INTRODUCTION TO BANKING INDUSTRY

DEFINITION
The definition of a bank varies from country to country. Under English law, a bank is defined as a person who carries on the business of banking, which is specified as: Conducting current accounts for customers Paying cheques drawn on a given person, and Collecting cheques for their customers.

Examples of statutory definitions:

"Banking business" means the business of receiving money on current or deposit account, paying and collecting cheques drawn by or paid in by customers, the making of advances to customers, and includes such other business as the Authority may prescribe for the purposes of Banking Act. "Banking Business" means the business of either or both of the following: receiving from the general public money on current, deposit, savings or other similar account repayable on demand or within less than [3 months] ... or with a period of call or notice of less than that period; paying or collecting cheques drawn by or paid in by customers. Since the advent of EFTPOS (Electronic Funds Transfer at Point Of Sale), direct credit, direct debit and internet banking, the cheques has lost its primacy in most banking systems as a payment instrument. This has lead legal theorists to suggest that the cheques based definition should be broadened to include financial institutions that conduct

current accounts for customers and enable customers to pay and be paid by third parties, even if they do not pay and collect cheques.

The banking section will navigate through all the aspects of the Banking System in India. It will discuss upon the matters with the birth of the banking concept in the country to new players adding their names in the industry in coming few years. The banker of all banks, Reserve Bank of India (RBI), the Indian Banks Association (IBA) and top 20 banks like IDBI, HSBC, ICICI, ABN AMRO, etc. has been well defined under three separate heads with one page dedicated to each bank.

However, in the introduction part of the entire banking cosmos, the past has been well explained under three different heads namely:

History of Banking in India

Without a sound and effective banking system in India it cannot have a healthy economy. The banking system of India should not only be hassle free but it should be able to meet new challenges posed by the technology and any other external and internal factors. For the past three decades India's banking system has several outstanding achievements to its credit. The most striking is its extensive reach. It is no longer confined to only metropolitans or cosmopolitans in India. In fact, Indian banking system has reached even to the remote corners of the country. This is one of the main reason of India's growth process. The government's regular policy for Indian bank since 1969 has paid rich dividends with the nationalization of 14 major private banks of India.

Not long ago, an account holder had to wait for hours at the bank counters for getting a draft or for withdrawing his own money. Today, he has a choice. Gone are days when the most efficient bank transferred money from one branch to other in two days. Now it is simple as instant messaging or dial a pizza. Money have become the order of the day. The first bank in India, though conservative, was established in 1786. From 1786 till today, the journey of Indian Banking System can be segregated into three distinct phases. They are as mentioned below: Early phase from 1786 to 1969 of Indian Banks Nationalization of Indian Banks and up to 1991 prior to Indian banking sector Reforms. New phase of Indian Banking System with the advent of Indian Financial & Banking Sector Reforms after 1991. The General Bank of India was set up in the year 1786. Next came Bank of Hindustan and Bengal Bank. The East India Company established Bank of Bengal (1809), Bank of Bombay (1840) and Bank of Madras (1843) as independent units and called it Presidency Banks. These three banks were amalgamated in 1920 and Imperial Bank of India was established which started as private shareholders banks, mostly Europeans shareholders.

In 1865 Allahabad Bank was established and first time exclusively by Indians, Punjab National Bank Ltd. was set up in 1894 with headquarters at Lahore. Between 1906 and 1913, Bank of India, Central Bank of India, Bank of Baroda, Canara Bank, Indian Bank, and Bank of Mysore were set up. Reserve Bank of India came in 1935.

During the first phase the growth was very slow and banks also experienced periodic failures between 1913 and 1948. There were approximately 1100 banks, mostly small. To streamline the functioning 3

and activities of commercial banks, the Government of India came up with The Banking Companies Act, 1949 which was later changed to Banking Regulation Act 1949 as per amending Act of 1965 (Act No. 23 of 1965). Reserve Bank of India was vested with extensive powers for the supervision of banking in India as the Central Banking Authority.

During those days public had lesser confidence in the banks. As an aftermath deposit mobilization was slow. Abreast of it the savings bank facility provided by the Postal department was comparatively safer. Moreover, funds were largely given to traders.

Government took major steps in this Indian Banking Sector Reform after independence. In 1955, it nationalized Imperial Bank of India with extensive banking facilities on a large scale specially in rural and semi-urban areas. It formed State Bank of India to act as the principal agent of RBI and to handle banking transactions of the Union and State Governments all over the country.

Seven banks forming subsidiary of State Bank of India was nationalized in 1960 on 19th July, 1969, major process of nationalization was carried out. It was the effort of the then Prime Minister of India, Mrs. Indira Gandhi. 14 major commercial banks in the country was nationalized.

Second phase of nationalization Indian Banking Sector Reform was carried out in 1980 with seven more banks. This step brought 80% of the banking segment in India under Government ownership. Nationalization of Banks in India Scheduled Commercial Banks in India

In India the banks are being segregated in different groups. Each group has their own benefits and limitations in operating in India. Each has their own dedicated target market. Few of them only work in rural sector while others in both rural as well as urban. Many even are only catering in cities. Some are of Indian origin and some are foreign players.

All these details and many more is discussed over here. The banks and its relation with the customers, their mode of operation, the names of banks under different groups and other such useful informations are talked about.

One more section has been taken note of is the upcoming foreign banks in India. The RBI has shown certain interest to involve more of foreign banks than the existing one recently. This step has paved a way for few more foreign banks to start business in India

LIST OF BANKS

There are 10 banks randomly selected for the performance analysis which are as follows.

NO

BANK NAME

1 2 3 4 5 6 7 8 9 10

Axis Bank Ltd. Bank of Baroda Bank of India Canara Bank HDFC Bank Ltd. ICICI Bank Ltd. IDBI Bank Ltd. Kotak Mahindra Bank Ltd. Punjab National Bank State Bank of India

AXIS BANK Ltd.

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.

The Bank today is capitalized to the extent of Rs. 358.97 crores with the public holding (other than promoters) at 57.59%.

The Bank's Registered Office is at Ahmedabad and its Central Office is located at Mumbai. Presently, the Bank has a very wide network of more than 729 branch offices and Extension Counters. The Bank has a network of over 3171 ATMs providing 24 hrs a day banking convenience to its customers. This is one of the largest ATM networks in the country.

The Bank today is capitalized to the extent of Rs. 358.97 crores with the public holding (other than promoters) at 57.59%.

The Bank's Registered Office is at Ahmedabad and its Central Office is located at Mumbai. Presently, the Bank has a very wide network of more than 729 branch offices and Extension Counters. The Bank has a network of over 3171 ATMs providing 24 hrs a day banking convenience to its customers. This is one of the largest ATM networks in the country. 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.

MISSION Customer Service and Product Innovation tuned to diverse

needs of individual and corporate clientele.

Continuous technology up gradation while maintaining human

values.

Progressive globalization and achieving international standards. Efficiency and effectiveness built on ethical practices

VALUES
Customer Satisfaction through

Providing quality service effectively and efficiently "Smile, it enhances your face value" is a service quality stressed
on

Periodic Customer Service Audits Maximization of Stakeholder value Success through Teamwork, Integrity and People

BOARD OF DIRECTORS
The Bank has 10 members on the Board. Dr. P. J. Nayak is the Chairman and CEO of the Bank. The members of the Board are :

Dr. P.J. Nayak Shri N.C. Singhal Shri A.T. Pannir Selvam Shri J.R. Varma Dr. R.H. Patil Smt. Rama Bijapurkar Shri R.B.L. Vaish Shri M.V. Subbiah Shri Ramesh Ramanathan Shri K. N. Prithviraj

Chairman & CEO Director Director Director Director Director Director Director Director Director

BANK OF BARODA

VISION AND ENTERPRISE

It has been a long and eventful journey of almost a century across 25 countries. Starting in 1908 from a small building in Baroda to its new hi-rise and hi-tech Baroda Corporate Centre in Mumbai, is a saga of vision, enterprise, financial prudence and corporate governance.

It is a story scripted in corporate wisdom and social pride. It is a story crafted in private capital, princely patronage and state ownership. It is a story of ordinary bankers and their extraordinary contribution in the ascent of Bank of Baroda to the formidable heights of corporate glory. It is a story that needs to be shared with all those millions of people - customers, stakeholders, employees & the public at large who in ample measure, have contributed to the making of an institution.

MISSION STATEMENT

To be a top ranking National Bank of International Standards committed to augmenting stake holders' value through concern, care and competence.

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New logo is a unique representation of a universal symbol. It comprises dual B letterforms that hold the rays of the rising sun. We call this the Baroda Sun.

The sun is an excellent representation of what our bank stands for. It is the single most powerful source of light and energy its far reaching rays dispel darkness to illuminate everything they touch. At Bank of Baroda, we seek to be the source that will help all our stakeholders realise their goals. To our customers, we seek to be a one-stop, reliable partner who will help them address different financial needs. To our employees, we offer rewarding careers and to our investors and business partners, maximum return on their investment.

The single-colour, compelling vermillion palette has been carefully chosen, for its distinctivenes as it stands for hope and energy.

We also recognize that our bank is characterised by diversity. Our network of branches spans geographical and cultural boundaries and rural-urban divides. Our customers come from a wide spectrum of industries and backgrounds. The Baroda Sun is a fitting face for our brand because it is a universal symbol of dynamism and optimism it is meaningful for our many audiences and easily decoded by all. Our new corporate brand identity is much more than a cosmetic change. It is a signal that we recognize and are prepared for new business paradigms in a globalised world. At the same time, we will always stay in touch with our heritage and enduring relationships on which our bank is founded. By adopting a symbol as simple and powerful as the Baroda Sun, we hope to communicate both.

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BANK OF INDIA

Bank of India was founded on 7th September, 1906 by a group of eminent businessmen from Mumbai. The Bank was under private ownership and control till July 1969 when it was nationalised along with 13 other banks.

Beginning with one office in Mumbai, with a paid-up capital of Rs.50 lakh and 50 employees, the Bank has made a rapid growth over the years and blossomed into a mighty institution with a strong national presence and sizable international operations. In business volume, the Bank occupies a premier position among the nationalised banks.

The Bank has 2884 branches in India spread over all states/ union territories including 155 specialised branches. These branches are controlled through 48 Zonal Offices . There are 27 branches/ offices (including three representative offices) abroad.

The Bank came out with its maiden public issue in 1997 and follow on Qualified Institutions Placement in February 2008. . Total number of shareholders as on 30/06/2008 is 2,29,000.

While firmly adhering to a policy of prudence and caution, the Bank has been in the forefront of introducing various innovative services and systems. Business has been conducted with the successful blend of traditional values and ethics and the most modern 12

infrastructure. The Bank has been the first among the nationalised banks to establish a fully computerised branch and ATM facility at the Mahalaxmi Branch at Mumbai way back in 1989. The Bank is also a Founder Member of SWIFT in India. It pioneered the introduction of the Health Code System in 1982, for evaluating/ rating its credit portfolio.

The Bank's association with the capital market goes back to 1921 when it entered into an agreement with the Bombay Stock Exchange (BSE) to manage the BSE Clearing House. It is an association that has blossomed into a joint venture with BSE, called the BOI Shareholding Ltd. to extend depository services to the stock broking community. Bank of India was the first Indian Bank to open a branch outside the country, at London, in 1946, and also the first to open a branch in Europe, Paris in 1974. The Bank has sizable presence abroad, with a network of 27 branches (including three representative office ) at key banking and financial centres viz. London, Newyork, Paris, Tokyo, Hong-Kong, and Singapore. The international business accounts for around 20.10% of Bank's total business

Bank of India being a major bank in the public sector always endeavours to strike a viable equilibrium between commercial objectives and social responsibilities. As a reaffirmation of our commitment to the corporate mission, we in our centenary year, started credit counseling services at free of cost to the Common People to enable them to lead a respectable life.

The Credit Counseling services were started under the aegis of the Trust "ABHAY " which was launched at the hands of His Excellency President of India Dr. A.P.J. Abdul Kalam at New Delhi on 25th August, 2006. The first center was inaugurated at Mumbai by Dr. Y.V.Reddy, Governor, Reserve Bank of India on 7th September,2006 which was followed by Centres at Wardha in Nagpur and Chennai. 13

The following are the main objectives of the Trust. Advising on gaining access to structured financial system including banking Creating awareness among the public about financial

management Counseling people who are struggling to meet the repayment obligations and helping debt resolution Helping in rehabilitation of borrowers in

Friendly and timely guidance coupled with related support extended by the counselors will not only mitigate the immediate stress of the trapped individuals and their households, but it will also help to infuse confidence in others who are in distress, irrespective whether they are customers of Bank of India or other Banks. With the common objectives of counseling the borrowers, different focus is being given in metro/urban and rural areas, to meet their different needs. Our endeavor is continuing to be provide more and more social services in the years to come. The relationship we maintain is beyond banking

MISSION

"to provide superior, proactive banking services to niche markets globally, while providing cost-effective, responsive services to others in our role as a development bank, and in so doing, meet the requirements of our stakeholders".

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VISION

"to become the bank of choice for corporate, medium businesses and up market retail customers and to provide cost effective developmental banking for small business, mass market and rural markets"

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CANARA BANK

Widely known for customer centricity, Canara Bank was founded by Shri Ammembal Subba Rao Pai, a great visionary and philanthropist, in July 1906, at Mangalore, then a small port in Karnataka. The Bank has gone through the various phases of its growth trajectory over hundred years of its existence. Growth of Canara Bank was phenomenal, especially after nationalization in the year 1969, attaining the status of a national level player in terms of geographical reach and clientele segments. Eighties was characterized by business diversification for the Bank. In June 2006, the Bank completed a century of operation in the Indian banking industry. The eventful journey of the Bank was strewn with many memorable milestones. Today, Canara Bank occupies a premier position in the comity of Indian banks. With an unbroken record of profits since its inception, Canara Bank has several firsts to its credit. These include: Launching of Inter-City ATM Network Obtaining ISO Certification for a Branch Articulation of Good Banking Banks Citizen Charter Commissioning of Exclusive Mahila Banking Branch Launching of Exclusive Subsidiary for IT Consultancy Issuing credit card for farmers Providing Agricultural Consultancy Services

Over the years, the Bank has been scaling up its market position to emerge as a major 'Financial Conglomerate' with as many as nine subsidiaries/sponsored institutions/joint ventures in India and abroad. 16

As at September 2008, the Bank has further expanded its domestic presence, with 2710 branches spread across all geographical segments. Keeping customer convenience at the forefront, the Bank provides a wide array of alternative delivery channels that include over 2000 ATMs- the highest among nationalized banks- covering 698 centers, 1351 branches providing Internet and Mobile Banking (IMB) services and 2027 branches offering 'Anywhere Banking' services. Under advanced payment and settlement system, all branches of the Bank have been enabled to offer Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) facilities. Not just in commercial banking, the Bank has also carved a distinctive mark, in various corporate social responsibilities, namely, serving national priorities, promoting rural development, enhancing rural selfemployment through several training institutes and spearheading financial inclusion objective. Promoting an inclusive growth strategy, which has been formed as the basic plank of national policy agenda today, is in fact deeply rooted in the Bank's founding principles. "A good bank is not only the financial heart of the community, but also one with an obligation of helping in every possible manner to improve the economic conditions of the common people". These insightful words of our founder continue to resonate even today in serving the society with a purpose.

The growth story of Canara Bank in its first century was due, among others, to the continued patronage of its valued customers, stakeholders, committed staff and uncanny leadership ability demonstrated by its leaders at the helm of affairs. We strongly believe that the next century is going to be equally rewarding and eventful not only in service of the nation but also in helping the Bank emerge as a "Global Bank with Best Practices". This justifiable belief is founded on strong fundamentals, customer centricity, enlightened leadership and a family like work culture.

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Founded as 'Canara Bank Hindu Permanent Fund' in 1906, by late Sri. Ammembal Subba Rao Pai, a philanthropist, this small seed blossomed into a limited company as 'Canara Bank Ltd.' in 1910 and became Canara Bank in 1969 after nationalisation.

"A good bank is not only the financial heart of the community, but also one with an obligation of helping in every possible manner to improve the economic conditions of the common people" - A. Subba Rao Pai.

VISION To emerge as a Best Practices Bank by pursuing global benchmarks in profitability, operational efficiency, asset quality, risk management and expanding the global reach.

MISSION To provide quality banking services with enhanced customer orientation, higher value creation for stakeholders and to continue as a responsive corporate social citizen by effectively blending commercial pursuits with social banking.

AWARDS/ACCOLADES Received during 2007-08 First National Award, instituted by the Ministry of Micro, Small & Medium Enterprises, Govt. of India for 'Excellence in Micro & Small Enterprises (MSE) Lending' for 2006-07. 'Golden Peacock Award for Corporate Social Responsibility' for the year 2007. Canara Bank is the first PSB to receive the award since its institution in the year 1991.

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Golden Peacock National Training Award-2007, instituted by the Institute of Directors, New Delhi, a pioneer in Quality Revolution.

Conferred the Business Superbrands Status for 2008. 'The Organization of the Year Award- for PR Excellence', instituted by Public Relations Council of India.

Excellence in the field of Khadi & Village Industries in South Zone for the year 2006-07, instituted by Khadi & Village Industries Commission, Ministry of Micro, Small & Medium Enterprises, Government of India.

Received during 2008-09 so far Conferred 'First Rank' in India's Best Banks awards under the category 'Strength and Soundness' for 2006-07 by a survey conducted by Ernst & Young. Global HR Excellence in Training, an award conferred by the Asia Pacific HR Congress, the largest rendezvous of HR Professionals, at its Employer Branding Talent Management Congress held on 22nd & 23rd August, 2008, Delhi. Best Performing Bank under Rural Employment Generation Programme (REGP) of Khadi and Village Industries Commission (KVIC), in South Zone for the year 2007-08, instituted by the Ministry of MSME, Government of India.

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HDFC BANK LTD.

The Housing Development Finance Corporation Limited (HDFC) was amongst the first to receive an 'in principle' approval from the Reserve Bank of India (RBI) to set up a bank in the private sector, as part of the RBI's liberalization of the Indian Banking Industry in 1994. The bank was incorporated in August 1994 in the name of 'HDFC Bank Limited', with its registered office in Mumbai, India. HDFC Bank commenced operations as a Scheduled Commercial Bank in January 1995.

HDFC is India's premier housing finance company and enjoys an impeccable track record in India as well as in international markets. Since its inception in 1977, the Corporation has maintained a consistent and healthy growth in its operations to remain the market leader in mortgages. Its outstanding loan portfolio covers well over a million dwelling units. HDFC has developed significant expertise in retail mortgage loans to different market segments and also has a large corporate client base for its housing related credit facilities. With its experience in the financial markets, a strong market reputation, large shareholder base and unique consumer franchise, HDFC was ideally positioned to promote a bank in the Indian environment.

HDFC Bank began operations in 1995 with a simple mission: to be a "World-class Indian Bank". We realized that only a single-minded focus on product quality and service excellence would help us get there. Today, we are proud to say that we are well on our way towards that goal. It is extremely gratifying that our efforts towards providing

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customer convenience have been appreciated both nationally and internationally.

We are aware that all these awards are mere milestones in the continuing, never-ending journey of providing excellent service to our customers. We are confident, however, that with your feedback and support, we will be able to maintain and improve our services

BUSINESS FOCUS HDFC Bank's mission is to be a World-Class Indian Bank. The objective is to build sound customer franchises across distinct businesses so as to be the preferred provider of banking services for target retail and wholesale customer segments, and to achieve healthy growth in profitability, consistent with the bank's risk appetite. The bank is committed to maintain the highest level of ethical standards, professional integrity, corporate governance and regulatory compliance. HDFC Bank's business philosophy is based on four core values - Operational Excellence, Customer Focus, Product Leadership and People.

CAPITAL STRUCTURE The authorised capital of HDFC Bank is Rs550 crore (Rs5.5 billion). The paid-up capital is Rs424.6 crore (Rs.4.2 billion). The HDFC Group holds 19.4% of the bank's equity and about 17.6% of the equity is held by the ADS Depository (in respect of the bank's American Depository Shares (ADS) Issue). Roughly 28% of the equity is held by Foreign Institutional Investors (FIIs) and the bank has about 570,000 shareholders. The shares are listed on the Stock Exchange, Mumbai and the National Stock Exchange. The bank's American Depository

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Shares are listed on the New York Stock Exchange (NYSE) under the symbol 'HDB'.

CBOP AND TIMES BANK AMALGAMATION On May 23, 2008, the amalgamation of Centurion Bank of Punjab with HDFC Bank was formally approved by Reserve Bank of India to complete the statutory and regulatory approval process. As per the scheme of amalgamation, shareholders of CBoP received 1 share of HDFC Bank for every 29 shares of CBoP.

The merged entity will have a strong deposit base of around Rs. 1,22,000 crore and net advances of around Rs. 89,000 crore. The balance sheet size of the combined entity would be over Rs. 1,63,000 crore. The amalgamation added significant value to HDFC Bank in terms of increased branch network, geographic reach, and customer base, and a bigger pool of skilled manpower.

In a milestone transaction in the Indian banking industry, Times Bank Limited (another new private sector bank promoted by Bennett, Coleman & Co. / Times Group) was merged with HDFC Bank Ltd., effective February 26, 2000. This was the first merger of two private banks in the New Generation Private Sector Banks. As per the scheme of amalgamation approved by the shareholders of both banks and the Reserve Bank of India, shareholders of Times Bank received 1 share of HDFC Bank for every 5.75 shares of Times Bank.

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ICICI BANK LTD.

OVERVIEW ICICI Bank is India's second-largest bank with total assets of Rs. 3,744.10 billion (US$ 77 billion) at December 31, 2008 and profit after tax Rs. 30.14 billion for the nine months ended December 31, 2008. The Bank has a network of 1,416 branches and about 4,644 ATMs in India and presence in 18 countries. ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialised subsidiaries and affiliates in the areas of investment banking, life and non-life insurance, venture capital and asset management. The Bank currently 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. Our UK subsidiary has established branches in Belgium and Germany.

ICICI Bank's equity shares are listed in India on Bombay Stock Exchange and the National Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE).

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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 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 transactionbanking services. The merger would enhance value for ICICI Bank 24

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. BOARD MEMBERS Mr. N. Vaghul, Chairman Mr. Sridar Iyengar Mr. Lakshmi N. Mittal Mr. Narendra Murkumbi Dr. Anup K. Pujari Mr. Anupam Puri Mr. M.K. Sharma Mr. P.M. Sinha Prof. Marti G. Subrahmanyam Mr. T.S. Vijayan Mr. V. Prem Watsa Mr. K.V. Kamath, Managing Director & CEO Ms. Chanda Kochhar, Joint Managing Director & Chief Financial Officer Mr. V. Vaidyanathan, Executive Director Mr. Sonjoy Chatterjee, Executive Director Mr. K. Ramkumar, Executive Director

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AWARDS & RECOGNITIONS ICICI Bank 2008 The Asset Triple A Country Awards for Best Domestic Bank in India. ICICI Bank wins the "Best Bank in India" Award from NDTV Profit-Outlook Money ICICI Bank wins the "Most Preferred Brand of Auto Loans" Award and the "Most Preferred Brand of Credit Cards" Award from CNBC Awaaz Mr K. V. Kamath, MD & CEO, ICICI Bank, receives the Lifetime Achievement Award at the NDTV Profit Business Leadership Awards 2008 Ms. Chanda Kochhar, Joint MD & CFO, ICICI Bank, ranked 25th in Fortune International Power 50 list 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 ICICI Bank wins the 2008 Symantec visionary awards, recognising the way the Bank secures and manages systems and information. ICICI Bank wins the 'Excellence in Remittance Business 2008' award by The Asian Banker Mr. K.V. Kamath, MD & CEO, ICICI Bank receives the UK Trade & Investment Award (2008), in recognition of the significant contribution made towards India-UK trade relationship and visionary leadership. ICICI Bank NRI Services wins the World Finance (London) Award for Best Bank for NRI Services Worldwide, 2008

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ICICI Group Global Private Clients wins the World Finance (London) Award for Excellence in Private Banking Award for APAC Region 2008

ICICI Bank wins Finance Asia Country Awards for Achievement 2008 for Best Trade Finance Bank Best Foreign Exchange Bank Best Private Bank

ICICI Bank wins the 'Excellence in Remittance Business 2007' award by The Asian Banker

Ms. Madhabi Puri Buch, ED, ICICI Bank wins FICCI's "Young Women Achievers" Award

Mr. K. V. Kamath, MD & CEO, ICICI Bank wins "The Asian Banker Leadership Pacific and Gulf Region 2007 Achievement Award" for the Asia

EuroWeek

award

for

Most

Improved

Market

Profile

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 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 Global Finance Award for: Best "Trade Finance Bank and Provider" in India Best "Consumer Internet Bank" in India 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, 2007Mr. K. V. Kamath, MD & CEO, ICICI Bank awarded the "Padma Bhushan" 27

IDBI BANK LTD.

The

Industrial

Development

Bank

of

India

(IDBI)

was

established on July 1, 1964 under an Act of Parliament as a wholly owned subsidiary of the Reserve Bank of India. In 16 February 1976, the ownership of IDBI was transferred to the Government of India and it was made the principal financial institution for coordinating the activities of institutions engaged in financing, promoting and developing industry in the country. Although Government shareholding in the Bank came down below 100% following IDBIs public issue in July 1995, the former continues to be the major shareholder (current shareholding: 52.3%). During the four decades of its existence, IDBI has been instrumental not only in establishing a well-developed, diversified and efficient industrial and institutional structure but also adding a qualitative dimension to the process of industrial development in the country. IDBI has played a pioneering role in fulfilling its mission of promoting industrial growth through financing of medium and long-term projects, in consonance with national plans and priorities. Over the years, IDBI has enlarged its basket of products and services, covering almost the entire spectrum of industrial activities, including manufacturing and services. IDBI provides financial assistance, both in rupee and foreign currencies, for green-field projects as also for expansion, modernization and diversification purposes. In the wake of financial sector reforms unveiled by the government since 1992, IDBI evolved an array of fund and fee-based services with a view to providing an integrated solution to meet the entire demand of financial and corporate advisory requirements of its clients. IDBI also provides indirect financial assistance by way of refinancing of loans extended by State-level financial institutions and banks and by way of rediscounting

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of bills of exchange arising out of sale of indigenous machinery on deferred payment terms.

IDBI has played a pioneering role, particularly in the pre-reform era (1964-91),in catalyzing broad based industrial development in the country in keeping with its Government-ordained development banking charter. In pursuance of this mandate, IDBIs activities transcended the confines of pure long-term lending to industry and encompassed, among others, balanced industrial growth through development of backward areas, modernization of specific industries, employment generation, entrepreneurship development along with support services for creating a deep and vibrant domestic capital market, including development of apposite institutional framework.

IDBI Bank, with which the parent IDBI was merged, was a vibrant new generation Bank. The Pvt Bank was the fastest growing banking company in India. The bank was pioneer in adapting to policy of first mover in tier 2 cities. The Bank also had the least NPA and the highest productivity per employee in the banking industry.

On July 29, 2004, the Board of Directors of IDBI and IDBI Bank accorded in principle approval to the merger of IDBI Bank with the Industrial Development Bank of India Ltd. to be formed incorporated under the Companies Act, 1956 pursuant to the IDB (Transfer of Undertaking and Repeal) Act, 2003 (53 of 2003), subject to the approval of shareholders and other regulatory and statutory approvals. A mutually gainful proposition with positive implications for all stakeholders and clients, the merger process is expected to be completed during the current financial year ending March 31, 2005.

29

The immediate fall out of the merger of IDBI and idbi bank was the exit of employees of idbi bank. The cultures in the two organizations have taken its toll. The IDBI BANK now is in a growing fold. With its retail banking arm expanding further after the merger of United western Bank.

IDBI would continue to provide the extant products and services as part of its development finance role even after its conversion into a banking company. In addition, the new entity would also provide an array of wholesale and retail banking products, designed to suit the specific needs cash flow requirements of corporates and individuals. In particular, IDBI would leverage the strong corporate relationships built up over the years to offer customised and total financial solutions for all corporate business needs, single-window appraisal for term loans and working capital finance, strategic advisory and hand-holding support at the implementation phase of projects, among others.

IDBIs transformation into a commercial bank would provide a gateway to low-cost deposits like Current and Savings Bank Deposits. This would have a positive impact on the Banks overall cost of funds and facilitate lending at more competitive rates to its clients. The new entity would offer various retail products, leveraging upon its existing relationship with retail investors under its existing Suvidha Flexi-bond schemes. In the emerging scenario, the new IDBI hopes to realize its mission of positioning itself as a one stop super-shop and most preferred brand for providing total financial and banking solutions to corporates and individuals, capitalising on its intimate knowledge of the Indian industry and client requirements and large retail base on the liability side.

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IDBI upholds the highest standards of corporate governance in its operations. The responsibility for maintaining these high standards of governance lies with its Board of Directors. Two Committees of the Board viz. the Executive Committee and the Audit Committee are adequately empowered to monitor implementation of good corporate governance practices and making necessary disclosures within the framework of legal provisions and banking conventions.

MANAGEMENT & ORGANISATION IDBI Bank is a Board-managed organisation. The responsibility for the day-to-day management of operations of the Bank is vested with the Chairman & Managing Director and two Deputy Managing Directors, who draw upon the support and expertise of a crossdisciplinary Top Management Team. As on March 31, 2008, IDBI Bank had a combined employee base of 8989, including professionals from the fields of accountancy, management, engineering, law, computer technology, banking and economics.

VISION STATEMENT "To be trusted partner in progress by leveraging quality human capital and setting global standards of excellence to build the most valued financial conglomerate"

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KOTAK MAHINDRA BANK LTD

The Kotak Mahindra Group was born in 1985 as Kotak Capital Management Finance Limited. This company was promoted by Uday Kotak, Sidney A. A. Pinto and Kotak & Company. Industrialists Harish Mahindra and Anand Mahindra took a stake in 1986, and that's when the company changed its name to Kotak Mahindra Finance Limited.

THE KOTAK MAHINDRA GROUP Kotak Mahindra is one of India's leading financial organizations, offering a wide range of financial services that encompass every sphere of life. From commercial banking, to stock broking, to mutual funds, to life insurance, to investment banking, the group caters to the diverse financial needs of individuals and corporate.

The group has a net worth of over Rs. 6,327 crore and has a distribution network of more than 1300 branches, franchisees, representative offices and satellite offices across cities and towns in India and offices in New York, London, San Francisco, Dubai, Mauritius and Singapore. The Group services around 5.9 million customer accounts. GROUP MANAGEMENT Mr. Uday Kotak Mr. C. Jayaram Mr. Dipak Gupta Executive Vice Chairman & Managing Director

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The symbol of the infinite ka reflects our global Indian personality. The Ka is uniquely Indian while its curve forms the infinity sign, which is universal. One of the basic tenets of economists if that mans needs are unlimited. The Infinite Ka symbolizes that we have infinite number of ways to meet those needs.

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PUNJAB NATIONAL BANK

Established in 1895 at Lahore, undivided India, Punjab National Bank (PNB) has the distinction of being the first Indian bank to have been started solely with Indian capital. The bank was nationalized in July 1969 along with 13 other banks. From its modest beginning, the bank has grown in size and stature to become a front-line banking institution in India at present.

PROFILE With over 37 million satisfied customers and over 4589 offices, PNB has continued to retain its leadership position among the nationalized banks. The bank enjoys strong fundamentals, large franchise value and good brand image. Besides being ranked as one of India's top service brands, PNB has remained fully committed to its guiding principles of sound and prudent banking. Apart from offering banking products, the bank has also entered the credit card & debit card business; bullion business; insurance business; Gold coins & asset management business, etc.

Since its humble beginning in 1895 with the distinction of being the first Indian bank to have been started with Indian capital, PNB has achieved significant growth in business which at the end of March 2008 amounted to Rs 2,85959 crore. Today, with assets of more than Rs 1,99,000 crore, PNB is ranked as the 3rd largest bank in the country (after SBI and ICICI Bank) and has the 2nd largest network of branches (4589 including 322 extension counters).During the FY 200734

08, with 43% share of low cost deposits, the bank achieved a net profit of Rs 2,049 crore, maintaining its number ONE position amongst its peers. The banks Return on Assets at 1.15% was also the highest. During the FY 2007-08,its ratio of priority sector credit to net bank credit at 44.11% & agriculture credit to net bank credit at 18.94% was also higher than the respective national goals of 40% & 18%.

PNB has always looked at technology as a key facilitator to provide better customer service and ensured that its IT strategy follows the Business strategy so as to arrive at Best Fit. The bank has made rapid strides in this direction and achieved 100% branch computerization. A pioneering effort of the bank in the use of IT is the implementation of Core Banking Solution (CBS) which facilitates any time, any where banking. PNB has implemented CBS in 3503 service outlets at around centers to facilitate "anytime, anywhere" banking to its clients. The bank has also been offering Internet banking services to the customers of CBS branches like booking of tickets, payment of bills of utilities, purchase of airline tickets etc

Towards developing a cost effective alternative channels of delivery, the bank has installed more than 1516 ATMs and entered into ATM sharing arrangement with other banks & IDRBT, making available a pool of additional 21,500 ATMs throughout the country to its customers.

Backed by strong domestic performance, the bank is planning to realize its global aspirations. In order to increase its international presence, the bank has already set up representative offices at Almaty (Kazakhstan), Dubai (UAE) & Shanghai (China) ; a branch at Kabul (Afghanistan) and a subsidiary at London (UK) and a branch at Hongkong. Work on assessing potential at other international centers is progressing. The bank also has a joint venture with Everest Bank Ltd. 35

(EBL), Nepal, with 20 per cent equity participation. With PNBs management, EBL has become one of the leading banks in Nepal. As a tribute to its consistent business growth, improved assets & attractive returns to shareholders in the joint venture, PNB has won Bank of the Year Award in Nepal (2006) by The Banker, a publication of the London based Financial Times.

Amongst Top 1000 Banks in the World, The Banker listed PNB at 255th place. Further the leading international Credit Rating index provider, Standard & Poors (2006) listed PNB, amongst the 300 World companies & 7 Indian companies, which are expected to emerge as challengers to the worlds leading blue chip companies.

FINANCIAL PERFORMANCE:

Punjab National Bank continues to maintain its frontline position in the Indian banking industry. In particular, the bank has retained its NUMBER ONE position among the nationalized banks in terms of number of branches, operating and net profit in the year 2006-07. The performance highlights of the bank in terms of business and profit are shown below:

Recognition: In recognition of its efforts in various areas, the bank has received various recognitions.

National Award for Excellence in lending to SSI and tiny sector for the year 2004-05 and 2005-06 respectively.

Golden Peacock National Training Award for three successive years (2004, 2005 & 2006). Golden Peacock Award for

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Excellence in Corporate Governance for the year 2004-05 and 2006-07 by Institute of Directors (IOD). SKOCH Challenger Award for Change Management for the year 2005-06 in recognition of the banks services towards upliftment of the weaker sections of the society and SKOCH Challenger Award 2006-07 for capacity building for the Farmers Training College initiative Best IT Team of the Year (2005-06) by IDRBT.

Amity Corporate Excellence Award, 2006-07. A professionally managed bank with a successful track record of
over 110 years.

Largest branch network in India - 4525 Offices including 432

Extension Counters spread throughout the country.

Strategic business area covers the large Indo-Gangetic belt and

the metropolitan centres.

Ranked as 248th biggest bank in the world by Bankers Almanac

, London.

Strong correspondent banking relationships with more than 217

international banks of the world.

More than 50 renowned international banks maintain their

Rupee Accounts with PNB.

Well equipped dealing rooms; 20 different foreign currency

accounts are maintained at major centres all over the globe.

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Rupee drawing arrangements with M/s UAE Exchange Centre, UAE, M/s Al Fardan Exchange Co. Doha, Qatar,M/s Bahrain Exchange Co, Kuwait, M/s Bahrain Finance Co, Bahrain,M/s Thomas Cook Al Rostamani Exchange Co. Dubai,UAE, and M/s Musandam Exchange, Ruwi, Sultanate of Oman.

VISION To evolve and position the Bank as a world class progressive, cost effective and customer friendly institution providing comprehensive financial and related services; integrating frontiers of technology and serving various segments of society especially the weaker sections; committed to excellence in serving the public and also excelling in corporate values. MISSION To provide excellent professional services and improve its position as a leader in the field of financial and related services; build and maintain a team of motivated and committed workforce with high work ethos; use latest technology aimed at customer satisfaction and act as effective catalyst for socio-economic development.

Lalaji was keenly concerned with the fact that though Indian capital was being used to run English Banks and companies, the profits went entirely to the British, while Indians had to contend themselves with a small interest on their capital. He echoed this sentiment in one of his writing while concurring with Rai Mul Raj of Arya Samaj who had long cherished the idea that Indians should have a National Bank of their own. At the instance of Rai Mul Raj, Lala Lajpat Rai sent a circular to selected friends insisting on an Indian joint stock Bank as the first step in constructive Swadeshi and the response was satisfactory. 38

After filing and registering the memorandum and Articles of Association on 19 May, 1894, the bank was incorporated under Act VI of the 1882 Indian Companies Act. The prospectus of the bank was published in the Tribune, and the Urdu Akhbar-e-Am and Paisa Akhbar. On 23rd May, 1894, the founders met at the Lahore residence of Sardar Dyal Singh Majithia, the first Chairman of PNB, and resolved to go ahead with the scheme. They decided to hire a house in the famous Anarkali Bazar of Lahore opposite the post office and near well known stores of Rama Brothers.

On 12th April 1895, the bank opened for business, a day before the great Punjabi festival of Baishakhi. The essence of the Banks culture was clear at this first meeting itself. The fourteen original shareholders and seven directors took only a modest number of shares; the control of the bank was to lie with the large, dispersed shareholding, a purely professional approach that was as uncommon then as it is today.

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STATE BANK OF INDIA

EVOLUTION OF SBI

The origin of the State Bank of India goes back to the first decade of the nineteenth century with the establishment of the Bank of Calcutta in Calcutta on 2 June 1806. Three years later the bank received its charter and was re-designed as the Bank of Bengal (2 January 1809). A unique institution, it was the first joint-stock bank of British India sponsored by the Government of Bengal. The Bank of Bombay (15 April 1840) and the Bank of Madras (1 July 1843) followed the Bank of Bengal. These three banks remained at the apex of modern banking in India till their amalgamation as the Imperial Bank of India on 27 January 1921.

Primarily Anglo-Indian creations, the three presidency banks came into existence either as a result of the compulsions of imperial finance or by the felt needs of local European commerce and were not imposed from outside in an arbitrary manner to modernise India's economy. Their evolution was, however, shaped by ideas culled from similar developments in Europe and England, and was influenced by changes occurring in the structure of both the local trading environment and those in the relations of the Indian economy to the economy of Europe and the global economic framework.
BUSINESS

The business of the banks was initially confined to discounting of bills of exchange or other negotiable private securities, keeping cash accounts and receiving deposits and issuing and circulating cash notes. Loans were restricted to Rs.one lakh and the period of 40

accommodation confined to three months only. The security for such loans was public securities, commonly called Company's Paper, bullion, treasure, plate, jewels, or goods 'not of a perishable nature' and no interest could be charged beyond a rate of twelve per cent. Loans against goods like opium, indigo, salt woollens, cotton, cotton piece goods, mule twist and silk goods were also granted but such finance by way of cash credits gained momentum only from the third decade of the nineteenth century. All commodities, including tea, sugar and jute, which began to be financed later, were either pledged or hypothecated to the bank. Demand promissory notes were signed by the borrower in favour of the guarantor, which was in turn endorsed to the bank. Lending against shares of the banks or on the mortgage of houses, land or other real property was, however, forbidden.

Indians were the principal borrowers against deposit of Company's paper, while the business of discounts on private as well as salary bills was almost the exclusive monopoly of individuals Europeans and their partnership firms. But the main function of the three banks, as far as the government was concerned, was to help the latter raise loans from time to time and also provide a degree of stability to the prices of government securities.

MAJOR CHANGE IN THE CONDITIONS

A major change in the conditions of operation of the Banks of Bengal, Bombay and Madras occurred after 1860. With the passing of the Paper Currency Act of 1861, the right of note issue of the presidency banks was abolished and the Government of India assumed from 1 March 1862 the sole power of issuing paper currency within British India. The task of management and circulation of the new currency notes was conferred on the presidency banks and the Government undertook to transfer the Treasury balances to the banks 41

at places where the banks would open branches. None of the three banks had till then any branches (except the sole attempt and that too a short-lived one by the Bank of Bengal at Mirzapore in 1839) although the charters had given them such authority. But as soon as the three presidency bands were assured of the free use of government Treasury balances at places where they would open branches, they embarked on branch expansion at a rapid pace. By 1876, the branches, agencies and sub agencies of the three presidency banks covered most of the major parts and many of the inland trade centers in India. While the Bank of Bengal had eighteen branches including its head office, seasonal branches and sub agencies, the Banks of Bombay and Madras had fifteen each.

BANK OF MADRAS

The decision of the Government to keep the surplus balances in Reserve Treasuries outside the normal control of the presidency banks and the connected decision not to guarantee minimum government balances at new places where branches were to be opened effectively checked the growth of new branches after 1876. The pace of expansion witnessed in the previous decade fell sharply although, in the case of the Bank of Madras, it continued on a modest scale as the profits of that bank were mainly derived from trade dispersed among a number of port towns and inland centres of the presidency.

India witnessed rapid commercialization in the last quarter of the nineteenth century as its railway network expanded to cover all the major regions of the country. New irrigation networks in Madras, Punjab and Sind accelerated the process of conversion of subsistence crops into cash crops, a portion of which found its way into the foreign markets. Tea and coffee plantations transformed large areas of the eastern Terais, the hills of Assam and the Nilgiris into regions of estate agriculture par excellence. All these resulted in the expansion of India's 42

international trade more than six-fold. The three presidency banks were both beneficiaries and promoters of this commercialization process as they became involved in the financing of practically every trading, manufacturing and mining activity in the sub-continent. While the Banks of Bengal and Bombay were engaged in the financing of large modern manufacturing industries, the Bank of Madras went into the financing of large modern manufacturing industries, the Bank of Madras went into the financing of small-scale industries in a way which had no parallel elsewhere. But the three banks were rigorously excluded from any business involving foreign exchange. Not only was such business considered risky for these banks, which held government deposits, it was also feared that these banks enjoying government patronage would offer unfair competition to the exchange banks which had by then arrived in India. This exclusion continued till the creation of the Reserve Bank of India in 1935.

PRESIDENCY BANKS OF BENGAL

The presidency Banks of Bengal, Bombay and Madras with their 70 branches were merged in 1921 to form the Imperial Bank of India. The triad had been transformed into a monolith and a giant among Indian commercial banks had emerged. The new bank took on the triple role of a commercial bank, a banker's bank and a banker to the government.

But this creation was preceded by years of deliberations on the need for a 'State Bank of India'. What eventually emerged was a 'halfway house' combining the functions of a commercial bank and a quasicentral bank.

43

The establishment of the Reserve Bank of India as the central bank of the country in 1935 ended the quasi-central banking role of the Imperial Bank. The latter ceased to be bankers to the Government of India and instead became agent of the Reserve Bank for the transaction of government business at centres at which the central bank was not established. But it continued to maintain currency chests and small coin depots and operate the remittance facilities scheme for other banks and the public on terms stipulated by the Reserve Bank. It also acted as a bankers' bank by holding their surplus cash and granting them advances against authorised securities. The management of the bank clearing houses also continued with it at many places where the Reserve Bank did not have offices. The bank was also the biggest tenderer at the Treasury bill auctions conducted by the Reserve Bank on behalf of the Government.

The establishment of the Reserve Bank simultaneously saw important amendments being made to the constitution of the Imperial Bank converting it into a purely commercial bank. The earlier restrictions on its business were removed and the bank was permitted to undertake foreign exchange business and executor and trustee business for the first time.

IMPERIAL BANK

The Imperial Bank during the three and a half decades of its existence recorded an impressive growth in terms of offices, reserves, deposits, investments and advances, the increases in some cases amounting to more than six-fold. The financial status and security inherited from its forerunners no doubt provided a firm and durable platform. But the lofty traditions of banking which the Imperial Bank consistently maintained and the high standard of integrity it observed in its operations inspired confidence in its depositors that no other bank in 44

India could perhaps then equal. All these enabled the Imperial Bank to acquire a pre-eminent position in the Indian banking industry and also secure a vital place in the country's economic life.

When India attained freedom, the Imperial Bank had a capital base (including reserves) of Rs.11.85 crores, deposits and advances of Rs.275.14 crores and Rs.72.94 crores respectively and a network of 172 branches and more than 200 sub offices extending all over the country.

FIRST FIVE YEAR PLAN In 1951, when the First Five Year Plan was launched, the development of rural India was given the highest priority. The commercial banks of the country including the Imperial Bank of India had till then confined their operations to the urban sector and were not equipped to respond to the emergent needs of economic regeneration of the rural areas. In order, therefore, 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 statesponsored bank by taking over the Imperial Bank of India, and integrating with it, the former state-owned or state-associate banks. An act was accordingly passed in Parliament in May 1955 and the State Bank of India was constituted on 1 July 1955. More than a quarter of the resources of the Indian banking system thus passed under the direct control of the State. Later, the State Bank of India (Subsidiary Banks) Act was passed in 1959, enabling the State Bank of India to take over eight former State-associated banks as its subsidiaries (later named Associates).

The State Bank of India was thus born with a new sense of social purpose aided by the 480 offices comprising branches, sub offices and three Local Head Offices inherited from the Imperial Bank. 45

The concept of banking as mere repositories of the community's savings and lenders to creditworthy parties was soon to give way to the concept of purposeful banking subserving the growing and diversified financial needs of planned economic development. The State Bank of India was destined to act as the pacesetter in this respect and lead the Indian banking system into the exciting field of national development.

Welcomes you to explore the world of premier bank in India. The Bank is actively involved since 1973 in non-profit activity called Community Services Banking. All our branches and administrative offices throughout the country sponsor and participate in large number of welfare activities and social causes. Our business is more than banking because we touch the lives of people anywhere in many ways. Our commitment to nation-building is complete &

comprehensive.

BOARD OF DIRECTORS
Central Board of State Bank of India (As on 13th January 2009)

Sr. No. Name of Director 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. Shri O.P. Bhatt Chairman Shri S.K. Bhattacharyya MD & CC&RO Shri R. Sridharan MD & GE(A&S) Dr. Ashok Jhunjhunwala Shri Dileep C. Choksi Shri S. Venkatachalam Shri. D. Sundaram Dr. Deva Nand Balodhi Prof. Mohd. Salahuddin Ansari Dr.(Mrs.) Vasantha Bharucha Dr. Rajiv Kumar Shri Arun Ramanathan Smt. Shyamala Gopinath

Sec. of SBI Act, 1955 19(a) 19(b) 19(b) 19(c) 19(c) 19(c) 19(c) 19(d) 19(d) 19(d) 19(d) 19(e) 19(f)

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TRANSFORMATION JOURNEY IN STATE BANK OF INDIA

The State Bank of India, the countrys oldest Bank and a premier in terms of balance sheet size, number of branches, market capitalization and profits is today going through a momentous phase of Change and Transformation the two hundred year old Public sector behemoth is today stirring out of its Public Sector legacy and moving with an agility to give the Private and Foreign Banks a run for their money.

The bank is entering into many new businesses with strategic tie ups Pension Funds, General Insurance, Custodial Services, Private Equity, Mobile Banking, Point of Sale Merchant Acquisition, Advisory Services, structured products etc each one of these initiatives having a huge potential for growth.

The Bank is forging ahead with cutting edge technology and innovative new banking models, to expand its Rural Banking base, looking at the vast untapped potential in the hinterland and proposes to cover 100,000 villages in the next two years.

It is also focusing at the top end of the market, on whole sale banking capabilities to provide Indias growing mid / large Corporate with a complete array of products and services. It is consolidating its global treasury operations and entering into structured products and derivative instruments. Today, the Bank is the largest provider of infrastructure debt and the largest arranger of external commercial borrowings in the country. It is the only Indian bank to feature in the Fortune 500 list.

47

The Bank is changing outdated front and back end processes to modern customer friendly processes to help improve the total customer experience. With about 8500 of its own 10000 branches and another 5100 branches of its Associate Banks already networked, today it offers the largest banking network to the Indian customer. The Bank is also in the process of providing complete payment solution to its clientele with its over 8500 ATMs, and other electronic channels such as Internet banking, debit cards, mobile banking, etc

With four national level Apex Training Colleges and 54 learning Centres spread all over the country the Bank is continuously engaged in skill enhancement of its employees. Some of the training programes are attended by bankers from banks in other countries.

The bank is also looking at opportunities to grow in size in India as well as Internationally. It presently has 82 foreign offices in 32 countries across the globe. It has also 7 Subsidiaries in India SBI Capital Markets, SBICAP Securities, SBI DFHI, SBI Factors, SBI Life and SBI Cards - forming a formidable group in the Indian Banking scenario. It is in the process of raising capital for its growth and also consolidating its various holdings.

Throughout all this change, the Bank is also attempting to change old mindsets, attitudes and take all employees together on this exciting road to Transformation. In a recently concluded mass internal communication programme termed Parivartan the Bank rolled out over 3300 two day workshops across the country and covered over 130,000 employees in a period of 100 days using about 400 Trainers, to drive home the message of Change and inclusiveness. The workshops fired the imagination of the employees with some other banks in India as well as other Public Sector Organizations seeking to emulate the programme 48

The CNN IBN, Network 18 recognized this momentous transformation journey, the State Bank of India is undertaking, and has awarded the prestigious Indian of the Year Business, to its Chairman, Mr. O. P. Bhatt in January 2008.

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TOOLS USED FOR PERFORMANCE ANALYSIS

1. BETA
Beta is a risk metric employed primarily in the equity markets. It measures the systematic risk of a single instrument or an entire portfolio. William Sharpe (1964) first used the notion in his landmark paper introducing the capital asset pricing model (CAPM). The name "beta" was applied later.

Beta describes the sensitivity of an instrument or portfolio to broad market movements. The stock market (represented by an index such as the S&P 500 or FT-100) is assigned a beta of 1.0. By comparison, a portfolio (or instrument) which has a beta of 0.5 will tend to participate in broad market moves, but only half as much as the market overall. A portfolio (or instrument) with a beta of 2.0 will tend to benefit or suffer from broad market moves twice as much as the market overall. The formula for beta is:-= n*XY - X*Y n*x2 - X2

Both quantities are calculated using simple returns. Beta is generally estimated from historical price time series. For example, 60 trading days of simple returns might be used with sample estimators for covariance and variance.

It is possible to construct negative beta portfolios. Approaches include

50

holding stocks (such as gold mining stocks) that tend to move against the market shorting stocks, or putting on suitable options spreads. Beta is sometimes used as a metric of a portfolio's market risk. This can be misleading because beta does not capture specific risk. Because of specific risk, a portfolio can have a low beta but still be highly volatile. Its price fluctuations will simply have a low correlation with those of the overall market.

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2. EARNINGS PER SHARE

Earnings per share (EPS) are the earnings returned on the initial investment amount.

In the US, the Financial Accounting Standards Board (FASB) requires companies' income statements to report EPS for each of the major categories of the income statement: continuing operations, discontinued operations, extraordinary items, and net income.

Calculating EPS
The EPS formula does not include preferred dividends for categories outside of continued operations and net income. Earnings per share for continuing operations and net income are more complicated in that any preferred dividends are removed from net income before calculating EPS. Remember that preferred stock rights have precedence over common stock. If preferred dividends total $100,000, then that is money not available to distribute to each share of common stock.

Earnings Per Share (Basic Formula)

Earnings Per Share (Net Income Formula)

Earnings Per Share (Continuing Operations Formula)

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Note: Only preferred dividends actually declared in the current year are subtracted. The exception is when preferred shares are cumulative, in which case annual dividends are deducted regardless of whether they have been declared or not. Dividends in arrears are not relevant when calculating EPS.

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3. STANDARD DEVIATION
In finance, standard deviation is a representation of the risk associated with a given security (stocks, bonds, property, etc.), or the risk of a portfolio of securities (actively managed mutual funds, index mutual funds, or ETFs). Risk is an important factor in determining how to efficiently manage a portfolio of investments because it determines the variation in returns on the asset and/or portfolio and gives investors a mathematical basis for investment decisions (known as meanvariance optimization). The overall concept of risk is that as it increases, the expected return on the asset will increase as a result of the risk premium earned in other words, investors should expect a higher return on an investment when said investment carries a higher level of risk, or uncertainty of that return. When evaluating investments, investors should estimate both the expected return and the uncertainty of future returns. Standard deviation provides a quantified estimate of the uncertainty of future returns.

For example, let's assume an investor had to choose between two stocks. Stock A over the last 20 years had an average return of 10%, with a standard deviation of 20 percentage points (pp) and Stock B, over the same period, had average returns of 12%, but a higher standard deviation of 30 pp. On the basis of risk and return, an investor may decide that Stock A is the safer choice, because Stock B's additional 2% points of return is not worth the additional 10 pp standard deviation (greater risk or uncertainty of the expected return). Stock B is likely to fall short of the initial investment (but also to exceed the initial investment) more often than Stock A under the same circumstances, and is estimated to return only 2% more on average. In this example, Stock A is expected to earn about 10%, plus or minus 20 pp (a range of 30% to -10%), about two-thirds of the future year returns. When considering more extreme possible returns or outcomes in future, an investor should expect results of up to 10% plus or minus 90 pp, or a 54

range from 100% to -80%, which includes outcomes for three standard deviations from the average return (about 99.7% of probable returns).

Calculating the average return (or arithmetic mean) of a security over a given number of periods will generate an expected return on the asset. For each period, subtracting the expected return from the actual return results in the variance. Square the variance in each period to find the effect of the result on the overall risk of the asset. The larger the variance in a period, the greater risk the security carries. Taking the average of the squared variances results in the measurement of overall units of risk associated with the asset. Finding the square root of this variance will result in the standard deviation of the investment tool in question.

The variance of a random variable X, denoted 2 or var(X), is defined as the expectation of a particular function of X:var(X) = E[(X m)2] where = E(X). Standard deviation, denoted or std(X), is the positive square root of variance.

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4. PRICE-EARNINGS RATIO - P/E RATIO

A valuation ratio of a company's current share price compared to its per-share earnings. Calculated as:

For example, if a company is currently trading at $43 a share and earnings over the last 12 months were $1.95 per share, the P/E ratio for the stock would be 22.05 ($43/$1.95).

EPS is usually from the last four quarters (trailing P/E), but sometimes it can be taken from the estimates of earnings expected in the next four quarters (projected or forward P/E). A third variation uses the sum of the last two actual quarters and the estimates of the next two quarters. Also sometimes known as "price multiple" or "earnings multiple".

In

general,

high

P/E suggests

that

investors

are

expecting higher earnings growth in the future compared to companies with a lower P/E. However, the P/E ratio doesn't tell us the whole story by itself. It's usually more useful to compare the P/E ratios of one company to other companies in the same industry, to the market in general or against the company's own historical P/E. It would not be useful for investors using the P/E ratio as a basis for their investment to compare the P/E of a technology company (high P/E) to a utility company (low P/E) as each industry has much different growth prospects.

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It is important that investors note an important problem that arises with the P/E measure, and to avoid basing a decision on this measure alone. The denominator (earnings) is based on an accounting measure of earnings that is susceptible to forms of manipulation, making the quality of the P/E only as good as the quality of the underlying earnings number.

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5. NON PERFORMING ASSETS

In liberalizing economy banking and financial sector get high priority. Indian banking sector of having a serious problem due non performing. The financial reforms have helped largely to clean NPA was around Rs. 52,000 crores in the year 2004. The earning capacity and profitability of the bank are highly affected due to this NPA is defined as an advance for which interest or repayment of principal or both remain out standing for a period of more than two quarters. The level of NPA act as an indicator showing the bankers credit risk and efficiency of allocation of resource.

REASONS: Various studies have been conducted to analysis the reasons for NPA. What ever may be complete elimination of NPA is impossible. The reasons may be widely classified in two:(1) Over hang component (2) Incremental component Over hang component is due to the environment reasons, business cycle etc. Incremental component may be due to internal bank management, credit policy, terms of credit etc. ASSET CLASSIFICATION : The RBI has issued guidelines to banks for classification of assets into four categories.

1. Standard assets: These are loans which do not have any problem are less risk. 2. Substandard assets: 58

These are assets which come under the category of NPA for a period of less then 12 months. 3. Doubtful assets: These are NPA exceeding 12 months 4. Loss assets: These NPA which are identified as unreliable by internal inspector of bank or auditors or by RBI.

INCOME RECOGNITION AND PROVISIONING Income from NPA is not recognized on accrued basic but is booked as income only when, it is actually received. RBI has also tightened red the provisions norms against asset classification. It ranges from 0.25% to 100% from standard asset to loss asset respectively.

MANAGEMENT OF NPA The table II&III shows that during initial sage the percentage of NPA was higher. This was due to show ineffective recovery of bank credit, lacuna in credit recovery system, inadequate legal provision etc. Various steps have been taken by the government to recover and reduce NPAs. Some of them are. 1. One time settlement / compromise scheme 2. Lok adalats 3. Debt Recovery Tribunals 4. Securitization and reconstruction of financial assets and

enforcement of Security Interest Act 2002. 5. Corporate Reconstruction Companies 6. Credit information on defaulters and role of credit information bureaus 59

The Indian banking sector is facing a serious problem of NPA. The extent of NPA is comparatively higher in public sectors banks. (Table II&III). To improve the efficiency and profitability, the NPA has to be scheduled. Various steps have been taken by government to reduce the NPA. It is highly impossible to have zero percentage NPA. But at least Indian banks can try competing with foreign banks to maintain international standard.

60

PRICE FIELDS Technical analysis is based almost entirely on the analysis of price and volume. The fields which define a security's price and volume are explained below.

Open - This is the price of the first trade for the period (e.g., the first trade of the day). When analyzing daily data, the Open is especially important as it is the consensus price after all interested parties were able to "sleep on it."

High - This is the highest price that the security traded during the period. It is the point at which there were more sellers than buyers (i.e., there are always sellers willing to sell at higher prices, but the High represents the highest price buyers were willing to pay).

Low - This is the lowest price that the security traded during the period. It is the point at which there were more buyers than sellers (i.e., there are always buyers willing to buy at lower prices, but the Low represents the lowest price sellers were willing to accept).

Close - This is the last price that the security traded during the period. Due to its availability, the Close is the most often used price for analysis. The relationship between the Open (the first price) and the Close (the last price) are considered significant by most technicians. This relationship is emphasized in candlestick charts.

Volume - This is the number of shares (or contracts) that were traded during the period. The relationship between prices and volume (e.g., increasing prices accompanied with increasing volume) is important.

61

Open Interest - This is the total number of outstanding contracts (i.e., those that have not been exercised, closed, or expired) of a future or option. Open interest is often used as an indicator.

Bid - This is the price a market maker is willing to pay for a security (i.e., the price you will receive if you sell).

Ask - This is the price a market maker is willing to accept (i.e., the price you will pay to buy the security).

62

RESEARCH METHODOLOGY

A. OBJECTIVE OF THE STUDY To get the detail knowledge about the fluctuation in stock of baking indices. To make aware about how to analysis of securities. To know more about private and Public banks.

B. SCOPE OF RESEARCH

The study is focused on the effect of merger of Housing Development and Finance Corporation with Centurion Bank of Punjab.

C. TYPE OF RESEARCH

DESCRIPTIVE:- it aims at identifying the various characteristics of a

community or institution or problem under study and also aims at classification of the range of elements comprising the subject matter of study. It contributes to the development of a young science and useful in verifying focal concepts through empirical observation. It can highlight important methodological aspects of data collection and interpretation. The information obtained may be useful for prediction about areas of social life outside the boundaries of the research. They are valuable in providing facts needed for planning social action programme

63

D. SOURCES OF DATA

Secondary Data:- secondary data analysis is commonly known as second hand analysis. It is simply the analysis of pre existing data in a different way or to answer a different question than originally intended. Secondary data analysis utilizes the data that was collected by someone else in order to further a study that you interested in completing Annual statement Internet Prospectus Magazine

Tools : Comparative analysis of share price of Banks Performance Analysis

E. LIMITATIONS Lack of practical knowledge of corporate. Problems arising while analyzing the available data. Time constraints Selection of a proper method of share price of banks.

64

CALCULATED TOOLS
1. BETA

X 504.65 510.4 494.8 481.75 489.2 498.9 536.85 545.7 538.3 497.4 500.75 485.55 469 457.6 462.75 451.5 443.1 455.2 432.95 428.8 413.05 406.85 405.05 381.95 397.6 411.75 406.05 427.4 437.4 455.75

AXIS Y 9647.31 9716.16 9533.52 9328.92 9568.72 9686.75 9928.35 10099.91 10076.43 9715.29 9976.98 9832.39 9690.07 9645.46 9654.9 9162.62 8965.2 9229.75 8747.43 8739.24 8839.87 9092.72 9026.72 8695.53 8903.12 8915.21 8451.01 8773.78 8937.2 9291.01

X2 X*Y 254671.6225 4868514.992 260508.16 4959128.064 244827.04 4717185.696 232083.0625 4494207.21 239316.64 4681017.824 248901.21 4832719.575 288207.9225 5330034.698 297788.49 5511520.887 289766.89 5424142.269 247406.76 4832385.246 250750.5625 4995972.735 235758.8025 4774116.965 219961 4544642.83 209397.76 4413762.496 214137.5625 4467804.975 203852.25 4136922.93 196337.61 3972480.12 207207.04 4201382.2 187445.7025 3787199.819 183869.44 3747386.112 170610.3025 3651308.304 165526.9225 3699373.132 164065.5025 3656272.936 145885.8025 3321257.684 158085.76 3539880.512 169538.0625 3670837.718 164876.6025 3431532.611 182670.76 3749913.572 191318.76 3909131.28 207708.0625 4234377.808

65

494.85 525.65 564.1 608.85 581 582.65 603.85 640.8 602.3 562.6 527.8 568.65 537.6 534.3 622.25 630.95 657.55 617.2 619.3 622.85 618.25 638.7 675 552.3 643.65 680.15 678.1 702.9 734.8 31456.95

9385.42 9536.33 9839.69 10536.16 9964.29 9734.22 10120.01 10631.12 10337.68 9788.06 9044.51 9008.08 8509.56 8701.07 9771.7 10169.9 10683.39 10223.09 9975.35 10581.49 10809.12 11483.4 11309.09 10527.85 11328.36 11695.24 11801.7 12526.32 13055.67

244876.5225 276307.9225 318208.81 370698.3225 337561 339481.0225 364634.8225 410624.64 362765.29 316518.76 278572.84 323362.8225 289013.76 285476.49 387195.0625 398097.9025 432372.0025 380935.84 383532.49 387942.1225 382233.0625 407937.69 455625 305035.29 414285.3225 462604.0225 459819.61 494068.41 539931.04

4644375.087 5012771.865 5550569.129 6414941.016 5789252.49 5671643.283 6110968.039 6812421.696 6226384.664 5506762.556 4773692.378 5122444.692 4574739.456 4648981.701 6080440.325 6416698.405 7024863.095 6309691.148 6177734.255 6590681.047 6682738.44 7334447.58 7633635.75 5814531.555 7291498.914 7954517.486 8002732.77 8804750.328 9593306.316 314128628.7

580949.44 17242199.96

18533589091 18274897487 258691604.3 1017289797 1000047598 BETA

0.258679292

66

X 283.1 275 265.5 264.1 270 260.3 278.85 275.5 272.5 264 264.9 259 257.5 252.5 249.35 251.2 246.9 252 247.5 247.45 247.5 256.5 253.55 242 251 270.05 256.5 261.05 264.5 272.45 278.95 282 283 297 297.05 276 279.1 291 252.25 237 237 232 218.6

BoB Y 9647.31 9716.16 9533.52 9328.92 9568.72 9686.75 9928.35 10099.91 10076.43 9715.29 9976.98 9832.39 9690.07 9645.46 9654.9 9162.62 8965.2 9229.75 8747.43 8739.24 8839.87 9092.72 9026.72 8695.53 8903.12 8915.21 8451.01 8773.78 8937.2 9291.01 9385.42 9536.33 9839.69 10536.16 9964.29 9734.22 10120.01 10631.12 10337.68 9788.06 9044.51 9008.08 8509.56

X2 80145.61 75625 70490.25 69748.81 72900 67756.09 77757.3225 75900.25 74256.25 69696 70172.01 67081 66306.25 63756.25 62175.4225 63101.44 60959.61 63504 61256.25 61231.5025 61256.25 65792.25 64287.6025 58564 63001 72927.0025 65792.25 68147.1025 69960.25 74229.0025 77813.1025 79524 80089 88209 88238.7025 76176 77896.81 84681 63630.0625 56169 56169 53824 47785.96

X*Y 2731153.46 2671944 2531149.56 2463767.77 2583554.4 2521461.03 2768520.4 2782525.21 2745827.18 2564836.56 2642902 2546589.01 2495193.03 2435478.65 2407449.32 2301650.14 2213507.88 2325897 2164988.93 2162524.94 2187867.83 2332282.68 2288724.86 2104318.26 2234683.12 2407552.46 2167684.07 2290395.27 2363889.4 2531335.67 2618062.91 2689245.06 2784632.27 3129239.52 2959892.34 2686644.72 2824494.79 3093655.92 2607679.78 2319770.22 2143548.87 2089874.56 1860189.82

67

245.5 273.5 285.9 309.5 315 302 317.5 307.8 309.1 309.8 278.5 286.95 290.1 292 297 314.25 16007.6

8701.07 9771.7 10169.9 10683.39 10223.09 9975.35 10581.49 10809.12 11483.4 11309.09 10527.85 11328.36 11695.24 11801.7 12526.32 13055.67 580949.44

60270.25 74802.25 81738.81 95790.25 99225 91204 100806.25 94740.84 95542.81 95976.04 77562.25 82340.3025 84158.01 85264 88209 98753.0625 4374364.79

2136112.69 2672559.95 2907574.41 3306509.21 3220273.35 3012555.7 3359623.08 3327047.14 3549518.94 3503556.08 2932006.23 3250672.9 3392789.12 3446096.4 3720317.04 4102744.3 158616541

9358375940 9299606256 58769684.29 258087522.6 253713157.8 BETA

0.2316383

68

X 286.75 294 290.6 278 286.7 282.95 302 293.95 286.2 275 276.2 267.5 272 263.5 250 247.3 246 247.5 244 242.2 241.5 252.05 242 232.55 234.95 252.35 247.5 249 249.2 260 277.6 276 274.75 282 274.5 260.9 272.4 275.15 247.6 243.8 222 213.5 203.45

BoI Y 9647.31 9716.16 9533.52 9328.92 9568.72 9686.75 9928.35 10099.91 10076.43 9715.29 9976.98 9832.39 9690.07 9645.46 9654.9 9162.62 8965.2 9229.75 8747.43 8739.24 8839.87 9092.72 9026.72 8695.53 8903.12 8915.21 8451.01 8773.78 8937.2 9291.01 9385.42 9536.33 9839.69 10536.16 9964.29 9734.22 10120.01 10631.12 10337.68 9788.06 9044.51 9008.08 8509.56

X2 X*Y 82225.5625 2766366.1 86436 2856551 84448.36 2770440.9 77284 2593439.8 82196.89 2743352 80060.7025 2740865.9 91204 2998361.7 86406.6025 2968868.5 81910.44 2883874.3 75625 2671704.8 76286.44 2755641.9 71556.25 2630164.3 73984 2635699 69432.25 2541578.7 62500 2413725 61157.29 2265915.9 60516 2205439.2 61256.25 2284363.1 59536 2134372.9 58660.84 2116643.9 58322.25 2134828.6 63529.2025 2291820.1 58564 2184466.2 54079.5025 2022145.5 55201.5025 2091788 63680.5225 2249753.2 61256.25 2091625 62001 2184671.2 62100.64 2227150.2 67600 2415662.6 77061.76 2605392.6 76176 2632027.1 75487.5625 2703454.8 79524 2971197.1 75350.25 2735197.6 68068.81 2539658 74201.76 2756690.7 75707.5225 2925152.7 61305.76 2559609.6 59438.44 2386329 49284 2007881.2 45582.25 1923225.1 41391.9025 1731270

69

229.1 258.3 270 288.65 298.2 302.15 292 290 293 280 262 273 283.1 272.5 291 289.5 15689.6

8701.07 9771.7 10169.9 10683.39 10223.09 9975.35 10581.49 10809.12 11483.4 11309.09 10527.85 11328.36 11695.24 11801.7 12526.32 13055.67 580949.44

52486.81 66718.89 72900 83318.8225 88923.24 91294.6225 85264 84100 85849 78400 68644 74529 80145.61 74256.25 84681 83810.25

1993415.1 2524030.1 2745873 3083760.5 3048525.4 3014052 3089795.1 3134644.8 3364636.2 3166545.2 2758296.7 3092642.3 3310922.4 3215963.3 3645159.1 3779616.5

4202919.26 155316243

9163658342 9114864334 48794008.43 247972236 243769317.1 BETA

0.2001647

70

X 188.5 193 192.5 190 191.55 192 196 191.75 179 167.5 167.55 164.5 163 163.25 164.6 163 167 171.5 171.5 163.8 162.5 169 164 161 157.5 162.4 162.5 172 173.3 178 187.3 186.9 189.95 199 195.1 184.75 179.6 177 170 166.7 158.9 154 141

CANARA Y X2 X*Y 9647.31 35532.25 1818517.935 9716.16 37249 1875218.88 9533.52 37056.25 1835202.6 9328.92 36100 1772494.8 9568.72 36691.403 1832888.316 9686.75 36864 1859856 9928.35 38416 1945956.6 10099.91 36768.063 1936657.743 10076.43 32041 1803680.97 9715.29 28056.25 1627311.075 9976.98 28073.003 1671642.999 9832.39 27060.25 1617428.155 9690.07 26569 1579481.41 9645.46 26650.563 1574621.345 9654.9 27093.16 1589196.54 9162.62 26569 1493507.06 8965.2 27889 1497188.4 9229.75 29412.25 1582902.125 8747.43 29412.25 1500184.245 8739.24 26830.44 1431487.512 8839.87 26406.25 1436478.875 9092.72 28561 1536669.68 9026.72 26896 1480382.08 8695.53 25921 1399980.33 8903.12 24806.25 1402241.4 8915.21 26373.76 1447830.104 8451.01 26406.25 1373289.125 8773.78 29584 1509090.16 8937.2 30032.89 1548816.76 9291.01 31684 1653799.78 9385.42 35081.29 1757889.166 9536.33 34931.61 1782340.077 9839.69 36081.003 1869049.116 10536.16 39601 2096695.84 9964.29 38064.01 1944032.979 9734.22 34132.563 1798397.145 10120.01 32256.16 1817553.796 10631.12 31329 1881708.24 10337.68 28900 1757405.6 9788.06 27788.89 1631669.602 9044.51 25249.21 1437172.639 9008.08 23716 1387244.32 8509.56 19881 1199847.96

71

157 175.4 178 183 183.25 172 181.05 172.3 177 177.1 173.2 167.3 177.3 177.55 184 186.05 10315.4

8701.07 9771.7 10169.9 10683.39 10223.09 9975.35 10581.49 10809.12 11483.4 11309.09 10527.85 11328.36 11695.24 11801.7 12526.32 13055.67 580949.44

24649 30765.16 31684 33489 33580.563 29584 32779.103 29687.29 31329 31364.41 29998.24 27989.29 31435.29 31524.003 33856 34614.603 1812345.2

1366067.99 1713956.18 1810242.2 1955060.37 1873381.243 1715760.2 1915778.765 1862411.376 2032561.8 2002839.839 1823423.62 1895234.628 2073566.052 2095391.835 2304842.88 2429007.404 101864535.9

6010007616 5992725853 17281763 106928367.7 105116022 BETA

0.16440655

72

X 65.42 68.79 71.67 72.9 72.33 74.12 66.4 67.96 64.18 63.12 61.13 63.91 58.74 54.63 55.31 53.91 50.82 57.2 54.2 53.98 54.55 48.29 45.25 50.09 55.74 57.07 58.01 61.97 55.5 60.6 66.3 66 62.9 66.08 74.06 68.81 65.6 64.69 58.08 60.63 52.19 53.01 60.54

HDFC Y X2 XY 9647.31 4279.7764 631127.02 9716.16 4732.0641 668374.646 9533.52 5136.5889 683267.378 9328.92 5314.41 680078.268 9568.72 5231.6289 692105.518 9686.75 5493.7744 717981.91 9928.35 4408.96 659242.44 10099.91 4618.5616 686389.884 10076.43 4119.0724 646705.277 9715.29 3984.1344 613229.105 9976.98 3736.8769 609892.787 9832.39 4084.4881 628388.045 9690.07 3450.3876 569194.712 9645.46 2984.4369 526931.48 9654.9 3059.1961 534012.519 9162.62 2906.2881 493956.844 8965.2 2582.6724 455611.464 9229.75 3271.84 527941.7 8747.43 2937.64 474110.706 8739.24 2913.8404 471744.175 8839.87 2975.7025 482214.909 9092.72 2331.9241 439087.449 9026.72 2047.5625 408459.08 8695.53 2509.0081 435559.098 8903.12 3106.9476 496259.909 8915.21 3256.9849 508791.035 8451.01 3365.1601 490243.09 8773.78 3840.2809 543711.147 8937.2 3080.25 496014.6 9291.01 3672.36 563035.206 9385.42 4395.69 622253.346 9536.33 4356 629397.78 9839.69 3956.41 618916.501 10536.16 4366.5664 696229.453 9964.29 5484.8836 737955.317 9734.22 4734.8161 669811.678 10120.01 4303.36 663872.656 10631.12 4184.7961 687727.153 10337.68 3373.2864 600412.454 9788.06 3675.9969 593450.078 9044.51 2723.7961 472032.977 9008.08 2810.0601 477518.321 8509.56 3665.0916 515168.762

73

58.1 64.28 68.42 65.49 67 62.2 71.67 73.86 62 66.35 70.14 70.45 75 86 86.5 87.72 3751.86

8701.07 9771.7 10169.9 10683.39 10223.09 9975.35 10581.49 10809.12 11483.4 11309.09 10527.85 11328.36 11695.24 11801.7 12526.32 13055.67 580949.44

3375.61 4131.9184 4681.2964 4288.9401 4489 3868.84 5136.5889 5455.2996 3844 4402.3225 4919.6196 4963.2025 5625 7396 7482.25 7694.7984 243218.258

505532.167 628124.876 695824.558 699655.211 684947.03 620466.77 758375.388 798361.603 711970.8 750358.122 738423.399 798082.962 877143 1014946.2 1083526.68 1145243.37 37329390

2202434011 2179640966 22793044.92 14349877.22 14106658.96 BETA 1.61576494

74

X 447.6 460 442.2 415.7 437.5 428.75 446.7 475 469.55 432.9 420 418.05 411 410.65 401.3 368.15 357.5 364 333 323.1 327 354 348.35 321.8 319.1 338.1 323.25 345.8 363.5 390 394.6 398.85 429.6 471 438.25 430 446 469.5 429.35 399.5 349.15 337.7 315

ICICI Y 9647.31 9716.16 9533.52 9328.92 9568.72 9686.75 9928.35 10099.91 10076.43 9715.29 9976.98 9832.39 9690.07 9645.46 9654.9 9162.62 8965.2 9229.75 8747.43 8739.24 8839.87 9092.72 9026.72 8695.53 8903.12 8915.21 8451.01 8773.78 8937.2 9291.01 9385.42 9536.33 9839.69 10536.16 9964.29 9734.22 10120.01 10631.12 10337.68 9788.06 9044.51 9008.08 8509.56

X2 XY 200345.76 4318135.956 211600 4469433.6 195540.84 4215722.544 172806.49 3878032.044 191406.25 4186315 183826.5625 4153194.063 199540.89 4434993.945 225625 4797457.25 220477.2025 4731387.707 187402.41 4205749.041 176400 4190331.6 174765.8025 4110430.64 168921 3982618.77 168633.4225 3960908.149 161041.69 3874511.37 135534.4225 3373218.553 127806.25 3205059 132496 3359629 110889 2912894.19 104393.61 2823648.444 106929 2890637.49 125316 3218822.88 121347.7225 3144457.912 103555.24 2798221.554 101824.81 2840985.592 114311.61 3014232.501 104490.5625 2731788.983 119577.64 3033973.124 132132.25 3248672.2 152100 3623493.9 155709.16 3703486.732 159081.3225 3803565.221 184556.16 4227130.824 221841 4962531.36 192063.0625 4366850.093 184900 4185714.6 198916 4513524.46 220430.25 4991310.84 184341.4225 4438482.908 159600.25 3910329.97 121905.7225 3157890.667 114041.29 3042028.616 99225 2680511.4

75

313.2 366.8 396.55 431 415 395 414.5 415.8 442 425 370 457.05 488.1 492.5 509 554.5 23888.05

8701.07 98094.24 9771.7 134542.24 10169.9 157251.9025 10683.39 185761 10223.09 172225 9975.35 156025 10581.49 171810.25 10809.12 172889.64 11483.4 195364 11309.09 180625 10527.85 136900 11328.36 208894.7025 11695.24 238241.61 11801.7 242556.25 12526.32 259081 13055.67 307470.25 580949.44 9845380.163

2725175.124 3584259.56 4032873.845 4604541.09 4242582.35 3940263.25 4386027.605 4494432.096 5075662.8 4806363.25 3895304.5 5177626.938 5708446.644 5812337.25 6375896.88 7239369.015 237813476.9

14030995136 13877749270 153245866.1 580877429.6 571032049.4 BETA

0.268366489

76

X 67.65 69.4 67.35 63.7 65.65 64.1 68.7 69.95 67.4 63.55 68.5 66 65.9 63.2 61.15 59.05 58.9 59.8 56.7 55.45 55.7 57.95 60.05 59.95 59.25 62.35 62.7 62.05 65.4 65.7 66.6 65.45 67.15 68.8 65.1 62.15 65.5 66.9 62.15 58.35 55.8 59.4 55.3

IDBI Y 9647.31 9716.16 9533.52 9328.92 9568.72 9686.75 9928.35 10099.91 10076.43 9715.29 9976.98 9832.39 9690.07 9645.46 9654.9 9162.62 8965.2 9229.75 8747.43 8739.24 8839.87 9092.72 9026.72 8695.53 8903.12 8915.21 8451.01 8773.78 8937.2 9291.01 9385.42 9536.33 9839.69 10536.16 9964.29 9734.22 10120.01 10631.12 10337.68 9788.06 9044.51 9008.08 8509.56

X2 4576.5225 4816.36 4536.0225 4057.69 4309.9225 4108.81 4719.69 4893.0025 4542.76 4038.6025 4692.25 4356 4342.81 3994.24 3739.3225 3486.9025 3469.21 3576.04 3214.89 3074.7025 3102.49 3358.2025 3606.0025 3594.0025 3510.5625 3887.5225 3931.29 3850.2025 4277.16 4316.49 4435.56 4283.7025 4509.1225 4733.44 4238.01 3862.6225 4290.25 4475.61 3862.6225 3404.7225 3113.64 3528.36 3058.09

XY 652640.52 674301.5 642082.57 594252.2 628186.47 620920.68 682077.65 706488.7 679151.38 617406.68 683423.13 648937.74 638575.61 609593.07 590397.14 541052.71 528050.28 551939.05 495979.28 484590.86 492380.76 526923.12 542054.54 521297.02 527509.86 555863.34 529878.33 544413.05 584492.88 610419.36 625068.97 624152.8 660735.18 724887.81 648675.28 604981.77 662860.66 711221.93 642486.81 571133.3 504683.66 535079.95 470578.67

77

60.2 68.3 70.75 73.25 72.35 72.65 75.6 72.4 75.95 75.4 64.95 69.3 74.65 73.1 76.45 76.85 3864

8701.07 9771.7 10169.9 10683.39 10223.09 9975.35 10581.49 10809.12 11483.4 11309.09 10527.85 11328.36 11695.24 11801.7 12526.32 13055.67 580949.44

3624.04 4664.89 5005.5625 5365.5625 5234.5225 5278.0225 5715.36 5241.76 5768.4025 5685.16 4218.5025 4802.49 5572.6225 5343.61 5844.6025 5905.9225 255046.46

523804.41 667407.11 719520.43 782558.32 739640.56 724709.18 799960.64 782580.29 872164.23 852705.39 683783.86 785055.35 873049.67 862704.27 957637.16 1003328.2 38322435

2261023687 2244788636 16235050.73 15047741.1 14792694.68 BETA 1.0975046

78

X 357.05 359.6 351.8 339.1 359 333 360.5 377.05 378.3 360.5 388 387 370 380.7 359.7 351.1 355.05 359 327 329 319.6 337 327 307 311.55 309 295.4 292.1 309.5 332.05 379 392 400 434.5 416 433.8 430 431.75 369.6 332.9 323.85 314.5 295.25

KOTAK Y X2 X*Y 9647.31 127484.7 3444572.036 9716.16 129312.16 3493931.136 9533.52 123763.24 3353892.336 9328.92 114988.81 3163436.772 9568.72 128881 3435170.48 9686.75 110889 3225687.75 9928.35 129960.25 3579170.175 10099.91 142166.7 3808171.066 10076.43 143110.89 3811913.469 9715.29 129960.25 3502362.045 9976.98 150544 3871068.24 9832.39 149769 3805134.93 9690.07 136900 3585325.9 9645.46 144932.49 3672026.622 9654.9 129384.09 3472867.53 9162.62 123271.21 3216995.882 8965.2 126060.5 3183094.26 9229.75 128881 3313480.25 8747.43 106929 2860409.61 8739.24 108241 2875209.96 8839.87 102144.16 2825222.452 9092.72 113569 3064246.64 9026.72 106929 2951737.44 8695.53 94249 2669527.71 8903.12 97063.403 2773767.036 8915.21 95481 2754799.89 8451.01 87261.16 2496428.354 8773.78 85322.41 2562821.138 8937.2 95790.25 2766063.4 9291.01 110257.2 3085079.871 9385.42 143641 3557074.18 9536.33 153664 3738241.36 9839.69 160000 3935876 10536.16 188790.25 4577961.52 9964.29 173056 4145144.64 9734.22 188182.44 4222704.636 10120.01 184900 4351604.3 10631.12 186408.06 4589986.06 10337.68 136604.16 3820806.528 9788.06 110822.41 3258445.174 9044.51 104878.82 2929064.564 9008.08 98910.25 2833041.16 8509.56 87172.563 2512447.59

79

308.3 379.5 394.2 423 409 424.5 461 483.65 495 470.1 436 457 436 472.05 545 555.35 22425.45

8701.07 9771.7 10169.9 10683.39 10223.09 9975.35 10581.49 10809.12 11483.4 11309.09 10527.85 11328.36 11695.24 11801.7 12526.32 13055.67 580949.44

95048.89 144020.25 155393.64 178929 167281 180200.25 212521 233917.32 245025 220994.01 190096 208849 190096 222831.2 297025 308413.62 8741167

2682539.881 3708360.15 4008974.58 4519073.97 4181243.81 4234536.075 4878066.89 5227830.888 5684283 5316403.209 4590142.6 5177060.52 5099124.64 5570992.485 6826844.4 7250466.335 224051955.5

13219065376 13028052619 191012757 515728854.6 506987688 BETA

0.376760149

80

X 527.5 527.55 511 500 509.1 501.5 527.8 523.5 500.05 481.3 483.3 470.9 471 457.7 449.9 449.05 444.75 450 432 412.5 414 444 444.15 435 439 457.05 433.5 449 453.1 467 471 464 485 505.4 499 471.05 488.1 484 456 430 407 416.4 392.9

PNB Y 9647.31 9716.16 9533.52 9328.92 9568.72 9686.75 9928.35 10099.91 10076.43 9715.29 9976.98 9832.39 9690.07 9645.46 9654.9 9162.62 8965.2 9229.75 8747.43 8739.24 8839.87 9092.72 9026.72 8695.53 8903.12 8915.21 8451.01 8773.78 8937.2 9291.01 9385.42 9536.33 9839.69 10536.16 9964.29 9734.22 10120.01 10631.12 10337.68 9788.06 9044.51 9008.08 8509.56

X2 X*Y 278256.25 5088956.025 278309.0025 5125760.208 261121 4871628.72 250000 4664460 259182.81 4871435.352 251502.25 4857905.125 278572.84 5240183.13 274052.25 5287302.885 250050.0025 5038718.822 231649.69 4675969.077 233578.89 4821874.434 221746.81 4630072.451 221841 4564022.97 209489.29 4414727.042 202410.01 4343739.51 201645.9025 4114474.511 197802.5625 3987272.7 202500 4153387.5 186624 3778889.76 170156.25 3604936.5 171396 3659706.18 197136 4037167.68 197269.2225 4009217.688 189225 3782555.55 192721 3908469.68 208894.7025 4074696.731 187922.25 3663512.835 201601 3939427.22 205299.61 4049445.32 218089 4338901.67 221841 4420532.82 215296 4424857.12 235225 4772249.65 255429.16 5324975.264 249001 4972180.71 221888.1025 4585304.331 238241.61 4939576.881 234256 5145462.08 207936 4713982.08 184900 4208865.8 165649 3681115.57 173388.96 3750964.512 154370.41 3343406.124

81

428 483.4 474 498 500.55 494 500 487 491.25 499.25 460 489.9 498 492 492 495 27818.4

8701.07 183184 9771.7 233675.56 10169.9 224676 10683.39 248004 10223.09 250550.3025 9975.35 244036 10581.49 250000 10809.12 237169 11483.4 241326.5625 11309.09 249250.5625 10527.85 211600 11328.36 240002.01 11695.24 248004 11801.7 242064 12526.32 242064 13055.67 245025 580949.44 13178097.84

3724057.96 4723639.78 4820532.6 5320328.22 5117167.7 4927822.9 5290745 5264041.44 5641220.25 5646063.183 4842811 5549763.564 5824229.52 5806436.4 6162949.44 6462556.65 275006655.8

16225392694 16161083902 64308791.86 777507772.3 764329674.4 BETA

0.084137505

82

X 1290 1287 1274 1242 1294.05 1261.15 1278.25 1286.2 1290.2 1200.9 1236 1200 1210.1 1202 1190.35 1163.7 1138.15 1174.7 1093.1 1035 1059 1085.05 1092 1062 1136.45 1200.2 1122.3 1075 1109.2 1167.55 1180 1181.3 1227.15 1312 1256 1217.7 1272 1314 1264.6 1114 1105.1 1123.15 1050.3

SBI Y 9647.31 9716.16 9533.52 9328.92 9568.72 9686.75 9928.35 10099.91 10076.43 9715.29 9976.98 9832.39 9690.07 9645.46 9654.9 9162.62 8965.2 9229.75 8747.43 8739.24 8839.87 9092.72 9026.72 8695.53 8903.12 8915.21 8451.01 8773.78 8937.2 9291.01 9385.42 9536.33 9839.69 10536.16 9964.29 9734.22 10120.01 10631.12 10337.68 9788.06 9044.51 9008.08 8509.56

X2 1664100 1656369 1623076 1542564 1674565.403 1590499.323 1633923.063 1654310.44 1664616.04 1442160.81 1527696 1440000 1464342.01 1444804 1416933.123 1354197.69 1295385.423 1379920.09 1194867.61 1071225 1121481 1177333.503 1192464 1127844 1291518.603 1440480.04 1259557.29 1155625 1230324.64 1363173.003 1392400 1395469.69 1505897.123 1721344 1577536 1482793.29 1617984 1726596 1599213.16 1240996 1221246.01 1261465.923 1103130.09

X*Y 12445029.9 12504697.9 12145704.5 11586518.6 12382402.1 12216444.8 12690913.4 12990504.2 13000610 11667091.8 12331547.3 11798868 11725953.7 11593842.9 11492710.2 10662540.9 10203742.4 10842187.3 9561815.73 9045113.4 9361422.33 9866055.84 9857178.24 9234652.86 10117950.7 10700035 9484568.52 9431813.5 9913142.24 10847718.7 11074795.6 11265266.6 12074775.6 13823441.9 12515148.2 11853359.7 12872652.7 13969291.7 13073030.1 10903898.8 9995088 10117425.1 8937590.87

83

1119.4 1325 1395 1489 1439 1390 1546 1499 1510 1526.6 1348 1311.05 1419 1443 1485.3 1493 73811.25

8701.07 1253056.36 9739977.76 9771.7 1755625 12947502.5 10169.9 1946025 14187010.5 10683.39 2217121 15907567.7 10223.09 2070721 14711026.5 9975.35 1932100 13865736.5 10581.49 2390116 16358983.5 10809.12 2247001 16202870.9 11483.4 2280100 17339934 11309.09 2330507.56 17264456.8 10527.85 1817104 14191541.8 11328.36 1718852.103 14852046.4 11695.24 2013561 16595545.6 11801.7 2082249 17029853.1 12526.32 2206116.09 18605343.1 13055.67 2229049 19492115.3 580949.44 93430731.5 733470054

43274733184 42880604353 394128830.5 5512413158 5418982427 BETA 0.07273115

84

2. EARNING PER SHARE:-

NO 1 2 3 4 5 6 7 8 9 10

NAME

EPS

Axis Bank Ltd. 30.37 Bank of Baroda 39.40 Bank of India 38.26 Canara Bank 38.14 HDFC Bank Ltd. 44.85 ICICI Bank Ltd. 36.78 IDBI Bank Ltd. 7.03 Kotak Mahindra Bank Ltd. 8.50 Punjab National Bank 64.94 State Bank of India 106.39

The data collected from NSE as on ending of last quarter of 2008.

85

3. PROFIT EARNING:-

BANKS AXIS BoB BoI CANARA HDFC ICICI IDBI Kotak PNB SBI

EPS
30.37 39.4 38.26 38.14 44.85 36.78 7.03 8.5 64.94 106.39

MKT S.P
414.5 234.55 219.9 165.9 967.85 332.6 45.4 282.95 410.9 1066.5

PE
13.65 5.95 5.75 4.35 21.58 9.04 6.46 33.29 6.33 10.02

To consider market share price as on date 31st March 2009 for calculating Profit Earnings of the Banks.

86

4. NONE PERFORMING ASSETS:-

NO 1 2 3 4 5 6 7 8 9 10

NAME

NPA 0.42 0.47 0.52 0.84 0.47 1.55 1.3 1.78 0.64 1.78

Axis Bank Ltd. Bank of Baroda Bank of India Canara Bank HDFC Bank Ltd. ICICI Bank Ltd. IDBI Bank Ltd. Kotak Mahindra Bank Ltd. Punjab National Bank State Bank of India

The data collected from NSE as on ending of last quarter of 2008.

87

5. STANDARD DEVIATION:-

DATE 31-Dec-08 30-Dec-08 29-Dec-08 26-Dec-08 24-Dec-08 23-Dec-08 22-Dec-08 19-Dec-08 18-Dec-08 17-Dec-08 16-Dec-08 15-Dec-08 12-Dec-08 11-Dec-08 10-Dec-08 8-Dec-08 5-Dec-08 4-Dec-08 3-Dec-08 2-Dec-08 1-Dec-08 28-Nov-08 26-Nov-08 25-Nov-08 24-Nov-08 21-Nov-08 20-Nov-08 19-Nov-08 18-Nov-08 17-Nov-08 14-Nov-08 12-Nov-08 11-Nov-08 10-Nov-08 7-Nov-08 6-Nov-08 5-Nov-08 4-Nov-08 3-Nov-08

AXIS A A-X (A-X)2 504.65 28.35 803.7225 510.4 22.6 510.76 494.8 38.2 1459.24 481.75 51.25 2626.563 489.2 43.8 1918.44 498.9 34.1 1162.81 536.85 -3.85 14.8225 545.7 -12.7 161.29 538.3 -5.3 28.09 497.4 35.6 1267.36 500.75 32.25 1040.063 485.55 47.45 2251.503 469 64 4096 457.6 75.4 5685.16 462.75 70.25 4935.063 451.5 81.5 6642.25 443.1 89.9 8082.01 455.2 77.8 6052.84 432.95 100.05 10010 428.8 104.2 10857.64 413.05 119.95 14388 406.85 126.15 15913.82 405.05 127.95 16371.2 381.95 151.05 22816.1 397.6 135.4 18333.16 411.75 121.25 14701.56 406.05 126.95 16116.3 427.4 105.6 11151.36 437.4 95.6 9139.36 455.75 77.25 5967.563 494.85 38.15 1455.423 525.65 7.35 54.0225 564.1 -31.1 967.21 608.85 -75.85 5753.223 581 -48 2304 582.65 -49.65 2465.123 603.85 -70.85 5019.723 640.8 -107.8 11620.84 602.3 -69.3 4802.49

88

31-Oct-08 29-Oct-08 28-Oct-08 27-Oct-08 24-Oct-08 23-Oct-08 22-Oct-08 21-Oct-08 20-Oct-08 17-Oct-08 16-Oct-08 15-Oct-08 14-Oct-08 13-Oct-08 10-Oct-08 8-Oct-08 7-Oct-08 6-Oct-08 3-Oct-08 1-Oct-08

562.6 527.8 568.65 537.6 534.3 622.25 630.95 657.55 617.2 619.3 622.85 618.25 638.7 675 552.3 643.65 680.15 678.1 702.9 734.8

-29.6 5.2 -35.65 -4.6 -1.3 -89.25 -97.95 -124.55 -84.2 -86.3 -89.85 -85.25 -105.7 -142 -19.3 -110.65 -147.15 -145.1 -169.9 -201.8

876.16 27.04 1270.923 21.16 1.69 7965.563 9594.203 15512.7 7089.64 7447.69 8073.023 7267.563 11172.49 20164 372.49 12243.42 21653.12 21054.01 28866.01 40723.24

AVERAGE

533.169 S.D.

470342.3 8109.349 11.82

89

DATE 31-Dec-08 30-Dec-08 29-Dec-08 26-Dec-08 24-Dec-08 23-Dec-08 22-Dec-08 19-Dec-08 18-Dec-08 17-Dec-08 16-Dec-08 15-Dec-08 12-Dec-08 11-Dec-08 10-Dec-08 8-Dec-08 5-Dec-08 4-Dec-08 3-Dec-08 2-Dec-08 1-Dec-08 28-Nov-08 26-Nov-08 25-Nov-08 24-Nov-08 21-Nov-08 20-Nov-08 19-Nov-08 18-Nov-08 17-Nov-08 14-Nov-08 12-Nov-08 11-Nov-08 10-Nov-08 7-Nov-08 6-Nov-08 5-Nov-08 4-Nov-08 3-Nov-08 31-Oct-08

BoB A 283.1 275 265.5 264.1 270 260.3 278.85 275.5 272.5 264 264.9 259 257.5 252.5 249.35 251.2 246.9 252 247.5 247.45 247.5 256.5 253.55 242 251 270.05 256.5 261.05 264.5 272.45 278.95 282 283 297 297.05 276 279.1 291 252.25 237

A-X 11.78 3.68 -5.82 -7.22 -1.32 -11.02 7.53 4.18 1.18 -7.32 -6.42 -12.32 -13.82 -18.82 -21.97 -20.12 -24.42 -19.32 -23.82 -23.87 -23.82 -14.82 -17.77 -29.32 -20.32 -1.27 -14.82 -10.27 -6.82 1.13 7.63 10.68 11.68 25.68 25.73 4.68 7.78 19.68 -19.07 -34.32

(A-X)2 138.7684 13.5424 33.8724 52.1284 1.7424 121.4404 56.7009 17.4724 1.3924 53.5824 41.2164 151.7824 190.9924 354.1924 482.6809 404.8144 596.3364 373.2624 567.3924 569.7769 567.3924 219.6324 315.7729 859.6624 412.9024 1.6129 219.6324 105.4729 46.5124 1.2769 58.2169 114.0624 136.4224 659.4624 662.0329 21.9024 60.5284 387.3024 363.6649 1177.862

90

29-Oct-08 28-Oct-08 27-Oct-08 24-Oct-08 23-Oct-08 22-Oct-08 21-Oct-08 20-Oct-08 17-Oct-08 16-Oct-08 15-Oct-08 14-Oct-08 13-Oct-08 10-Oct-08 8-Oct-08 7-Oct-08 6-Oct-08 3-Oct-08 1-Oct-08

237 232 218.6 245.5 273.5 285.9 309.5 315 302 317.5 307.8 309.1 309.8 278.5 286.95 290.1 292 297 314.25

-34.32 -39.32 -52.72 -25.82 2.18 14.58 38.18 43.68 30.68 46.18 36.48 37.78 38.48 7.18 15.63 18.78 20.68 25.68 42.93

1177.862 1546.062 2779.398 666.6724 4.7524 212.5764 1457.712 1907.942 941.2624 2132.592 1330.79 1427.328 1480.71 51.5524 244.2969 352.6884 427.6624 659.4624 1842.985 31258.73 538.94 23.22

AVERAGE

271.31525 S.D.

91

DATE 31-Dec-08 30-Dec-08 29-Dec-08 26-Dec-08 24-Dec-08 23-Dec-08 22-Dec-08 19-Dec-08 18-Dec-08 17-Dec-08 16-Dec-08 15-Dec-08 12-Dec-08 11-Dec-08 10-Dec-08 8-Dec-08 5-Dec-08 4-Dec-08 3-Dec-08 2-Dec-08 1-Dec-08 28-Nov-08 26-Nov-08 25-Nov-08 24-Nov-08 21-Nov-08 20-Nov-08 19-Nov-08 18-Nov-08 17-Nov-08 14-Nov-08 12-Nov-08 11-Nov-08 10-Nov-08 7-Nov-08 6-Nov-08 5-Nov-08 4-Nov-08 3-Nov-08 31-Oct-08

BoI A A-X (A-X)2 286.75 20.82 433.4724 294 28.07 787.9249 290.6 24.67 608.6089 278 12.07 145.6849 286.7 20.77 431.3929 282.95 17.02 289.6804 302 36.07 1301.0449 293.95 28.02 785.1204 286.2 20.27 410.8729 275 9.07 82.2649 276.2 10.27 105.4729 267.5 1.57 2.4649 272 6.07 36.8449 263.5 -2.43 5.9049 250 -15.93 253.7649 247.3 -18.63 347.0769 246 -19.93 397.2049 247.5 -18.43 339.6649 244 -21.93 480.9249 242.2 -23.73 563.1129 241.5 -24.43 596.8249 252.05 -13.88 192.6544 242 -23.93 572.6449 232.55 -33.38 1114.2244 234.95 -30.98 959.7604 252.35 -13.58 184.4164 247.5 -18.43 339.6649 249 -16.93 286.6249 249.2 -16.73 279.8929 260 -5.93 35.1649 277.6 11.67 136.1889 276 10.07 101.4049 274.75 8.82 77.7924 282 16.07 258.2449 274.5 8.57 73.4449 260.9 -5.03 25.3009 272.4 6.47 41.8609 275.15 9.22 85.0084 247.6 -18.33 335.9889 243.8 -22.13 489.7369

92

29-Oct-08 28-Oct-08 27-Oct-08 24-Oct-08 23-Oct-08 22-Oct-08 21-Oct-08 20-Oct-08 17-Oct-08 16-Oct-08 15-Oct-08 14-Oct-08 13-Oct-08 10-Oct-08 8-Oct-08 7-Oct-08 6-Oct-08 3-Oct-08 1-Oct-08

222 213.5 203.45 229.1 258.3 270 288.65 298.2 302.15 292 290 293 280 262 273 283.1 272.5 291 289.5

-43.93 -52.43 -62.48 -36.83 -7.63 4.07 22.72 32.27 36.22 26.07 24.07 27.07 14.07 -3.93 7.07 17.17 6.57 25.07 23.57

1929.8449 2748.9049 3903.7504 1356.4489 58.2169 16.5649 516.1984 1041.3529 1311.8884 679.6449 579.3649 732.7849 197.9649 15.4449 49.9849 294.8089 43.1649 628.5049 555.5449 30655.733 528.54712 22.99

AVERAGE

265.9254 S.D.

93

DATE 31-Dec-08 30-Dec-08 29-Dec-08 26-Dec-08 24-Dec-08 23-Dec-08 22-Dec-08 19-Dec-08 18-Dec-08 17-Dec-08 16-Dec-08 15-Dec-08 12-Dec-08 11-Dec-08 10-Dec-08 8-Dec-08 5-Dec-08 4-Dec-08 3-Dec-08 2-Dec-08 1-Dec-08 28-Nov-08 26-Nov-08 25-Nov-08 24-Nov-08 21-Nov-08 20-Nov-08 19-Nov-08 18-Nov-08 17-Nov-08 14-Nov-08 12-Nov-08 11-Nov-08 10-Nov-08 7-Nov-08 6-Nov-08 5-Nov-08

CANARA A A-X (A-X)2 188.5 13.66 186.5956 193 18.16 329.7856 192.5 17.66 311.8756 190 15.16 229.8256 191.55 16.71 279.2241 192 17.16 294.4656 196 21.16 447.7456 191.75 16.91 285.9481 179 4.16 17.3056 167.5 -7.34 53.8756 167.55 -7.29 53.1441 164.5 -10.34 106.9156 163 -11.84 140.1856 163.25 -11.59 134.3281 164.6 -10.24 104.8576 163 -11.84 140.1856 167 -7.84 61.4656 171.5 -3.34 11.1556 171.5 -3.34 11.1556 163.8 -11.04 121.8816 162.5 -12.34 152.2756 169 -5.84 34.1056 164 -10.84 117.5056 161 -13.84 191.5456 157.5 -17.34 300.6756 162.4 -12.44 154.7536 162.5 -12.34 152.2756 172 -2.84 8.0656 173.3 -1.54 2.3716 178 3.16 9.9856 187.3 12.46 155.2516 186.9 12.06 145.4436 189.95 15.11 228.3121 199 24.16 583.7056 195.1 20.26 410.4676 184.75 9.91 98.2081 179.6 4.76 22.6576

94

4-Nov-08 3-Nov-08 31-Oct-08 29-Oct-08 28-Oct-08 27-Oct-08 24-Oct-08 23-Oct-08 22-Oct-08 21-Oct-08 20-Oct-08 17-Oct-08 16-Oct-08 15-Oct-08 14-Oct-08 13-Oct-08 10-Oct-08 8-Oct-08 7-Oct-08 6-Oct-08 3-Oct-08 1-Oct-08 AVERAGE

177 170 166.7 158.9 154 141 157 175.4 178 183 183.25 172 181.05 172.3 177 177.1 173.2 167.3 177.3 177.55 184 186.05 174.8373

2.16 -4.84 -8.14 -15.94 -20.84 -33.84 -17.84 0.56 3.16 8.16 8.41 -2.84 6.21 -2.54 2.16 2.26 -1.64 -7.54 2.46 2.71 9.16 11.21

4.6656 23.4256 66.2596 254.0836 434.3056 1145.1456 318.2656 0.3136 9.9856 66.5856 70.7281 8.0656 38.5641 6.4516 4.6656 5.1076 2.6896 56.8516 6.0516 7.3441 83.9056 125.6641 8828.6534 152.22 12.34

S.D.

95

DATE 31-Dec-08 30-Dec-08 29-Dec-08 26-Dec-08 24-Dec-08 23-Dec-08 22-Dec-08 19-Dec-08 18-Dec-08 17-Dec-08 16-Dec-08 15-Dec-08 12-Dec-08 11-Dec-08 10-Dec-08 9-Dec-08 8-Dec-08 5-Dec-08 4-Dec-08 3-Dec-08 2-Dec-08 1-Dec-08 28-Nov-08 26-Nov-08 25-Nov-08 24-Nov-08 21-Nov-08 20-Nov-08 19-Nov-08 18-Nov-08 17-Nov-08 14-Nov-08 13-Nov-08 12-Nov-08 11-Nov-08 10-Nov-08 7-Nov-08 6-Nov-08 5-Nov-08 4-Nov-08

HDFC A 71.38 72.35 71.27 65.02 67.22 65.42 68.79 71.67 72.9 72.33 74.12 66.4 67.96 64.18 63.12 61.13 63.91 58.74 54.63 55.31 53.91 50.82 57.2 54.2 53.98 54.55 48.29 45.25 50.09 55.74 57.07 58.01 61.97 55.5 60.6 66.3 66 62.9 66.08 74.06

A-X 7.33 8.3 7.22 0.97 3.17 1.37 4.74 7.62 8.85 8.28 10.07 2.35 3.91 0.13 -0.93 -2.92 -0.14 -5.31 -9.42 -8.74 -10.14 -13.23 -6.85 -9.85 -10.07 -9.5 -15.76 -18.8 -13.96 -8.31 -6.98 -6.04 -2.08 -8.55 -3.45 2.25 1.95 -1.15 2.03 10.01

(A-X)2 53.7289 68.89 52.1284 0.9409 10.0489 1.8769 22.4676 58.0644 78.3225 68.5584 101.4049 5.5225 15.2881 0.0169 0.8649 8.5264 0.0196 28.1961 88.7364 76.3876 102.8196 175.0329 46.9225 97.0225 101.4049 90.25 248.3776 353.44 194.8816 69.0561 48.7204 36.4816 4.3264 73.1025 11.9025 5.0625 3.8025 1.3225 4.1209 100.2001

96

3-Nov-08 31-Oct-08 30-Oct-08 29-Oct-08 28-Oct-08 27-Oct-08 24-Oct-08 23-Oct-08 22-Oct-08 21-Oct-08 20-Oct-08 17-Oct-08 16-Oct-08 15-Oct-08 14-Oct-08 13-Oct-08 10-Oct-08 9-Oct-08 8-Oct-08 7-Oct-08 6-Oct-08 3-Oct-08 2-Oct-08 1-Oct-08 AVERAGE

68.81 65.6 64.69 58.08 60.63 52.19 53.01 60.54 58.1 64.28 68.42 65.49 67 62.2 71.67 73.86 62 66.35 70.14 70.45 75 86 86.5 87.72 64.0484375

4.76 1.55 0.64 -5.97 -3.42 -11.86 -11.04 -3.51 -5.95 0.23 4.37 1.44 2.95 -1.85 7.62 9.81 -2.05 2.3 6.09 6.4 10.95 21.95 22.45 23.67

22.6576 2.4025 0.4096 35.6409 11.6964 140.6596 121.8816 12.3201 35.4025 0.0529 19.0969 2.0736 8.7025 3.4225 58.0644 96.2361 4.2025 5.29 37.0881 40.96 119.9025 481.8025 504.0025 560.2689 4832.477 83.32 9.13

S.D

97

DATE 31-Dec-08 30-Dec-08 29-Dec-08 26-Dec-08 24-Dec-08 23-Dec-08 22-Dec-08 19-Dec-08 18-Dec-08 17-Dec-08 16-Dec-08 15-Dec-08 12-Dec-08 11-Dec-08 10-Dec-08 8-Dec-08 5-Dec-08 4-Dec-08 3-Dec-08 2-Dec-08 1-Dec-08 28-Nov-08 26-Nov-08 25-Nov-08 24-Nov-08 21-Nov-08 20-Nov-08 19-Nov-08 18-Nov-08 17-Nov-08 14-Nov-08 12-Nov-08 11-Nov-08 10-Nov-08 7-Nov-08 6-Nov-08 5-Nov-08

ICICI A A-X (A-X)2 447.6 42.72 1824.998 460 55.12 3038.214 442.2 37.32 1392.782 415.7 10.82 117.0724 437.5 32.62 1064.064 428.75 23.87 569.7769 446.7 41.82 1748.912 475 70.12 4916.814 469.55 64.67 4182.209 432.9 28.02 785.1204 420 15.12 228.6144 418.05 13.17 173.4489 411 6.12 37.4544 410.65 5.77 33.2929 401.3 -3.58 12.8164 368.15 -36.73 1349.093 357.5 -47.38 2244.864 364 -40.88 1671.174 333 -71.88 5166.734 323.1 -81.78 6687.968 327 -77.88 6065.294 354 -50.88 2588.774 348.35 -56.53 3195.641 321.8 -83.08 6902.286 319.1 -85.78 7358.208 338.1 -66.78 4459.568 323.25 -81.63 6663.457 345.8 -59.08 3490.446 363.5 -41.38 1712.304 390 -14.88 221.4144 394.6 -10.28 105.6784 398.85 -6.03 36.3609 429.6 24.72 611.0784 471 66.12 4371.854 438.25 33.37 1113.557 430 25.12 631.0144 446 41.12 1690.854

98

4-Nov-08 3-Nov-08 31-Oct-08 29-Oct-08 28-Oct-08 27-Oct-08 24-Oct-08 23-Oct-08 22-Oct-08 21-Oct-08 20-Oct-08 17-Oct-08 16-Oct-08 15-Oct-08 14-Oct-08 13-Oct-08 10-Oct-08 8-Oct-08 7-Oct-08 6-Oct-08 3-Oct-08 1-Oct-08 AVERAGE

469.5 429.35 399.5 349.15 337.7 315 313.2 366.8 396.55 431 415 395 414.5 415.8 442 425 370 457.05 488.1 492.5 509 554.5 404.8822

64.62 24.47 -5.38 -55.73 -67.18 -89.88 -91.68 -38.08 -8.33 26.12 10.12 -9.88 9.62 10.92 37.12 20.12 -34.88 52.17 83.22 87.62 104.12 149.62

4175.744 598.7809 28.9444 3105.833 4513.152 8078.414 8405.222 1450.086 69.3889 682.2544 102.4144 97.6144 92.5444 119.2464 1377.894 404.8144 1216.614 2721.709 6925.568 7677.264 10840.97 22386.14 173533.8 2991.96 54.7

s.d.

99

DATE 31-Dec-08 30-Dec-08 29-Dec-08 26-Dec-08 24-Dec-08 23-Dec-08 22-Dec-08 19-Dec-08 18-Dec-08 17-Dec-08 16-Dec-08 15-Dec-08 12-Dec-08 11-Dec-08 10-Dec-08 8-Dec-08 5-Dec-08 4-Dec-08 3-Dec-08 2-Dec-08 1-Dec-08 28-Nov-08 26-Nov-08 25-Nov-08 24-Nov-08 21-Nov-08 20-Nov-08 19-Nov-08 18-Nov-08 17-Nov-08 14-Nov-08 12-Nov-08 11-Nov-08 10-Nov-08 7-Nov-08 6-Nov-08 5-Nov-08 4-Nov-08 3-Nov-08 31-Oct-08

IDBI A A-X (A-X)2 67.65 2.16 4.6656 69.4 3.91 15.2881 67.35 1.86 3.4596 63.7 -1.79 3.2041 65.65 0.16 0.0256 64.1 -1.39 1.9321 68.7 3.21 10.3041 69.95 4.46 19.8916 67.4 1.91 3.6481 63.55 -1.94 3.7636 68.5 3.01 9.0601 66 0.51 0.2601 65.9 0.41 0.1681 63.2 -2.29 5.2441 61.15 -4.34 18.8356 59.05 -6.44 41.4736 58.9 -6.59 43.4281 59.8 -5.69 32.3761 56.7 -8.79 77.2641 55.45 -10.04 100.8016 55.7 -9.79 95.8441 57.95 -7.54 56.8516 60.05 -5.44 29.5936 59.95 -5.54 30.6916 59.25 -6.24 38.9376 62.35 -3.14 9.8596 62.7 -2.79 7.7841 62.05 -3.44 11.8336 65.4 -0.09 0.0081 65.7 0.21 0.0441 66.6 1.11 1.2321 65.45 -0.04 0.0016 67.15 1.66 2.7556 68.8 3.31 10.9561 65.1 -0.39 0.1521 62.15 -3.34 11.1556 65.5 0.01 0.0001 66.9 1.41 1.9881 62.15 -3.34 11.1556 58.35 -7.14 50.9796

100

29-Oct-08 28-Oct-08 27-Oct-08 24-Oct-08 23-Oct-08 22-Oct-08 21-Oct-08 20-Oct-08 17-Oct-08 16-Oct-08 15-Oct-08 14-Oct-08 13-Oct-08 10-Oct-08 8-Oct-08 7-Oct-08 6-Oct-08 3-Oct-08 1-Oct-08 AVERAGE

55.8 59.4 55.3 60.2 68.3 70.75 73.25 72.35 72.65 75.6 72.4 75.95 75.4 64.95 69.3 74.65 73.1 76.45 76.85 65.49153

-9.69 -6.09 -10.19 -5.29 2.81 5.26 7.76 6.86 7.16 10.11 6.91 10.46 9.91 -0.54 3.81 9.16 7.61 10.96 11.36

93.8961 37.0881 103.8361 27.9841 7.8961 27.6676 60.2176 47.0596 51.2656 102.2121 47.7481 109.4116 98.2081 0.2916 14.5161 83.9056 57.9121 120.1216 129.0496 1987.206 34.26 5.85

S.D.

101

DATE 31-Dec-08 30-Dec-08 29-Dec-08 26-Dec-08 24-Dec-08 23-Dec-08 22-Dec-08 19-Dec-08 18-Dec-08 17-Dec-08 16-Dec-08 15-Dec-08 12-Dec-08 11-Dec-08 10-Dec-08 8-Dec-08 5-Dec-08 4-Dec-08 3-Dec-08 2-Dec-08 1-Dec-08 28-Nov-08 26-Nov-08 25-Nov-08 24-Nov-08 21-Nov-08 20-Nov-08 19-Nov-08 18-Nov-08 17-Nov-08 14-Nov-08 12-Nov-08 11-Nov-08 10-Nov-08 7-Nov-08 6-Nov-08 5-Nov-08

KOTAK A A-X (A-X)2 357.05 -23.04 530.8416 359.6 -20.49 419.8401 351.8 -28.29 800.3241 339.1 -40.99 1680.1801 359 -21.09 444.7881 333 -47.09 2217.4681 360.5 -19.59 383.7681 377.05 -3.04 9.2416 378.3 -1.79 3.2041 360.5 -19.59 383.7681 388 7.91 62.5681 387 6.91 47.7481 370 -10.09 101.8081 380.7 0.61 0.3721 359.7 -20.39 415.7521 351.1 -28.99 840.4201 355.05 -25.04 627.0016 359 -21.09 444.7881 327 -53.09 2818.5481 329 -51.09 2610.1881 319.6 -60.49 3659.0401 337 -43.09 1856.7481 327 -53.09 2818.5481 307 -73.09 5342.1481 311.55 -68.54 4697.7316 309 -71.09 5053.7881 295.4 -84.69 7172.3961 292.1 -87.99 7742.2401 309.5 -70.59 4982.9481 332.05 -48.04 2307.8416 379 -1.09 1.1881 392 11.91 141.8481 400 19.91 396.4081 434.5 54.41 2960.4481 416 35.91 1289.5281 433.8 53.71 2884.7641 430 49.91 2491.0081

102

4-Nov-08 3-Nov-08 31-Oct-08 29-Oct-08 28-Oct-08 27-Oct-08 24-Oct-08 23-Oct-08 22-Oct-08 21-Oct-08 20-Oct-08 17-Oct-08 16-Oct-08 15-Oct-08 14-Oct-08 13-Oct-08 10-Oct-08 8-Oct-08 7-Oct-08 6-Oct-08 3-Oct-08 1-Oct-08 AVERAGE

431.75 369.6 332.9 323.85 314.5 295.25 308.3 379.5 394.2 423 409 424.5 461 483.65 495 470.1 436 457 436 472.05 545 555.35 380.0924

51.66 -10.49 -47.19 -56.24 -65.59 -84.84 -71.79 -0.59 14.11 42.91 28.91 44.41 80.91 103.56 114.91 90.01 55.91 76.91 55.91 91.96 164.91 175.26

2668.7556 110.0401 2226.8961 3162.9376 4302.0481 7197.8256 5153.8041 0.3481 199.0921 1841.2681 835.7881 1972.2481 6546.4281 10724.6736 13204.3081 8101.8001 3125.9281 5915.1481 3125.9281 8456.6416 27195.3081 30716.0676 217424.524 3748.7 61.23

S.D.

103

PNB DATE A A-X (A-X)2 31-Dec-08 527.5 56 3136 30-Dec-08 527.55 56.05 3141.6025 29-Dec-08 511 39.5 1560.25 26-Dec-08 500 28.5 812.25 24-Dec-08 509.1 37.6 1413.76 23-Dec-08 501.5 30 900 22-Dec-08 527.8 56.3 3169.69 19-Dec-08 523.5 52 2704 18-Dec-08 500.05 28.55 815.1025 17-Dec-08 481.3 9.8 96.04 16-Dec-08 483.3 11.8 139.24 15-Dec-08 470.9 -0.6 0.36 12-Dec-08 471 -0.5 0.25 11-Dec-08 457.7 -13.8 190.44 10-Dec-08 449.9 -21.6 466.56 8-Dec-08 449.05 -22.45 504.0025 5-Dec-08 444.75 -26.75 715.5625 4-Dec-08 450 -21.5 462.25 3-Dec-08 432 -39.5 1560.25 2-Dec-08 412.5 -59 3481 1-Dec-08 414 -57.5 3306.25 28-Nov-08 444 -27.5 756.25 26-Nov-08 444.15 -27.35 748.0225 25-Nov-08 435 -36.5 1332.25 24-Nov-08 439 -32.5 1056.25 21-Nov-08 457.05 -14.45 208.8025 20-Nov-08 433.5 -38 1444 19-Nov-08 449 -22.5 506.25 18-Nov-08 453.1 -18.4 338.56 17-Nov-08 467 -4.5 20.25 14-Nov-08 471 -0.5 0.25 12-Nov-08 464 -7.5 56.25 11-Nov-08 485 13.5 182.25 10-Nov-08 505.4 33.9 1149.21 7-Nov-08 499 27.5 756.25 6-Nov-08 471.05 -0.45 0.2025 5-Nov-08 488.1 16.6 275.56 4-Nov-08 484 12.5 156.25 3-Nov-08 456 -15.5 240.25 31-Oct-08 430 -41.5 1722.25

104

29-Oct-08 28-Oct-08 27-Oct-08 24-Oct-08 23-Oct-08 22-Oct-08 21-Oct-08 20-Oct-08 17-Oct-08 16-Oct-08 15-Oct-08 14-Oct-08 13-Oct-08 10-Oct-08 8-Oct-08 7-Oct-08 6-Oct-08 3-Oct-08 1-Oct-08 AVERAGE

407 416.4 392.9 428 483.4 474 498 500.55 494 500 487 491.25 499.25 460 489.9 498 492 492 495 471.4983

-64.5 -55.1 -78.6 -43.5 11.9 2.5 26.5 29.05 22.5 28.5 15.5 19.75 27.75 -11.5 18.4 26.5 20.5 20.5 23.5

4160.25 3036.01 6177.96 1892.25 141.61 6.25 702.25 843.9025 506.25 812.25 240.25 390.0625 770.0625 132.25 338.56 702.25 420.25 420.25 552.25 61769.385 1064.99 32.63

S.D.

105

DATE 31-Dec-08 30-Dec-08 29-Dec-08 26-Dec-08 24-Dec-08 23-Dec-08 22-Dec-08 19-Dec-08 18-Dec-08 17-Dec-08 16-Dec-08 15-Dec-08 12-Dec-08 11-Dec-08 10-Dec-08 8-Dec-08 5-Dec-08 4-Dec-08 3-Dec-08 2-Dec-08 1-Dec-08 28-Nov-08 26-Nov-08 25-Nov-08 24-Nov-08 21-Nov-08 20-Nov-08 19-Nov-08 18-Nov-08 17-Nov-08 14-Nov-08 12-Nov-08 11-Nov-08 10-Nov-08 7-Nov-08 6-Nov-08 5-Nov-08 4-Nov-08 3-Nov-08 31-Oct-08

SBI A 1290 1287 1274 1242 1294.05 1261.15 1278.25 1286.2 1290.2 1200.9 1236 1200 1210.1 1202 1190.35 1163.7 1138.15 1174.7 1093.1 1035 1059 1085.05 1092 1062 1136.45 1200.2 1122.3 1075 1109.2 1167.55 1180 1181.3 1227.15 1312 1256 1217.7 1272 1314 1264.6 1114

A-X 38.96 35.96 22.96 -9.04 43.01 10.11 27.21 35.16 39.16 -50.14 -15.04 -51.04 -40.94 -49.04 -60.69 -87.34 -112.89 -76.34 -157.94 -216.04 -192.04 -165.99 -159.04 -189.04 -114.59 -50.84 -128.74 -176.04 -141.84 -83.49 -71.04 -69.74 -23.89 60.96 4.96 -33.34 20.96 62.96 13.56 -137.04

(A-X)2 1517.8816 1293.1216 527.1616 81.7216 1849.8601 102.2121 740.3841 1236.2256 1533.5056 2514.0196 226.2016 2605.0816 1676.0836 2404.9216 3683.2761 7628.2756 12744.152 5827.7956 24945.044 46673.282 36879.362 27552.68 25293.722 35736.122 13130.868 2584.7056 16573.988 30990.082 20118.586 6970.5801 5046.6816 4863.6676 570.7321 3716.1216 24.6016 1111.5556 439.3216 3963.9616 183.8736 18779.962

106

29-Oct-08 28-Oct-08 27-Oct-08 24-Oct-08 23-Oct-08 22-Oct-08 21-Oct-08 20-Oct-08 17-Oct-08 16-Oct-08 15-Oct-08 14-Oct-08 13-Oct-08 10-Oct-08 8-Oct-08 7-Oct-08 6-Oct-08 3-Oct-08 1-Oct-08 AVERAGE

1105.1 1123.15 1050.3 1119.4 1325 1395 1489 1439 1390 1546 1499 1510 1526.6 1348 1311.05 1419 1443 1485.3 1493 1,251.04

-145.94 -127.89 -200.74 -131.64 73.96 143.96 237.96 187.96 138.96 294.96 247.96 258.96 275.56 96.96 60.01 167.96 191.96 234.26 241.96

21298.484 16355.852 40296.548 17329.09 5470.0816 20724.482 56624.962 35328.962 19309.882 87001.402 61484.162 67060.282 75933.314 9401.2416 3601.2001 28210.562 36848.642 54877.748 58544.642 1090042.9 18793.84 137.09

S.D.

107

INTERPRETATION
1. BETA

From the above chart we can conclude that SBI have the least BETA so it is preferable for the investor to invest in shares of SBI as such it has the minimum systematic risk. On the other side BETA of HDFC is the highest in comparison to the other nine banks.

108

2. EARNING PER SHARE

From the above chart we can conclude that SBI have the highest Earning Per Share so it is preferable for investor to get more return from SBI. On the other side Earning Per Share of IDBI comparatively lower to the other nine banks, as a result the investor of IDBI would get the least return on his investments in the shares of IDBI.

109

3. PRICE EARNING

On the basis of Price Earning ratio the CANARA bank out perform the other nine banks with the least Price Earning of 4.35. Where as KOTAK MAHINDRA bank has the highest price earning in comparison to other nine banks.

110

4. NON PERFORMING ASSETS

From the above chart we can conclude that SBI and KOTAK have the highest class of Non Performing Assets On the other side AXIS bank have the least Non Performing Assets in comparison to the other nine banks, thus it is advisable to invest in AXIS bank rather than investing in other nine banks on the basis of Non Performing Assets.

111

5. STANDARD DEVIATION

From the above chart we can conclude that SBI and KOTAK have the highest class of Standard Deviation. Thus it states that fluctuation in the share prices SBI and KOTAK is highest in comparison to other eight banks so it become more risky for investors.

On the other side AXIS bank have the least Standard Deviation in comparison to the other nine banks, thus it is advisable to invest in AXIS bank rather than investing in other nine banks on the basis of Standard Deviation as the prices of AXIS bank are more stable.

112

FINDINGS

To give ranks to the banks as per the least BETA to First rank and highest BETA to Tenth rank.
RANK 1 2 3 4 5 6 7 8 9 10 BANKS BETA SBI 0.073 PNB 0.084 CANARA 0.164 BoI 0.2 BoB 0.232 AXIS 0.259 ICICI 0.268 Kotak 0.377 IDBI 1.098 HDFC 1.616

To give ranks to the banks as per the highest EPS to First rank and least EPS to Tenth rank.

RANK 1 2 3 4 5 6 7 8 9 10

BANKS EPS SBI 106.39 PNB 64.94 HDFC 44.85 BoB 39.4 BoI 38.26 CANARA 38.14 ICICI 36.78 AXIS 30.37 Kotak 8.5 IDBI 7.03

113

To give ranks to the banks as per the least PE to First rank and highest PE to Tenth rank

RANK 1 2 3 4 5 6 7 8 9 10

BANKS PE CANARA 4.35 BoI 5.75 BoB 5.95 PNB 6.33 IDBI 6.46 ICICI 9.04 SBI 10.02 AXIS 13.65 HDFC 21.58 Kotak 33.29

To give ranks to the banks as per the least NPA to First rank and highest NPA to ninth rank.

RANK 1 2 2 4 5 6 7 8 9 9

BANKS NPA AXIS 0.42 BoB 0.47 HDFC 0.47 BoI 0.52 PNB 0.64 CANARA 0.84 IDBI 1.3 ICICI 1.55 Kotak 1.78 SBI 1.78

114

To give ranks to the banks as per the least SD to First rank and highest SD to Tenth rank.
RANK 1 2 3 4 5 6 7 8 9 10 BANKS SD IDBI 5.85 HDFC 9.13 AXIS 11.82 CANARA 12.34 BoI 22.99 BoB 23.22 PNB 32.63 ICICI 54.7 Kotak 61.23 SBI 137.09

To all the banks give the points as per the result on calculated value which are as follows:RANK 1 2 3 4 5 6 7 8 9 10 BANKS BETA POINTS SBI 0.073 10 PNB 0.084 9 CANARA 0.164 8 BoI 0.2 7 BoB 0.232 6 AXIS 0.259 5 ICICI 0.268 4 Kotak 0.377 3 IDBI 1.098 2 HDFC 1.616 1

115

To all the banks give the points as per the result on calculated value which are as follows:-

RANK 1 2 3 4 5 6 7 8 9 10

BANKS EPS POINTS SBI 10 106.39 PNB 9 64.94 HDFC 8 44.85 BoB 7 39.4 BoI 6 38.26 CANARA 5 38.14 ICICI 4 36.78 AXIS 3 30.37 Kotak 2 8.5 IDBI 1 7.03

RANK 1 2 3 4 5 6 7 8 9 10

BANKS PE POINTS CANARA 4.35 10 BoI 5.75 9 BoB 5.95 8 PNB 6.33 7 IDBI 6.46 6 ICICI 9.04 5 SBI 10.02 4 AXIS 13.65 3 HDFC 21.58 2 Kotak 33.29 1

RANK 1 2 2 4 5 6 7 8 9

BANKS NPA POINTS AXIS 0.42 10 BoB 0.47 9 HDFC 0.47 9 BoI 0.52 7 PNB 0.64 6 CANARA 0.84 5 IDBI 1.3 4 ICICI 1.55 3 Kotak 1.78 2

116

9 SBI

1.78

RANK 1 2 3 4 5 6 7 8 9 10

BANKS SD POINTS IDBI 5.85 10 HDFC 9.13 9 AXIS 11.82 8 CANARA 12.34 7 BoI 22.99 6 BoB 23.22 5 PNB 32.63 4 ICICI 54.7 3 Kotak 61.23 2 SBI 137.09 1

In the below table we calculated an average of points which given to the banks on the basis of favorable result of tools, so we give ranks to the banks which give more idea about the risk, return etc.
BANKS BETA EPS PE CANARA 8 5 AXIS 5 3 SBI 10 10 PNB 9 9 IDBI 2 1 ICICI 4 4 HDFC 1 8 BOB 6 7 BOI 7 6 Kotak 3 2 NPA 10 3 4 7 6 5 2 8 9 1 5 10 2 6 4 3 9 9 7 2 SD 7 8 1 4 10 3 9 5 6 2 TOTAL AVERAGE RANK 35 7 1 29 5.8 5 27 5.4 7 35 7 1 23 4.6 8 19 3.8 9 29 5.8 5 35 7 1 35 7 1 10 2 10

117

SUGGETIONS

As such these tools individually are not able to find out the best bank as per its return on investment, risk etc. so collectively these tools are used to rank the best bank in accordance to the investors point of view.

The best performed bank have also weak perform during the market worst condition so as a tools results, not to take final decision about the investment.

118

BIBLIOGRAPHY NEWS PAPER

The Economic Times

WEB SITE
www.rbi.org.in www.google.com www.yahoofianance.com www.moneycontrol.com www.rediff.com

BOOKS
Financial Management by I.M.Pandey Financial Management by Prasanna Chandra Investment Analysis & Portfolio Management by Prasanna Chandra

119