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Project Report on


Submitted in partial fulfillment of the

requirements for the award of the degree of

Bachelor of Commerce (Honours)



Guru Gobind Singh Indraprastha

University, Delhi

Guide: Submitted by:

Dr. Mohita Mathur Shubham Tyagi

Enrollment No.:


Institute of Innovation in Technology & Management,

New Delhi – 110058
Batch (2016-2019)


I, Mr./Ms._______________________________, Roll No. ________________ certify that

the Project Report/Dissertation BCOM (H) / Code 310 entitled
is done by me and it is an authentic work carried out by me. The matter embodied in this
project work has not been submitted earlier for the award of any degree or diploma to the
best of my knowledge and belief.

Signature of the Student


Certified that the Project Report/Dissertation of BCOM (H) entitled ________________


done by Mr./Ms._______________________________, Roll No. ________________, is

completed under my guidance.

Signature of the Guide:

Name of the Guide: Dr. Mohita Mathur

Designation: HOD

(Director / Project Coordinator)


I am neither a research expert nor a trend spotter; I am a management student with foundation of
management principles and theories, who is curious about various sectors and its latest

Definitely, I can’t ignore the technology, with internet as the backbone and those search engines
which helped me in building up this research project.

To being with, I am obliged to Dr. Mohita who allotted me this interesting topic and with out
whose guidance and constructive criticism this report might have not been completed .I would
like to thank Broker, Agents franchise owners and individuals. I appreciate for their cooperation
and contributions for helping me in making project factual and information.

I also express my gratitude to Dr. CP CHAWLA (Director), Dr. Mohita Mathur (H.O.D) and
instrumental in making this report useful one.

Lastly, I would like to thanks to the ALMIGHTY and my parents for their moral and financial
support and my colleagues with whom I shared my dad-to-day experiences and received lots off
suggestions that improved my work quality.

Shubham Tyagi



S. No. Topic

1 Certificate (s)

2 Acknowledgement

3 Assignment Directive

4 Contents

5 Executive Summary

6 Chapter-1: Introduction of the Firm/Company

7 Chapter-2: Research Methodology of the Company

8 Chapter-3: Data Presentation & Analysis of the Company

9 Chapter-4: Summary and Conclusions

10 References/Bibliography

Executive Summary

Rural financial services were defined in comprehensive terms and should include

provision of Credit, saving mobilization, and a payments system for transfer of funds to

and away from the rural sector. In view of low incomes and high risks in rural areas,

effective provision of these services serves important goals of accelerated growth,

poverty alleviation and reduced exposure to vulnerability. The diversity within the rural

sectors requires a variety of diversified formal and informal institutions for the provision

of each component of rural financial services to its clients.

The major finding of the project is that rural sector has suffered from policy neglect, poor

design and weak implementation of delivery system. The services provided have been

inadequate as well as inconvenient, inappropriate, unsafe, unaffordable and causing a

great deal of inconvenience. In relative terms, most attention has been paid to provision

of agricultural credit to and mobilization of deposits from the wealthy people in rural

areas. Provisions of insurance, credit for non-farm purposes and for the landless and

small farmers and the mobilization of savings of the poor and poorest in rural areas have

not received much attention from the policy makers.

The fact that there is no permanent institutional mechanism, which can analyze the

situation in the area of rural finance and come out with policy proposals to rectify the

policy mistakes, though many financial institutions are trying to enter in rural banking.

Last but not the least, there is a need to create synergies and linkages between different

organizations involved in providing rural financial services i.e. savings, credit, insurance

and transfer of funds. The innovative financial products, based on best practices in

national and for international experience and suited to different kind of clients are helpful

in improved delivery of services.


Rural banking in India started since the establishment of banking sector in India. RRBs

were set up after nationalizations of banks in 1969 when emphasis shifted to providing

more credit to weaker sections.

Regional Rural Banks were established under the provisions of an ordinance promulgated

on 26th September 1975 and the RRB Act, 1976 with an objective to ensure sufficient

institution credit for agriculture and other rural sectors. The RRBs mobilize financial

resources from rural / semi-urban areas and grant loans and advances mostly to small and

marginal farmers, agricultural labourers and rural artisans. The area of operation of

RRBs is limited to the area as notified by Government of India covering one or more

districts in the state.

Initially, five RRBs were set up on October 2, 1975 which was sponsored by Syndicate

Bank, State Bank of India, Punjab National Bank, United Commercial Bank and United

Bank of India. The total authorized capital was fixed at Rs. 1 crore which has since been

raised to Rs. 5 Crore.

Rural Banks in those days mainly focused upon the agro sector. Regional rural banks in

India penetrated every corner of the country and extended a helping hand in the growth

process of the country.

There are several concessions enjoyed by the RRBs by Reserve Bank of India such as

lower interest rates and refinancing facilities from NABARD like lower cash ratio, lower

statutory liquidity ratio, lower rate of interest on loans taken from sponsoring banks,

managerial and staff assistance from the sponsoring bank and reimbursement of the

expenses on staff training. The RRBs are under the control of NABARD. NABRAD has

the responsibility of laying down the policies for the RRBs, to oversee their operations,

provide refinance facilities, to monitor their performance and to attend their problems.

The progress of RRBs in the initial stage was quite rapid. For instance, the Sixth Five-

year plan(1980-85) had envisaged the setting up of 170 RRBs covering 270 districts by

the end of march 1985.The target was exceeded. There are now 196 RRBs in 23 states of

the country with 14,200 branches.

The RRBs were established” with a view to developing the rural economy by providing,

for the purpose of development of agriculture, trade, commerce, industry and other

productive activities in the rural areas, credit and other facilities, particularly to small

and marginal farmers, agricultural laborers, artisans and small entrepreneurs, and for

matters connected therewith and incidental thereto”.

Table-1 Expansion of Regional Banking:-1975-1990

Dec.1975 Dec.1980 Dec.1985 Mar.1990

Banks 6 85 188 196

Branches 17 3279 12606 14443

The following one-and-a-half decades saw large-scale efforts to increase the number of

banks, bank branches, and disbursements nationwide. By 1991, there were 196 RRBs

with over 14,000 predominantly rural branches in 476 districts with an average coverage

of three villages per branch. These banks had disbursed over Rs.3, 500 crore in credit and

mobilized over Rs.4, 100 crore in deposits. Perhaps the most significant achievement of

the RRBs during this period was in enabling the weaker sections of the rural

community access to institutional credit. The bulk of the loans from RRBs were to the

priority sectors, which accounted for over 70 per cent of the total. Agriculture and allied

activities took up more than 50 percent of the total advances.

The year 1990 marks the end of the expansion phase of regional banking, beyond which

there has been no growth in the number of Regional Rural Banks (including branches).

In addition, the RRBs were instrumental in extending credit for poverty alleviation

schemes (e.g. IRDP) and disadvantaged area (drought-prone regions and deserts)

development programmes.

The expansionary phase of the late seventies and the eighties while more focused on

outreach was not devoid of blueprint for viability of the RRBs, unlike what the

mainstream academia and press claim to be the case. It was understood that the RRBs to

survive as credit institutions could not remain unviable for long time, though the RRBs

might not become viable in the initial years. This expectation was, however, tempered by

the prevalent situation on the field and the ultimate objectives for which these specialized

institutions were created. It was realized early that question of viability of the RRBs

could not be the same as other business ventures. A business unit has all the freedom to

take decisions on many matters such as opening branches, deploying its resources, staff

recruitment, its purchases, methods rendering services etc. But the RRBs could not be

flexible in many of their affairs; even their clientele was specific, scattered, remote and

not assisted by anyone. Keeping in view the objectives, structure and the nature of

operations of the RRBs, these institutions could certainly not be evaluated on the basis of

mere financial viability. There was a general agreement that the viability of the RRBs had

to be assessed in terms of composite criteria including increase in business per branch,

recovery rate, productivity of staff, cost effectiveness of operations, closer monitoring,

socioeconomic upliftment and improvements in the standards of living of the clientele.

Again in respect to the viability question, there was considerable flexibility accorded to

banks on the time dimension. It was estimated that the RRBs would need about seven

years to become viable, though for the RRBs with large number of infant branches even

this period might not be adequate. Between 1980 and 1987, while the number of RRBs

increased a little more than two-fold the number of branches of RRBs increased more

than four-fold. It was not totally unexpected therefore that by the end of the 1980s several

of these banks were showing losses on their books.

Table 2:- Purpose wise Advances of RRBs, Outstanding (end of Sept, 1990)

Rs. Crores

1 Short Term (crop loan) 615

2 Term Loan and Agriculture Activities 669

3 Allied Activities 555

4 Rural Artisans, Village & Cottage Industries 277

5 Retail Trade and Self-employed etc. 1052

6 Consumption Loan 54

7 Other Purpose 290

8 Indirect Advances 43

Total 3555

Objectives of regional rural banks
The importance of the rural banking in the economic development of a country cannot be

overlooked. As Gandhiji said “Real India lies in Villages,” and village economy is the

backbone of Indian economy. Without the upliftment of the rural economy as well as the

rural people of our country, the objectives of economic planning cannot be achieved.

In fact, the real growth of Indian economy lied in the freeing of rural masses from acute

poverty, unemployment, and socio-economic backwardness.

 RRBs are oriented towards meeting the needs of the weaker sections of the rural

population consisting of:

- Small and marginal farmers,

- Agricultural labourers,

- Artisans,

- Small entrepreneurs

- Mobilize deposits from rural households

 The institution of Regional Rural Banks was created to meet the excess demand

for institutional credit in the rural areas, particularly among the economically and

socially marginalized sections.

 RRBs are expected to make credit available to rural households besides inspiring


 Bridging the credit gap in rural areas.

 To take the banking services to the doorstep of rural masses, particularly in

hitherto unbanked rural areas.

 To make available institutional credit to the weaker sections of the society who

had by far little or no access to cheaper loans and had perforce been depending on

the private money lenders.

 Check the outflow of rural deposits to urban areas.

 To mobilize rural savings and channelize them for supporting productive activities

in rural areas.

 Reduce regional imbalances and increase rural employment generation.

 To create a supplementary channel for the flow the central money market to the

rural areas through refinance

 To generate employment opportunities in rural areas and bringing down the cost of

providing credit to rural areas.

Reform process of RRBs
In order to provide access to low-cost banking facilities to the poor, the Narasimham

Working Group (1975) proposed the establishment of a new set of banks, as institutions

which "combine the local feel and the familiarity with rural problems which the

cooperatives possess and the degree of business organization, ability to mobilize deposits,

access to central money markets and modernized outlook which the commercial banks


RRBs started their development process on 2nd October 1975 with the formation of a

single bank (Prathama Grameen Bank)

As on 31 March 2006, there were 133 RRBs (post-merger) covering 525 districts with a network
of 14,494 branches.

Ownership of RRBs
RRBs are jointly owned by GoI, the concerned State Government and Sponsor Banks (27

scheduled commercial banks and one State Cooperative Bank); the issued capital of a

RRB is shared by the owners in the proportion of 50%, 15% and 35% respectively.

RBI assistance
- With a view to facilitate RRBs operations, the RBI gave RRBs direct access to

refinance assistance at a concessional rate of three per cent below the bank rate.

- Allowed to maintain a lower level of SLR than commercial banks.

- Allowed to pay half per cent more interest on all deposits except those of three

years and above.

- Sponsor banks IDBI, NABARD, SIDBI, and other FIs are statutorily required

under the RRBs Act to provide managerial and financial assistance to RRBs.


This research study used descriptive researches design. The study has been taken up for

the period 2000- 2013. This study is gathered from secondary sources that are from the

published annual reports of RBI for the financial year ended 2001 to 2013. The aim of the

study is to analysis the financial performance Evaluation of Regional Rural banks in

India so to achieve this various tools used as ratios, Growth percentage, line and bar chart

and paired t-test with help of statistical tools package Excel. Also constructed hypothesis

for the accomplish study objectives.

Research Design

The research design is a plan according to which observations are made and data is

assembled to carry out research work in systematic and meaning full manner and it is

merely and basically the structure or arrangement for a research that directs the

compilation and investigation of the data. Moreover, the research design indicates the

methods of research i.e. the method of gathering information and the method or sampling.

Descriptive research approach is also called as statistical research method that explains

data and distinctiveness for a particular population or experience or event being

considered. Additionally, descriptive research relates with all that can be calculated and


(1) Hypothesis Formulation Within the overall framework of abov6 objectives the

study seeks to verify during the course of analysis some of the following

important tentative hypothesis:

a) That income level of beneficiaries has been increased

b) That there was marked increase in employment in the rural areas

c) That there has been significant increase in the awareness of the people about

different financing schemes of this bank.

(2) Collection of Data for accomplishing the objective of the present study,

primary and secondary data has been used.

(a) Primary Probe: Primary probe has been carried in following manner:

(i) Development of questionnaire

(ii) In order to study problem and prospectus of Himachal Gramin Bank, primary data

has been collected from 80 beneficiaries and 103 bank officials from the different

branches of the bank.

(iii) Sample selection: After finalizing the questionnaires, the next step was to decide

sampling plan to collect information from the beneficiaries and bank officials.

(b) Secondary Probe: Apart from primary data, in this study use of secondary data has

also been made. The secondary data has been collected from different. These are annual

reports of their bank, library research, circulars and notifications of management, state

and central government and bulletin of Reserve Bank of India, etc.

Classification and Tabulation of Data
The data collected has been classified in different types of tables in one or more forms

according to the requirement of the study. 3.4 Tools and Techniques of Analysis and

Interpretation. The following tools and techniques have been used for the analysis and

interpretation of collected data.

(i) Mathematical Tools: hi mathematical percentage method has been used.

(ii) Statistical Tools: The following statically tools have been used in the

present study: (a) Factor Analysis (b) Arithmetic mean (c) Standard

deviation (d) Co-efficient of variation (e) Chi- Square Test (f) t-test.

To study the financial performance of Himachal Gramin Bank for 19 years i.e. fi-om

1990 to 2008, different ratios have been computed fi-om the relevant annual reports of

the bank. These ratios are current ratios, acid ratios, Credit Deposit ratios, Net Profit,

Net Worth ratios, Gross profit Ratios, Interest coverage ratios. Dividend coverage

ratios and Total liabilities to equity ratios.

Liquidity Ratio: The liquidity ratios indicate about the short term solvency of any

organization. These ratios higlight the short term financial position of an organization

and its capacity to pay timely its short obligation. Two liquidity ratios such as current

ratios and acid test ratios have been computed from 1990 to 2001 and 2002 to 2008.

Capital Structure Ratio: The leverage /capital structure ratios provide an insight about

the long term financial solvency of an organization. The different leverages/capital

structure ratios which have been computed for Himachal Gramin Bank are debt equity

ratios, total equity ratios, interest coverage ratios and dividend coverage ratios.

Debt Equity Ratio = Long Term Liability/Equity

Total Liability/Equity Ratio = Long Term Liability / Total Equity

Interest Coverage = EBIT/ Interest

Dividend Coverage= EAT/Dividend.

Profitability Ratio: The profitability of Himachal Gramin Bank has been studied with

the help of gross profit ratios, operating expenses ratios, net profit ratios and net profit

to net worth ratios.

Credit Deposit Ratio: The credit-deposit ratios have been computed to find out the

proportion of deposits utilized for providing credit in the rural areas. It indicates the

percentage of deposit used for providing credit in rural areas. It is calculated as:

Credit Deposit Ratio = Total Credit / Total Deposit

Sources of data collection
Secondary data:
Secondary data means data that are already available i.e. they refer to the data which have

already been collected and analyzed by someone else.

The secondary data involve in this project has been gathered from the following sources:

a) Various audited financial statements and comments of auditors.

b) Published journals of auditing.

c) Internet


Data Presentation & Analysis

Parameter 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Growth(%)
No. Of
RRBs 196 196 196 196 196 196 196 96 86 86 83
Capital 1380 1959 2049 2143 2141 2221 25354 48488 58990 67855 76392 5435.65
Deposit 27059 32226 39294 44539 49582 56295 69719 83143 99093 120184 124296 359.35
Investment 6680 7760 8800 9471 17138 21286 33486 45666 48559 62629 96699 1347.5
Advance 10559 12427 15050 17710 20934 25038 32692 40345 43456 46678 51283 385.62
Total Assets 35820 42236 49596 56802 62500 70195 436805 803416 844982 898760 984364 2648.3
Earned 3281 3938 4619 5191 5391 5535 6041 6547 7729 7586 8786 165.94
Income 151 207 240 370 430 697 743 790 873 853 1023 577.4
Income 3432 4145 4859 5561 5821 6231 6784 7337 7602 8421 9809 185.8
expanded 2131 2565 2966 3329 3340 3363 5902 8441 8860 8362 9260 334.5

982 1056 1165 1459 1667 1825 1958 2092 22134 2345 2598 164.6
Contigencies 99 96 128 163 132 289 329 369 434 590 699 606.3
Expenses 3113 3621 4130 4787 5107 5187 7860 10533 10994 10707 11758 277.7
Profit 319 319 729 774 714 1044 985 926 1383 1859 1987 522.8

15% of RRBs were loss making RRBs in 2001-02 but the numbers decreased to 7% in

2008-09. This proves that amalgamation has been beneficial to RRBs in reducing their


Also Net NPA of RRBs have reduced from 11.53% in 2001-02 to 4.84% in 2004-05 but

after amalgamation the Net NPA's have further reduced from 3.92% to 1.76%. Thus

amalgamation has been beneficial for RRBs to reduce their Net NPA.

Key Performance Indicators of RRBs in India

Table presents the key performance indicators and growth of RRBs from year 2006-07
to 2010-2011, Chart presents key performance indicators and Chart presents growth
rate of RRBs.

Sources of Funds

The sources of funds of RRBs comprise of owned fund, deposits, borrowings from

NABARD, Sponsor Banks and other sources including SIDBI and National Housing


1. Owned Funds: The owned funds of RRBs comprising of share capital, share capital

deposits received from the shareholders and the reserves stood at 13838.92 crore as on 31

March 2011 as against 12247.16 crore as on 31 March 2010; registering a growth of

13.0%. The increase in owned funds to the tune of 1591.76 crore was mainly on account

of accretion to reserves by the profit making RRBs. The share capital and share capital

deposits together amounted to 4273 crore of total owned fund while the balance amount

of 9566 crore represented reserves.

2. Deposits: Deposits of RRBs increased from 145035 crore to 166232.34 crore during

the year registering growth rate of 14.60%. Gurgaon GB reported the highest deposit

growth rate of 37%. There are Sixteen (16) RRBs having deposits of more than 3000

crore each.

3. Borrowings: Borrowings of RRBs increased from 18770 crore as on 31 March 2010 to

26490.81 crore as on 31 March 2011 registering an increase of 41.10% . Borrowings viz-

a-viz the gross loan outstanding constituted 26.8% as against 22.7% in the previous year.

Use of Funds

The use of funds of RRBs comprise of investments and loans and advances.

1. Investments: The investment of RRBs increased from 79379.16 crore as on 31 March

2010 to 86510.44 crore as on 31 March 2011 registering an increase of 8.98%. SLR

investments amounted to 45022 crore where as non-SLR investments stood at 41488

crore. The Investment Deposit Ratio (IDR) of RRBs progressively declined over the

years from 72% as on 31.3.2001 to 52.04 % as on 31 March 2011.

2. Loans & Advances: During the year the loans outstanding increased by 16098.33

crore to 98917.43 crore as on 31 March 2011 registering a growth rate of 19.4% over the

previous year. Meghalaya Rural Bank recorded the highest growth rate of 35% during the

year 2010-11.

3. Loans Issued: Total loans issued by RRBs during the year increased to 71724.19 crore

from 56079.24 crore during the previous year registering a growth of 27.90%. Samastipur

KGB reported highest growth rate of 123% during 2010-11 followed by Andhra Pradesh

GVB at 112%.

Working Results

1. Profitability: 75 RRBs (out of 82 RRBs) have earned profit (before tax) to the extent of

2420.75 crore during the year 2010-2011. The profit was marginally lower than the

previous year. After payment of Income Tax of 634.22 crore, the net profit aggregated to

1786.53 crore. The remaining 7 RRBs incurred loss to the tune of 71.32 crore.

2. Accumulated Losses: As on 31 March 2011, 23 of the 82 RRBs continued to have

accumulated losses to the tune of 1532.39 crore as against 1775.06 crore (27 RRBs) as on

31 March 2010. The accumulated loss decreased by 242.67 crore during the year under


3. Non-performing Assets (NPA): The Gross NPA of RRBs stood at 3712 crore as on

31.03.2011 (i.e.3.75%). The percentage of Net NPA of RRBs has shown an increase from

1.8% to 2.05% during the year. The data revealed that 15 RRBs had gross NPA

percentage of less than 2%, whereas 33 RRBs had it above 5%.

4. Recovery Performance: There has been an improvement in the recovery percentage

during 2009-10 from 80.09% as on 30 June 2009 to 81.18% as on 30 June 2010. The

aggregate overdue, however, increased by 934 crore to 9805 crore as on 30 June 2010.

5. Credit Deposit Ratio: The aggregate CDR of RRBs increased over the years from

57.10% as on 31 March 2010 to 59.51% as on 31 March 2011. Eight of the RRBs

reported CDR of more than 100%.

6. Credit Flow to Agriculture: RRBs are actively participating in the credit flow to

agriculture sector. Disbursement of agriculture credit with reference to the total credit for

the last 5 years revealed as under:

It may be observed from the above table that the share of agriculture credit to total credit

has hovered around 60-62% during the last five years but in absolute terms, the

agriculture credit has been doubled in 2010-11 from the year 2006-07. Agriculture credit

growth rate has kept pace with the total credit deployment.

7. Productivity of Branch and Staff: The branch productivity increased to 16.57 crore in

2010-11 from 14.72 crore in 2009-10 with a growth of 12.57%. Similarly, staff

productivity in 2010-11 increased to 3.78 crore from 3.70 crore in 2009-10 with a growth

of 2.16%.

Summary & Conclusion


RRBs' performance in respect of some important indicators was certainly better than that

of commercial banks or even cooperatives. RRBs have also performed better in terms of

providing loans to small and retail traders and petty non-farm rural activities. In recent

years, they have taken a leading role in financing Self-Help Groups (SHGs) and other

micro-credit institutions and linking such groups with the formal credit sector.

RRBs should really be strengthened and provided with more resources with which they

can undertake more of these important activities. And most certainly they should be kept

apart from a profit-oriented corporate motivation that would reduce their capacity to

provide much needed financial services to the rural areas, including to agriculture.

Ideally, the best use of the resources raised by RRBs through deposits would be through

extensive cross-subsidisation. This, in turn, really requires an apex body that would cover

and oversee all the RRBs, something like a National Rural Bank of India (NRBI).

The number of rural branches should be increased rather than reduced; they should be

encouraged to develop more sophisticated methods of credit delivery to meet the

changing needs of farming; and most of all, there should be greater coordination between

district planning authorities, panchayati raj institutions and the banks operating in rural

areas. Only then will the RRBs fulfill the promise that is so essential for rural


Limitations of Study

There are certain limitations of studies which are as follows:

 Inadequate response from Customers in rural areas & employees of Gramin

banks at first interaction.

 Inability of some of the rural people to understand the importance of our


 Time limit is the major constraint.

 Some of the respondents refuse to co-operate.

 Since the study is based on a small sample size, it is not sufficient to cover

opinion of entire population.


RRBs are well positioned to play a major role in financial inclusion particularly in areas

with high rates of financial exclusion. RRBs were originally created to cater to neglected

sections as they were expected to have sound financial management combined with local

feeling and familiarity.

RRBs should concentrate on asset quality and earnings. With the increasing competition

among banks to meet customer expectations, banks should offer a broader range of

deposits, Investments and credit products through diverse distribution channels including

ATMs, telephone, Internet.

The RRB staff is required locally and their postings or transfers are within the banks area

of operation which is ordinarily a district or two. The need for maintaining the local ethos

makes it imperative that the emoluments and services conditions of the RRB staff should

be inline with those of State Government staff in comparable cadres who constitute bulk

of the salaried people in the area and with whom the former have to establish a close

rapport for their day to day work.

Therefore, the emoluments of the staff should be continued to be determined as per the

state government scales. It is obvious that the terms of service and facilities available to

the government staff may differ from state to state. However the terms and service

conditions of the staff of RRBs operating within a state have to be uniform. RRBs face

many problems in finding suitable staff and in giving them adequate training.

In States like U.P, Bihar, West Bengal etc., RRBs could not adhere to their branch

expansion programmes for lack of adequate technical assistance in project formulation by


Facilities for recruitment and training and technical assistance should continue to be

provided by the sponsor banks, on the same terms for a period of 10 years for each RRB.

Thereafter, any arrangement of assistance of this type can be decided upon by mutual

agreement between the sponsor bank and the RRB.









Development Issues of INDIAN ECONOMY: - Mario Dias

Rural Credit Market: Anita Gill