales- these are the costs that are directly related to the sales you have made. It includes raw materials or stock you have purchased to resell. It may also include the cost of creating the items that you sold, including the cost of staff time if you are selling service. 3. Gross Profit – This is the sum of sales revenue minus cost of sales. It tells you how much profit you are making directly from your sales. 4. Operating Costs – These are all the other costs associated with running a business, such as the rent and rates on your premises, accountancy and legal fees, and depreciation. These costs cannot be directly linked to your sales and may not change very much even if your sales figures were to change significantly. 5. Net Profit – This is the gross profit minus the operating costs. This is almost the true profit of your business because it’s made up of all the income and all the costs. The net profit is transferred over to balance sheet. Balance sheet A balance sheet shows the value of a business on a particular date. A balance sheet shows what the business owns and owes. It is also used as a guide for solvency of the company. Anything in your business that has financial value is included in the balance sheet. Everything is split into four groups. 1. In first group is included everything that can be liquidated (sold for cash) including stock, cash, and money owed by customers, are current assets. These are usually short term. 2. Second group is more long-term; including property, machinery, patents and long-term investments these are called fixed assets, which are long term liquidation. 3. Third part of balance sheet is current liabilities and they are what the business owes in the short-term: money owed to suppliers, taxes due, short-term loans and overdrafts. 4. The last group is long-term liabilities they are what the business owes in the long-term – to be paid after one year, as well as capital and reserves. Gross Profit Margin This ratio examines the relation between the gross profit and sales revenue. It also measures the % of gross profit that is made from a given amount of sales. It shows how efficiently a business is using its materials and labours in the production process and gives an indication of the pricing, cost structure, and production efficiency of your business. The higher the gross profit margin ratio the better it is for business. The higher the percentage, the more the business retains of each pound of sales, which means more money is left over for other operating expenses and net profit. A low gross profit margin ratio means that the business generates a low level of revenue to pay for operating expenses and net profit. It indicates that either the business is unable to control production or inventory costs or  those prices are set too low. Acid Test Ratio This method excludes stock as stock is not a very liquid asset. Acid-Test ratio provides a more rigorous assessment of a company’s ability to pay its current liabilities. A higher acid-test ratio indicates greater short-term financial health. The acid-test ratio is more conservative than the current ratio, which measures much the same thing, because the current ratio excludes the value of inventory. Net Profit Margin Net profit margin measures how much of each pound earned from sales of good and service the company is translated into profits. It also provides clues to the company’s pricing, cost structure and production efficiency. Net profit is used to pay for interest, tax and distribution to the owners. The higher the net profit margin ratio the better it is for the business. It indicates whether a firm has enough short-term assets to cover its immediate liabilities without selling inventory. A low net profit margin ratio may mean that you are not generating enough sales, the gross profit margin is too low, or that you are not keeping your operating expenses under control to leave an acceptable profit. A business with a low ratio might need to take on debt to pay its expenses. Return On Capital Employed It shows the return for money that is spent and it also says how well you do with the money. ROCE should always be higher than the rate at which the company borrows otherwise any increase in borrowing will reduce shareholders’ earnings and it indicates that the company is not employing its capital effectively and is not generating shareholder value. For a company, the ROCE trend over the years is also an important indicator of performance. In general, investors tend to favour companies with stable and rising ROCE numbers over companies where ROCE is volatile and bounces around from one year to the next. Debtors Days It shows how long it takes debtors to pay you money back. Increases in debtor days may be a sign that the quality of a company’s debtors is decreasing. This could also mean a greater risk of defaults. It could similarly be an indicator that cash flow is likely to weaken or that more working capital will be required. Investors should be aware of why changes in debtor days are happening, especially if there is a very large increase or a clear long term increasing trend. It may reflect a change in how the business operates, or its environment. This is not necessarily bad, but it can be an indication of a potentially serious problem.

Fidel Castro - 5049 Words

Fidel Castro’s Influence on the Cuban Revolution, 1953-1959 The year was 1953 and Fidel Castro was a dashing and daring reformer that was determined to make a impact in a country that was ruled by an unjust president. With the Movement strong and confident, Castro delivered these strong words to his group of men: â€Å"In a few hours you will be victorious or defeated, but regardless of the outcome – listen well, friends – this Movement will triumph. If you win tomorrow, the aspirations of Martà ­ will be fulfilled sooner. If we fail, our action will nevertheless set an example for the Cuban people, and from the people will arise fresh new men willing to die for Cuba. They will pick up our banner and move forward... The people will back us in†¦show more content†¦With no one willing to hear his case, Castro then would realized that his legal arguments would not be effective in his attempts to stop the government led by Batista. Castro needed to achieve his goal through other means, even force if necessary as exemplified by the uprisings in the Caribbean. His alternate approach to achieving his goal was to organize a group of underground rebels who would aid him in his fight against the oppressive rule of Batista. Castro began to draw followers to his cause through his personality, which compelled many people to join him in his fight against Batista. This gathering of followers would culminate with the 26th of July Movement, which in Cuba is called Movimiento 26 de Julio, which is used to commemorate the beginnings of the Cuban Revolution which was led by Fidel Castro. The Cuban Revolution’s conclusion would result in the overthrowing of the dictatorship of Batista, but the movement itself began with a failure. On July 26th, 1953, Fidel Castro led an attack against Fulgencio Batista in the Moncada Barracks. Castro, his brother Raul and a group of 160 armed men would attack the Barracks, which was the second largest military base in Cuba. Based on the fact that the military base was enormous and Castro’s men were far outnumbered in this attack, there was almost no chance that this attack would have succeeded. The outcome of this attack would be sixty of Castro’s men being killed, along with him and his brother being capturedSh ow MoreRelatedFidel Castro2633 Words   |  11 PagesThere are many views that people have of Cuba’s Fidel Castro. Castro is a figure with opinions on both ends of the spectrum. While he is not worldly popular at this point in his life, he was immensely beneficial to his country. Fidel Castro, leader of Cuba for the past 50 years may not be viewed in the best light, but he did phenomenal things for his people which makes him one of the most undervalued and overlooked political figures. 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Eugenia Charles is just as influential and recognizable around the World. She was the first female lawyer and Prime Minister of Dominica, and only the second female Prime Minister in Caribbean History. The contributions these two individuals have had on their respective nations have led to massive improvements