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Chapter 1
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Chapter 1 Reward System, Performance & Banks – An
Introduction
1.1 Reward System
1.2 Nature of Reward System
1.3 Components of Reward System
1.3(a) Compensation
1.3(b) Benefits
1.3(c) Recognition
1.3(d) Career Opportunities
1.3(e) Empowerment
1.4 Challenges Inherent in Reward system
1.5 Effects of Reward System : Positive & Negative
1.6 Different terms associated with Reward System
1.7 Performance Management
1.8 Dimensions of individual performance
1.9 Different terms associated with performance
1.10 Historical framework of Banks
1.11 Structure of Banks
1.12 Private Sector Banks
1.13 Corporate Profile
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Chapter 1 Reward System , Performance & Banks – An Introduction
The first area of research focuses on the concept of reward system & performance
. It involves a detailed study on the application of these concepts in the banking
Industry and specially the private sector banks. This chapter will not only throw
light on some of the important aspects but will provides ideas and possible
answers, supported by research, for further discussions and research.
1.1 REWARD SYSTEM
The only way employees will fulfill the dream of organization is to share in the
dream of the employees . Reward systems are the mechanisms that make this
happen .Employee reward represents one of the central pillars supporting the
employment relationship (Kessler, 2005): Its management is likely to influence
the character and quality of that relationship and its outcomes. Reward refers to all
of the monetary, non-monetary and psychological payments that an organization
provides to its employees in exchange for the work they perform. Employee
compensation’, ‘remuneration’ or ‘reward’ (terms that may be used
interchangeably in the literature) may be defined as ‘all forms of financial returns
and tangible services and benefits employees receive’ (Milkovich and Newman,
2004: 3).
Reward ( Compensation ) management is a core facet of the employment relationship
. Employee ‘reward(s)’ may, however, be differentiated between: extrinsic, tangible
or ‘transactional’ reward for undertaking work in employment, on the one hand, and
intrinsic reward derived from work and employment, on the other hand. The mix of
extrinsic and intrinsic rewards provided by the employer is termed the reward system ,
the monetary or economic element of the reward system is termed the pay system.
Extrinsic reward , in the form of salary, incentive pay and benefits , serves the
purpose of directly recognizing the comparative value of organizational roles and the
contribution individuals may make in performing them. Extrinsic employee benefits
and perks delivered in a non-cash form (eg. company cars, paid holiday and health
care), or deferred remuneration (eg predefined occupational pension benefits or equity
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share-based rewards that may be financially realized at a future date), may reflect
managerial efforts to keep rewards competitive, intended to recruit and retain
sufficient employees of the right caliber, and to secure work accomplishment for the
organization. Benefits may also reflect an employer’s interest in employee wellbeing.
The nature and combination of extrinsic reward is dynamic: for example, present-day
contributions to an employee’s ‘portable’ retirement income fund may be offered in
place of a company pension, reflecting the increasingly flexible employment
relationship.
Intrinsic reward may be further subdivided (Kessler, 2001). On the one hand,
environmental rewards may be manifested in the physical surroundings in which
work is performed, combined with other factors, such as the values displayed in the
workplace by organizational leaders and work supervisors, and perceptions of their
leadership quality. On the other hand, development-oriented rewards that tend to be
more individually directed may be offered to recognize employee aspirations to
receive learning and development opportunities, and to gain acknowledgement of
outstanding work and build feelings of accomplishment, wherever possible
consolidated tangibly through career advancement (Milkovich and Newman, 2004). It
is agued that extending the features of employee reward beyond those specified in the
‘economic contract’ may help to secure employees’ discretionary effort (Wright,
2005: 1.2.2). This ‘intrinsic’ or ‘psychological’ contract in work relationships
(Levinson et al, 1962; Schein, 1965; Rousseau, 1989, 1995) features in commentary
advocating attention to the ‘total reward’ proposition .
Reward systems have three main objectives: to attract new employees to the
organisation, to elicit good work performance, and to maintain commitment to the
organization . In nutshell any organizational reward system has three behavioural
objectives :-
1. Membership behavior to recruit and retain a sufficient number of qualified
workers.
2. Task behavior to motivate employees to perform to the fullest extent of their
capabilities .
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3. Compliance behavior to encourage employees to follow workplace rules and
undertake special behaviors beneficial to the organizations without direct
supervision or instructions.
Reward system is an important ingredient in managing innovation in a company. It is
essential for the firm’s success to reward innovators for their contributions, to reward
people who collaborate as well as individual performers. Rewards can be given in
many different forms and different features of the reward system can stimulate
different aspects of innovation within a firm. Reward system design can help to
modify the organization’s culture. It is a mechanism that can be used by managers to
communicate desired behaviors to organizational members.
According to La Belle (2005), different individuals have different perceptions of
rewards. For instance, some individuals may consider cash as a sufficient and
adequate reward for their efforts at work, while others may consider holidays and
material incentives (such as a car) as more rewarding in exchange for their work. For
instance, some employees consider being recognized by their leader as more
rewarding than financial incentives.
Rewards and compensation systems motivate employees to give their maximum
efforts towards assigned work . Total compensation includes direct pay like base, cost
of living, short-term and long-term incentives and indirect pay as benefits like
allowances and income protection. Numerous reward systems operate within
organizations are often used as a key management tool that can contribute to a firm’s
effectiveness by influencing individual and group behaviour (Lawler and Cohen,
1992). The structure and allocation of reward may affect the motivation of individual
team members (Hackman, 1990).
Robert (2005) defined reward management as: “the process of developing and
implementing strategies, policies and systems which help the organization to achieve
its objectives by obtaining and keeping the people it needs, and by increasing their
motivation and commitment.” Compensation includes basic pay for the job and other
benefits which go with it. Compensation, as a part of the compensation-cum-reward
(CCR) system, is generally split into two components: fixed and variable. Fixed
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component of compensation is the pay or salary paid, considering the market rate,
and the competence of the employee. Compensation amount may be decided on the
basis of the market rate and job evaluation. Market rates can be obtained from
published surveys, special surveys undertaken, or information from professional
bodies.
Kreitner et al. (1999:250) say these rewards can vary from subsidized lunches
to stock options, from boxes of chocolates to golf club membership. The most basic
form of rewards is pay and benefits, but there are less obvious social and psychic
rewards. Social rewards can include a simple praise and recognition from others
both inside and outside the organization. Psychic rewards are more from the inside,
and include personal feelings of self-esteem, self-satisfaction, and accomplishment.
Despite the fact that reward systems vary widely, it is possible
to identify and interrelate some common components.
Direct pay is what an employee receives in their bank account: base salary, overtime,
commission, merit pay, paid leave, bonuses, company profit-sharing. Indirect pay,
often called “benefits”, refers to that part of the total reward package in addition to
direct pay, such as: health & life insurance cover, retirement & pension plans,
company car, health care, health club memberships, mobile phone, subsidized meals,
subsidized entertainment (movies, opera, museums, etc). Common wisdom suggests
that benefits attract, retain, and motivate employees, but there is little research to
support this. Reward practices are dictated by perceptions of power between labour
and management. Pay systems will change according to their effectiveness in the
effort-wage relationship with the balance of power.
1.2 NATURE OF REWARD SYSTEM
Reward Systems are a critical part of any organization's design. How well they fit
with the rest of the systems in an organization has an important impact on how
effective the organization is and on the quality of life that people experience in the
organization. Three critical elements of the reward systems are :
1. Core principles which the organization holds which may be stated or simply
implicit in the way the organization operates. But, they are part of any
organization and its reward system.
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2. The reward system also is shown to be made up of process features and
structural feature. Process design features include such things as
communication policies , and decision making practices. These are critical,
because they reflect not only the overall management style of the organization,
but influence how well reward system practices will be accepted, understood,
and how much commitment there will be to them.
3. Finally, reward systems include actual reward system practices and structures.
These are the features of reward systems that get the most attention. They
include pay delivery systems such as gain sharing plans, profit-sharing plans
as well as administrative polices and a host of other specific organizational
programs.
Reward systems are assumed to be effective to the degree that the core principles,
processes and practices are in alignment. The fit here is critical because organizations
need to be consistent in what they say and what they do. Violations of this consistency
inevitability leads to misunderstanding about how the reward system works, and
failure to motivate the proper or needed behavior.
1.3 COMPONENTS OF REWARD SYSTEM
There are five elements of total rewards, each of which includes programs, practices,
elements and dimensions that collectively define an organization's strategy to attract,
motivate and retain employees. These elements are:
1.3(a) Compensation - Compensation is payment to an employee in return for their
contribution to the organization, that is, for doing their job. The most common forms
of compensation are wages, salaries and tips. Compensation is usually provided as
base pay and/or variable pay. Base pay is based on the role in the organization and the
market for the expertise required to conduct that role. Variable pay is based on the
performance of the person in that role. Organizations usually associate compensation
and pay ranges with job descriptions in the organization. The ranges include the
minimum and the maximum amount of money that can be earned per year in that role.
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1.3(b) Benefits - Benefits are forms of value, other than payment, that are provided to
the employee in return for their contribution to the organization, that is, for doing their
job . Benefits can be tangible as well as intangible where Intangible benefits are less
direct as compared to tangible benefits. Prominent examples of tangible benefits are
insurance, vacation pay, holiday pay, and maternity leave, contribution to retirement
(pension pay), profit sharing, stock options, and bonuses. Intangible benefits are
appreciation from a boss, likelihood for promotion, nice office, etc.
1.3(c) Recognition - According to Satisfaction Compensation Programs for
Growing Companies (1997) recognition and celebration of achievement can build on
job satisfaction felt by team members. It is mentioned that there are various ways to
recognize successful performance.
The following ways to recognize successful performance are:
• Always stop to commend accomplishments ;
• Deliver praise and rewards publicly;
• Deliver recognition in a personal and honest manner;
• Ask the employees for their reward preference;
• Reward timeously, and
• Strive for a clear, well communicated reward system .
1.3(d) Career Opportunities - Career planning is seen as a very systematic and
comprehensive process of targeting career development and implementation of
strategies, self assessment and analysis of opportunities and evaluate the results.
According to Edgar Schein career planning (Manolescu, 2003) is a continuous process
of discovery in which an individual slow develops his own occupational concept as a
result of skills or abilities, needs, motivations and aspirations of his own value system
. The career planning process involves both the organization and the individual
responsibility. Therefore, career planning (Popescu Neveanu, 2003) must link
individual needs and aspirations with organizational needs and opportunities,
evaluating, advising and informing its staff on career planning, individual
development efforts with training and development programs.
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A career planning model, taken from the literature is presented in the following
figure:
A Career Planning Process
Figure – 1.1
1.3(e) Empowerment - is the process of increasing the capacity of individuals or
groups to make choices and to transform those choices into desired actions and
outcomes. It is the process of enabling an employee to think, behave, act, react and
control their work in more autonomous ways, as to be in control of one’s own destiny.
Effective employee empowerment not only has positive implications for employee
satisfaction, but also many other organizational facets, such as member service and
member retention. Empowering employees leads to organizational encouragement of
entrepreneurial traits and prompts employees to make decisions, take action, and
foster their belief that they can take control of their own destinies.
A Career Planning Process
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The elements represent the "tool kit" from which an organization chooses to offer and
align a value proposition that creates value for both the organization and the
employee. An effective total rewards strategy results in satisfied, engaged and
productive employees, who in turn create desired business performance and results.
1.4 CHALLENGES INHERENT IN REWARD SYSTEM
Rewards in whatever form have been an integral part of the job environment. Indeed,
the importance of workplace reward and recognition systems cannot be overlooked as
they serve to acknowledge and motivate employees (Gallup 2008). People do respond
well to incentives for good performance and to recognition for doing especially good
work. According to Ajila and Abiola (2004) good remuneration has been found over
the years to be one of the policies the organization can adopt to increase their workers
performance and thereby increase the organization’s productivity
Management of rewards of employees in any organization is vital not only for the
growth of the organization but also for the growth of individual employee (Ajila and
Abiola 2004). An organization must know who are its outstanding workers, those who
need additional training and those not contributing to the efficiency and welfare of the
company or organization. Also, reward needs to be carefully managed at all levels of
the employment such as from junior to senior levels, across departments and within
the same departments lest it creates conflicts. Hence, the overall purpose of reward
management should help prevent intra-employee conflicts, hire the right mix of
people and motivate workers..
Pay practices vary significantly across employing units and to some degree, across
jobs. However the most technically sophisticated payment plan can generate desired
employee reactions or exactly the opposite. The actual effect depends on whether the
rationale for the payment plan is understood and accepted and whether employees'
perceptions of the facts upon which the rationale is built (e.g., the company's financial
health, the pay of employees in other jobs or organizations) are the same as the
perceptions of those charged with seeing that the payment plan has the intended
effects.
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According to Adams (1979) social relationships involve an exchange process where a
person may expect equity in comparison with others . Also a person’s feeling about
the equity of the exchange is affected by the treatment they receive when compared
with what happens to other people. When there is an unequal comparison of ratios, the
person experiences a sense of inequity. Adams posits that a feeling of inequity causes
tension which in turn causes the person to decrease the amount of quality work or
working additional hours without pay. He concluded that once such a scenario plays
out, a person may try to find a new situation with a more favorable balance by
resigning from a job or from the organization altogether. Or the person may attempt to
bring about changes in others to lower their output or may force others to leave the
field.
However, there is increasing recognition that individual pay programs may also have
an effect on the nature and composition of an organization's work force (Milkovich &
Wigdor, 1991; Gerhart & Milkovich, 1992).Also it has been found that different pay
systems attract different people depending on their personality traits and values
(Bretz, Ash, & Dreher, 1989; Judge & Bretz, 1992).
1.5 EFFECTS OF REWARD SYSTEM : POSITIVE & NEGATIVE
Reward Systems are a critical part of any organization's design. How well they fit
with the rest of the systems in an organization has an important impact on how
effective the organization is and on the quality of life that people experience in the
organization. According to Adam(2010) , rewards plays important role in
organizations. According to Beard ( 2001) , where basic pay is given to employee
based on the employee’s skill levels and on the experience , it will improve the
employee productivity. However , Inadequate basic pay as a monetary reward also
give a great impact to the employee performance such as lateness , absenteeism , low
performance, feeling of grievances and others which can bring a major problem to
the organization.( Omolayo, 2007 ; Owolabi , 2007)
Employees are not the only ones who experience the positive effects of reward
systems in the workplace. Employers who offer desirable rewards to their employees
have a better chance of attracting good, motivated workers. They also have better
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chances at retaining their top employees, those who more than likely reap the rewards.
Ambitious employees will be attracted to reward systems, but without rewards, may
look for work elsewhere. Not all reward system effects are positive. Some scholars
argue that an overemphasis on business reward systems has a negative effect on
intrinsic values.
Reward systems are assumed to be effective to the degree that the core principles,
processes and practices are in alignment. The fit is critical because organizations need to
be consistent in what they say and what they do. Violations of this consistency
inevitability leads to misunderstanding about how the reward system works, and failure to
motivate the proper or needed behavior. Process issues come up frequently because
organizations are constantly having to make reward system management, implementation
and communication decisions.
1.6 DIFFERENT TERMS ASSOCIATED WITH REWARD SYSTEM
• Motivation :-“Motivation is the desire to achieve beyond expectations,
being driven by internal rather than external factors, and to be involved in
a continuous striving for improvement”. (Torrington, Hall, Taylor &
Atkinson, 2009, p. 276).
• “Reward is the benefits that arise from performing a task, rendering a
service or discharging a responsibility.” (Colin Pitts, 1995, p. 11.) Pay is
the most significant and motivating benefit that is received in return for
performing a task or service. It is pay that motivates individuals to go out
and seek work. Pay is also one of the few ways to set a mutually
acceptable common value to the individual’s work contribution. Pay can
also be a powerful demotivator, if employees are not satisfied with the
reward package, it will be hard for the company to recruit and retain good
individuals. (Colin Pitts, 1995, p. 11).
• Expectancy theory : It believe that employees will change their behavior
by working harder or prioritizing their actions if they know that by doing
so they will be rewarded with something of value to them. Hence,
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incentives are a great way to reward effort and behaviors which the
organization wishes to encourage. If the incentive is paid in return for
behavior that contributes to the organizations goals, it will in the long run
enhance organizational effectiveness and productivity and hence generates
a positive outcome for both employer and employee. (Torrington, Hall,
Taylor & Atkinson, 2009, p. 162).
• Total reward : It describes a reward strategy that brings components such
as learning and development together with aspects of the work
environment, into the benefits package. The components of the total
rearward can be described as in the following figure.
Total Reward System
Figure : 1.2
• Types of incentives
A . Payment by Result is historically the most widely used incentive scheme, it
reward employees according to the number of items or units they produce or the
time they take to produce them.
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B. Skills-based pay is an input-based payment system in which employees
receive pay or the skills or competencies which they acquire. This system
gives the employees an opportunity to influence their pay by acquiring
more skills that lead to pay increases. Skills-based pay encourages
multitasking and flexibility, which in turn enables the organization to
respond faster and more effectively to the needs of customers. (Torrington,
Hall, Taylor & Atkinson 2009, p163-164).
C. Profit sharing is an incentive based compensation program where
employees are rewarded with company shares or a percentage of the
company's profit. This scheme is claimed to increase employee's
commitment to his or her company by linking pay to profit, and hence
deepening the level of mutual interest. Profit sharing also encourages the
thought of everyone being on the same team; the employees have the same
goals and are rewarded equivalently.
D. Performance-related pay works on the assumption that if an employee is
offered monetary bonuses for a job well done, they will perform better.
There are two distinct varieties of this scheme. The merit-based system is
based on the assessment of an employee's performance against previously
set objectives.
E. “Recognition is the demonstration of appreciation for a level of
performance, an achievement or a contribution to an objective. It can be
confidential or public, causal or formal. It is always in addition to pay.”
(Colin Pitts 1995, p 14.)
There are six types of recognition.
1. Verbal and Written Recognition is for examples expressions of praise or a
personal thank-you note. This type of recognition costs nothing and it makes
people feel good.
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2. Work-Related Recognition can be educational and training opportunities, a
special project assignment, lateral or vertical career opportunities or special
office and work equipment.
3. Social Recognition. Examples of this are pizza parties, dinners and articles in
newsletters.
4. Financial Recognition such as; cash, stock options and stock grants.
5. Symbolic Recognition include T-shirts, coffee mugs, sculptures, jackets and
plaques. The importance does not lie on the monetary worth but on what the
recognition symbolizes.
6. Tangible Recognition consist of gift certificates, trips, meal tickets,
merchandise and tickets to entertainment events.
Incentive Plans
Figure 1.3
• Career is a sequence of related work experience and activities, directed at
personal and organizational goals, through which a person passes during his or her
lifetime; they are partly under his control and partly under the control of others
(Hall, 1986, 1990). This definition is all encompassing as it explains that work is
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not just an activity, but also a channel through which a person gains experience
for both personal and professional growth. This continues throughout the
individual’s lifetime and the responsibility for this kind of growth is both with the
individual and with the organization..
� Career Planning : As career need to be planned and
developed, career planning is defined as a deliberate
attempt by an individual to become more aware of his or
her own skills, interests, values, opportunities, choices and
consequences. It involves identifying career-related goals
and establishing plans for achieving those goals (Hall,
1986).
� Career Management : It is considered to be an
organizational process that implements and monitors career
plans undertaken by individuals alone or within the
organization’s career systems (Hall, 1986). Broadly, career
management can be viewed as the overall process by which
employees develop awareness about individual strengths
and organizational opportunities, set realistic career goals,
and implement career strategies that facilitate the
achievement of their career goals (Greenhaus and Callanan,
1994).
� Individual Career Management : This refers to the
personal efforts made by individuals to advance their own
career goals which may or may not coincide with those of
their organizations have for them (Hall, 1986). It involves
behaviours that are related to improvement in one’s current
job as well as behaviours related to movement within or
outside the company (Kossek, Roberts, Fisher and Demarr,
1988; Sturges et al., 2002). It involves both self analyses of
talents, capabilities and career ambitions as well as concrete
actions (e.g. networking, self-nomination, creating
opportunities) undertaken to realize these ambitions (Noe,
1996; Sturges et al., 2000; 2002).
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� Career Strategies : According to Gould and Penley (1984)
Career Strategies are “behaviours, which may be utilized by
an individual to decrease the time required for and
uncertainty surrounding the attainment of important career
objectives”.
� Career Satisfaction : It refers to a pleasurable affective
condition resulting from one’s appraisal of one’s career
(London and Stumpf, 1982). Hall (1987) defined a career as
an evolving sequence of a fairly random set of experiences
overtime. Career success therefore encompasses subjective
and objective aspects of achievement and progress of an
individual through an organization or occupation (Arthur et
al., 1989). Subjective or intrinsic career success is the
individual’s subjective judgments about their career
attainments (Baruch, 2004; Burke, 2001; Judge et al., 1995;
Ng et al., 2005). The subjective dimension becomes more
important as people are required to take greater personal
responsibility for career development (Hall, 1996).
• Compensation is the process of directly and indirectly rewarding employees
on a current or deferred basis, for their performance of assigned tasks.
Internal, External and Individual equity for employees : While developing the
compensation package the HR Manager will normally do so in consultation with
the line manager. Hence the chances are that some may be asked to pay a better
compensation than the other employee is paid though the role of both the
employees are same. In such a situation the HR Manager should try to evaluate
the job and give a logical reasoning to make sure that there is parity in pay.
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COMPENSATION
DIRECT INDIRECT
Base Pay
� Wages
� Salaries
Variable Pay
� Bonuses
� Incentives
� Stock Options
Benefits
� Medical Insurance
� Paid time off
� Retirement Pensions
� Worker’s Compensation
Compensation
Figure 1.4
COMPONENTS OF COMPENSATION
• Job Analysis - Job analysis is a systematic approach to defining the job role,
description, requirements, responsibilities, evaluation, etc. It helps in finding
out required level of education, skills, knowledge, training, etc for the job
position. It also depicts the job worth i.e. measurable effectiveness of the job
and contribution of job to the organization.
Job Analysis
Figure 1.5
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• Pay Structures - Pay structure refers to the process of setting up the pay for a
job in an organization. The process deals with internal and external analysis to
estimate the compensation package for a job profile. Internal equity, External
equity and Individual equity are the most popular pay structures. Job
description provides the in depth knowledge about the job profile and its
worth. Pay structures are the strong determinant of employee’s value in the
organization. It helps in analyzing the employee’s role and status in the
organization. It provides for fair treatment to all employees. Pay structures
also include the estimation of incentives. The level of incentives also depends
on the level of job position in the organizational hierarchy.
• Internal Equity – The internal equity method undertakes the job position in
the organizational hierarchy. The process aims at balancing the compensation
provided to a job profile in comparison to the compensation provided to its
senior and junior level in the hierarchy. The fairness is ensured using job
ranking, job classification, level of management, level of status and factor
comparison.
Internal Equity
Figure 1.6
• External Equity - Here the market pricing analysis is done. Organizations
formulate their compensation strategies by assessing the competitors’ or
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industry standards. Organizations set the compensation packages of their
employees aligned with the prevailing compensation packages in the market.
This entails for fair treatment to the employees. At times organizations offer
higher compensation packages to attract and retain the best talent in their
organizations.
External Equity
Figure 1.7
• Salary Surveys - Organizations have to bridge the gap between the industry
standards and their salary packages. They cannot provide compensation
packages that are either less than the industry standards or are very higher than
the market rates. For the purpose they undertake the salary survey. The Salary
survey is the research done to analyze the industry standards to set up the
compensation strategy for the organization. Organizations can either conduct
the survey themselves or they can purchase the survey reports from a reputed
research organization.
TYPES OF COMPENSATION
• Direct Compensation -Direct compensation refers to monetary benefits
offered and provided to employees in return of the services they provide to the
organization. The monetary benefits include basic salary, house rent
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allowance, conveyance, leave travel allowance, medical reimbursements,
special allowances, bonus, PF/Gratuity, etc. They are given at a regular
interval at a definite time.
• Basic Salary -Salary is the amount received by the employee in lieu of the
work done by him/her for a certain period say a day, a week, a month, etc. It is
the money an employee receives from his/her employer by rendering his/her
services.
• House Rent Allowance - Organizations either provide accommodations to its
employees who are from different state or country or they provide house rent
allowances to its employees. This is done to provide them social security and
motivate them to work.
• Conveyance - Organizations provide for cab facilities to their employees.
Few organizations also provide vehicles and petrol allowances to their
employees to motivate them.
• Leave Travel Allowance -These allowances are provided to retain the best
talent in the organization. The employees are given allowances to visit any
place they wish with their families. The allowances are scaled as per the
position of employee in the organization.
• Medical Reimbursement - Organizations also look after the health conditions
of their employees. The employees are provided with medi-claims for them
and their family members. These medi-claims include health-insurances and
treatment bills reimbursements.
• Bonus -Bonus is paid to the employees during festive seasons to motivate
them and provide them the social security. The bonus amount usually amounts
to one month’s salary of the employee.
• Special Allowance - Special allowance such as overtime, mobile allowances,
meals, commissions, travel expenses, reduced interest loans; insurance, club
memberships, etc are provided to employees to provide them social security
and motivate them which improve the organizational productivity.
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• Indirect Compensation --Indirect compensation refers to non-monetary
benefits offered and provided to employees in lieu of the services provided by
them to the organization. They include Leave Policy, Overtime Policy, Car
policy, Hospitalization, Insurance, Leave travel Assistance Limits, Retirement
Benefits, Holiday Homes.
• Leave Policy-It is the right of employee to get adequate number of leave
while working with the organization. The organizations provide for paid
leaves such as, casual leaves, medical leaves (sick leave), and maternity
leaves, statutory pay, etc.
• Overtime Policy-Employees are provided with the adequate allowances and
facilities during their overtime, if they happened to do so, such as transport
facilities, overtime pay, etc.
• Hospitalization-The employees are provided allowances to get their regular
check-ups, say at an interval of one year. Even their dependents should be
eligible for the medi-claims that provide them emotional and social security.
• Insurance- Organizations also provide for accidental insurance and life
insurance for employees. This gives them the emotional security and they feel
themselves valued in the organization.
• Leave Travel -The employees are provided with leaves and travel allowances
to go for holiday with their families. Some organizations arrange for a tour for
the employees of the organization. This is usually done to make the employees
stress free.
• Retirement Benefits-Organizations provide for pension plans and other
benefits for their employees which benefits them after they retire from the
organization at the prescribed age.
• Holiday Homes-Organizations provide for holiday homes and guest house for
their employees at different locations. These holiday homes are usually
located in hill station and other most wanted holiday spots. The organizations
make sure that the employees do not face any kind of difficulties during their
stay in the guest house.
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• Flexible Timings-Organizations provide for flexible timings to the employees
who cannot come to work during normal shifts due to their personal problems
and valid reasons.
1.7 PERFORMANCE MANAGEMENT
The success of any company can be determined by how well they are able to utilize
and mobilize their resources to give them the best results. Unlike other resources,
human resources have emotions and needs. It is therefore imperative that
management recognizes these emotions and needs when developing their human
resource management systems. Effective development of these systems can provide
a competitive human resource advantage .
According to Carrell et al. (1995:348) performance management is a term that was
developed when the emphasis of performance appraisal was broadened to include all
of the management tools. Performance appraisal is there to ensure achievement of
performance goals. The tools to be used to improve performance should
include reward systems, job design, leadership, training and performance
appraisal.
Doyle’s model illustrates clearly the close relationship between motivation,
performance, and reward.
Performance management is about managing the organization. It should be a
natural process where everyone concerned with the business should be involved.
It should be managed taking the organization’s internal and external environment
into consideration. Managers as well as employees are responsible for the
results and therefore should agree beforehand what they need to do and how they
need to do it. According to Armstrong (1999:433) performance management
processes should be part of a holistic approach to managing performance that is the
concern of everyone in the organization. It takes a view of all aspects of
performance and how they play a role in the desired outcomes at organizational,
departmental, team and individual levels, and what needs to be done to improve
24
these outcomes. Armstrong (1999:434) says performance management is therefore
concerned with people’s work, with their behavior and with their results. It also
includes how performance is measured to increase corporate, team and
individual effectiveness and the continuous development of knowledge, skill and
competence. It is important when designing and operating a performance
management system to take into consideration the interrelationships of each
process. According to Armstrong (1999:430) performance management is
concerned with the broader issues facing the business and it is integrated in four
senses:
• Vertical integration - linking or aligning business, team and individual
objectives;
• Functional integration - linking functional strategies in different parts of the
business;
• Human resources integration - linking different aspects of human
resource management, especially organizational development, human
resource development and reward, to achieve a coherent approach to the
management and development of people, and
• Integration of individual needs - with those of the organization, as far as this
is possible.
Bruce and Pepitone (1999:40) says management needs to help their employees feel
more motivated on the job and build the connection between their own interests
and the interests of the organization by following these eight steps:
• Help employees stretch;
• Set clear standards;
• Define the scope of responsibility for employees;
• Help employees buy into higher performance standards;
• Document what employees agree on;
• Decide on a course of action;
• Observe and follow up, and
• Be clear about rewards.
25
According to Armstrong (1999:431) the principles of performance management can
be summarized as follows:
• Corporate goals are divided into individual, team, department and
divisional goals.
• It clarifies corporate goals.
• It is a continuous process where performance improves over time.
• It is based on agreement rather than command or instruction.
• It encourages self-management of individual performance.
• It requires two-way communication between superiors and
subordinates.
• It requires continuous feedback.
• The feedback from subordinates enables superiors to modify
corporate objectives according to the experiences and knowledge gained
on the job.
• It measures performance against agreed goals.
• It is not primarily concerned with linking performance to financial
reward.
1.8 DIMENSIONS OF INDIVIDUAL PERFORMANCE
The seven factors influencing performance are described in detail
below:
• Goals – a real goal is when a manager’s desire and requirement is accepted by
the one who has to accomplish the goal and when the goal has been
translated into tasks that individuals have to perform;
• Standards – they will tell you when the goal was accomplished;
• Feedback – reports both the quality and quantity of progress toward reaching
the goal;
26
• Means – the resources and tools available to achieve the goal, because
the lack of resources will influence whether the goal will be achieved;
• Competence – the person must have the competence to perform the tasks;
• Motive – what motivates employees and how management facilitates
performance motivation, and
• Opportunity – time and legibility.
Armstrong (1999:439) describes performance management as a continuous self-
renewing cycle and the main activities of the cycle as follows:
• Role definition, where the competencies required and the result areas and
targets to be achieved are agreed between manager and employee.
• The performance agreement or contract, which defines what the individual has
to achieve, and how performance will be measured and the competencies required
to deliver the results.
• The personal development plan, which sets out the actions people are intended
to take to develop them in order to extend their knowledge and skills,
increase their levels of competence and to improve their performance in
specified areas.
• Managing performance throughout the year, which means implementing the
performance agreement, which includes a continuous process of providing
feedback on performance, conducting performance reviews, updating objectives,
dealing with performance problems and counselling.
• Performance review, which is the review of a performance over time,
covering achievements, progress and problems, and revising the performance
agreement.
According to Armstrong (1999:440) people will always perform admirably and
exceed expected performances when they are motivated. Motivation is very
closely linked to people’s needs and the satisfaction in their jobs. It is therefore
important to understand what motivates people and makes them perform better than
expected.
27
1.9 DIFFERENT TERMS ASSOCIATED WITH PERFORMANCE
• “Motivation is a set of process concerned with a kid of force that energizes
behavior and directs it towards achieving some specific goals. Many writers
have expressed motivation is goal directed behavior. This objective nature of
motivation is also suggested by kreitner and Kinicki (2001, p. 162) put
forward that motivation represents “those psychological processes that cause
the stimulation, persistence of voluntary actions that are goal directed”.
• Job satisfaction is also defined as reintegration of affect produced by
individual’s perception of fulfillment of his needs in relation to his work and
the surrounding it (Saiyaden,1993). In examining in outcomes of job
satisfaction, it is important to breakdown the analysis into a series of specific
set of variables. They are productivity, turnover, absenteeism and other effects
(accidents, grievances, physical and mental health). Job satisfaction is an
attitude, which Porter, Steers, Mowday and Boulian (1974) state is a more
"rapidly formed" and a "transitory" work attitude "largely associated with
specific and tangible aspects of the work environment". There are different
perspectives on job satisfaction and two major classifications of job
satisfaction (Naumann, 1993) are content (Herzberg, 1968; Maslow, 1987;
Alderfer, 1972) and process theories (Adams, 1965; Vroom, 1964; Locke,
1976; Hackman & Oldham, 1975). Responsibility, achievement, autonomy,
personal growth, challenge, complete work
• Feedback is the opinion expressed showing insight to the level of activity
conducted . It can have a positive or a negative side review .
• Performance is defined as a function of individual ability and skill and effort
in a given situation (Porter and Lawler, 1974).
• Effort is an internal force of a person which makes him or her to work
willingly when employees are satisfied with their job and their needs are met,
they develop an attachment to work or we say that they make and effort to
perform better. Increased effort results in better performances.
28
1.10 HISTORICAL FRAMEWORK OF BANKS
Banks have played a critical role in the economic development of some developed
countries such as Japan and Germany and most of the emerging economies including
India. Banks today are important not just from the point of view of economic growth,
but also financial stability. In emerging economies, banks are special for three
important reasons. First, they take a leading role in developing other financial
intermediaries and markets. Second, due to the absence of well-developed equity and
bond markets, the corporate sector depends heavily on banks to meet its financing
needs. Finally, in emerging markets such as India, banks cater to the needs of a vast
number of savers from the household sector, who prefer assured income and liquidity
and safety of funds, because of their inadequate capacity to manage financial risks.
Forms of banking have changed over the years and evolved with the needs of the
economy. The transformation of the banking system has been brought about by
deregulation, technological innovation and globalization.
In India, the definition of the business of banking has been given in the Banking
Regulation Act, (BR Act), 1949. According to Section 5(c) of the BR Act, 'a banking
company is a company which transacts the business of banking in India.' This
definition points to the three primary activities of a commercial bank which
distinguish it from the other financial institutions. These are: (i) maintaining deposit
accounts including current accounts, (ii) issue and pay cheques , and (iii) collect
cheques for the bank's customers.
The commercial banking industry in India started in 1786 with the establishment of
the Bank of Bengal in Calcutta. The Indian Government at the time established three
Presidency banks, viz., the Bank of Bengal (established in 1809), the Bank of
Bombay (established in 1840) and the Bank of Madras (established in 1843). In 1921,
the three Presidency banks were amalgamated to form the Imperial Bank of India,
which took up the role of a commercial bank, a bankers' bank and a banker to the
Government. The Imperial Bank of India was established with mainly European
shareholders. It was only with the establishment of Reserve Bank of India (RBI) as
29
the central bank of the country in 1935, that the quasi-central banking role of the
Imperial Bank of India came to an end.
In 1860, the concept of limited liability was introduced in Indian banking, resulting in
the establishment of joint-stock banks. In 1865, the Allahabad Bank was established
with purely Indian shareholders. Punjab National Bank came into being in 1895.
Between 1906 and 1913, other banks like Bank of India, Central Bank of India, Bank
of Baroda, Canara Bank, Indian Bank, and Bank of Mysore were set up.
After independence, the Government of India started taking steps to encourage the
spread of banking in India. In order to serve the economy in general and the rural
sector in particular, the All India Rural Credit Survey Committee recommended the
creation of a state-partnered and state-sponsored bank taking over the Imperial Bank
of India and integrating with it, the former state-owned and state-associate banks.
Accordingly, State Bank of India (SBI) was constituted in 1955. Subsequently in
1959, the State Bank of India (subsidiary bank) Act was passed, enabling the SBI to
take over eight former state-associate banks as its subsidiaries.
To better align the banking system to the needs of planning and economic policy, it
was considered necessary to have social control over banks. In 1969, 14 of the major
private sector banks were nationalized. This was an important milestone in the history
of Indian banking. This was followed by the nationalization of another six private
banks in 1980. With the nationalization of these banks, the major segment of the
banking sector came under the control of the Government. The nationalization of
banks imparted major impetus to branch expansion in un-banked rural and semi-urban
areas, which in turn resulted in huge deposit mobilization, thereby giving boost to the
overall savings rate of the economy. It also resulted in scaling up of lending to
agriculture and its allied sectors. However, this arrangement also saw some
weaknesses like reduced bank profitability, weak capital bases, and banks getting
burdened with large non-performing assets.
To create a strong and competitive banking system, a number of reform measures
were initiated in early 1990s. The thrust of the reforms was on increasing operational
efficiency, strengthening supervision over banks, creating competitive conditions and
developing technological and institutional infrastructure. These measures led to the
improvement in the financial health, soundness and efficiency of the banking system.
30
One important feature of the reforms of the 1990s was that the entry of new private
sector banks was permitted. Following this decision, new banks such as ICICI
Bank, HDFC Bank, IDBI Bank and UTI Bank were set up.
Commercial banks in India have traditionally focused on meeting the short-term
financial needs of industry, trade and agriculture. However, given the increasing
sophistication and diversification of the Indian economy, the range of services
extended by commercial banks has increased significantly, leading to an overlap with
the functions performed by other financial institutions. Further, the share of long-term
financing (in total bank financing) to meet capital goods and project-financing needs
of industry has also increased over the years.
Banking sector has been playing an important role in transforming India from an
agrarian economy to a major service sector ever since liberalization and globalization
began. Increased deregulation of the sector has resulted in rising competition and
entry of private sector and foreign banks. With the increasing consolidation of banks,
the greatest human resource issue facing this industry has been the basic lack of
confidence in employees that they are working for the right organization. This has
resulted in low job satisfaction among employees. Moreover, with the entry of private
sector banks, a more customer-centric approach had to be adopted by the employees
to sell new banking products. The public sector bank employees were not prepared for
these changes as they considered their jobs to be well secure. At the same time, the
private bank employees worked towards profitability with rigor. In line with the social
objectives, public sector banks continued their support to welfare policies for their
employees to improve their morale. On the other hand, in the private sector, job
security has been less and performance has become the criterion for career growth.
So, there was no even growth with the banking industry.
With the changing environment, both the sectors in the banking industry identified
that they were facing shortage of personnel to handle their growing demands of the
market. Finally, the HR issues in the banking industry can be summed up as follows:
31
• A sense of job insecurity in the existing experienced employees due to lateral
entry of specialists.
• Demand for higher salary by the new recruits.
• Expectations of faster career growth from the employees.
• Aligning the HR strategies with the business strategies of the bank.
• Conflict in selecting promotion criteria due to the skewed age profile of
employees .
• Low productivity among the public sector bank employees.
1.11 STRUCTURE OF BANKS
• Banking Regulator
The Reserve Bank of India (RBI) is the central banking and monetary authority of
India, and also acts as the regulator and supervisor of commercial banks.
• Scheduled Banks in India
Scheduled banks comprise scheduled commercial banks and scheduled co-operative
banks. Scheduled commercial banks form the bedrock of the Indian financial system,
currently accounting for more than three-fourths of all financial institutions' assets.
SCBs are present throughout India, and their branches, having grown more than four-
fold in the last 40 years now number more than 80,500 across the country . A pictorial
representation of the structure of SCBs in India is given in figure 1.8.
32
Structure of Indian Banks
Fig. 1.8
• Public Sector Banks
Public sector banks are those in which the majority stake is held by the Government
of India (GoI). Public sector banks together make up the largest category in the Indian
banking system. There are currently 29 public sector banks in India. They include the
SBI and its 6 associate banks (such as State Bank of Indore, State Bank of Bikaner
and Jaipur etc), 21 nationalised banks (such as Allahabad Bank, Canara Bank etc) and
IDBI Bank Ltd.
• Regional Rural Banks
Regional Rural Banks (RRBs) were established during 1976-1987 with a view to
develop the rural economy. Each RRB is owned jointly by the Central Government,
concerned State Government and a sponsoring public sector commercial bank. RRBs
provide credit to small farmers, artisans, small entrepreneurs and agricultural laborers
. Over the years, the Government has introduced a number of measures of improve
viability and profitability of RRBs, one of them being the amalgamation of the RRBs
33
of the same sponsored bank within a State. This process of consolidation has resulted
in a steep decline in the total number of RRBs to 86 as on March 31, 2009, as
compared to 196 at the end of March 2005. There are currently 80 Regional Rural
Banks in India ( as on January 2014 ).
• Private Sector Banks
In this type of banks, the majority of share capital is held by private individuals and
corporate. Not all private sector banks were nationalized in 1969, and 1980. The
private banks which were not nationalized are collectively known as the old private
sector banks and include banks such as The Jammu and Kashmir Bank Ltd., Lord
Krishna Bank Ltd etc. Entry of private sector banks was however prohibited during
the post-nationalization period. In July 1993, as part of the banking reform process
and as a measure to induce competition in the banking sector, RBI permitted the
private sector to enter into the banking system. This resulted in the creation of a new
set of private sector banks, which are collectively known as the new private sector
banks. As at end March, 2009 there were 7 new private sector banks and 15 old
private sector banks operating in India. There are presently 17 old private sector banks
operating in India and 11 new private sectors Banks in India.
• Foreign Banks
Foreign banks have their registered and head offices in a foreign country but operate
their branches in India. The RBI permits these banks to operate either through
branches; or through wholly-owned subsidiaries. The primary activity of most foreign
banks in India has been in the corporate segment. However, some of the larger foreign
banks have also made consumer financing a significant part of their portfolios. These
banks offer products such as automobile finance, home loans, credit cards, household
consumer finance etc. Foreign banks in India are required to adhere to all banking
regulations, including priority-sector lending norms as applicable to domestic banks.
In addition to the entry of the new private banks in the mid- 90s, the increased
34
presence of foreign banks in India has also contributed to boosting competition in the
banking sector.
• Co-operative Banks
Co-operative banks cater to the financing needs of agriculture, retail trade, small
industry and self-employed businessmen in urban, semi-urban and rural areas of
India. A distinctive feature of the co-operative credit structure in India is its
heterogeneity. The structure differs across urban and rural areas, across states and
loan maturities. Urban areas are served by urban cooperative banks (UCBs), whose
operations are either limited to one state or stretch across states. The rural co-
operative banks comprise State co-operative banks, district central cooperative banks,
SCARDBs and PCARDBs.9
1.12 PRIVATE SECTOR BANKS
Private banking in India was practiced since the beginning of banking system in
India. The first private bank in India to be set up in Private Sector Banks in India
was IndusInd Bank. It is one of the fastest growing Bank Private Sector Banks in
India. IDBI ranks the tength largest development bank in the world as Private
Banks in India and has promoted a world class institutions in India. The first
Private Bank in India to receive an in principle approval from the Reserve Bank of
India was Housing Development Finance Corporation Limited, to set up a bank in
the private sector banks in India as part of the RBI's liberalization of the Indian
Banking Industry. It was incorporated in August 1994 as HDFC Bank Limited
with registered office in Mumbai and commenced operations as Scheduled
Commercial Bank in January 1995.
ING Vysya, yet another Private Bank of India was incorporated in the year 1930.
Bangalore has a pride of place for having the first branch inception in the year
1934. With successive years of patronage and constantly setting new standards in
banking, ING Vysya Bank has many credits to its account.
35
• List of the old private-sector banks in India
S N Name of the Bank Year of establishment
1 Bank of Punjab 1943
2 Catholic Syrian Bank 1920
3 City Union Bank 1904
4 Dhanlaxmi Bank 1927
5 Federal Bank 1931
6 ING Vysya Bank 1930
7 Jammu and Kashmir Bank 1938
8 Karnataka Bank 1924
9 Karur Vysya Bank 1916
10 Lakshmi Vilas Bank 1926
11 Nainital Bank 1912
12 Ratnakar Bank 1943
13 SBI Commercial and international
Bank 1955
14 South Indian Bank 1905
15 Tamilnad Mercantile Bank Limited 1921
16 United Western Bank 1936
17 IDBI Bank Ltd. (reverse merged with
parent IDBI in 2004 to become IDBI
Ltd., now IDBI Bank Ltd.)
1964
List of the old private-sector banks in India
Figure. 1.9
36
• List of the new private-sector banks in India
S
No Name of the bank Year of establishment
1 Axis Bank (earlier UTI Bank) 1994
2 Bank of Punjab (actually an old
generation private bank since it was not
founded under post-1993 new bank
licensing regime)
1989
3 Centurion Bank Ltd. (Merged Bank of
Punjab in late 2005 to become Centurion
Bank of Punjab, acquired by HDFC Bank
Ltd. in 2008)
1994
4 Development Credit Bank (Converted
from Co-operative Bank, now DCB Bank
Ltd.)
1995
5 HDFC Bank 1994
6 ICICI Bank 1996
7 IndusInd Bank 1994
8 Kotak Mahindra Bank 1985
9 Yes Bank 2005
10 Times Bank (Merged with HDFC Bank
Ltd.)
11 Global Trust Bank (Merged with Oriental
Bank of Commerce)
List of the new private-sector banks in India
Fig. 1.10
37
1.13 CORPORATE PROFILE
AXIS BANK
Axis Bank was the first of the new private banks to have begun operations in
1994, after the Government of India allowed new private banks to be established.
The Bank was promoted jointly by the Administrator of the specified undertaking
of the Unit Trust of India (UTI - I), Life Insurance Corporation of India (LIC) and
General Insurance Corporation of India (GIC) and other four PSU insurance
companies, i.e. National Insurance Company Ltd., The New India Assurance
Company Ltd., The Oriental Insurance Company Ltd. and United India Insurance
Company Ltd.
Promoters
Axis Bank Ltd. has been promoted by the largest and the best Financial Institution
of the country, UTI. The Bank was set up with a capital of Rs. 115 crore, with
UTI contributing Rs. 100 crore, LIC - Rs. 7.5 crore and GIC and its four
subsidiaries contributing Rs. 1.5 crore each.
SUUTI - Shareholding 27.02%
Erstwhile Unit Trust of India was set up as a body corporate under the UTI Act,
1963, with a view to encourage savings and investment. In December 2002, the
UTI Act, 1963 was repealed with the passage of Unit Trust of India (Transfer of
Undertaking and Repeal) Act, 2002 by the Parliament, paving the way for the
bifurcation of UTI into 2 entities, UTI-I and UTI-II with effect from 1st February
2003. In accordance with the Act, the Undertaking specified as UTI I has been
transferred and vested in the Administrator of the Specified Undertaking of the
Unit Trust of India (SUUTI), who manages assured return schemes along with
6.75% US-64 Bonds, 6.60% ARS Bonds with a Unit Capital of over Rs. 14167.59
crores. The Government of India has currently appointed Shri K. N. Prithviraj as
the Administrator of the Specified undertaking of UTI, to look after and
administer the schemes under UTI where Government has continuing obligations
and commitments to the investors.
38
The Bank has strengths in both retail and corporate banking and is committed to
adopting the best industry practices internationally in order to achieve excellence. The
Bank's Registered Office is at Ahmedabad and its Central Office is located at
Mumbai. The Bank has an extensive network of 1947 domestic branches (including
extension counters) and 11,245 ATMs spread across the country as on 31st March
2013 providing 24 hrs a day banking convenience to its customers. This is one of the
largest ATM networks in the country. The Bank also has overseas offices in
Singapore, Hong Kong, Shanghai, Colombo, Dubai and Abu Dhabi.
With a balance sheet size of Rs.3,40,561 crores as on 31st March 2013, Axis Bank
has achieved consistent growth and stable asset quality with a 5 year CAGR (2009-
13) of 26% in Total Assets, 24% in Total Deposits, 27% in Total Advances and 37%
in Net Profit.
Axis Bank operates in four segments: treasury operation, retail banking,
corporate/wholesale banking, and other banking business. The Bank has set up eight
wholly-owned subsidiaries:
� Axis Capital Ltd.
� Axis Private Equity Ltd.
� Axis Trustee Services Ltd.
� Axis Asset Management Company Ltd.
� Axis Mutual Fund Trustee Ltd.
� Axis Bank UK Ltd.
� Axis Securities Ltd.
� Axis Finance Ltd.
Vision:
Vision To be the preferred financial solutions provider excelling in customer
delivery through insight, empowered employees and smart use of technology .
Mission:
Mission Customer service and product innovation tuned to diverse need of
individual and corporate clients Continuous technology up gradation while
39
maintaining human values Progressive globalization and achieving international
standards Efficiency and effectiveness built on ethical practices.
Core values…:
Core values… Customer satisfaction through Providing quality service efficiently
and effectively “Smile, it enhances your face value”, is a service quality stressed
on Periodic customer service audit Maximization of stakeholders value Success
through Teamwork, Integrity and People .
Business Segments : An Overview
Retail
Banking
AXIS Bank offers a complete suite of products across
deposits, loans, investment solutions, payments and cards
and is committed to develop long-term relationships with
its customers by providing high-quality services. Retail
Banking is one of the key drivers of the Bank’s growth
strategy & it follows an effective customer segmentation
strategy . Over the last five years , there has been a vast
increase in Saving Bank deposits , Retail Term Deposits and
Retail Loans. The Bank is one of the largest debit card
issuers in the country and the sixth largest credit card issuer
in the country . The Bank also offers products in the area of
retail forex and remittances, including travel currency cards,
inward and outward wire transfers, travelers cheques and
foreign currency notes, remittance facilities through online
portals as well as through collaboration with correspondent
banks, exchange houses and money transfer operators . A
business vertical of Bank - ‘Axis Bank Privée’ offers private
banking solutions to meet the personalized investment needs
of high net worth individuals as well as the corporate
advisory needs of families in business. AXIS Bank is one of
the leading banking distributors of mutual funds in India
also distributes third party products such as Banc assurance
40
products (life and general insurance), online trading and
gold coins through its branches. AXIS Bank has a large
network of ATM and has deployed 550 Automated Deposit
Machines (for cash deposits into customer accounts) and
other important alternate channels of the Bank like- internet
banking, mobile banking and phone banking .
Business
Banking
Business Banking aspect aim at providing customized
transactional banking solutions to fulfill customer’s business
requirement. AXIS Bank offers a range of current account
products and cash management solutions across all business
segments covering corporate , institutions, central and state
government ministries and undertakings , small and retail
business customers . The Bank also focuses on providing
host-to-host integration for both collections and payments
for seamless transactions and information flow and
provides comprehensive structured MIS reports on a
periodic basis, for better accounting and reporting. The
Bank is a SEBI-registered custodian and offers custodial
services to both domestic and offshore customers. The Bank
accepts income and other direct taxes , central excise and
service taxes though authorized branches . The Bank also
provides collection and payment services to four central
government ministries/departments and 13 state
governments and union territories. The Bank is associated
with 11 state governments towards undertaking Electronic
Benefit Transfer (EBT) projects for disbursement of
government benefits (wages under MGNREGS and Social
Security Pension (SSP)) through direct credit to beneficiary
bank accounts under smart card based IT enabled financial
inclusion model.
41
Corporate
Credit
The corporate credit portfolio of the Bank comprising
advances to large and mid-corporate and also includes
advances at overseas branches . AXIS Bank also provides
corporate credit for Infrastructure Business including project
and bid advisory services, project lending, debt syndication,
project structuring and due diligence, securitization and
structured finance .
Treasury
AXIS Bank has emerged as one of the leading banks
providing foreign exchange and trade finance services to
customers across various industries, segments and regions.
It plays an important role in the sovereign debt markets and
participates in primary auctions of RBI. AXIS Bank
integrated treasury is serving both domestic and global
markets through its various verticals like - The Foreign
Exchange and Money market Group , Active Balance Sheet
Management Group , Interest Rates and Derivatives Group
and The Global Financial Institutions Division (GFID)
group .
International
Banking
The overseas network of the Bank currently spans the major
financial hubs in Asia. The Bank now has a foreign network
of four branches at Singapore, Hong Kong, DIFC-Dubai and
Colombo (Sri Lanka), and three representative offices at
Shanghai, Dubai and Abu Dhabi, besides strategic alliances
with banks and exchange houses in the Gulf Co-operation
Council (GCC) countries.
Agriculture AXIS Bank offers a diverse range of lending solutions to the
farming clientele and other stakeholders in the agriculture
value chain . AXIS Bank has a cluster-centric approach for
agricultural intensive areas and follows a decentralized
approach with Agriculture Business Centres (ABCs) at
various locations across the country . The Bank focuses on
increasing the business reach rural and semi-urban areas by
increasing the number of agriculture clusters and ABCs and
42
by providing consistent growth of portfolio and maintaining
quality of assets, business, credit, operations and collections
functions in this business . Apart from lending to farmers,
the Bank also actively participates in awareness campaigns
and forming farmer’s clubs in many of its upcountry
branches in co-ordination with National Bank for
Agriculture and Rural Development (NABARD). The Bank
also supports the weaker sections of society through its
lending to Micro Finance Institutions (MFIs).
Financial
Inclusion
AXIS Bank aims at enabling customers in rural markets to
use formal banking channels for their banking needs such as
savings, payments, credit and insurance. The Bank offers
no-frills accounts, tailor-made fixed deposits and recurring
deposit products to meet the savings requirements of
customers . The Bank is also a leading player in the
remittance market, enabling migrant workers in urban areas
remit money to their families in the hinterland. The Bank
endeavors to meet the entire set of financial needs of its
customers, including micro-lending, ‘Chhota-deposits’ and
micro-insurance . The Bank also actively participates in
electronic/direct benefit transfer for disbursal of benefits
under various government schemes using smart cards and
biometric authentication technology. The Bank has made
significant investments in technology, and is integrated with
the Aadhar platform through NPCI to enable transfer of
Aadhar based social welfare benefits.
Business Segments : An Overview
Figure :1.11
43
Awards & Recognitions :
• 2013 : .Best Debt House in India - Euromoney Awards for Excellence
2013
• 2013 : Axis Bank ranked No 1 company to work for in the BFSI sector -
'The Best Companies to Work for' survey by Business Today
• 2012 : .Bank of the Year - Money Today FPCIL Awards 2012-13
• 2012 : Best Bank - CNBC-TV18 India’s Best Bank and Financial
Institution Awards 2012
• 2012 :.Best Bank - Runner Up - Outlook Money Awards 2012
• 2012 : Consistent Performer - India’s Best Banks – 2012 Survey by
Business Today & KPMG
• 2012 : Fastest Growing Large Bank - Dun & Bradstreet - Polaris Financial
Technology Banking Awards 2012
• 2012 : Fastest Growing Large Bank – Business world Best Banks Survey
2012
• 2012 : Best Domestic Bond House - The Asset Triple A Country Awards
2012 - Our Bank has been honored with this award for the third year in a
row.
• 2012 : India Bond House of the year - IFR ASIA - Country Awards 2012
• 2012 : Deal Maker of the Year in Rupee Bonds – Business world Magna
Awards - India's Best Deal Makers 2012
• 2012 : The Best Emerging Bullion Dealing Bank - 9th India International
Gold Convention-2011-12
• 2012 : Best Acquiring Institution in South Asia - Visa LEADER Award at
Visa’s 2012 APCEMEA Security Summit, Bali
• 2012 : Gold Shield for Excellence in Financial Reporting in the Private
Banks category - 2011-12 - ICAI (Institute of Chartered Accountants of
India)
• 2011 : Bank of the Year – India –The Banker Awards 2011
• 2011 :Best Bank in the Private Sector - NDTV Profit Business Leadership
Awards 2011
• 2011 : Best Bank - Outlook Money Awards 2011
44
• 2011 : The Best Domestic Bank – India - The Asset Triple A Country
Awards 2011
• 2011 : Fastest Growing Bank - Bloomberg UTV Financial Leadership
Awards 2012
• 2011 : Most Productive Private Sector Bank- FIBAC 2011 Banking
Awards
• 2011 : 3rd Strongest Bank in Asia -Pacific Region by Asian Banker
• 2011 : Brand Excellence Award- 2011(BFSI Sector) - Star News
• 2011 : Most Preferred Bank amongst retail consumers - CLSA survey on
personal banking trends
• 2011 : Best Bond House India - 2011 by Finance Asia
• 2011 : Best Risk Master award - (Private Sector Category) – FIBAC 2011
Banking Awards
• 2010 : Best Debt House in India - Euromoney 2010
• 2010 : Best Domestic Debt House in India - Asiamoney 2010
• 2010 : Best Bond House in India - Financeasia 2010
• 2010 : Best New Private Sector Bank, Rank 2 - FE Best Banks Award
2010
• 2010 : The Best of Asia-Pacific’s Biggest Listed Companies- second year
in a row - Forbes Fab 50
• 2010 : The Asset Awards 2010:Best Domestic Bank, India
• 2010 : The Asset Awards 2010:Best Domestic Bond House, India
• 2010 : Overall Winner & Consistent Performer -(Large Banks Category) -
Business Today Best Bank Awards 2010
• 2010 : Fastest Growing Large Bank - Business World’s Best Banks Award
2010
• 2010 : Ranked No. 1 in "overall experience with bank staff" and "overall
branch facilities" by The Hindustan Times-MaRS Survey Report dated,
29th March, 2010
45
Corporate Social Responsibility
AXIS Bank has set up a Trust – the Axis Bank Foundation (ABF) to channel its
philanthropic initiatives. The Foundation has committed itself to participate in
various socially relevant endeavours with a special focus on providing sustainable
livelihoods, poverty alleviation, education of the underprivileged, healthcare etc.
The Bank has decided to contribute up to one percent of its net profit annually to
the Foundation under its CSR initiatives. The major contribution of AXIS Bank as
part of Corporate Social Responsibility is highlighted as :
• The Foundation is running 40 programs across 163 districts in 19 states,
targeting 7,27,059 beneficiaries.
• 23 programs are running in the field of education covering 33 districts in
13 states promoting supplementary education, education for the
mentally/physically challenged, hearing impaired, visually challenged .
The Foundation has disburse Rs 6.23 crores for various education
programs.
• Axis Bank Foundation is working with Lifeline Foundation since 2007 for
supporting the highway rescue projects in the states of Maharashtra,
Kerala, Gujarat and Rajasthan. It has provided aid to around 7,500 critical
accident victims and more than 15,000 minor accident victims.
• The Foundation aims to provide one million livelihoods to the
underprivileged in some of the most backward regions of the country by
2017, 50% of the beneficiaries being women.
• The Foundation has partnered with 17 NGOs to provide sustainable
livelihoods and has launched projects in partnership with these NGOs in
the states of West Bengal, Odisha, Tamil Nadu, Maharashtra, Jharkhand,
Chhattisgarh, Bihar, Uttar Pradesh and Madhya Pradesh.
• 17 programs are running in the field of livelihood covering 136 districts in
17 states .
• The Foundation is also actively involved in implementing several
initiatives in Green Banking. Reduce, Reuse and Recycle’ theme of Green
46
Banking , launched in August 2011, has helped recycle around 87,206
kilograms since inception.
• The Bank launched an employee payroll program titled ‘Axis Cares’. As
on 31st March 2013, 7,524 officers of the Bank have enrolled for Axis
Cares with a monthly collection of Rs. 14.64 lacs. The funds collected
under this initiative are utilized for the programs of the Foundation and the
details of utilization are shared with the officers every month.
• ‘Basket of Hope’, initiative of the Foundation organizes collection drives
for clothes, books and toys for distribution to the needy.
• ‘Gift of Life’ initiative of the Foundation organizes blood donation drives
across the country, through which 1,934 units of blood has been collected.
• Exhibitions of various NGOs are held at the Corporate Office and other
offices of the Bank, to provide a platform to these NGOs for exhibiting
their products and popularize their work.
History of Axis bank:
1993: The Bank was incorporated on 3rd December and Certificate of business on
14th December. The Bank transacts banking business of all description. UTI
Bank Ltd. was promoted by Unit Trust of India, Life Insurance Corporation of
India, General Insurance Corporation of India and its four subsidiaries. The bank
was the first private sector bank to get a license under the new guidelines issued
by the RBI.
1997: The Bank obtained license to act as Depository Participant with NSDL and
applied for registration with SEBI to act as `Trustee to Debenture Holders'.
Rupees 100 crores was contributed by UTI, the rest from LIC Rs 7.5 crores, GIC
and its four subsidiaries Rs 1.5 crores each.
1998: The Bank has 28 branches in urban and semi urban areas as on 31st July.
All the branches are fully computerized and networked through VSAT. ATM
services are available in 27 branches. The Bank came out with a public issue of
1,50,00,000 No. of equity shares of Rs 10 each at a premium of Rs 11 per share
47
aggregating to Rs 31.50 crores and Offer for sale of 2,00,00,000 No. of equity
shares for cash at a price of Rs 21 per share. Out of the public issue 2,20,000
shares were reserved for allotment on preferential basis to employees of UTI
Bank. Balance of 3,47,80,000 shares were offered to the public. The company
offers ATM cards, using which account-holders can withdraw money from any of
the bank's ATMs across the country which is inter-connected by VSAT. UTI Bank
has launched a new retail product with operational flexibility for its customers.
UTI Bank will sign a co-brand agreement with the market, leader, Citibank NA
for entering into the highly promising credit card business. UTI Bank promoted by
India's pioneer mutual fund Unit Trust of India along with LIC, GIC and its four
subsidiaries.
1999: UTI Bank and Citibank have launched an international co-branded Credit
card. UTI Bank and Citibank have come together to launch an international co-
branded credit card under the MasterCard umbrella. UTI Bank Ltd has
inaugurated an off site ATM at Ashok Nagar here, taking the total number of its
off site ATMs to 13.m
2000: The Bank has announced the launch of Tele-Depository Services for Its
depository clients. UTI Bank has launch of `iConnect', its Internet banking
Product. UTI Bank has signed a memorandum of understanding with
equitymaster.com for e-broking activities of the site. Infinity.com financial
Securities Ltd., an e-broking outfit is Typing up with UTI Bank for a banking
interface. Geojit Securities Ltd, the first company to start online trading services,
has signed a MoU with UTI Bank to enable investors to buy\sell demat stocks
through the company's website. India bulls have signed a memorandum of
understanding with UTI Bank. UTI Bank has entered into an agreement with
Stock Holding Corporation of India for providing loans against shares to
SCHCIL's customers and funding investors in public and rights issues. ICRA has
upgraded the rating UTI Bank's Rs 500 crore certificate of deposit programmed to
A1+. UTI Bank has tied up with L&T Trade.com for providing customized online
trading solution for brokers.
48
2001: UTI Bank launched a private placement of non-convertible debentures to
rise up to Rs 75 crores. UTI Bank has opened two offsite ATMs and one extension
counter with an ATM in Mangalore, taking its total number of ATMs across the
country to 355. UTI Bank has recorded a 62 per cent rise in net profit for the
quarter ended September 30, 2001, at Rs 30.95 crore. For the second quarter
ended September 30, 2000, the net profit was Rs 19.08 crore. The total income of
the bank during the quarter was up 53 per cent at Rs 366.25 crore.
2002: UTI Bank Ltd has informed BSE that Shri B R Barwale has resigned as a
Director of the Bank w.e.f. January 02, 2002. A C Shah, formerchairman of Bank
of Baroda, also retired from the bank’s board in the third quarter of last year. His
place continues to be vacant. M Damodaran took over as the director of the board
after taking in the reins of UTI. B S Pandit has also joined the bank’s board
subsequent to the retirement of K G Vassal. UTI Bank Ltd has informed that Shri
Paul Fletcher has been appointed as an Additional Director Nominee of CDC
Financial Service (Mauritius) Ltd of the Bank.And Shri Donald Peck has been
appointed as an Additional Director (nominee of South Asia Regional Fund) of
the Bank. UTI Bank Ltd has informed that on laying down the office of Chairman
of LIC on being appointed as Chairman of SEBI, Shri G N Bajpai, Nominee
Director of LIC has resigned as a Director of the Bank.
2002: B Paranjpe & Abid Hussain cease to be the Directors of UTI Bank.UTI
Bank Ltd has informed that in the meeting of the Board of Directors following
decisions were taken: Mr Yash Mahajan, Vice Chairman and Managing Director
of Punjab Tractors Ltd were appointed as an Additional Director with immediate
effect. Mr N C Singhal former Vice Chairman and Managing Director of SCICI
was appointed as an Additional Director with immediate effect. ABN Amro, UTI
Bank in pact to share ATM. UTI Bank Ltd has informed BSE that a meeting of
the Board of Directors of the Bank is scheduled to be held on October 24, 2002 to
consider and take on record the unaudited half yearly/quarterly financial results of
the Bank for the half year/Quarter ended September 30, 2002. UTI Bank Ltd has
informed that Shri J M Trivedi has been appointed as an alternate director to Shri
Donald Peck with effect from November 2, 2002.
49
2003: UTI Bank Ltd has informed BSE that at the meeting of the Board of
Directors of the company held on January 16, 2003, Shri R N Bharadwaj,
Managing Director of LIC has been appointed as an Additional Director of the
Bank with immediate effect.- UTI Bank, the private sector bank has opened a
branch at Nellore. The bank's Chairman and Managing Director, Dr P.J. Nayak,
inaugurating the bank branch at GT Road on May 26. Speaking on the occasion,
Dr Nayak said. This marks another step towards the extensive customer banking
focus that we are providing across the country and reinforces our commitment to
bring superior banking services, marked by convenience and closeness to
customers. -UTI Bank Ltd. has informed the Exchange that at its meeting held on
June 25, 2003 the BOD have decided the following: 1) To appoint Mr. A T Pannir
Selvam, former CMD of Union Bank of India and Prof. Jayanth Varma of the
Indian Institute of Management, Ahmedabad as additional directors of the Bank
with immediate effect. Further, Mr. Pannir Selvam will be the nominee director of
the Administrator of the specified undertaking of the Unit Trust of India (UTI-I)
and Mr. Jayanth Varma will be an Independent Director. 2) To issue Non-
Convertible Unsecured Redeemable Debentures up to Rs.100 crs, in one or more
tranches as the Bank's Tier - II capital. -UTI has been authorized to launch 16
ATMs on the Western Railway Stations of Mumbai Division. -UTI filed suit
against financial institutions IFCI Ltd in the debt recovery tribunal at Mumbai to
recover Rs.85cr in dues. -UTI bank made an entry to the Food Credit Programme;
it has made an entry into the 59 cluster which includes private sector, public
sector, old private sector and co-operative banks. -Shri Ajeet Prasad, Nominee of
UTI has resigned as the director of the bank. -Banks Chairman and MD Dr. P. J.
Nayak inaugurated a new branch at Nellore.-UTI bank allots shares under
Employee Stock Option Scheme to its employees. -Unveils pre-paid travel card
'Visa Electron Travel Currency Card' -Allotment of 58923 equity shares of Rs 10
each under ESOP. -UTI Bank ties up with UK govt fund for contract farm in -Shri
B S Pandit, nominee of the Administrator of the Specified Undertaking of the Unit
Trust of India (UTI-I) has resigned as a director from the Bank wef November 12,
2003. -UTI Bank unveils new ATM in Sikkim.
2004: Comes out with Rs. 500 mn Unsecured Redeemable Non-Convertible
Debenture Issue, issue fully subscribed -UTI Bank Ltd has informed that Shri
50
Ajeet Prasad, Nominee of the Administrator of the Specified Undertaking of the
Unit Trust of India (UTI - I) has been appointed as an Additional Director of the
Bank w. e. f. January 20, 2004.-UTI Bank opens new branch in Udupi-UTI Bank,
Geojit in pact for trading platform in Qatar -UTI Bank ties up with Shriram Group
Cos -Unveils premium payment facility through ATMs applicable to LIC UTI
Bank customers –Metal junction (MJ)- the online trading and procurement joint
venture of Tata Steel and Steel Authority of India (SAIL)- has roped in UTI Bank
to start off own equipment for Tata Steel. -DIEBOLD Systems Private Ltd, a
wholly owned subsidiary of Diebold Incorporated, has secured a major contract
for the supply of ATMs an services to UTI Bank -HSBC completes acquisition of
14.6% stake in UTI Bank for .6 m -UTI Bank installs ATM in
Thiruvananthapuram -Launches Remittance Card' in association with
Remit2India, a Web site offering money transfer services
2005: - UTI Bank enters into a banc assurance partnership with Bajaj Allianz
General for selling general insurance products through its branch network. -UTI
Bank launches its first Satellite Retail Assets Centre (SRAC) in Karnataka at
Mangalore.
2006: -UBL sets up branch in Jaipur -UTI Bank unveils priority banking lounge.
New Milestones
2013 Axis Bank voted for Most Trusted Private Sector Bank in the country in
the Most Trusted Brands survey 2013 by Brand Equity.
2013 Best Financial Website - India Digital awards
2013 'Bank of the Year' at the Money Today FPCIL Awards 2012-13
2012 Becomes the first Bank in the world to reach $2 billion loading on prepaid
Travel Currency Cards
2012 Reached 2 lakh installed EDC machines – the highest for any bank in
India
51
2012 Opens the 10,000th ATM - Largest ATM network amongst private sector
banks in India
2011 The Bank inaugurates Axis House, its new Corporate Office at Worli,
Mumbai.
2011 Launches India travel card - India's first and only Indian currency prepaid
travel card for foreign nationals
2010 Opens it's 1000th branch at MET Bandra Reclamation, Mumbai
2008 Opens its Dubai Representative Office
Mar-08 Axis Bank launches Platinum Credit Card, India's first EMV chip based
card
Dec-07 Axis Bank gets AAA National Long-Term Rating from Fitch Ratings
Sept-07 Axis Bank ties up with Banque Privée Edmond de Rothschild Europe for
Wealth Management
July-07 UTI Bank re-brands itself as Axis Bank
July-07 UTI Bank successfully raises USD 1050 million
July-07 UTI Bank ties up with Tata Motors Ltd. for Car Loans
June-07 UTI Bank's expansion into Asia supported by FRS
May-07 UTI Bank launches 'Spice Rewards' on the bankcards - India's first-ever
merchant-supported rewards program
April-
07
UTI Bank opens a Financial Services Category I Branch in the DIFC in
Dubai
Mar-07 UTI Bank ties up with Hyundai Motor India Ltd. for Car Loans
Mar-07 UTI Bank ties up with IIFCL to provide finance for infrastructural projects
in the country
Mar-07 UTI Bank launches Car Loans in association with Maruti Udyog Ltd
52
Mar-07 UTI Bank opens a Full License Bank Branch in Hong Kong
Feb-07 Finance Minister Shri P. Chidambaram Launches Shriram - UTI Bank Co
- Branded Credit Card Exclusively For Small Road Transport Operators
(SRTOS)
Feb-07 UTI Bank announces the launch of its Meal Card
Feb-07 UTI Bank announces the launch of its Gift Card
Feb-07 LIC Premium payment now through UTI Bank Branches
Jan-07 UTI bank opens Priority Banking branch in Mumbai and Kolkata
Nov-06 UTI Bank opens Priority Banking Lounge in Pune
Sep-06 UTI Bank launches operations of UBL Sales, its Sales Subsidiary -
Inaugurates its first office in Bangalore
Aug-06 UTI Bank announces the launch of its Credit Card Business
Aug-06 UTI Bank becomes the first Indian Bank to successfully issue Foreign
Currency Hybrid Capital in the International Market
Aug-06 UTI Bank Business Gold Debit Card MasterCard Launched - Designed for
business related spending by SMEs and self employed professionals
Aug-06 UTI Bank announces the scheme of issuance of "Senior Citizen ID Card"
in association with Dignity Foundation
Aug-06 UTI Bank rolls out its 2000th ATM
July-06 UTI Bank opens Representative Office in Shanghai
May-06 UTI Bank and LIC join hands to launch an Annuity Card for group
pensioners of LIC
May-06 UTI Bank ties up with Geojit Financial Services to offer Online Trading
service to its customers
Apr-06 UTI Bank opens its first international branch in Singapore
53
Jan-06 UTI Bank and UTI Mutual Fund to launch a new service for sale and
redemption of mutual fund schemes through the Bank's ATMs across the
country
Dec-05 UTI Bank wins International Financing Review (IFR) Asia 'India Bond
House' award for the year 2005
Oct-05 UTI Bank extends banking services to the rural milk producers in Anand
and Kheda districts in Gujarat
July-05 UTI Bank and Visa International launch Mobile Refill facility - Anytime,
Anywhere Pre-Paid Mobile Refill for all Visa Cardholders in India
May-05 UTI Bank and Bajaj Allianz join hands to distribute general insurance
products
Apr-05 UTI Bank launches Smart Privilege - a special bank account designed for
women
Mar-05 MTNL ties up with UTI Bank for payment of telephone bills through the
Bank's ATM network
Mar-05 UTI Bank gets listed on the London Stock Exchange, raises US$ 239.30
million through Global
Mar-05 Depositary Receipts (GDRs)
Feb-05 UTI Bank appointed by Government of Karnataka as the sole banker for
the Bangalore One (B1) project
Feb-05 UTI Bank launches a powerful version of Kisan Credit Card
Jan-05 UTI Bank ties up with Remit2India to launch the Remittance Card
Mar-04 UTI Bank enables premium payment of LIC policies through its ATMs.
Feb-04 Bilateral arrangement between State Bank of India (and its 7 associate
member banks) and UTI Bank. comes into force with the commencement
of operations (as on 3rd February '04) of the combined network of over
4000 ATMs
54
Feb-04 UTI Bank (by pursuing a proactive strategy of forging bilateral
agreements and being a progressive player in the multi-lateral consortiums
for shared ATM network) offers its customers access to over 7000 ATMs
across the country - the largest to be offered by any bank in India so far.
Dec-03 Bank inaugurated its ATM at Thegu near the Nathula Pass in Sikkim. This
ATM is at the highest altitude in India.
Sep-03 The Bank's ATMs across the country crosses the thousand mark
Sep-03 Bank launches the Travel Currency Card.
Aug-03 The Bank's Debit Card crosses the one million mark.
Aug-03 Total Advances cross Rs 7,000 Crore.
May-03 Bank declares a net profit of Rs 192.18 crores for FY03, a growth of 43%
over the previous year
Mar-03 Bank signs Agreement with Employees Provident Fund Organization
(EPFO) for disbursement of Pension
Mar-03 Bank crosses the 800 ATM mark
Mar-03 The Bank issues 3,83,62,834 fully paid up equity shares totaling to Rs.
164.00 crores, through a
Mar-03 Preferential offer to Life Insurance Corporation of India (now constituting
13.54% of
Mar-03 the Bank's expanded equity), Citicorp Banking Corporation, Bahrain
(holding 3.84%), Chris Capital I,
Mar-03 LLC, Mauritius (holding 3.84%) and Karur Vysya Bank Ltd.(constituting
1.00%) The Bank also
Mar-03 Increases the authorized share capital of the Bank from Rs. 230 crores to
Rs. 300 crores.
Feb-03 Bank, in a pioneering move, launches the AT PAR Cheque facility, free of
55
cost, for all its Savings Bank customers.
Feb-03 Bank wins mandate to set up 14 ATMs at the Western Railway stations
along the Mumbai division.
Oct-02 Bank launches Corporate iConnect? - the Internet Banking facility for
Corporate
Aug-02 Bank signs MoU with BSNL regarding bill collection services across the
country through both online and offline channels.
Apr-02 Bank opens its 500th ATM
Mar-02 Deposits Cross Rs.12, 000 Crore
Jan-02 The Bank's 100th branch opens at Tuticorin, Tamilnadu
Jan-02 The Bank opens an ATM at the Gol Dak-Khana, i.e. the New Delhi GPO,
making it the first instance of a commercial bank setting up an ATM at
any post-office in the country.
Dec-01 Total Advances cross Rs 5,000 Crore
Nov-01 The deposit base for the Bank crosses Rs. 10,000 Crore
Sep-01 Private placement of 26% stake in the Bank to CDC Capital Partners. UTI
holding reduces to 44.88%
Aug-01 Bank signs MoU with India Post for introducing value added financial
products and services to customers of both organizations, including setting
up of UTI Bank ATMs in post offices.
July-01 Bank ties up with Govt of Andhra Pradesh for collection of commercial
tax
Dec-00 Bank opens its 200th ATM. It becomes the 2nd largest ATM network in
the country, a position held even today.
Oct-00 Bank becomes fully networked
July-00 E-commerce initiatives announced
56
July-00 Financial Advisory Services offered beginning with marketing of US 64
Apr-00 UTI Bank calls off its proposed merger with Global Trust Bank and surges
ahead on its own.
Apr-00 Bank launches its Internet banking module, iConnect Retail loans
introduced for the first time by the Bank
Mar-00 Profits cross Rs 50 crore mark for the first time.
Feb-00 Bank adopts Finacle software from Infosys for core banking
Jan-00 Dr.P.J Nayak takes over as Chairman and Managing Director from Shri
Supriya Gupta.
Sep-99 Cash management services (CMS) launched, Co branded credit card
launched
Mar-99 Deposits cross Rs.3000 crores
Sep-98 UTI Bank goes public with a Rs. 71 crore public issue; Issue over-
subscribed 1.2 times, over 1 lakh retail investors. UTI holding reduces to
60.85%
Jun-96 Crosses Rs.1000 crore deposit mark
Mar-95 Completes first profitable year in operation
Apr-94 First branch of UTI Bank inaugurated at Ahmedabad by Dr. Manmohan
Singh, Hon'ble Finance Minister, Government of India.
Dec-93 UTI Bank comes into being
Dec-93 Registered office at Ahmedabad; Head office at Mumbai
Milestone
Fig . 1.12
57
ICICI Bank
ICICI Bank (formerly Industrial Credit and Investment Corporation of India) is a
major banking and financial services organization in India. It was established in
1994 by the Industrial Credit and Investment Corporation of India, an Indian
financial institution, as a wholly owned subsidiary . ICICI Bank is India's largest
private sector bank with total assets of Rs. 5,367.95 billion (US$ 99 billion) at
March 31, 2013 and profit after tax Rs. 83.25 billion (US$ 1,533 million) for the
year ended March 31, 2013. The Bank has a network of 3,595 branches and
11,162 ATMs in India, and has a presence in 19 countries, including India .The
bank has subsidiaries in the United Kingdom, Russia, and Canada; branches in
United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai
International Finance Centre; and representative offices in United Arab Emirates,
China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. ICICI Bank
offers a wide range of banking products and financial services to corporate and
retail customers through a variety of delivery channels and specialization
subsidiaries and affiliates in the areas of investment banking, life and non-life
insurance, venture capital and asset management. ICICI Bank is also the largest
issuer of credit cards in India. ICICI Bank's shares are listed on the stock
exchanges at Kolkata and Vadodara, Mumbai and the National Stock Exchange of
India Limited; its ADRs trade on the New York Stock Exchange (NYSE). ICICI
Bank is one of the Big Four banks of India, along with State Bank of India, Punjab
National Bank and Canara Bank its main competitors. It is the first bank in India
to provide online services. It is also the first bank in Asia (excluding Japan) to get
listed on the New York Stock Exchange (NYSE).
Corporate Social Responsibility :
ICICI Group strives to make a difference to its customers, to the society and to the
nation’s development directly through its products and services, as well as through
development initiatives and community outreach. ICICI Bank had set up a Social
Initiatives Group (SIG), a non-profit group within ICICI Bank in the year 2000 to
pioneer work on primary health, elementary education and access to finance.
58
• In the area of elementary education, it work to improve the quality of
schooling processes and outcomes in the public education system in India.
• ICICI Bank is running two Rural Self-Employment Training Institutes
(RSETIs) in Udaipur and Jodhpur as the first steps towards sustainable
livelihood initiative .
• ICICI Bank has recently begun an employee volunteering programme in
which ICICI Bank employees lead financial literacy trainings to youth.
• ICICI Bank corporate headquarters in Mumbai, organized blood donation
drive & the three-day blood donation drive drew an overwhelming response
with over 600 employees donated blood.
History
ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian
financial institution, and was its wholly-owned subsidiary. ICICI's shareholding in
ICICI Bank was reduced to 46% through a public offering of shares in India in
fiscal 1998, an equity offering in the form of ADRs listed on the NYSE in fiscal
2000, ICICI Bank's acquisition of Bank of Madura Limited in an all-stock
amalgamation in fiscal 2001, and secondary market sales by ICICI to institutional
investors in fiscal 2001 and fiscal 2002. ICICI was formed in 1955 at the initiative
of the World Bank, the Government of India and representatives of Indian
industry. The principal objective was to create a development financial institution
for providing medium-term and long-term project financing to Indian businesses.
In the 1990s, ICICI transformed its business from a development financial
institution offering only project finance to a diversified financial services group
offering a wide variety of products and services, both directly and through a
number of subsidiaries and affiliates like ICICI Bank. In 1999, ICICI become the
first Indian company and the first bank or financial institution from non-Japan
Asia to be listed on the NYSE.
After consideration of various corporate structuring alternatives in the context of
the emerging competitive scenario in the Indian banking industry, and the move
59
towards universal banking, the managements of ICICI and ICICI Bank formed the
view that the merger of ICICI with ICICI Bank would be the optimal strategic
alternative for both entities, and would create the optimal legal structure for the
ICICI group's universal banking strategy. The merger would enhance value for
ICICI shareholders through the merged entity's access to low-cost deposits,
greater opportunities for earning fee-based income and the ability to participate in
the payments system and provide transaction-banking services. The merger would
enhance value for ICICI Bank shareholders through a large capital base and scale
of operations, seamless access to ICICI's strong corporate relationships built up
over five decades, entry into new business segments, higher market share in
various business segments, particularly fee-based services, and access to the vast
talent pool of ICICI and its subsidiaries.
In October 2001, the Boards of Directors of ICICI and ICICI Bank approved the
merger of ICICI and two of its wholly-owned retail finance subsidiaries, ICICI
Personal Financial Services Limited and ICICI Capital Services Limited, with
ICICI Bank. The merger was approved by shareholders of ICICI and ICICI Bank
in January 2002, by the High Court of Gujarat at Ahmedabad in March 2002, and
by the High Court of Judicature at Mumbai and the Reserve Bank of India in April
2002. Consequent to the merger, the ICICI group's financing and banking
operations, both wholesale and retail, have been integrated in a single entity.
ICICI Bank has formulated a Code of Business Conduct and Ethics for its
directors and employees.
ICICI Bank-erstwhile The Bank of Rajasthan Ltd.
The Reserve Bank of India approved the merger of Bank of Rajasthan with ICICI
Bank Ltd, India's largest private sector Bank. All branches of Bank of Rajasthan
are functioning as branches of ICICI Bank. The boards of both the banks on May
23, 2010 approved the merger for a share exchange ratio of 25 shares of ICICI
Bank for 118 shares of Bank of Rajasthan.
60
All customers are extended seamless services as per existing Bank of Rajasthan
procedures. All existing BoR products are continuing with current features and
charges. Customers are continuing to transact using their current BoR cheque
books, ATM cards, lockers etc. The minimum balance requirements and service
charges on all type of accounts are unchanged.
Post the system integration customers are getting the benefit from ICICI Bank's
enhanced branch network of over 2500 branches and over 5600 ATMs spread
across 1400 locations in the country. The Bank has a presence in 18 international
locations. ICICI Bank's extensive product suite caters to all banking requirements,
both corporate and retail, backed by a world class technology platform.
Objective
ICICI Bank’s Green initiative is to make healthy environment in the organization
i.e; to create intrapersonal skills amongst the customer and understanding between
employees of the organization.
Broad objectives of the ICICI are:
(a)To assist in the creation, expansion and modernization of private concerns;
(b)Tto encourage the participation of internal and external capital in the private
concerns;
(c) To encourage private ownership of industrial investment.
Vision:
To be the leading provider of financial services in India and a major global bank.
Mission:
ICICI Bank leverage people, technology, speed and financial capital to:
� Be the banker of first choice for customers by delivering high quality,
world-class products and services.
� Expand the frontiers of business globally.
� Play a proactive role in the full realization of India’s potential.
61
� Maintain a healthy financial profile and diversify earnings across
businesses and geographies.
� Maintain high standards of governance and ethics.
� Contribute positively to the various countries and markets in which it
operate.
� Create value for stakeholders.
Products & Services : Business Segments
Personal Banking
ICICI Bank has designed a gamut of accounts and
deposits to cater to your unique banking needs . It also
offers wide variety of Loans Products to suit the unique
requirements of customers. Along with deposit and loan
products, ICICI Bank offers a variety of insurance plans
that include Life Insurance, General Insurance, Car
Insurance, Home Insurance, Travel Insurance, etc.
Rural , Agri &
Micro Business
ICICI Bank recognizes the role of prompt finance, and
stable cashflows for
a business and offers a range of products tailored to
unique needs in Rural areas .
Privilege
Banking
ICICI Bank offers Privilege Banking products and
services to meet all banking and financial needs of select
customers . It provides a faster and differentiated
banking experience to premium customers for all
banking needs from deposits, loans, cards to investments
and insurance.
Wealth
Management
ICICI Bank provides Wealth Management offerings to
customers to give a comprehensive suite of services
matching their financial needs at every stage of life.
62
NRI Banking
ICICI Bank provides Banking services like Savings and
Deposits Account , money transfer , Home loans and
other convenient loans , investment services &
Insurance services as part of NRI Banking.
Corporate
Banking
ICICI Bank offers a wide range of services designed to
meet requirements to companies streamlined processes
based on a sound technological backbone . The services
offered includes – Cash Management services , Trade
services , Current Accounts, innovative FX services &
products & Corporate Internet Banking.
Products & Services : Business Segments
Fig . 1.13
Awards
• 1998 : Cyber Corporate Award by the Economic Times and Microland
Limited for making the best use of Internet for commercial purpose
• 1999 : Best IT usage Award by TCS Limited and Computer Society of
India.
• 1999: Asian Banking Award by the Asian Banker's Association for record
collections under the Resurgent India Bonds Scheme .
• 2000 : Best Bank Award by Global Finance.
• 2000 : I-payment was selected as a finalist in the commercial credit
product or services category in the Asian Banking Awards
• 2000 : Featured amongst the best 15 bank web sites in the world reviewed
by Forbes Global.
• 2001 : Best Retail Bank in India from the Asian Banker
• 2001 :Product Innovation Award for Kid-e-bank account from the Asian
Banker.
• 2001 :India's top 5 most respected companies, Business World Magazine
• 2002 : Bank of the Year from the Emerging Markets by The Banker
Magazine of UK
63
• 2002 : Bank of the Year 2002, in India, by The Banker Magazine of UK
Best Managed Bank in Asia, in a Poll by Euromoney
• 2002 : India's top 5 most respected companies - Business World magazine
• 2002 : Best Bank in India by Global Finance
• 2002 : India's Most Admired Bank 2002 in the BB-TN Sofres Mode Poll
• 2002 : 'Best Foreign Exchange Bank in India' by Global Finance.
• 2002 : 'Excellence in Retail Banking' award by Asian Bankers Journal
• 2002 : Best Consumer Internet Bank in India by Global Finance
• 2002 : Best Bank in India by Global Finance
• 2003 : "Best Bank of the Year in India" by FinanceAsia
• 2003 :"The Asian Banker Excellence in Retail Financial Services
Program" by The Asian Banker
• 2003 :"Best Bank Domestic Commercial Bank in India by Asiamoney
• 2003 :"Best Emerging Market Bank in India" by Global Finance Magazine
• 2003 :"Best Multi-Channel Strategy 2003' award by The Banker
Magazine, UK.
• 2003 :"Bank of the Year in India" by The Banker
• 2003 :Grand Prize Winner in Peak Workload, Unix Environments, OLTP
in Winter Corp.'s Top Ten Program
• 2003 :DM Review Magazine-World Class Solution Award 2003 in the
Business Intelligence category for its Teradata enterprise data warehouse
solution.
• 2003 :"Best Consumer Internet Bank in India" by Global Finance
magazine
• 2003 :"Best Integrated Consumer Bank Site in the Asia /Pacific Region"
by Global Finance
• 2003 :"Best Foreign Exchange Bank in India" by Global Finance
• 2003 :"Best Trade Finance Bank in India" by Global Finance
• 2004: Best Bank in India Award presented by Euromoney Magazine
• 2004 : American Indian Foundation's Leadership for Social
Entrepreneurship in India
• 2004 :"Best High-Yield Borrower in India" by Euromoney
• 2004 : "India's Most Customer Friendly Bank" by Outlook Money
64
• 2004 :"Best Bank" by Business India
• 2004 :"India Derivative House of the Year" by AsiaRisk
• 2004 :"Best Consumer Internet Bank in India" by Global Finance
• 2004 :"Best Corporate / Institutional Internet Bank in India" by Global
Finance
• 2004 :"Most Challenging IT Implementation Award" for the ICICI Bank
EAI project by PC Quest
• 2004 :"Best Domestic Commercial Bank" in India by Asiamoney
• 2004 :"Best Emerging Market Bank in India" by Global Finance
• 2004 :"Best Domestic Fx Bank in India" by Asiamoney Poll
• 2004 :"Best Bank of the Year in India" by Finance Asia
• 2004 :"Best Retail Bank in India" by Asian Banker
• 2004 :"Best Foreign Exchange Bank in India" by Global Finance
• 2004 :"India's Most Admired Private Sector Bank" by Business Barons
• 2005 : The Asian Banker Leadership Achievement Award 2005 for India
for Mr.K.V.Kamath
• 2005 : Businessman of the Year Award for Mr.K.V.Kamath by Business
India
• 2005 : JRD Tata Corporate Leadership Award for Mr.K.V.Kamath
• 2005 : Best Local Cash Management Bank Overall for Domestic Cash
Management Services - Asiamoney
• 2005 : Best Local Cash Management Bank for Most Innovative Cash
Management Solutions - Asiamoney
• 2005 : Listed on Forbes' Asia's Fab 50
• 2005 : Listed in Business Week Top 50 Performers
• 2005 : Economic Times Award for Businesswoman Of The Year
• 2005 : Triple AAA Best Cash Management Country Award in India" by
The Asset
• 2005 : Bank of the Year Award for India by The Banker
• 2005 : Best Bank in India by Euromoney
• 2005 : Best Integrated Consumer Bank Site in Asia by Global Finance
• 2005 : Best Consumer Internet Bank in India by Global Finance
65
• 2005 : Best Corporate / Institutional Internet Bank by Global Finance
• 2005 : Building Talent Enterprise-wise Award for Excellence in Learning
from the American Society for Training and Development
• 2006 : Bank of the Year 2006 India by the Banker
• 2006 : THE ASSET TRIPLE AAA Awards for :
� Best Transaction Bank in INDIA
� Best Trade Finance in India
� Best Domestic Custody in India
• 2006 : Business Standard's Banker of the Year for Mr.K.V.Kamath
• 2006 : CNBC-TV18 India Business Leader Award for Mr. K. V. Kamath
• 2006 : Business India's Best Bank of the Year 2006
• 2006 : Ms.Chanda Kochhar featured on Fortune's 50 Most Powerful
Women in International Business.
• 2006 : NDTV Profit Business Leadership Award in the Banking category.
• 2006 : Ms. Kalpana Morparia and Ms. Lalita Gupte featured on Forbes
Most Powerful Women
• 2006 : CII National Award for Energy Management
• 2006 : Business Baron - Most Admired Bank
• 2006 : Global Finance Award for World's Best Foreign Exchange Bank
from India" and the "World's Best Trade Finance from India"
• 2006 : Global Finance Awards for :
� Best Integrated Consumer Bank Site in Asia
� Bill Presentment and Payment in Asia
� Best Consumer Internet Bank in India
� Best Corporate/ Institutional Internet Bank in India
• 2006 : ICICI Bank wins three awards for outstanding performance from
Asian Banker
� Best Retail Bank India
� Excellence in Multi Channel Distribution
� Excellence in Automobile Lending Award
• 2006 : Reader's Digest India - Most Trusted Brand Award for 2006 voted
by consumers
66
• 2007: ICICI Bank has been conferred the Euromoney Award 2007 for the
Best Bank in the Asia-Pacific Region
• 2007: ICICI Bank wins the Excellence in Remittance Business award by
The Asian Banker
• 2007 : ICICI Bank won the "Most Customer Responsive Company" award
in the Banking and Financial Services vertical at The Economic Times -
Avaya Global Connect Customer Responsiveness Awards 2007
• 2007 : Asset Asian Awards 2007 Triple A
� Country Awards for the Best Domestic Bank in India
� Triple A House and Deal Awards for
� Best Investment Grade Bond- India
� Best follow on offering for The Asset 2007
� Best Syndicated Loan
• 2007 : ICICI Bank won "The Bankers Award" for the Bank of the Year
(India)
• 2007 : Mr. K. V. Kamath named Forbes Asia's Businessman of the Year.
• 2007 : ICICI Bank named as one of the "Fabulous 50 companies in Asia"
by Forbes Asia
• 2007 : Mr. K. V. Kamath won the Lifetime achievement Award at the
seventh Annual Teacher's Achievement Awards.
• 2007 : Ms. Chanda Kochhar won the Teachers Achievement Award in the
business category.
• 2007 : Best Regional Private Bank - Asia Pacific Award at the 17th Private
Banker International Awards.
• 2007 : Mr. K. V. Kamath featured among Asiamoney's top 100 most
powerful businessmen from Asia.
• 2007 : Ms Chanda Kochhar ranked 33rd in the Fortune's List of 50 Most
Powerful Women in Global Business.
• 2007 : ICICI Bank was one of the four Indian companies to make it to the
global list of Top Companies for Leaders 2007, according to a survey
conducted by Hewitt Associates in partnership with the RBL group and
Fortune magazine.
67
• 2007 : ICICI Bank adjudged winner of the annual CIO 100 awards in
recognition of the organization's pre-eminence in the area of Innovative
technology deployment.
• 2007 : Ms Chanda Kochhar featured in the list of Business Today's 25
most powerful women leaders.
• 2007 : Best private sector bank by Outlook Money NDTV Profits Awards
2007
• 2007 : The Uptime Champion Awards 2007
• 2007 : The Economic Times Business Leader of the Year Award for
Mr.K.V.Kamath
• 2007 : CNBC Awaaz Consumer Awards 2007 for:
� Most Preferred brand for Auto Loans
� Most Preferred brand for Credit Cards
� Most Preferred brand for Financial Advisory Services
� Most Preferred brand for Home Loans
• 2007 : Global Finance Awards for :
� The Best Consumer Internet Bank in India
� The Best Corporate / Institutional Internet Bank in India
• 2007 : ICICI Bank has won the Euromoney Award for the "Best Bank in
Asia" and "Best Bank in India"
• 2007 : Asia's Best Financial Borrower 2007 - Euromoney
• 2007 : Best Bank in the New Private Sector Bank category By Financial
Express.
• 2007 : Excellence in Remittance Business Award, 2006 from Asian
Banker.
• 2007 : ICICI Bank won the Reader's Digest Trusted Brand Gold Award for
the Bank category in India in 2007.
• 2008: The Asset Triple A Country Awards for Best Domestic Bank in
India.
• 2008: ICICI Bank wins the "Best Bank in India" Award from NDTV
Profit-Outlook Money
68
• 2008: ICICI Bank wins the "Most Preferred Brand of Auto Loans" Award
and the "Most Preferred Brand of Credit Cards" Award from CNBC
Awaaz
• 2008: Mr K. V. Kamath, MD & CEO, ICICI Bank, receives the Lifetime
Achievement Award at the NDTV Profit Business Leadership Awards
2008
• 2008: Ms. Chanda Kochhar, Joint MD & CFO, ICICI Bank, ranked 25th in
Fortune International Power 50 list
• 2008: Ms Chanda Kochhar, Joint MD & CFO, ICICI Bank and Ms
Madhabi Puri-Buch, Executive Director, ICICI Bank, selected among the
25 Most Powerful Women in Indian business by Business Today
• 2008: ICICI Bank wins the 2008 Symantec visionary awards, recognising
the way the Bank secures and manages systems and information.
• 2008: ICICI Bank wins the 'Excellence in Remittance Business 2007'
award by The Asian Banker
• 2008: Ms. Madhabi Puri Buch, ED, ICICI Bank wins FICCI's "Young
Women Achievers" Award
• 2008: Mr. K. V. Kamath, MD & CEO, ICICI Bank wins "The Asian
Banker Leadership Achievement Award" for the Asia Pacific and Gulf
Region 2007
• 2008: EuroWeek award for "Most Improved Market Profile"
• 2008: The award is designed to recognise the institution that has been most
successful in building its own niche in Asia's competitive syndicated loan
market
• 2008: The Asset Triple A Transaction Banking Awards, 2008
� Best Trade Finance Bank in India
� Best Transaction Bank in India
� Best Cash Management Bank in India
� Best Domestic Custodian in India
• 2008: Global Finance Award for Best "Trade Finance Bank and Provider"
in India
69
• 2008: ICICI Bank wins the Gold Shield for " Excellence in Financial
Reporting" by Institute of Chartered Accountant of India (ICAI) for the
Year ended March 31, 2007
• 2008: Mr. K. V. Kamath, MD & CEO, ICICI Bank awarded the "Padma
Bhushan"
• 2009: ICICI Bank bags the "Best bank in SME financing (Private Sector)"
at the Dun & Bradstreet Banking awards
• 2009 : ICICI Bank won 2009 Brandon Hall Excellence in Learning Award
• 2009 : In the Domestic Banking Awards of Finance Asia Country Awards
for Achievement, 2009 held at Hongkong, ICICI Bank won the 'Best
Foreign Exchange Bank, India' and 'Best Trade Finance Bank, India'
• 2009 : ICICI Bank Wins 'House of the Year' Award from Asia Risk
magazine, Honkong
• 2009 : For the third year in a row ICICI Bank has won The Asset Triple A
Country Awards for Best Domestic Bank in India
• 2009 : ICICI Bank won the Most Admired Knowledge Enterprises
(MAKE) India 2009 Award. ICICI Bank won the first place in
"Maximizing Enterprise Intellectual Capital" category, October 28, 2009
• 2009 : Ms Chanda Kochhar, MD and CEO was awarded with the Indian
Business Women Leadership Award at NDTV Profit Business Leadership
Awards , October 26, 2009.
• 2009 : ICICI Bank received two awards in CNBC Awaaz Consumer
Awards; one for the most preferred auto loan and the other for most
preferred credit Card, on September 30, 2009
• 2009 : Ms. Chanda Kochhar, Managing Director & CEO ranked in the top
20 of the World's 100 Most Powerful Women list compiled by Forbes,
August 2009
• 2009 : Financial Express at its FE India's Best Banks Awards, honoured
Mr. K.V. Kamath, Chairman with the Lifetime Achievement Award , July
25, 2009
• 2009 : ICICI Bank won Asset Triple A Investment Awards for the Best
Derivative House, India. In addition ICICI Bank were Highly commended
70
, Local Currency Structured product, India for 1.5 year ADR GDR linked
Range Accrual Note., July 2009
• 2009 : ICICI bank won in three categories at World finance Banking
awards on June 16, 2009
� Best NRI Services bank
� Excellence in Private Banking, APAC Region
� Excellence in Remittance Business
• 2009 : ICICI Bank Mobile Banking was adjudged "Best Bank Award for
Initiatives in Mobile Payments and Banking" by IDRBT, on May 18, 2009
in Hyderabad.
• 2009 : ICICI Bank's b2 branchfree banking was adjudged "Best E-Banking
Project Implementation Award 2008" by The Asian Banker, on May 11,
2009 at the China World Hotel in Beijing.
• 2009 : ICICI Bank bags the "Best bank in SME financing (Private Sector)"
at the Dun & Bradstreet Banking awards 2009.
• 2009 : ICICI Bank NRI services wins the "Excellence in Business Model
Innovation Award" in the eighth Asian Banker Excellence in Retail
Financial Services Awards Programme.
• 2009 : ICICI Bank's Rural Micro Banking and Agri-Business Group wins
WOW Event & Experiential Marketing Award in two categories - "Rural
Marketing programme of the year" and "Small Budget On Ground
Promotion of the Year". These awards were given for Cattle Loan
'Kamdhenu Campaign' and "Talkies on the move campaign' respectively.
• 2009 : ICICI Bank's Germany Branch has been certified by "Stiftung
Warrentest". ICICI Bank is ranked 2nd amongst 57 savings products
across 19 banks
• 2009 : ICICI Bank Germany won the yearly banking test of the investor
magazine €uro in the "call money"category.
• 2009 : The ICICI Bank was awarded the runner's up position in Gartner
Business Intelligence and Excellence Award for Asia Pacific for its
Business Intelligence functions.
• 2009 : ICICI Bank's Organisational Excellence Group was recently
awarded ISO 9001:2008 certification by TUV Nord. The scope of
71
certification comprised processes around consulting and capability
building on methods of quality & improvements.
• 2009 : ICICI Bank has been awarded the following titles under The Asset
Triple A Country Awards for 2009:
� Best Transaction Bank in India
� Best Trade Finance Bank in India
� Best Cash Management Bank in India
� Best Domestic Custodian in India
• 2009 : ICICI Bank has bagged the Best Cash Management Bank in India
award for the second year in a row. The other awards have been bagged
for the third year in a row.
• 2009 : ICICI Bank Canada received the prestigious Canadian Helen Keller
Award at the Canadian Helen Keller Centre's Fifth Annual Luncheon in
Toronto. The award was given to ICICI Bank its long-standing support to
this unique training centre for people who are deaf-blind.
• 2010 : Ms Chanda Kochhar, Managing Director & CEO, conferred the
Outstanding Woman Business Leader of the Year award by CNBC TV18
• 2010 : ICICI Bank awarded the most Tech-friendly Bank award by
Business World
• 2010 : Ms Chanda Kochhar featured in Business Today's list of 30 most
powerful women leaders for the 8th consecutive year
• 2010 : Ms. Chanda Kochhar, Managing Director & CEO, ranked 92nd in
Forbes list of the Most Powerful Women in the world
• 2010 : Ms.Chanda Kochhar, Managing Director & CEO was ranked 10th
in the International Fortune list of 50 most powerful women in business
• 2010 : ICICI Bank was voted as the Most Trusted Brand among private
sector banks in the 2010 Economic Times - Brand Equity Most Trusted
Brands Awards and ranked 7th in the list of Top 50 service brands
• 2010 : ICICI Bank received the 2010 World Finance UK award for:
� Excellence in Remittance Business, Worldwide
� Excellence in NRI Services, Worldwide
� Excellence in Private Banking Business, APAC Region
72
• 2010 : ICICI Bank UK, HiSAVE has been awarded 'Best Online Savings
Account Provider 2010 ' by Your Money ,direct consumer awards,UK
• 2010 : ICICI Bank UK, HiSAVE has been commended for 'Best Internet
Account Provider 2010' and 'Best Fixed Rate Account Provider 2010' by
Moneyfacts, an independent consumer finance leading aggregator
• 2010 : Ms.Chanda Kochhar, MD & CEO was awarded the Financial
Express Best Banker Award
• 2010 : For the sixth time in a row, ICICI Bank has received the Most
Preferred Auto Loan Brand in the Financials Services category at the
CNBC Consumer Awards
• 2010 : ICICI Bank has won Gold in the Readers Digest Trusted Brands
2010 Consumer award in the Finance category for a) Best Bank and b)
Best Credit Card Issuing Bank
• 2010 : ICICI Bank won the Best Trade Finance Bank and Best Foreign
Exchange Bank, India at the Finance Asia Country Awards for
Achievement, Hong Kong
• 2010 : ICICI Bank won the Best Local Bank by Trade and Forfaiting
Review, UK
• 2010 : ICICI Bank received the Best Trade Finance Bank in India by The
Asset Triple A Award, Hong Kong
• 2010 : ICICI Bank was awarded the Best Trade Finance Bank in South
Asia by GTR (Global Trade Review), UK
• 2010 : ICICI Bank amongst the top 3 to receive the FE- EVI Green
Business Leaders Award, in the banking industry
• 2010 : ICICI Bank wins the Asian Banker Award for Best Banking
Security System
• 2010 : ICICI Bank is the first and the only Indian brand to be ranked as the
45th most valuable global brand by BrandZ Top 100 Global Brands
Report.
• 2010 : ICICI Bank has been ranked 1st in the term money category, from a
list of 38 leading Banks by the German magazine, Euro. Since
commencement of business two years ago in the German market, this is
the 5th certification/award including 2 certifications from Stiftung
73
warrenttest (for Savings and Term Deposits) and three "Best Bank"
rankings by Euro magazine.
• 2010 : Forbes' 2000 most powerful listed companies' survey ranked ICICI
Bank 4th among the Indian companies and 282nd globally.
• 2010 : ICICI Bank was awarded The Asian Banker Achievement Award
2009 for Cash Management in India.
• 2010 : The Economic Times-Corporate Dossier Annual Survey of India
Inc's Most Powerful CEOs featured Ms Chanda Kochhar, MD and CEO,
as the most powerful women CEO in India. She was ranked 13th in the
overall power list.
• 2010 : ICICI Group Global Private Clients (GPC) has won the coveted
'Euromoney Private Banking Award 2010' for Best Bank in the Super-
Affluent Category (USD 500,000 to USD 1 million) - India. The other
categories in which GPC picked up awards were:
� Fixed Income Portfolio Management
� Lending/Financing Solutions
� Precious Metals Investment
� Private Equity Investment
� Specialized Services - Entrepreneurs
� FX/Rates Derivatives Supplier
• 2010 : ICICI Bank wins the Asian Banker Award for Excellence in SME
Banking 2009
• 2010 : ICICI Bank won the second prize in the Six Sigma Excellence
Awards, conducted by Indian Statistical institute, Bangalore for
"Improving Sales for TV Banking business"
• 2010 : Mr.N. Vaghul, Former Chairman, ICICI Bank was awarded the
"Padma Bhushan"
• 2011: ICICI Bank is the only Indian brand to figure in the BrandZ Top 100
Most Valuable Global Brands Report, second year in a row
• 2011: ICICI Bank ranked 5th in the list of "57 Indian Companies", and 288
th in World Rankings in Forbes Global 2000 list.
• 2011: ICICI Bank has won the "Banking Technology Awards 2010" at The
Indian Banks Association in the following categories
74
• 2011: ICICI Bank was recognized for its Special Citation of the Fully
Electronic Branch Service Channel, first set up at Hiranandani Estate,
Thane, at the Financial Insights Innovation Awards held in conjunction
with Asian Financial Services Congress
• 2011: For the second year in a row, ICICI Bank was ranked 70th in the
Bran directory league tables of the worlds most valuable brands by, The
Brand Finance® Banking 500
• 2011: ICICI Bank was ranked 1st in the Banking and Finance category and
9th in the "2010 Best Companies To Work For" by Business Today
• 2011: ICICI Bank UK, HiSAVE product range has been awarded the
Consumer Money facts Awards 2011 for the 'Best Online Savings Provider
• 2011: For the second consecutive year, ICICI Bank was ranked second in
the "India's 50 Biggest Financial Companies", in The BW REAL 500 by
Business World
• 2011: ICICI Bank was one of the winners in the Global Awards for
Enterprise & IT Architecture Excellence. ICICI Bank bagged the award in
the ‘Business Intelligence and Analytics' category.
• 2011: The Brand Trust Report ranks ICICI among the top 4 most trusted
financial institutions.
• 2011: ICICI Bank awarded "House Of The Year (India)", by Asia Risk
magazine, for eighth time in a row since 2004
• 2011: ICICI Bank awarded the most Tech-friendly Bank award by
Business World
• 2011: ICICI Bank received the Best Trade Finance Bank in India by The
Asset Triple A Award, Hong Kong
• 2011: ICICI Bank is the first and the only Indian brand to be ranked as the
45th most valuable global brand by BrandZ Top 100 Global Brands Report
• 2012 : ICICI Bank received the Golden Peacock Innovative Product /
Service Award for its Tab Banking project. The Golden Peacock Awards
were instituted by the Institute of Directors and was headed by Justice P N
Bhagwati, Ex Chief Justice of India.
• 2012 : ICICI Bank received the "Dataquest Technology Innovation
Awards 2012" for Data center migration by Dataquest.
75
• 2012 : ICICI Bank was conferred the Best Performance Award for Self
Help Group (SHG) Bank Linkage Programme in NABARD's State Level
Awards announced by their Maharashtra Regional Office. The Bank
received the first prize for the year 2010-11 in the Private Sector Bank
category and 2nd runner up for the year 2011-12 in the Commercial Bank
category.
• 2012 : For the second consecutive year, ICICI Bank won the NPCI's NFS
Operational Excellence Awards in the MNC and Private Sector Banks
Category for its ATM network.
• 2012 : Mr.K.V.Kamath was awarded the "Hall Of Fame" by Outlook
Money for his long standing contribution in the financial services sector.
• 2012 : ICICI Bank won the Best Bank - India Award by The Banker.
• 2012 : Ms. Chanda Kochhar ranked 18th in the Fortune's list of '2012
Businesspersons of the Year'. The 50 global leaders is Fortune's annual
ranking of leaders who are "the best in business".
• 2012 : Ms. Chanda Kochhar tops the list of "50 Most Powerful Women in
Business" by Fortune India.
• 2012 : ICICI Bank tops the list of "Private sector and Foreign Banks" by
Brand Equity, Most Trusted Brands 2012. It ranks 15th in the "Top
Service 50 Brands".
• 2012 : For the third consecutive year, ICICI Bank ranked second in
"India's 50 Biggest Financial Companies" in The BW Real 500 by
Businessworld.
• 2012 : For the second year in a row, Ms. Chanda Kochhar, Managing
Director & CEO was ranked 5th in the International list of 50 Most
Powerful Women In Business by Fortune.
• 2012 : ICICI Bank tops the list of most fans in India and globally ranks
fifth amongst financial institutions on Facebook in the social media
engagement study conducted by Ketchum Sampark.
• 2012 : ICICI Bank in the Private Sector Bank category won the Best
Technology Bank Of The Year ,Best Financial Inclusion Initiative and
Best Use Of Technology In Training and e-Learning by Indian Bank's
Association (IBA) Technology Awards. The Bank also received the first
76
runner up for Best Online Bank, Best Customer Relationship Initiative and
Best Use Of Mobility Technology in Banking by IBA Technology Awards
.
• 2012 : ICICI Bank awarded the Best SME Bank for Treasury and Working
Capital (India) by The Asset Triple A.
• 2012 : ICICI Bank received the Best Trade Finance House and Best Cash
Management House by The Corporate Treasurer Alliance Country
Awards.
• 2012 : ICICI Bank awarded the Best Private Sector Bank in Global
Business Development, Rural Reach and SME financing categories by
Dun & Bradstreet - Polaris Financial Technology Banking Awards.
• 2012 : Ms. Chanda Kochhar, Managing Director and CEO, was ranked
59th in the World's 100 Most Powerful Women by Forbes magazine.
• 2012 : For the fifth year in a row, ICICI Bank was awarded the "Best
Foreign Exchange Bank (India)" by Finance Asia Country Awards. The
Bank also received the "Best Bond House (India)".
• 2012 : Ms. Chanda Kochhar awarded the 3rd Asian Corporate Director
Recognition Award 2012 by Corporate Governance Asia.
• 2012 : ICICI Bank awarded the Best Trade Finance bank in India by GTR
Asia Leaders in Trade Awards 2012.
• 2012 : Ms. Chanda Kochhar, Managing Director & CEO, ranked 5th in the
list of "Most Powerful CEOs", in the corporate India's definitive power
listing, by The Economic Times Corporate Dossier. She also tops the list
of "Top Women CEOs", in the country.
• 2012 : ICICI Bank featured as the top Indian brand to be listed in the
annual BrandZ's Top 100 Most Valuable Global Brands study.
• 2012 : ICICI Bank won the "Best Bond House (India) 2011", by IFR Asia
• 2012 : ICICI Bank awarded the Best Bank (India) by Global Finance
• 2012 : ICICI Bank won the "Century International Quality Era Award" at
Geneva. The award recognizes commitment towards Quality, Excellence,
Customer Satisfaction, Leadership and Strategic Planning as established in
the QC 100 model of Total Quality Management (TQM).
77
• 2012 : For the second year in a row, Ms. Chanda Kochhar, Managing
Director & CEO, is in the Power List 2012 of 25 most influential women
professional in India, by India Today.
• 2012 : Ms. Chanda Kochhar, Managing Director & CEO, is amongst the
nine Indian women to be named in the Forbes magazine's inaugural 'Asia
Power Businesswomen list'
• 2012 : Mr. N.S.Kannan, Executive Director & CFO, received the "Best
CFO", in the Banking / Financial Services category by CNBC - TV 18.
• 2012 : ICICI Bank was recognised for the first Credit Default Swap (CDS)
deal in India at the Fimmda annual conference in Kuala Lumpur.
• 2012 : Ms. Chanda Kochhar, Managing Director & CEO was awarded the
"CNBC Asia India Business Leader Of The Year Award". She also
received the "CNBC Asia's CSR Award 2011"
• 2012: Airtel, ICICI among 'top 100 global brands'
• 2012: ICICI Bank won the "Best Bond House (India) 2011", by IFR Asia
• 2012: ICICI Bank awarded the Best Bank (India) by Global Finance
• 2012: ICICI Bank won the "Century International Quality Era Award" at
Geneva
• 2012: ICICI Bank was awarded the "Best Foreign Exchange Bank (India)"
by Finance Asia Country Awards.
• 2013 : ICICI Bank has been adjudged winner at the Express IT Innovation
Award under the Large Enterprise category.
• 2013 : ICICI Bank wins awards under the categories of 'Most Innovative
Bank' and 'Most Innovative use of Multi-Channel Infrastructure' at the
Indian Bank's Association's BANCON Innovation Awards 2013.
• 2013 : ICICI Bank won the Asian Banking & Finance Retail Banking
Award 2013 for the Online Banking Initiative of the Year
• 2013 : ICICI Bank won an award under the Social Media category at the
InformationWeek EDGE Award
• 2013 : Ms. Chanda Kochhar, MD and CEO has been awarded as the Best
CEO - Private Sector category at the Forbes India Leadership Awards
2013
78
• 2013 : Ms. Chanda Kochhar, MD & CEO, has been named as the most
powerful woman in business in India for the third consecutive year in
Fortune's list of '50 Most Powerful Women In Business: The Global 50'.
She is also among the four most powerful women in business in the world,
according to the list.
• 2013 : ICICI Bank received the award for 'Best Private Sector Banker' by
the Sunday Standard Best Bankers Awards 2013.
• 2013 : ICICI Bank has been awarded the 'Best Banker - All round
expansion' by the Sunday Standard Best Bankers Awards 2013.
• 2013 : ICICI Bank won 'Best Banker - Efficiency & Profitability' by the
Sunday Standard Best Bankers Awards 2013.
• 2013 : Mr KV Kamath, Chairman, receives the "AIMA Managing India"
Award for "Outstanding Institution Builder"
• 2013 : Ms Chanda Kochhar, MD & CEO, receives the "AIMA JRD Tata
Corporate Leadership Award" 2012
• 2013 : ICICI Bank has won the Trade Finance Magazine Award for
Excellence 2013, under the category of 'Asia Pacific Awards : Best Trade
Bank in India'
• 2013 : ICICI Bank received the Asian Banking & Finance Wholesale
Banking Awards 2013 for the India Domestic Trade Finance Bank of the
Year
• 2013 : ICICI Bank Limited has been awarded as the Best Private Sector
Bank under the category Global Business Development for the Dun &
Bradstreet - Polaris Financial Technology Banking Awards 2013
• 2013 : ICICI Bank has been one of the recipients of the Corporate
Governance Asia Annual Recognition Awards 2013
• 2013 : Ms Chanda Kochhar, MD & CEO, is one of the recipients from
India, for the 4th Asian Corporate Director Recognition Awards 2013
• 2013 : ICICI Bank has won the Best Bank Award for Use of IT for
Business Innovation Among Large Banks from the Institute for
Development and Research in Banking Technology (IDRBT)
79
• 2013 : ICICI Bank has receieved the Special Award for Best IT Team
Among Private Sector Banks from the Institute for Development and
Research in Banking Technology (IDRBT)
• 2013 : ICICI Bank won the Special Award for Electronic Payment
Systems Among Large Banks from the Institute for Development and
Research in Banking Technology (IDRBT)
• 2013 : ICICI Bank received Special Award for Mobile Banking Among
Large Banks from the Institute for Development and Research in Banking
Technology (IDRBT)
• 2013 : ICICI Bank ranks 10th in Fortune India's list of 50 most admired
companies in India.
• 2013 : Ms. Chanda Kochhar, MD & CEO, has been ranked as the most
powerful business woman in India in the Forbes' list of 'The World's 100
Most Powerful Women 2013'
• 2013 : ICICI Bank Limited has been conferred the Best Remittance
Business award at The Asian Banker's International Excellence in Retail
Financial Services 2013 Awards ceremony.
• 2013 : ICICI Bank was honored with the Medici Innovation Hall of Fame
Award, instituted by The Medici Institute in collaboration with the Medici
Group, USA.
• 2013 : ICICI Bank and its IT partner Fundtech won The Asian Banker
Technology Implementation Award for the Convergence Banking project
from Asian Banker.
• 2013 : Ms Chanda Kochhar received the 'Transformation Leader Award'
by NDTV Profit Business Leadership Awards 2012.
• 2013 : For the second consecutive year, Mr. N.S.Kannan, Executive
Director & CFO, received the "Best Performing CFO", in the Banking /
Financial Services category by CNBC - TV 18.
• 2013 : For the third year in a row, Ms. Chanda Kochhar, Managing
Director & CEO, is in the Power List 2013 of 25 most powerful women in
India, by India Today.
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• 2013 : Ms. Chanda Kochhar is the only Indian to be featured in the Dow
Jones list of Most Influential Female Executives in the World of the last
decade. She is ranked 12th in the global list.
• 2013 : ICICI Bank awarded the Most Admired Infrastructure Debt
Financer and PPP Project of the Year: Yamuna Expressway Project, in the
5th KPMG Infrastructure Today Awards by ASAPP Media Information
Group, publishers of Infrastructure Today in association with KPMG
• 2013 : For the 4th consecutive year, ICICI Bank won the Celent Model
Bank for the next generation technology oriented banking solutions.
• 2013 : ICICI Bank was awarded a "Special IT Innovation Award" by
Lenovo - NASSCOM and CNBC-TV18.
• 2013 : ICICI Bank was the winner of "6th Loyalty Awards" for My
Savings Rewards.
• 2013 : ICICI Bank UK PLC's online savings product HiSAVE won the
"Highly Commended" (2nd rank) at the Consumer Moneyfacts Awards.
• 2013 : ICICI Bank received the "Gram Samvad",Service for Low
cost/Small budget marketing initiative Award by Rural Marketing
Association of India (RMAI).
• 2013 : Ms. Chanda Kochhar awarded the Businessperson Of The Year
2012 by Business India. She is the first woman recipient of this award in
31 years.
• 2013 : ICICI Bank won the Best domestic bank, India by The Asset Triple
A Country Awards.
• 2014 : Ms. Chanda Kochhar, MD and CEO received the 'Mumbai Women
Of The Decade' award by ASSOCHAM.
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Management Profile – AXIS Bank
Board of Directors :
• Chairman : Dr. Sanjiv Misra
Dr. Sanjiv Misra graduated in Economics from St.Stephen’s College,
Delhi. He has a Master’s degree in Economics from the Delhi School of
Economics, a Master’s degree in Public Administration from the Harvard
Kennedy School, USA and a Ph.D from the Jawaharlal Nehru University,
New Delhi. At Harvard University, he was designated Lucius N. Littauer
Fellow of 1987 in recognition of exceptional academic strengths and
leadership qualities.
Dr. Misra was a member of the Indian Administrative Service for over 35
years during which period he held a wide range of key positions in the
Federal and state governments, including as Managing Director of the
Gujarat Industrial Development Corporation and stints at senior levels in
the Government of India in the Cabinet Office, the Ministry of Petroleum
and the Ministry of Finance. He was a Secretary in the Ministry of Finance
till his superannuation in 2008. Subsequently, he served as a Member of
the 13th Finance Commission, a constitutional position with the rank of a
Minister of State.
Till very recently Dr. Misra was a member of the Advisory Council of the
Asian Development Bank Institute, Tokyo. He was also a member of the
Committee on Fiscal Consolidation (Kelkar Committee) set up by the
Finance Minister in August 2012 to chart out a road map for fiscal
consolidation for the Indian economy.
Dr. Misra is currently a Public Interest Director and Chairman of the Audit
Committee of BSE Ltd. and an independent director on the Board of Akzo
Nobel India Ltd. He also serves as a member on several government
committees. He has a number of publications on policy issues to his credit.
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• Managing Director & Chief Executive Officer : Shikha Sharma
Ms. Shikha Sharma is the Managing Director & CEO of Axis Bank since
2009.Ms. Sharma began her career with the ICICI group where she has
worked across various verticals like Project Finance, Retail Banking and
Investment Banking. Her last assignment was as Managing Director &
CEO of ICICI Prudential Life Insurance Company, a leading private sector
life insurance company in the country.
Ms. Sharma has received wide recognition for her achievements. She is a
recipient of many business awards notably; ‘Transformational Business
Leader of the Year’ at AIMA’s Managing India Awards – 2012 and
‘Woman Leader of the year’ at Blooomberg-UTV Financial Leadership
Awards – 2012 and Businesworld’s Banker of the Year Award - 2012. She
has also been listed in prominent publications, such as Forbes List of
Asia’s 50 Power Business Women-2012, Indian Express Most Powerful
Indians – 2012 and India Today Power List of 25 Most Influential
Women- 2012.
• Director : K. N. Prithviraj
Mr. K. N. Prithviraj holds a Masters degree in Economics. At present, he is
the Administrator of the Specified Undertaking of the Unit Trust of India
(SUUTI). He has been the Chairman and Managing Director of Oriental
Bank of Commerce and Executive Director of United Bank of India. He
has also worked with Punjab National Bank in various capacities from
1969 to 2003.
• Director : V. R. Kaundinya
Mr. V. R. Kaundinya is a Graduate in Agriculture from AP Agricultural
University, Hyderabad. He also holds an MBA degree with specialization
in Agriculture from Indian Institute of Management, Ahmedabad.
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Mr. Kaundinya has worked extensively in the areas of productivity
enhancement of farmers and improvement of their profitability through the
use of high quality inputs. He has also worked on the development of seed
production areas, contract farming systems in the seed / crop production
areas in India and abroad. He was involved in a project that was aimed at
the elimination of child labour in cotton seed farmers’ fields in Andhra
Pradesh. Mr. Kaundinya was a member of the Dr. Swaminathan
Committee to develop the Biotech Policy in India. He held various
leadership positions in industry associations like the Indian Crop
Protection Association, Association of Seed Industry and Crop Biotech
Association. He has developed case studies and taught Agricultural
Marketing and Rural Developments classes at Indian Institute of
Management, Ahmedabad.
• Director : S. B. Mathur
Mr. S. B. Mathur is a Chartered Accountant by profession. He has also completed
ICWA (Part I & II) (London). He has been Chairman of the National Stock
Exchange of India Limited and continues to be a Director on its Board.
He was also the Chairman of Life Insurance Corporation of India at a time when
the insurance sector was opening up. Prior to taking charge as the Chairman, he
was the Executive Director handling Marketing and International Operations. He
has held various senior positions at LIC and attended various seminars at national
and international forums.
He was appointed by the Government of India as Administrator of the Specified
Undertaking of the Unit Trust of India from December, 2004 and held the position
up to November, 2007. He has also been nominated as a Director on the boards of
other reputed companies and is a Director at DCM Sriram Industries Ltd. since the
last two years.
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• Director : Prasad Menon
Mr. Prasad R. Menon is chemical engineer from the Indian Institute of
Technology, Kharagpur. He has over 40 years of diverse experience in
some of the premier multinational and Indian companies in the chemical
and power industry.
In October 2000, Mr. Menon took over as the Managing Director of Tata
Chemicals and led the company to become the largest inorganic chemicals
company in India. In the following six years, he successfully completed
the acquisition and integration of Bruner Mond (U.K.), Magadi Soda
(Kenya) and IMACID (Morocco) resulting in Tata Chemicals becoming
the second largest soda ash manufacturer in the world. In October 2006,
Mr. Menon took over as the Managing Director of Tata Power, the largest
integrated private power utility in India. He has championed sustainability
as a key strategic initiative in the organization.
Mr. Menon is on the Board of several major Tata Group companies, as
well as on the Supervisory Board of Sanmar Group in Chennai. He is on
the Steering Committee of Combat Climate Change, a group of 66 global
companies committed to policy change and implementation of climate
change initiatives. He is the first Chairperson of the Association of Power
Producers, an association of Private Power Generating companies, the
Chairperson of the Group Safety Committee and a member of other key
Tata Group Committees, viz. Climate Change, Business Excellence, etc.
• Director : Rabindranath Bhattacharyya
Mr. Rabindranath Bhattacharyya has a Masters degree in Economics from
Calcutta University and was a member of Indian Police Service. He has completed
36 years in Indian Police Services. He worked for 2 years as lecturer in West
Bengal Educational Services. He was a Nominee Director on the Board of
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Hindustan Aeronautics Limited, Bangalore from July, 2006 to July, 2009. He has
held the positions of Director – Insurance, Department of Economic Affairs,
Ministry of Finance from 1984 to1986; and Director, Department of Steel,
Ministry of Steel and Mines from 1981 to 1984. He also worked as a Government
Director on the Boards of Oriental Insurance Company, Delhi, United Insurance
Company, Chennai, New India Insurance Company, Mumbai from 1984-1986.
He was a member of the local Board of State Bank of India at Kolkata region from
June, 2010 to January 2011.
• Director : Prof . Samir K Barua
Prof. Samir Kumar Barua has a Master's degree in Technology from the Indian
Institute of Technology, Kanpur and a Doctorate in Management from the Indian
Institute of Management, Ahmedabad.
Prof. Barua has been a faculty member at the Indian Institute of Management,
Ahmedabad (IIMA), where he has also held various administrative positions.He is
currently, the Director of IIMA. He brings considerable expertise in financial
markets and risk management. He is an Independent Director on the Board of
Bharat Petroleum Corporation Limited, Securities Trading Corporation of India
Limited, Coal India Limited, Torrent Power Limited and IOT Infrastructure and
Energy Services Limited.
• Director : Som Mittal
Mr. Som Mittal is the President of NASSCOM, the premier trade body for the IT-
BPO Industry in India and is playing a key role to enable NASSCOM and the
industry to realise its strategic vision of ‘Transform Business and Transform
India.’
Mr. Mittal has more than 22 years of experience in IT industry and has handled
both domestic and international operations and is familiar with leveraging
86
technology in corporations. He has worked with WIPRO for 5 years from 1989
to1994 as Chief Executive of their PC Server and Services Division. From 1994
to1999 was the MD of Digital Equipment India Ltd., a company engaged in
providing Technology Solutions to corporations including Banks and Financial
Institutions. From 1999 to 2006, he was the MD of Digital GlobalSoft (an HP
subsidiary); a software services company providing global solutions. From 2006
to 2007, he was Senior Vice President, Asia Pacific and Japan, at HP.
Having served as MD & CEO of listed companies, he is familiar with the
operations and governance structure relevant for such companies. Mr. Mittal has
also been appointed as the Chairman of the IT Strategy Committee of the Board of
Axis Bank.
• Director : Ireena Vittal
Ms. Ireena Vittal holds a Post Graduate Diploma in Business Management from
IIM, Calcutta and a BSc. Electronics from Osmania University. She has worked at
McKinsey & Co for 16 years, where she served global and local companies to
drive profitable growth. She has significant knowledge relating to agriculture and
urban development in India and emerging markets.
She has co-authored several seminal studies relating to agriculture and
urbanization including FAIDA, Bharat Nirman, Building Inclusive Indian Cities,
among others.
• Director : Rohit Bhagat
Mr. Rohit Bhagat was appointed as an Additional Independent Director with
effect from 16th January, 2013. Mr. Bhagat is a former Senior Managing Director
and Chairman of Asia Pacific, BlackRock Inc. and former member of its Global
Executive Committee. He has over 20 years of extensive global experience in
financial services industry having worked in India, Hong Kong and USA in
business leadership, consulting and advisory space.
87
Mr. Bhagat has held several directorships with various entities of BlackRock.
Prior to BlackRock, he was the Global Chief Operating Officer for Barclays
Global Investors and has also worked as a Senior Partner & Co-Leader of the
United States Financial Services practice at Boston Consulting Group. Mr. Bhagat
has B. Tech Degree in Mechanical Engineering, M.S. in engineering from
University of Texas and has an MBA from Kellog Graduate School of
Management, Northwestern University.
• Executive Director ,Corporate Banking : V. Srinivasan
Mr. V. Srinivasan joined Axis Bank as the Executive Director - Corporate
Banking in 2009 and was elevated as a Director on the Board of Axis Bank in
October 2012. He has more than two decades of experience in the financial
services industry and has worked in the areas of Corporate Banking, Investment
Banking, Treasury and Foreign Exchange Management. Before joining Axis
Bank, Mr. Srinivasan was Managing Director and Head of Markets with J. P.
Morgan, India. He has served on various RBI Committees including the Technical
Advisory Committee, Committee for Repos and Committee for STRIPS. He has
also held the positions of Chairman, Fixed Income Money Market and Derivatives
Association of India (FIMMDA) and Chairman, Primary Dealers Association of
India (PDAI). Currently, he is a member of the CII National Committee on
Banking.
He holds an engineering degree from the College of Engineering, Anna
University, Chennai and is an MBA from the Indian Institute of Management,
Calcutta.
• Executive Director , Corporate Center : Somnath Sengupta
Mr. Somnath Sengupta, Executive Director - Corporate Center, was elevated as a
Director on the board of Axis Bank in October 2012. Mr. Sengupta joined the
88
Bank in 1996 and has headed the Finance function since 2003. In 2009, he was
designated Executive Director & CFO.
A graduate in Economics from the Shri Ram College of Commerce, Delhi, he has
more than 31 years of banking experience ranging from Branch Banking, Foreign
Exchange and Treasury Operations and Finance. During his tenure as the CFO,
the Bank successfully raised capital from both the domestic and overseas market.
His achievements in the area of Finance have received industry wide recognition.
In 2010, Mr. Sengupta was given the Best Performing CFO award in the Banking
/ Financial Services Sector by CNBC TV-18 consecutively for the second time.
• Director : Smt. Usha Sangwan
Smt. Usha Sangwan has done her Masters in Economics, PGDM in HR
Management. She has worked in all core areas of Life Insurance, including
Marketing Operations, Personnel, HR, Housing Finance, International Operations,
Group Business and Corporate Communications. She has experience in LIC
Housing Finance for 3 years – 2 years as Regional Manager of North Zone and 1
year as General Manager, Corporate Office.
As General Manager, she was looking after Retail Finance, Project Finance,
Recoveries, Credit Appraisal and NPA Resolution. She also started a new
distribution channel i.e. Direct Marketing for LIC, which is no. 1 in business
volume in the industry .
• Executive Director , Retail Banking : R K Bammi
Mr. R. K. Bammi is the Executive Director - Retail Banking. He is responsible for
the retail businesses of the Bank including Distribution; Retail Liabilities and
Lending, Agriculture, Ruraland Inclusive Banking and Investment Products. Mr.
Bammi has held the positions of Zonal Head – North and President Distribution,
prior to his appointment as Executive Director - Retail Banking.
89
Mr. Bammi is a post graduate from Delhi School of Economics and a Certified
Associate from the Indian Institute of Bankers. He has over 30 years of banking
experience covering the areas of Retail Banking and Distribution; Branch Banking
and Corporate Banking. He joined Axis Bank in 1994, prior to which he was with
the State Bank group for over a decade.
Management Profile – ICICI Bank
Board of Directors :
• Chairman : Mr. K. V. Kamath :
Mr. K. Vaman Kamath is the non-executive Chairman of the Board of Directors of
ICICI Bank. He has a degree in mechanical engineering and did his management
studies at the Indian Institute of Management, Ahmedabad.
Mr. Kamath started his career in 1971 at ICICI, an Indian financial institution that
founded ICICI Bank and merged with it in 2002. In 1988, he moved to the Asian
Development Bank and spent several years in South-East Asia before returning to
ICICI as its Managing Director & CEO in 1996. Under his leadership, the ICICI
Group transformed itself into a diversified, technology-driven financial services group
that has leadership positions across banking, insurance and asset management in
India, and an international presence. He retired as Managing Director & CEO in April
2009, and took up his present position as non-executive Chairman.
Mr. Kamath joined the Board of Infosys in May 2009 and took over as Chairman of
the Board in August 2011. He stepped down as Chairman of the Board of Infosys and
took up the position of Lead Independent Director effective June 1, 2013.
Mr. Kamath was conferred with the Padma Bhushan, one of India's highest civilian
honours, in 2008. He has received widespread recognition internationally and in India,
including being named "Businessman of the Year" by Forbes Asia and "Business
Leader of the Year" by The Economic Times, India in 2007 and CNBC's "Asian
Business Leader of the Year" in 2001. Mr. Kamath was the President of the
Confederation of Indian Industry for the year 2008-09. He is also an independent
Director on the Board of Directors of Schlumberger Limited. He has been a co-chair
of the World Economic Forum's Annual Meeting in Davos.
90
• Director : Dr. Swati Piramal
Dr. Swati Piramal is the Director-Strategic Alliances and Communications at the
Piramal Group. She is a Director of Piramal Enterprises Limited. Dr. Piramal
completed her M.B.B.S. from the University of Mumbai, and holds a Masters Degree
in Public Health from Harvard School of Public Health. She was the first woman to be
elected President of The Associated Chambers of Commerce & Industry in India
(ASSOCHAM). She was conferred with the Padma Shri in April 2012. She is a
member of Harvard Board of Overseers as well as a member of the Global Advisory
Council of Harvard University .
• Director : Mr. Homi R. Khusrokhan
Mr. Homi R. Khusrokhan was first appointed on the Board of ICICI Bank Limited
effective January 21, 2010. He retired as the Managing Director of Tata Chemicals
Limited in 2008. He has over 40 years experience in the corporate sector. He has
earlier been the Managing Director of Tata Tea Limited and Glaxo India Limited. He
has experience and expertise in agriculture related businesses, international business
and mergers & acquisitions .
• Director : Mr. Dileep Choksi
Mr. Dileep Choksi is appointed as a Director of the Bank effective April 26, 2013.
Mr. Dileep Choksi is a qualified chartered accountant and has over 35 years of
professional experience. He was formerly the Joint Managing Partner of Deloitte in
India. In addition to tax and commercial law, his areas of practice have included the
audit & assurance functions. In the field of banking, he has held the positions of
director and member of advisory boards. He has dealt with multinational corporations
and leading national enterprises. He is presently a non-executive Director of three
subsidiary companies of ICICI Bank - ICICI Lombard General Insurance Company
Limited, ICICI Prudential Asset Management Company Limited and ICICI Home
Finance Company Limited .
91
• Director : Mr. Arvind Kumar
Mr. Arvind Kumar graduated in Economics from St. Stephens College, New Delhi in
1987 followed by a post-graduate diploma in management (PGDM) from the Indian
Institute of Management, Ahmedabad (IIMA) in 1989. He joined the Indian
Administrative Service (IAS) in 1991 and has worked in various capacities in the
State of Andhra Pradesh from 1991 till 2006 and 2008-2009. He took a years
sabbatical during 2006-07 to pursue Masters in Public Policy (MPP) with
specialization in Health and Health policy from Woodrow Wilson School (WWS),
Princeton University, USA, as a Robert McNamara scholar. Further, he is a
Chevening Gurukul scholar and undertook a course on Leadership and Excellence at
the London School of Economics and Political Science (LSE), UK in 2010. Since
2009 onwards, Mr. Kumar has been holding various portfolios at the Central line
Ministries in the Government of India (GoI). As Joint Secretary in the Ministry of
Finance, GoI, he is currently looking after Institutional Finance including housing
finance, MSME finance & Micro Finance. He also looks after RRBs, Agriculture
Credit and credit policy.
His experience, spanning over twenty years, is extremely rich, wide- ranging and
multi-sectoral, primarily in public policy and governance with focus on development
sectors. His work in 'arresting female feticide' and restoring sex ratio at birth is
extensively acknowledged.
In addition to ICICI Bank Ltd, Mr Kumar is a Government nominee Director also on
the Board of National Bank for Agriculture and Rural Development (NABARD), The
New India Assurance Company Limited (NIACL), Small Industries Development
Bank of India (SIDBI), IFCI Ltd and National Housing Bank (NHB). He is also in
charge Director of National Insurance Academy Pune.
• Director : Mr. M.S. Ramachandran
Mr. M. S. Ramachandran was first appointed on the Board of ICICI Bank Limited
effective April 25, 2009. Mr. M.S. Ramachandran holds a Bachelors degree in
Mechanical Engineering. He joined Indian Oil Corporation in 1969 and worked in
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several areas before being appointed as Executive Director, Oil Coordination
Committee set up by the Government of India in 1998. He joined the Board of Indian
Oil Corporation as Director (Planning & Business Development) in 2000. He was the
Chairman of Indian Oil Corporation from 2002 to 2005.
Mr. M.S. Ramachandran was conferred with Chemtech-Pharma Bio Hall of Fame
Award, 2005 for outstanding contribution to the petroleum and petrochemicals
industry .
• Director : Dr. Tushaar Shah
Dr. Tushaar Shah has been appointed on the Board of ICICI Bank Limited effective
May 3, 2010. Dr. Shah is a Senior Fellow of the Colombo-based International Water
Management Institute, and works out of Anand in Gujarat, western India. He is an
economist and public policy specialist and was formerly the Director of the Institute
of Rural Management at Anand in India. He has over 30 years of experience and has
done extensive research in water institutions and policies. He was honored with the
Outstanding Scientist award of the Consultative Group of International Agricultural
Research (CGIAR) in 2002. His most recent publication is "Taming the Anarchy:
Groundwater Governance in South Asia" published by the Resources for the Future
Press, Washington.
• Director : Mr. V. Sridar
Mr. V. Sridar was first appointed on the Board of ICICI Bank Limited effective
January 21, 2010. He retired as Chairman & Managing Director of UCO Bank in
2007. He has over 35 years of experience in the Indian banking sector. He started his
career with Union Bank of India. Prior to becoming Chairman & Managing Director
of UCO Bank, he was Chairman of the National Housing Bank .
Directors :
• Managing Director and Chief Executive Officer : Ms. Chanda Kochhar,
Ms. Chanda Kochhar is the Managing Director and Chief Executive Officer of ICICI
Bank Limited, India's second-largest bank and the largest in the private sector. She is
widely recognised for her role in shaping the retail banking sector in India and for her
93
leadership of the ICICI Group, as well as her contributions to various forums in India
and globally.
Ms. Kochhar began her career, with erstwhile ICICI Limited in 1984 and was
elevated to the Board of Directors of ICICI Bank in 2001. She was instrumental in
establishing ICICI Bank during the 1990s, and subsequently headed the infrastructure
finance and corporate banking business in ICICI Limited. In 2000, she took on the
challenge of building the nascent retail business, with strong focus on technology,
innovation, process reengineering and expansion of distribution and scale. The Bank
achieved a leadership position in this business. During 2006-2007, she successfully
led the Bank's corporate and international banking businesses during a period of
heightened activity and global expansion by Indian companies. From 2007 to 2009,
she was the Joint Managing Director & Chief Financial Officer during a critical
period of rapid change in the global financial landscape. She was elevated as
Managing Director & CEO of ICICI Bank in 2009 and is responsible for the Bank's
diverse operations in India and overseas. She also chairs the boards of the Bank's
principal subsidiaries, which include India's leading private sector life and general
insurance companies.
In addition to her responsibilities at the ICICI Group, Ms. Kochhar is a member of the
Prime Minister's Council on Trade & Industry, the Board of Trade, High-Level
Committee on Financing Infrastructure, US-India CEO Forum and UK-India CEO
Forum. She is a member of the boards of the Indian Council for Research on
International Economic Relations, National Institute of Securities Markets, Institute of
International Finance and International Monetary Conference. She was co-chair of the
World Economic Forum's Annual Meeting in 2011.
She was conferred with the Padma Bhushan, one of India's highest civilian honours,
in 2011.
94
• Executive Director : Mr. N. S. Kannan,
Mr. N.S. Kannan is the Executive Director of ICICI Bank. His responsibilities include
Finance, Treasury, Commercial Banking, Corporate Legal, Risk Management,
Secretarial, Corporate Communications and Corporate Branding. He also has the
responsibility for day to day administration of the Compliance and Internal Audit
functions. Prior to his current assignment at ICICI Bank, Mr. Kannan was the
Executive Director of ICICI Prudential Life Insurance Company. Earlier, Mr. Kannan
was the Chief Financial Officer and Treasurer of ICICI Bank.
Mr. Kannan has been with the ICICI group for about 22 years. He joined the group as
a project officer. During his tenure at the ICICI group he has also handled project
finance operations, infrastructure financing, structured finance and treasury
operations.
Mr. Kannan is a postgraduate in management from the Indian Institute of
Management, Bangalore with a gold medal for best all-round performance. He is also
a Chartered Financial Analyst from the Institute of Chartered Financial Analysts of
India and an Honours graduate in Mechanical Engineering.
In 2013, Mr. Kannan was awarded the Best CFO in the Indian banking/financial
services sector at CNBC TV 18 CFO Awards for the second consecutive year in a row
.
• Executive Director : Mr. K. Ramkumar,
Mr. K. Ramkumar, Executive Director on the Board of ICICI Bank is responsible for
Human Resources, Customer Service & Operations.
Mr. Ramkumar has completed his Post Graduate Diploma in Personnel Management
from Madras School of Social Work in 1984 and BSc Chemistry in 1982. He has
joined the Board of Directors with effect from February 1, 2009.
Prior to joining ICICI Bank in 2001, Mr. Ramkumar has served companies such as
Hindustan Aeronautics, Brookebond Lipton India Limited (now Hindustan Unilever
Limited) and ICI India Ltd. His work in these companies has mainly been in the areas
of Human Resources Management and Manufacturing.
95
At ICICI Bank Mr. Ramkumar is responsible for Human Resource function,
Customer service, Managing Service Quality and Innovation, Leadership
Development, Succession Management, building a supply chain for the Bank's human
resources requirements and leveraging technology to innovate, sales & service for the
customers and care for the employees for the future are his passion. Institute for
Finance, Banking & Insurance and ICICI Manipal Academy for Banking & Insurance
were conceived and nurtured by him. The partnership Initiatives with SEBI - National
Institute for securities management and with NIIT - the NIIT University, were also
nurtured by him. He leads the service quality and the innovation drive for the Bank.
During the last 3 years his major mandate has been to drive the culture change in
ICICI and make the Khayaal Aapka and Saath Aapka promises come alive to the
customers and the employees respectively .
• Executive Director : Mr. Rajiv Sabharwal
Mr. Rajiv Sabharwal is the Executive Director on the board of ICICI Bank. He is
responsible for Retail Banking, Inclusive & Rural Banking and SME & mid-corporate
business. He is also the Non-executive Chairman of ICICI Home Finance Company
Limited.
Mr. Sabharwal has done his Mechanical Engineering from Indian Institute of
Technology Delhi and Management from Indian Institute of Management Lucknow.
He has over 18 years of experience in the Banking/Financial Services industry. He
joined ICICI Group in 1998 and has held leadership positions in credit policy,
collections, business analytics, mortgage finance, consumer loans, credit cards, rural
and microfinance lending and financial inclusion. His contribution in the growth of
mortgage and retail business is widely acknowledged in the industry circles and
within ICICI group. He also has considerable knowledge relating to the securities and
portfolio management business segments as he has been on the investment advisory
committee of ICICI Prudential Asset Management Company's Real Estate Portfolios
since 2007.
Prior to joining ICICI Group, Mr. Sabharwal has worked in the Consumer Durables
Marketing, Commercial Finance and Retail Finance businesses at Godrej, SRF
Finance and GE Capital. In January 2009 he joined Sequoia Capital, a leading
96
venture/growth capital company and worked as Operating Partner focusing on the
financial services sector. There he led new investment decisions as well as
represented Sequoia at the board in existing investments. He then rejoined ICICI
Bank Limited from April 2010.
97
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