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Sr.No Paper Title Page No. A STUDY OF RELATIONSHIP BETWEEN EMOTIONAL INTELLIGENCE AND PERSONALITY: AN EMPIRICAL STUDY 1 DR.RAJESH KUMAR, SOHINIPREET KAUR 1-7 INNOVATION IN ONLINE PAYMENTS AND CHECK OUT PROCESSES 2 DR.RITU GUPTA, MUSKAN KAURA 8-16 A STUDY ON PERFORMANCE OF MAHATMA GANDHI NATIONAL RURAL EMPLOYMENT GUARANTEE ACT IN BATHINDA DISTRICT, PUNJAB 3 MANDEEP SHARMA 17-27 A COMPARATIVE ANALYSIS OF PNB AND HDFC BANK IN INDIA 4 RAMANJEET KAUR, DR.SUNITA SUKHIJA 28-35 A STUDY OF IMPACT OF INFORMATION TECHNOLOGY IN INDIAN BANKING INDUSTRY 5 MANINDER SINGH, GAGANPREET KAUR 36-43 CUSTOMER RELATIONSHIP MANAGEMENT IN HOSPITALITY INDUSTRY-A STUDY OF HOTELS IN PUNJAB 6 DR.RINKI GARG 44-57 EMERGING TRENDS OF E-COMMERCE IN INDIA: AN EMPIRICAL STUDY 7 DEEPAK KAPOOR, DIVIYANI 58-62 FACTORS INFLUENCE INDIVIDUAL INVESTOR BEHAVIOR 8 ANKURITA BANSAL 63-76 A COMPARATIVE STUDY OF CASH FLOW STATEMENTS OF HDFC AND ICICI BANK 9 DIKSHA 77-85 RATIO ANALYSIS OF INSURANCE COMPANIES 10 AMANDEEP KAUR 86-91 STUDY ON DETERMINING FACTORS OF EMPLOYEE RETENTION 11 PRITPAL KAUR, DR.POOJA KUSHWAHA 92-98 CROSS CULTURAL ENVIRONMENT AND ISSUES OF MIGRANT LABOUR IN PUNJAB 12 TRIPTI SHARMA, AMANPREET 99-106
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A STUDY OF RELATIONSHIP BETWEEN EMOTIONAL INTELLIGENCE AND PERSONALITY: AN EMPIRICAL STUDY
**Dr.Rajesh Kumar *Sohinipreet Kaur **Associate Professor In Commerce, K.L.S.D. College, Ludhiana. *Assistant Professor In Commerce, K.L.S.D. College, Ludhiana. Abstract Personality is used in terms of influencing others through external appearance and inner awareness. It is stable set of characteristics and tendencies that determine the commonalities and differences among people. Personality factors are extremely settings. Often the 'wrong' kind of personality proves disasters and undesirable tensions and worries in organizations. B=f (P, E). This formula suggests that our behaviour at any time is complex combination of our unique personality traits and the demand of the environment. In fact, according to meet lewin, behaviour is the function of personality and environment. Keywords: Personality, Behaviour, Factors. INTRODUCTION What we hope or Aspire to become is our personality. It's said to be the minor of One's total behaviour.It is total integration of physical intellectual, emotional, social and character make up of individual which is expressed in terms of behaviour, experiences, manners, attitudes, values, beliefs, ambitions, aspirations, interest, habits, sentiments, temperaments and traits. It pervades every aspect of human life.
ETYMOLOGICAL DEFINITION The word 'Personality' is derived from latin word 'Persona' which means the mask or dress which the actors used to wear in Greek drama. But it is a narrow concept of personality because 'Persona' is something external in nature and it does not include inner traits. Every person has his own physical and mental and inner qualities. The personal quality is known as personality.So personality is the study of the basic traits of an individual, relationship between these traits, and the way in which a person adjust to other people and situations. It is the sum total of the ways in which an individual reacts and interacts with others. Heredity plays an important role in determining one's personality. Personality is also determined by biographical factors, cultural, situational and family factors. Now,we can say that personality is not just the external appearance of a person.
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REVIEW OF LITERATURE Early theorists such as thorndike and Gardner paved the way for the current experts in the field of emotional intelligence. Each theoretical paradigm conceptualizing emotional intelligence from one of two perspectives: ability or mixed model. Ability models record emotional intelligence as a pure form of mental ability and thus as a pure intelligence. In contrast, mixed models of emotional intelligence combined mental ability with personality characteristics such as optimism and well-being (mayer, 1999). Currently, the only ability model of emotional intelligence is that a post by John Mayer and Peter salovey. Two mixed models of emotional intelligence have been proposed, each within somewhat different conception. Reuven, Bar-On has put forth a model-based within the concept of personality theory, emphasizing co-dependence of the ability aspects of emotional intelligence with personality traits and their application to personal well-being. In contrast, Daniel goleman proposed a mixed model in terms of performance, integrating and individual's abilities and personality and applying their corresponding effects on performance in the workplace (goleman, 2001). Salovey and Mayer: an ability model of emotional intelligence Peter salovey and John Mayer first coined the term "emotional intelligence" in 1990 (Salovey and Mayer, 1990) and have since continued to conduct research on the significance of the construct. Their pure theory of emotional intelligence integrity ideas from the fields of Intelligence and emotion. From intelligence theory comes the idea that intelligence involves the capacity to carry out abstract reasoning. From emotional research comes the motion that emotions are signals that can be regular and discernable meaning about relationship and that at a number of basic emotions are universal (Mayer, Salovey and Caruso,2002). They proposed that individuals vary in their ability to process information of an emotional nature and In their ability to relate emotional processing to a wider cognition. They then posit that this ability is seen to manifest itself in certain adaptive behaviors (Mayer, Salovey and Caruso, 2000). Mayer and Salovey's conception of emotional intelligence is based within a model of Intelligence, that is, it strives to define emotional intelligence within the confines of standard criteria for a new intelligence (Mayer, Salovey, Caruso, and Sitarenios, 2003). It proposes that emotional intelligence is comprised of two areas: experiential (ability to perceive, respond and manipulate emotional information without necessarily understanding it) and strategic (ability tounderstand and manage emotions without necessary receiving feelings well or fully
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experiencing them). Which area is for the divided into two branches that range from basic psychological processes to more Complex processes integrating emotion and cognition. The first branch emotional perception is the ability to be self-aware of emotions and to express emotions and emotional needs accurately to others. Emotional perception also includes the ability to distinguish between honest and dishonest expressions of emotion. The second branch emotional stimulation is the ability to distinguish among the different emotions one spelling and to identify those that are influencing their thought processes. The third branch, Emotional understanding is the ability to understand Complex emotions such as feeling to emotions at once and the ability to recognize transitions from one to the other. Lastly, the fourth branch, emotion management is the ability to connect or disconnect from an emotion depending on its usefulness in a given situation (Mayer and salovey 1997). A depiction of the sport branch model is illustrated in figure 1, which outlines the four branches and the corresponding stages in emotion processing associated with each branch. FIGURE 1Mayer and Salovey's (1997) four branch model of emotional intelligence
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OBJECTIVES OF THE STUDY To evaluate the effective criteria for employee emotional intelligence. To collect and disseminate information relative to emotional intelligence in personality.
Research Design for the study: Descriptive research. Various resources of Data Collection: Secondary data (magazine books journals). Psycholonalytic view: Freud is the view that there are three main constituents of personality. a) ID: Id immoral, illogical and unconscious. It is sum total of natural and general tendencies that cannot be satisfied in the society. b) Ego: Ego is social self. It is the sum total of consciousness, will power and intelligence and reasoning. It has relationship with id as well as with super ego. c) Super ego: It is known as moral self. It is the higher part of the personality. Its function is to warm the ego about its defects and wrong actions. Freud further says that if there is a balance between Id and superego these will be balanced personality and if there is not proper balance between ID and superego there will be maladjusted personality. Determinants of personality (1) Biological factors: a) Heredity: It means the transmission of the qualities from ancestor to descendant through a mechanism lying primarily in the chromosomes of the germ cells. Physical stature, facial attractiveness, temperament, reflexes etc. Are inherited from one's parents. b) Brain: There is a journal feeling that brain plays an important role in the development of one's personality. However, no conclusive proof is available so far about the nature of relationship between the brain and personality. However , no conclusive proof is available so far about the nature of relationship between the brain & personality Other factors 1) Intelligence: There is definitely some relationship between intelligence and personality. Intelligence is mainly hereditary. Persons who are very intelligent. 2) Motives: Motives are the inner devices of the individual. Individuals differ in variable. Which determine the inner drives. The behaviour of an individual to accomplish the goal varies because of his inner devices.
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3) Personality: Character primarily means honesty. It is resistance to stealing and cheating others. Character is a very important requirement for responsible jobs. It is likely that an individual may not steal under normal circumstances. 4) Interest: The individual normally has many interests in various areas. The top executive in any organization do not have interests in common. The organization should provide opportunities like job rotations and special training programs to satisfy the interests of executives. 5) Schema:. It is an individual's belief, frame of reference, perception and attitude which the individual posses towards the management. The job, working conditions, incentive system and development towards religion, government and the satisfaction derived from the environment and culture influences of his community. Measurement of personality Personally cannot be quantitatively measured as we measure height or weight. We evaluate personality because it helps us to know about the physical, mental, emotional and social behaviour of the individual. It also helps us in knowing the unconscious mind. Moreover, unless we have succeeded in measuring the personality of the students it will not be possible for us to furnish proper guidance to the students. It would be better to speak of evaluating or appraising Personality rather than measuring it for, here we are concerned of the methods of measuring personality are given below: A. Objective method: In objective method, we do not depend upon subject's own statements or response, but upon his behaviour as revealed to the others who serve as observes, examine or judges. Objective methods are said to be scientific as they depend on the objective data. B. Subjective method: In this method of measuring the personality, the individual is asked to evaluate himself. Data is also collected with the help of his/her friends, relatives and associates Autobiography. Case history method, interview technique and questionnaire are also included in subjective method. The Development of Self-personality Rogers feels that the fundamental force motivating the human organism is self-actualization, i.e. "a tendency toward fulfillment, toward the maintenance and enhancement of the organism. The tendency of self-actualization of both the organism and the self is subject to the profound of self- concept is fundamental to the development of individual’s personality."
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Characteristics of a good personality inventory are: 1. Significant information: A good personality inventory seeks information which is not obtainable from other sources. It deals with significant topic. 2. Short and attractive: It should be short, comprehensive. Clearly printed and attractive in appearance. 3. Clear directions:. It should contain directors which are clear and complete. 4. Clear purpose:. The purpose of personality inventory should be made clear. 5. Well worded:. Personality inventory should be well worded. 6. Good order: It should present questions in good order, proceeding from general to the more specific responses from general to the more specific responses, from simple to complex. 7. Sufficient interest: It should be of sufficient interest. 8. Easy to tabulate and interpret:. It should be easy to tabulate and interpret. 9. No embarrassing questions: It should avoid annoying or embracing questions. Personality and Organizations In Organizations, the difference in personalities of individual's are aggregated and lost when they are regarded as having somewhat identical patterns of behavioral tendencies. Some people in organizations respond most favorably to rule conscious, conformity demanding, security ladern and most protective principles. In other words, there is a passion for bureaucracy for these people. On the extreme side some other people prefer autonomy, flexibility in operations and jobs dynamism, etc. In the organization. Therefore, a good match between individual personality and organization is essential. Unfortunately, mismatches b/w personality and organizational requirements may also be bound to happen some times, For instance, bureaucratization may be associated with the people characterize by greater intellectual flexibility, higher valuation of self, direction, greater openness to new experience and more personality and organization structure may lead to confusion and chaos, and loss of interest by the members in the organization, low morale and job satisfaction. Personality traits and Types
A personality trait may be defined as an enduring attribute of a person that appears constantly in a variety of situations such are as follows:
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Table 1 Sixteen Primary Traits Reserved Vs. Outgoing
Less intelligent Vs. More intelligent
Submissive Vs. Emotionally Stable
Serious Vs. Happy-go-lucky
Expedient Vs. Conscientious
Timid Vs. Venturesome
Relaxed Vs. Tense
Tough minded Vs. Sensitive
Trusting Vs. Suspicious
Practical Vs. Imaginative
Fortnight Vs. Shrewd
Self-assumed Vs. Apprehensive
Conservative Vs. Experimenting
Group Dependent Vs. Self-Sufficient
Uncontrolled Vs. Controlled
CONCLUSION Personality is the study of basic traits of an individual, relationship between traits and the way in which a person adjusts to the people and situations. Personality determines our thoughts, actions and gives directions to our specific goals. Personality inventory should be well worded. There is definitely some relationship between personality and intelligence. REFERENCES Abraham, R.(1999). Emotional Intelligence in Organizations: A Conceptualization.[ Monograph ] Genetic, Social,and General Psychology Monographs,125,209-27. Minnesota Counseling Inventory by berlie and Layton Published by Psychological Corporation. The Emotionally Intelligent Workplace(pp.27-44) San Francisco: jossey-Bass.
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INNOVATION IN ONLINE PAYMENTS AND CHECK OUT PROCESSES *Dr.Ritu Gupta *Muskan Kaura *Assistant Professor in Commerce, K.L.S.D. College, Ludhiana.
ABSTRACT Electronic Commerce industry is exploding at a fast pace. One of the key aspects of electronic Commence is payments. Electronic payments are financial transactions made without the use of paper documents such as cheque. Electronic payments include debit card, credit card, smart card, e-wallet, e-cash, electronic cheque etc. E-payment systems have received different acceptance level throughout the world; some methods of electronic payments are highly adopted while others are relatively low. This study aimed to describe the various methods of digital payment and identify the issues and challenges of electronic payment systems and offer some solutions to improve the e-payment system quality. Keywords: Cyber Cash, Digital Signatures, Electronic Payments, Encryption, cashless system INTRODUCTION Electronic payment system is a mode of payments over an electronic network such as the internet. In other words e-payment is a method in which a person can make Online Payments for his purchase of goods and services without physical transfer of cash and cheques, irrespective of time and location. Electronic payment system is the basis of on-line payments and on-line payment system development is a higher form of electronic payments. It makes electronic payments at any time through the internet directly to manage the e-business environment. Electronic payment systems can be grouped into three broad classes: traditional money transactions, digital currency and credit debit payments. Such payment systems have a number of requirements: e.g. security, acceptability, convenience, cost and control of encryption methods. Some requirements appear contradictory and trade-offs have to be made: • Traceability versus anonymity, • On-line versus off-line, • Use of dedicated tamper-resistance hardware versus software only. Electronic Commerce is defined as a monetary transaction that occurs electronically as opposed to the physical exchange of money or checks. Tangible currency is eliminated and accounts are
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maintained electronically to reflect the effects of transaction. E-commerce involves trading using the latest electronic equipment and software between the sellers and the buyers. The trade in e- commerce is conducted in a slightly different way than the traditional trading. The earliest form of automation in the financial industry was done to automate the functions of clearing house in bank associations. Electronic Payments can be categorized as Stored Account Payments or Stored Value Payments. In a stored account payment, the buyer and the merchant maintain accounts with a bank. The transactions are registered and the actual transfer of funds takes place at a later stage through settlement. In Stored Value Payment System like smart cards, mondex cards, digital cash, certain amount of prepaid monetary value stored electronically on the card.In real world we have two distinct types of payment systems: (1) Internet–Based payment system- There are four models of Internet-Based payment system, e-cash, Credit Card, Debit Card, Smart Card. (2) Electronic Transaction-Based payment system-There are four models of Internet-Based payment system, Secure Electronic Transaction, Cyber Cash, Net Bill, First Virtual Holdings. Motivation for Electronic Payments Internet is growing at an extremely fast pace. It has been estimated that there is a new web page every minute. The ease of use, efficiency and quickness, search engines and international presence of Internet has been drawing millions of users towards it. The number of Internet users is expected to be 890 million by 2020.America Online stated that the sales for the six-week holiday season were 1.2 billion on its network alone. Expectations are that online sales will continue to rise. It has been estimated that Internet sales will grow to 670 billion in 2018, doubling its previous year's mark. As the number of Internet sales increases, more and more merchants are showing an interest in reaching customers through the Web. The vast market opportunity on the Web means a challenging atmosphere to software engineers who work behind the screen to make things happen on the Web. With the exploding E-Commerce market, the E- Commerce software needs to process the transactions efficiently, more securely and with lesser communication delays. Payment is the most vital aspect of a trade. Payment processing involves a development of complex, secure software for transferring financial data between the buyer, seller and the banking network. The loss from insecure payment systems amounted to nearly $250 million last year. Hence it becomes important to research into the providing a more stable
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and secure payment system for our exploding Internet economy. There are various methods to implement electronic payment processing. However it is not clear as to which one will be the leader in the next 10 years. Hence it is very interesting to investigate the software growth and research that has been done in this area and develop more efficient and better software. REVIEW OF LITERATURE An attempt has been made to put forward a brief review of literature based on few of the related studies undertaken worldwide in the area of e-commerce as follows. 1. Elizabeth Goldsmith and Sue L.T. McGregor (2000) analyzed the impact of e-commerce payments system on consumers, public policy, business and education. A discussion of public policy initiatives, research questions and ideas for future research are given. 2. Prithviraj Dasgupta and Kasturi Sengupta(2002)examined the future and prospects of e- commerce payments system in Indian Insurance Industry. 3. Jackie Gilbert Bette Ann Stead (2001) reviewed the incredible growth of e-commerce and presented ethical issues that have emerged. OBJECTIVES OF THE STUDY (a) To create awareness about various methods of online payment systems. (b) To create awareness about various frauds of electronic payments. (c) To motivate people to use online payments systems. (d) To make online payments safe and secure. RESEARCH METHODLOGY This paper is based on secondary data and information has been sourced from various books. The data is extracted from the websites and journals METHODS OF E-PAYMENT E-Cash-Electronic cash offers added convenience and costs involved for banksand merchants are greatly reduced. Consumers need no longer fiddle for exact change incertain circumstances or burdened down by carrying coins or cash.E-Cash is purely software based; anonymous, untraceable, online token payment system, available on UNIX, Windows as well as Macintosh platform. When the tokens purchased by customers, the e-Cash software stores the digital money on the customer’s personal computer which is under signed by the bank. The users can easily spend digital money at any shop accepting e-Cash without giving credit card details to the shopkeeper.
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Credit Card- Credit cards are payment cards issued by a bank against a special purpose account Associated with some form of installment based re-payment scheme. This is also known as "Pay Later" method of payment.A credit card is a plastic card issued to the users to lent money for purchase of goods and services. The customer type the card number, expiry date and billing address on the order form and the vendor can verify the details and be confident of payment. The credit card payment on the online network can be categorized into three types: (a) Payment using plain credit card details (b) Payment using encrypted credit card details (c) Payment using third party verification There are two major organizations issuing 80% of the credit cards in the market today. They are Visa International and MasterCard. Debit Card- Debit card like credit card is a small plastic card with unique number mapped with the bank account number. A Debit card is a banking card enhanced with Automated Teller Machine and point of sale features so that it can be used at merchant locations. A Debit card is linked to an individual’s bank account, allowing funds to be withdrawn at ATM and point of sale without writing a cheque. A Debit card holder pay directly through bank for his purchases. It replaces physical cash and cheque. There are two types of debit card which are used in real world: (a) Online debit card (b) Offline debit card Smart Card-Smart card has a small microprocessor chip embedded in it.A smart card was first produced in 1977 by Motorola. It is a thin, credit card sized piece of plastic which contains a half-inch-square area that serves as the card’s input-output system. A smart card contains a programmable chip, a combination of RAM and ROM storage and can be refilled by connecting to the bank. It is known as smart card because the ability of chip to store the information in its memory makes the card smart. Electronic cheque- E-cheques are a mode of e-payment. This technology was developed a few years ago by consortium of Silicon Valley. It substitutes the paper cheque for online transactions. Digital signature replaces handwritten signatures. Cyber Cash-The Cyber Cash secure Internet Payment System, which uses a special wallet software, enables consumers to make secure purchases using major credit cards from Cyber cash
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affiliated merchants. Cyber cash is a web based service that automatically processes and verifies customer’s credit card information then debiting the customer’s account and crediting the merchant’s account electronically. Cyber cash servers act as a gateway between the merchant on the internet and bank’s secure financial network. Net Bill-NetBill transaction is similar to a check in that immediate transfers from the buyer's account to the merchant's account take place. A NetBill server maintains accounts for both consumers and merchants. NetBill servers are linked to conventional financial institutions. Net bill is a micro payment system. Net bill payment system uses internet for purchasing goods and services and makes secure and economical payments for them. The net bill server maintains account for both consumers and merchants, which allows customers to pay merchants for goods to be delivered. E-wallets- e-wallets can store e-cheque, e-cash, and your credit card information for multiple cards. It is commercially available for pocket, palm sized, handheld and desktop PCs. examples Paytm Mobikwik Oxigen Payumoney Citrus pay ISSUES and CHALLENGES OF E PAYMENT Internet based e-commerce has besides, great advantages, posed many threats because of its being what is popularly called faceless and borderless. According to a study released by Internet And Mobile Association of India (IAMAI) and Intelink Advisors, about 150 million people in India or around 75 million households are ready for ecommerce in India today. However, less than 10 million are engaged in active ecommerce today. The study adopted criteria of Income, Education and Occupation to arrive at the number of household capable of ecommerce today. The key reasons for this mismatch between potential and actual ecommerce consumers, Lack of Trust, Fulfillment issues, Shopping Experience. Confidential- information should not be accessible to unauthorized person. It should not be intercepted during transmission. Integrity- information should not be altered during its transmission over the network.
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Availability-information should be available whenever and wherever required with in time limit specified. Lack of Usability- Electronic payment system requires large amount of information from end users or make transactions more difficult by using complex elaborated websites interfaces. For example credit card payments through a website are not easiest way to pay as this system requires large amount of personal data and contact details in web form. Lack of Security- Online payment systems for the internet are an easy target for stealing money and personal information. Customers have to provide credit card and payment account details and other personal information online. This data is sometimes transmitted in an un-secured way. Providing these details by mail or over the telephone also entails security risks. Issues with e-Cash- The main problem of e-cash is that it is not universally accepted because it is necessary that the commercial establishment accept it as payment method. Another problem is that when we makes payment by using e-cash, the client and the salesman have accounts in the same bank which issue e-cash. The payment is not valid in other banks. Lack of Trust- Electronic payments have a long history of fraud, misuse and low reliability as well as it is new system without established positive reputation. Potential customers often mention this risk as the key reason why they do not trust a payment services and therefore do not make internet purchases. Lack of Awareness- Making online payment is not an easy task. Even educated people also face problems in making online payments. Therefore, they always prefer traditional way of shopping instead of online shopping. Sometimes there is a technical problem in server customers tried to do online payments but they fails to do. As a result they avoid it. Online Payments are not Feasible in Rural Areas- The population of rural areas is not very literate and they are also not able to operate computers. As they are unaware about technological innovations, they are not interested in online payments. So the online payment systems are not feasible for villagers. Highly Expensive and Time Consuming- Electronic payment system are highly expensive because it includes set up cost, machine cost, management cost etc. and this mode of payment will take more time than the physical mode of payment. High Inventory/ Poor Supply Chains Most of the E-Commerce venture are complaining of the excess inventory and absence of liquidation market in India. The poor supply chain compounds
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inventory problems due to unpredictability of the supply. The cost of carrying the inventory is very high and successful ventures would need to tackle the supply chain issues if they really want to run a scale business. The other problem is in unpredictability of delivery to the customers leading to higher returns. Privacy has been and continues to be a significant issue of concern for both current and prospective electronic commerce customers. Privacy is "a desirable condition with respect to possession of information by other persons about him/herself on the observation/perceiving of him/herself by other persons" SOLUTION TO OVERCOME OF PROBLEMS IN ELECTRONIC PAYMENT SYSTEMS Encryption- encryption basically is some process/algorithm to make information hidden.Online shopping are very sensitive to notion that e-commerce is insecure, particularly when it comes to online payments. Most online payment systems use an encryption system to add security to the transmission of personal and payment details. There are various encryption schemes in use to prevent from frauds of online payments. Digital Signatures- digital signature employ asymmetric cryptography.The parties involved in online payments, transactions should use digital signatures in order to ensure authentication of transactions. Firewalls-A firewall is a network security system, either hardware or software based, that uses rules to control incoming and outgoing network traffic. A firewall acts as a barrier between a trusted and untrusted network. A firewall controls access to the resources of a network through a positive control model. There are 3 policy actions of firewalls: Accepted: Permitted through the firewall. Dropped: Not allowed through with no indication of failure. Rejected: Not allowed through accompanied by an attempt to inform the sources that the packet was reject. There are two fundamental approaches to create firewall policies to effect minimize vulnerability to the outside world while maintaining the desire functionality for the machines in the trusted or individuals computer. Check Whether the Country is a “High Risk” Country- Always require closer inspection for orders that being shipped to an international address. Pay more attention if the card or the
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shipping address is in an area prone to credit card fraud. According to a Clear Commerce® survey, the top 12 international sources for online fraud are Ukraine, Indonesia, Yugoslavia, Lithuania, Egypt, Romania, Bulgaria, Turkey, Russia, Pakistan, Malaysia, and Israel. Call the credit card issuing bank to verify the validity of credit card- If online merchants have any suspicions about an order and need to confirm the details of the order, they can call the issuing bank and ask to confirm the general account details. This is to make sure that the card is not stolen. The issuing bank phone number is based on the first 6 digits of credit card number known as the Bank Identification Number E-Payment leads to cashless economy These methods helps in making an economy cashless. A cashless economy is one in which all the transactions are done using cards or digital means The circulation of physical currency is minimal. India continues to be driven by the use of cash. Less than 5% of payments are done electronically. however the finance minister in 2016 budget speech , talked about the idea of making India a cashless transactions leads to technological innovation, whereby all transactions are transacted through electronic transfer , cheque payment, paytm ,debit card ,credit card etc. In the recent time, Govt. of India , under the leadership of honorable Prime Minister Shri Narinder Modi , is taking step towards cashless economy through various schemes like digital India , bhim app etc. for promoting the Indian economy towards the digital and cashless economy. FINDINGS The system of e-payment can enhance the growth of financial stability in the country. E-payment leads to cashless system which helps in fight against corruption and money laundering. E-payment reduced the risk associated with carrying cash. E-payment system will also be effective in solving the problem faced in the Indian financial sector. The adoption of this system is more effective for achieving economic development and stability goals
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CONCLUSION With the development of computer technology, the World Wide Web has become the connection medium for the networked world. Computers from locations that are geographically dispersed can talk with each other through the Internet. As with any new technology, there are positives and negatives associated with its use and Adoption. E-payment is the way to make economy cashless to achieve the target to growth with stability. E-payment creates new opportunities for business; it also creates new opportunities for education and academics. REFERENCES
Bhasker, Bharat (2013). Electronic Commerce, Framework, Technologies and Applications. McGraw Hill Education (India) Private Limited., p.9.2-9.16. http://www.gatewayforindia.com/technology/e-commerce.htm http://www.youtube.com/watch?v=2o4GwkSwp_A&feature=related (viveknayak IAMAI Digital Conference 14 09 2011 youtube) www.google.com Whiteley, David, (2007). E-Commerce, Strategy, Technologies and Applications. Tata McGraw-Hill Publishing Company Limited. P.200-201. Jing, Yang. (2009). Online Payment and Security of E-Commerce. International symposium on web Information system and application (wise „009).p 1to5
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A STUDY ON PERFORMANCE OF MAHATMA GANDHI NATIONAL RURAL EMPLOYMENT GUARANTEE ACT IN BATHINDA DISTRICT, PUNJAB Mandeep Sharma Dean Administration Vidya Rattan College for women, Khokhar Kalan district Sangrur, Punjab, Pin code148028. [email protected] Mob. No.9312800001
ABSTRACT Mahatma Gandhi National Rural Employment Guarantee Act is the flagship programme, implemented by the Ministry of Rural Development(MoRD) with the aims to enhance the livelihood security of households in rural areas of the country by providing at least one hundred days of guaranteed wage employment in a financial year to every household whose adult members are volunteer to do the unskilled manual work. It was first introduced in 200 most backward districts in 2006 and by the year 2009, it was implemented in all the districts. This programme directly touches lives of the poor and promotes inclusive growth. Keeping this view, this paper have made an attempt to review the performance of MGNREGA in Bathinda district as the main objective to study the number of job cards issued, register workers, Active workers, and work completion rate under MGNREGA. It also explains the permissible works under this Act and present status of MGNREGA in Punjab state. Keywords: MGNREGA, Job card issued, Register workers, Active Workers, work completion rate. Introduction The Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) is a guarantee scheme, enacted by legislation on August 25, 2005. MGNREGA came into force in 200 of India’s backward districts on February 2, 2006.The law was initially called the National Rural Employment Guarantee Act (NREGA) but was renamed as Mahatma Gandhi National Rural Employment Guarantee Scheme on 2 October 2009. MGNREGA is being implemented in Punjab since 2006. Now it covers all the districts of the State. The objective is to improve the livelihood security of the rural poor by giving them100 days of guaranteed employment who are interested to do the unskilled manual work in a financial year. MGNREGA started in three phases, first in 2006 covering 200 districts, second phase in 2007-08 covering another 130 districts and in the third and final phase the remaining all the districts have been notified under NREGA with effect from 1st April 2008 by providing unskilled work to people through creation of sustainable assets.
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Research Methodology The study area is confined to the State of Punjab. This state has twenty two Districts in all. The random sampling technique is adopted to evaluate the performance of the scheme, one District i.e. Bathinda and its one Block Bathinda has been selected. Further three Gram Panchayats from the Block ie. Ablu, Aklian Kalan, Aklian Khurd has been selected. The present research work is carried out with the objective to study the performance of Mahatma Gandhi National Rural Employment Guarantee Act in term of job cards issued, household/workers, Active workers and work completion rate. To study the objectives only secondary data has been used. To evaluate the performance of MGNREGA in Bathinda District the data were collected from annual reports of Ministry of Rural Development, Government of Punjab, journals, and NREGA websites. Five years data i.e. from 2014-15 to 2018-19 was assessed in the present study. Current status of MGNREGA in Punjab state.
MGNREGA Statistics [State:ਪੰਜਾਬ]
Employment provided to households: 2.34838 Lakhs Persondays [in Lakh]:
Total: 63.59 SCs: 50.02 [78.66%] STs: 0.03 [0.05%] Women : 29.69 [46.69%] Others: 13.54 [21.29%] Total works taken up: 16590 Works completed: 6081 Works in progress : 10509
Source: Ministry of Rural Development Government of India. In the state of Punjab it has total 22 districts, 149 blocks and 13,073 gram panchayats. MGNREGA programme has implemented in all the districts of Punjab since 2009. Mahatma Gandhi NREGA programme have provided the employment opportunities to the 2.34838 Lakhs households in Punjab state. In this employment programme schedule cast have taken the maximum participation (78.66%) other than schedule tribes. This programme has empowered the women by taking maximum participation (46.69%) under this scheme.
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Table No. 1: Showing Job Card details under MGNREG in Punjab.
State : ਪੰਜਾਬ As on 19-09-2018
I Job Card
Total No. of Job Cards issued[In Lakhs] 15.71
Total No. of Workers[In Lakhs] 24.99
Total No. of Active Job Cards[In Lakhs] 8.93
Total No. of Active Workers[In Lakhs] 11.5
(i)SC worker against active workers[%] 75.29
(ii)ST worker against active workers[%] 0.03
Source: Ministry of Rural Development Government of India. This table shows the job cards detail. This programme has issued the total 15.71 lakhs job cards to the households but total active job cards are only 8.93 lakhs. The total workers registered under this scheme are 24.99 lakhs but active workers on work sites are total 11.5 lakhs in punjab. Result and Findings of the study Table No. 2 The Performance of MGNREGA in Bathinda district, Punjab.
No. of No. of No. of Registered Jobcard Cumulative No. of HH Employment Employment Employment Provided Familie S included in issued jobcards demanded offered Households s N Districts current YR and Persons Comple o. ted 100 Hous Person Hous Perso Househ Person House House Persond SCs STs Others Total Persons Persons days ehold s ehold ns old s hold hold ays
1 2 3 4 7 8 9 10 11 12 13 14 15 16 17 18 19 20
1 BATHINDA 89456 149113 1336 2628 60555 24 16684 77263 43354 55072 43339 55051 35534 42358 624511 29
Total 238569 3964 154526 98426 98390 702403 29
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The finding of the present research shows that in district Bathinda MGNREGA scheme has provided the employment opportunities to the total 702403 workers, 238569 persons/households has got registered since 2014, job cards has been issued to 154526 workers, and total 29 families has got the opportunities to completed the 100 days work programme under this scheme in Bathinda district only. Table No. 3 Category Wise Household/Workers job cards Detail in Bathinda District.
Number of Registered Workers to whom JobCard Number of Active Workers * Jobcards Issued Active Sr.N Year District o Applied Total Job Cards Total Issued SCs STs Others Women SCs STs Others Women for Workers * Workers
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
2014- 1 BATHINDA 54067 53895 105988 36 27216 133240 66023 36955 65654 20 12912 78586 48789 15
2015- 2 BATHINDA 60497 59909 111604 41 37483 149128 71293 45180 65654 20 12912 78586 48789 16
2016- 3 BATHINDA 65140 64217 111604 41 37483 149128 71293 48150 65654 20 12912 78586 48789 17
2017- 4 BATHINDA 88237 76418 111604 41 37483 149128 71293 54694 65654 20 12912 78586 48789 18
2018- 5 BATHINDA 89463 77274 111604 41 37483 149128 71293 56287 65654 20 12912 78586 48789 19
6 Total 357404 331713 552404 200 177148 729752 351195 241266 328270 100 64560 392930 243945
Source: Ministry of Rural Development Government of India. Table No. 3 shows that since the year of 2014 total 357404 persons has applied for the job cards but it has issued to only 331713 persons from which the greater participation are by the SCs other than the women’s. From the year of 2014 total active workers are 392930 in Bathinda district only.
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Table No. 4 Category Wise Household/Workers job cards detail in Bathinda Block.
Number of Registered Workers Number of Active Workers * Jobcards Active S.No Block Year
Applied Total Total Issued SCs STs Others Women Job Cards * SCs STs Others Women for Workers Workers
BATHINDA 2014- 1 12167 12162 27576 10 5452 33038 16580 7674 14927 5 2174 17106 11273 15
BATHINDA 2015- 2 13544 13505 27576 10 5452 33038 16580 9785 14927 5 2174 17106 11273 16
BATHINDA 2016- 3 15024 14882 27576 10 5452 33038 16580 10810 14927 5 2174 17106 11273 17
BATHINDA 2017- 4 19505 16806 27576 10 5452 33038 16580 12329 14927 5 2174 17106 11273 18
BATHINDA 2018- 5 8910 8089 12619 8 2450 15077 7677 5895 6964 3 1033 8000 5269 19
6 Total 69150 65444 122923 48 24258 147229 73997 46493 66672 23 9729 76424 50361
Source: Ministry of Rural Development Government of India. Table No. 4 shows that since the year of 2014 total 69150 persons has applied for the job cards but it has issued to only 65444 persons. In the Block Bathinda total register workers are 147229 till 2018-19. From the year of 2014 total active workers are 76424 and participation of women are 50361 in Bathinda block only. Table No. 5 Category Wise Household/Workers Job Cards detail in Ablu Gram Panchayat.
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Num ber of Acti- Number of ve Jobcards Registered Workers Active Workers * S. Total Job Total N Pancha Applied Issue ST Other Worker Card S Other Worker o Year yats for d SCs s s s Women s * SCs Ts s s Women 1 2014- ABLU 259 259 606 0 28 634 315 180 360 0 15 375 234 15 2 2015- ABLU 263 263 606 0 28 634 315 204 360 0 15 375 234 16 3 2016- ABLU 273 272 606 0 28 634 315 210 360 0 15 375 234 17 4 2017- ABLU 298 289 606 0 28 634 315 218 360 0 15 375 234 18 5 2018- ABLU 300 295 606 0 28 634 315 218 360 0 15 375 234 19 1393 1378 3030 0 140 3170 1575 1030 1800 0 75 1875 1170 Total Source: Ministry of Rural Development Government of India. Table No. 5 shows the detail of job cards in the Ablu gram panchayat of the Bathinda block that since the year of 2014 total 1393 persons has applied for the job cards but job cards has issued to only 1378 persons. In this gram panchayat total register workers are 3170 from which total 1575 are the women’s till 2018-19. From the year of 2014 total active workers are 1875 in Ablu gram panchayat. Table No. 6 Category Wise Household/Workers Job Cards detail in Aklian Kalan Gram Panchayat. Nu mbe r of S Number of Acti . Jobcards Registered Workers ve Active Workers * N Yea Panchaya o r ts Applie Issue SCs ST Oth Total Wo Job SCs S Othe Total Wo
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d for d s ers Work me Car T rs Wor men ers n ds s kers 201 4- AKLIAN 1 15 KALAN 301 301 587 0 73 660 376 192 371 0 49 420 285 201 5- AKLIAN 2 16 KALAN 344 344 587 0 73 660 376 253 371 0 49 420 285 201 6- AKLIAN 3 17 KALAN 393 391 587 0 73 660 376 286 371 0 49 420 285 201 7- AKLIAN 4 18 KALAN 474 422 587 0 73 660 376 315 371 0 49 420 285 201 8- AKLIAN 5 19 KALAN 474 422 587 0 73 660 376 315 371 0 49 420 285 293 188 185 142 Total 1986 1880 5 0 365 3300 0 1361 5 0 245 2100 5 Source: Ministry of Rural Development Government of India. Table No. 6 shows the detail of job cards in the gram panchayat of Aklian Kalan of the Bathinda block that since the year of 2014 total 1986 persons has applied for the job cards but it has issued the job cards to the only 1880 persons. In this gram panchayat total register workers are 3300 from which greater participation are made by the SCs category ie. 2935 till 2018-19. From the year of 2014 total active workers are 2100 in Aklian kalan panchayat only. Table No. 7 Category Wise Household/Workers Job Cards detail in Aklian Khurd Gram Panchayat.
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Volume 4, Issue 2 (December 2018) Number ISSN 2393-9435 of Active Number of Jobcards Registered Workers Active Workers * S . S Total N Applied SC T Oth Work Job S S Total o Panchayats for Issued s s ers ers Women Cards Cs Ts Others Workers Women Year 2014 AKLIAN 1 -15 KHURD 11 11 26 0 1 27 12 8 18 0 0 18 9
2015 AKLIAN 2 -16 KHURD 12 12 26 0 1 27 12 8 18 0 0 18 9
2016 AKLIAN 3 -17 KHURD 14 14 26 0 1 27 12 9 18 0 0 18 9
2017 AKLIAN 4 -18 KHURD 16 16 26 0 1 27 12 11 18 0 0 18 9
2018 AKLIAN 5 -19 KHURD 16 18 26 0 1 27 12 11 18 0 0 18 9
Total 69 71 130 0 5 135 60 47 90 0 0 90 45
Source: Ministry of Rural Development Government of India. Table No. 7 shows the detail of job cards in the Aklian Khurd gram panchayat of the Bathinda block that since the year of 2014 total job cards has been issued to only 71 persons. In this gram panchayat total register workers are 135 from which total 60 workers are the women’s till 2018-19. From the year of 2014 total active workers are 90 in Aklian Khurd panchayat only. Percentage of works completion since inception
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Figure No.1 The work completion rate in the year of 2015-16 and Earlier.
10000
5000
0 No. of Works No. of Works Not Yet Work started Completed Completed Completion Rate 2015-2016 and Earlier Bathinda Financial Year
The present research has find out the work completion rate in the year of 2015-16 and earlier in Bathinda district. In this year the total 6608 work was started and 6603 was completed at the rate of 99.92%. Figure No.2 The work completion rate in the year of 2016-17.
1800 1600 1400 1200 1000 800 600 400 200 0 Work No. of Works No. of Works Not Yet Work Completion started Completed Completed Completion Rate Rate 2016-2017 Financial Year
The figure no.2 shows the work completion rate of the year of 2016-17 in Bathinda district. In this financial year the total 1758 work was started and 1710 work was completed at the rate of 97.27%.
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Figure No.3 The work completion rate in the year of 2017-18.
2500 2000 1500 1000 500 0 Work No. of Works No. of Works Not Yet Work Completion started Completed Completed Completion Rate Rate 2017-2018 Financial Year
The figure no.3 shows the work completion rate of the year of 2017-18 in Bathinda district. In this financial year the total 2333 work was started from which only 1139 work was completed at the rate of 48.82% and 1194 work is still pending. Figure No. 4 The work completion rate in the year of 2018-19.
1200 1000 800 600 400 200 0 Work No. of Works No. of Works Not Yet Work Completion started Completed Completed Completion Rate Rate 2018-2019 Financial Year
The figure no.4 shows the work completion rate of the year of 2017-18 in Bathinda district. In this financial year the total 1176 work was started from which only 25 work was completed at the rate of 2.13% and 1151 work is not still completed.
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Figure No. 5 The work completion rate since the year of 2014.
15000 10000 5000 0 Work No. of WorksNo. of Works Not Yet Work Completion started Completed Completed Completion Rate Rate Total
The figure no.5 shows the total work completion rate since the year of 2014 in Bathinda district. from this financial year the total 11875 work was started under MGNREGA from which total 9477 work was completed at the rate of 79.81% and 2398 work is not yet completed. Conclusion India’s MGNREGA is the only flagship programme which gives its rural people a right of Liberalization, Privatization and Globalization (LPG). It has played a vital role in rural area because of its humane approach. It has enabled them with sufficient purchasing power and they are able to at least to supports their basic necessity i.e. food. The Act has confined the life of rural poor by giving them the 100 days work programme to those household who is volunteer to do unskilled manual work. It is not only giving rural livelihood security but also has improved the rural infrastructure by completing the work at the rate of 79.81% since 2014. It has positively performed in term of total job card issued, active household/workers, in work completion rate and this will ultimately lead to sustainable development of the state. References Kishor Ch. Sahu(2017),“Evaluation of performance of MGNREGA with special reference to Odisha”, International Journal of Development Research, Vol.7, Issue. 10, pp. 16358-61.
Padma K(2015),“Performance of MGNREGA in Andhra Pradesh”, International Journal of Humanities and Social Science Invention, ISSN (Online): 2319 – 7722, ISSN (Print): 2319 – 7714, Vol. 4, Issue. 4, pp. 22-27
Sharma Rajesh ; Didwania Manish (2013),” Performance Analysis of MGNREGA: A Case Study of District Jind”, International Journal of Business Economics & Management Research, ISSN 2249- 8826, Vol.3, Issue. 8, pp.155-65. http://mnregaweb4.nic.in/netnrega/MISreport4.aspx http://nrega.nic.in/netnrega/homestciti.aspx?state_code=26&state_name=PUNJAB http://mnregaweb4.nic.in/netnrega/app_issue.aspx?page=s&lflag=eng&state_name=PUNJAB&state_code=26&fin_year=2014 -2015&source=national&Digest=aJYLDWbyPNOM5LBWC1kgPA
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A COMPARATIVE ANALYSIS OF PNB AND HDFC BANK IN INDIA
Ramanjeet Kaur Research Scholar Email:[email protected] Contact-+91-9653857860 Dr. Sunita Sukhija Dean UCCM Email:[email protected] Guru Kashi University Talwandi Sabo Abstract Public and private sector banks are the major contributors towards the socio-economic development of a country. The major difference between the two sector banks is of their approach towards their contribution to growth. Housing Development Finance Corporation (HDFC) and Punjab National Bank (PNB) are the two leading banks of India in the public and private sector. A country’s financial system is reflected by the efficiency in the financial operations of its commercial banks. In this study data used for the study is secondary in nature. In this study, financial performance of PNB and HDFC Bank is evaluates and compare. The study shows PNB has more NPAs as compare to HDFC and face the problems to generate the income. The study shows that the financial performance of HDFC Bank is better than PNB. Keywords: Cash deposit ratio, Return on equity, Return on assets, Capital adequacy ratio. Introduction A bank is a monetary body which controls the financial activities of individuals and commercial institutions on their behalf; amongst the broad spectrum of activities conducted in banks on daily basis, the most elementary task includes receiving deposits and advancing credits to earn profit. Banks can be considered as blood streams of the nation as it helps feed the economy by playing the important role to the businesses that keep their operations running on the daily basis, help them grow via offering loans and make future investments to further their business prospects bother nationally and internationally. The general role of commercial banks is to provide financial services to general public and business and companies, ensuring economic and social stability and sustainable growth of the economy. In this respect, "credit creation" is the most significant function of commercial banks. While sanctioning a loan to a customer, they do not provide cash to the borrower. Instead, they open a deposit account from which the borrower can withdraw. In other words, while sanctioning a loan, they automatically create deposits, known as a "credit creation from commercial banks".
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Review of literature Kumbirai and Webb (2010) investigated the performance of South Africa’s commercial banking sector for the period 2005- 2009. Financial ratios are employed to measure the profitability, liquidity and credit quality performance of five large South African based commercial banks. The study found that overall bank performance increased considerably in the first two years of the analysis. Choudhary and Tondon (2011) analyzed the performance of commercial banks in India during post- liberalization. The result showed that all the banks have shown decline in NPAs where increase has been depicted in capital adequacy ratio. Public sector banks have already sacrificed a lot of their profits for the achievement of social objectives. K. V. Bhanumurthy (2015) discussed that people have misconception or the myth that the main banking business is accepting deposits and lending loans. The profitability of banks is reducing because of high level of non-performing assets. However the reality is that the banks are aggressively involving in off balance sheet business, particularly the foreign banks that can at any time threaten and destroy the stability of banks. Jaiswal and Jain (2016) discussed that the market position of SBI is better than ICICI in terms to earning per share, price ratio per share and dividend payout ratio, but on the other hand ICICI bank is performing well in terms of NPA and provision for NPA in comparison of SBI bank. Singh and Pawan (2016) analyze the financial performance of HDFC and PNB bank. Result show that NPAs of PNB bank has more as compare to HDFC bank and financial performance of HDFC bank is better than PNB. Objectives of the Study To study the financial performance of PNB and HDFC Banks. To compare the financial performance of PNB and HDFC Banks. Hypothesis of the study H0 : There is no significant difference between financial performance of PNB and HDFC bank. Research Methodology The data of the sample banks (for a period of five years 2014 to 2018) has been collected from the annual reports, balance sheet and the websites of the banks.
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Tools for Analysis: For the purpose of the study, following parameters have been taken: Capital Adequacy Ratio, Return on Equity, Return on Assets, Cash Deposit Ratio, and Non- performing Assets Ratio. Furthermore to validate the hypothesis described in the former section, t-test was conducted using spss software. Data Analysis and Interpretation Capital Adequacy Ratio: This ratio used to is measures the bank’s financial strength by using its capital and assets. Generally a bank with high CAR is considered safe and likely to meet its financial obligation. Table-1 Capital Adequacy Ratio(in per cent) Years PNB HDFC 2014 12.11 16.07 2015 12.89 16.79 2016 11.28 15.53 2017 11.66 14.6 2018 9.2 14.82 Mean 11.428 15.562 Standard Deviation 1.382234 0.900428
(Source: Annual Reports of Banks & moneycontrol.com) Interpretation: Table 1 display those in initial years both banks shows the increasing trend but later on shows the decreasing trend during the study period. CAR is highest for HDFC bank 6.79 in year 2015. HDFC bank has highest mean value15.56 as compare to PNB bank. HDFC bank maintains high CAR value during the study period. It means financial strength of HDFC bank is very strong. Independent Samples Test Levene's Test for t-test for Equality of Means Equality of Variances F Sig. t df Sig.(2-tailed) CAR Equal variances .331 .581 -5.604 8 .001 assumed
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Equal variances not -5.604 6.877 .001 assumed
Hypothesis Test: The significant p- value of Levene’s test is .581>0.05 then equal variance assumed is .001<0.05 then hypothesis Ho is rejected. It indicates that there is significant difference in financial performance of PNB and HDFC Bank in Capital Adequacy Ratio. 1. Return on Assets Ratio: ROA is a financial ratio that shows the percentage of profit of a company earns in relation to its overall resources.
Table-2 Return on Assets Ratio(in per cent)
Years PNB HDFC 2014 0.64 2 2015 0.53 2 2016 -0.61 1.92 2017 0.19 1.88 2018 -1.6 1.93 Mean -0.17 1.946 Standard Deviation 0.93731 0.052726
(Source: Annual Reports of Banks & moneycontrol.com) Interpretation: Table 2 show that ROA is highest for HDFC bank (2) in year 2014 and 2015 but PNB bank shows negative value in 2016 and 2018. The mean value of HDFC bank is highest (1.94) as compare to PNB .PNB shows the negative mean value.
Independent Samples Test Levene's Test for Equality t-test for Equality of Means of Variances F Sig. t df Sig.(2-tailed) ROA Equal variances 13.828 .006 -5.040 8 .001 assumed
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Equal variances -5.040 4.025 .007 not assumed
Hypothesis Test: The significant p- value of Levene’s test is .006<0.05 then equal variance not assumed is .007<0.05 then hypothesis Ho is rejected. It indicates that there is significant difference in financial performance of PNB and HDFC banks in Return on Assets Ratio.
2. Return on Equity Ratio: ROE is a measure of financial performance calculated by dividing net income by shareholders equity.
Table-3 Return on Equity Ratio(in per cent)
Years PNB HDFC 2014 9.69 19.5 2015 8.12 16.47 2016 -11.12 16.91 2017 3.47 16.26 2018 -32.85 16.45 Mean -4.538 17.118 Standard Deviation 17.83032 1.352727
(Source: Annual Reports of Banks & moneycontrol.com) Interpretation: Table 3 show that ROE is highest for HDFC bank (19.5) in year 2014 but PNB bank shows the continuously decreasing trend during the study period. The mean value of HDFC bank is highest (17.118) but PNB bank show the negative mean value.
Independent Samples Test Levene's Test for t-test for Equality of Means Equality of Variances F Sig. t df Sig.(2-tailed) ROE Equal variances 11.260 .010 -2.708 8 .027 Assumed
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Equal variances -2.708 4.046 .053 not assumed
Hypothesis Test: The significant p- value of Levene’s test is .010<0.05 then equal variance not assumed is .053>0.05 then hypothesis Ho is accepted. It indicates that there is no significant difference in financial performance of PNB and HDFC banks in Return on Equity Ratio.
3. Cash Deposit Ratio: - CDR is the ratio of how much a bank lends out of the deposit it has mobilized. It shows how much bank’s core funds are being used for lending.
Table 4 Cash Deposit Ratio(in per cent) Years PNB HDFC 2014 4.76 6.02 2015 4.88 6.46 2016 4.81 5.77 2017 4.4 5.71 2018 4.27 9.95 Mean 4.624 6.782 Standard Deviation 0.271164 1.795402 (Source: Annual Reports of Banks & moneycontrol.com) Interpretation: Table 4 display that in initial year of the study period PNB show the increasing trend but in 2017 onward show the decreasing trend. Cash deposit ratio is highest for HDFC bank (9.95). It is noticeable that HDFC bank has highest mean (6.782) as compare to PNB.
Independent Samples Test Levene's Test for t-test for Equality of Means Equality of Variances F Sig. t df Sig.(2-tailed) CDR Equal variances 4.388 .069 -2.658 8 .029 assumed
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Equal variances -2.658 4.182 .054 not assumed
Hypothesis Test: The significant p- value of Levene’s test is .069>0.05 then equal variance assumed is .029<0.05 then hypothesis Ho is rejected. It indicates that there is significant difference in financial performance of PNB and HDFC banks in Cash deposit Ratio.
4. Non Performing Assets Ratio: NPAs are an certain burden on the banking sector. NPA is a disorder resulting in non-performance of a portion of loan portfolio leading to no recovery or less recovery / income to the lender. The success of a bank depends upon the methods of managing NPAs and keeping them within tolerance level.
Table-5 Non Performing Assets Ratio(in per cent)
Years PNB HDFC 2014 2.85 0.3 2015 4.06 0.2 2016 8.61 0.28 2017 7.81 0.33 2018 11.24 0.4 Mean 6.914 0.302 Standard Deviation 3.429829 0.072938
(Source: Annual Reports of Banks & moneycontrol.com) Interpretation: Table 5 shows that the NPA’s of public sector bank is rising year by year when it compare to the private sector bank.NPA is higher for PNB bank(6.914) during the study period as compared to HDFC bank(0.302).
Independent Samples Test Levene's Test for Equality t-test for Equality of Means of Variances F Sig. t df Sig. (2-tailed) NPA Equal variances 16.820 .003 4.310 8 .003 assumed
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Equal variances 4.310 4.004 .013 not assumed
Hypothesis Test: The significant p- value of Levene’s test is .003<0.05 then equal variance not assumed is .013<0.05 then hypothesis Ho is rejected. It indicates that there is significant difference in financial performance between PNB and HDFC banks in NPA Ratio. 5. Findings Capital Adequacy Ratio shows that HDFC bank is financial strong as compare to PNB because this ratio is highest for HDFC. The Return on Equity Ratio is far better HDFC bank. This would mean that HDFC bank is using the investor’s money in a better way to generate income. Another significant difference is obtained for Return on Assets Ratio which is higher for HDFC as compare to PNB. This means that HDFC is generating higher returns against their assets. HDFC Bank is more financially healthy to PNB. NPAs of HDFC Bank is lower than PNB which shows that HDFC Bank is better to recover its advance but NPAs in case of PNB is increasing year on year which indicates PNB should appraise credit policy to manage the NPAs. To conclude that there is a significant relationship between the Capital adequacy ratio, Return on assets, Cash deposit ratio among the PNB and HDFC banks in India there is no significant relationship between the return on Equity ratio among the PNB and HDFC banks in India. This study shows that the financial performance of HDFC Bank is better than PNB.
References
Kumbirai and Webb (2010) “A Financial Ratio Analysis of Commercial Bank Performance in South Africa” African Review of Economics and Finance, Vol. 2, No. 1.
Choudhary and Tondon (2011) “Performance of Commercial BanksiIn India During Post – Liberalization” International Journal of Multidisciplinary Research, vol.1, issue 8.
Misra & Yadav (2015) “A Comparative Study of Financial Performance of SBI and ICICI Bank”The Indian Journal of Commerce, 64-70.
Jaiswal and Jain (2016) “A comparative Study of Financial Performance of SBI and ICICI Banks in India” International Journal of Scientific Research in Computer Science and Engineering, vol.4, issue 3.
Singh and Pawan (2016) “Financial Performance: A Comparative Analysis Study of PNB And HDFC Bank” International Journal of Marketing and Financial Management, vol.4, issue2.
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A STUDY OF IMPACT OF INFORMATION TECHNOLOGY IN INDIAN BANKING INDUSTRY
*Maninder Singh *Gaganpreet Kaur *Assistant Professor in Commerce, K.L.S.D. College, Ludhiana. ABSTRACT
IT and India have become synonymous. Whether India becomes a destination for outsourcing or it becomes a development center in matter of debate. As far as banking industry in India is concerned, it can be said that although the Indian banks may not be as technologically advanced as their counterparts in the development world, they are following the majority of international trends on the IT front. The strength of Indian banking lie in withering storms and rising up to the expectations from all quarters. Catching up with all global trends is a matter of times. This article endeavor to relate the international trends in IT with the Indian banking industry. The present status is accepted on “as is” basis to compare with trends world over. INTRODUCTION Indian banks irrespective of the size, pattern of ownership, business mix and like can be placed into five categories in terms of level of technology. There are banks that are not having computers at all and all operations are undertaken manually. There are some, which have advanced ledger-posting machines (ALPMs). The next category includes those having stand- alone computer either for all operations or for a part of them. In the quest to computerize 75% of business, some public sector banks have done IT up graduation only at key branches. The last lot includes possibly all foreign banks and newly established private sectors banks, which have fully computerized all operations. With these variations in the levels of information technology in Indian banks, it is useful to take account of the trends in information technology internationally as also see the comparative position with banks. All the trends in IT sectors since the early nineties, each Indian bank have done some IT improvements effort. The first and foremost compulsion is the fierce competition. While deciding on the required architecture for the IT, consideration is given to the following realities. IT CONSIDERATION Since the early nineties, each Indian bank has done some IT improvement effort. The first and foremost compulsion is the fierce competition. While deciding on the required architecture for the IT, consideration is given to the following realities.
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1. Extending customer service that is timely, accurate, flexible and innovative Addressing to rising customers’ expectations is significant particularly in the background of increased competition. In case bank A is unable to provide the required service at a competitive price and in an accurate manner with speed. There is always bank B next door waiting to lure customer. Awareness of customers about the availability of services and their pricing as also available option have brought into sharp focus the issue of customer satisfaction. Again, uniform service at similar price is required to be extended at all branches. IT-driven marketing capabilities have become the key determinant of business success. 2. Meeting internal requirements Management information system for decision support as also to respond to the regulatory authorities is of significance to banks. The requirements of the banks are different individually depending upon their nature and volume of business; focus on a particular segment, spread of branches and the like. Many a times, banks do have the required information but it is scattered. The operating units seldom know the purpose of gathering the information by their higher authorities. At the operating level, there is a generic aversion to submit the information due to its repetitive nature. The necessary architecture is to be based on these considerations. 3. Creative support for new product development It has become necessary for banks to vitalize the process of product development. Marketing functionaries need a lot of information not only from the outside sources but also from within banks. Banks are looking to retail segment as the future marketing place for sales efforts. Cross selling of products is considered as the beneficial strategy. Having full-fledged information of existing customers is the key for this purpose. The emergence of data requirements and an appropriate architecture to support the same are significant issues to be handled in this regard. 4. End user development as the non-technical staff Banking, being a service industry, it is the staff at counters that delivers the products. In Indian scenario, virtual banking is likely to take a few more years to establish. The dependence on counter staff i.e. end users of technology is unavoidable. The staff is large in number and the majority is non-technical. The customer’s satisfaction level at the counter determines the ultimate benefit of IT offensive. Giving due consideration to this aspect in choosing architecture is necessary.
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5. Effectiveness in data handling As stated earlier, the banks have most of the needed data but are distributed. Further, the cost of collection of data and putting the same to use is prohibitively high. The accuracy and timeliness of data generation become the casualties in the process. Best of the intention on computerization are wished away because there is no visible reduction in cost/effort/time required for the required data gathering. Handling of huge volumes of data and making the same available as and when necessary to those authorized to have access to such data/information is the key in deciding the architecture. INFO TRENDS In financial sector world over, certain trends have visualized. They are as follows: 1. Prospering in down market 2. Leading to downsizing 3. From solo to partnership 4. Integration 5. Outsourcing 6. Transformation data into knowledge 7. Distinctive edge 8. IT as profit center These trends in the context of Indian banks have been discussed in the following paragraphs. 1. Prospering in down market The trends suggest that when there is a down turn in the market place, pro-active corporation take the benefit of available unutilized resources to upgrade and revisit technology issues. This is seen as the right time to establish the R & D center for IT. There are false notions about technology and its capabilities. Some misconceptions include (a) best fit possible technology to implemented, (B) system solution is good enough and there is no need to look into user expectations, (C) innovations are generally successful, (D) success is related only to novel ideas, (E) technology is the sole determinant of business success and (F) measures and standards i.e. audit and inspection issues is ample and these false notions get clarified during the down market. Eventually, the decision makers reach a consensus that IT is not a panacea but it is an enabler that too when well supported by BPR (Business process RE-engineering), human resources initiatives, physical infrastructure and responsive organizational set up.
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2. Leading to downsizing The IT initiative is marketing the organizations lean and flat. The perception about this type of downsizing is varied. The human resources functionaries had seenthis as staff reduction. Such an exercise involves cutting down the reporting levels in the organizational set up. For IT functionaries, downsizing means transferring computing power from mainframe to the personal computers and workstations. Downsizing is a typical issue faced with associated problems. Absence of top management commitment, lack of understanding of the prevalent IT infrastructure, doing too much too fast and undertaking the exercise without a framework for controlling the downsizing operations are primarily the situations that create adversities in the downsizing. In any case , the trend of downsizing is very much existent in the IT environment.A look at the Indian banks would reveal that efforts are made by them to reduce the layers in the organizational set ups. The number of regional offices are being reduced so also the number of zones. The movement is four-tier to three tier structure. The span of control of the administrative offices is being expanded. Bare minimum staff is provided to them by putting more people on actual operations. Voluntary retirement schemes have also contributed to these compulsions. As regards IT, erstwhile arrangement of ALPMs at branches and mainframe at the corporate office is being replaced by universal banking solutions with centralized data center and inter branch connectivity. These developments are in line with what is happening internationally. 3. From solo to partnership With the development of IT, two things are taking place simultaneously. The work force as a percentage of total staff is going down and spending on IT as percentage of total spending is going up. In countries like japan, the approach is collaborative whereby the it vendors and the banks are coming together as partner. The forms of partnership can including binding by superior service, accommodation in service sharing network, equal partnership and situations where survival is threatened. At times the partnership becomes necessary to get out of areas where there is no competitive advantage. Low development costs or wider geographical coverage are the aspects that create such partnerships. Instance are not infrequent where joint ventures have been formed with the It vendors.In India, these trends are not visible. Mergers have started in banking industry with Times and HDFC banks as also Bank of Madura and ICICI bank. The one between UTI bank and Global Trust bank has not materialized. In public sector, Punjab National Bank has acquired New Bank of India. However partnering with IT vendors is yet to take roots in the
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Indian banking industry in a big way. Banks do have equity holding in IT and technology companies but such investment is more from the Treasury perspective rather than partnering. 4. Integration Too many hierarchies give rise to coordination problems and at times even promote in fighting. The result is overlapping, redundant and non-integrated systems and organizational set ups remaining unchanged for years together. One of the IT trends is moving from hierarchy to team approach. The purpose is to seek an alternative to retooling, to react speedily and to develop capabilities rather than necessary so as to address to prevalent situations like a) functions needing data and not getting from others, b) sending data to those who do not require them, c) redundancies within the functions and d) global data exist but do not travel to required business functions. The integration process involves 1) assessment of environment, watching changes needed and their relationship with technology, 2) position taking inclusive of understanding of present technology, investment and mandating funds for future technology, discarding the financial accounting approach and the like and 3) policy formulation to detail the integration strategy based on organizational set up, culture, accounting practices and externalities. Indian banks seem to follow this trend through the structure re-design as described earlier. Group is replacing the concept of division. Instead of vertically divided pyramid type organizational set ups, banks are not trying to have Separate groups like Finance, International, Consumer Banking, Industrial/Commercial Credit and alike. The implication is the thrust that is placed on team rather than hierarchies. Banks are in the process creating new positions like chief information officer or chief financial officer. Reduction in the tiers in the organizational set up, increased span of control facilitated by the technological aids, scantly manning of administrative offices i.e. defining the role of branch manager as the sales manager are all measures speaking of these initiatives. 5. Outsourcing Outsourcing is one of the most talked about as also a controversial issue. The drivers for getting into outsourcing are many to include, gaps in IT expectations and reality, demystification of computerization in general and IT is particular, trends towards focusing on core competencies, increased legitimacy of outsourcing and intention of getting out of worries and costs of up- gradation of hardware and software versions. Not that the practice is new, as earlier it was referred to as ' buying time ' and 'Service bureau’. What is needed is the clarity of purpose of
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outsourcing, besides a definite plan to be more competitive after outsourcing. It is necessary to have checks and balances to monitor vendor performance. Cost aspects merit consideration, as also a decision on the parts of the process to be outsourced shall be of significance. Exit route and procedure on account of failure after outsourcing are the other issues to be looked into. Notwithstanding these risks, outsourcing has come to stay. The opposition to IT and computerization from trade unions waning over years in Indian banks. However, there are labour laws that preclude banks from outsourcing the activities when the supports are available from within. Prior to IT offensive the banks had been outsourcing activities like data entry, but now the instances of such arrangement are infrequent. One reason is the lack of marketing efforts of service providers, cost aspects and the hesitation of banks are account of possible resistance from the unions. In any case, outsourcing is yet to assume the status of an established practice in Indian banks. It is likely that on advancing in computerization efforts, the cost centers could be identified by banks as the candidates for outsourcing in future. 6. Transforming data into knowledge Information is defined, as the data that have evaluated in such a way that facilitates decision making or that narrow down the possibilities about which the decision maker is ignorant. IT is seen as the set of non-human resource whose tasks encompass storage, processing and Communication of information. It includes the manner in which these resources are organized into a system capable of carrying out a task or a set of tasks. It is a combination of hardware and software. IT is equipment and ancillary resource that converts or combines basic raw material inputs to produce a new product adding new value in the process. The thrust of IT is on transforming data into knowledge Compared to developed countries, the development of IT itself is at a slower speed in Indian banks due to variety of reasons. While recognizing that some banks have decided to go ahead in the areas of data warehousing and data mining, graduating to the level of transforming data into knowledge seems to be a distant dream for Indian banks. The volume and complexity of data , far flung network of branches across the country, communication issues , limitation on the capital expenditure spending , hesitation from the employee organizations and attitudinal issues are the aspects that come in the way to achieve speedier implementation of IT initiatives corollaries thereto.
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7. Distinctive edge It is always said that many use but a few make use of IT. Historically, the emphasis is on using IT for large volumes like payrolls, balancing of books, reconciliation, etc. The realization on having IT as matter of competitive edge has come about very lately. It is recognized that customer service is not an easy thing to provide but IT is used as a means. It does give value addition and creates a barrier for competitors to enter. Banks understand that the cost of cultivating a new customer is 5 to 6 times of retaining an old one. Customers normally switch banks due to poor service. The appreciation of these facts has compelled the banks world over to look up IT as an instrument to create a distinctive edge over competitors. 8. IT as profit center In the embryonic phases, IT was looked upon a means to get rid of high processing costs and time to convert the manual operations with high volume/low complexity into mechanical one. With the evolutionary process, it was seen as the best means of generating MIS (Management information system). The same approach gave the status of DSS (Decision support system) to IT. All along, it has been recognized as a service function in Indian banks. However, the new trend that is emerging is considering IT as profit center. The cost benefit analysis of having IT or otherwise is one part, but having IT set up to generate income for the organization is a new beginning. Getting jobs from outside the bank for processing data and the like are current trends. The outsourcing done by others is the business catered to by these organizations. The trend of this kind is not observed in Indian situation particularly in banks. The banks have been able to just manage what is considered as their responsibility as IT service within the individual banks. Conclusion Indian public sector banks that hold around 75% market share have taken initiatives in the field of IT. They are moving towards the centralized databases and decentralized decision making processes. They possess enviable quality manpower. Awareness and appreciation of IT are very much there. What is needed a 'big push’, the way it was given in the post-nationalization period for expansionary activities.
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REFERENCES Datt,Ruddar and Sundharam, K.P.M (2002), Indian Economy, S. Chand and company, New Delhi. Indian Bank's Association, IBA Bulletin, Vol.13, No.4 (April 1999). R.B.I Banking Statistics (2002-2003), Bombay, 2003. Ramanathan, A. (1998), Financial Liberalization and Economic Development. The Theory and Experience IEJ, Vol.46, No.1 Rangarajan, C. (2000), Financial Sector Reforms: Managing Changes, P.N.B., M.R., Vol.18, No.11. Rangarajan, C., Financial Sector Reforms: The Indian Experience , RBI Bulletin, Bombay,July,2000.
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CUSTOMER RELATIONSHIP MANAGEMENT IN HOSPITALITY INDUSTRY – A STUDY OF HOTELS IN PUNJAB Dr.Rinki Garg Research Scholar, Guru Kashi University, Talwandi Sabo, Bathinda Author e-mail: [email protected]
Abstract In 21st century‘s extremely competitive scenario, customer is the centre for each and every business transactions in any sector. In this cutthroat economy, it’s a difficult task for professionally managed service organizations to retain and sustain customers by providing services differentiation and innovative branding strategy. Specifically in hospitality industry maintaining long-term relationships for retaining customers and expecting loyalty from them is very much difficult. It is a major task for today’s smart marketers and hoteliers to cater the diverse and specific needs of their customers in a very profitable and mutually satisfied manner. Hence, it requires a comprehensive blending of marketing intelligence, innovative supply chain, and high standard of customer service. Through which a holistic marketing value can be delivered to gain competitive edge over the market rivals. Accordingly, relationship marketing plays a pivotal role in retaining prospective customers and providing them value augmentation through qualitative service delivery. Relationship marketing approach also helps service industry to create strong bonding with their prospective customers. Customer loyalty and relationships are two sides of the same coin and thus relationship marketing helps in establishing an intact linkage between an organization and its customers and further converts a customer into a loyal one. Hence, the challenge for a service firm is how to convert a transaction based relation into an emotionally bonded loyal one, which only can be facilitated with synergistic approach of relationship marketing elements along with high standard of service quality delivery. Although relationship marketing strategy is the area of interest both for the academicians and practitioners since last thirty years. But, the majority of the studies have been conducted in International context and limited research has been done in Indian context, especially Punjab. This research explores the customer relationship marketing strategies adopted by different hotels of Punjab. The sole aim of this study is to investigate in to how star hotels of Punjab practice relationship marketing in their service operations through the strategic use of innovation and technology..
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Keywords- customer satisfactions, supply chain, Quantitative survey, customer hotel relationship. Introduction In twenty first century, customer is the centre of each and every business transaction in any sector. In this competitive world the retention of customer is of paramount importance. It is a major task for the present marketers and hoteliers to cater to the diverse and specific needs of their customers in a very profitable and mutually satisfied manner. Therefore, it requires a comprehensive blending of management intelligence, innovative supply chain, and high standard of customer service. Accordingly, relationship management plays a pivotal role in retaining prospective customers and providing them value augmentation through qualitative service delivery. Relationship management approach also helps service industry to create strong bonding with their prospective customers. Customer loyalty and relationships are two sides of the same coin and thus relationship management helps in establishing an intact linkage between an organization and its customers. The challenge for a service firm is to convert a transaction based relation into an emotionally bonded loyal proportion, which only can be facilitated with synergistic approach of relationship management elements along with high standard of service quality delivery. Relationship management strategy has been the area of interest both for the academicians and practitioners since long. The majority of the studies have been conducted in International context and limited research has been done in Indian context, especially in the state of Punjab. This research explores the customer relationship management strategies adopted by different hotels of Punjab. The sole aim of this study is to investigate as to how star hotels of Punjab practice relationship management in their service operations through the strategic use of innovations and technology. The objective of the study is to produce astute results by carrying out research in the areas of relationship management in hospitality context and within the limited number of hotels in Punjab. The findings of the study are based on the data collected from primary and secondary sources. Primary data have been conducted through quantitative as well as qualitative procedure. A quantitative survey was conducted through a sample size of 500 respondents. The result of the study suggests that customer relationship elements along with service quality determinants play a significant role in managing and establishing customer hotel relationship in
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hotels in Punjab. Therefore, the present study has been undertaken on the topic, “Customer Relationship Management in Hospitality Industry- An Empirical Study of Hotels in Punjab”. Effective relationship management is rational to increase long-term profits by moving ahead from transaction-based management and its pre-eminent interests in attracting new customers. Retailers need to focus on increasing customer services and satisfaction by developing quality products (Mollah)1. Punjab, etymologically the land of five rivers, has been the melting pot of several civilizations due to its strategic location as the entrance to the Indian subcontinent. However each community which entered Punjab left its impact on its culture like the Persians, Greeks, Mauryans, Scythians and Kushanas. These influences can be seen and felt even today through the tangible and intangible cultural heritage of Punjab. Current studies are primarily an attempt to assess its attraction of the cultural heritage resources of Punjab in terms of tourism and hotel industry development in the state. The land of Punjab is a land of interesting cultures, unique figurines of lush green colored fields and their heart warming people whose good friendliness and beauty are part of their heritage. Due to the success of Green Revolution in the early 70's, the state has made a lot of development over the years. The second major reason for the prosperity of the state is the people who achieve success after the struggle. The people of the state are working hard and lead a prosperous, peaceful, purposeful and comfortable life. Music and dance are in their blood and it is reflected in Bhangra Beat which is popular all over the world today2. Concept of Customer Relationship Management and Hospitality Industry Hospitality Industry has unrolled from very unpretending commencement of families and property owners/ landowners who cleave their home homes to pilgrims to the high rise of estate which contain number of guests rooms that their living accommodation facilities classified on the basis of location , rooms, rates and number of rooms they contains. Hotel industry is a abundant and highly multiform industry which over spread the appearance of small, large and medium venture and makes momentous contribution to the global industries. Traditionally the hospitality industry has been observed to be separate from other industries for the following reasons:
1 Mollah. (2014). The impact of relationship management on customer loyalty at Tesco Plc. UK: European Journal of Business and Management. www.iiste.org, Vol.6, No.3, Pp 21-55.
2 Tourism in Punjab: Things to do in Punjab- Tourism in India. https://www.tourism-of-india.com/punjab/
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• Destructibility – rooms of hotel cannot be considered as inventory. • Intangibility – hotel stay can only be experienced. • Inseparableness – simultaneous prolongation and consumption of hotel services. • Variability – it means of service delivery. Hence, the process of service delivery is becoming part of marketing process for a hotel. The marketing department corresponds a pledge to the customers, create expectance and pre dominance/ directing purchase decision. How so ever, in order to release this assurance, it is necessary for the organisation to establish an internal process and protocols that motivate employees to render their best services to customers. In the hospitality industry, assurance is created by the promise. Assurance may also be persuading by previous experience, impression of friends and consorts or an image of the hotel. Every guest promenade into a consequence of rust that shows the value/ importance for a guest. For a hotel, accordingly, service quality is most important, especially in view of the event that a lot of employees, guest interactions are carried out in the non-appearance of regulate supervision. The CRM process in hotels is exercised by the fundamental principle that good service does not surety customers satisfaction. So, there is compulsion for the efficient customer relationship o build fidelity/ loyalty. In the world of competition, it is important to get new customers to succeed in business, and to maintain customer relationship is very important. “Customer relationship management is a combination of policies, procedures, and strategies implemented by an organization, providing resources to unify customer’s approach and track customer information. This includes the use of technology to attract new and profitable customers, while creating hard bonds with existing ones”3. Customer relationship is a vital factor in ensuring quality endurance and business sustainability in the modern era of global economy. The management of relations has been supported by the increasing trends of research in various aspects of this concept. Concept of customer relationship management can be defined in different ways. It means different things for different people. Customer relationship management is the process of
3 Mathur Meera, Sumbul Samma. A Study on Customer Relationship Management Practices in Selected Organised Retail Stores in Udaipur City, Mohan Lal Sukhadia University, Udaipur. Pacific Business Review : A Quarterly Refereed Journal. www.pbr.co.in/Brochure/d003.pdf, Pp 16-29.
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acquiring, maintaining and growing customers. This is not just a technique, but there is a management culture to create and maintain an effective client relationship. Customer relationship management focuses on its customers, determine customer needs, their satisfaction, welfare, customer loyalty and continued relationship for time to come. It Focus on new customer acquisition for long term business promotion continuity and for obtaining edge over the competitors. Customer relationship management deals with customer needs, their satisfaction, and welfare for continued business operations. It keeps a constant watch on the acquisition of new customers. In this case, the technology has helped a lot for the business operators to keep up to date details of customers and on line contact is possible with the help of satellite technology. The customer relationship management is always at look out for new strategy to promote the existing business and add new dimensions to it. The service providers obtain the help of other dependable ancillary operators like transport carriers, outdoor catering operators, agents, entertainment sites, car rentals and catering services etc. Customer relationship management starts with vision and strategy and it is based on collaboration and valued customers experience. Customer relationship management helps to built up a complete view of the each individual customer. Customer satisfaction is an outcome oriented attitude deriving from customers who compare the performance or value of the product with their expectations and satisfaction approach depends heavily on outcome oriented measures like satisfaction and direct experiential measures. Customer relationship management technique focuses on all sorts of customer related issues and combines the analytical and creative aspect of the organization. It consists of the strategy and its implementation issues both internally within the organization and externally with the competitive world. A customer is said to be satisfied when the products performance is above the customer’s expectations. Therefore, it becomes the duty of the organization to meet with the expectation of the customers and plan the strategies so as to win over customers. The satisfied customers are also to be taken into consideration and in their cases the organization must perform above the expectations so that the company may have a group of delighted customers since the delighted customers are the strength of the organization. Research has proved that a loyal customer is a great asset to the organization because the service provider can minimize the marketing cost and deliver a better value to the customer, which is mutually beneficial to both the service provider and the customer. Customer acquisition is a tough marketing job and the service providers take the help of relation marketing programmes to
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win over existing and new customers. Customer relationship management programs allow the service providers to track the customer’s interactions and collect the customer data from all the 3600. The consumer data is of critical importance for identifying new value, balancing sources and building close relationship and deliver excellent tailored customer service to produce deep customer relationship. Customer relationship management makes it possible to analyze customer’s information in order to take better business decisions, differentiate better between the customers and evaluate customers’ loyalty, profitability and effectiveness of performance. The implementation of customer relationship management is mainly connected with operational performance, connected with cost cutting and better efficiency initiatives. High quality service can be given only if the service provider keeps a constant check on the cost cutting devices, changing customer needs, technology development and adopt innovative methods to reach the distant consumers or foreign customer especially when the product or services reach the maturity stage. Customer relationship management helps the hotel providers to maintain relationship with the customers, provide personalized service to the customers and increase the longevity of customer relationship. It also helps to establish a reward system for the loyal customers and measure the number of profitable customers. It increases the customer satisfaction and the profitability of the hotel and establishes the brand image of the hotel. It also helps in breaking the cross cultural barriers and promotes healthy work culture by providing personalized service to the customers. It also maintains the reports of incidents, complaints and problems and finds their suitable solutions for future operations. It uses the customers’ information for planning marketing strategy in an effective manner. Under the present circumstances, safety of the customers is of outmost necessity and relationship management helps the hotel to provide medical and insurance facility to the guests. Customer relationship management keeps a constant control and watches the facilities provided to the customers and brings improvement after analyzing a feedback from the customers. It helps the organization to indentify the potential customers through the database and helps in promoting their chain with similar facilities at the time of making new strategies for packages in hotel service. Customer relationship management helps tremendously with the advancement of information technology as increased competition makes its necessary to employ new technologies for improving productivity and profits. In the present technological age, the creation of good positive customer relations are not only a necessity but it is a key strategy for
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differentiation, growth and success. The customers are becoming more and more techno-savvy and are looking for personalized service which cannot be done without the application of information technology. Technology will also come to rescue in the areas of customer retention, risk management, operational and transactional efficiency, new distribution channels. Customer relationship management provides effective customer intelligence4 and these web technologies allow the hoteliers to engage customers in personalized and mutually beneficial interactive relationship. The hotel industry may have their own website and provide information to customers as the customers can book accommodations online using the mobile application system. Customer relationship management also provides information about the customers likes and dislikes and saves time for providing better customers service and create comfortable environment for the customers. It also helps to increase the sale of product and services of the hotel and facilitates sustainable business growth of the hotel industry. The present study comprises of seventy statements on customer relationship management, 500 respondents and involves the data collected from forty rated hotels in eight cities of Punjab. Most of the respondents (over 65 per cent) favored that customer relationship management is beneficial for business growth and must be implemented for obtaining better longevity in customer and service provider relationship. Research Objective To study the role of customer relationship management on hospitality services and customer loyalty in hotel industry in Punjab Hypotheses
Objective H1 There is no significant role of customer relationship management on the growth of hotel industry.
H1.1 There is no significant role that saves time to manage customer’s information.
H1.2 There is no significant role that customer relationship management helps to maintain relationship with the customers.
H1.3 There is no significant role that it helps to increase the sale of product & services of a hotel.
H1.4 There is no significant role that customer relationship management enhances the opportunity to promote new product & services.
4 Smitha Ramachandran. (2008). Customer Management in Retail Banking , Hyderabad. Pp 5-7.
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H1.5 There is no significant role that customer relationship management increases the room occupancy of the hotel.
H1.6 There is no significant role that customer relationship management helps to increase the numbers of satisfied customers.
H1.7 There is no significant role that customer relationship management helps to retain the customers.
H1.8 There is no significant role that customer relationship management helps to keep long relationship with the customers.
H1.9 There is no significant role that customer relationship management facilitates sustainable business growth of a hotel.
H1.10 There is no significant role that customer relationship management increases the profit of the hotel. Analysis towards the role of customer relationship management on hospitality services and customer loyalty in hotel industry in Punjab The present section deals with the analysis towards the role of customer relationship management on the growth of hotel industry. This section relates to fourth objective of the study. In this section, the analysis has been enquired through 500 respondents selected from diverse fields. The respondents selected based on judgmental method of sampling technique, within the framework of Northern India. The respondents were engaged in the hotel industry. The questions related to growth of hotel industry like; customer relationship management saves time to manage customer’s information, customer relationship management helps to maintain relationship with the customers, It helps to increase the sale of product & services of a hotel, customer relationship management enhances the opportunity to promote new product & services, customer relationship management helps to keep long relationship with the customers, customer relationship management increases the room occupancy of the hotel, customer relationship management facilitate sustainable business growth of a hotel etc. were asked and data were collected.
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Frequency Distribution and Descriptive Analysis towards the role of customer relationship management on the growth of hotel industry
Sr. Strongly Strongly Statement N/ % Agree Neutral Disagree Total Mean S.D Agree disagree No.
1 Customer relationship management saves N N 250 229 16 2 500 4.44 0.638 time to manage customer’s information. % % 50.0 45.8 3.2 0.4 100
2 Customer relationship management helps N N 342 116 34 4 500 4.58 0.725 to maintain relationship with the % % 68.4 23.2 6.8 0.8 100 customers.
3 It helps to increase the sale of product & N N 251 155 84 3 500 4.28 0.862 services of a hotel. % % 50.2 31.0 16.8 0.6 100
4 Customer relationship management N N 256 201 37 5 500 4.41 0.689 enhances the opportunity to promote new % % 51.2 40.2 7.4 1.0 100 product & services.
5 Customer relationship management N N 253 194 45 2 500 4.37 0.763 increases the room occupancy of the % % 50.6 38.8 9.0 0.4 100 hotel.
6 Customer relationship management helps N N 292 165 34 3 500 4.47 0.752 to increase the numbers of satisfied % % 58.4 33.0 6.8 0.6 100 customers.
7 Customer relationship management helps N N 284 171 43 1 149 4.47 0.677 to retain the customers. % % 56.8 34.2 8.6 0.2 29.8
8 Customer relationship management helps N N 273 169 53 3 500 4.42 0.735 to keep long relationship with the % % 54.6 33.8 10.6 0.6 100 customers.
9 Customer relationship management N N 261 190 39 6 500 4.40 0.751 facilitate sustainable business growth of a % % 52.2 38.0 7.8 1.2 100 hotel.
10 Customer relationship management N N 291 189 16 3 500 4.53 0.611 increases the profit of the hotel. % % 58.2 37.8 3.2 0.6 100
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Source: Survey (Data were analyzed through SPSS 22.0)
Anova Values towards the role of customer relationship management on hospitality services and customer loyalty in hotel industry in Punjab
Sr. Age of No of Statement Type Category Rooms No. property Employees
1 Customer relationship management saves time to manage customer’s 0.075 0.000* 0.000* 0.000* 0.000* information.
2 Customer relationship management helps to maintain relationship with 0.000* 0.000* 0.000* 0.002* 0.000* the customers.
3 It helps to increase the sale of 0.000* 0.001* 0.000* 0.001* 0.011* product & services of a hotel.
4 Customer relationship management enhances the opportunity to promote 0.536 0.502 0.000* 0.250 0.007* new product & services.
5 Customer relationship management increases the room occupancy of the 0.000* 0.000* 0.000* 0.000* 0.410 hotel.
6 Customer relationship management helps to increase the numbers of 0.087 0.000* 0.001* 0.007* 0.235 satisfied customers.
7 Customer relationship management 0.029* 0.005* 0.000* 0.000* 0.114 helps to retain the customers.
8 Customer relationship management helps to keep long relationship with 0.000* 0.000* 0.000* 0.000* 0.069 the customers.
9 Customer relationship management 0.236 0.005* 0.000* 0.000* 0.109 facilitate sustainable business growth
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of a hotel.
10 Customer relationship management 0.351 0.000* 0.000* 0.000* 0.000* increases the profit of the hotel.
Source: Survey (Data were analyzed through SPSS 22.0) * Significant at .05
Findings This study is on the “Customer Relationship Management in Hospitality Industry- An Empirical Study of Hotels in Punjab”. The findings are given below:
(1) This study has evaluated that 50.0 per cent of the respondents strongly agree that customer relationship management saves time to manage customer’s information (Mean = 4.44, S.D. = .638). (2) This study has evaluated that 68.4 per cent of the respondents strongly agree that customer relationship management helps to maintain relationship with the customers (Mean = 4.58, S.D. = .725). (3) This study has evaluated that 50.2 per cent of the respondents strongly agree that it help to increase the sale of product & services of a hotel (Mean = 4.28, S.D. = .862). (4) This study has evaluated that 51.2 per cent of the respondents strongly agree that customer relationship management enhances the opportunity to promote new product & services (Mean = 4.41, S.D. = .689). (5) This study has evaluated that 50.6 per cent of the respondents strongly agree that customer relationship management increases the room occupancy of the hotel (Mean = 4.37, S.D. = .763). (6) This study has evaluated that 58.4 per cent of the respondents strongly agree that customer relationship management helps to increase the numbers of satisfied customers (Mean = 4.47, S.D. = .752). (7) This study has evaluated that 56.8 per cent of the respondents strongly agree that customer relationship management helps to retain the customers (Mean = 4.47, S.D. = .677). (8) This study has evaluated that 54.6 per cent of the respondents strongly agree that customer relationship management helps to keep long relationship with the customers (Mean = 4.42, S.D.= .735).
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(9) This study has evaluated that 52.2 per cent of the respondents strongly agree that customer relationship management facilitate sustainable business growth of a hotel (Mean = 4.40, S.D. = .751). (10) This study has evaluated that 58.2 per cent of the respondents strongly agree that customer relationship management increases the profit of the hotel (Mean = 4.53, S.D. = .611). . Conclusion Punjab, is now a day’s becoming popular with the domestic and international tourists due to different aspects such as cultural heritage, natural biodiversity. As per discussion has been done in this chapter, tourism and hospitality are of greater consequence for Punjab. Hotel industry in different ways shows the state’s growth and success. Further, hotels in Punjab require remaining revamping and reinventing itself to improve quality service and customer satisfaction with the help of relationship management to achieve the sustainable competitive advantage. Successful customer relationship management strategy implementation is the goal of any organization that is seeking to build relationships to customers. To facilitate this, customer relationship management systems hold a great deal of promise in enhancing these activities. Despite questionable implementation to date, predictive customer relationship management, interactive customer relationship management and interaction technologies in this area can be some major contributors in this regard, which can provide the organization of a competitive edge to the marketplace. It must be ensured that the customer relationship management systems that are selected are appropriate for the organization and used purposefully in order to gain the maximum benefits of them, namely the attainment of customer relationship management goals. Customers are the backbone of any kind of business activities, maintaining relationship of them yields better results. By capturing, tracking and analyzing customer service data, customer relationship management enables a firm to identify new performance issues. Customer data will help a firm in identifying new product development opportunities; provide personalized services to customer based on their behavior and responses. Customer relationship management is a powerful management tool that can be used to exploit sales potential and maximize the customer’s value to the hospitality industry. In the long term, customer relationship management produces continuous scrutiny of the hospitality business with the customer, thereby increasing the customer’s value of the business. Hospitality sector’s greatest assets are their knowledge of their customers. They can use this asset and turn it into key competitive advantage by retaining
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those customers that represent the highest lifetime value and profitability. They can develop customer relationships between a broad spectrum of touch points such their franchise branches. Simply implementing a solution intended to achieve organizational goals is not enough to achieve customer relationship management success. The process should ensure that these goals are achieved. More importantly customer relationship management optimization should be encouraged through the right practices, optimization of resources and the ability to adapt to change. Objectives need to be identified and customer relationship management goals need to be fixed before embarking on a customer relationship management project. Business processes need to be integrated with customer relationship management solution before actual implementation. The chosen solution should fit organizational objectives to the hilt. But to be successful, the hospitality sector needs a comprehensive customer relationship management strategy in which all departments within the hospitality sector integrates. Further Scope of Study The present study entitled “Customer Relationship Management in Hospitality Industry- An Empirical Study of Hotels in Punjab” has been carried out on the basis of customer relationship management. Such studies can be further taken up keeping in view the corporate social responsibility and the satisfactory level of the visitors with a view to making future strategies on business growth. The Govt. has liberalized the participation in foreign direct investment in various industries and such study can also undertake keeping in view the foreign direct investment in hotel industry as well. The Govt. may organize meetings of industrialist and invite foreign national for FDI investments and arrange its meetings in the various hotels to promote the industry. The business summits and other business fairs may be organized at other business fairs may be organized at tourist centers and exhibitions can be held in hotel premises with the result that the tourism industry and hotel industry will not only progress but make an adequate impact on culture and social strata with the advancement of culture and cross- cultural relations the hotel industry is going to get benefited by inviting national and international bodies for cultural functions etc. The hotel industry is a very significant source of cultural advancement as different visitors from different locations stay in such hotels so a study on the basis of cross cultural relations can also be undertaken to enhance the brotherhood/ sisterhood in humanity.
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References Mollah. (2014). The impact of relationship management on customer loyalty at Tesco Plc. UK: European Journal of Business and Management. www.iiste.org, Vol.6, No.3, Pp 21-55. Tourism in Punjab: Things to do in Punjab- Tourism in India. https://www.tourism-of-india.com/punjab/ Mathur Meera, Sumbul Samma. A Study on Customer Relationship Management Practices in Selected Organised Retail Stores in Udaipur City, Mohan Lal Sukhadia University, Udaipur. Pacific Business Review : A Quarterly Refereed Journal. www.pbr.co.in/Brochure/d003.pdf, Pp 16-29. Smitha Ramachandran. (2008). Customer Management in Retail Banking , Hyderabad. Pp 5-7
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EMERGING TRENDS OF E-COMMERCE IN INDIA: AN EMPIRICAL STUDY *Deepak Kapoor *Diviyani *Assistant Professor In Commerce At K.L.S.D. College, Ludhiana Abstract Electronic Mechanism is symbiotic integration of communication, data management and security capabilities to allow business application within different organizations to automatically exchange information through E-Channels. E- Marketing has been redefined by the dynamics of internet. The ease of using, efficiency increasing and quickness has bought the national and international presence of people towards each other. With the coming of E- Channel of Banking it has created a Platform for every person. The upgradation of E Source such as Debit Cards, Credit Cards, Smart Cards, ATM’s has linked the customer’s orientation with each other with increased efficiency. This study aims to analyze the knowledge of E- Marketing & E- Banking in Ludhiana district. Keywords: - E- Mechanism, E-Banking, E- Payment, E- Strategy. INTRODUCTION Today’s era revolve around the key drivers of E-Channels. The need towards great change is for factors such as social, political, technological, and legal. One of the greatest change is towards banking sector those are Adopting the new channels for raising the efficiency of working at individuals and group. The Indian banking industry today is in the midst of innovation and transformation made by information technology. Many new processes, products and services offered by banks and other financial intermediaries are now IT centered. Now-a-days many banks are providing the services through e-channels like ATMs, Internet banking, Mobile banking, Tele-banking, Debit cards, Credit cards etc. Most of the initiatives regarding e-channels are aimed at providing better and more efficient customer service by offering multiple options to the customers. The main challenge ahead in the new millennium in banking and financial sector contain changing economic and banking environment, global competition, capital structure, transparency in reporting accounts, employee productivity, risk management, market discipline, sound human resource management, training and development. In simple words, e-banking implies provision of banking products and services through electronic delivery channels. Internet banking means any user with a personal computer and a
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browser can get connected to his banks website to perform any of the virtual banking functions. In internet banking system the bank has a centralized database that is web-enabled. This means that the traditional bank branch is going to vanish in order to be surrogated by electronic banking which continues to attract new users. OBJECTIVES OF THE STUDY • To identify various e-banking delivery channels availed by customers. • To study the customers’ awareness and usage of e-banking delivery channels. • To find out the various reasons for availing various e-banking delivery channels. • To analyze the preference of customers with respect to various e-banking delivery channels. • To measure the satisfaction level of customers with respect to various e-banking delivery channels. HYPOTHESIS OF THE STUDY • There is no association between the level of usage and e-banking delivery channels. • There is no association between the level of awareness and e-banking delivery channels. RESEARCH METHODLOGY The population of the present study consists of customers who avail E-banking delivery channels in Ludhiana district. The sample size of the study is 100. The sample is selected by using convenient sampling method. Both primary and secondary data are used for the study. Primary data are collected from 100 respondents of Ludhiana district. Secondary data are collected from books and journals and internet. Questionnaire method is used for collecting primary data. The various tools used for analysis includes Percentile, Ranking, Scaling technique. The hypotheses are tested by using chi-square test etc. A five point likert scale is used for measuring satisfaction.
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ANALYSIS DATA
Table – 1 : Socio- Economic Status
Table 2: Weighted Ranking of E-Channels According to Utility E- Channels 1*6 2*5 3*4 4*3 5*2 6*1 Total ATM 420 35 24 18 12 4 513 INTERNET BANKING 138 145 40 90 10 3 436 TELE BANKING 18 30 44 78 90 9 269 MOBILE BANKING 216 120 80 30 12 4 462 E BILL PAYMENT 60 60 88 99 40 3 350 EFT 156 150 80 30 16 6 438 Table 2 reveals that the most preferred e-channel is ATM. Mobile Banking, Electronic Fund Transfer, Internet Banking and E-Bill Payments are preferred in second, third, fourth and fifth positions. The least preferred channel is Tele banking.
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Table 3: Weighted Ranking of Benefits from the use of E-Channel Benefits 1*7 2*6 3*5 4*4 5*3 6*2 7*1 Total Speedy Delivery 273 216 140 60 15 8 3 715
More Easiness 259 192 55 32 18 6 3 565 Reduced Errors 189 132 70 44 33 6 8 492 Innovative Products 217 174 75 56 42 6 4 574 Better Quality 210 180 85 36 27 8 5 551 Immediate Response 161 156 60 76 57 12 7 529 Service at Reasonable 218 126 100 48 21 10 3 526 Cost Table 3 reveals that the most opined benefit is Speedy Delivery, Innovative Products, More Easiness, Better Quality, Immediate Response, Service at reasonable cost etc. are preferred in second, third, fourth, fifth and sixth positions. The least opined benefit is Reduced Errors. Table 4: Results of Hypotheses Testing: Chi-square analysis S. No Association Table Calculated Degree of Results Value@5% Value of Chi- Freedom Level Square 1 E Banking 18.307 42.806 10 There is Channels and Association their level of usage 2 E Banking 18.307 35.09 10 There is Channels and Association their level of awareness
Table 4 reveals the results of chi-square analysis. The calculated values are less than the table values at 5% level of significance. Hence, it can be concluded that there is association between various e-banking channels and their level of usage and also association between e-banking channels and their level of awareness.
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Findings • Most of the respondents are very satisfied with the E-Banking Channels. • The most preferred e-banking channel is ATM and least preferred is Tele-banking • The most opined benefit from the use of e-banking channel is Speedy Delivery and least is Reduced Errors. • Safety, security and time saving are the main attractive features of E-Banking channels. • 75%respondentsareinopinionthat introduction of e-channels improved the performance of banking. • The study reveals that there is association between level of usage and e-banking delivery channels. Conclusion The present study portrays the study of E Channel of Ludhiana district. Today in era of advancement people are ready to adopt the Dynamics for the growth & survival. References [1] Internet Commerce: Digital Models for Business, Lawrence et al, Wiley [2] Electronic Commerce: A Manager's Guide, Kalakota et al, Addison-Wesley [3] Frontiers of Electronic Commerce, Kalakota et al, Addison-Wesley [4] Web Commerce Technology Handbook, Minoli et al, McGraw Hill (5) The Economics of Electronic Commerce, Choi et al, MacMillan [6] Shastri, R. V. (2003), “Recent Trends in Banking Industry: IT Emergence”, Analyst, pp. 45-46. [7] Shetty, V.P. (2000), “ E-Banking”, IBA Bulletin, Vol. XXI,No. 3, pp. 31-34.
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FACTORS INFLUENCE INDIVIDUAL INVESTOR BEHAVIOR Ankurita Bansal Research Scholar E Mail Id [email protected]
Abstract Investment is defined as accumulating money into an asset with the expectation of capital appreciation, dividends and interest earning. In developing country like India individual investment play a major role in the economy for the growth and development of the country. Economic growth is among the most vital factors affecting the quality of life that people lead in the country. Three variables that measure the growth of economy are income, saving and investment. There is variety of investment avenues are available. Most of the studies depict that Indian individual investor invest in less risky investment avenues most. But in recent year’s Indian individual investor invest in non-bank intermediaries, including the asset management industry. Indian households, which contributed 54.0 per cent of the gross savings of the economy in 2016-17, have historically been risk-averse, preferring investments in physical assets and gold. It may be because of financial literacy, existence of positive perception towards to modern investment avenues. But still majority of individual investor invest in traditional investment avenues. Every individual investor have their own preferences regarding investment avenues. There perception, demographic, socio-economic, psychographic and behavioral factors which influence investor’s decisions regarding investment and cause biases. To have a sound investment portfolio there is need for knowledge, information about investment process and also knowledge about risk and return along with factors etc. The information and knowledge comes through awareness in continuity and the use of right information at right time arrives investor in castle of treasure. To give knowledge to individual investor there are a lot of awareness programs run by financial institutions. Instead of all there are other desirable and undesirable aspects which effect in practical life of investor and make him/her biased regarding investment. Therefore, there is need to conduct a detail study on investment awareness, motive to save or invest, behavior and perception of individual investors. Keywords: Individual investors, Investment preferences, Investor level of awareness, Motive to save, Investor behavior, Demographic, Psychographic, Socio-economic factor, Investment perception, Non-Banking Intermediaries, Asset Management Industry.
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Introduction Investment is defined as accumulating money into asset with the expectation of capital appreciation, dividends and interest earnings. Investment depends upon saving motives and saving derives through behavior and behavior derives from perception and perception depends upon knowledge about financial avenues. Investment is science and art having rules ®ulations it requires knowledge, awareness and experience that helps individual investor to take best decision. Government and private financial institutional efforts a lot about financial awareness RBI(Reserve Bank of India), NSE(National Stock Exchange),IRDA(Insurance Regulatory and Development Authority of India), SEBI (Security and Exchange Board of India) all helps to aware people about investment avenues and market. But unfortunately some literature review depicts that majority of Indian investors are risk/loss averse they invest in less risky avenues or traditional investment avenues. Traditionally India appreciates a very high saving rate. It was roughly 34% in financial year 2011 of which household saving in financial assets were around 11.8%. As per survey conducted by NCAER(Nation Council of Applied Economic Research) in 2008 it was found that although Indians have a positive attitude towards increased saving, around 65% of saving are invested in banks or post office deposits and cash at home,23% are invested in real estate and gold only 12% is invested in financial instruments. This data depicts that Indian individual investor invest in traditional investment avenues. Limited participation towards risky and other avenues offered by financial markets. In recent years, credit intermediation is shifting, with the traditional dominance of the banking sector yielding ground to non-bank intermediaries, including the asset management industry. Within this silent transformation, the MF industry is turning out to be the fastest growing and the most competitive segment of India’s financial sector, offering operational flexibility and attractive returns to investors (RBI, 2017). AUM of MFs in India has registered a compound annual growth rate (CAGR) of 25 per cent over the last five years (2013-2018), outstripping the CAGR of only 11 per cent registered by aggregate bank deposits of scheduled commercial banks (SCBs).With growing formalisation and financialisation of the Indian economy, household savings have been shifting from physical assets to financial assets and within financial assets, from bank deposits to securities. There are a lots of factors in practical life influence individual investor. Demographic factors like age, gender, education, marital status, income, domicile, financial knowledge, social status, chances of promotion in near future etc. Behavior biases like overconfidence,
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confirmation bias, loss aversion, disposition effect, representativeness bias, familiarity bias etc. effect individual investor behavior. Along with it lack of financial literacy also effect behavior of investor. There are various desirable and undesirable investment avenues which affects the behavior of individual investor. Desirable factors like appreciation, liquidity, safety, utility value, prestige value etc. Undesirable factors like poor service, operationally difficulty low return etc. effects investor behavior. All these factors influence behavior of investor and behavior of investor leads investor’s preferences. Preferences regarding investment are one of subjective act. It varies as per the age, marital status and gender and their investment goals. Income saving and investment play very important role in every investor’s life or in economic growth. Saving retained does not help much in taking care of the future needs unless invested, especially when it is long term as it is exposed to inflation and economic downturns. Investment converted from savings can help to determine the maximum potential of investment that an investor can make. Behavioral finance is the branch of finance deals with human psychology and its impact on individual investor decision making process. In tradition finance theory they assume that investor is rational being and take investment decision after considering all aspects about investment but behavior finance introduces psychological, sociological and neurological and institutional factors effect individual investor while decision making. Behavior finance extends the scope and application of psychological insights and behavior biases in to the investment decision making. Perception is the process whereby people select, organize and interpret sensory stimulation into meaningful information about their environment. Investor perception is ruled by different perceptual factors related to investment. These perceptual factors determine the perception of investors, investment decision making and in turn the investment. In-fact perception is a determinant or subset of behavior, exploring investor perception may help in determine the investment behavior of the investor. It is essential to study about perception because perception create a vision that in which avenues to invest. Although perception is biased sometime, one’s investment experience or perception may impact others. This paper presents more emphasize to perception, saving motives, Demographic, Socio-economic constraints and psychographic in which behavior biases influence all those factors which influence individual investor behavior. Literature Review Monika and Dr. Agarwal Kirti (2017) determined factors affecting the investor’s choice for investment decision making. The data was collected from 100 respondents which were from
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Udiapur city. The data was analysed using the percentage and chi- square test with the help of SPSS. The analysis of profile indicates that the age group of 31-40 years of respondent’s constitude the largest group amongst the respondents and the above 50 years age group of respondent’s constitude the least group amongst the respondents. The researcher concluded that investor was more conservative in nature and they prefer to invest in bank deposits, small saving, post office saving etc. The study showed that life insurance is most preferred investment avenue among different variables. Sood Deepak and Dr. Kaur Navdeep (2015) determined the relationship between the savings and investments pattern among the salaried class people of Chandigarh (India). The data was collected through structured questionnaire distributed to 200 peoples working in different sectors at Chandigarh. It was found from the analysis that there is relationship between Annual Savings and Age, Income, Sector wise Employment, Education of people at Chandigarh. The authors suggested that the most preferred investment options were LIC and bank deposits and most of the factors influencing investment decisions were high returns, tax benefit and safety. They found that most of the people were saving their money for children’s education, marriage and to fulfil the other goals of life. There were bright chances to increase the saving and investment habits of salaried class people at Chandigarh. Sonali Patil and Kalpana Nandanwar (2015) studied the preferences of investment avenues of individual investors having professional degrees in Pune city. They found that investment preferences and priorities of the investors reflect Bank deposits on rank I which indicates that investors want safety and security for their investment. Real estate, Gold, Insurance, Mutual funds are on rank II, rank III, rank IV, rank V respectively. It was seen clearly that investors prefer mostly traditional investments whereas modern investment avenues like equity and bonds have not been preferred by investors as ranking has given is less preferred. Puneet Bhushan (2014) investigated the investment preference of 516 salaried individuals involved in government and non-government job in Himachal Pradesh and found that Bank Fixed Deposits ranked as first, Savings Account ranked as second, Life insurance ranked as third, Post Office Savings ranked as fourth, Public Provident Fund ranked as fifth, National Savings Certificate ranked as sixth, Kisan Vikas Patra ranked as seventh, Pension Funds ranked as eighth, Mutual Funds ranked as ninth, Stock market ranked as tenth, Bonds ranked as
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eleventh, Debentures ranked as twelfth. Commodity Market ranked as thirteenth and Forex market ranked as fourteenth among investors preference with respect to the investment avenues Ashly Lynn Joseph and Prakash (2014) analyzed the investment preference of 100 Investors of Bangalore, Karnataka. They stated that 41.07% of the people prefer to make investment in fixed deposits followed by 30.36% in insurance sector, 10.71% in mutual funds, 8.93% in real estate, 5.36% in post office savings and 3.57% in share market. Choudhury A K (2013) examines the meaning and importance of behavioral finance and its applications in investment decisions. This conceptual paper provides an explanation why investor makes irrational financial decisions. It demonstrated how emotions and cognitive errors influence investors in the decision making process. The author found that various causes that influence investors’ investment decisions are Anchoring, Overconfidence, Herd Behavior, over and Under-reactions and Loss Aversion. In essence, behavioral finance approach investigates the behavioral patterns of investors and tries to understand how these patterns guide investment decisions. It provides a framework for evaluating active investment strategies for the investors Jay R Joshi (2013) studied the investment preference of 100 investors in Anand – Vidyanagar area of relatively affluent western State of Gujarat. He found that 34% of investors have ranked Mutual funds as preferred followed by equity securities as second with 21% of investors, Insurance and Fixed deposits ranked third and fourth with 13% & 10% of investors and Government securities, Debt securities & NSC/KVP ranked fifth, sixth and seventh with 9%, 8% & 5% investors respectively. It was also inferred that out of 34% of investors ranking mutual funds as preferred avenue, among them 9% of among them have voted the open ended schemes as first, 6% of them have voted balance funds and close ended fund schemes as second, 5% of them have voted equity fund schemes as third, 4% of them have voted debt fund schemes as third and 2% of them have voted growth fund and income fund schemes as last among the mutual fund schemes. With respective to the factor to decide Mutual fund to be the preferred avenue, it was found that diversification of portfolio as top most factor, higher liquidity ranked the next factor, Low level of risk secured third, better return secured fourth position, constant return ranked fifth and investment for short duration & tax advantage as the least ranked factors respectively. Chaturvedi and Khare (2012) examined the pattern of saving and investment preferences of individual Indian household. The study found that there is investment opportunity such as
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bullions, bank deposits, small saving, real estate and life insurance etc. Age, gender, occupation, education and income influence individual investor. Objective: 1. To study about various desirable and undesirable factors which effect investment choice of investor. 2 To explore relation between saving and other investment variables. 3. To explore the investment behavior influenced by various factors like saving motive, perception, behavior biases and financial literacy. 4. To explore the type of financial instrument they would invest. Significance of the study This study has the significant for the retail (individual) investor, financial institutions financial managers and financial advisor. After study this paper they come to know that there are lots of factors influence individual investor. Individual investor able to know that there are some desirable and undesirable factors influence individual behavior and financial institutional also come to know that how to become people financial literate, become familiar with risky avenues and conduct different programs regarding investment awareness. External social media like print media (Newspaper, magazines, journals) play important role and being responsible to spread financial knowledge among individuals .Financial knowledge and awareness create a self wisdom with the help of this an individual investor able to take best decision regarding investment. Desirable and Undesirable factors influence individual investor. Desirable factors: liquidity, Safety of principal amount, Utility value, Prestige value, progressive value, high returns, less risk all are desirable factors which every individual investor must watch while investing. Undesirable factors: Poor service, Operational difficulty, Low returns etc are undesirable factors which every individual investor must watch while investing. Saving motives Model: Saving is normally considered in economics as disposable income minus personal consumption expenditure. In other words it is regarded as income that is not consumed by immediately buying in goods and services. Saving motives of individuals is dependent on their awareness level, source of information used, risk bearing capacity, perception, behavioral traits, age, experience,
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gender, number of dependents, choice criteria, investment size and frequency of investing and all factors are influenced and influenced by size of investment. Awareness level Risk Bearing Capacity Source of Information Perception & Behavior Choice Criteria Age, Experience, No. of Dependents Frequency of Investing Saving Motives Investment Size
Source of Information Awareness Motives
Criteria
Size of Frequency of Investment Investing Fig.2.5 Determinants &Impact of Motives Source: Kasilingam and Jayabal (2009) Model The above figures shows that there is inter-relation between demographic, choice criteria, source of information, Awareness level, Risk bearing capacity, perception and behavior, Frequency of investing and Saving motives effects the size of investment. Traditional finance model: Before and since 1950’s the field of finance has been dominated by tradition finance .tradition finance model was developed by economist of university of Chicago. The central assumption of
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this model is that people are rational. This theory assumed that people have complete knowledge about the market. They support expected utility of hypothesis model .Expected utility is the total sum of utility values of results multiplied by their expected probabilities. Rational investors are assumed to be able to clearly define their choices among any two options. But Kahneman and Tversky they gave major challenge to rationality assumption of traditional finance theory .Psychologists have found that economic decision are made in an irrational manner so they challenge the assumption of standard finance .Cognitive error and extreme emotional bias can cause investor to make bad investment decisions. It results failure of traditional finance model. Behavior Finance Model: Traditionally economics and finance have focused on models that assume rationality. The behavioral finance insights have emerged from the application in finance and economics of insights from experimental psychology. It is a combination of behavior and cognitive psychological theory with conventional economics and finance. Inability to maximized the expected utility of rational investors leads to growth of behavior finance. This theory explained the facts that investor do not always behave in a rational, predictable and an unbiased manner. Behavior finance places an emphasis upon investor behavior leading to various market anomalies which create biased behavior of investor. Behavior Biases: Behavior bias is defined as pattern of variation in judgment that occurs in particular situations, which may sometimes lead to perceptual alteration, inaccurate judgment; illogical interpretation which cause irrationality .Behavior bias highly impacts the investor’s decision making and investor’s perception. These behavior biases are grouped into three parts Heuristics, Frame dependence and inefficient markets. Heuristics Bias: Heuristics is referred as rule of thumb, which applies in decision making to reduce the cognitive resource to solve a problem. These are the mental shortcuts that simplify the complex methods to make a judgment. Some of heuristics are representativeness, anchoring & adjustments, familiarity, overconfidence, regret aversion, conservatism, mental accounting, availability etc.
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Frame Dependence: Framework within which information is received like media or the individual’s circumstances at the time like emotional state. Frame dependence includes loss aversion, self control, Regret minimization and money illusion. Inefficient Markets: Market efficiency assumes all investors have same information, interpret it the same and make the same forecasts. It include representativeness, anchoring & adjustment/conservatism, frame dependence and overconfidence. All are behavior bias effects individual investor behavior. Financial literacy: Financial literacy is the possession of the set of skills and knowledge that allows an individual to make informed and effective decisions with all of their financial resources. Understanding basic financial concepts allows people to know how to navigate in the financial system. People with appropriate financial literacy training make better financial decisions and manage money better that those without such training. The Organization for Economic Co-operation and Development (OECD) started an inter- governmental project in 2003 with the objective of providing ways to improve financial education and literacy standards through the development of common financial literacy principles. In March 2008, the OECD launched the International Gateway for Financial Education, which aims to serve as a clearinghouse for financial education programs, information and research worldwide. In the UK, the alternative term "financial capability" is used by the state and its agencies: the Financial Services Authority (FSA) in the UK started a national strategy on financial capability in 2003. The US Government also established its Financial Literacy and Education Commission in 2003. In India it is 17.5% of the world’s population but 76% of our adults does not understand the basic concept of financial literacy. There is great need of financial literacy in India. Need for financial Literacy Complicated financial products, low level of awareness and lack of knowledge about financial matters makes the want of financial literacy noteworthy. The level of financial literacy differs from individual to individual. Gender gap also plays an important role is deciding the level of financial literacy. Lack of equipped access of consistent information to make informed decision leads to low level of confidence and knowledge about financial issues. The reforms introduced
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in financial markets by regulatory bodies like SEBI,RBI etc. RBI’s( project financial literacy) in which they educate people about finance that how you can take care of money for a better future. Their target audience was rural people, urban poor, children, students, women, senior citizen. various other initiatives were taken such as RBI website will be multilingual i.e. it will be available in 13 languages for common person, multilingual reading material will be made available in the form of comics, educational games ,skits, films and also financial literacy centers will opened to improve financial literacy of people. As like RBI ,SEBI is also introducing such kind of program to promote financial literacy in India. SEBI has created a panel of various Resource Persons throughout India. These Resource Persons imparts training on various aspects of finance and equips people with the knowledge of financial markets, modus operandi, risks associated, right issues etc. These SEBI Certified Resource Persons organize timely workshops to target intended audience and teach them nuances of savings, investment, financial planning, banking, insurance, retirement planning etc. All these regulatory bodies use media and multi-media vehicle through which they communicate information which becomes individual investor more knowledgeable to take good investment decision. Perception: Perception is the organization, identification, and interpretation of sensory information in order to represent and understand the presented information, or environment. Rao and Narayan (2000) emphasize that perception ranks among the “important cognitive factors of human behavior “ or psychological mechanism that enable people to understand their environment . They argue that perception is the single most important determinant of human behavior, stating further that “there can be no behavior without perception.” Generally, the quality of input that a process attracts determine the quality of output that the process gives out. As like perceptual inputs are first received and then processed by perceiver and the resultant output becomes the lease of the behavior
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Inputs(INFORMATION,objects; OUTPUTS (Behavior, Organisation EVENTS, People etc Actions.Bekiefs,Feelings.)
Model of the Perceptual process- Behavior The above figure depicts that kind of inputs ( in form of information objects, events, people) we select and organize it and interpret in form of behavior, actions, beliefs and feeling . Individual investor behavior influenced by variety of information available, avenues, experience regarding work and investment, age , gender, desirable and undesirable factors, psychological factors, behavior factors, socio- economic factors opinion by family and friends all factors works as inputs after that this is processed and turn into behavior which guides us to take action. All factors whether it is psychological, Social, Demographic, Behavior factors all have inter- relation among them ,because these factors act as input after that it is processed and resultant output derive and becomes the beliefs of investor. Perception is subjective one ,it may be positive or negative depends on the wisdom(the way he/she assume) of investor, after that it becomes beliefs. Individual Investment in Financial Asset Individual investors are those investors who purchase small amount of securities and they are also called as retail investors and mainly include household investors. The household investor’s purchases very small quantity of stocks to form their portfolio. In our country, for most of the citizen investment is a tool for saving for their retirement, education etc. These types of investors are ready to take high risk for the high returns and the investment by this sector of people results in the growth of the economy. Financial Saving Household Sector Items 2011-12 2012-13 2013-14 2014-15 2015-16
Currency 1.2 1.1 0.9 1.1 1.4
Deposits 6 6 5.8 4.9 4.7
Shares & Debentures 0.2 0.2 0.4 0.4 0.7
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Claims on Government -0.2 -0.1 0.1 0 0.4
Insurance 2.2 1.8 1.6 1.9 2
Provident & Pension Funds 1.1 1.5 1.6 1.6 1.5
Source: RBI Annual Report 2015-16
Table 1: Ratios of MF AUM as per cent of GDP and Net Mobilisation by MFs as per cent of Gross Domestic Savings Net Mobilisation by MFs as Year MF AUM % of GDP % of Gross Savings 2011-12 6.7 -0.7 2012-13 7.1 2.3 2013-14 7.3 1.5 2014-15 8.7 2.6 2015-16 79.0 3.1 2016-17 11.5 7.5 2017-18 12.7 - Source: Ministry of Statistics and Programme Implementation (MOSPI) and AMFI.
This remarkable transformation has greatly facilitated shifts in household saving patterns. Indian households, which contributed 54.0 per cent of the gross savings of the economy in 2016-17, have historically been risk-averse, preferring investments in physical assets and gold. However, this pattern is slowly changing in the backwash of demonetization in November 2016 and shifts towards MFs have become large. With increasing development of the financial sector, the household sector’s savings in physical assets and gold & silver ornaments taken together declined significantly from 60 per cent in 2011-12 to 51 per cent in 2016-17 This data depicts that Indian individual investor invest in traditional investment avenues. Limited participation towards risky and other avenues offered by financial markets. In recent years, credit intermediation is shifting, with the traditional dominance of the banking sector yielding ground to non-bank intermediaries, including the asset management industry. Within this silent transformation, the MF industry is turning out to be the fastest growing and the most competitive segment of India’s financial sector, offering operational flexibility and attractive returns to investors (RBI, 2017). AUM of MFs in India has registered a compound annual growth rate
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(CAGR) of 25 per cent over the last five years (2013-2018), outstripping the CAGR of only 11 per cent registered by aggregate bank deposits of scheduled commercial banks (SCBs). With growing formalisation and financialisation of the Indian economy, household savings have been shifting from physical assets to financial assets and within financial assets, from bank deposits to securities. . As investment in capital market instruments involves risks, and individual investors lack expertise with regard to portfolio construction, stock selection and market timing, MFs step in to pool money from a wide cross-section of investors and diversify risk by investing in a portfolio of stocks, bonds and/or money market instruments. These investments are actively managed by professional portfolio managers who undertake strategic transactions to take advantage of current or expected market conditions. Above table shows that there is drastic change in individual investor’s investment in financial assets now they shift to banking sector to non banking sector, including the assets management industry. But still majority of investor are risk averse and give priority to less risky investment avenues. Conclusion Based on the study it is conclude that there are number of factors which influence individual investor like desirable and non desirable factors, demographic ,socio-economic ,Behavior bias, financial literacy, Perception of individual, policy of Government etc all impact on investor behavior of investor. In recent years near about from 2016 because of demonetization investor’s trends to invest in risky investment avenue has been developing. The above data depict that investor shift their dominance from banking to non banking financial intermediaries mutual fund becomes one of the popular investment avenue among Indians their major contribution goes to mutual fund portfolio manager who undertake strategic transactions to take advantage of current or expected market conditions. Investment in mutual fund was 6.7 in 2011-12 and now it is 12.7 in 2017-18. Report of NCAER and above literature review states that still majority of investor gives priority to less risky investment.
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References; 1. Charturvedi Meenakshi, Khare Shruti(2012)”Pattern and Investment Preferences of Individual Indian Household”, International Journal of Research in Commerce & Management ,Volume No.3(2012), Issue No.5(May) (ISSN 0976-2183). 2. Jay R Joshi (2013),”Mutual Funds; An Investment Options from Investor Point of View, IBRMD’S Journal of Management and Research, Volume 2,No.1,pp. 124-134. 3. Chaudhary A.k (2013), “Important of Behavior Finance and Its Application in Investment Decision”, International Journal of Management Research and Business Strategy, Volume .2, No. 2 ,April 2013 ISSN 2319- 345X 4. Ashly Lynn Joseph & Parkesh, M( 2014) “A study on Preferred Investment Avenues among the People and Factors Considered for Investment ; International Journal of Management and Commerce Innovations, Vol.2,No. 1,pp. 120-129. 5. Bushan Puneet (2014) , “Insights into Awareness Level and Investment Behavior of Salaried Individuals towards Financial Products ; International Journal of Engineering , Business and Enterprise Applications, Vol. 8, No. 1,pp. 53-57. 6. Patil Sonali & Nandanwar Kalpana (2015) “A Study on Preferences of Investment Avenues of Individuals of Highly Qualified (having professional degrees) Investor ;GE- International Journal of Management Research ,vol.3, No.4,pp. 45-55 7. Sood Deepak and DR. kaur Navdeep(2015) “ A study of Saving and Investment Pattern of Salaried Class People with Special Reference to Chandigarh”, International Journal of Research in Engineering IT & Social (ISSN 2250- 0588). Vol.5, issue 2.
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A COMPARATIVE STUDY OF CASH FLOW STATEMENTS OF HDFC AND ICICI BANK Diksha Research scholar, Guru Kashi University, Talwandi Sabo
ABSTRACT Cash flow statement is a statement which shows inflow and outflows of cash and cash equivalents during a particular period of time. It explains the reasons for changes in the balance of cash and cash equivalents between two balance sheet dates. According to AS-3, cash flow statement should be prepared in such a way so as to show the flows of cash separately under three headings:- “ operating activities”, “investing activities”, “financing activities”. Operating activities deals with sales of goods and services, Investing activities deals with sale or purchase of an asset and financing activities deals with borrowings or sale of common stock. It helps to assess the soundness of the business’s position and to highlight the major activities that have provided cash and that used cash during a period, and to show the resulting effect on the overall cash balance. The cash flow statement complements the income statement and balance sheet. It is not same as net income, it is the movement of money into and out of the business enterprises and also effected by various non-cash transactions. KEYWORDS: cash, cash equivalents, operating activities, investing activities, financing activities. INTRODUCTION Banking sector has a very important place in our Indian economy. Indian banks can be classified into public and private sector Banks. Banks have principal role of converting liquid deposits into liquid assets like loans, which makes them constitutionally weak to liquidity risk. Lack of cash is an indicator of crises in the banking sector therefore cash management is an important objective of any bank. Monitoring the cash flows of a business entity is one of modern methods of financial analysis. Other financial statements like balance sheet and profit and loss account not provide full information regarding cash position of any enterprise therefore, cash flow statement is formed. Cash flow statement is a financial statement which reports the cash generated and used during the time interval it contains. Other financial statements like balance sheet and income statement shows only net balances at opening of financial year and a the end of financial year but cash flow statement describes how and why the difference between the closing balance and opening balance takes places. According to AS-3, cash flow statement should be prepared in such a way so as to show the flows of cash
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separately under three headings:-“operating activities”, “investing activities”, “financing activities”. Operating activities deals with sales of goods and services, investing activities deals with sale or purchase of an asset and financing activities deals with borrowings or sale of common stock. It helps to assess the soundness of the business’s position and to highlight the major activities that have provided cash and that used cash during a period, and to show the resulting effect on the overall cash balance. Cash is the blood for every business organisation so there is need of proper management of cash, cash flow statement showing us the company in which area used the cash and from which area generate it. So that we know that, it properly worked or not. By cash flow statement we know about the liquidity and profitability of the organisation. For example: companies operating activities are compared with net income. If cash received from operating profit is more than its net income, the company’s earnings are of “high quality”. But if it is less than net income our liquidity position is not so good. The difference between income statement and the cash flow statement because there is timing difference between the times of cash is actually expanded or received. LITERATURE REVIEW Dodiya & Gelda (2014), have carried out a study regarding comparison of one public sector bank SBI and one private sector bank HDFC by evaluating their cash flow statement. The study is conducted for five years from 2009-2010 to 2013-2014. According to this study cash flow from operating activities of SBI better than HDFC but cash flow from investing and financing activities of HDFC are better than SBI. The statistical analysis technique is selected to analyze the cash flow statement which are- Mean, Standard Deviation, Co-efficient of Variance and t-test. It concludes that co-variance of HDFC bank is less than SBI bank in all three activities that means HDFC is having more consistency in all three activities than the SBI. But limitation of this study is that they take only one bank from private sector and one bank from public sector. Varshney & Jain(2016), have carried out a study to make comparison of cash flow statement of Bank of Baroda and Syndicate Bank and conclude that through cash flow analysis, an organization can identify the unproductive use of fund as well as to ascertain and plan future cash flows. The study is conducted for five financial years from 2011-12 to 2015- 16. With the help of this study, it has been found that bank of Baroda is performing well as compared to syndicate bank. This study also concludes that cash flow analysis is important to identify weaknesses in business operation that can lead the organization towards liquidity
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crunch. Through cash flow analysis, an organization can identify the unproductive use of fund as well as to ascertain and plan future cash flows Singh (2016), has carried out study to compare cash flow statement of one public sector bank i.e. State Bank of India and one private sector bank i.e. ICICI Bank. This study is conducted is conducted for a period of ten financial years i.e. from 2006-2007 to 2015-16 and four statistical techniques are used to analyze the cash flow statements i.e. Mean, Standard Deviation, co-efficient of variance and Median. According to study, cash position of both banks SBI and ICICI is good and satisfactory but position of SBI is more satisfactory than ICICI. According to this study, showing financial statement of cash flows is more challenging than analysis information from profit and loss account and balance sheet. The primary reason is that it is common for cash flows for certain categories to be negative, thereby forming interpretation difficult. Das (2017), has carried out a study to compare one public sector i.e. State Bank of India and one private sector bank i.e. ICICI Bank by evaluating their cash flow statement for five financial years from 2009-10 to 2013-14. For this purpose three statistical techniques are used- Mean, Standard Deviation, Co-efficient of variance. According to this study, level of performance of ICICI is superior to SBI. It also provides that the meaning of the word “cash” is not clearly expressed. Also cash balance of a firm is too easily influenced by post pointing cash receipts and cash payments and as the selected two banks maintain books of Accounts under accrual basis, so cash flow analysis fails to predict the actual result of the organization. Samaddar(2017), has carried out a study to compare one public sector bank i.e. Bank of Baroda and one private sector bank i.e. ICICI Bank by evaluating their cash flow statement. the study is conducted for ten financial years i.e. from 2007-2008 to 2016-2017 and four techniques are used to analyze the cash flow statements i.e. Mean, Standard Deviation, co- efficient of variance and Median. According to Mean, Standard Deviation and Median cash flow from operating activities and investing activities of BOB is better than ICICI but situation change in case of financing activities ICICI bank better than BOB. According to co- variance cash flow from operating activities and financing activities BOB is better than ICICI. But cash flow from investing activities ICICI is better than BOB. Maheshwari & Yadav(2017), have carried out a study for comparative analysis of Punjab National Bank and ICICI Bank by evaluating cash flow statement of both banks for a period of five years from 2011- 12 to 2015-16. To analyses the cash flow statement of selected banks four statistical tools i.e. Mean, Standard Deviation, Coefficient of Variation, Paired t- test are used. According to this study, it is observed that mean of operating activity of ICICI
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Bank is higher than PNB which is better for the bank. It is also observed that ICICI bank is investing more in fixed assets which is better sign. But standard deviation of PNB is less than ICICI Bank in all three activities. Lower the situation better the situation but on other hand coefficient of variation of ICICI Bank is lower than PNB which means ICICI is having more consistency in all three activities than the PNB. Bhasker & krishnavamsi (2018), have carried out a study on cash flow statement analysis, for the purpose of the study two companies are selected and analyzed for five financial years. The study conclude that cash flows are huge in operating activities, which is decreasing working capital of the company and diminishing the net cash flow of the company influences the operational efficiency of the company OBJECTIVE To compare the liquidity position for the period of study of HDFC bank and ICICI bank. To do comparative study on operating activities for the period of study of HDFC Bank and ICICI bank. To do comparative study on investing activities for the period of study of HDFC Bank and ICICI bank. To do comparative study on financing activities for the period of study of HDFC Bank and ICICI bank. RESEARCH METHODOLOGY SAMPLE SELECTION: For the purpose of study two banks from private sector i.e. HDFC bank and ICICI bank. PERIOD OF STUDY: The study is conducted for the period of 12 financial years i.e. from 2006-07 to 2017-18 DATA COLLECTION: In this study, mainly secondary data is collected. Secondary data has been obtained from the following sources: Published annual reports of the banks for the financial years 2006-2007 to 2015-16. Directory if Mumbai stock exchange. Website of HDFC bank and ICICI bank Other related websites like money control.com STATISTICAL TOOLS AND TECHNIQUES: To analysis cash flow statements of the banks following techniques are being used.
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Mean Standard deviation Coefficient of variation COMPARATIVE STUDY The performance can be evaluated by the difference techniques. Mean is calculated to see the quantum of different companies for each company for a given period of time. Subsequently ranks are allotted on basis of their quantum. But this does not serve complete purpose so, standard deviation is used and ranks are given on the basis of standard deviation result. If the standard deviation is less the rank is higher and if the standard deviation is higher than rank is lower. Coefficient of variable is calculated to know the consistency level of each activity of each company and ranks are given accordingly. If coefficient is higher the consistency is lower and if coefficient is lower the consistency is higher (Rs. In Crore)
YEAR OPERATING ACTIVITIES INVESTING ACTIVITIES FINANCING ACTIVITIES HDFC ICICI HDFC ICICI HDFC ICICI 2006-07 666.63 23061.95 -311.40 -18362.67 1637.88 15414.58 2007-08 3583.43 -11631.15 -619.82 -17561.11 3628.34 29964.82 2008-09 -1736.14 -14188.49 -663.78 3857.88 2964.66 1625.36 2009-10 9389.89 1869.21 -551.51 6150.73 3598.91 1382.62 2010-11 -375.83 -6908.92 -1122.74 -2108.82 1227.99 3105.97 2011-12 -11355.61 9683.82 -686.85 -12280.17 3286.19 3829.95 2012-13 -1868.78 11102.01 -858.88 -9431.56 9065.84 2989.72 2013-14 8363.60 4668.60 -1591.26 -12246.48 5562.98 6838.37 2014-15 -15862.27 -4824.49 -1944.27 -9199.56 14543.44 15005.67 2015-16 -3224.67 22428.47 -804.76 -3949.98 6588.57 -585.07 2016-17 23585.40 39222.81 -1956.25 7045.42 -11567.63 -30378.79 2017-18 26074.07 13303.65 -533.10 -38968.80 48411.43 34118.30 MEAN 3103.31 7315.6 -970.385 -8921.26 7412.383 6942.625
RANK 2 1 1 2 1 2 STANDARD 12393.45 15834.41 561.4247 12812.81 14257.72 16387.67 DEVIATION RANK 1 2 1 2 1 2 COEFFICIENT 399.36 216.447 -57.85 -143.62 192.35 236.044 OF VARIATION RANK 2 1 2 1 1 2
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. Cash flow from operating activities
50000
40000
30000
20000 HDFC ICICI 10000
0
-10000
-20000
Cash flow from investing activities
10000
0
-10000
HDFC -20000 ICICI
-30000
-40000
-50000
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Cash flow from financing activities
60000
50000
40000
30000
20000
HDFC 10000 ICICI
0
-10000
-20000
-30000
-40000
INTERPRETATION: OPERATING ACTIVITIES- Mean of operating activities of ICICI bank (7315.6) is higher than the HDFC bank (3103.31). so, ICICI bank stands at 1st rank and HDFC bank stands 2nd rank. In case of Standard Deviation of operating activities of HDFC bank (12393.45) is lower than the ICICI bank (15834.41). So, HDFC bank stands at 1st rank and ICICI Bank stands 2nd rank. In case of co-efficient of variation of ICICI bank (216.447) is higher than the HDFC bank (399.36). So, ICICI bank stands at 1st rank and HDFC bank stands 2nd rank. Therefore consistency level of cash flow from operating activities of ICICI bank is superior as compared to HDFC bank. INVESTING ACTIVITIES- Mean of investing activity of ICICI bank (-8921.26) is less than of HDFC bank (-970.385). So, HDFC bank stands at 1st rank and ICICI bank stands 2nd rank.
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Standard deviation of cash from investing activities of HDFC bank (561.4247) is less than of ICICI bank (12812.81). So, HDFC bank stands at 1st rank and ICICI bank stands at 2nd rank. Co-efficient of variation of cash flow from investing activities of ICICI bank (-143.62) is less than of HDFC bank (-57.85). So, ICICI bank stands at 1st rank and HDFC bank stands at 2nd rank. Therefore consistency level of cash flow from operating activities of ICICI bank is superior as compared to HDFC bank. FINANCING ACTIVITIES- Mean of cash flow from financing activity of ICICI bank (6942.625) is less than of HDFC bank (7412.383). So, HDFC bank stands at 1st rank and ICICI bank stands 2nd rank. Standard deviation of cash from financing activities of HDFC bank (1425.72) is less than of ICICI bank (16387.67). So, HDFC bank stands at 1st rank and ICICI bank stands at 2nd rank. Co-efficient of variation of cash flow from financing activities of HDFC bank(192.35) is less than of ICICI bank (236.044). So, HDFC bank stands at 1st rank and ICICI bank stands at 2nd rank. Therefore consistency level of cash flow from operating activities of HDFC bank is superior as compared to ICICI bank. OVERALL CONCLUSION Level Operating Activities Investing Activities Financing Activities Best ICICI HDFC HDFC Poor HDFC ICICI ICICI
CONCLUSION The survey has revealed that all banks made cash flow statement according to AS-3 but there are differences of interpretation or accounting treatments. According to study, cash flow from operating activities of ICICI bank is better than OF HDFC bank on other hand cash flow from investing and financing activities HDFC bank is better than ICICI bank. But this is not show adequate information about the bank. To make the cash flow statement more useful, the bank should disclose other information also like cash flow per share and also disclose notes related to the operating, financing and investing activities, So that user can easily and deeply understand about the cash flow of the banks. Cash flow statement is used by the users for taking many decisions; incorrect cash flow may lead the user to take wrong decisions on base of it. So, it is responsibility of all banks to show cash flow in correct manner.
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REFERENCES- Dodiya, D.B. & Gelda, k., (2014) cash flow statement of State Bank of India and HDFC Bank : A comparative study. Paripex Indian Journal of Research, 3(12), 28-30. Varshney, N. & Jain, M., (2016) cash flow statement of Bank of Baroda and Syndicate bank: a comparative analysis of operating, investing and financing activities. Voice of Research, 5(2), 43-45. Singh, K., (2016). A comparative study on cash flow statements of State Bank of India and ICICI Bank. International Journal of Commerce and Management Research, 2(9), 3-6. Das, S., (2017) A comparative systematic study of cash flow statements between State Bank of India and ICICI bank. North Asian International Research journal of Social Science & Humanities, 3(9), 1-8. Samaddar, k. (2017). A Comparative Cash Flow Statement Analysis between selected Public sectors and Private Sector Banks in India. North Asian International research Journal consortiums, 3(11), 364-373. Maheshwari A. & Yadav V., (2017) Cash flow Statements of PNB and ICICI Bank: A comparative Analysis. EduSys Intermational Journal of Management Research, 1(1), 1-9. Bhasker D. & Krishnavamsi B., (2018) A study on Cash Flow Statement Analysis. International Journal of Engineering Technology Science and Research, 5(3), 1499-1503. Kothari, C.R. (2010), “statistical methods”, S Chand & Sons, New age International (P) Ltd Publishers, New Delhi.
Pandey IM, Financial Management, Vikas publishing House Pvt. Ltd.
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RATIO ANALYSIS OF INSURANCE COMPANIES Amandeep Kaur Student M.Phil(Commerce) Guru Kashi University, Talwandi Sabo
Abstract There is a plentiful evidence to justified the relationship of insurance industry and economic development in India. In spite of it, particular in developing countries like India, there is a lack of empirical and analytical research. This paper identifies the determinants of the margin profitability ratio analysis of selected insurance companies in India using factors over the period 2013– 2014 to 2017 – 2018 . This paper deals with insurance industry and comparative study of two life insurance companies in India. Five indicators – operating profit margin ratio , profit before interest and margin ratio , gross profit margin ratio , net profit margin ratio and adjusted net profit margin ratios etc.are used to analyse the performance of selected life insurance companies. Keywords – Insurance, margin, ratios, profitability, assets. Introduction – Insurance means protection from financial loss. An entity or person which provide insurance is called insurer or a person or entity who buys insurance is called insured or policy holder. In this world unforeseen uncertainties which make vulnerable to him and his family. So at this place, helps only insurance to survive him and recover his loss and continue his life in a normal manner. Insurance is an important aid to commerce and industry. Every business or industry involves large number of risks and uncertainties like plant and machinery damages, raw material , damages due to fire or flood etc . Out of them some risks are avoided or some are unavoidable risks can be protected by insurance. In D. S. Hamsell words, insurance is defined ,”as a social device providing financial compensation for the effects of misfortune, the payment made being from the accumulated contributions of all parties participating in the scheme.” Insurance is a method to provide security against losses to be insured. The insurance industry of India consists of 57 insurance companies of which 24 are life insurance companies and 33 are non life insurers . It is a safeguard against uncertainties in the future. Insurance is helpful for individual like it provide security and safety, encourage to individual for savings and provide investment opportunities. Insurance is also beneficial for business. Life insurance in its modern form come to India from England in 1881. The Oriental Life Insurance Company was the first insurance company to be set up in India to help the widow of the European community. The insurance companies, which came into existence between 1818 and 1869, treated India lives as subnormal and
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charged an extra premium of 15 to 20 % . The first Indian insurance company, the Bombay Mutual Life Assurance Society came into existence in 1870 to cover Indian lives at normal rates. Moreover in 1870 , the British government enacted for the first time in Insurance Act 1870 to cover Indian lives at normal rates . Other insurance companies was set up in between 1870 – 1900 like Oriental Government Security Life Assurance Companies, Bharat Insurance company, Empire of India Life Insurance Company. The Swadeshi movement of 1905 – 1907 , the non movement of 1919 and Civil Disobedience in number of insurance companies. The insurance act 1938 the first comprehensive legislation governing both life and non life branches of insurance . By the mid 1950s- there were 154 Indian insurers, 16 foreign insurers, 75% provident societies carrying on life insurance business in India. LIC was set up in 1956 to takeover 245 life insurance companies. The nationalisation of life insurance was followed by General Insurance in 1972 .GIC was set up in 1973 . The government set up , in 1993 a committee under the chairmanship of R.N. Malhotra , the former insurance secretary and the RBI governor to evaluate the Indian Insurance Industry . This committee submitted its report in 1994 . This sector was finally thrown open to the private sector in 2000 . The IRDA – Insurance Regulatory and Development Authority was set up in 2000 . List of legislations regulating of the insurance sector in India – The Insurance Act 1938 The Insurance Rules 1939 The Life Insurance Corporation Act 1956 Marine Insurance Act 1963 General Insurance Business Act 1972 Insurance Regulatory and Development Authority Act 1999 Motor Vehicle Act 1988 The insurance Laws Act 2015 . Objectives – To measure the growth of selected life insurance companies in India. To compare the performance of selected life insurance companies on basis of marginal profit. To measures the liquidity position of selected insurance companies in India.
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Research Methodology – Scope of study – The present study covers the various aspects related to selected insurance companies in India in India. This study covers the data of two life insurance companies. From this report, we can learn many things about life insurance companies. We also can know about the financial position and liquidity position of selected insurance companies in India through margin profitability ratio analysis. As a researcher of finance it is very important to know about the ratio analysis. Book knowledge is not enough to know the financial performance. So that's why we analyse the ratios to collect the real life knowledge. Research design - This research is based on the secondary data and descriptive and analytical research design are used in this study. Data is collected for 5 years from 2012 – 2013 to 2016 – 2017 of two companies – Life Insurance Corporation of India andSBI Life Insurance . Sources for collection of data - The secondary data is used from research papers , internet , published annual reports etc. Data analysis – From opening up the sector , the life insurance sector in India spectator dynamic changes and liberalisation also increased competition in the Indian life insurance market. The competition has force the industry to improve its risk management and is greatly beneficial for policy holders . In this study we use profitability ratios for analysis of data. Analysis and Interpretation- Profitability ratios based on margin – Operating profit margin – It is a profitability ratio which is used to calculate the percentage of profit produces by company from its operations. Operating profit ÷ Total revenue Table no. 1 – Operating profit margin from year (2012 – 2013 to 2016 – 2017) Year SBI LIC 2013-14 70.27 96.43 2014-15 83.60 96.46 2015-16 87.41 95.11 2016-17 91.53 93.68 2017-18 91.57 91.14
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This table shows the operating profit margin of SBI was 70.27 in 2013-14 , 83.60 in 2014-15 , 87.41 in 2015-16 , 91.53 in 2016- 17 , 91.57 in 2017-18 . Operating profit margin of LIC was 96.43 in 2013-14 , 96.46 in 2014-15 , 95.11 in 2015-16 , 93.68 in 2016-17 and 91.14 in 2017-18 . This ratios shows the profits of company from its operations. This profit is earned by company from its production operations. This ratio shows that the LIC earned more operating profits then SBI. This comparison shows that LIC is better than SBI . Profit before interest and tax – It is also called operating profit but we can not include interest and taxes when calculating EBIT (Earning profit before tax) . EBIT = Net profit + Interest and tax Table no. 2- Profit before interest and tax from year (2013-14 to 2017-18) Year SBI LIC 2013-14 69.74 94.77 2014-15 82.94 95.22 2015-16 86.67 94.35 2016-17 90.79 92.99 2017-18 90.74 93.36 This table shows the ratios of profit before interest and tax . The profit ratio before interest and tax of SBI was 69.74 in 2013-14 , 82.94 in 2014-15 , 86.67 in 2015-16 , 90.79 in 2016-17 , and 90.74 in 2017-18 . Profit ratio before interest and tax of LIC was 94.77 in 2013-14 , 95.22 in 2014-15 , 94.35 in 2015-16 , 92.99 in 2016-17 , and 93.36 in 2017-18 . This ratio shows that profits of company which earned before paying of interest and tax . This ratio shows also the profits of company. This comparison shows that the performance of LIC is better than SBI. Gross profit margin – It is a measure of Profitability by which investors compare similar companies and companies of overall industry . Gross profit margin measures how efficiently and effectively a company uses its material and labour to produce and sell products . It is a profitability ratio which measures the percentage of sales that exceeds the goods of sold . Gross profit = Total sales – cost of goods sold Table no. 3-Gross profit margin from year (2013-14 to 2017-18) Year SBI LIC 2013-14 70.24 96.35
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2014-15 83.57 96.37 2015-16 87.38 95.03 2016-17 91.50 93.61 2017-18 91.54 94.07 This table shows the gross profit margin of SBI was 70.24 in 2013-14 , 83.57 in 2014-15 , 87.38 in 2015-16 , 91.50 in 2016-17 and 91.54 in 2017-18 . The gross profit margin of LIC was 96.35 in 2013-14 , 96.37 in 2014-15 , 95.03 in 2015-16 , 93.61 in 2016-17 and 94.07 in 2017-18 . This ratio shows the efficiency of companies to earn profits from sales , material and labour . It is a ratio of sales that exceeds the goods of sold . The ratio of LIC is better than SBI which is beneficial to investors for comparison. Net profit margin – It measures from the profit of company which earned from its total revenue . Net profit margin is equal to net profit divided by total revenue . It shows how company efficiently and effectively converts its sales to cash . Net profit ÷ revenue Table no . 4 - Net profit margin from year (2013-14 to 2017-18) Year SBI LIC 2013-14 70.96 14.34 2014-15 82.27 12.99 2015-16 87.06 13.39 2016-17 90.39 13.80 2017-18 89.77 13.29 This table shows the Net profit margin of SBI was 70.96 in 2013-14 , 82.27 in 2014-15 , 87.06 in 2015-16 , 90.39 in 2016-17 and 89.77 in 2017-18 . The net profit margin ratio of LIC was 14.34 in 2013-14 , 12.99 in 2014-15 , 13.39 in 2015-16 , 13.80 in 2016-17 and 13.29 in 2017-18 . This ratio shows the profits of company which produces from its total revenues . This table shows the profitability position of selected insurance companies. The ratio of SBI is more better than LIC . Adjusted net profit margin – This ratio is used by shareholders to determine the actual profitability of the stocks owned by them . It is very useful to determine that whether shareholders can buy or sell stocks in your company. Profit margin ÷ price to sales
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Table no. 5 - Adjusted net profit margin from year (2013-14 to 2017-18) Year SBI LIC 2013-14 70.45 14.11 2014-15 82.23 12.83 2015-16 86.35 13.30 2016-17 89.69 13.71 2017-18 88.98 13.19 This table shows the adjusted net profit margin of SBI was 70.45 in 2014-15 , 82.23 in 2014- 15 , 86.35 in 2015-16 , 89.69 in 2016-17 and 88.98 in 2017-18 . The adjusted net profit margin of LIC was 14.11 in 2013-14 , 12.83 in 2014-15 , 13.30 in 2015-16 , 13.71 in 2016-17 and 13.19 in 2017-18 . This ratio shows the equal profitability of the stocks owned by them. This ratio helpful for shareholders to buy or sell stocks. This comparison shows the better position of SBI then LIC. Conclusion – Insurance industries are one of the most important elements of financial market. Insurance sector is growing day by day after liberalization. Financial statements do not provide enough information about the attainability of the entity. Thus we need to be analyzed the financial ratios to separate out the mass of truth hidden in them. Ratio analysis helps to disclose, compare and clarify the features of financial statements.
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STUDY ON DETERMINING FACTORS OF EMPLOYEE RETENTION Pritpal kaur Research Scholar Guru Kashi University, Talwandi Sabo Dr. Pooja Kushwaha Assistant Professor Guru Kashi University, Talwandi Sabo Abstract Employees are the most priceless resources of an organization. Their significance to organizations calls for not only the need to attract the finest talents but also the essential to retain them for a long period. This paper focuses on reviewing the findings of previous studies conducted by different researchers with the seek to recognize determinants factors of employee retention. This research directly looked at the following extensive factors: development opportunities, compensation, work-life balance, management/leadership, work environment, social support, autonomy, training and development. The study reached the conclusion that further investigations need to be conducted regarding employee retention to better comprehend this complex field of human resource management. Keywords: Human Resource, Employee Retention, Determining Factors Introduction Employees have been important resources to any organization. Based on their critical character, they can be termed the life-blood of an organization. Improvement in equipment has caused most organizations to be more and more technology driven. However, this condition does not diminish the value of workers in an association because technology requires human resources to operate. With issues such as globalization, competition is becoming keener and keener in most industries. This condition also affects the job market in the sense that association require in human resources to stay in competition in their individual industries. To remain more competitive, organizations need therefore not to only attract the best talents but also to retain them on the job for a long term. People but also know how to keep them on the job as long as possible and how to maintain them vigorous and ambitious. This study focuses on employee retention. Employee retention is concerned with maintenance or encouraging workers to stay in the business for a highest period of time. Mita (2014) defined employee retention as “a technique adopted by businesses to maintain an effective workforce and at the same time meet operational requirements” . Bidisha (2013) described it as “a process in which the employees are encouraged to stay with the association for the greatest period of time or until the achievement of the project”. According to Workforce Planning for Wisconsin State Government (2015), employee retention is “a systematic effort
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to create and foster an environment that encourages employees to remain employed by having policies and practices in place that speak to their various desires”. The purpose of this literature analysis study is to examine researches earlier carried out in the field of employee retention to recognize determining factors that are commonly identified by various researchers as the basis of their decision to stay in the organization. In the track of this research which is suggestive in environment, secondary source has been used. The types of secondary data used are research journals and books. Many researchers approached employee retention using a group of individual factors such as employee motivation, job satisfaction, and organizational culture. However, the study analyzed retention on the basis of individual factors basis. Determinants of Employee Retention 1. Overview Back in the 1990s, Fitz-enz (1990) observed that employee commitment and retention is not determined by a single issue but by a cluster of factors. In previous researches a number of factors associated with employee retention have been identified. Factors that are commonly cited are developmental opportunities and quality supervision, job stress and colleague stress; compensation and appreciation of work done, provision of challenging work, promotion and development chances, attractive atmosphere within the organization, relationships with colleagues, work-life balance, communication and supervision. According to Ghapanchi and Aurum (2011) retention factors include remuneration and benefits, training opportunities, fair and equal treatment, organizational culture. While Allen and Shanock (2013) stressed on relationship with colleague socialization , Andrews and Wan (2009) emphasized on management style and leadership to increase an organization retention capability. A group of researchers led by Loan-Clarke (2010) noted autonomy, work-schedule flexibility and social support help organization to keep their employees for a longer period of time. Christeen (2014) identified eight retention factors: management, conducive environment, social support and development opportunities, autonomy, compensation, crafted workload, and work-life balance. Our analysis of individual factors is mainly based on the work Christeen. In our opinion, the “crafted-sculpted workload” falls under management and leadership because it is the responsibility of management to allocate work according to the abilities of the job holder and few studies identified it as a determining factor. However, “training and development” was added on the basis of the papers we studied.
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2. Development Opportunities Professional development is not a least retention cause. Hiltrop (1999) related perceived careers success and organization ability to make employees stay in their jobs. Personal and professional growth is a determining factor of retention and promotion opportunities increases employee commitment to stay. Rolfe (2005) discovered a direct correlation between job resignation and issues related to career development. Arnold (2005), Herman (2005) also observed direct relationship between development opportunities and retention. Prince (2005) also identified promotion and opportunities for growth as a significant reason for which employees decide to leave or stay in an organization and went further by identifying influential factors pertaining to career growth opportunities, which are: advancement plans, internal promotion and accurate career previews. Retention is high where continued learning is not encouraged. Daniels and his research colleagues asserted that promotion positively influences retention. In organizations where the proper training is given to employees, retention rates are high. Tymon and his co-researcher, and Pitts and his research team linked perceived career success and retention. Cardy and Lengnick-Hall (2011) on the one hand and Kroon and Freese (2013) on the other hand discovered that developmental opportunities can positively increase an employee’s commitment to stay in an organization. 3. Compensation The relation between pay and retention has been the subject of many studies. Researchers are not unanimous about the impact of pay on retention. For some, satisfaction with pay strongly correlates with the employee decision to stay in the organization. For others, pay does not have a direct influence on retention. In 1997 Trevor and his research team established that rise in pay increases retention capabilities of organizations. Davies, Taylor, Savery (2001) are of the same viewpoint and observed that organizations, particularly those in the accommodation industry in Western Australia, do not make use of salary and benefits policies to increase retention. Lambert, Lynne and Barton also reached the same conclusion in a latter research they conducted. Transparency of pay decisions have been cited as a booster of retention. Gardner, Van Dyne, and Pierce (2004) did not see pay as only a motivator but also a retention technique. Hytter (2007) reached the conclusion that there is correlation between retention and reward. Milkovich & Newman (2004) were more specific. They viewed monetary pay among all kinds of compensation as the most relevant factor in maintain employee. Performance related pay has been identified as retention facilitator. In 2006, team of researchers led by Tremblay also observed that performance related-pay is a retention facilitator. According to Hausknecht, Rodda and Howard (2009) extrinsic rewards
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(amount of pay and other benefits) are contributors of employee retention. Pitts, Marvel and Fernandez (2011) observed that compensation is predictor of employee turnover. Moncraz, Zhao and Kay (2009) were specific about the category of the workforce that reward affects most. They noted that pay reduces turnover and increases commitment among managers. Shields & Ward (2001), Gifford, Zammuto and Goodman (2002), and Hayes et al. (2006) noted that reward on its own does not constitute an important retention factor. Improved compensation can only increase retention capability in a short-term. For organizations to be more efficient in their attempt to make more employees stay in the organization for a long period improved compensation should be coupled with quality of work life which this group of researchers identified as a long-term factor. Ellen becker (2004) demonstrated that wage rates, especially among nurses, only have remote impact on retention . 4. Work-Life Balance Work-life balance is becoming gradually more central for employees and tends to affect employees’ decision to stay in organization. Nowadays employees long for flexible work schedules which allow them to take care of both their personal and professional life. The balance between personal and professional lives is determined by the amount of sacrifice the individual is ready to make at the expense of other areas of life. Loan-Clarke, Arnold, Coombs, Hartley, and Bosley (2010) observed that a job that gives the holder the possibility to fulfill his/her family responsibilities increases employee retention. Some employees first focus on the professional career and subsequently devote more time to other areas of their lives which was named the phenomenon of “downshifting”. Kyndt, Dochy, Michielsen, and Moeyaert (2009) laid emphasis on the significance of a “healthy balance”. As far as relationship between retention and work-life balance is concerned, Lener, Roehrs, and Piccone (2006) are of the view that employers should implement a “harmonious” balance to improve retention. Osman (2013) found that offering emotional support to employees through work-life balance reduces their intention to quit their job. Mita, Aarti & Ravneeta (2014) observed a direct relation between employees’ decision to stay and work-life balance. 5. Management/Leadership Various studies noted that the way people are managed and the leadership style have direct influence on an organization ability to maintain its workforce. Eisenberger, Fasolo, Davis- LaMastro (1990) argued that the way employees view an organization is particularly dependent on their relationship with their supervisor. Mc Neese-Smith (1995) found that the attitude of a hospital manager increase employee commitment to the organization. The research of Kaye and Jordan-Evans (2002) laid emphasis on the fact a manager should be “a
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good boss” to impact retention positively. Duffield and O’Brien-Pallas (2003) were more specific in the way leadership and retention correlate and viewed participative leadership style as a contributing factor of employee retention. Kroon and Freese (2013) are also of the view that participative leadership style plays a significant role in employee retention. Andrews and Wan (2009) were less specific about the particular style of leadership that positively impacts the capability of an organization to make its employees stay. However, they noted that management plays a determinant role in employee retention and established that there is a direct correlation between employee retention and manager behavior. The impact of management on employee retention can be viewed from two perspectives: leadership style and management support. Involvement of employee in decision making motivates them to stay in an organization. Noah (2008) observed that participation in decision-making process makes employees feel they are part of the organization and this increases loyalty and retention. As far as support is concerned, Eisenberger, Stinglhamber, Vandenberghe, Sucharski and Rhoades (2002), and Paillé (2013) observed that management support is even more important than the organizational one. According to Ellett, Ellis, Westbrook and Dews (2007) “supportive, quality supervision” and “leadership that values employees” has a positive impact on retention. Joo (2010) mentioned the fact of being supervised in a supportive manner is a contributor to retention. Tymon, Stumpf, and Smith (2011) as well as Mignonac and Richebé (2013) identified supportive supervision from managers as a contributing factor to employee retention. Other researchers who observe the same relationship between perceived management support and retention. 6. Work Environment A conducive work environment appears to be an essential factor in employee retention. Spence, Leiter, Day, and Gilin (2009) gathered evidence supporting the fact that favorable working environment contributes to employee retention. A conducive environment can be defined as a flexible atmosphere where working experience is enjoyable, resources are adequately provided. In their respective studies, Alexander, Lichtenstein, Oh and Ullman (1998) then Wood and his research team (2013) reached the conclusion that availability of resource can be a determinant factor in retention. For Ellett,Ellis, Westbrook and Dews (2007) and subsequently Loan-Clarke and his colleagues (2010), flexibility plays an important role, particularly in the retention of health workers. For workplace to be a conducive factor of retention it should be enjoyable. The research of Moncarz and his co- researchers (2009) emphasized that the importance of a fun working environment and
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flexibility. It appears that contributing factors of conducive working environment are flexibility, a fun workplace and availability of resources. 7. Social Support Social support basically relates to the degree of satisfactory relationship with colleagues or fellow employees. Relationship with co-workers appears to be determinant factor of retention. Alexander and his research team (1998) and Tai, Bame and Robinson (1998) identified support from co-workers as a contributing factor of retention. Wells and Thelen (2002) established a direct correlation between good human resource practices and the ability to gain employees commit and to increase the chances of retaining them. Miller, Erickson and Yust (2001) noted commitment can be gained by improving feeling of belongingness. Jasper (2007) carried out a research that revealed that manager-employee relationship is the second most frequent reason why jobs are quit. Satisfaction with relationship with colleagues or fellow employees was identified as retention factor. Ramlall (2003) emphasized the fact that identifying and catering for employees’ individual needs provides a favorable work environment that increases their commitment. 8. Autonomy Autonomy “can be seen to be characterized by the ability to choose how to do one’s work; having influence over one’s work; and flexibility in workload decisions”. Prior to the year 2000, Alexander, Lichtenstein, and Ullman (1998); Tai, Bame, and Robinson (1998); Boyle, Bott, Hansen, Woods, and Tauntan (1999) related employee retention to autonomy. Subsequently Ellenbecker (2004); Hart (2005); Tremblay, O’Brien- Pallas, Viens, Brabant and Gelinas (2006) observed that autonomy on the job is a determinant factor of job satisfaction and thus to retention. Kooker, Shoultz, and Codier (2007), Andrews and Wan (2009) identified autonomy as an influential factor of job retention. Spence, Leiter, Day and Gilin (2009) also observed that autonomy on the job influences employee decision to stay in the organization. Ellenbecker (2004) established that there is job strain or lack or control over one’s job contributes to job dissatisfaction which in turn impact negatively retention. Autonomy and control work activities leads to job satisfaction which positively influence retention. Spence Leiter, Day and Gilin (2009) also linked autonomy and retention through job satisfaction. They observed that autonomy is predictor of job satisfaction. 9. Training and Development Messmer (2000) viewed that a key factor to employee retention is training and development. Deery (2008) observed that on the job training increases retention and commitment. Leidner
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(2013) is also of the view that employee loyalty is improved through training and development . Conclusion The need for organizations to retain their talents is crucial for their ability to remain in business depends on it. Although this study attempted to bring forth all the factors related to employee retention, this complex area of human resource needs further investigations. Some factors such as organization culture, training and development, autonomy are less explored than supervision and leadership for instance. The workforce of an organization can be classified into three categories: directors, managers and employees. Existing researches did not lay enough emphasis on the category of employees, the sector of the economy and the type of businesses that are particularly affected by one factor or the other, though some studies did. For further investigations to better equip organizations with knowledge necessary to improve their retention capability are needed. References Allen, D.G. and Shanock, L.R. (2013), “Perceived Organizational Support as Key Mechanisms Connecting Socialization Tactics to Commitment and Turnover among New Employees”, Journal of Organizational Behaviour, 34, 350-369. Bidisha, L. D and Mukulesh, B. (2013), “Employee Retention: A Review of Literature”, Journal of Business and Management,14, 8-16. Brown, L.K., (2002), “Predictors of Retention”, General Hospital Psychiatry, 24, 48-54. Fitz-enz, J. (1990), “Getting and Keeping Good Employees”, In Personnel, 67, 25-29. Ghapanchi, A.H. and Aurum, A. (2011), “Antecedents to IT Personnel’s Intentions to Leave”, Journal of Systems and Software, 84, 238-249. Mita, M., Aarti K. and Ravneeta, D. (2014), “Study on Employee Retention and Commitment”, International Journal of Advance Research in Computer Science and Management Studies, 2, 154-164. Naqvi, S.M.M.R. and Bashir, S. (2015), “IT-Expert Retention through Organizational Commitment”, Applied Computing and Informatics, 11, 60-75. Samuel, M.O. and Chipunza, C. (2009), “Employee Retention and Turnover: Using Motivational Variables”, African Journal of Business Management, 3, 410-415. Sheridan, J.E. (1992), “Organizational Culture and Employee Retention”, Academy of Management Journal, 35, 1036- 1056. Walker, J.W. (2001), “Human Resource Planning”, 24, 6-8.
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CROSS CULTURAL ENVIRONMENT AND ISSUES OF MIGRANT LABOUR IN PUNJAB Tripti Sharma Research Scholar Guru Kashi University Talwandi sabo Mo. 8755524819 Email:[email protected] Amanpreet Assistant Professor Guru Kashi University Mo. 7508651792mail: [email protected] Introduction: Migrant labour makes enormous contribution to the Indian economy. All three sectors of the Indian economy namely agriculture, industry and services employ very large number of migrant workers. Field survey shows that the major subsectors using migrant labour are textile, construction, stone crushing and mines, brick-kilns, small scale industry (diamond cutting, leather accessories etc.) crop transplanting and harvesting, sugar cane cutting, plantations, rickshaw pulling, food processing including fish and prawn processing, salt panning, domestic work, security services, sex work, small hotels, roadside restaurants, tea shops and street vending. Migrants are poorly endowed all-around: they come from poor families where access to physical, financial and human capital is limited and where prospects for improving living standards are constrained by their inferior social and political status. Historically disadvantaged communities such as Scheduled Casts, Scheduled Tribes and other backward castes are heavily represented in migration. Poor migrants are absorbed in informal sector jobs, much maligned for being insecure, poorly paid and unproductive but offering the only option for labourers to improve their capabilities. The 55th round of National Sample Survey of 1999-2000 was the first to cover short-duration migration defined as: “persons staying away from usual place of residence for 60 days or more for employment or better employment or in search of employment.” Industry plays very important role in the growth of industrial economy in Punjab. The industry is fully dependent on migrant workers hailing from northern states of Uttar Pradesh, Bihar and the eastern states of Orissa. On an estimate nearly 80% workers employed in Industry of Punjab are migrant workers. These migrant workers are shifted to Punjab due to better employment opportunities, higher wages, lower economic and social exploitation and the near absence of cost oppression Industries are suffered from unique problem of labour shortage especially in the summer season. It becomes very big challenge for labour officer’s to run factories smoothly in these days. The migrant workers are facing a lot of problems in Punjab due to change in cast, culture, language, mundane facilities and environment etc
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Technological/Industrial Environment Technology is often identified with the knowledge about machines and processes for making, using and doing useful things. Technology consists of a series of technologies. The development of technology is essentially a historical process in which one technique with one set of characteristics replaces another in light of historical and economic characteristics of the time. The history of modern technology in western countries starts with the industrial revolution. Positive role of technology- inventions and innovations in one field stimulate inventions and innovations in other fields as well. Development of business as an ongoing process rests on the constant injection of the new technology and on the capacity to generate and absorbs technical change. At present any business firm is serious about its international competitiveness and cannot persist with outdated technology since new technology is a booster of public demand and brings profit to the business by virtue of enhanced sale by using skimming pricing strategy. Culture Culture is the set of social traditions and customs. The form of culture is very extensive and the world is so large that all the population cannot come into contact with each other at a time. Different societies are affected differently by different beliefs, customs, and traditions, physical and spiritual processes. So, different environment is called culture of that society, group or nation. Culture includes scientific investigations, achievements, literature and its kind such as drama, poetry, short story, novel etc. Customs, traditions, law, habits, methodology, fashion festivals are also an integral part of culture along with art, music, dance, sculptures, paintings, religions, moral values, human beliefs, patterns of behaviour etc. Definition of Culture by Taylor “Culture is that complex whole which includes knowledge. Belief, art, morals, law, customs and any other capabilities acquired by man as a member of society.” On the basis of the above definition the culture is a social heritage and not a biological one. It is something organic and idealistic. Culture has a dynamic quality and unique. It embraces the totality of social life marked by its particular way of living, interacting, celebrating and responses to various problems which arise from time to time. Social culture is the set of two assumptions about belief and values. Belief refers to assumptions based on real life experience. Values are assumptions about ideals that guides and influence our group behaviour. The combination of these beliefs and values in a society creates the culture. The culture is demonstrated by sharing things, actions and feelings.
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Review of Literature Survey of related literature is an important pre-requisite to the planning and implementation of a planned research project. Its review is an exacting task, calling for a deep insight and clear perspective of the over all fields. It is a crucial step, which invariably minimizes the risk of dead ends, rejected topics and rejected studies, waste efforts, trial and error activity oriented towards approaches already discarded by previous investigators and even more important erroneous finding based on a faulty research design. The review of the literature promotes a greater understanding of the problem and its crucial aspects and ensures the avoidance of unnecessary duplication. It also provides comparative data on the basis of which to evaluate and interpret the significance of one’s findings. Unorganized Sector – Meaning and Characteristics According to Indian Economic Survey 2005-06 total labour forces in India was 313 million full time workers and 89 million part time workers, Out of 313 million main workers, 285 million were working in unorganized sector which accounts for around ninety-two per cent of total labour force. According to Economic Survey 2007-08, seven per cent were engaged in organized sector and ninety-three per cent labourers were engaged in unorganized sector. According to National Sample Survey Organization 2004-05, fifty-two per cent workers were employed in agriculture field. Apart from unorganized sector, construction is another sector where 5.57 per cent workers were employed. (NSSO 2004-05). That means out of 402 million, 285 million people were working in unorganized sector and making their contributions to GDP. Unorganized sector means, the sector where workers are unable to organize themselves in pursuing their common interests because of certain constraints. Under casual nature of employment, ignorance, illiteracy and scattered size of establishment they are engaged either on daily basis or on short term employment basis. The nature of their employment is temporary. Most of the labourers are illiterate, marginalized and their working conditions are poor. They are not aware of their rights and they are weak enough to organize themselves. They are not capable of bargaining with their employers and mediators. In India, unorganized sector produce goods and services to generate the maximum employment. This sector does not apply advanced technology, major finance and advanced management techniques. The nature of their employment is temporary; therefore, labourers do not have good mutual understanding and social relations amongst themselves. They are
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not provided with medical and other facilities as designed in the labour laws5. In India the contribution of unorganized sector in GDP is 60 per cent. Malhotra and Sidhu (2007)6 in their study on factors in interstate migration of textile workers in Punjab, found that better job opportunities, higher wages, and better living conditions in Punjab emerged as the most important pull factors which motivate the labour to migrate. A sample of 200 respondents was selected from 19 textile units selected on the basis of purposive sampling. The data reveal that 84.5 per cent workers belonged to economically backward areas of Uttar Pradesh and Bihar. The perception of workers on a set of 15 statements about factor analysis. Better employment opportunities are the most significant factor with maximum percentage of variance which pulls workers to migrate. Higher wages has emerges the second important factor with per cent variance of 10.31. the analysis revealed that comparatively higher wages attracted labour to Punjab. Principal component analysis was used for extracting factors and the number of factors to be retained was based on Latent Root Criterion i.e. variables having Eigen value greater than 1. The present study is based on the perception of the workers only and restricted to the state of Punjab. Nangla Madhu (2011)7 studied the pattern of migrant construction workers, pattern of leisure activities and satisfaction from work regarding wages, working conditions etc. The study is exploratory in nature, therefore does not require formulation and testing of hypothesis. Leisure activities among migrant labourers have been analyzed in the study and finding suggests that migrants had lesser exposure to mass media and listen to songs which is only the major leisure activity present among them. Exposure to print media is negligible as most of them are illiterate and not interested in reading newspapers. The research finds people telling that leisure always come when they are free from worries of livelihood so it is unthinkable for the migrant labourers. The study concludes that almost all the respondents opined that today’s world of communication best way of leisure is to watch television, watch movies and listening songs. Banerjee (1985) in her study on women workers in the unorganized sector of Calcutta examined the various aspects of the women‘s employment, especially the poor women and attempted to collect information about several features of the unorganized sector in the city
5 http://www/unorganised sector, co/article, Informal Sector in India, Approach for Social security” 6 Malhotra N K. and Sidhu A.S.(2007) Factors in inter-state migration : A study of textile workers in Punjab: Management and Labour Studies ; New Delhi: SAGE publications. Vol. 32 No. 2 p.p 240. 7 Nagla Madhu (2011). Migrant Lobour and Leisure : An Analysis. South Asian Journal of Tourism and Heritage Vol. 4 No.1.
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economy. The sample studied in the survey included 411 women, of these 11 were case studies of prostitutes in different areas of Calcutta and the other 400 were the random selections of workers. The survey provided information of the living conditions and the access to public facilities in the city. Over 60 percent of them were illiterate. Nearly 70 percent women came from families below poverty line. The position of the upper caste women was also not satisfactory. These women and their families faced tremendous difficulties in the unorganized sector. In addition to the above, the living condition of the labour class was found to be far from satisfactory. Malik and Giri (1986) in their study compared the wages and the output of female workers vis-à-vis male workers. They found that the wages paid to female labourers for different operations was lower than paid to males. However, the difference in wages was marginal in operations like harvesting and threshing, for female it was Rs. 12 while for male it was Rs. 13. They opined in the study that female labourers’ are paid in commensuration with their work efficiency. The 1987 survey of women workers whose report was submitted as Shramshakti in 1988 by the National Commission on Self-employed Women and Women in the Informal Sector, based on 1.5 lakh questionnaires found that 35 per cent of respondents earned less than Rs. 3000 in a whole year. The survey brought forth that each woman was doing four kinds of work-for labouring in the fields, working with families, rearing livestock and processing agricultural produce. Their work contributed roughly 40 per cent of the family income. Labour Bureau, Government of India (1988) carried out surveys of in northern Indian states of Punjab and Haryana and found that women workers employed in the brick kilns were mostly migrant. The women constituted nearly 44 per cent of the total work force of kilns and nearly 94 per cent of them worked as helpers to moulders or loaders and unloaders. Women were not found working like earth digging, transportation of mud and preparation of mud mixture for moulding which was carried out only by male workers. Brick kilns had no fixed working hours and the time schedule was spread over to 11-12 hours a day. It was noticed that almost 98.5 per cent of women workers in the industry were illiterate. More than half of their children were not attending schools. Not a single male or female worker was reported to be a member of a trade union. No women worker was aware of provisions of labour legislations. Most of these women were found residing in temporary hutments which were erected out in and around the kilns. The facilities of separate kitchen, bathrooms, crèche or a latrine was non-existent. Economic and Statistical Organization, Government of Haryana (1989) conducted a study on conditions of women workers in industry and agricultural sectors in Haryana which
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reveals that social and economic conditions of women workers in industries at Faridabad is satisfactory and labour laws are effectively implemented whereas the situation in industries at Panipat is less satisfactory and requires government attention. In agriculture sector, no significant wage difference has been noted. The study also noted that 70 per cent of the women were from scheduled castes and backward classes and had no education. Economic and Statistical Organization, Government of Haryana (1989) conducted another study on children and women in Haryana and found that the women labourers working in agricultural sector have very low socio-economic status as only 4.4 per cent of the sample has been conferred the ownership rights. The average daily work load ranges from 10-12 hours. Upadhye-Chavan (1991) in their study explored the socio-economic aspects of the immigrant labourers in the brick industry of Sangli District of Maharashtra and found that these workers live in most insecure living conditions. The study provides an extensive review of migrants, besides finding out the reasons of low living standards, poverty, indebtedness, illiteracy and unemployment of the workers in brick kilns industry. Basu and Verma (1997) focused on the migrant labourers in the unorganized sector and were of the view that the current trends towards migration as a consequence of the modern technological and socio-economic changes have attracted the attention of the policy-makers, social activists and the academicians. Kumta et. al. (2014)12 in their study migration analyzed as a social process of human agency and their social network. The result was found that rise to loss of state control, especially in the context of recent concerns about migration and security. Anil sharma et. al.(2017)13 study focused on the socio-economic profile of migrants, income, mode of migration and level of awareness of migrants for different schemes of central government. Three districts named Jalandhar, Mohali and Gurdaspur were selected. Gharuan and Bhago majra villages were selected from Kharar and Mohali blocks of District Mohali. Shahpur and Khiala villages were selected from Jalandhar an interview schedule was prepared for collecting the response of migrants keeping in view of the objectives of the study. Thus the total sample comprised of 150 migrants for this study. The findings of the study revealed that more than 3/4th of the respondents were in the age group of 0-30 years. The educational level of 79.33 per cent respondents was under matriculation. About 82.66 per cent of the respondents had family members of 5-8. More than half of the migrants were migrated from Bihar state. Out of 150 migrants, 126 were male. More than ¾ of the respondents were completely aware of Pradhan Mantri Jan Dhan Yojana. Age and
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awareness about Pradhan Mantri Jan Dhan Yojana shows strong positive linear relationship. The mean monthly income of migrants came out to be Rs 7658, Rs 9177 and Rs 7729 in Gurdaspur, Mohali and Jalandhar respectively. ______12The Social Impacts of Migration in India , International Journal of Humanities and Social Science Invention ISSN print: 2319 – 7722, www.ijhssi.org Volume 3, Issue 5, PP.19-24 . 13Employment pattern in migrant labour in Punjab state: A Case Study, Indian Journal of Extension Education, Vol. 53, No. 4, pp. 66. Objectives The present study attempts: 1. Importance of Role of Migrant Labour in Industry in Punjab. 2. Problems faced by Migrant Labour of Punjab. Significance In order to infer the magnitude of study, various dimensions of the topic have been explored. This topic has attracted the attention of researchers belonging to diverse fields. This area of research has been enriched not only by educationists, marketers, but also by psychologists, philosophers and social reformers who have made significant contributions in their fields. The study will be useful to corporate bodies in trade, individual, employees and even administrators who would require knowledge about the effectiveness of Cross Cultural Environment and Issues of Migrant Labour in Punjab–In these hard times of core- competence, it is significant to understand the nature of the prospective employees, their perception towards Cross Cultural Environment and Issues of Migrant Labour in Industry of Punjab. This study is in the same direction and will bring forth the reasons for the prevalent position amongst present generation and managers. The study shall also suggest ways and means to amend the attitude in life at individual level and the action to be taken at social level. It shall also suggest amendments in business pattern on management programmes and expects to set standard afresh in the light of modern day advancements and the ethical behaviour of business class and employees. Discussions The migrants face difficulties at various levels mainly due to language problem. They face lot of communication gap while dealing with the workers at work places. The face ignorance at the hands of co-workers’ The Indian missions abroad are also responsible for adding miseries as no fool proof systems are followed while dealing with migrant labour.. The problems faced by migrant labour are Recruitment stage problems, Problems in
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crisis/emergency situations, preventing workers falling into wrong hands, Hardships of distress-return workers etc. There are not enough facilities at work place for smooth living. No proper arrangements are made available for drinking water etc. they are not being provided with suitable living accommodations, schools for their children. Even regular bus service is not available for reaching the destinations. It is suggested that government should keep a check that adequate facilities are provided according to factories act and other rules for employment of migrant labour. Indian missions/embassies should make the recruitment process more transparent; put workers’ contract details on the web.etc. Fraud in recruitment by the agencies should be treated as a criminal act and should not be dealt under the company law. Government should ‘insure’ the migrant workers, so on distress return, they can start their own businesses.
References 1 http://www/unorganised sector, co/article, Informal Sector in India, Approach for Social security”. 2Malhotra N K. and Sidhu A.S.(2007) Factors in inter-state migration : A study of textile workers in Punjab: Management and Labour Studies ; New Delhi: SAGE publications. Vol. 32 No. 2 pp- 240. 3Nagla Madhu (2011). Migrant Lobour and Leisure : An Analysis. South Asian Journal of Tourism and Heritage, Vol. 4 No.1. 12The Social Impacts of Migration in India , International Journal of Humanities and Social Science Invention ISSN print: 2319 – 7722, www.ijhssi.org Volume 3, Issue 5, PP.19-24 . 13Employment pattern in migrant labour in Punjab state: A Case Study, Indian Journal of Extension Education, Vol. 53, No. 4, pp. 66.
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