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Submitted By
Vivek Gusain
July 2017
Products and Services offered by PMC Bank
Submitted By
Vivek Gusain
July 2017
This is to declare that the study presented by me to Vidyalankar Institute of Technology, in completion of
the Master in Management Studies (MMS) under the Market analysis for the beverages range for Amul in
Western Mumbai region with emphasis on product- retailer sales and competitor analysis
Pooja Viswan
ACKNOWLEDGEMENT
My project on market analysis for the beverages range for Amul in western Mumbai region with emphasis
on product- retailer sales and competitor analysis has been a great learning experience. I was exposed to
the different areas of research in sales and marketing and gained valuable experience, which I will always
recall with a sense of satisfaction and pride.
This is to acknowledge Prof. Trupti Naik under whose guidance I have been able to successfully complete
this project and effectively come to a very successful conclusion.
A greater share of inputs and data from Ms. Shinjinee Upadhyay made this project report possible to its
rightful accuracy.
To all my colleagues who have helped me either directly or indirectly, I am grateful for their valuable inputs.
This project would not have been possible without their help.
Pooja Viswan
CERTIFICATE
EXECUTIVE SUMMARY
The origins of the cooperative banking movement in India can be traced to the close of 19th
century when, inspired by the success of the experiments related to the cooperative movement in
Britain and the cooperative credit movement in Germany, such societies were set up in India.
Cooperative banks are an important constituent of the Indian financial system. They are the
primary financiers of agricultural activities, some small-scale industries and self-employed workers.
Indias co-operative banking structure consists of two main segments, viz., agricultural and non-
agricultural credit.
There are two separate structures in the case of agricultural credit - one for short and medium term
credit and the other for long term credit. The co-operative credit structure for short and medium
terms is a three tier one with primary agricultural credit societies at the base level, the central co-
operative bank at the district level and state co-operative bank at the apex level. Over and above
these institutions, grain banks are actively functioning as primary societies in certain states.
Though the organization of central and state co-operative banks was mainly for the benefit of the
agricultural credit sector, they serve non-agricultural societies too. Punjab & Maharashtra Co-
operative Bank is one of the fastest growing multi-state scheduled co-operative bank. Within a
short span of just 16 years, it has achieved SCHEDULED STATUS on 29/01/2000 and is the
YOUNGEST CO-OPERATIVE BANK to achieve the status. Few of the objectives to study the topic
were, a) To study the effect of innovations in the schemes offered by the bank on its success. b) To
verify where does PMC Bank stands in comparison with other co-operative banks on the basis of
its various products & services c) To examine what more can PMC Bank can add to its list of
products & services.
Table of Contents
Sr No. Topic
8.
9.
INTRODUCTION TO BANKING
Introduction
The word bank is originated from the German word Banck which means heap or mouth or joint
stock fund. From this, the Italian word Banco meaning heap of money was coined. The English
word of bank is prevalent today that is as an institution accepting money as deposits for lending. A
Bank is a financial institution that receives, collects, transfers, pays, exchanges, lends, invests, or
safeguards money for its customers. Bank is an institution that deals in money and significantly
makes some or all of its profits by making loans that do not have to be repaid until some future
date. A bank is an institution which deals in money and credit. This bank is an intermediary which
handles other people money both for their advantage and to its own profit. But bank is merely a
trader in money but also an important manufacturer of money. For a common person, it may be
just a storehouse where he may store his money; for a businessman, it may be a financial
institution and a day to day customer it may be an institution where he can deposit his savings.
Bank plays an important role in the economy of any country as they hold the saving of public.
Provides a means of payment for the goods and services and provide necessary finance for the
development of business and trade. Thus, bank may also be defined as a financial institution that
links the flow of funds from savers to the users. There are many other financial institutions that are
not usually thought of as banks but which nevertheless provide one or more of these broadly
defined banking services. These institutions include finance companies, investment companies,
investment banks, insurance companies, pension funds, security brokers and dealers, mortgage
companies, and real estate investment trusts.
DEFINITION OF BANK
Bank is also defied as one who is ordinary course of business honors the cheque drawn
upon him by person from and for whom he receives money on current accounts.
History of Indian Banking System
The traces of the banking system can be noticed from the last decades of 18 th century
when the Bank of Hindustan was established in 1770.
The largest and the oldest bank which is still in existence is State Bank of India. It was
originated as Bank of Calcutta in 1806 and later renamed as Bank of Bengal in 1809. It
became Imperial Bank of India when it was merged with two other banks Bank of
Madras and Bank of Bombay in 1921. After independence, it was again renamed and
became State Bank of India in 1955.
In 1960, the State Banks of India was given control of eight state-
associated banks under the State Bank of India (Subsidiary Banks) Act, 1959. These
are now called its associate banks.
The Reserve Bank of India was established in 1935, under the Reserve Bank of India
Act, 1934.
Reserve Bank of India (RBI)
The country had no central bank prior to the establishment of the RBI. The RBI is the supreme
monetary and banking authority in the country and controls the banking system in India. It is called
the Reserve Bank as it keeps the reserves of all commercial banks.
A scheduled bank is a bank that is listed under the second schedule of the RBI Act, 1934. In order
to be included under this schedule of the RBI Act, banks have to fulfill certain conditions such as
having a paid-up capital and reserves of at least 0.5 million and satisfying the Reserve Bank that
its affairs are not being conducted in a manner prejudicial to the interests of its depositors.
Scheduled banks are further classified into commercial and cooperative banks. Non- scheduled
banks are those which are not included in the second schedule of the RBI Act, 1934. At present
these are only three such banks in the country.
Commercial Banks
Commercial banks may be defined as, any banking organization that deals with the deposits and
loans of business organizations. Commercial banks issue bank checks and drafts, as well as
accept money on term deposits. Commercial banks also act as moneylenders, by way of
instalment loans and overdrafts. Commercial banks also allow for a variety of deposit accounts,
such as checking, savings, and time deposit. These institutions are run to make a profit and owned
by a group of individuals.
Cooperative Banks
The cooperative banking sector is the oldest segment of the Indian Banking System. It is
registered under the cooperative societys law of the state in which it is established. The financing
needs of Indias urban, semi-urban and rural areas retail trade, agriculture, self-employed
businessman and small industry are catered by them. They cannot open branches in foreign
countries and can operate within a limited area only. The structure of cooperative banks in India is
described below.
Structure of Cooperative Banks in India:
There is a main cooperative bank in every state that runs and lends money all the central
cooperative banks in that state.
These banks provide financial assistance and supervise the primary cooperative societies
of a district or any part of it.
Primary Agriculture Credit Societies:
Operate in villages. A cooperative credit society can be formed by more than ten persons in
most of the states. Deposits are accepted by these societies from their members and they
provide them short-term and medium-term loans.
State Cooperative Agriculture and Rural Development Bank:
Whole State comes under its jurisdiction and it advance loans to Primary Cooperative
Agriculture and Rural Development Banks. It operates at State level.
Provide long term loans by mortgaging immovable property of its debtors as security. It
operates at district/block level.
These banks operate in urban areas and accept deposits from the public and also advance
loans to them.
Supervised by the RBI and managed by the State governments.
Chapter 2:
Company Profile
PMCB PROFILE:
Within a short span of just 16 years, it has achieved SCHEDULED STATUS on 29/01/2000
and is the YOUNGEST CO-OPERATIVE BANK to achieve the status.
Introduced in late 90s, software for brief mention of names of Payee/ Drawee in the
passbook/statement of accounts to facilitate easy identification of each entry/ transaction.
Introduction of token-less banking facilitating the cash withdrawals of any amount just
across the counter.
The first Bank in the co-operative banking sector to introduce Holiday Banking (except for
National Holidays).
Introduced separate counters for educating customers by providing trained marketing staff.
Introduced certain innovative products like Double Decker and BalBhavishyaYojana in the
co-operative sector.
Awards
Felicitated by the 'All India Bank Depositor's Association, Mumbai', for our 'WORK ETHICS
ORIENTED TO DEPOSITOR SERVICE'.
Awarded the FIRST prize as Best Bank for the year 2001-02, amongst Urban Co-operative Banks
in Mumbai region having Working Capital of Rs.100 crores and above, in the competition held by
the 'Brihan Mumbai NagariSahakari Banks Association, Mumbai'.
Award for winning FIRST rank for nine years in succession, amongst the Urban Co-operative
Banks in Mumbai Region, awarded by the 'Maharashtra State Co-operative Bank's Association'
Social Responsibility:
Social Responsibility has always been an integral part of PMC Bank. One of the schemes
adopted by the Bank is to contribute Re. 1 for every ATM transaction at the Banks ATM
centers to CRY and SAVE THE CHILDREN.
Further, the Bank has donated a sum of Rs. 10 lakh to HELPAGE a leading NGO, working
for the benefit of Senior Citizens.
The Bank has donated Rs 1 lakh each to Valsalva trust and NASEOH for purchase of 20
tricycles for physically handicapped.
Many of the community projects and programs are aided by active participation of the Bank.
Research Methodology:
a) To study the effect of innovations in the schemes offered by the bank on its success.
b) To verify where does PMC Bank stands in comparison with other co-operative banks on the
basis of its various products & services
c) To examine what more can PMC Bank can add to its list of products & services.
Period of Study: The study was conducted over a period of two months May & June.
Date Collection: Primary and Secondary data has been collected by referring to the Banks
Website (pmcbank.com) and other bank statistics have also been used to make comparisons.
Also, PMC Banks annual report has been used. The various employees at the bank were also
very helpful in giving information regarding various schemes and services offered by the bank
Chapter 3: Products Offered by PMC Bank
A) Personal Banking:
1. Savings account
Rate of interest
Interest credited on
Half Yearly
Initial deposit
Rs.100/-
Pass book
Benefits
g. SMS banking
h. Internet banking
i. E-Statement facility
j. Mobile Banking
ATM facility
c. Rs. 10,000/- can be withdrawn in a day from the account with NFS
network, BANCS network (i.e. other bank's ATMS can be used as per
list) at any time of the day.
If minimum balance is not maintained for both with cheque book and
without cheque book accounts, minimum balance charges are charged at the
rates as in force
Requirements
b. Proof of residence (Aadhar Card, passport, driving license, ration card, voters card,
electricity bill, telephone bill, latest bank account statement, Income tax/
wealth tax assessment order, Maintenance bill of society, registered leave
and license agreement with proof of permanent address or Noterised
Leave & License Agreement with a permanent address proof, etc)
c. Photo identity proof (Aadhar Card, PAN card, voters ID card, passport, Driving license,
senior citizen card, ADHAR card, ID card issued by the reputed employer
etc.)
General
a. Bank reserves the right to close any account, if cheque drawn are
returned unpaid frequently for want of funds or the account is considered
as irregular/ non-satisfactory.
b. Account not in operation for more than two years will be treated as inoperative/ dormant
account
c. Bank reserves the right to alter, amend, rescind the rules from time to time
2. KishorBachatYojana
Initial deposit
Rs.100/-
Pass book
Benefits
b. ATM facility
c. Telebanking facility
d. SMS banking
e. Internet banking
Requirements
b. Proof of residence
c. Photo identity proof Aadhar Card, School ID Card or introduction from school authority
B) Current account
d. Partnership firm
h. Non-governmental organizations
i. Public corporations
k. Trusts
Initial deposit
RS.3000/-
Statement of account
Benefits
b. ATM facility
e. Telebanking facility
g. SMS banking
h. Internet banking
i. E-statement facility
ATM facility
b. For the facility of cash withdrawal upto Rs.25000/- in a day from the
account with our any branch of PMCB at any time of the day.
c. Rs. 10,000/- can be withdrawn in a day from the account with NFS
Network, BANCS Network (i.e. other bank's ATMS can be used as per list)
at any time of the day. Rs. 20/- Per transaction will be charged.
Requirements
c. Photo identity proof (PAN card, voters ID card, passport, Driving license, senior citizen card,
ADHAR card etc)
General
b. Account not in operation for more than two years will be treated as inoperative/ dormant
account
c. Bank reserves the right to alter, amend, rescind the rules from time to time
Annexure-1
Additional documentation required to open current account as per the constitution of firm
Proprietorship firm
Requirements
a. Business Activity proof- copy of shop & establishment, any certificate issued by /
registration document issued by Sales Tax Authorities/ Service Tax Authorities/
Professional Tax Authorities, audited copies of latest balance sheet and income tax
returns, letter from Chartered Accountant for operation of business
b. Business Address proof of shop/ firm (electricity bill, telephone bill, latest bank
account statement, Income tax/ wealth tax assessment order, Maintenance bill of
society, registered leave and license agreement or Noterised Leave & License
Agreement , etc)
c. A) Proprietorship letter
Partnership firm
Requirements
a. PAN of FIRM and all partners with original for verification or declaration of form-60/6
c. Partnership letter
d. List of partners
e. Certificate of registration
Limited companies
Requirements
a. PAN of the company and all directors with original for verification or declaration of
form-60/61
c. Certificate of Registration
1. Fixed Deposit :
Individuals
Trusts
a. Account opening form should be in the prescribed format & properly filled up and signed by
the depositor like mainly Full name & address, occupation, amount of deposit, repayment
condition, standing instructions if any, date of birth (in case of minor, opening form contains
signature of the depositor/s.
b. In case of individuals, the depositor gives the nomination form duly filled in.
d. In case of deposits in the name of a minor, the date of birth certificate of minor is mandatory.
The natural guardian should represent the minor.
e. In case of the deposits of HUF, proprietary concerns, and other corporate bodies, the
papers relating to their constitution should also accompany the account opening form.
f. The Depositor may be requested to open a savings bank account to enable the bank to
credit periodical interest on fixed deposit. He may also give a standing instruction to transfer
the amount of periodical interest to an account maintained with other banks through ECS.
Operating instructions
Self
Either or Survivors (E or S)
Fixed deposit
2. Recurring deposits:
a. Minimum amount of monthly installment is Rs. 100/- and in multiples of Rs. 100/- thereafter.
b. The deposit is accepted for minimum period of 12 months and thereafter in multiples of 3
months subject to maximum of 120 months.
c. Monthly installment amounts cannot be changed and TDS is not applicable on recurring
deposits.
d. The depositor cannot change monthly installments during the pendency of deposit.
e. The depositor is required to first pay monthly installments within the next calendar month of
opening the account. Subsequent installments should be paid within next month.
f. The deposit falls due for payment on the same day of opening of the account after a lapse
of specified period. This due date is called ostensible due date, i.e. the deposit falls due for
payment one month after the payment of last installment
g. A passbook is given to the depositor for having opened a recurring deposit account
incorporating all particulars. Payment of subsequent installments is also recorded in the
passbook.
h. In case pass book is lost, and the depositor requires duplicate pass book, a nominal fee as
prescribed by the Central Office from time to time may be is levied for its issue.
i. The depositor can give standing instructions for the transfer of periodical monthly
installments from an operative account
3. Balbhavishyayojna:
a. Lakhpati scheme: Lump sum amt will be calculated as per DOB of child and maturity will be
on the 18th birthday of the child.
b. Money back: Deposit 10,000 today and after 5 yrs of deposit bank will give Rs.1500 every
year to the child till maturity & on maturity a certain lump sum amt.
d. Monthly RD: Same as Recurring Deposit but period is longer till majority of child.
a. In double Decker accounts, depositor can earn higher interest rate of a fixed deposit and at
the same time, enjoy the flexibility of savings bank account.
d. Add on in Double Decker account can be done at any time with a minimum of Rs. 2,500/-
Or multiples thereof.
e. Interest Is Charged On The Amount Withdrawn And For The Period It Remains Withdrawn.
f. Nominal interest @1.5% p.a. over and above the interest paid on deposit is charged.
i. Debit bal (amt withdrawn) will carry 1.5% interest more than ROI on deposit.
ADD FLEXIMONEY ADVANTAGE TO YOUR SAVING & CURRENT A/C BY INVESTING YOUR
MONEY IN FLEXI ADVANTAGE SCHEMES
This is a specially designed FD Scheme wherein the amount deposited carries FD Interest but at
the same time the customer has access to money deposited.
Advantages
Advantage of Personalised Cheque Book, Tele-Banking , ATM Card, Internet Banking etc.
Advantage of withdrawing money on the very first day of opening Fleximoney Deposit
Account.
Advantage of drawing any amount at any time without dismantling the entire edifice of your
Fixed Deposit.
A Fixed Deposit Scheme structured to permit you to use your own money whenever you need it,
without-
Losing on returns
Features
Interest on units kept for more than 14 days Applicable Term Deposit rate
Chapter 4: Services offered by PMC Bank
1) 8 to 8 Banking:
The bank also works on Sundays and public holidays for facilitating banking
services to service class.
Core Banking Solution (CBS) has facilitated any branch banking to the customers.
PMCB also provides token less Banking for convenience at no additional cost.
A step towards E- Banking PMCB provides RTGS/NEFT facility for immediate fund
transfer anywhere in the country for marginal charges.
4) E- Payment of taxes:
The Bank provides the service to the customers to pay their taxes through e- payment.
Advance Tax, Self-Assessment Tax, Taxes on Regular Assessment, Tax Deducted at
Source, Wealth Tax/Securities Transaction Tax, Hotel Receipts Tax/Interest Tax/Estate
Duty, Expenditure to other Tax/Gift Tax, Fringe benefit Tax, Centralised Service Tax
(CST), Value Added Tax (VAT),Service Tax, Central Excise Duty.
PMCB provides the customers International Debit Card having access to the benefits
privileges and extensive reach of the global VISA network. This card will also be used at
VISA enabled ATMs.
Customers who have registered for SMS Banking can get instant information of their
accounts activities any new schemes, products launched by the bank. PMCB facilitates
transaction through mobiles.
7) Internet banking:
Conclusion
Thus after going through all the various Products & Services offered by PMC Bank in my study,
I can conclude that it is because of the various innovative schemes like PMC Asha,
KishorBachatYojana, Fleximoney Deposit scheme, Double Decker accounts etc, the Bank has
progressed such rapidly.
Also, the unique services like 8 to 8 banking, Locker facility, Any Branch banking etc
have helped the Bank to edge out its competitors.
Recommendations:
Having worked at PMC Bank and as well as being a Account Holder at the bank, my suggestions
would be:
2. Promoting the Bank and its unique services in Print as well as T.V media because many people
that I have come across are still unaware of the Bank.
Bibliography:
1) www.pmcbank.com
2) http://en.wikipedia.org
3) www.iba.org.in