CHAPTER 1

INTRODUCTION

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 INTRODUCTION
“Economic growth, which is impacted by the country's financial
system, is a better indicator of a country's development. The 'Financial
System' serves a critical function in facilitating the flow of funds from
those who save to those who need to invest in productive assets. A
strong financial system is essential for achieving the goal of developing
and growing the actual economy.” (LALITHA, 2013)

Many factors influence the health of banks, including a strong capital

base, adequate provisioning, the nature of investments made, the
quality of asset management, officials' skill and commitment, the
quantity and quality of information systems, internal control
mechanisms, and, most importantly, the nature of government
interference, provisions, rules, and regulations, particularly by the
monetary authorities of the country.

“The profitability and viability of banks are directly related to the

quality of advances and their performance. Despite banks' effective
credit evaluation and disbursement mechanisms, a variety of additional
direct and indirect variables might cause difficulties. Quick detection
of non-performing assets and their containment at minimum or
beginning levels, as well as ensuring that their influence on the
financials is minimal or inconsequential, are critical components of a
strong/sound NPA management system. The approach to NPA
management must be multidisciplinary, requiring different techniques
at various phases of the credit facility's life cycle.” (Shri
G.P.Muniappan, 2002)

Needless to say, the only way to reach a large solution or strategy

to the problem of NPAs is through adequate risk management and
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credit evaluation methodologies. For example, in a liquidity
overhang, the

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banking system's eagerness to boost lending could jeopardise the
Bank's asset quality, raising worries about adverse selection and the
possibility of adding to the portfolio of nonperforming assets (NPAs).
As a result, prudential regulations must be implemented in the banking
sector in order to lessen, if not totally eliminate, the problem.

None of the banks has implemented any small or large-scale

strategy to minimise the number of nonperforming assets (NPAs).
Recognizing that NPA is now a sore throat for the Indian economy,
field level participants should focus on finding a solution first. Why
don't officials from industry and commerce, as well as the Indian
Bankers Association, get together and evaluate the issue in order to
come up with a long-term solution.

History of Banking in India

“Banking in India is critical to the country's economic prosperity. With

the growth of technology and consideration of people's demands, major
changes in the banking system and administration have occurred over
time. Before India's independence in 1947, there was a long history of
banking in India. The evolution of the banking sector can be divided
into three parts or periods:” (byjus, n.d.)

I: The Early Phase which is started from 1770 to 1969.

II: The Nationalization Phase which is started from 1969 to 1991.

III: The Liberalization or the Banking Sector Reforms Phase which

started in 1991 and continues to till date.

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Given below is a chart representation of the evolution of the Indian
banking system over the years:

Figure: 1.1 History of Banking in India

Pre-Independence Period, 1786-1947

“The first bank of India was the “Bank of Hindustan”, which

established in 1770 and located in that time capital of India, Calcutta.
However, this bank failed to work and ceased its operations in 1832.

During the Pre-Independence period over 600 banks had been

registered in the country but only a few banks managed to survive.

After establishment of Bank of Hindustan, various other banks were

established in India. They were as follows:

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 The General Bank of India, 1786 - 1791

 Oudh Commercial Bank, 1881-1958

 Bank of Bengal, 1809

 Bank of Bombay, 1840

 Bank of Madras, 1843

During the British rule in India, the East India Company had
established three presidency banks: Bank of Bengal, Bank of Bombay
and Bank of Madras and called them the Presidential Banks. These
three banks were later merged into one single bank in 1921 which was
called the Imperial Bank of India.

The Imperial Bank of India was later nationalized in 1955 and was
named The State Bank of India which is currently the largest Public
sector Bank in India.” (byjus, n.d.)

“Given below is name list of other banks which were established

during the Pre-Independence period:

Pre-Independence - Banks in India

Bank Name Year of Establishment

 Allahabad Bank 1865

 Punjab National Bank 1894

 Bank of India 1906

 Central Bank of India 1911

 Canara Bank 1906

 Bank of Baroda 1908

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“If we talk of the reasons as to why many major banks failed to survive
during the pre-independence period was then the following conclusions
can be drawn:

 Indian account holders had become fraud-prone or misusing.

 Lack of machines, man power and technology.

 Human errors and time-consuming.

 Fewer facilities not doing all type of services.

 Lack of proper management skills or proper monitoring.

In post-independence period, which observed some significant changes

in the banking industry scenario and has till date developed a lot.”
(byjus, n.d.)

Post-Independence Period, 1947-1991

“At the time when India got independence all the major banks of the
country were led privately which was a huge concern or cause as the
people belonging to rural areas were still dependent on money lenders
for financial assistance and they charged higher rate of Interest.

With aim to solve this problem, Government decided to nationalize the

Banks. These banks were nationalized in this phase under the Banking
Regulation Act, 1949. Whereas, the Reserve Bank of India was
nationalized in the year 1949.

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 Formation of State Bank of India was in 1955 and other 14 banks were
nationalized between the time frame of 1969 to 1991. These were the
all banks whose national deposits were greater than 50 crores.” (byjus,
n.d.)

Given below is the list of all 14 Banks nationalized in 1969:

Figure 1.2 First Phase of Nationalization of India

“In the year 1980 another 6 banks were nationalized, taking this
number to 20 banks. These banks are included:

1. Andhra Bank
2. Corporation Bank
3. New Bank of India
4. Oriental Bank of Comm.
5. Punjab & Sind Bank

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6. Vijaya Bank

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 Figure 1.3 Second Phase of nationalization of Banks

Apart from the above mentioned 20 banks there were seven subsidiaries of
SBI which were also nationalized in 1959:

1. State Bank of Patiala

2. State Bank of Hyderabad
3. State Bank of Bikaner & Jaipur
4. State Bank of Mysore
5. State Bank of Travancore
6. State Bank of Saurashtra
7. State Bank of Indore

All these banks were later merged with the State Bank of India in 2017,
except for the State Bank of Saurashtra and State Bank of Indore which
were merged respectively in the year 2008 and 2010.

The Regional Rural Banks were established in the year 1975 in India for
the development of rural areas or rural segment in India.” (byjus, n.d.)

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Impact of Nationalization:

“Nationalization of banks was justified for a variety of reasons. The

impact of nationalising banks in India is outlined below:

 As a result, finances increased or trended positively, improving the

country's economic situation.

 New rules and regulations have increased efficiency.

 Assisting and encouraging the country's rural and agricultural

sectors.

 It produced and opened up a large number of job opportunities for

Indians.

 Bank profits were utilised by the government for the benefit of the
people and social benefits.

 Work efficiency had improved.

This post-independence period saw substantial changes in India's

banking industry, as well as in the evolution of banking sectors.”
(byjus, n.d.)

Liberalization-Period, 1991-Till Date

“Once the banks have been formed in the country, they must be
monitored and regulated on a regular basis in order to maintain control
over their operations. The banking sector's current phase is critical for
both banking and economic development.

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 The government decided to establish up a committee under the
direction of Shri. M.Narasimham to oversee or supervise the different
changes in the Indian banking industry in order to give stability,
profitability, and control functions to the Nationalized Public Sector
Banks.

The establishment of private sector banks in India was the most

significant development during this period. The Reserve Bank of India
(RBI) has granted licences to ten private sector banks to operate in the
Indian banking industry.

The biggest development in this phase was the introduction of Private

sector banks in India. RBI gave license to 10 Private sector banks to
establish in the Indian banking sector. These banks included:

1. Global Trust Bank

2. ICICI Bank
3. HDFC Bank
4. Axis Bank
5. Bank of Punjab
6. IndusInd Bank
7. Centurion Bank
8. IDBI Bank
9. Times Bank
10. Development Credit Bank

The other measures taken include:

 Setting up branches of the various Foreign Banks in India.

 No more nationalization of Banks could be done now.

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 The committee announced that RBI and Government would treat both
public and private sector banks equally in India.

 Any Foreign Bank could start joint ventures with Indian Banks in India.

 Payments banks were introduced with the development in the field of

banking and technology or peoples need.

 Small Finance Banks were established and allowed to set their

branches across India.

 A major part of Indian banking development is moved online with

internet banking and apps available for fund transfer.

Thus, the history of banking in India shows that with time and the needs
of people, major developments have been done in the banking sector
with an aim to grow banking sector, customer and nation.” (byjus, n.d.)

Acts and Reforms in Banking Sector:

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“As a part of the growing trend towards globalization and economic
liberalization, various banking reforms and acts have been made and
introduced in India to upgrade the health and financial strength of
banks and to improve the operation efficiency of banks so that Indian
banks can meet globally accepted performance standards.

List of Important Banking Reforms & Acts:

The introduction of reforms in the Indian banking sector was based on

the recommendations of different committees.

The committees that proposed the Banking sector reforms are as follows:

 The Narasimhan Committee I - 1991

 The Verma Committee - 1996
 The Khan Committee - 1997
 The Narasimhan Committee II - 1998

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The reforms in the Banking Sector were done in two phases as follows;

The first phase of the reform centred on strengthening the policy

framework, institutional structure, and financial health.

 Improving the policy framework, which included interest rate

deregulation, lowering the Cash Reserve Ratio, phasing down the
Statutory Liquidity Ratio, and expanding the scope of priority sector
lending by tying lending rates to the magnitude of advances.

 Enhancement of the Institutional Framework: this included

recapitalization, improving the supervisory system, and fostering a
competitive environment both within and outside of banks.

 To enhance the banking sector's financial health, the committee

imposed conservative standards and took efforts to reduce the number
of nonperforming assets (NPAs).

The Second Phase of banking sector reforms focuses on rehabilitating

the banking industry's structure, human resource development, and
technical advancements in order to strengthen the banking system's
basic base.” (byjus, List of Important Banking Sector Reforms & Acts,
n.d.)

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Functions of Bank:

“A bank is a legal entity that takes deposits that can be withdrawn or

invested at any time. Banks assist the public in managing their finances
by allowing them to deposit their savings in banks with the security of
being able to retrieve money whenever they need it.

Banks take deposits from both the general public and businesses. It
provides depositors with two safeguards –

1. Safety of deposits.

2. Withdrawal of deposit whenever required or needed.

Banks also pay interest on deposits to entice customers to deposit

money with them. This interest is added to the original deposit amount
and serves as a significant incentive to the depositor. In addition, this
encourages people to save money. The bank also provides loans or
overdrafts depending on deposits, contributing to the country's
economic progress and the general public's well-being.

As a result, it's vital to know what a bank's main functions are:

Important Function of Bank:

There are two types of key functions of banks:

1. Primary functions.
2. Secondary Functions.

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 Figure: 1.4 Functions of Commercial Banks

Figure: 1.5 Functions of Commercial Banks

 Primary Functions of Bank:

All banks are required to execute major or critical fundamental services,

such as:

1. Accepting deposits
2. Granting loans and advances

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 Figure: 1.6 Primary Function of Banking

1. Accepting of Deposits

A very basic yet important function of all the commercial banks is

channelizing public funds. Providing safe custody of saving and give
interest on the savings to depositors. Bank accepts various different
types of deposits from the public such as:

 Saving Deposits: encourages saving habits among the public. It is

suitable for common people. The rate of interest in this account is low.
There is no restriction on the numbers and amounts of withdrawals but
now few banks started some restrictions. The saving deposits accounts
can be opened in a single name or in joint names. The depositors just
need to maintain minimum balance which varies in different banks.

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Also, Bank provides ATM cum debit card, cheque book, and Internet
banking facility on this type of accounts.

 Fixed Deposits: Also known by Term Deposits. Money is deposited

for a fixed tenure or duration. No withdrawal of money during this
period allowed although if required then it can be brake premature. In
case depositors withdraw before maturity banks levy a penalty for
premature withdrawal and penalty varies in bank to bank. As a lump-
sum amount is paid at one time for a specific period the rate of interest
is high but it varies as per tenure of deposit.

 Current Deposits: This type of account opened by businessmen. The

account holders get an overdraft facility in this type of accounts. These
deposits act as a short-term loan to meet regular or urgent needs. Bank
charges a high-interest rate on this type of accounts along with the
charges for overdraft facility in order to maintain a reserve for
unknown demands for the overdraft.

 Recurring Deposits: A certain sum of money is deposited regularly at

fixed interval or fixed time in the bank. Depositor can be withdrawn
money only after the expiry of a certain period. A higher rate of
interest is paid on recurring deposits as it provides a benefit of
compounded rate of interest and enables depositors to collect a big sum
of money later. This type of account is operated by house wife’s,
salaried persons and petty traders.

2. Granting of Loans & Advances

The deposits accepted from the public are utilized by the banks to advance
loans to customer or the businesses to meet their uncertainties or
requirement of money. Bank charges a higher rate of interest on loans

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 and advances than it’s given to FD. The difference between the lending
interest rate and interest rate for deposits is basically banks profit.

Bank offers the below noted following types of Loans and Advances to
customer:

 Bank Overdraft:
 Cash Credits:
 Loans:
 Discounting the Bill of Exchange:

 Secondary Functions of Bank

Secondary functions are divided into two categories:

Figure: 1.7 Banks Secondary Functions

1. Agency functions
2. Utility Functions

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1. Agency Functions of Bank

Banks are the agents for their customers; hence it has to perform various
agency functions as below noted:

 Transfer of Funds: Transferring of funds from one branch/place to

another or from one account to another account.
 Periodic Collections: Collecting dividend, salary, pension, and similar
periodic collections on behalf of the clients.
 Periodic Payments: Making periodic payments of rents, electricity
bills, salary etc on behalf of the client.
 Collection of Cheques: Like collecting money from the bills of
exchanges, the bank collects the money of the cheques through the
clearing section of its customers now a day’s electronic clearing
system.
 Portfolio Management: It undertakes the activity to purchase and sell
the shares and debentures of the clients and other related facilities.
 Other Agency Functions: Bank act as a representative of its clients for
other institutions. It acts as an executor, trustee, administrators,
advisers, or many other tasks for the client.

2. Utility Functions of Bank

 Issuing letters of credit, demand drafts, travellers’ cheque, etc.

 Doing custodian service to customer like safe custody of valuables,
important documents, and securities. by providing safe deposit vaults
or lockers.
 Providing customers with facilities of foreign exchange dealings.
 Underwriting service of shares and debentures.
 Dealing in foreign currency.
 Social Welfare programmes.
 Project reports.
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  Standing guarantee on behalf of its customers.” (Functions Of Bank,
n.d.)

List of Different Types of Banks in India:

“Banks can be classified into various types. Given below are the bank
types in India: -

 Central Bank
 Cooperative Banks
 Commercial Banks
 Regional Rural Banks (RRB)
 Local Area Banks (LAB)
 Specialized Banks
 Small Finance Banks
 Payments Banks

Central Bank:

The Reserve Bank of India is our nation's central bank, in charge of the
country's entire financial sector. Each country has a central bank that
supervises and governs all other banks in that country.

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 Figure: 1.8 Role of Central Bank

The central bank's principal role is to serve as the govt's bank, guiding,
regulating, and controlling the nation's other financial institutions.

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Some of a country's central bank's functions are listed below.:

• Advising other banks

• Issue money

• Putting monetary policies into action

• Supervising the banking sector

To put it another way, the nation's central bank is also described as the
banker's bank since it assists other banking institutions and controls the
nation's banking sector under the direction of the govt.

Cooperative Banks:

These banks are organized and controlled by state government’s act.

They give short term loans to the agriculture sector and other allied
activities it not doing all type of work which doing by other
commercial banks.

The main goal of the Cooperative Banks is to promote social welfare

by providing concessional loans to needy.

They are organized in the 3-tier structure

 Tier 1-State Level – State Cooperative Banks regulated by RBI,

State Govt, NABARD

 Tier 2 -District Level – Central/District Cooperative Banks

 Tier 3 -Village Level – Primary Agriculture - Cooperative Banks

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 Commercial Banks:

 Established and Organized under the Banking Companies Act, 1956

 They operate on a commercial basis and its main objective is profit
making.

 They have a unified structure and are owned by the government or

any private entity.

 They tend to deal in all sectors ranging from rural to urban

 These banks generally not charging concessional interest rates

unless instructed by the RBI or government.

 Public deposits are the main source of funds for these types of banks.

The commercial banks can be divided into three categories:

1. Public sector Banks – A bank where the majority shares held by

the Government or the central bank of the country.

2. Private sector Banks – A bank where the majority shares are

owned by a private organization or an individual or a group of people

3. Foreign Banks – The banks which having their headquarters in

foreign countries and branches in our country falls under this type of
bank.

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 Regional Rural Banks (RRB):

 These are special types of commercial Banks that provide

concessional credit to agriculture sector and rural sector.

 RRBs were established in the year 1975 and are registered under an
act Regional Rural Bank Act, 1976.

 RRBs are joint ventures between the Central government (50%

share), State government (15% share), and a Commercial Bank (35%
share).

 196 numbers of RRBs have been established from year 1987 to

year2005.

 From 2005 onwards government started merger of RRBs thus

reducing the number of RRBs from 196 to 82

 One RRB cannot open its other branches in more than 3

geographically connected districts.

Specialized Banks:

Certain banks are established and introduced for specific purposes only.
Such banks are called specialized banks. Some of special banks are:

 SIDBI: Small Industries Development Bank of India for providing

Loan to a small-scale industry or business. Financing small industries
with latest modern technology tool and equipment’s is done with the
help of this bank

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  EXIM Bank: Export and Import Bank. This type of bank generally
provides facility of loans or other financial assistance to exporting or
importing firm.

 NABARD: National Bank for Agricultural & Rural Development

To get any kind of financial assistance for rural, handicraft, village, and
agricultural development, people can go to NABARD.

Small Finance Banks:

As the name suggests, this type of bank looks after the micro industries,
small farmers, and the unorganized sector of the society by providing
them loans and financial assistance. These banks are governed by the
central bank of the country.

Given below is the list of the Small Finance Banks in our country:

AU Small Equitas Small Jana Small Northeast Small

Finance Bank Finance Bank Finance Bank Finance Bank

Capital Small Fincare Small Suryoday Small Ujjivan Small

Finance Bank Finance Bank Finance Bank Finance Bank

Esaf Small Utkarsh Small

Finance Bank Finance Bank

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Payments Banks:

A newly introduced form of banking, the payments bank has been

conceptualized by the Reserve Bank of India. People with an
account in the payments bank can only deposit an amount of up to
Rs.1,00,000/- and cannot apply for loans or credit cards under this
account.

Options for online banking, mobile banking, the issue of ATM, and
debit card can be done through payments banks.

Given below is a list of the few payments bank in our country:

Airtel Payments Bank

India Post Payments Bank

Fino Payments Bank

Jio Payments Bank

Paytm Payments Bank

NSDL Payments Bank”

(Banks in India - List of Different Types of Banks in India, n.d.)

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Role of Banks in the Economy Development in India
“Banks have a critical or essential part in economic growth in today's
economic structure. Commercial banks, which are an essential element
of the global financial system, fulfil the following critical functions.

Figure: 1.9 Roles of Banks in Development

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Clients are motivated to save by commercial banks. They are
mobilising savings in order to invest in different sectors of the
economy. Commercial banks facilitate capital production and
channelization by serving as a co-ordinating role between savings and
investments, or flow of money. When credit is utilised for
manufacturing, it substantially expands output and so supports
economic growth. Foreign commerce and foreign trade prompting are
greatly aided by commercial banks. Commercial banks contribute to
the nation's regional development by providing critical financial
infrastructure and funding to underdeveloped areas. Agri financing is
provided through a variety of programmes. Commercial banks also
assist in the promotion of primary industries. Commercial banks are
always willing to assist businesses in growing and expanding their
market share. Commercial banks assist the government in achieving
nearly every goal of planned economic growth.” (Hantal, n.d.)

1. Capital Formation

Banks play a significant part in the generation of capital, which is

necessary for any country's economic progress. They use their
nationwide network of branches to channel and stimulate tiny savings
from people all around the country and make them available for
constructive reasons. If banks do not perform this duty, savings are
either left inert or used to create assets that are low on the priority scale
of plan priorities and bad for nation development.

2. Creation of Credit

Credit is created by banks in order to provide more finances for project

development. Credit expansion leads to higher production,
employment, sales, and other related activities, resulting in quicker

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economic growth.

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3. Channelizing the Funds to Productive Investment

Commercial banks' primary job, but not their only one, is capital
formation. Among boost the nation's production, pooled savings should
be allocated to various sectors, businesses, and regions. Then and only
then can it be argued that the bank had a significant part in the nation's
economic development. Commercial banks contribute to the nation's
economic development by forming and channelling capital.

4. Greater Resource Utilization

Banks' collected savings can be put to better use for progress in

different areas of the country. It guarantees that resources are used
more efficiently and effectively.

5. Encouraging Growing and Right Type of Industries

Banks contribute to the growth and development of industries by

providing loans to the right people at the right time and at the correct
interest rate. They can contribute not just to the country's
industrialisation but also to its economic development in this way.
They provide loans and advances to businesses whose products are in
high demand and are popular. Manufacturers, in turn, boost their
output by introducing new and innovative manufacturing processes, so
contributing to the nation's development.

6. Bank Rate Policy

In our country, the RBI governs and controls the rate of interest that
banks pay customers on deposits they receive, as well as the rate of
interest that banks charge customers on loans they make. Ban can limit
the inflow and outflow of money using this method.

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7. Bank Monetize Debt

Manufacturers and wholesalers cannot raise their sales unless they

offer goods on credit, yet credit sales might result in capital lockup. As
a result, the company's output may be lowered. Banks are now able to
lend money to businesses by discounting bills of exchange, allowing
them to carry on their operations without interruption or working
capital stress.

8. Finance to Government

Governments operate as promoters of industries in developing

countries that require or require financial assistance. Banks supply the
government with long-term credit by investing some of their funds in
government securities, as well as short-term credit by purchasing
Treasury Bills or Bonds.

9. Bankers as Employers

The banking industry in India has grown significantly since the

nationalisation of large banks. Branches of the bank have opened in
practically all of the villages and surrounding areas, resulting in the
establishment of new job possibilities and economic growth.

10. Banks are Entrepreneurs

In recent years, banks have engaged in a variety of secondary

operations, such as entrepreneurship development. Entrepreneurship
development is a lengthy and difficult process.

It entails the creation of innovative projects, the identification of

specific projects that are appropriate for local conditions or the
environment, the encouragement of new entrepreneurs to take on
these well-planned
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projects, and the provision of counselling services such as technical,
managerial, and other guidance.

Banks grant 100 percent loans for initiatives that have been proven to
be useful, technically possible, sound, and economically sustainable.
As a result, commercial banks play an important role in the growth of
entrepreneurship in the country.

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Figure 1.10: List of Public Sector Banks (PSU) in India 2020

Bank Name Establishment Headquarter

1. Bank of Baroda 1908 Vadodara, Gujarat

2. Bank of India 1906 Mumbai, Maharashtra

3. Bank of Maharashtra 1935 Pune, Maharashtra

4. Canara Bank 1906 Bengaluru, Karnataka

5. Central Bank of India 1911 Mumbai, Maharashtra

6. Indian Bank 1907 Chennai, Tamil Nadu

7. Indian Overseas Bank 1937 Chennai, Tamil Nadu

8. Punjab and Sind Bank 1908 New Delhi, Delhi

9. Punjab National Bank 1894 New Delhi, Delhi

10. State Bank of India 1955 Mumbai, Maharashtra

11. UCO Bank 1943 Kolkata, West Bengal

12. Union Bank of India 1919 Mumbai, Maharashtra

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 Figure 1.11: List of Private Sector Banks in India 2020
Bank name Establishment Headquarter

1. Axis Bank 1993 Mumbai, Maharashtra

2. Bandhan Bank 2015 Kolkata, West Bengal

3.CSB Bank 1920 Thrissur, Kerala

4. City Union Bank 1904 Thanjavur, Tamil Nadu

5.DCB Bank 1930 Mumbai, Maharashtra

6. Dhanlaxmi Bank 1927 Thrissur, Kerala

7. Federal Bank 1931 Aluva, Kerala

8. HDFC Bank 1994 Mumbai, Maharashtra

9. ICICI Bank 1994 Mumbai, Maharashtra

10. IndusInd Bank 1964 Mumbai, Maharashtra

11. IDFC FIRST Bank 2015 Mumbai, Maharashtra

Srinagar, Jammu and
12. Jammu & Kashmir Bank 1938
Kashmir
13. Karnataka Bank 1924 Mangaluru, Karnataka

14. Karur Vysya Bank 1916 Karur, Tamil Nadu

15. Kotak Mahindra Bank 2003 Mumbai, Maharashtra

16. Lakshmi Vilas Bank 1926 Chennai, Tamil Nadu

17. Nainital bank 1922 Nainital, Uttarakhand

18. RBL Bank 1943 Mumbai, Maharashtra

19. South Indian Bank 1929 Thrissur, Kerala

20. Tamilnadu Mercantile Bank 1921 Thoothukudi, Tamil Nadu

21. YES Bank 2004 Mumbai, Maharashtra

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