A

PROJECT REPORT

ON

Comprehensive Study of Service Quality on Liability Products Of ING VYSYA Bank & Its Competitors

TRAINING EXECUTED AT:

FARIDABAD

AS A REQUIREMENT IN THE PARTIAL FULFILLMENT OF P.G.D.M (2008-10)

SUBMITTED TO: SUBMITTED BY:

MR.KRISHNA PRASAD MR. JAGDEEP GANDHI Sales manager. Student Faridabad Asia Pacific Institute Of Management

1 ING VYSYA BANK FARIDABAD , HARYANA. ACKNOWLEDGEMENT

Enumerating and enlisting all the individuals whose contributions went into the making of the project is a very difficult task…

I offer my great sense of gratitude and thanks to Mr. KRISHNA PRASAD of ING Vysya Bank, who gave me a chance to work under him. I am obliged to him for encouraging me and for providing me valuable knowledge.

I am highly indebted to the whole corporate team of ING Vysya bank for giving their valuable time and advice regarding this project.

I owe a special word of thanks to the management of ING Vysya Bank, who provided me with this great opportunity for working and preparing this project report.

I am also grateful to all my Faculty Guide Prof.Shiladitya Dasgupta & a special mention to my programme director Prof.S.K.Kapoor without whom this project would have been impossible.

2 Finally I express my sincere gratitude to all those who directly or indirectly helped me in the successful completion of this project.

CONTENTS

Page no.

Executive summary…………………………………………………

1. Introduction…………………………………………………….

1.1 Company profile…………………………………………… 1.2 A word about the competitors…………………………..

2. Review of literature ……………………………………………

3. Objectives ………………………………………………………

4. Scope……………………………………………………………..

5. Methodology…………………………………………………….

5.1 Sample………………………………………………………. 5.2 Research instrument……………………………………..

3 6. Data collection & interpretation……………………………

6.1.1 Comparative analysis of corporate salary accounts………………………………………………….. 6.1.2 Comparison of ING Vysya’s savings account with other banks……………………………………………… 6.1.3 Comparison of ING Vysya’s current account with Other banks………………………………………………

6.2.1 SERVE QUAL results……………………………….. 6.2.2 Formulation of Hypothesis’s…………………………. 6.2.3 Graphical representation of data………………...….

6.3 SWOT analysis……………………………………………..

7. Conclusion …………………………………………………

8. Recommendation …………………………………………

9. Limitation …………………………………………………

References…………………………………………………

Annexure……………………………………………………

4

EXECUTIVE SUMMARY

It can be seen in the present scenario of banking sector i.e. post recession period that strong market players are striving to uncover market potentials and provide all services, combining innovation, quality, personal touch and flexibility in delivery so as to attract customers . The growing competition with in the nationalised banks, private banks and the foreign players are increasing the expectations of the customers like the catalyst. In such a scenario the customer would continue to be the centre-point of the business strategy. In short, you lose touch with the customer, and you lose everything. In middle of this post recession period certain events had such happened that equilibrium had once again shifted to nationalized banks, so private bankers are trying to build up on their competencies & coming up with new innovative products to regain their previous customers as well come up with new opportunities & rectification of old mistakes. Keeping in view such stiff competition, it’s a miniscule effort from my side under which I have tried to fulfill the following objectives:

. A complete comparative analysis of the ASPIRA account (salary account) of ING VYSYA bank. . To compare the features offered by the savings account of ING VYSYA bank with those offered by the others. . To compare the features offered by the current account of ING VYSYA bank with those offered by the others.

5 . To study the service quality of ING VYSYA bank’s corporate salary account. . To do a SWOT analysis of ING VYSYA bank.

For the comparison I have visited some of the banks and used the internet for the data; while to measure the service quality I have conducted a survey for the customers of ING Vysya and collected data from them. And based on this I have done the SWOT analysis.

The findings of the research lead to following conclusion:

1. ING Vysya has a strong brand association with an international fame group i.e. International Netherland Group. But so far the bank has not been able to establish it self so well here, in the minds of people here in India, unlike its competitors.

2. Due to RBI guide lines which have been some what restrictive for foreign players, ING Vysya cannot be blamed solely for being unpopular. It is expected that in the time to come when these guide lines would be eased ING Vysya would be able to utilize more resources and would be able to establish itself more efficiently.

3. The bank is facing the problem of being unpopular due to lack of its branches and ATMS in sufficient numbers all over INDIA.

4. Even in the comparative analysis it was found that most of the product features are almost the same, rather in some instances ING Vysya is superior for eg:-

6 i) It offers PAP cheque books to its customers where as other banks don’t. ii) It offers 2 free DD/PO to its customers where as banks like standard chartered don’t iii) It opens the salary accounts even at lower averages where as other banks are stringent in this respect. iv) In this period of post recession ING VYSYA Bank had come up with an initiative of innovative banking product called ING FORMULA Savings Account for the Formula 1 Fans residing in metro cities of India with an additional offering of Party vouchers of night clubs worth Rs.3000 , w.e.f. 1st August 2008.

5. Similarly in some cases some features of other banks are superior, for eg:- i) YES bank gives unlimited ATM transactions with its partner banks to all of its customers where as it offers only to orange customers ii) ICICI facilitates immediate transfer of funds which is not the case with ING iii) Customers also complain about its late salary transfer.

7 1. INTRODUCTION

ING Vysya Bank Ltd., is an entity formed with the coming together of erstwhile, Vysya Bank Ltd, a premier bank in the Indian Private Sector and a global financial powerhouse, ING of Dutch origin, during Oct 2002. The origin of the erstwhile Vysya Bank was pretty humble. It was in the year 1930 that a team of visionaries came together to found a bank that would extend a helping hand to those who weren't privileged enough to enjoy banking services. It is one of the oldest private sector banks offering banking products and services to retail and corporate customers. Its business has been organized into Retail Banking and Wholesale Banking.

Being new on the ground ING Vysya is making all its efforts to compete with its competitors in the best possible way. In its retail banking I got this opportunity to work and do the comparative analysis of Aspira account which is the salary account of the bank and measure its service quality, the reason I was given this project was the newness of the bank and hence its necessity to be aware of where it stands as compared to its competitors, how its products differ from its competitors, and how is it perceived by its competitors. To measure this perception I used the SERVE QUAL tool and surveyed its competitors.

8 As suggested by the faculty guide I also covered the rest of the liability products i.e. the savings account and the current account of the bank and compared its features with other banks namely; ICICI, HDFC, Yes bank, ABN Amro bank and Standard Chartered bank, to increase the knowledge about all the products and enhance my learning.

Finally I also did an over all SWOT analysis on the basis of data that I collected and knowledge of the present scenario that I gathered during my summer internship about the banking sector.

9 1.1COMPANY PROFILE

ING Vysya Bank Ltd., is an entity formed with the coming together of erstwhile, Vysya Bank Ltd, a premier bank in the Indian Private Sector and a global financial powerhouse, ING of Dutch origin, during Oct 2002. The origin of the erstwhile Vysya Bank was pretty humble. It was in the year 1930 that a team of visionaries came together to found a bank that would extend a helping hand to those who weren't privileged enough to enjoy banking services. It is one of the oldest private sector banks offering banking products and services to retail and corporate customers. Its business has been organized into Retail Banking and Wholesale Banking. Its Retail Banking business comprises four business units namely Consumer Banking, Small and Medium Enterprises (SME) Agriculture and Social Banking Unit (ASBU) and Private Banking. It’s banking products and services for retail customers include both loans and liabilities products and services. It offers a range of credit products including home loans, automobile loans, commercial vehicle loans, two wheeler loans, dealer financing, personal loans, debit cards, credit cards, loans against term deposits and loans against shares. It offers loans and fee-based services to small and medium enterprises. It finances agricultural activities and government-sponsored schemes. Its deposit products include demand deposits (savings and current accounts) and time deposits, with specific products for customers in various segments, like salary accounts, accounts for small and medium enterprises and non-resident Indian accounts. Our other retail products and services include private banking, fund transfer facilities and utility bill payment services.

10 Its Wholesale Banking is organized into three groups, Client Coverage, Products and Services and Financial Markets. While the Client Coverage group is responsible for managing relationships with identified client subgroups, the Products and Services and Financial Markets groups are responsible for product and service delivery to the entire Wholesale Banking client base.

ING Vysya Bank has a portfolio of banking solutions and a range of offerings for people from all walks of life, with a view to making banking an effortless task. Whether you require a simple savings account or a sound banking partner, ING Vysya Bank has the perfect solutions and products to ensure a wealthy future.

Savings Accounts

Out of the following one can choose the product suiting the most to their requirements and pockets. • Orange savings account • Freedom account • Formula savings account

Aspira account (Salary account)

These accounts are opened by the companies for their employees to transfer their salary. • Advantage salary account • Orange salary account

11 Current account

Small, medium and large businesses alike will find that ING Vysya Bank's current account offerings come with all the benefits needed to stay ahead of competition. Whatever the size or scope, one will find a current account option exclusively designed for him/her.

• General current account • Advantage current account • Orange current account.

My project revolves around these liability products, their comparison with similar products of other banks and study of service quality of the salary account.

1.2 A word about the competitors

ICICI BANK

ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial institution, and was its wholly-owned subsidiary. ICICI's shareholding in ICICI Bank was reduced to 46% through a public offering of shares in India in fiscal 1998, an equity offering in the form of ADRs listed on the NYSE in fiscal 2000, ICICI Bank's acquisition of Bank of Madura Limited in an all-stock amalgamation in fiscal 2001, and secondary market sales by ICICI to institutional investors in fiscal 2001 and fiscal 2002. ICICI was formed in 1955 at the initiative of the World Bank, the Government of India and representatives of Indian

12 industry. The principal objective was to create a development financial institution for providing medium-term and long-term project financing to Indian businesses. In the 1990s, ICICI transformed its business from a development financial institution offering only project finance to a diversified financial services group offering a wide variety of products and services, both directly and through a number of subsidiaries and affiliates like ICICI Bank. In 1999, ICICI become the first Indian company and the first bank or financial institution from non-Japan Asia to be listed on the NYSE.

After consideration of various corporate structuring alternatives in the context of the emerging competitive scenario in the Indian banking industry, and the move towards universal banking, the managements of ICICI and ICICI Bank formed the view that the merger of ICICI with ICICI Bank would be the optimal strategic alternative for both entities, and would create the optimal legal structure for the ICICI group's universal banking strategy. The merger would enhance value for ICICI shareholders through the merged entity's access to low-cost deposits, greater opportunities for earning fee-based income and the ability to participate in the payments system and provide transaction-banking services. The merger would enhance value for ICICI Bank shareholders through a large capital base and scale of operations, seamless access to ICICI's strong corporate relationships built up over five decades, entry into new business segments, higher market share in various business segments, particularly fee-based services, and access to the vast talent pool of ICICI and its subsidiaries. In October 2001, the Boards of Directors of ICICI and ICICI Bank approved the merger of ICICI and two of its wholly-owned retail finance subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, with ICICI Bank. The merger was approved by shareholders of ICICI and ICICI Bank in January 2002, by the High Court of Gujarat at Ahmadabad

13 in March 2002, and by the High Court of Judicature at Mumbai and the Reserve Bank of India in April 2002. Consequent to the merger, the ICICI group's financing and banking operations, both wholesale and retail, have been integrated in a single entity.

Today, ICICI Bank is India's second-largest bank with total assets of Rs. 3,793.01 billion at March 31, 2009 and profit after tax of Rs. 37.58 billion for fiscal 2009. ICICI Bank is the most valuable bank in India in terms of market capitalization and is ranked third amongst all the companies listed on the Indian stock exchanges in terms of free float market capitalisation*. The Bank has a network of about 1438 branches and 4,600 ATMs in India and presence in 19 countries.

ABN AMRO

On 29 March 1824 King Willem-I issued a royal decree creating the Nederlandsche Handel-Maatschappij with the aim of reviving trade between the Netherlands and the Dutch East Indies. In 1964, NHM merged with De Twentsche Bank to form Algemene Bank Nederland (ABN), while Amsterdamsche Bank and Rotterdamsche Bank joined to become Amsterdam-Rotterdam (Amro) Bank. In 1991, these two banks merged as ABN AMRO Bank. Today, ABN AMRO Bank has a powerful presence in world markets, building on a tradition of stimulating international trade. Today, with assets over US $504 billion and an AA credit rating, ABN AMRO Bank ranks among the top 10 banks in the world in size and strength. Our international network comprises 4500 branches and offices in over 320 cities and 76 countries and territories, with over 100,000 highly qualified staff. As a global bank, we can handle the

14 most complicated cross-border transactions, yet we also understand the subtleties of local markets. HDFC BANK

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 set up a bank in the private sector, as part of the RBI's liberalisation of the Indian 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 Bank commenced operations as a Scheduled Commercial Bank in January 1995.

HDFC was incorporated in 1977 with the primary objective of meeting a social need – that of promoting home ownership by providing long- term finance to households for their housing needs. It was promoted with an initial share capital of Rs.100 million. HDFC is a professionally managed organization with a board of directors consisting of eminent persons who represent various fields including finance, taxation, construction and urban policy & development. The primary objective of HDFC is to enhance residential housing stock in the country through the provision of housing finance in a systematic and professional manner, and to promote home ownership. HDFC is ranked 3rd amongst the Asian banking and finance sector for highest return on equity by Asian money. Its main goal is to develop close relationships with individual households, maintain its position as the premier housing finance institution in the country, transform ideas into viable and creative solutions, and provides consistently high returns to shareholders & to grow through diversification. Its most valuable assets are its Human Resources and it is its constant endeavor to continuously develop them by laying strong emphasis on their Training

15 & Development. HDFC main focus is on their employees' career development so that their aspirations can meet company’s goals.

Standard Chartered Bank

The Standard Chartered Group was formed in 1969 through a merger of two banks: The Standard Bank of British South Africa founded in 1863, and the Chartered Bank of India, Australia and China, founded in 1853.

Both companies were keen to capitalize on the huge expansion of trade and to earn the handsome profits to be made from financing the movement of goods from Europe to the East and to Africa.

In 1969, the decision was made by Chartered and by Standard to undergo a friendly merger. All was going well until 1986, when a hostile takeover bid was made for the Group by Lloyds Bank of the United Kingdom. When the bid was defeated, Standard Chartered entered a period of change. Provisions had to be made against third world debt exposure and loans to corporations and entrepreneurs who could not meet their commitments. Standard Chartered began a series of divestments notably in the United States and South Africa, and also entered into a number of asset sales.

From the early 90s, Standard Chartered has focused on developing its strong franchises in Asia, the Middle East and Africa using its operations in the United Kingdom and North America to provide customers with a bridge between these markets. Secondly, it would focus on consumer, corporate and institutional banking, and on the

16 provision of treasury services – areas in which the Group had particular strength and expertise.

In the new millennium we acquired Grindlays Bank from the ANZ Group and the Chase Consumer Banking operations in Hong Kong in 2000.

The Chartered Bank opened its first overseas branch in India, at Kolkata, on 12 April 1858. Eight years later the Kolkata agent described the Bank's credit locally as splendid and its business as flourishing, particularly the substantial turnover in rice bills with the leading Arab firms. When The Chartered Bank first established itself in India, Kolkata was the most important commercial city, and was the centre of the jute and indigo trades. With the growth of the cotton trade and the opening of the Suez Canal in 1869, Bombay took over from Kolkata as India's main trade centre. Today the Bank's branches and sub-branches in India are directed and administered from Mumbai (Bombay) with Kolkata remaining an important trading and banking centre.

17 2. REVIEW OF LITERATURE

Measuring Service Quality in Banks: An Assessment of Service Quality Dimensions

Service quality has been viewed as a multi-dimensional construct in marketing literature. Parasuraman, Zenithal, and Berry (1988) have conceptualized a five dimensional model. The five dimensions are reliability, responsiveness, empathy, assurance and tangibility. Their measurement instrument SERVQUAL is based on the five dimensional model. Gronroos (1982) had identified two service quality dimensions functional quality and technical quality. Functional quality represents the perception of the manner in which the service is delivered. Technical quality on the other hand represents the outcome of the service act or what the customer receives in the end. Brady and Cronin (2001) term it as outcome quality. The five dimensional model of Parasuraman et al. which has become almost the standard way of measuring service quality, essentially captures the functional quality. There is more attention on the functional service quality, particularly in

18 the more developed economies. But many products and services in the emerging markets compete at their expected product levels (Kotler, 2003). In some industries, the competition is at the basic product levels or core benefits. Market differentiation can be achieved through the way products and services are delivered; creating satisfying customer experiences about the company, employees and the delivery process; but this may not create the necessary competitive advantage for growth. Even in the business environments where the competition is at the augmented product level, it would be pertinent to know the relative strengths of industry specific aspects of “what is offered” versus “how it is offered”. Whether a below expectations service outcome is considered more important by customers or if an improper service delivery process and employee interaction is viewed more serious. Focus only on functional quality dimensions of service quality, therefore appears to be misplaced. Only a few studies have recently tried to empirically explore the outcome dimension of service quality (Kang and James 2004; Jain 2005). The present study fills the gap and looks at the relative importance of service quality dimensions in the Indian banking sector. The study that was conducted had final sample consisting of 131 usable questionnaires. The primary data was collected by personally administering the questionnaire. Mean age, household income and education level of the sample is 29 years, Rs 21,000.00 and some college education respectively. Government service, private service and own business is represented by 25, 25 and 26.5 percent of the participants. The sample had 91% male respondents. Nationalized banks represent 97% of the banks patronized by the participants. Data was collected in the month of February 2005. Evidence of convergent validity was examined through simple correlation with the independently measured overall quality score.

19 Corresponding correlations with independently measured overall value score were used for observing discriminant validity. It was found that the service quality dimensions had internal consistency; however outcome quality could not establish convergent validity and discriminant validity conclusively. The results buttress the multidimensional structure of service quality. Though some service quality dimensions are found to be similar to the ones posited in five dimensional model, the model as such is not supported in banking services. As expected, in the study, the functional quality dimensions of responsiveness, assurance, empathy and tangibles do not have much significance for customers. Results however do not support the proposition that outcome quality dimension would emerge to be the important dimension. Reliability is found to be the vital dimension in customers’ perception of service quality. The findings of this study have important managerial implications. Customers regard reliability to be the most important dimension of services in banks. Reliability dimension is the descriptor of the functional quality and outcome quality (Brady and Cronin, 2001). This implies that the banks should be able to perform what they purport to perform – whether it is the functional quality aspect or the outcome quality aspect. Ignored in widely used measurement instruments, outcome quality features such as there should not be queues for withdrawals, making demand drafts etc have been found to be lagging behind the customers’ expectations and therefore warrant improvement. A moderate sample and a non parsimonious scale are some of the limitations of the study. The operationalisation of outcome quality needs improvement through further exploratory work.

20 3. OBJECTIVE OF THE STUDY:

. The objectives of the project are: . To conduct comparative analysis of the ASPIRA account (salary account) of ING VYSYA bank. . To compare the features offered by the savings account of ING VYSYA bank with those offered by the others. . To compare the features offered by the current account of ING VYSYA bank with those offered by the others. . To study the service quality of ING VYSYA bank’s corporate salary account. . To conduct a SWOT analysis of ING VYSYA bank

4. SCOPE

21 The project is mainly concentrated on the corporate sales of the bank i.e. on the ASPIRA account, which is the salary account of the bank, its comparative analysis and SWOT analysis. It also include the service quality delivered to and perceived by its customers using the serve- qual tool and comparison of rest of the liability products with similar products of other banks namely ICICI Bank, HDFC Bank, ABN AMRO Bank, and YES Bank. This would help the bank to measure its standing as compared to its competitors and find out where it lacks and needs improvement. The survey conducted on its customers of salary accounts provided valuable information as, what features are liked by them and which are not, and what are the areas where they feel ING Vysya needs improvement. This exercise also made its customers feel that ING Vysya wants to improve and is looking forward to their feedback so in a way it helped in improving its relationship with its customers.

5. METHODOLOGY

1. For the comparative analysis of a. Salary account b. Savings account c. Current account

22 I visited the banks to meet bank personnel who could guide me about the various features offered by them as part of their liability products.

2. A well documented ‘service quality model of Parasuram et.al.’(1985) was used as a conceptual framework for measuring service quality in ING Vysya Bank. Here the model has helped us to analyze the gap between the service quality expected by the management and its actual perception by the customer.

3. With the help of data so collected a SWOT analysis was done after visiting various banks, talking to various people through personal interviews.

5.1 SAMPLE

The sampling frame was provided by the bank from its data base out of which 30 companies were surveyed consisting of approximately 10 employees each. The study was conducted with the cooperation of the management and ING Vysya’s customers who took the valuable time out of their schedules to fill my questionnaire and give their feedback about ING Vysya’s services.

5.2 THE RESEARCH INSTRUMENT

The questionnaire used in this study followed the five basic dimensions of SERVEQUAL instrument developed by Parasuram. The instrument includes 7 items on special instruction from my industry guide because he wanted the questionnaire to be as short as possible so that the

23 customers are not bothered much and they don’t feel irritated while answering them. The customers and management were asked to mark their levels of perception and expectation respectively on a five-pointer scale. The gap hence found between the perception and expectation was administered consistently to find out the meaningful results. The questionnaire is given in the annexure.

6. DATA COLLECTION AND INTERPRETATION

For the first part which is the comparative analysis of liability products, data was collected by visiting the banks and finding on their respective websites. For the second part i.e. SERVE QUAL, primary data from 300 respondents was collected in 30 companies to measure the service quality gap. The number of respondents from the management side was 12, which were the part of corporate salary team. Personal interviews with some employees were also conducted to know the problems they encountered in detail. The response rate both at the companies I visited and at the bank was 100%.Reliability was tested using one way ANOVA to test whether any significant difference exist in the perceptions and expectations of customers and management respectively for all the parameters of SERVE QUAL model and are shown separately. And finally on the basis of the findings of the study a SWOT analysis was conducted.

The names of the companies from which the data was collected are given in appendix.

24 1. Given below are the features of different liability products offered by ING Vysya bank and after ward their comparison with similar products of other banks namely ICICI Bank, HDFC Bank, ABN AMRO Bank, and YES Bank.

a) Corporate Salary Account

This basically refers to opening of different companies employees account by providing them facilities, benefits & attractive schemes and various banking services, for opening of such account certain criteria must be fulfilled such as in case of ING Vysya Bank is concerned the following rules applies.

• The minimum number of employees of the corporate, whose salary accounts are to be opened, should be 20. • The average salary credit in to the employee’s orange salary account should be equal to or higher than Rs 20,000/- per month. • Where there is a joint account holder, the normal KYC norms need to be adhered to for the joint account holder. • Preferably corporate to have a current account with ING Vysya Bank.

There are two types of salary account offered by ING Vysya Bank.

25 i) Advantage salary account. (Avg salary less than 25,000)

• Zero balance account. • Free unlimited ATM transactions on the ING Vysya Bank ATM network and corporation bank ATM network. • 6 free ATM transactions per month at 20,000 (cirrus)ATMs • Free ING Vysya international debit card. • Re-issue charged at Rs.200/- per request. • Shopping convenience at over 200,000 merchant locations. • Free issue of personalized cheque books. • Free transfer of funds across all the branches of ING Vysya bank. • Free customer service line Internet banking facility. Free bill pay service at select centers. • Overdraft facilities to an extent of 50% of the last salary credit charged at 18% for number of days overdrawn & service charge of Rs.100/- for every month that the account is overdrawn. • Internet banking facility (Mi- bank) • Free customer service

ii) Orange salary account (Average salary more than 25,000)

• Zero balance account. • Free unlimited ATM transactions on all ING Vysya ATM’S. • Free issue of multi city personalised payable at par cheques . • Free of charges for pap payments. • Free transfer of funds between accounts across all 421 networked branches. (AAA banking.) • Free for life credit card based on the applicants eligibility.

26 • AAA cash deposits are restricted to two transactions with a value not exceeding RS. 50,000/- per month. Service charge of RS 100/- for every month that the account is overdrawn.

b) ING Vysya’s savings account:

ING Vysya Bank has a portfolio of banking solutions and a range of offerings for people from all walks of life, with a view to making banking an effortless task. Whether you require a simple savings account or a sound banking partner, ING Vysya Bank has the perfect solutions and products to ensure a wealthy future. It has two types of savings account

• Orange savings account • Freedom savings account • Formula savings account

Features of these savings accounts are as follows: i) Orange savings account:

• Quarterly Average Balance of Rs.5000/- to be maintained in the account. • Unlimited ATM transactions on all ING Vysya ATM’s.

27 • Free Unlimited ATM transactions in over 25,000 (Cirrus) ATM’s in India. • Shopping convenience at over 200,000 merchant locations, with the ING Vysya International Debit card.

• Free and unlimited issue and usage of Payable at Par (PAP) Cheques. • Free Electronic Bill Payment service –at select centres. • Free Transfer of funds across all networked branches.

• Free Personal Assistance Service - Smartserv at select centres* • Free Statement of Account through E-mail at no charge. • Customer RTGS (Real Time Gross Settlement) transactions at concessional rates.

• Free issue of Personalized chequebooks. • Mi-b@nk - Internet banking facility • Customer Service Line facility • Free for life Credit Card based on the applicants eligibility.√ • Penalty for non-maintenance of the quarterly average balance is Rs.600 + taxes per quarter. • Up gradation from any other savings account of the Bank to the Orange Savings account at no additional cost.

ii) Freedom Account

• Quarterly Average Balance to be maintained in the account reduced to zero. (Zero Balance Account). • Unlimited ATM transactions on all ING Vysya ATM's.

28 • Free four ATM transactions per month in over 25,000 other Bank ATM's in India. • Shopping convenience at over 200,000 merchant locations, with the ING Vysya International Debit card. • Free issue of personalized chequebooks. • Free Electronic Bill Payment service -at select centers. • Free Transfer of funds across all networked branches. • Free Statement of Account through E-mail at no charge. • Mi-b@nk - Internet banking facility • Customer Service Line facility • Conversion from other type of accounts to the Freedom Savings Account is not allowed. • Annual Maintenance Charge of Rs.1000/- + taxes to be collected in advance, upfront from the Customer every year.

iii)Formula 1 Savings Account

• Quarterly Average Balance to be maintained in the account is Rs. 25000. • Fill fuel across any petrol pump in India and get the 2.5% surcharge waived. • Free issue of ING FORMULA International debit card can be used across 11 million merchants worldwide • Contest for gift vouchers on F1 race days for customers on their debit card usage. • Free Spend based formula 1 merchandise . • Free unlimited usage of ATMs & Self banking Kiosks. • Free unlimited usage of other bank ATMs on the Maestro Cirrus network.

29 • Enhanced ATM cash withdrawal limit of Rs. 50,000/- per day in own ATMs / other bank ATMs. • Free issue of DDs up to Rs. 50,000/- per month without commission/charges. • Free Internet Banking facility (special looks & feel for ING Formula MiBank customers , Value added benefits like games / quiz/Formula 1 trivia etc. • Free SMS alerts to customers on transaction value > Rs.1500/- • Free bill pay facility through internet banking.

C) ING VYSYA’S CURRENT ACCOUNT

In today's fast-paced world, business regularly requires one to receive and send funds to various cities in the country. ING Vysya Bank Orange Current Account gives one the power of inter-city banking with a single account and access to more than 200 cities.

From personalized cheques that get treated at par with local ones in any city where we have a branch, to Free collection (if instruments are lodged directly) of outstation cheques (payable at branch locations), to free inter-city funds transfers of up to 200 lakhs per month, the bank’s priority services have become the benchmark for banking industry.

There are three products under ING Vysya’s current account, they are: • General current account • Advantage current account • Orange current account

30 Features of ING Vysya’s current account are: i) General account

• Access your account from any of the networked branches across India • Deposit cash at any of the branches (networked) across India • International debit card cum ATM card to access your account from the wide network of ING Vysya bank ATMs and self banking across the country • Enjoy FREE 24- hour Phone Banking and Net Banking facilities that helps you check your balance and other details • Attractive rates for inter-city/inter-branch transactions (Please refer Service Charges chart for details) • Utilize a safe deposit locker (available at selected branches) for your valuables and important documents • Personalized cheque book for enhanced security • Cash pick up and delivery services at selected centers ( subject to approval of RBI)

ii) Advantage current account

• Free remittance limit (DD/ PO/ PAP/ RTGS/ EFT/ NEFT) of Rs. 50 lakhs p.m.; power packed features with potential to save upto Rs.1.20 lakhs p.a.

31 • Free collection of outstation cheques at all branches of the Bank on local collection basis. # • Free unlimited transfer of funds within the Bank • Easy anywhere cash deposit and withdrawal (up to specified limit for self only) • Personalized cheque books and personalized payable at par cheques • Free SMS alerts * • Free standing instructions facility * for regular payments • Free ATM cum debit card with access to any ATM, of any bank ^ • Avail safe deposit locker facility (where available) on a preferential basis • Free 24 hours Customer Service Line (toll free) • Multiple channels to access your account and many more

Features indicated above are available against stipulated Quarterly Average Balance. Non-maintenance attracts penalty besides charges will be levied for facilities. • Customers to lodge the cheques directly with ING Vysya Bank at the location at which the cheque is payable.

Saving of Rs. 1.2 lakhs p.a. is calculated at 20ps % and is subject to usage of full limit of free remittance of Rs.50 lakhs p.m. • On the cirrus network

iii) Orange current account

32 • Free remittance limit (DD /PO /PAP /RTGS /EFT / NEFT) of Rs.2 crores per month; power packed feature with potential to save upto Rs.4.8 lakhs per annum. • Free collection of outstation cheques at all branches of the Bank on local collection basis . • Free mi-b@nk Internet Banking facility. • Free unlimited transfer of funds within the bank. • Easy anywhere cash deposit and withdrawal (upto specified limit for self only. • Free personalized cheque book (including PAP cheques). • Avail safe deposit locker facility (where available) on a preferential basis. • Free ATM cum debit card with free access to any ATM of any bank. • Free 24 hours Customer Service Line (toll free). • Multiple channels to access your account. • Free standing instructions facility for regular payments and many more

* Features indicated above are available against stipulated Quarterly Average Balance of Rs 1 lakh. Non - maintenance attracts penalty besides charges will be levied for usage of facilities.Please check for details #Customers to lodge the cheques directly with ING Vysya Bank at the location at which the cheque is payable. * Conditions apply. Bank reserves the right to change, modify or delete some of the features, without notice.

33 * Saving of Rs.4.8 lakhs per annum is calculated at 20 ps. percent and is subject to usage of full limit of free remittance package of Rs.200 lakhs Per month On the Cirrus network.

Customer Profitability Matrix

34 High AUM per customer and low High AUM per customer & good revenue per customer. revenue generation per customer

Faridabad

Low AUM per customer and low Low AUM per customer but good revenue per customer revenue generation per customer

COMPARATIVE ANALYSIS

35 6.1.1 Comparative analysis of ING VYSYA Bank’s salary account features with other banks.

I) ING VYSYA V/S ICICI

FEATURES ING VYSYA ICICI

36 Min balance to be Zero Zero maintained ATM card Free of cost to every Free of cost to every account holder account holder Internet banking Available Available

Mobile banking Available Available

Online transfer of funds Available Available

Phone banking Available Available

Reimbursement account Not available Available ∗ OD facility Available, at 18% for no. Not available of days overdrawn Cash delivery and Not Available Available cheque pick up facility Cash withdrawal charges First 6 withdrawals free First withdrawal is from ATM of cost from any cirrus free rest are charged network ATM at Rs.5 per 1000 subject to min. of Rs.150 Debit card fees for joint Free Rs.99 per annum account holder Issue of personalized Free Free cheque books Issue of PAP cheque Free for orange salary Rs.2 per leaf for every books account holders and Rs.2 account holder per leaf for advantage salary acc.

*Reimbursement account:

37 If you opt to disburse/reimburse the travel, food etc. expenses via reimbursement accounts, a reimbursement account can be opened simultaneously along with the Salary Account savings bank account, which would be linked together with the debit card already held by your employee.

Though features of both the banks are almost similar but the repute enjoyed by ICICI is commendable. The reason for this could be the time span by which ICICI came earlier and cashed on the opportunity of establishing it self in all the spheres. Other reasons could be:

1. Wide network of its branches and ATMs all over India, which makes it reliable. 2. Strong brand recognition in the minds of people. 3. Its facility of letting the customer transfer its fund online instantaneously where as in case of ING Vysya it takes one whole day to make it effective, though both the banks provide this facility of net banking. 4. A positive point with ING Vysya is that it offers free PAP cheque books to all of its orange salary account holders where as it is chargeable in case of other banks. 5. While talking to some customers of ICICI they complained about some hidden charges, which they said they never mentioned in the beginning (though they refused to disclose what these charges were.) II) ING VYSYA V/S HDFC

HDFC, one of the very popular brands in terms of corporate sales as well as other products, has features more or less same as ING Vysya but enjoys a very reputable stature. Like ING Vysya it also has two

38 products in case of salary accounts, classic and regular. Under classic, employees having monthly income Rs.7500 to Rs.14999 open their accounts while in regular; employees having their monthly income above Rs.15000 have their accounts. Its comparison can be done on following grounds:

FEATURES ING VYSYA HDFC Minimum balance to Zero Zero be maintained Statement of accounts Quarterly free of cost to Six monthly to classic every employee salary account holders and quarterly to regular salary account holders Cash withdrawal First 6 withdrawals free First 4 withdrawals free charges from ATM of cost from any cirrus of cost from any cirrus network ATM network ATM PAP cheque books Free for orange salary Chargeable for every account holders and Rs.2 body per leaf for advantage salary acc Cash delivery and Not available Available at selected cheque pick up facility centers Free phone banking Available Available

Free net banking Available Available

Issue of international Free for every body Only for regular salary debit card account holders Safe deposit lockers Not Available Subject to availability

39 Available, at 18% for no. Available at 1.5%+ 12% OD facility of days overdrawn (service charge) for no. of days overdrawn

HDFC again is one of the most renowned and respected banks in our country and has the advantage of coming in to existence earlier, over ING Vysya. The brand value that it enjoys is commendable and it seems that it is one of the reasons why people prefer HDFC over ING Vysya. Apart from this other reasons contributing to it could be: 1. Wide network of its branches and ATMs all over India, which makes it reliable. 2. Strong brand recognition through advertisements and other sources. 3. RBI guide lines doesn’t allow ING VYSYA which is an MNC bank to open their ATMs in company premises which is not the case with banks like HDFC and ICICI hence companies which are already with these banks and enjoy this facility cant switch over even if they want to.

III) ING VYSYA V/S YES BANK

FEATURES ING VYSYA YES BANK Minimum balance to Zero Zero be maintained ATM card Free of cost to every Free of cost to every account holder account holder ATM transactions from First 6 withdrawals free ‘N’ number of other banks of cost from any cirrus withdrawals free of cost network ATM from any master’s network.

40 Reimbursement savings account for Not available Available expense- reimbursement PAP cheque books Free for orange salary Not available account holders and Rs.2 per leaf for advantage salary acc Cash delivery Not available Available

Internet banking Available Available, chargeable

Phone banking Available Available, chargeable

Mobile banking Available Available, chargeable

Financial planning for Not Available Available all employees once a quarter Free e-mail alerts Available Available

Issue of international Free for every employee Free for selected debit card employees Available, at 18% for no. Not available OD facility of days overdrawn

YES bank like ING Vysya is new on the ground and is similarly striving for existence. Though within a short span, it has gained a strong foothold but still it has a long way to go.

• One of the main differences between their features is the eligibility criterion. YES bank doesn’t open the corporate salary account of a company if its average salary (total salary being uploaded divided by no. of employees) is less than Rs.15000. which is not the case with ING Vysya. Due to the availability of

41 separate product, which is advantage salary account, ING Vysya entertains even those. • On the other hand YES Bank gives unlimited ATM transactions with its associated banks to its customers as it knows that it doesn’t have sufficient number of ATM outlets, where as ING allows only 6 ATM transactions to be free of cost.

IV) ING VYSYA V/S STANDARD CHARTERED BANK

FEATURES ING VYSYA STANDARD CHARTERED BANK Minimum balance to Zero Zero be maintained ATM card Free of cost to every Free of cost to every account holder account holder ATM transactions First 6 withdrawals free of First 4 withdrawals free from other banks cost from any cirrus of cost from any VISA network ATM electronic card network. PAP cheque books Free for orange salary Available account holders and Rs.2 per leaf for advantage salary acc Issue of free Available Not available Personalized cheque books Free phone banking Available Available

Free net banking Available Available

Statement of Free, quarterly Free quarterly, Rs.59 accounts additional for every

42 month you required it extra.

Available, at 18% for no. of Not available OD facility days overdrawn Shopping At 2,00,000 merchant Not available convenience locations D.D’s/P.O’s 2, free of charge for an Chargeable amount not exceeding Rs.10, 000

Standard chartered again enjoys a status of a very reputable bank and has a strong brand value compared to ING Vysya bank. The reliability factor is quite high in its case; where as people still think quite a lot before they go for choosing ING Vysya bank. As far as comparison is concerned it can be seen that

i. Standard Chartered Bank offers 4 transactions free of cost from VISA electronic card where as ING Vysya offers minimum 6 transactions free of cost.

ii. ING Vysya bank gives the OD facility where as Standard Chartered doesn’t.

iii. ING Vysya offers 2 D.D’s/P.O.’s free of cost where as Standard Chartered doesn’t.

43 V) ING VYSYA V/S ABN AMRO BANK

FEATURES ING VYSYA ABN AMRO BANK Minimum balance to zero Zero be maintained

ATM card Free of cost to every Free for every body account holder ATM transactions First 6 withdrawals free of Free with UTI Bank from other banks cost from any cirrus ATMs, from others it network ATM charges Rs.26 per transaction PAP cheque books Free for orange salary Not available account holders and Rs.2 per leaf for advantage salary acc

44 Issue of free Available Available, Rs.20 for Personalized cheque issue of next cheque books book Free phone banking Available Available

Free net banking Available Available

Statement of Free, quarterly Free, quarterly accounts Available, at 18% for no. of Not available OD facility days overdrawn D.D’s/P.O’s 2, free of charge for an Available, but not free amount not exceeding Rs.10, 000

As we can see that features of ING Vysya and ABN Amro bank are almost same but both the banks are new and have a long way to go.

i. One major difference between them is their ATM facility, ING Vysya gives minimum 6 free cash withdrawal from cirrus network whereas ABN Amro gives free cash withdrawal only from UTI besides itself. Since the bank is new and doesn’t have a good ATM network it should work on establishing its own network. ii. ING Vysya bank gives the OD facility where as ABN Amro doesn’t.

iii. ING Vysya offers 2 D.D’s/P.O.’s free of cost where as ABN Amro doesn’t.

6.1.2. Comparison of ING Vysya’s saving account with the savings account of other banks

45 i) ING VYSYA V/S STANDARD CHARTERED BANK.

FEATURES ING VYSYA STANDARD CHARTERED BANK NO. OF PRODUCTS Two: orange savings Two: aassan and axcess account and freedom plus account Average quarterly account Rs.5,000 on orange, and Rs.10,000 for aassan balance nil for freedom and 10,000+ for axcess Statement of account Quarterly free, and Quarterly free monthly e-statement free(if asked for) ATM usage 4 free for freedom 4 free if average account, unlimited free quarterly balance is on cirrus for orange maintained; unlimited account holders ;un free from standard limited from ING Vysya chartered. Regular debit card Rs.200 Free

Gold debit card Rs.799 Not available

D.D. Rs.50 for amt up to Min Rs.50 up to 10,000. Rs.10,000;Rs.2.50 per then 0.25% on part 1000 for amt up to there of. 50,000;Rs 2 per 1000 for amt greater than 50,000 Pay order (P.O.) Same as above. Rs.75 for aassan and Rs.50 for Axcess. Branch transaction Free for both Free, and Rs.50 if average quarterly balance is not maintained. Personalized cheque Free Free, otherwise Rs.50 books

46 Balance enquiry Free Rs.20

ii) ING VYSYA V/S YES BANK

FEATURES ING VYSYA YES BANK NO. OF PRODUCTS Two: orange savings Two: savings account, account and freedom gold savings account. account Average quarterly account Rs.5,000 on orange, and Rs.10,000 for savings balance nil for freedom account and Rs.100000 for gold savings account. Fee for non maintenance Rs.600 per quarter Rs.300 for savings of quarterly average account and Rs.600 for balance gold saving account. Statement of account Quarterly free, and Quarterly free for both. monthly e-statement free (if asked for). ATM usage 4 free for freedom Unlimited free on all the account, unlimited free banks in India. on cirrus for orange account holders ;un limited from ING Vysya Regular debit card Free for first year, then Rs.149 for savings Rs.150 there after. account, free for gold savings account. Gold debit card Rs.799 Rs.799

D.D. Rs.50 for amt up to Min Rs.50 then Rs.2.5 Rs.10,000;Rs.2.50 per per 1000 for savings 1000 for amt up to account and Rs.1.5 per 50,000;Rs 2 per 1000 for 1000 for gold savings

47 amt greater than 50,000 account.

Pay order (P.O.) Same as above. 5 free for savings account and 10 free for gold savings account, per year Branch transaction Free for both the account 5 transactions for holders savings account and 10 transactions for gold savings account are free per year Personalized cheque Free Free books Balance enquiry Free Free

iii) ING VYSYA V/S ABN AMRO

FEATURES ING VYSYA ABN AMRO BANK NO. OF PRODUCTS Two: orange savings Two: flex plus and flex account and freedom advantage account account Average quarterly account Rs.5,000 on orange, and nil Rs.10000 for flex plus and balance for freedom nil for flex advantage. Fee for non maintenance of Rs.600 per quarter Rs.300 if its greater than quarterly average balance 7500/-, Rs.400 if its greater than 5000 and Rs.500 if its less than 5000. Statement of account Quarterly free, and monthly Quarterly free, monthly e- e-statement free (if asked statement free. for). ATM usage 4 free for freedom account, Free on ABN AMRO and unlimited free on cirrus for UTI withdrawal, orange account holders ;un limited from ING Vysya

48 Regular debit card Free for first year then Rs.180 Rs.150 per annum. D.D. Rs.50 for amt up to Rs.50 on own branches Rs.10,000;Rs.2.50 per 1000 0.25% on other’s for amt up to 50,000;Rs 2 branches. per 1000 for amt greater than 50,000 Pay order (P.O.) Same as above.

Branch transaction Free for both Free

Personalized cheque books Free Free

Balance enquiry Free Rs.5 on master card ATMs.

iv) ING VYSYA V/S ICICI BANK

FEATURES ING VYSYA ICICI BANK NO. OF PRODUCTS Two: orange savings Three: category A, B account and freedom and C. account Average quarterly account Rs.5,000 on orange, and Rs.5000 for A, Rs.2000 balance nil for freedom for B, and Rs.1000 for C. Fee for non maintenance Rs.600 per quarter Rs.750 per qtr for A & B of quarterly average and Rs.100 per qtr for balance C. Statement of account Quarterly free and Free physical statement monthly e-statement free per qtr otherwise (if asked for). Rs.200 per month for physical form. Free e-

49 statement per month.

ATM usage 4 free for freedom Rs.20/month for cash account, unlimited free withdrawal & and Rs.60 on cirrus for orange for same with non account holders ;un partner banks. limited from ING Vysya Regular debit card Free for first year then Rs.99 per annum for all Rs.150 per annum. the products. D.D. Rs.50 for amt up to Rs.2 per thousand Rs.10,000;Rs.2.50 per rupees or part thereof, 1000 for amt up to subject to a minimum 50,000;Rs 2 per 1000 for of Rs.50 amt greater than 50,000 Branch transaction Free for both Rs.2.50/ thousand, subject to min of Rs.30 and max of Rs.10000 Personalized cheque Free 2 payable at par books cheque books of 25 leaves each free in a quarter, Rs.50/- for additional cheque book of 25 leaves. Balance enquiry Free Rs.10 with partner banks & Rs.25 with non partner banks.

v) ING VYSYA V/S HDFC BANK

FEATURES ING VYSYA HDFC BANK

50 NO. OF PRODUCTS Two: orange savings Three products: regular, account and freedom savings plus & savings account max; each of which are further divided into option 1 and 2.(I have taken comparative product that is option 1 of regular savings acc.) Average quarterly Rs.5,000 on orange, and Rs.5000 account balance nil for freedom Fee for non maintenance Rs.600 per quarter Rs.750 per qtr. of quarterly average balance Statement of account Quarterly free and Monthly statements to be monthly e-statement free Collected from branch. (if asked for). Quarterly statements sent by post ATM usage 4 free for freedom First 4 withdrawals free account, unlimited free of cost from any cirrus on cirrus for orange network ATM account holders ;un limited from ING Vysya Regular debit card Free for first year then Rs.100 plus taxes Rs.150 per annum. D.D. Rs.50 for amt up to Rs.50 for amt up to Rs.10,000;Rs.2.50 per 10000, Rs.75 for amt 1000 for amt up to greater than 10000 and 50,000;Rs 2 per 1000 for up to up 50000, Rs. 2.50 amt greater than 50,000 per 1000 or part thereof (Min Rs.150) for amt greater than 50000 Pay order (P.O.) Same as above. Same as above.

Branch transaction Free for both Free 3 free in the qtr & Rs. 60 per additional transaction on non-

51 maintenance of Min balance (cash deposit/withdrawal) Personalized cheque Free Free, Rs.5 per leaf on non books maintenance of Min balance Balance enquiry Free Free 6.1.3. The comparison of ING Vysya’s current account with similar product of other banks is given below:

I) ING VYSYA V/S HDFC BANK

FEATURES ING VYSYA HDFC Number of products Three: general, Four: plus, trade, advantage and orange premium, and regular Average quarterly Rs.10000 for general CA, Rs.100000 for plus, balance Rs.50000 for advantage Rs.40000 for trade, CA, & Rs.100000 for Rs.25000 for premium, & orange CA Rs.10000 for regular Fee for non maintenance Rs.750 pq for GCA, Rs.6000 for plus, Rs.1200 of AQB Rs.1500 pq for ACA, & for trade, Rs.900 for Rs.4000 pq for OCA. premium and Rs.750 for regular. Statement of account Free once in a month Free once in a month (physical or e-mail) Issue of cheque book Rs.2.5 per cheque leaf PAP cheque books; 300 for GCA and free for leaves free pm for plus, others 200 leaves free pm for trade, 100 leaves free pm for premium and Rs.2 per leaf for regular

52 ATM usage Free usage of ING Vysya, Free usage of HDFC bank Rs.45 on withdrawal from ATMs. other banks Issue of international Free for 1st year, Rs.150 Free for first year debit card there after Transfer from one Free for all Free for all account to other (intercity) D.D/P.O. Free as per schedule for Free up to 50 DDs per GCA, free up to 50 lkhs month. Above 50 per month then charges transactions, charges @ as per schedule for rest, Rs. 25/- per DD for plus, in case of ACA and for Free up to 30 DDs per OCA free up to 200 lkhs month. Above 30 then charges as per transactions, charges @ schedule on the greater Rs. 25/- per DD for trade; amount. DD Amount Up to Rs. 50,000 charges Rs. 40/- per DD, Above Rs. 50,000 and up to Rs. 100,000- Rs. 25/-, Above Rs. 100,000- Free for premium and DD Amount Up to Rs.50,000 charges Rs.40/- per DD, Above Rs.50,000 and up to Rs.100,000- Rs.25/-, Above Rs.100,000- Free for regular. Charges for PAP cheque Rs.0.50/1000 with a min Free in the manner as payments of Rs.5 per payment in stated above. case of GCA, free up to cumulative value of 50 lkhs pm then same is followed as in GCA, for

53 OCA free up to a cumulative value of 200 lkhs pm then same is followed as in GCA. Balance enquiry Rs.15 for all Rs.25 for all

II) ING VYSYA V/S ABN AMRO BANK

FEATURES ING VYSYA ABN AMRO Number of products Three: general, Three: value + silver 40, advantage and orange value + gold 100, and value + gold 500. Average balance Rs.10000 for general , Rs.40000 for value + Rs.50000 for silver 40, Rs.100000 for advantage ,& Rs.100000 value + gold 100 and for orange(quarterly) Rs.500000 for value+gold 500(daily) Fee for non maintenance Rs.750 pq for GCA, Rs.250-Rs.750 pm for of AQB Rs.1500 pq for ACA, & value +silver, Rs.500- Rs.4000 pq for OCA. Rs.1200 pm for value+gold100, Rs.1000- Rs.3000 for value + gold 500.

54 Statement of account Free once in a Free once in a month. month(physical or e-mail) Issue of cheque book Rs.2.5 per cheque leaf Only payable at par for GCA and free for cheque books( charges others given below) ATM usage Free usage of ING Vysya, Free usage at ABN AMRO Rs.45 on withdrawal from and Rs.5 at UTI banks other banks and Rs.20 at cirrus network. Issue of international Free for 1st year, Rs.150 Not available debit card there after Transfer from one Free for all Free, unlimited account to other (with in own bank, intercity) D.D/P.O. Free as per schedule for Rs.200000 pm at 0.20% GCA, free up to 50 lkhs with min of Rs.50 for per month then charges value+silver40; as per schedule for rest, Rs.2000000 pm at 0.15% in case of ACA and for with min of Rs.50 for OCA free up to 200 lkhs value + gold 100; then charges as per Rs.4000000 pm at 0.15% schedule on the greater with min of Rs.50. amount. Charges for PAP cheque Rs.0.50/1000 with a min Rs.225 for 25 leaved payments of Rs.5 per payment in cheque book for value+ case of GCA, free up to silver 40, same cheque cumulative value of 50 book free for the rest. lkhs pm then same is followed as in GCA, for OCA free up to a cumulative value of 200 lkhs pm then same is followed as in GCA. Balance enquiry Rs.15 for all Rs.5 at UTI and Rs.20 at cirrus network.

55 III) ING VYSYA V/S STANDARD CHARTERED BANK

FEATURES ING VYSYA STANDARD CHARTERED BANK Number of products Three: general, Five: business plus 25, advantage and orange business plus, enhanced business plus 100, enhanced business plus 500, enhanced business plus 1000. Average quarterly Rs.10000 for general CA, It is Rs.25000, Rs.50000, balance Rs.50000 for advantage Rs.100000, Rs.500000 CA, & Rs.100000 for and Rs.1000000 orange CA respectively for the above products. Fee for non maintenance Rs.750 pq for GCA, Vary between Rs.750 to of AQB Rs.1500 pq for ACA, & Rs.3000 for different Rs.4000 pq for OCA. products. Statement of account Free once in a Free once in a month month(physical or e-mail) Issue of cheque book Rs.2.5 per cheque leaf Free personalized cheque for GCA and free for books to every one. others ATM usage Free usage of ING Vysya, Free at standard Rs.45 on withdrawal from chartered bank ATMs and other banks Rs.50 at visa ATMs for all. Issue of international Free for 1st year, Rs.150 Instead they offer gold debit card there after card at an annual fee of Rs.799 to every one. Transfer from one Free for all Free for all account to other

56 (intercity)

D.D/P.O. Free as per schedule for DD: 0.25% for business GCA, free up to 50 lkhs plus 25, 75 per qtr free per month then charges for business plus, and as per schedule for rest, free for the rest. in case of ACA and for PO: 75 free per qtr for OCA free up to 200 lkhs business plus 25 and then charges as per business plus, and schedule on the greater unlimited for the rest. amount. Charges for PAP cheque Rs.0.50/1000 with a min Not available payments of Rs.5 per payment in case of GCA, free up to cumulative value of 50 lkhs pm then same is followed as in GCA, for OCA free up to a cumulative value of 200 lkhs pm then same is followed as in GCA. Balance enquiry Rs.15 for all Rs.20 for all

IV) ING VYSYA V/S YES BANK

FEATURES ING VYSYA YES BANK Number of products Three: general, Four: CA 25, CA 75, CA advantage and orange 200 and CA 500.

57 Average quarterly Rs.10000 for general CA, Rs.25000, Rs.75000, balance Rs.50000 for advantage Rs.200000 and CA, & Rs.100000 for Rs.500000 respectively orange CA for the above products. Fee for non maintenance Rs.750 pq for GCA, Rs.1000, Rs.1500, of AQB Rs.1500 pq for ACA, & Rs.2000, and Rs.4000 Rs.4000 pq for OCA. respectively for the above products Statement of account Free once in a Free once in a month. month(physical or e-mail) Issue of cheque book Rs.2.5 per cheque leaf Rs.2 per leaf for CA 25 for GCA and free for and unlimited free for the others rest. ATM usage Free usage of ING Vysya, Information not available. Rs.45 on withdrawal from other banks Issue of international Free for 1st year, Rs.150 Information not available. debit card there after Transfer from one Free for all Rs.25 lakhs per month account to other subsequent 0.50 per (intercity) Rs.1000 for CA 25, Rs.50 lakhs per month subsequent 0.50 per Rs.1000 for CA 75, and unlimited for the rest. D.D/P.O. Free as per schedule for DD:2 Free Per Month GCA, free up to 50 lkhs Min-Rs.100 Max-Rs.5000 per month then charges for CA 25, 5 Free Per as per schedule for rest, Month in case of ACA and for subsequent Rs.1.75 per OCA free up to 200 lkhs rs.1000 or part there of then charges as per Min- Rs.100 Max-Rs.5000 schedule on the greater for CA 75, 5 Free Per amount. Month subsequent Rs.1.50 per rs.1000 or

58 part there of Min- Rs.100 Max-Rs.5000 for CA 200 and free for CA 500. PO: 2 Free Per Month Subsequent 0.75 per Rs.1000. Min- Rs.75 Max- Rs.5000 for CA 25, 5 Free Per Month. Subsequent 0.75 per Rs.1000. Min- Rs.75 Max- Rs.5000 for CA 75 and free for the rest. Charges for PAP cheque Rs.0.50/1000 with a min Free unlimited payments of Rs.5 per payment in case of GCA, free up to cumulative value of 50 lkhs pm then same is followed as in GCA, for OCA free up to a cumulative value of 200 lkhs pm then same is followed as in GCA. Balance enquiry Rs.15 for all Information not available.

SERVEQUAL ANALYSIS

59 6.2.1 The results of the study include analysis of the perception and the expectation gap of between the customers and the management respectively. Here,

• Table # 1 the average perception scores of the service quality experienced by the customers across all the companies is shown.

• Table # 2 shows the average expectation scores as per the management about their services.

• Table # 3 shows the overall gap between the perception and the expectation.

TABLE # 1

SERVEQUAL DIMENSIONS AND THEIR ITEMS ‘P’ score

Tangibles

Extent to which you are satisfied with the services 6.66 provided by your bank, like ATM, cheque drop facility, nearness to the branch, doorstep facilities, and branch facilities

60 Assurance

Extent to which you are well informed and aware about all 6.50 products and facilities, which are provided by bank’s literature and staff.

Responsiveness

7.90 Extent to which you are satisfied with the staff of the bank and their act of helping you in solving your diverse problems and giving you prompt solution.

Reliability

You feel secure about your possessions and benefits provided by the bank through various products and schemes

The bank’s services are as per the norms and reliable in 8.92 all respects

Empathy

Extent to which you feel that your bank understands your needs and gives solutions as per your needs.

61 Extent to which you feel bank’s services are made for you 8.77 and staff also try to help you in all situations

(Source : primary data)

TABLE # 2

SERVEQUAL DIMENSIONS AND THEIR ITEMS ‘E’ score

Tangibles

Services provided by ING Vysya, like ATM, cheque drop 7.33 facility, nearness to the branch, doorstep facilities, branch facilities, salary transfer e.t.c.

Assurance

Extent to which your customers are well informed and 6.25 aware about all products and facilities, which are provided by bank’s literature and staff.

Responsiveness

62 The staff of the bank helps customers in solving their diverse problems and giving them prompt solution. 6.91

Reliability

Customers feel secure about their possessions and benefits provided by the bank through various products and schemes. 7.33

The bank’s services are as per the norms and reliable in all respects

9.25

Empathy

The bank understands their customers needs and gives solutions as per your needs.

7.16 Bank’s services are made as per the customer needs and staff also try to help them in all situations

6.91

(source: primary data)

63 Table # 3: aggregated dimensional scores

SERVE QUAL Dimensions P score E score Differenc e (P-E)

Tangibles 6.66 7.33 -1.33

Reliability 6.5 6.25 0.25

Responsiveness 7.9 6.91 0.99

Assurance 8.92 8.29 0.63

Empathy 8.77 7.04 1.73

(Source: primary data)

To study the service quality of ING Vysya bank, all those companies which were surveyed were categorized in to three categories/groups on the basis of their average salary uploaded and type of current account, they have in the bank.

• Group 1 had those companies whose average salary was up to Rs.10, 000 and no current account.

64 • Group 2 had those companies whose average salary was either above Rs.10, 000 or was below Rs.10, 000 but had normal current account also.

• Group 3 had those companies whose average salary was either above Rs.20, 000 or was below Rs.10, 000 but had orange current account also.

So once the data was collected related to perception and expectation scores and their gap, hypothesis were made on each parameter to find if there exists any difference between these groups using one way ANOVA, as far as these five parameters of service quality are concerned.

7.2.2 FORMULATION OF HYPOTHESIS

1. Ho: There is no significant difference among the groups of companies with regards to ‘tangibles factor’ offered by the bank.

Ha: The groups of companies do differ with regards to ‘tangibles factor’ offered by the bank

ANOVA: Single Factor (TANGIBLES)

SUMMARY Groups Count Sum Average Variance (P-E)GROUP1 10 -7.8 -0.78 0.494136 - (P-E)GROUP2 10 6.68462 -0.66846 0.104142 (P-E)GROUP3 10 -3.7 -0.37 0.273778

65 ANOVA Source of Variation SS df MS F P-value F crit Between Groups 0.898734 2 0.449367 1.545888 0.231401 3.354131 Within Groups 7.8485 27 0.290685

Total 8.747234 29

Here we can see that ‘F’ value is less than the ‘F crit’ hence we accept the null hypothesis that there is no difference between the groups as far as tangibles are concerned.

The reasons for such indifference could be: a) The bank is new, though it is trying to give best of its services but still facilities can be provided in a better manner when there is a strong network of branches. In NOIDA there is just one branch of ING Vysya bank which is not sufficient to serve the customers in a better manner. So in this case even the bank knows that it lacks and needs improvement and has fewer expectations which match the perception so there is no much difference between the groups. b) Same is the case with no. of ATMs which even the bank knows so it has rated itself lower in tangibles.

So in short the main reason for indifference is the familiarity of the employees of the bank with the problems that bank is facing which has lowered its expectations.

66 2. Ho: There is no significant difference among the groups of companies with regards to ‘assurance factor’ offered by the bank.

Ha: The groups of companies do differ with regards to ‘assurance factor’ offered by the bank

ANOVA: Single Factor (ASSURANCE)

SUMMARY Groups Count Sum Average Variance 0.03001 (P-E)GROUP1 10 -1.58333 -0.15833 5 3.80769 0.04444 (P-E)GROUP2 10 2 0.380769 4 0.23288 (P-E)GROUP3 10 8.7 0.87 9

ANOVA Source of Variation SS df MS F P-value F crit 5.29149 25.8248 3.35413 Between Groups 3 2 2.645746 6 5.39E-07 1 2.76613 Within Groups 9 27 0.10245

8.05763 Total 1 29

67 Here it can be seen that ‘F’ value is greater than ‘F critical’ hence we reject the null hypothesis and so there exist some difference between the groups regarding assurance of the bank. Under reliability it was asked to people if they are informed about various products and schemes that are launched by the bank through any means and to this we received different answers and it proved to be a weak area for the bank in terms this difference. According to me reasons for this could be:

a) Group 1 companies are generally the export houses, or small companies whose average salary is not much and the level of education among the employees there, is not equivalent hence most of them don’t even know how to use internet, which is a common source of informing people

b) It was noticed that most of the companies in group 1 and 2 are from locations which are quite far from the NOIDA branch of ING Vysya so they wanted some body to visit them often so that they can get these information easily so they were not satisfied with the bank in this regard on the other hand group three companies are generally the call centers whose employees are tech- savvy and hence get the relevant information on their e-mails.

The bank’s average expectations are coming to be around 6.25 and the groups’ perception were generally lower in case of group 1 and almost the similar and higher respectively for group 2 and 3 than the same number.

68 3. Ho: There is no significant difference among the groups of companies with regards to ‘responsiveness factor’ offered by the bank.

Ha: The groups of companies do differ with regards to ‘responsiveness factor’ offered by the bank

ANOVA: Single Factor (RESPONSIVENESS)

SUMMARY Groups Count Sum Average Variance 0.10925 (P-E)GROUP1 10 7.3 0.73 9 0.05101 (P-E)GROUP2 10 10.64615 1.064615 9 0.23333 (P-E)GROUP3 10 13.8 1.38 3

ANOVA Source of Variation SS df MS F P-value F crit Between 2.11311 1.05655 3.35413 Groups 6 2 8 8.052796 0.001808 1 3.54250 0.13120 Within Groups 5 27 4

5.65562 Total 1 29

Here we can see that ‘F’ value is greater than the ‘F critical’ hence we reject the null hypothesis and there exists difference between the groups. Under responsiveness the question was regarding the employees that if they listen to their problems and give them prompt solutions. According to me for the whole span of two months during which I

69 worked for the bank I saw that each employee be it of any hierarchy use to listen to problems of those who came to bank, very sincerely so there is no doubt that they don’t listen. But reasons for the difference in service quality could be due to following:

a) The group 1 companies which are generally small companies are scattered in NOIDA and Greater NOIDA, the customers don’t want to come to branch and want every thing to be done right from their office which is not possible every time and this becomes their reason for grief that bank doesn’t listen to them where as group 3 companies which are few in number and are big ones are in NOIDA itself and coincidently nearer to the branch too, so there is no problem for the employees of the bank to go to visit them and vice-versa.

b) For all those who came to the branch with their problems there is not a single case when the problem wasn’t solved. The main problem here again lies with the network of branches and ING Vysya seriously needs more number of branches in NCR.

4. Ho: There is no significant difference among the groups of companies with regards to ‘reliability factor’ offered by the bank.

Ha: The groups of companies do not differ with regards to ‘reliability factor’ offered by the bank

ANOVA: Single Factor RELIABILITY

70 SUMMARY Groups Count Sum Average Variance (P-E)GROUP1 10 7.183333 0.718333 0.025386 (P-E)GROUP2 10 5.1 0.51 0.026561 (P-E)GROUP3 10 5.9 0.59 0.090667

ANOVA Source of Variation SS df MS F P-value F crit Between Groups 0.220907 2 0.110454 2.323483 0.1172 3.354131 Within Groups 1.283525 27 0.047538

Total 1.504433 29

Here, ‘F’ value is less than the ‘F critical’ value hence the null hypothesis is accepted and there is no difference between the groups regarding reliability of the bank. Under reliability we asked the customers if they feel secure about their possessions and if they feel that bank’s services are as per the norms of the RBI to which almost all of them rated between 8 and 10 which shows that the bank is credible in the eyes of its customers and all the customers are treated in the same manner by the bank.

5. Ho: There is no significant difference among the groups of companies with regards to ‘empathy factor’ offered by the bank.

Ha: The groups of companies do not differ with regards to ‘empathy factor’ offered by the bank

71 ANOVA: Single Factor (EMPATHY)

SUMMARY Groups Count Sum Average Variance 0.05563 (P-E)GROUP1 10 17.35 1.735 3 16.8307 1.68307 0.03839 (P-E)GROUP2 10 7 7 6 (P-E)GROUP3 10 18.6 1.86 0.02

ANOVA Source of Variation SS df MS F P-value F crit Between 0.16540 0.08270 2.17589 Groups 9 2 5 4 0.133006 3.354131 1.02625 Within Groups 7 27 0.03801

1.19166 Total 6 29

For empathy also the value of ‘F’ is less than the ‘F critical’ hence the null hypothesis is accepted that there is no difference between the groups regarding empathy shown by the bank. Under empathy it was asked to customers if they feel that bank understands the customer needs and provide the solutions as per the needs and if they feel that bank’s services are made as per their requirements to which most of them replied in

7.2.3 GRAPHICAL REPRESENTATION OF THE DATA

72 Following is the graphical representation of average perception scores given by the 30 companies for various parameters of SERVE QUAL model. Where

X-axis represents the range of scores and Y-axis represents the frequency.

1. Tangibles:

Services provided by ING Vysya, like ATM, cheque drop facility, nearness to the branch, doorstep facilities, branch facilities, salary transfer e.t.c.

RANGE OF SCORES GIVEN BY THE COMPANIES FOR TANGIBLES

20 19

15

10 Series1 7

5 4 0 0 2.0-4.0 4.1-6.0 6.1-8.0 8.1-10.0

The graph represents the frequency of companies lying in the given categories of scores as per their response to the tangibles. 2. Assurance

73 Extent to which customers are well informed and aware about all products and facilities, which are provided by bank’s literature and staff.

RANGE OF SCORES GIVEN BY THE COMPANIES FOR ASSURANCE

25 21 20

15 Series1 10 8

5 1 0 0 2.0-4.0 4.1-6.0 6.1-8.0 8.1-10.0

The graph represents the frequency of companies lying in the given categories of scores as per their response to the reliability of the bank.

3. Responsiveness

The staff of the bank helps customers in solving their diverse problems and giving them prompt solution.

74 RANGE OF SCORES GIVEN BY COMPANIES FOR RESPONSIVENESS

14 13 12 10 10 8 6 Series1 6 4 2 1 0 0 5.0-6.0 6.1-7.0 7.1-8.0 8.1-9.0 9.1-10.0

The graph above represents the frequency of companies lying in the given categories of scores as per their response to the responsiveness of the bank.

4. Reliability: It represents the average range of scores for the following two questions-

Customers feel secure about their possessions and benefits provided by the bank through various products and schemes.

The bank’s services are as per the norms and reliable in all respects

75 RANGE OF SCORES GIVEN BY COMPANIES FOR RELIABILITY

20 17

15 11 10 Series1

5 2

0 7.1-8.0 8.1-9.0 9.1-10.0

The graph represents the frequency of companies lying in the given categories of scores as per their response to the reliability of the bank.

5. Empathy: It represents the average range of scores for the following two questions-

The bank understands their customers needs and gives solutions as per your needs.

Bank’s services are made as per the customer needs and staff also try to help them in all situations

76 RANGE OF SCORES GIVEN BY COMPANIES FOR EMPATHY

24 25

20

15 Series1 10 6 5 0 0 7.1-8.0 8.1-9.0 9.1-10.0

The graph represents the frequency of companies lying in the given categories of scores as per their response to the empathy shown by the bank.

6. Besides the research, part of my job was also the corporate sales i.e. I was suppose to sell the salary account of the bank. So for that I use to first make a cold call in the companies, find out which bank are they with for salary account purpose and how would they like to switch to ING Vysya. Some companies open such accounts in 2-3 banks also so I used to convince them to make ING Vysya at least their second choice.

While making the sales call for pursuing companies to open the salary accounts of their employees in ING Vysya bank, there emerged a picture of how popular different banks are. Given below is a graph based on that picture of approximate market share hold by the banks.

77 On an average out of 100 calls made 26 said they are with ICICI and doesn’t want to change, 23 said they are with HDFC and are satisfied, 5 said they are with ABN Amro and want to continue, 10 said they are with standard chartered bank and are satisfied with their services, 3 were with YES bank and have tied up recently so cant change.

SWOT ANALYSIS

SWOT Analysis of ING Vysya Bank Ltd.:

Strengths Weaknesses

Global and trusted brand Low on exposure

High investment in e- Payments Limited ATM networks

Ongoing technology reinvestment Less advanced technology

Dedicated & Customised Client Solutions

Providing innovative products & Services

Leverage technology to satisfy customer demands

78 Opportunities Threats

Higher capital base Competition from other industry rivals First mover advantages Competition from other industry rivals Higher capital base Concern over NPA despite provisioning Fast turnaround on quotes for large volumes

79 Pie-Chart # 1: share of banks found, when sales call was made

market share

ICICI

HDFC

ABN AMRO

STANDARD CHARTERED YES BANK

OTHERS

80 6.3 SWOT ANALYSIS

STRENGTHS:

1. Strong brand association

The bank has got the biggest asset in the form of its association with the ING Group of Netherlands, which is a well-known financial house world over. The brand is considered to be a high quality service provider.

2. Marketing strategy.

The bank has very well targeted the market and is focusing on high net worth clientele. It gives a lot of stress in strategy making to take an edge over other bank.

3. Sales promotion techniques

Though the bank is new on the ground but still it has endeavored to make its mark in the minds of people through various sales promotion techniques like calling celebrities like Amrita Arora for inaugurating an ATM outlet and Ricky Ponting to give a speech on team work.

4. Wide network in southern India.

The bank is a well-known name in southern part of India which makes its roots much stronger there than many of its competitors.

81 WEAKNESS:

1. Lack of network in small cities and towns

The bank still needs to work on expanding its area of operation by opening more no. of branches. For example if we take NCR 1 branch in NOIDA, 1 in Greater NOIDA, 1 In Gaziabad, 1 in Faridabad don’t do. Since the Faridabad branch has a potential to discover more business.

2. Lack of brand awareness

Since the bank is new as compared to its competitors it needs to work on promoting its brand name so that it remains there on the people’s mind and they don’t confuse it with ICICI when they hear about it as it happens now.

3. Lack of no. of ATM outlets all over.

Though the bank has a tie up with no. of banks which let its customers withdraw money from there at least 6 times a month but still to make its presence feel having a strong ATM network is very much necessary.

OPPORTUNITY

82 1. Indian multinational

Many Indian companies are now in the race of overtaking multinationals; it’s a great opportunity for a Bank to provide their service to these multinationals, it will help bank in building their strong position in global market.

2. Globalization

Lots of multinationals are coming over, so having a global brand association it can cash on it and provide its services to them.

THREATS:

1. Competitors (existing as well as new to enter)

This is one of the biggest threats that it has in front of itself. The banking sector is witnessing and is expected to witness more players in future. Many of the FIs are thinking of converting into banks corporate houses are planning to launch their banks.

2. Bargaining power of buyers

Bargaining power of the buyers will be high, as they will be having lot of service providers to choose from. This will force bank to improve their service and emphasize upon the customer relationship management for their survival.

83 7. CONCLUSION

1. ING Vysya has a strong brand association with an international fame group i.e. International Netherland Group. But so far the bank has not been able to establish it self so well here, in the minds of people here in India, unlike its competitors.

2. Due to RBI guide lines which have been some what restrictive for foreign players, ING Vysya cannot be blamed solely for being unpopular. It is expected that in the time to come when these guide lines would be relaxed ING Vysya would be able to utilize more resources and would be able to establish itself more efficiently.

3. The bank is facing the problem of being unpopular due to lack of its branches and ATMS in sufficient numbers all over INDIA.

4. Even in the comparative analysis it was found that most of the product features are almost the same, rather in some instances ING Vysya is better for ex

a. It offers PAP cheque books to its customers where as banks others don’t. b. It offers 2 free DD/PO to its customers where as banks like standard chartered don’t c. It opens the salary accounts even at lower averages where as other banks follow strict policies in this regard.

5. Similarly in some cases some features of other banks are better, for ex

84 a. YES bank gives unlimited ATM transactions with its partner banks to all of its customers where as it offers only to orange customers b. ICICI facilitates immediate transfer of funds which is not the case with ING c. Customers also complain about its late salary transfer.

8. RECOMMENDATIONS

1. The bank should first of all try to increase its network by opening more and more branches and ATM outlets because in order to be there in the minds of the people it should be seen every where like ICICI and HDFC.

2. It should also use more and more media in order to be seen more, very good attempts have been made in these lines like calling Ricky Ponting, Amrita Arora for different purposes.

3. It should indulge more and more in to customer feed back, CRM practices so that they can also act as unpaid ambassadors of the bank and spread good word of mouth about its services.

4. During the survey was conducted there were some complaints of its customers related to tangibles which need to be addressed like: a. ATM blockage/hanging, mainly with lower class employees b. Delay in transfer of salaries

85 c. Delay in transfer of online funds. d. Problems with the statement of accounts that many of them haven’t received it. e. These are some problems which are related to operations and management needs to device some technique to speed up the whole process.

5. To solve the problem of ATM blockage which apparently is due to the fact that uneducated employees are not able to use it properly, the bank if thinks is reasonable enough can go for organizing some work shops for such people and teach them how to use it, besides solving the problem it can also attract media attention.

6. It is seen that the bank has no branch in Greater Noida so the customers that are there are also served by the Noida branch, so in order to ensure the satisfaction of those customers bank needs to send some executive regularly over there who could go and visit those places regularly which would further enrich a good relationship between them.

7. It needs to rethink its strategy in India i.e. needs to follow contingency approach. Since Formula 1 as a sports is not so popular in India, so rather than going for Formula 1 Account it could have created a product for the cricket fans, may be a product somehow related with DLF IPL 20-20.

8. It needs to increase its frequency of advertisements on television to get more business & create more brand awareness.

9. It needs to disclose some of the NGOs & other charitable institutions so as to increase the business.

86 87 9. LIMITATIONS

1. There were some problems in communicating with some of the people from the lower strata of the organization because they were not able to make any sense out of this exercise, so it took time to explain them the whole situation.

2. While collecting the information about the liability products from the banks there were some problems because the employees didn’t want to disclose their features to summer trainees but the potential customers.

3. The management of the bank was reluctant initially to share the data with me but after full assurance from my side of not misusing the data and long discussion among themselves they finally agreed to it.

4. There were financial constraints as well, otherwise the data could have been collected from more companies and from even more number of employees from each company.

5. The time constraint cannot be ignored because if it had been more the I may have been exposed to more number of problems which didn’t come in to picture by this time.

88 REFERENCES:

. http://www.ingvysyabank.com/scripts/retailbankin g.aspx . http://www.ingvysyabank.com/scripts/About_overv iew.aspx . http://www.icfaiuniversitypress.org/ . http://www.icfaiuniversitypress.org/507/pb.asp . www. icicibank .com . www. hdfcbank .com . www. standardcharter ed.co.in . www. abnamro .co.in . www. yesbank .in . http://www.iimk.ac.in/GCabstract/Ashwini %20Awasthi.pdf

. Professional banker, ICFAI university press, vol: April 2008

89 APPENDIX

Questionnaire

Name: Company name:

Age Designation:

Bank that carries your salary account:

Annual Salary:

up to Rs.1,00,000 Rs.1,00,000 to

Rs.2,00,000 Rs.2,00,000 to 4,00,000

Rs.4,00,000 to 6,00,000 Rs.6,00,000 and above

1. Extent to which you are satisfied with the services provided by your bank, like ATM, cheque drop facility, nearness to the branch, doorstep facilities, and branch facilities.

Highly satisfied satisfied moderate not satisfied not at all satisfied

90 2. Extent to which you are well informed and aware about all products and facilities, which are provided by bank’s literature and staff.

Highly satisfied satisfied moderate not satisfied not at all satisfied

3. Extent to which you are satisfied with the staff of the bank and their act of helping you in solving your diverse problems and giving you prompt solution.

Highly satisfied satisfied moderate not satisfied not at all satisfied

4. You feel secure about your possessions and benefits provided by the bank through various products and schemes.

Highly satisfied satisfied moderate not satisfied not at all satisfied

5. The bank’s services are as per the norms reliable in all respects

Highly satisfied satisfied moderate not

satisfied not at all satisfied

91 6. Extent to which you feel that your bank understands your needs and gives solutions as per your needs.

Highly satisfied satisfied moderate not satisfied not at all satisfied

7. Extent to which you feel bank’s services are made for you and staff also try to help you in all situations

Highly satisfied satisfied moderate not satisfied not at all satisfied

92 Names of the companies who are customers of ING Vysya Bank and from which data for SERVE-QUAL was collected.

SL.NO NAME OF COMPANY ADDRESS PHONE NO CONTACT PERSON D-49-50, 73-74, HOSHERY COMPLEX PHASE-II EXTN., GAUTAM BUDH RICHA GLOBALNAGAR, NOIDA-91-120- 1 EXPORTS PVT. LTD 201305 2461733/37 MR. VISHAL GARA

F-101, IST FLOOR, ANS APPARELS ANDSECTOR-8, NOIDA-91-120- MR. NIRMAL 2 FASHION PVT. LTD. 201301 4259010/11 KUMAR KUSHWAHA

SNS BEADS 91-120- MANUFACTURING B-12, SECTOR-2,2539100/25331 MR. SUDARSHAN 3 PVT. LTD. NOIDA-201301 31 SHARMA

F-26,BASEMENT WINGS SALESLAJPAT NAGAR-III,91-11- 4 PROMOTIONS NEW DELHI-110024 41720582/83 A-85-86 SECTOR-63,91-120- MR. RAJU RANJAN 5 SONAL GARMENTS NOIDA 4321634-36 AZAD

C-161, PHASE-II, PROGRESSIVE EXTENSION-NOIDA- 91-120- MR. ARVIND 6 INFOTECH (P) LTD. 201305 4393939 KUMAR AGARWAL

ZETA INDUSTRIALB-8, INDUSTRIAL91-120- CORPORATION AREA MEERUT ROAD,2712216/27130 7 PRIVATE LIMITED GHAZIABAD-201003 32/2719451

93 A-18 & 21, SECTOR- SAWHNEY 6, NOIDA COMLEX, 8 BROTHERS GHAZIABAD 91-120- MR. G D PANDE

B-48, HOSIERY IL JIN ELECTRONICSCOMPLEX, PHASE-II,91-120- MR. KULDEEP 9 (I) PVT. LTD. NOIDA,201305 4323981/83 RASTOGI PACETEL COMMUNICATIONS B-14, SECTOR-58,91-120- MR. NEERAJ 10 PVT. LTD. NOIDA-201301 2587224/5 SRIVASTAVA 91-120- SUNLORD APPARELSD-12, SECROT-3,2524582/25296 11 MFG. CO. LTD. NOIDA-201301 55/2527296 MR. A K AGARWAL

ZAAX CONSULTINGD-60, SECTOR-2,91-120- MR. AKSHAY 12 PVT. LTD. NOIDA-201301 3948521 MEHTA 91-120- THREE CLOTHINGA-59, SECTOR-4,2535445/25354 MR. DEEPAK 13 PRIVTE LIMITED NOIDA-201301 50 BHAGWANI

806, 8TH FLOOR, 55, MADHUBAN BUILDING, NEHRU AARDEE MARKETINGPLACE, NEW DELHI-91-11- 14 SERVICES 19 41607785 MR. GUPTA

ONE TOUCHG-2, SDF, NSEZ, SOLUTIONS (INDIA)PHASE-II, NOIDA-91-120- MR. ANUJ 15 PVT. LTD. 201305 3042117 AGARWAL 91-120- F-29, SECTOR-6,2423945/46/43 16 GENESIS SYSTEMS NOIDA-201301 34525 MR. ALTAF AHMAD

C-1/2, SECTOR-31,91-120- 17 FINAL DIAGNOSIS NOIDA-201301 2451452 MR. PRADEEP MEGI

LOTUS VALLEY MR. GURDEEP INTERNATIONAL 2, SECTOR-126, TAJ91/120/225192 SINGH / MADHU 18 SCHOOL EXPRESSWAY, NOIDA5/26 CHANDRA

94 B-37, SECTOR-91-120- SUPERHOUSE 59,PHASE-III, NOIDA-2584819/25858 MR. RAJEEV 19 LEATHERS LIMITED 201301 19/2584877 BHATNAGAR

3©WORLD TRADE MR. ANIL KAPUR / TOWER, NEW JOSE VARGHESE / ASCENT CREDITBARAKHAMBA LANE,91-11- AKANSHA 20 SERVICES PVT. LTD. NEW DELHI-110001 51528373 BHATNAGAR

M & A ORIENT 91-120- ACCESSORIES PVT.A-13, SECTOR-57,2490615/616/2 MR. BRIJ RAJ SINGH 21 LTD. NOIDA 90 RATHORE 91-120- M & B FOOTWEAR D-32, SECTOR-59,2580173/25818 MR. DHARMENDER 22 (P) LTD. NOIDA-201301 39 SHARMA

RENESAN SOFTWARE INDIABSN-4 LOGIX PARK,91-120- MR. PRAVEEN 23 PVT. LTD. SECTOR-16, NOIDA 6417162 GULATI

ABSOTHERM SERVICES C-8, SECTOR-4,1 24 PVT. LTD. NOIDA 0120-4243771 MR. NEGI

PLOT-22, UDYOG VIHAR, GREATER MR. RAVINDRA 25 TAREX NOIDA 0120-2560830 SINGH

C-14, SECTOR-2, 26 ROTOPQWER NOIDA 9899416133 MR. PAVITRA

UDYOG VIHAR, 27 YAMA MOTORS GREATER NOIDA 9810367705 MR. PRADEEP

MR. SANJAI 28 KOUSTOCOM 0120-3053814 SRIVASTAVA

95 A-5, SECTOR 64, MR.SANJEEV 29 B.L. INTERNATIONAL NOIDA 9968400550 CHOWDHARY 3©WORLD TRADE TOWER NEW ASCENT CREDITBARAKHAMBA LANE, 30 SERVICES PVT. LTD. NEW DELHI-110001 9891966220 MR. MUKESH

96