DISSERTATION REPORT

SUBMITTED BYSUBMITTED TO= NAME-JASPREET SINGH F ALKA MUNJAL ENROLLMENT NO-A-3906407168 ASB) BATCH (2007-2010)

PRO (DIRECTOR

TABLE OF CONTENTS INDEX PAGE NO 1. objectives 2. Acknowledgement.. 3. research methodology 4. Abstract.. 5. introduction 6. profiles State bank of India History Products and services. Profit and loss account.. Balance sheet. HDFC History Products and services Profit and loss account. Balance sheet ICICI History 34 Products and services Profit and loss account. Balance sheet CITI History 42 Products and services Profit and loss account.. Balance sheet Barclays History 51 Products and services.. Profit and loss account Balance sheet 45 48 49 35 38 39 24 27 31 32

5 6 7 8 9 11 13 20 22

53 56 57

7. 8. 9.

10. 11. 12. 13. 14.

chapter 1 (cost factor) chapter 2 (differentiation factor) analysis and interpretation State bank of India HDFC. 73 CITI... 78 Barclays 80 ICICI 83 recommendations. 85 limitations 87 conclusion 88 appendix. 89 bibliography 91

58 63 68

OBJECTIVES Prepare the profiles of various banks. To analyze the strategies used by various banks. Compare the strategies and their respond to the market conditions. Compare the strategies used by private, public and foreign banks. Study of their competitive advantage and how they attain using the different str ategies.

ACKNOWLEDGEMENT I hereby wish to acknowledge (ASB) Mrs.Alka Munjal for her valuable guidance, me llow criticism and above all unflinching moral support throughout the work. I must also thank the library and other technical staff for their assistance dur ing the project. I must also not forget to thank my family and friends for their constant support during the work. I would also like to express my extreme gratitude to my mentor, Mrs.Alka Munjal for guiding me through the project. This project would not have been a possibili ty without her guidance.

RESEARCH METHODOLOGY

The data collected in this entire report contains secondary data and exploratory research has been conducted to collect the data. o o o o o o o Following are the various sources of informationInternet Newspapers Annual reports Published books by banks Journals Financial books ICFAI journal of finance

ABSTRACT This report highlights the major strategies being used by the banks in order to attain the competitive advantage in the market. In this report the profiles of 2 privte, 2 foreign and 1 public sector banks has been taken and their financial statements has been analyzed. After analyzing the major services being provided by these banks, their strategi es being used by them in the market has been identified using annual report. The major source of their strategy was the speech by the chairman desk, which refle cts the strategy being used by them in the market for their sustainability in th e market. After identifying their strategies, they have supported by their financials, in order to recognize if the financials of the company are reflecting the strategie s being used by them and also spotting out the flaws in their strategies and the reby recommending the strategies that they would have used in order to attain th e competitive advantage.

INTRODUCTION A bank is a financial institution that accepts deposits and channels those depos its into lending activities. Banks primarily provide financial services to custo mers while enriching investors. Banks act as payment agents by conducting checking or current accounts for custo mers, paying cheques drawn by customers on the bank, and collecting cheques depo sited to customers' current accounts. Banks also enable customer payments via ot her payment methods such as telegraphic transfer, EFTPOS, and ATM. Banks borrow money by accepting funds deposited on current accounts, by acceptin g term deposits, and by issuing debt securities such as banknotes and bonds. Ban ks lend money by making advances to customers on current accounts, by making ins tallment loans, and by investing in marketable debt securities and other forms o f money lending. Banks provide almost all payment services, and a bank account is considered indi spensable by most businesses, individuals and governments. Non-banks that provid e payment services such as remittance companies are not normally considered an a dequate substitute for having a bank account. Banks borrow most funds from households and non-financial businesses, and lend m ost funds to households and non-financial businesses, but non-bank lenders provi de a significant and in many cases adequate substitute for bank loans, and money market funds, cash management trusts and other non-bank financial institutions in many cases provide an adequate substitute to banks for lending savings to. The three major types of banks arePublic sector banks Private sector banks Foreign banks

Some public sector banks in India Allahabad bank State bank of India Oriental bank of commerce Canara bank Punjab national bank Some private sector banks in IndiaHDFC bank ICICI bank Axis bank Indus Lund bank Kodak Mahindra bank

Foreign banks in India-

Barclays bank CITI bank HSBC bank Standard chartered bank State bank of Mauritius ltd.

STATE BANK OF INDIA

HISTORY In 1921, the Imperial Bank of India, the precursor to State Bank of India, was f ormed as the result of amalgamation of the Bank of Bengal and two other presiden cy banks, namely, Bank of Madras and Bank of Bombay. In 1955, it was abolished b y an Act of Parliament, which handed over its assets and operations to a new ent ity called State Bank of India. As the government wanted more control over the c redit delivery, it nationalized 14 largest commercial banks in India in 1969. Th e SBI has a sense of social responsibility and caters to various sections of the society. State Bank of India (SBI) is a large financial services group operating in the b anking industry. The bank is engaged in providing trading services, internationa l banking and traditional banking and treasury operations. The Reserve Bank of I ndia holds more than half of SBI's equity capital. SBI has a network of over 10, 000 branches. In addition, the seven associate banks of SBI have more than 4900 branches. SBI along with its subsidiaries is engaged in providing a wide range o f financial services including Life Insurance, Merchant Banking, Mutual Funds, C redit Card and Factoring, Security trading and primary dealership in the Money M arket. Its associates are: State State State State State State State Bank Bank Bank Bank Bank Bank Bank of of of of of of of Bikaner & Jaipur Hyderabad Indore Mysore Patiala Saurashtra Travancore

PRODUCTS AND SERVICES State Bank of India offers its products and services in domains like Personal Banking. NRI Services. Agriculture. International. Corporate. SME. Domestic Treasury. State Bank of India Services offers the following products through its well mana ged, efficient and deep-rooted network: Domestic Treasury. SBI Vishwa Yatra Foreign Travel Card. Broking Services Revised Service Charge. ATM Services. Internet Banking. E-Pay. E-Rail. RBIEFT. Safe Deposit Lockers. Gift Cheques. MICR Codes.

STATE BANK OF INDIA

1) Personal banking-state Bank of India offers a wide range of services in the P ersonal Banking Segment which are indexed belowSBI Term Deposits SBI Loan For Pensioners

SBI Recurring Deposits Loan Against Mortgage Of Property SBI Housing Loan Loan Against Shares & Debentures SBI Car Loan Rent Plus Scheme SBI Educational Loan Medi-Plus Scheme SBI Personal Loan Rates Of Interest e-Invest (ASBA) - IPO

2) NRI services-SBI now provides your Account Balance and Transaction details ov er phone round-the-clock. Information on deposits & loan schemes and services al so available. 3)International-international banking services of State Bank of India are delive red for the benefit of its Indian customers, non-resident Indians, foreign entit ies and banks through a network of 131offices/branches in 32 countries as on 31 July 2009, spread over all time zones. The network is augmented by a cluster of Overseas and NRI branches within India and correspondent links with over 522 ban ks, the world over. Bank's Joint Ventures and Subsidiaries abroad further underl ine the Bank's international presence. The services include corporate lending, loan syndications, merchant banking, han dling Letters of Credit and Guarantees, short-term financing, collection of clea n and documentary credits and remittances. The Bank has carved a niche for itself in the Euro land with branches located in Antwerp, Paris and Frankfurt. Indian banks and corporate are able to avail sing le-window Euro services from the Bank's Frankfurt branch. 4) Services-following are the services being offered by SBIDOMESTIC TREASURY SBI VISHWA YATRA FOREIGN TRAVEL CARD BROKING SERVICES REVISED SERVICE CHARGES ATM SERVICES INTERNET BANKING E-PAY E-RAIL

RBIEFT SAFE DEPOSIT LOCKER GIFT CHEQUES MICR CODES FOREIGN INWARD REMITTANCES 5) Agriculture-Caters to the needs of agriculturists and landless agricultural l aborers through a network of 7400 rural and semi-urban branches. To give special focus to agriculture lending Bank has set up agri business unit. Bank has also agri specialists in various disciplines to handle projects/ guide farmers in the ir agri ventures. Advances are given for very small activity covering poorest o f the poor to hi-tech activities involving large fund outlays. Considering that agriculture would continue to be significant driver of Indian e conomy, with the possibilities of rapid growth in emerging areas like contract f arming, agro-processing and agro-export zones. The creation of a separate ABU wi th a distinct organizational structure and under noted objectives:-

Providing focused attention on the banking requirements of the a griculture segment, Achieving 18% target under agricultural advances as required und er priority sector norms, Focus on micro finance and SHG opportunities (now part of non-fa rm sector in Rural Business), Focus on Key Corporate and Institutional relationships in agricu lture, emerging opportunities, and special initiatives, as may be necessary, Focus on product development and management, Reduce NPA levels in Agriculture, Make agriculture a commercial proposition. 6) SME-SBI Has been playing a vital role in the development of small scale indus tries since 1956.The Bank has financed over 8 lakhs SSI units in the country. It has 55 specialized SSI branches, 99 branches in industrial estates and more tha n 400 branches with SIB divisions. The Bank finances for Small Business activities which are of special significanc e to a large number of people as many of these activities can be started with re latively lower investment and with no special skills on the part of the entrepre neurs. 7) Corporate banking-SBI is a one shop providing financial products / services o f a wide range for large, medium and small customers both domestic and internati onal. Working Capital Financing Assistance extended both as Fund based and Non-Fund based facilities to Corporat e, Partnership firms, Proprietary concerns Working Capital finance extended to all segments of industries and services sect or such as IT Term Loans

To support capital expenditures for setting up new ventures as also for expansio n, renovation etc. Deferred Payment Guarantees To support purchase of capital equipments. Corporate Loans For a variety of business related purposes to corporate. Export Credit To Corporate / Non Corporate Strategic Business Units (I) Corporate Accounts Group (CAG) (ii) Project Finance (iii) Lease Finance An exclusive unit providing one s shopping to Corporate A dedicated set up specialized in financing of infrastructure and other large pr ojects Exclusive set up for handling large ticket lease 8) Government business-SBI linkage with Government business is widespread. No w onder that out of 9315 branches in India, about 7000 branches are conducting Gov ernment Business. The large network of our branches provides easy access to the common man to deposit the following Government dues and pension payments.

STATE BANK OF INDIA Services are offered through the following subsidiaries and Joint Ventures Banking Subsidiaries - State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hy derabad (SBH), State Bank of Indore (SBI), State Bank of Mysore (SBM), State Ban k of Patiala (SBP), State Bank of Saurashtra (SBS) and State Bank of Travancore (SBT). Foreign Subsidiaries - State bank of India International (Mauritius) Ltd., State Bank of India (California), State Bank of India (Canada) and INMB Bank Ltd, Lag os. Non- banking Subsidiaries - SBI Capital Markets Ltd (SBICAP), SBI Funds Manageme nt Put Ltd (SBI FUNDS), SBI DFHI Ltd (SBI DFHI), SBI Factors and Commercial Serv ices Put Ltd (SBI FACTORS) and SBI Cards & Payments Services Pvt. Ltd. (SBICPSL) Joint ventures - SBI Life Insurance Company Ltd (SBI LIFE).

Income Interest Earned 32,428.00 35,794.93 39,491.03 48,950.31 63,788.43 Other Income 7,119.90 7,388.69 7,446.76 9,398.43 12,691.35 Total Income 39,547.90 43,183.62 46,937.79 58,348.74 76,479.78 Expenditure Interest expended 18,483.38 20,159.29 23,436.82 31,929.0 8 42,915.29 Employee Cost 6,907.35 8,123.04 7,932.58 7,785.87 9,747.31 Selling and Admin Expenses 2,634.64 1,853.32 3,251.14 4,165.94 5,122.06 Depreciation 752.21 729.13 602.39 679.98 763.14 Miscellaneous Expenses 6,465.82 7,912.15 7,173.55 7,058.75 8,810.75 Preoperative Exp Capitalized 0.00 0.00 0.00 0.00 0.00 Operating Expenses 11,278.18 11,872.89 13,251.78 14,609.5 5 18,123.66 Provisions & Contingencies 5,481.84 6,744.75 5,707.88 5,080.99 6,319.60 Total Expenses 35,243.40 38,776.93 42,396.48 51,619.62 67,358.55 Mar '05 Mar '06 Mar '07 Mar '08 Mar '09

12 mths 12 mths 12 mths 12 mths 12 mths Net Profit for the Year 4,304.52 9,121.23 Extraordinary Items 0.00 0.00 Profit brought forward 0.34 0.34 Total 4,304.86 4,407.01 Preference Dividend 0.00 0.00 Equity Dividend 657.87 736.82 736.82 Corporate Dividend Tax 93.75 103.34 Per share data (annualized) Earning Per Share (Rs) 81.79 83.73 4,406.67 0.00 0.00 0.34 0.34 4,541.65 0.00 0.00 1,357.66 125.22 165.87 86.29 4,541.31 0.00 0.34 6,729.46 0.00 1,841.15 248.03 6,729.12

9,121.57

106.56 143.67

Equity Dividend (%) 125.00 140.00 140.00 215.00 290.00 Book Value (Rs) 457.39 525.25 594.69 776.48 912.73 Appropriations Transfer to Statutory Reserves 3,552.89 3,566.51 3,682.15 5,205.69 7,032.04 Transfer to Other Reserves 0.01 0.00 -2.88 -0.10 0.01 Proposed Dividend/Transfer to Govt 751.62 840.16 862.04 1,523.53 2,089.18 Balance c/f to Balance Sheet 0.34 0.34 0.34 0.34 0.34 Total 4,304.86 4,407.01 4,541.65 6,729.46 9,121.57

BALANCE SHEET Mar '05 Mar '06 Mar '07 Mar '08 Mar '09 12 mths 12 mths 12 mths 12 mths 12 mths Capital and Liabilities: Total Share Capital 526.30 526.30 526.30 631.47 634.88 Equity Share Capital 526.30 526.30 526.30 631.47 634.88 Share Application Money 0.00 0.00 0.00 0.00 0.00 Preference Share Capital 0.00 0.00 0.00 0.00 0.00 Reserves 23,545.84 27,117.79 30,772.26 48,401.19 57,312.82 Revaluation Reserves 0.00 0.00 0.00 0.00 0.00 Net Worth 24,072.14 27,644.09 31,298.56 49,032.66 57,947.70 Deposits 367,047.53 380,046.06 435,521.09 537,403.94 742,073.13 Borrowings 19,184.31 30,641.24 39,703.34 51,727.41 53,713.68 Total Debt 386,231.84 410,687.30 475,224.43 589,131.35 795,786.81 Other Liabilities & Provisions 49,578.89 55,538.17 60,042.26 83,362.30 110,697.57 Total Liabilities 459,882.87 493,869.56 566,565.25 721,526. 31 964,432.08 Mar '05 Mar '06 Mar '07 Mar '08 Mar '09 12 mths 12 mths 12 mths 12 mths 12 mths Assets Cash & Balances with RBI 16,810.33 21,652.70 29,076.43 51,534.62 55,546.17 Balance with Banks, Money at Call 22,511.77 22,907.30 22,892.2 7 15,931.72 48,857.63 Advances 202,374.45 261,641.53 337,336.49 416,768.20 542,503.20 Investments 197,097.91 162,534.24 149,148.88 189,501.27 275,953.96 Gross Block 6,691.09 7,424.84 8,061.92 8,988.35 10,403.06 Accumulated Depreciation 4,114.67 4,751.73 5,385.01 5,849.13 6,828.65

Net Block 2,576.42 3,574.41 Capital Work In Progress Other Assets 18,390.71 37,733.27 Total Assets 459,882.86 964,432.08

2,673.11 121.27 79.82 22,380.84 493,869.54

2,676.91

3,139.22

141.95 234.26 263.44 25,292.31 44,417.03 566,565.24 721,526.32

RATIOS Mar '05 Mar '06 Mar '07 Mar '08 Mar '09 Investment Valuation Ratios Face Value 10.00 10.00 10.00 10.00 Dividend Per Share 12.50 14.00 14.00 Operating Profit Per Share (Rs) 148.50 124.77 Net Operating Profit Per Share (Rs) 692.96 Free Reserves Per Share (Rs) 68.67 178.33 Bonus in Equity Capital ---Profitability Ratios Interest Spread 4.28 4.31 4.20 4.32 Adjusted Cash Margin (%) 14.54 13.06 Net Profit Margin 11.56 11.21 10.12 Return on Long Term Fund (%) 105.35 97.89 Return on Net Worth (%) 19.43 17.04 15.41 Adjusted Return on Net Worth (%) 19.35 Return on Assets Excluding Revaluations 0.94 Return on Assets Including Revaluations 0.94 Management Efficiency Ratios Interest Income / Total Funds 8.41 7.94 Net Interest Income / Total Funds 4.15 Non Interest Income / Total Funds 0.17 Interest Expended / Total Funds 4.26 4.23 Operating Expense / Total Funds 2.34 2.34 Profit Before Provisions / Total Funds 1.80 Net Profit / Total Funds 0.99 0.92 Loans Turnover 0.20 0.16 0.15 0.15 Total Income / Capital Employed (%) 8.58 Interest Expended / Capital Employed (%) 5.09 Total Assets Turnover Ratios 0.08 0.08 Asset Turnover Ratio 5.45 5.10 5.44 Profit And Loss Account Ratios Interest Expended / Interest Earned 57.00 Other Income / Total Income 1.99 3.60 Operating Expense / Total Income 27.34 Selling Distribution Cost Composition 0.18

10.00 21.50 147.72 719.54 184.43 -4.34 11.43 11.65 99.20 13.72 15.93 0.89 0.89 8.27 3.71 0.30 4.42 2.39 1.52 0.86 0.16 8.24 4.26 0.08 6.32 56.32 2.25 28.37 0.28

29.00 173.61 230.04 833.38 899.83 1,179.45 356.61 373.99 -12.81 12.03 86.83 15.74 14.47 0.80 0.80 8.82 3.85 0.19 4.96 2.16 1.54 1.04 8.46 4.23 0.09 7.20 59.35 1.56 28.19 0.20 13.04 100.35 13.70 0.93 0.93 8.88 3.87 0.14 5.09 2.06 1.74 1.08 8.96 4.42 0.09 65.23 1.18 24.13 0.30 67.28 22.91 0.33 15.74 0.95 0.95 3.79 0.11 1.75 8.99 4.96

Balance Sheet Ratios Capital Adequacy Ratio 12.45 11.88 12.34 Advances / Loans Funds (%) 56.35 65.66 Debt Coverage Ratios Credit Deposit Ratio 52.55 62.11 73.44 Investment Deposit Ratio 55.83 48.14 Cash Deposit Ratio 5.23 5.15 6.22 Total Debt to Owners Fund 15.25 13.75 Financial Charges Coverage Ratio 1.46 Financial Charges Coverage Ratio Post Tax 1.23 Leverage Ratios Current Ratio 0.04 0.05 0.05 0.07 Quick Ratio 4.79 5.50 6.52 6.15 Cash Flow Indicator Ratios Dividend Payout Ratio Net Profit 17.46 Dividend Payout Ratio Cash Profit 14.86 Earning Retention Ratio 83.88 80.93 80.97 Cash Earning Retention Ratio 86.12 83.64 Adjusted Cash Flow Times 67.82 74.03

13.47 76.16 77.51 38.22 8.29 13.92 1.40 1.27 0.04 5.74 19.06 16.35 77.33 83.21 84.87

14.25 78.31 74.97 34.81 8.37 10.96 1.37 1.25

78.34 36.38 12.81 1.37 1.22 1.36 1.23

18.98 16.75 77.11 79.41 72.64

22.64 20.56 78.88 75.05

22.90 21.13

Mar '05 Mar '06 Mar '07 Mar '08 Mar '09 Earnings Per Share 81.79 83.73 86.29 106.56 143.67 Book Value 457.39 525.25 594.69 776.48 912.73

HDFC BANK (HOUSING DEVLOPMENT AND FINANCE CORPORATAION)

HISTORY

The Housing Development Finance Corporation Limited (HDFC) was amongst the first to receive an 'in principle' approval from the Reserve Bank of India (RBI) to s et up a bank in the private sector, as part of the RBI's liberalization of the I ndian Banking Industry in 1994. The bank was incorporated in August 1994 in the name of 'HDFC Bank Limited', with its registered office in Mumbai, India. HDFC B ank commenced operations as a Scheduled Commercial Bank in January 1995. HDFC is India's premier housing finance company and enjoys an impeccable track r ecord in India as well as in international markets. Since its inception in 1977, the Corporation has maintained a consistent and healthy growth in its operation s to remain the market leader in mortgages. Its outstanding loan portfolio cover s well over a million dwelling units. HDFC has developed significant expertise i n retail mortgage loans to different market segments and also has a large corpor ate client base for its housing related credit facilities. With its experience i n the financial markets, a strong market reputation, large shareholder base and unique consumer franchise, HDFC was ideally positioned to promote a bank in the Indian environment. MISSION HDFC Bank's mission is to be a World-Class Indian Bank. The objective is to buil d sound customer franchises across distinct businesses so as to be the preferred provider of banking services for target retail and wholesale customer segments, and to achieve healthy growth in profitability, consistent with the bank's risk appetite. The bank is committed to maintain the highest level of ethical standa rds, professional integrity, corporate governance and regulatory compliance. HDF C Bank's business philosophy is based on four core values - Operational Excellen ce, Customer Focus, Product Leadership and People. HDFC Bank is headquartered in Mumbai. The Bank at present has an enviable networ k of 1,725 branches spread in 771 cities across India. All branches are linked o n an online real-time basis. Customers in over 500 locations are also serviced t hrough Telephone Banking. The Bank's expansion plans take into account the need to have a presence in all major industrial and commercial centers where its corp orate customers are located as well as the need to build a strong retail custome r base for both deposits and loan products. Being a clearing/settlement bank to various leading stock exchanges, the Bank has branches in the centers where the NSE/BSE has a strong and active member base.

TECHNOLOGY USED BY HDFC HDFC Bank operates in a highly automated environment in terms of information tec hnology and communication systems. All the bank's branches have online connectiv ity, which enables the bank to offer speedy funds transfer facilities to its cus tomers. Multi-branch access is also provided to retail customers through the bra nch network and Automated Teller Machines (ATMs).

The Bank has made substantial efforts and investments in acquiring the best tech nology available internationally, to build the infrastructure for a world class bank. The Bank's business is supported by scalable and robust systems which ensu re that our clients always get the finest services we offer. The Bank has prioritized its engagement in technology and the internet as one of its key goals and has already made significant progress in web-enabling its cor e businesses. In each of its businesses, the Bank has succeeded in leveraging it s market position, expertise and technology to create a competitive advantage an d build market share.

PRODUCTS AND SERVICES HDFC Bank offers a wide range of commercial and transactional banking services a nd treasury products to wholesale and retail customers. The bank has three key b usiness segments: Wholesale Banking ServicesThe Bank's target market ranges from large, blue-chip manufacturing companies in the Indian corporate to small & mid-sized corporate and agri-based businesses. For these customers, the Bank provides a wide range of commercial and transactio nal banking services, including working capital finance, trade services, transac tional services, cash management, etc. The bank is also a leading provider of st ructured solutions, which combine cash management services with vendor and distr ibutor finance for facilitating superior supply chain management for its corpora te customers. Based on its superior product delivery / service levels and strong customer orientation, the Bank has made significant inroads into the banking co nsortia of a number of leading Indian corporate including multinationals, compan ies from the domestic business houses and prime public sector companies. It is r ecognized as a leading provider of cash management and transactional banking sol utions to corporate customers, mutual funds, stock exchange members and banks. Retail Banking Services The objective of the Retail Bank is to provide its target market customers a ful l range of financial products and banking services, giving the customer a one-st op window for all his/her banking requirements. The products are backed by world -class service and delivered to customers through the growing branch network, as

well as through alternative delivery channels like ATMs, Phone Banking, Net Ban king and Mobile Banking. The HDFC Bank Preferred program for high net worth individuals, the HDFC Bank Pl us and the Investment Advisory Services programs have been designed keeping in m ind needs of customers who seek distinct financial solutions, information and ad vice on various investment avenues. The Bank also has a wide array of retail loa n products including Auto Loans, Loans against marketable securities, Personal L oans and Loans for Two-wheelers. It is also a leading provider of Depository Par ticipant (DP) services for retail customers, providing customers the facility to hold their investments in electronic form. HDFC Bank was the first bank in India to launch an International Debit Card in a ssociation with VISA (VISA Electron) and issues the MasterCard Maestro debit car d as well. The Bank launched its credit card business in late 2001. By March 200 9, the bank had a total card base (debit and credit cards) of over 13 million. T he Bank is also one of the leading players in the merchant acquiring business with over 70,000 Point-of-sale (POS) terminals for debit / credit cards acceptance a t merchant establishments. The Bank is well positioned as a leader in various ne t based B2C opportunities including a wide range of internet banking services fo r Fixed Deposits, Loans, Bill Payments, etc. TreasuryWithin this business, the bank has three main product areas - Foreign Exchange a nd Derivatives, Local Currency Money Market & Debt Securities, and Equities. Wit h the liberalization of the financial markets in India, corporate need more soph isticated risk management information, advice and product structures. These and fine pricing on various treasury products are provided through the bank's Treasu ry team. To comply with statutory reserve requirements, the bank is required to hold 25% of its deposits in government securities. The Treasury business is resp onsible for managing the returns and market risk on this investment portfolio.

HDFC

Other products of HDFC in mutual funds-

Equity / Growth Fund Invest primarily in equity and equity related instruments. Children's Gift Fund Children's Gift Fund Fixed Maturity Plan Invest primarily in Debt / Money Market Instruments and Government Securities. Liquid Funds Provide high level of liquidity by investing in money market and debt instrument s. Debt/ Income Fund Invest in money market and debt instruments and provide optimum balance of yield . Quarterly Interval Fund The primary objective of the Scheme is to generate regular income through invest ment.

FINANCIAL REVIEW Profit and loss account ------------------- in Rs. Cr. ------------------Mar '05 Mar '06 Mar '07 Mar '08 Mar '09 12 mths 12 mths 12 mths 12 mths 12 mths Income Interest Earned 3,093.49 4,475.34 6,889.02 10,115.00 16,332.26 Other Income 637.36 1,213.64 1,510.24 2,205.38 3,470.63 Total Income 3,730.85 5,688.98 8,399.26 12,320.38 19,802.89 Expenditure Interest expended 1,315.56 1,929.50 3,179.45 4,887.12 8,911.10 Employee Cost 276.67 486.82 776.86 1,301.35 2,238.20 Selling and Admin Expenses 506.44 943.03 727.53 974.79 2,851.26 Depreciation 144.07 178.59 219.60 271.72 359.91 Miscellaneous Expenses 634.49 1,035.10 2,113.28 3,295.22 3,197.49 Preoperative Exp Capitalized 0.00 0.00 0.00 0.00 0.00 Operating Expenses 1,261.62 2,170.85 2,590.66 3,935.28 7,290.66 Provisions & Contingencies 300.05 472.69 1,246.61 1,907.80 1,356.20 Total Expenses 2,877.23 4,573.04 7,016.72 10,730.20 17,557.96 Mar '05 Mar '06 Mar '07 Mar '08 Mar '09 12 mths 12 mths 12 mths 12 mths 12 mths Net Profit for the Year 853.62 1,115.94 1,382.54 1,590.18 2,244.94 Extraordinary Items -0.26 0.00 -0.35 -0.06 -0.59 Profit brought forward 405.32 602.34 1,455.02 1,932.03 2,574.63 Total 1,258.68 1,718.28 2,837.21 3,522.15 4,818.98 Preference Dividend 0.00 0.00 0.00 0.00 0.00 Equity Dividend 140.07 172.23 223.57 301.27 425.38 Corporate Dividend Tax 19.64 24.16 38.00 51.20 72.29 Per share data (annualized) Earning Per Share (Rs) 27.55 35.64 43.29 44.87 52.77 Equity Dividend (%) 45.00 55.00 70.00 85.00 100.00 Book Value (Rs) 145.86 169.24 201.42 324.38 344.44 Appropriations Transfer to Statutory Reserves 242.01 -265.37 288.38 436.05 641.25 Transfer to Other Reserves 66.56 87.08 114.14 159.02 224.50 Proposed Dividend/Transfer to Govt 159.71 196.39 261.57 352.47 497.67 Balance c/f to Balance Sheet 602.34 1,455.02 1,932.03 2,574.61 3,455.57 Total

1,070.62 Balance sheet of HDFC

1,473.12 2,596.12 3,522.15 Mar '05 Mar '06 Mar '07 Mar '08 Mar '09

4,818.99

12 mths 12 mths 12 mths 12 mths 12 mths Capital and Liabilities: Total Share Capital 309.88 313.14 319.39 354.43 425.38 Equity Share Capital 309.88 313.14 319.39 354.43 425.38 Share Application Money 0.43 0.07 0.00 0.00 400.92 Preference Share Capital 0.00 0.00 0.00 0.00 0.00 Reserves 4,209.97 4,986.39 6,113.76 11,142.80 14,226.43 Revaluation Reserves 0.00 0.00 0.00 0.00 0.00 Net Worth 4,520.28 5,299.60 6,433.15 11,497.23 15,052.73 Deposits 36,354.25 55,796.82 68,297.94 100,768.60 142,811.58 Borrowings 5,290.01 4,560.48 2,815.39 4,478.86 2,685.84 Total Debt 41,644.26 60,357.30 71,113.33 105,247.46 145,497.42 Other Liabilities & Provisions 5,264.46 7,849.49 13,689.13 16,431.91 22,720.62 Total Liabilities 51,429.00 73,506.39 91,235.61 133,176. 60 183,270.77 Mar '05 Mar '06 Mar '07 Mar '08 Mar '09 12 mths 12 mths 12 mths 12 mths 12 mths Assets Cash & Balances with RBI 2,650.13 3,306.61 5,182.48 12,553.18 13,527.21 Balance with Banks, Money at Call 1,823.87 3,612.39 3,971.40 2,225.16 3,979.41 Advances 25,566.30 35,061.26 46,944.78 63,426.90 98,883.05 Investments 19,349.81 28,393.96 30,564.80 49,393.54 58,817.55 Gross Block 1,290.51 1,589.47 1,917.56 2,386.99 3,956.63 Accumulated Depreciation 582.19 734.39 950.89 1,211.86 2,249.90 Net Block 708.32 855.08 966.67 1,175.13 1,706.73 Capital Work In Progress 0.00 0.00 0.00 0.00 0.00 Other Assets 1,330.57 2,277.09 3,605.48 4,402.69 6,356.83 Total Assets 51,429.00 73,506.39 91,235.61 133,176.60 183,270.78

Key Financial Ratios of HDFC Bank ----------

------------------- in Rs. Cr. ---------

Mar '05 Mar '06 Mar '07 Mar '08 Mar '09 Investment Valuation Ratios Face Value 10.00 10.00 10.00 Dividend Per Share 4.50 5.50 Operating Profit Per Share (Rs) 41.65 Net Operating Profit Per Share (Rs) Free Reserves Per Share (Rs) 99.78 Bonus in Equity Capital --Profitability Ratios Interest Spread 5.39 5.25 5.47 Adjusted Cash Margin (%) 26.63 Net Profit Margin 17.77 15.55 Return on Long Term Fund (%) 50.77 Return on Net Worth (%) 23.67 22.73 Adjusted Return on Net Worth (%) Return on Assets Excluding Revaluations Return on Assets Including Revaluations Management Efficiency Ratios Interest Income / Total Funds 7.95 Net Interest Income / Total Funds Non Interest Income / Total Funds Interest Expended / Total Funds 2.81 Operating Expense / Total Funds 2.38 Profit Before Provisions / Total Funds Net Profit / Total Funds 1.82 Loans Turnover 0.17 0.18 0.20 Total Income / Capital Employed(%) Interest Expended / Capital Employed(%) Total Assets Turnover Ratios 0.08 Asset Turnover Ratio 2.89 3.50 Profit And Loss Account Ratios Interest Expended / Interest Earned Other Income / Total Income 0.55 Operating Expense / Total Income Selling Distribution Cost Composition Balance Sheet Ratios Capital Adequacy Ratio 12.16 11.41 Advances / Loans Funds(%) 68.21 Debt Coverage Ratios Credit Deposit Ratio 64.87 65.79 Investment Deposit Ratio 57.83 Cash Deposit Ratio 7.78 6.46 Total Debt to Owners Fund 8.04

10.00 7.00 52.56 120.17 132.01 -7.08 23.11 13.57 60.06 23.57 14.72 1.66 1.66 8.91 5.14 0.04 3.09 3.19 2.09 1.79 0.22 7.99 2.81 0.09 4.33 42.53 0.56 29.84 1.47 13.08 68.75 66.08 51.81 6.84 10.53

10.00 8.50 86.19 177.80 155.69 -6.98 19.07 12.82 74.91 13.83 16.42 1.52 1.52 10.08 5.82 0.05 3.86 2.88 2.01 1.68 0.24 8.96 3.09 0.10 5.18 43.11 1.22 35.58 1.45 13.60 71.41 65.28 47.51 10.49 10.62

10.00 107.32 92.36 259.98 348.57 464.77 269.89 252.37 -15.01 11.35 62.34 15.32 17.75 1.52 1.52 11.01 6.22 0.13 4.36 3.27 2.91 1.42 10.21 3.86 0.11 5.00 46.15 0.35 28.21 0.90 15.69 71.93 66.64 47.29 10.71 8.76 13.15 83.31 13.82 1.19 1.19 12.50 6.66 0.04 5.63 4.38 3.19 1.42 11.05 4.36 0.13 48.32 -29.55 0.92 78.87 44.43 9.75 15.29 1.22 1.22 6.86 -2.26 12.50 5.63

54.56 35.06 0.54

Financial Charges Coverage Ratio 2.00 Financial Charges Coverage Ratio Post Tax 1.29 Leverage Ratios Current Ratio 0.03 0.04 0.04 0.04 Quick Ratio 5.61 5.18 4.07 4.89 Cash Flow Indicator Ratios Dividend Payout Ratio Net Profit 23.99 Dividend Payout Ratio Cash Profit 16.00 Earning Retention Ratio 76.00 77.44 77.11 Cash Earning Retention Ratio 83.99 84.83 AdjustedCash Flow Times 36.45 43.11 42.60 ICICI BANK

1.87 1.76 0.04 5.23 22.55 15.17 77.83 83.69 54.14

1.90 1.67

1.79 1.50

1.44 1.38

22.91 16.32 77.79 81.07 54.91

22.16 18.93 80.87

22.16 19.10

HISTORY ICICI Bank was promoted by ICICI (Industrial Credit and Investment Corporation o f India) Limited in 1994 as its wholly owned subsidiary. ICICI's share holding r educed to 46% after a public issue in 1998 and a subsequent equity offering of A merican depository receipts (ADR) listed in New York stockexchange in 2000. Incidentally ICICI was established on World Bank's initiative by Government of I ndia and Indian industry representatives in 1955. It was created with aim of pro viding long and medium term financial assistance to Indian industries and busine sses. In 1990s, ICICI transformed itself from a developmental finance institute to an organization offering diversified financial services to individuals and co rporations. ICICI holds distinction of being first Indian company and first fina ncial institution from Asia, apart from Japan, to be listed on New York StockExc hange.

PRODUCTS AND SERVICES Services and products of ICICI Bank may be categorized into personal banking, bu siness banking, and NRI (non resident Indian) banking. Personal banking - Deposits in form of savings, recurring, term deposits, senior citizen deposits and children's depository accounts are there for individual cu stomers. Individual customers can also avail of their housing, automobile, farm equipment, business or personal loan schemes. Personal clients can also invest i n mutual funds, or participate in stock trading through ICICI Bank. Business banking Business banking services of ICICI Bank are exhaustive. Project financing, deal assessment, and land evaluation are investment banking services offered to corporate clients. Global trade and cash management transaction serv ices facilitate remittances and receipts across important cities. Capital market and custodial services enable business houses to participate in equity trading and transfer across major stock markets of world.

ICICI Bank products and services Personal banking Deposits Loans Cards Investments / Insurance Demat Services Wealth Management NRI banking Money Transfer Bank Accounts Investments Property Solutions Insurance Loans Business banking Corporate Net Banking Cash Management Trade Services FXOnline SME Services Online Taxes Custodial Services

ICICI

FINANCIALS (Profit and loss account) Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05 Income Operating income 38,250.39 39,467.92 28,457.13 17,517.8 3 11,838.10 Expenses Material consumed Manufacturing expenses Personnel expenses 1,971.70 2,078.90 1,616.75 1,082.29 737.41 Selling expenses 669.21 1,750.60 1,741.63 840.98 601.71 Administrative expenses 7,475.63 6,447.32 4,946.69 2,727.18 1,248.31 Expenses capitalized Cost of sales 10,116.54 10,276.82 8,305.07 4,650.45 2,587.43 Operating profit 5,407.91 5,706.85 3,793.56 3,269.94 2,679.78 Other recurring income 330.64 65.58 309.17 466.02 448.46 Adjusted PBDIT 5,738.55 5,772.43 4,102.73 3,735.96 3,128.25 Financial expenses 22,725.93 23,484.24 16,358.50 9,597.45 6,570.89 Depreciation 678.60 578.35 544.78 623.79 590.36 Other write offs Adjusted PBT 5,059.96 5,194.08 3,557.95 3,112.17 2,537.88 Tax charges 1,830.51 1,611.73 984.25 556.53 522.00 Adjusted PAT 3,740.62 4,092.12 2,995.00 2,532.95 2,007.28 Non recurring items 17.51 65.61 115.22 7.12 -2.08 Other non cash adjustments -0.58 Reported net profit 3,757.55 4,157.73 3,110.22 2,540.07 2,005.20 Earnings before appropriation 6,193.87 5,156.00 3,403.66 2,728.30 2,058.29 Equity dividend 1,224.58 1,227.70 901.17 759.33 632.96 Preference dividend Dividend tax 151.21 149.67 153.10 106.50 90.10 Retained earnings 4,818.07 3,778.63 2,349.39 1,862.46 1,335.22 BALANCE SHEET

Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05 Sources of funds Owner's fund Equity share capital 1,113.29 1,112.68 899.34 889.83 736.75 Share application money 0.02 Preference share capital 350.00 350.00 350.00 350.00 350.00 Reserves & surplus 48,419.73 45,357.53 23,413.92 21,316.1 6 11,813.20 Loan funds Secured loans Unsecured loans 2,18,347.82 2,44,431.05 2,30,510.19 1,65,083.17 99,818.78 Total 2,68,230.84 2,91,251.26 2,55,173.45 1,87,639.16 1,12,718 .75 Uses of funds Fixed assets Gross block 7,443.71 7,036.00 6,298.56 5,968.57 5,525.65 Less : revaluation reserve Less : accumulated depreciation 3,642.09 2,927.11 2,375.14 1,987.85 1,487.61 Net block 3,801.62 4,108.90 3,923.42 3,980.71 4,038.04 Capital work-in-progress 189.66 147.94 96.30 Investments 1,03,058.31 1,11,454.34 91,257.84 71,547.39 50,487.35 Net current assets Current assets, loans & advances 34,384.06 31,129.77 23,551.8 5 15,642.79 11,115.99 Less : current liabilities & provisions 43,746.43 42,895.38 38,228.6 4 25,227.88 21,396.16 Total net current assets -9,362.37 -11,765.62 -14,676.78 -9,585.09 -10,280.17 Miscellaneous expenses not written Total 97,497.56 1,03,797.62 80,694.15 66,090.96 44,341.5 2

RATIOS Mar ' 09 Mar ' 08 Mar ' 07 Per share ratios Adjusted EPS (Rs) 33.62 36.78 33.30 28.47 Adjusted cash EPS (Rs) 39.72 41.97 39.36 35.48 Reported EPS (Rs) 33.78 37.37 34.59 28.55 Reported cash EPS (Rs) 39.87 42.56 40.64 35.56 Dividend per share 11.00 11.00 10.00 8.50 Operating profit per share (Rs) 48.60 51.29 42.19 Book value (excl rev res) per share (Rs) 445.17 170.35 Book value (incl rev res) per share (Rs.) 445.17 170.35 Net operating income per share (Rs) 343.77 354.71 Free reserves per share (Rs) 351.22 346.21 199.52 Mar ' 06 Mar ' 05

27.25 35.26 27.22 35.23 8.50 36.75 36.37 417.64 270.37 249.55 417.64 270.37 249.55 316.45 196.87 160.69 193.24 110.70

Profitability ratios Operating margin (%) 14.13 14.45 Gross profit margin (%) 12.36 12.99 Net profit margin (%) 9.74 10.51 Adjusted cash margin (%) 11.45 Adjusted return on net worth (%) Reported return on net worth (%) Return on long term funds (%) 56.72 Leverage ratios Long term debt / Equity 0.01 0.01 Total debt/equity 4.42 5.27 Owners fund as % of total source Fixed assets turnover ratio 5.14 Liquidity ratios Current ratio 0.78 0.72 0.61 Current ratio (inc. st loans) 0.13 Quick ratio 5.94 6.42 6.04 Inventory turnover ratio Payout ratios Dividend payout ratio (net profit) Dividend payout ratio (cash profit) Earning retention ratio 63.23 66.35 Cash earnings retention ratio 68.87 Coverage ratios Adjusted cash flow time total debt Financial charges coverage ratio Fin. charges cov.ratio (post tax) Component ratios Material cost component (% earnings) Selling cost Component 1.74 4.43 Exports as percent of total sales Import comp. in raw mat. consumed Long term assets / total Assets 0.75 Bonus component in equity capital (%)

13.33 11.41 10.81 11.81 7.55 7.58 62.34 0.01 9.50 18.46 5.61 0.62 0.10 6.64 36.60 31.00 64.80 70.51 49.41 1.25 1.20 6.12 0.78 -

18.66 15.10 14.12 12.30 8.80 8.94 82.46 0.01 7.45 15.95 4.52 0.51 0.08 4.98 33.12 29.08 65.82 70.22 52.34 1.25 1.20 4.80 0.80 -

22.63 17.64 16.32 17.55 12.31 12.79 56.24 0.02 7.98 9.52 2.94 0.08 33.89 28.84 63.98 72.58 65.12 1.25 1.22 5.08 0.82 -

21.14 11.40 11.43 70.54

15.99 15.97

11.83 2.14 0.09 34.08 27.36 72.17 52.30 1.39 1.33 0.83 -

11.13

36.05 27.85

38.43 1.48 1.40 -

CITI BANK

HISTORY Citibank represents the consumer banking operations of financial services giant Citigroup. The unit has more than 1,000 branches in about a dozen US states; Cal

ifornia and Texas are its primary markets, but the bank also has a significant p resence in and around New York, Chicago, Miami, and Washington, DC. In addition, it operates about 300 additional offices in more than 50 countries. The bank pr ovides standard banking fare such as deposit accounts, credit cards, and loans t o consumers and small businesses, and utilizes its parent's breadth of financial services by also offering insurance and investment products. Citibank is one of the largest banks in the U.S., and is a part of the financial services company Citigroup. Citibank had been founded in the year 1812. Initial ly its name was City Bank of New York, which was later changed to First National City Bank of New York. In over 100 countries worldwide, Citibank has been carrying out its operations, which comprise of regular banking services along with credit card, insurance and investment services. The bank claims to have a customer base of 15 million user s catered by its online services division alone. As Citibank was badly affected by the financial crisis of 2008, the U.S. governm ent provided the bank with an aid of US$ 50 billion in two installments of US$ 2 5 billion each. Presence in India In India, Citibank is present at 28 locations as of April 13, 2009. These locati ons include Jalandhar, Ludhiana, Chandigarh, Noida, Delhi, Gurgaon, Faridabad, L ucknow, Jaipur, Ahmedabad, Vadodara, Indore, Bhopal, Surat, Nashik, Aurangabad, Akola, Bhubaneshwar, Kolkata, Vapi, Mumbai, Pune, Hyderabad, Bangalore, Chennai, Pondicherry, Cochin and Coimbatore. Products and Services The bank offers a variety of services and products under the Personal Banking, N RI Banking and Corporate Banking categories. The services offered by the bank under Personal Banking are Loans and Credit Car ds, Regular Banking services such as savings account, business banking solutions including Personal Wealth Management and investment options such as Mutual Fund s and Demat Services. The bank also offers various insurance solutions and hi-te ch banking services such as Online Bill Pay, Pre-paid Mobile Recharge, Internet Banking and CitiAlert account statements on the mobile phone. NRI Oriented Services For its Non-Resident Indian (NRI) customers, Citibank provides a wide range of s ervices including Rupee Checking Account, Money Remittance, Investment solutions and Home Loans for the NRIs. Citibank also pays specialized attention to its corporate customers in India thr ough its Corporate Banking services, which comprises of an array of customized b anking solutions tailor-made according to the needs of its corporate customers i n India. These services include Cash Management, Trade Services, Loans, Securiti es and Fund Services, and Investment Banking services.

Global Commercial Bank Services Apart from it, Citibank also offers Global Commercial Bank services through its Commercial Relationship Banking wing and Global Subsidiaries Group. The Commerci al Relationship Banking services are aimed at helping the Small and Medium Enter prises (SMEs) and Mid Market Enterprises, while the Global Subsidiaries Group pr ovides comprehensive banking services for the top multinational corporates and t heir subsidiaries in India.

CITI (products and services)

Products and Services of Citibank India The various products and services of the Citibank in India encompass following r ange: Deposit Accounts Current Accounts Savings Accounts Term deposits Investments Mutual Funds Demat Deposits Banking Services CitiGold Wealth Management Suvidha Savings Account Debit Cards

 Citibanking Insurance Life Insurance Solutions Credit Insurance Travel Insurance Health Insurance NRI Services Rupee Checking Account Dollar Checking Account FCNR India Deposits Home Loans Loans Loan against Shares Personal Loans Home Loans Ready Credit Online/Mobile Services Internet Banking Bill Payment E-Statement E-Commerce CitiAlert Credit cards Jet Airways Citibank Platinum Credit Card CITI Titanium Cash Rewards Credit Card Indian Oil Citibusiness Gold Credit Card Jet Airways CitiBusiness Credit Card First Citizen Citibank Credit Card CITI Platinum Select Credit Card Vodafone Citibank Credit Card Citibank Platinum Credit Card Citibank World Money Card Citibank Ultima Credit Card

CITI business Personal Wealth Management CitiBusiness Card Current Account Loans

FINANCIALS (Profit and loss account) ERIOD ENDING 31-Dec-08 Total Revenue 130,005,000 Cost of Revenue 20,271,000 Gross Profit 109,734,000

31-Dec-07 159,229,000 159,229,000

31-Dec-06 146,558,000 146,558,000

Operating Expenses Research Development Selling General and Administrative 69,368,000 52,988,000 Non Recurring 1,766,000 1,528,000 Others 58,963,000 18,509,000 6,988,000

59,960,000

Total Operating Expenses Operating Income or Loss

(20,363,000)

86,582,000

79,232,000 (20,363,000) 77,531,000 1,701,000 (2,201,000) (285,000)

Income from Continuing Operations Total Other Income/Expenses Net Earnings Before Interest And Taxes 86,582,000 Interest Expense 32,692,000 Income Before Tax (53,055,000) Income Tax Expense (20,612,000) Minority Interest 349,000 00 Non-recurring Events Discontinued Operations 4,410,000 Extraordinary Items Effect Of Accounting Changes Other Items Net Income ERIOD ENDING BALANCE SHEET (27,684,000) 31-Dec-08 3,617,000 31-Dec-07

79,232,000 56,943,000 29,639,000 8,101,000 (289,000) 21,249,0

Net Income From Continuing Ops (32,094,000)

3,617,000

289,000 -

21,538,000 31-Dec-06

Assets Current Assets Cash And Cash Equivalents 199,584,000 646,556,000 462,961, 000 Short Term Investments 228,502,000 274,066,000 282,817,000 Net Receivables 44,278,000 57,359,000 44,445,000 Inventory Other Current Assets Total Current Assets Long Term Investments 1,259,543,000 976,884,000 943,843,000 Property Plant and Equipment Goodwill 27,132,000 41,204,000 33,415,000 Intangible Assets 14,159,000 22,687,000 15,901,000 Accumulated Amortization Other Assets 165,272,000 168,875,000 100,936,000 Deferred Long Term Asset Charges Total Assets 1,938,470,000 2,187,631,000 1,884,318,000

Liabilities Current Liabilities Accounts Payable 70,916,000 84,951,000 85,119,000 Short/Current Long Term Debt 382,677,000 450,731,000 450,068, 000 Other Current Liabilities 774,185,000 826,230,000 857,928, 000 Total Current Liabilities Long Term Debt 476,378,000 427,112,000 288,494,000 Other Liabilities 92,684,000 285,009,000 82,926,000

Deferred Long Term Liability Charges Minority Interest Negative Goodwill Total Liabilities 1,796,840,000

2,074,033,000

1,764,535,000

Stockholders' Equity Misc Stocks Options Warrants Redeemable Preferred Stock Preferred Stock 70,664,000 1,000,000 Common Stock 57,000 55,000 55,000 Retained Earnings 86,521,000 121,920,000 129,267,000 Treasury Stock (9,582,000) (21,724,000) (25,092,000) Capital Surplus 19,165,000 18,007,000 18,253,000 Other Stockholder Equity (25,195,000) (4,660,000) (3,700,000) Total Stockholder Equity Net Tangible Assets 141,630,000 $100,339,000 113,598,000 119,783,000

$49,707,000

$70,467,000

BARCLAYS

HISTORY Barclays is a major global financial service provider engaged in retail and comm ercial banking, credit cards, investment banking, wealth management and investme nt management services with an extensive international presence in Europe, the A mericas, Africa and Asia. With over 300 years of history and expertise in banking, Barclays operates in mo re than 50 countries and employs approximately 155,000 people. Barclays moves, l ends, invests and protects money for more than 49 million customers and clients worldwide. Barclays is made up of two Clusters: Global Retail and Commercial Banking (GRCB), and Investment Banking and Investment Management (IBIM), each of which has a num ber of Business Units. Since the business was established more than 300 years ag o, Barclays has grown to offer a range of products and services tailored to meet

the specific needs of its customers all over the world. As a responsible global citizen, Barclays is committed to ensuring the sustainab ility of the communities in which the business operates, and strives for sustain able relationships with customers and clients worldwide. Barclays is a global financial services provider, engaged in retail and commerci al banking, credit cards, investment banking, wealth management and investment m anagement services all over the world. With a vast, international reach, Barclays offers innovative products and servic es to meet the needs of its diverse base of customers and clients.

Barclays is a global financial services provider, engaged in retail and commerci al banking, credit cards, investment banking, wealth management and investment m anagement services all over the world. With a vast, international reach, Barclays offers innovative products and servic es to meet the needs of its diverse base of customers and clients.

BARCLAYS

Other services offered by Barclays-

Microfinance the provision of financial services to people in poverty or on very low incomes is not simply about providing affordable credit. In fact the greate st demand from this demographic is for the ability to make payments and to have secure savings accounts. Access to affordable credit, money transfer services an d insurance are also important. Much of our work on financial inclusion has to date focused on enabling people t o access the services they need most, through basic bank accounts and easy-acces s, low-level savings accounts. In some markets we are also developing our support for income-generating activit ies, offering services including access to appropriate credit for micro enterpri ses and small businesses. Basic bank accounts We have downscaled some of our banking products to enable previously excluded pe ople to open basic accounts. Around the world, customers are benefiting from ser vices open to account-holders with minimal income. Examples include the Cash Car d Account in the UK, the No Frills Account in India and a range of services from Absa, majority owned by Barclays. Savings accounts we offer a range of fee-free savings accounts developed for people on low income s across many of the markets in which we operate. We are also looking to develop products that meet the diverse needs of our customer base and fit with existing cultural and social traditions. Options include accounts in South Africa which offer people the opportunity to save as part of a group, and an account in India which allows families to pool their savings. Micro enterprises and small businesses Barclays is also developing products to help small businesses in the developing world benefit from banking. Absas Micro enterprise Finance Unit provides business loans and advice to more than 7,000 clients across South Africa. In the UK, we run free business seminars for local entrepreneurs and recently made our Credit Focus service available free to business owners regardless of whether they are B arclays customers. This innovative product allows businesses to check the credit rating of suppliers and customers.

FINANCIALS (Profit and loss account) In Millions of British Pounds (except for per share items) 2009 2009-12-31 Period Length 12 Months 2008 2008-12-31 Restated 2009-12-31 Period Length 12 Months 2007 2007-12-31 Period Length 12 Months 2006 2006-12-31 Period Length 12 Months 2005 2005-12-31 Period Length 12 Months Interest Income, Bank 21,236.0 28,010.0 25,308.0 21,805.0 17,232.0 Total Interest Expense 9,318.0 16,541.0 15,698.0 12,662.0 9,157.0 Net Interest Income 11,918.0 11,469.0 9,610.0 9,143.0 8,075.0 Loan Loss Provision 8,071.0 5,419.0 2,795.0 2,154.0 1,571.0 Net Interest Inc. After Loan Loss Prov. 3,847.0 6,050.0 6,815.0 6,989.0 6,504.0 Non-Interest Income, Bank 18,313.0 12,862.0 14,219.0 13,828.0 9,948.0 Non-Interest Expense, Bank (17,575.0) (13,776.0) (13,958.0) (13,681.0) (11,172.0) Net Income Before Taxes 4,585.0 5,136.0 7,076.0 7,136.0 5,280.0 Provision for Income Taxes 1,074.0 453.0 1,981.0 1,941.0 1,439.0 Net Income After Taxes 3,511.0 4,683.0 5,095.0 5,195.0 3,841.0 Minority Interest (883.0) (888.0) (678.0) (624.0) (394.0) Equity In Affiliates -----U.S. GAAP Adjustment -----Net Income Before Extra. Items 2,628.0 3,795.0 4,417.0 4,571.0 3,447.0 Accounting Change -----Discontinued Operations 6,777.0 604.0 ---Extraordinary Item -----Tax on Extraordinary Items -----Net Income 9,405.0 4,399.0 4,417.0 4,571.0 3,447.0 Preferred Dividends -----General Partners Distributions -----Miscellaneous Earnings Adjustment -----Pro Forma Adjustment -----Interest Adjustment - Primary EPS -----Income Available to Com Excl ExtraOrd 2,628.0 3,795.0 4,417.0 4,571.0 3,447.0 Income Available to Com Incl ExtraOrd 9,405.0 4,399.0 4,417.0 4,571.0 3,447.0

Basic Weighted Average Shares 10,890.00 6,527.49 6,506.96 Basic EPS Excluding Extraordinary Items 0.241 Basic EPS Including Extraordinary Items 0.864 Dilution Adjustment (17.0) (19.0) (25.0) Diluted Weighted Average Shares 11,484.00 6,681.52 6,659.95 Diluted EPS Excluding ExtraOrd Items 0.227 Diluted EPS Including ExtraOrd Items 0.817 DPS - Common Stock Primary Issue 0.025 Gross Dividends - Common Stock -906.0 Total Special Items (181.0) (2,739.0) Normalized Income Before Taxes 4,404.0 2,397.0 Effect of Special Items on Income Taxes (42.4) Inc Tax Ex Impact of Sp Items 1,031.6 211.4 Normalized Income After Taxes 3,372.4 2,185.6 Normalized Inc. Avail to Com. 2,489.4 1,297.6 Basic Normalized EPS 0.229 0.176 0.658 Diluted Normalized EPS 0.215 0.169 0.636

7,389.00

6,410.00

0.514 0.689 0.700 0.530 0.595 0.689 0.700 0.530 (30.0) (38.0) 7,577.00 6,587.00 0.498 0.578 0.115 2,206.0 (279.0) 6,797.0 (241.6) 1,902.9 4,894.1 4,216.1 0.618 0.600 0.667 0.667 0.331 1,973.0 (734.0) 6,402.0 (78.1) 1,741.3 4,660.6 4,036.6 0.531 0.513 0.680 0.680 0.302 1,687.0 9.0 5,289.0 (199.6) 1,441.4 3,847.6 3,453.6 0.512 0.512 0.259

2.5

BALANCE SHEET n Millions of British Pounds (except for per share items) 2009 2009-12-31 2008 2008-12-31 2007 2007-12-31 2006 2006-12-31 2005 2005-12-31 Total Current Assets -----Cash & Due from Banks 81,483.0 30,019.0 5,801.0 7,345.0 3,906.0 Other Earning Assets, Total 812,234.0 1,488,660.0 817,242.0 659,018.0 604,439.0 Net Loans 461,359.0 509,522.0 385,518.0 313,226.0 300,001.0 Property/Plant/Equipment, Total Gross -7,872.0 5,859.0 4,948.0 5,356.0 Accumulated Depreciation, Total -(3,198.0) (2,863.0) (2,456.0 ) (2,602.0) Property/Plant/Equipment, Total Net 5,626.0 4,674.0 2,996.0 2,492.0 2,754.0 Goodwill, Net 8,795.0 7,625.0 7,014.0 6,092.0 6,022.0 Intangibles, Net -2,777.0 1,282.0 1,215.0 1,269.0 Long Term Investments -341.0 377.0 228.0 546.0 Other Long Term Assets, Total 2,303.0 2,668.0 1,463.0 764.0 686.0 Other Assets, Total 7,129.0 6,691.0 5,668.0 6,407.0 4,734.0 Total Assets 1,378,930.0 2,052,980.0 1,227,360.0 996,787.0 924,357.0 Accounts Payable 1,679.0 75,232.0 96,980.0 88,755.0 85,201.0 Payable/Accrued -----Accrued Expenses -6,495.0 6,075.0 6,127.0 -Total Deposits 398,875.0 450,415.0 385,533.0 336,316.0 313,811.0 Other Bearing Liabilities, Total 51,252.0 59,474.0 65,402.0 71,874.0 71,564.0 Total Short Term Borrowings 738,099.0 1,299,920.0 537,945.0 388,790.0 362,477.0 Current Port. of LT Debt/Capital Leases -35.0 12.0 6.0 --

Other Current liabilities, Total -1,216.0 1,311.0 1,020.0 747.0 Total Current Liabilities -----Long Term Debt 25,816.0 29,842.0 18,150.0 13,786.0 12,463.0 Capital Lease Obligations -61.0 71.0 86.0 -Total Long Term Debt 25,816.0 29,903.0 18,221.0 13,872.0 12,463.0 Total Debt 763,915.0 1,329,860.0 556,178.0 402,668.0 374,940.0 Deferred Income Tax 470.0 304.0 855.0 282.0 700.0 Minority Interest 11,201.0 10,793.0 9,185.0 7,591.0 7,004.0 Other Liabilities, Total 104,260.0 82,571.0 82,551.0 62,355.0 52,964.0 Total Liabilities 1,331,650.0 2,016,360.0 1,204,070.0 976,988. 0 906,931.0 Redeemable Preferred Stock, Total -----Preferred Stock - Non Redeemable, Net -----Common Stock, Total 10,804.0 2,093.0 1,651.0 1,634.0 1,623.0 Additional Paid-In Capital -4,045.0 56.0 5,818.0 5,650.0 Retained Earnings (Accumulated Deficit) 36,473.0 24,161.0 22,151.0 12,997.0 10,178.0 Treasury Stock Common -(173.0) (260.0) (212.0) (181.0) ESOP Debt Guarantee -----Unrealized Gain (Loss) -----Other Equity, Total -6,492.0 (307.0) (438.0) 156.0 Total Equity 47,277.0 36,618.0 23,291.0 19,799.0 17,426.0 1,378,930.0 2,052,980.0 Total Liabilities & Shareholders Equity 1,227,360.0 996,787.0 924,357.0 Shares Outs - Common Stock Primary Issue 11,412.00 8,371.83 6,778.04 6,710.27 6,664.06 Shares Outstanding - Common Issue 2 -----Shares Outstanding - Common Issue 3 -----Shares Outstanding - Common Issue 4 -----Total Common Shares Outstanding 11,412.00 8,371.83 6,778.04 6,710.27 6,664.06 Total Preferred Shares Outstanding ------

CHAPTER 1 (Cost factor strategies)

Banks/year

(04-05) SBI During this financial year they have used Star Shakti stra tegy in order to reduce their costs. In this strategy their main focus was on te chnology, which involved providing better and quick services to their customers. HDFC HDFC did not formulate any strategy which would cut down their costs. ICICI No strategy for cost reduction. CITI No activities undertaken to control cost.

BARCLAYS Already having the cost cutting technology which has already hel ped them to attain the competitive advantage in the market.

Banks/year

(05-06) SBI During this financial year there was no strategy being a dopted by SBI to cut their costs. HDFC Develop products and services that Reduce our cost of funds; and Focus on high earnings growth with low volatility. ICICI No strategy being adopted by the bank for the reduction of the cost. CITI No activities undertaken to control cost. BARCLAYS -

Banks/year

(06-07) SBI During this financial year their main focus in increasin g the number of branches, so that the customers can have easy access to the bank ing services been provided by SBI. HDFC Leverage technology platform and open scaleable systems to deliver more products to more customers and to control operating costs. ICICI Cost reduction by attracting shareholders which in turn will attract the customers. CITI No strategy being adopted by the bank for the reduction of the cost. BARCLAYS -

Banks/year

(07-08) SBI The bank had no focus towards cost deductions.

HDFC Focus was on technology and reduction in operating cost. ICICI Cost reduction strategy remains same as it was adopted in last year. CITI Attention on the importance of hedging currency exchange risks BARCLAYS -

Banks/year

(08-09) SBI During this financial year the bank decided to cut their activities which were producing costs and concentrate on new activities which r educe the costs. HDFC Cost reduction in value chain process and elimination of activities whic h were producing costs and affecting the profits of the firm. ICICI Focus on shareholders will stimulate the customers to take services from ICICI. CITI Continue with the same strategy of hedging. BARCLAYS -

CHAPTER2 (Differentiation factor strategies) Banks/year (04-05) SBI During this financial year the bank came up with the inc rease interest rate strategies as compared to their competitors. HDFC Increase market share in Indias expanding banking and financial services industry by following a disciplined growth strategy focusing On balancing quality and quantity and on delivering high quality customer servic e. ICICI focus on quality growth opportunities by: - maintaining and enhancing our strong retail and corporate franchise; - building an international presence; - strengthening our insurance business; and - building a rural banking franchise. CITI Focus on corporate banking and wholesale banking, which will help them t o gain long term relations with the other businesses. BARCLAYS Corporate governance is the major avenue of attention to attain competitive advantage in a market.

Banks/year

(05-06) SBI Due to the economic crisis the bank decided to focus on priority sector and increase their deposits, so that the amount so accumulated c an be disbursed to retail sector. HDFC To build sound customer franchises across distinct businesses so as to b e a preferred provider of banking services for target retail and wholesale cust omer segments, and to achieve a healthy growth in profitability, consistent with the Banks risk appetite. ICICI Focus on retail sector and insurance sector, to attain the competitive a dvantage in the market over the other banks. CITI On the Czech corporate finance and investment banking market and capital ized on knowledge Of local conditions, and this was bolstered by global experience from Citigroups worldwide operations. BARCLAYS Focus on the system of cards, which includes credit cards, debit cards and other cards facilities provided by the bank.

Banks/year

(06-07) SBI In order to differentiate from other banks SBI continued to target retail sector and came up with the new schemes for priority sector. HDFC Focus on providing overall services to the customers in order to satisfy their needs and increase their market share. ICICI Expand the ICICI Groups activities in the area of corporate social respon sibility, philanthropy and Community development. CITI Concentrate on international markets and increase the market share throu gh increased customer service. BARCLAYS approach is focused on the following areas: Our customers Financial inclusion Responsible lending Environment and climate change Supply chain management Our employees Community investment

Banks/year

(07-08) SBI To leverage technology to enhance customer care and conv enience the Bank extended Core Banking Solution. HDFC . Amalgamation with Centurion Bank of Punjab Limited to share the risk i n the economy and attain competitive advantage. ICICI Focusing on improvements in Agricultural productivity and creating efficient farm-to-market linkages, to cre ate new economic opportunities and employment generators in rural India and redu ce dependence on agriculture alone. CITI Increased customer service through better technology, which will provide 24 hours service to the customers and will also provide security to the custome rs. BARCLAYS Increase the level of services in UK, and maintain balance in ot her countries.

Banks/year

(08-09) SBI Introduced special schemes for deposits and borrowings. HDFC No changes in the strategy and canal focus on customer satisfaction. ICICI Focus its energies on partnering Indias growth for the long-term and creating value for its stakeholders. CITI Better implementation of the technology. BARCLAYS Develop Retail and Commercial Banking activities in selected cou ntries outside the UK and Enhance operational excellence.

ANALYSIS AND INTERPRETATIONS (Cost and differentiation results) STATE BANK OF INDIA(04-05)

Therefore the above figures and graphs shows how the increase in their interest rates have increase their deposits and the same their increased their overall pr ofits for the year ended 04.

(05-06)

As the bank didnt focused on their cost factor the cost factor has increased and their main focus was on retail sector which helped them to make good profits. The focus on retail sector has led to the 9.19% change in their total income.

(06-07)

During this financial year SBI increased their branches but their profits didnt i ncrease in the same proportion to the increase in their branches. The reason behind this was Firstly they did not come up with the steps which would help them to decrease th eir costs. Secondly, instead of providing technological support to their customers they wer e providing physical support by increasing their branches in different cities an d area.

(07-08)

As now the bank started concentrating on the technology, the customers were able to have easy access to the services of banks, as a result of which their deposi ts and borrowings have increased which in turn, have increased their net profit by 48.18%.

(08-09)

With the reduction of the cost cutting activities and greater focus on loans and advances the borrowings and deposits by the banks have increased to the large e xtend.

HDFC(04-05) Mar 05 12 mths Income Interest Earned 3,093.49 Other Income 637.36 Total Income 3,730.85 Expenditure Interest expended 1,315.56 Employee Cost 276.67 Selling and Admin Expenses 506.44 Depreciation 144.07 Miscellaneous Expenses 634.49 Preoperative Exp Capitalized 0.00 Operating Expenses 1,261.62 Provisions & Contingencies 300.05 Total Expenses 2,877.23

As the main focus of the bank was on providing quality services to the customers , this is the reason that their income is high and the major proportion of their income comprises of the interest received from the customers.

(05-06)

As the strategy of the bank states that the main focus is on retail sector, the above table shows how the bank has allocated 41.3% of their credit to this secto r, which has resulted on the higher profit margin.

(06-07)

The above chart shows how they have achieved their strategy, as their main focus is on increasing market share which can be reflected through the profit after t ax. As their market share has increased over the period their profit margins have al so been increasing over the years.

(07-08) The above data reflects how an amalgamation with the other bank has increased th eir profits, the reason behind this was that they allocated and utilized their r esources well and took the competitive advantage in the market by providing bett er services to their customers, which can be reflected through their profits.

(08-09)

The balance sheet of the bank reflects how the previous amalgamation and greater focus on customers have increased their profits margin.

CITI-

CITI bank in last five years did not concentrated on their cost factor but their main focus was on differentiation in terms of services being provided to the cu stomers and the value being offered to the customer. This strategy of differentiation has helped the CITI to increase their profits b ut their ignorance of cost factor has reduced the level of profits. As we can see in the above table it reflects how their cost has increased over t he period .their operating expenses are 11567199 and on the other hand their ope rating income is 1665866. Even though their income is high but the bank can offset their cost by eliminati ng their cost producing activities or the bank can integrate their activies in o rder to be cost efficient.

BARCLAYS-

In Millions of British Pounds (except for per share items) 2009 2009-12-31 Period Length 12 Months 2008 2008-12-31 Restated 2009-12-31 Period Length 12 Months 2007 2007-12-31 Period Length 12 Months 2006 2006-12-31 Period Length 12 Months 2005 2005-12-31 Period Length 12 Months Interest Income, Bank 21,236.0 28,010.0 25,308.0 21,805.0 17,232.0 Total Interest Expense 9,318.0 16,541.0 15,698.0 12,662.0 9,157.0 Net Interest Income 11,918.0 11,469.0 9,610.0 9,143.0 8,075.0 Loan Loss Provision 8,071.0 5,419.0 2,795.0 2,154.0 1,571.0 Net Interest Inc. After Loan Loss Prov. 3,847.0 6,050.0 6,815.0 6,989.0 6,504.0

Non-Interest Income, Bank 13,828.0 9,948.0 Non-Interest Expense, Bank (13,681.0) (11,172.0) Net Income Before Taxes 4,585.0 Provision for Income Taxes Net Income After Taxes 3,511.0 Minority Interest (883.0) Equity In Affiliates -U.S. GAAP Adjustment -Net Income Before Extra. Items Accounting Change -Discontinued Operations 6,777.0 Extraordinary Item -Tax on Extraordinary Items Net Income 9,405.0 4,399.0

18,313.0 (17,575.0) 5,136.0 1,074.0 4,683.0 (888.0) --2,628.0 -604.0 --4,417.0 7,076.0 453.0 5,095.0 (678.0) --3,795.0 ----4,571.0

12,862.0 (13,776.0) 7,136.0 1,981.0 5,195.0 (624.0) --4,417.0 ----3,447.0

14,219.0 (13,958.0)

5,280.0 1,941.0 1,439.0 3,841.0 (394.0) --4,571.0 3,447.0 ------

As the main focus of Barclays was on shareholder and UK market, the result of the ir strategy can be forecasted in the above charts and figures. As these charts represent how the Barclays has targeted their shareholders to at tract their customers and thereby contribute to their profit margins. The net income of Barclays has shown a constant growth over the last 5 years, wh ich indicates that the bank has been successfully implementing their strategies and have been able to achieve their targets. The only flaw lies in the Barclays is the cost consideration, as this factor has not been considered by the bank which is reducing their level of profits. For Barclays to increase their profits have to decrease their cost and have to i ncrease their market share in other countries rather than concentrating only on UK.

ICICI-

The strategy followed by ICICI bank in last 5 years has been changing from one f ield to another, as the bank is trying to focus on all the aspects of the financ ial services, which is restricting the bank to attain competitive advantage in t he market. The strategy can be reflected in the above tables how the profits and other fina ncial services are declining due to the widespread focus on all the activities. ICICI has to understand their specialization and then they have to formulate the strategy which will help them to attract the customers and thereby retain in th e market for the longer spam of time.

RECOMMENDATIONS The banks need to follow one area of their specialization and should use that sp ecialization to attain competitive advantage in the market. The banks should understand the market opportunity and should formulate the stra tegy in accordance to that and their strategy should be flexible i.e. the bank s hould be able to change their strategy without affecting the internal working of their activities. The banks are working towards better services to their customers and are develop ing technology to meet the needs of their customers, in this cost factor should also be considered. the banks are developing better technology to satisfy the needs of their custome rs , in this case affords should be made towards cost cutting technology, which would reduce the cost of providing better services to the customers. Some banks are targeting retail sector, in this they need to focus on their inte rest rates, as effective interest rates will not only increase their borrowings but will also increase their deposits into the banks, which will act as an impor tant source of funding for the banks. The major banks are also focusing towards increasing branches, in this case rura l areas should be targeted because the people in rural areas are not comfortable with the technology and they find it difficult to use the technology and in thi s case physical banking would be appropriate for them.

The excessive use of technology can also affect the performance of the banks; th erefore the banks should understand the market before they provide the services to the customers.

LIMITATIONS The report has only secondary data, there is no primary data. The strategy recognized may not be accurate as they have been analyzed from the annual reports and the financial figures of the banks. The study ahs been done Marjory for private and foreign banks and very little fo cus is on public sector banks. There is no practical exposure involved in the collection of the information abo ut the banks and their strategies. The report analyses the recent strategies being used by the banks.

CONCLUSION The banks have been adopting lots of strategies to satisfy the needs of the cust omers but their major focus is on technology and these banks have not been worki ng on cutting their costs, which forms an integral part in the contribution to t he profits. The major observation that I had made after the research on the banks was their financials; the financials of banks are inverse to what a corporate has, As their liabilities are the major source of income and their increased liabilit ies represents good financial positions. Finally, I would like to conclude by saying that the strategies used by all the banks are similar, but what matters is their way of implementing the strategies. Banks which are able to implement their strategies in an effective way attain c ompetitive advantage in the market.

APPENDIX A mutual fund is a professionally managed type of collective investment scheme t hat pools money from many investors and invests it in stocks, bonds, short-term money market instruments, and/or other securities. The mutual fund will have a f und manager that trades the pooled money on a regular basis. The net proceeds or losses are then typically distributed to the investors annually. Cost leadership strategy-This strategy emphasizes efficiency. By producing high volumes of standardized products, the firm hopes to take advantage of economies of scale and experience curve effects. The product is often a basic no-frills pr oduct that is produced at a relatively low cost and made available to a very lar ge customer base. Maintaining this strategy requires a continuous search for cos t reductions in all aspects of the business. The associated distribution strateg y is to obtain the most extensive distribution possible. Retail banking is a banking service that is geared primarily toward individual c onsumers. Retail banking is usually made available by commercial banks, as well as smaller community banks. Unlike wholesale banking, retail banking focuses str

ictly on consumer markets. Retail banking entities provide a wide range of perso nal banking services, including offering savings and checking accounts, bill pay ing services, as well as debit and credit cards. Through retail banking, consume rs may also obtain mortgages and personal loans. Although retail banking is, for the most part, mass-market driven, many retail banking products may also extend to small and medium sized businesses. Today much of retail banking is streamlin ed electronically via Automated Teller Machines (ATMs), or through virtual retai l banking known as online banking. Demat account is a safe and convenient means of holding securities just like a b ank account is for funds. Today, practically 99.9% settlement (of shares) takes place on demat mode only. Thus, it is advisable to have a Beneficiary Owner (BO) account to trade at the exchanges. Bank Account Vs Demat Account S. No. Basis Of Differentiation Bank Account Demat Account 1. Form of Holdings/Deposits Funds Securities 2. Used for Safekeeping of money Safekeeping of shares 3. Facilitates Transfer of money (without actually handling money) Transfer of shares (without actually handling shares) 4. Where to open A bank of choice A DP of choice (can be a bank) 5. Requirement of PAN Number Not Mandatory Mandatory (effective fro m April 01, 2006) 6. Interest accrual on holdings Interest income is subject to the applic able rate of interest No interest accruals on securities held in demat account 7. Minimum balance requirement AQB* maintenance is specified for certai n bank accounts No such requirement 8. Either or Survivor facility Available Not available

BIBLIOGRAPHY Annual reports -SBI (04-08) -HDFC (04-08) -BARCLAYS (04-08) -CITI (04-08) -ICICI (04-08) Published Books By Banks -IC-33 SBI -oriental schemes (SBI) -Barclays capital Internet -www.google.com -www.wikipedia.com

-www.sbi.com -www.hdfc.com -www.citigroup.com -www.barclayscapital.com -www.icici.com Books -IM pandey -advanced corporate finance -Michael porter book CONCEPT PAPER Microfinance institutions in India by Piyush Tiwari and S.M. Fahad