Foreign Exchange Risk Management by Indian Banking sector Issues and challenges by

B Srinivasan, IRAS; M.com., MBA Deputy Financial Adviser and Chief Accounts officer East Coast Railways & Research Scholar, University of Madras & Dr.R.Rangarajan M.com ; M.Phil; Ph.D. M.B.A,P.G.D.H.O Associate Professor, Department of Commerce, University of Madras

Abstract
Indian Commercial banks face Credit Risk , interest rate risk , operation risk, market risk and earning risk as a result of adverse exchange rate movement especially in the case of Import transactions due to the current scenario of volatile exchange rate fluctuation between dollar and Indian Rupee. This happens more so during the period in which banks have open position either spot or forward or both.. Banking industry also face settlement risk arising out of default of the counter party and out of the time lag between settlement in Indian rupee and dollar. The objective of this paper is to Study the Financial performance of Bank of Baroda (Public Sector Commercial Bank)and the extent of risk faced by the bank and assess the Risk management and risk bearing capabilities of the bank. The study relates to the period from 2000-2001 to 2009-10. The various performance ratios like Credit Deposit ratio; Return on assets, Return on Net Worth, Ratio of Net Margin to total assets; Ratio of burden to interest income; business per employee; Net NPA to Net advances and cluster analysis are used in this paper . The study results reveal that the bank of Baroda suffered all the above risks during this period. The study of the Directors report for the year 2010-11 reveal that the bank has taken adequate measures suggested in this paper to mitigate these risk. (Key words:-Exchange Rate volatility; Performance ratios; Cluster analysis; open position)

Introduction
The globalization and deregulation of the financial services industry have brought the Indian Banking industry to new levels of complexity. Although, banks have always dealt with risk and uncertainty, the 21st century presents greater challenges than before. Risks and uncertainties form an integral part of banking which by nature entails taking risks. There are three main categories of risks; Credit Risk, Market Risk & Operational Risk .These risks arise due to Exchange Rate Fluctuations in the case of transactions relating to international banking

business. Foreign exchange risk is the risk that a bank may suffer loss as a result of adverse exchange rate movement during a period in which it has an open position, either spot or forward or both in same foreign currency. Even in case where spot or forward positions in individual currencies are balanced the maturity pattern of forward transactions may produce mismatches. There is also a settlement risk arising out of default of the counter party and out of time lag in settlement of one currency in one center and the settlement of another currency in another time zone. Banks are also exposed to interest rate risk, which arises from the maturity mismatch of foreign currency position. The Value at Risk (VaR) indicates the risk that the bank is exposed due to uncovered position of mismatch and these gap positions are to be valued on daily basis at the prevalent forward market rates announced by FEDAI for the remaining maturities. Currency Risk is the possibility that exchange rate changes will alter the expected amount of principal and return of the lending or investment. At times, banks may try to cope with this specific risk on the lending side by shifting the risk associated with exchange rate fluctuations to the borrowers. However the risk does not get extinguished, but only gets converted in to credit risk. By setting appropriates limits-open position and gaps, stop-loss limits, Day Light as well as overnight limits for each currency, Individual Gap Limits and Aggregate Gap Limits, clear cut and well defined division of responsibilities between front, middle and back office the risk element in foreign exchange risk
managed/monitored. can be

Main features of these risks as well as some other categories of risks such as Interest Rate Risk ,Regulatory Risk and Environmental Risk, Various tools and techniques to manage these risk are discussed in detail in this paper. Public sector banks are operating in an increasingly deregulated and competitive environment. The increased deregulation is reflected in several key development environments, freedom to fix both lending and deposit rates, increased competition from foreign banks, mergers and acquisitions, high non performing assets and

large workforce. These reasons lead to inherent risk in banks. The banks that have efficient risk management system will only survive in the market in the long run. Indian Commercial banks face Credit Risk , interest rate risk , operation risk, market risk and earning risk as a result of adverse exchange rate movement especially in the case of Import transactions due to the current scenario of volatile exchange rate fluctuation between dollar and Indian Rupee. This happens more so during the period in which banks have open position either spot or forward or both.. Banking industry also face settlement risk arising out of default of the counter party and out of the time lag between settlement in Indian rupee and dollar. The objective of this paper is to Study the Financial performance of Bank of Baroda (Public Sector Commercial Bank)and the extent of risk faced by the bank and assess the Risk management and risk bearing capabilities of the bank. The study relates to the period from 2000-2001 to 2009-10. The various performance ratios like Credit Deposit ratio; Return on assets, Return on Net Worth, Ratio of Net Margin to total assets; Ratio of burden to interest income; business per employee; Net NPA to Net advances and cluster analysis are used in this paper . The study results reveal that the bank of Baroda suffered all the above risks during this period. The study of the Directors report for the year 2010-11 reveal that the bank has taken adequate measures suggested in this paper to mitigate these risk.

Literature review:Several previous research thesis and presentations/Papers available in the print and electronic mediums have been gone through and used in this paper with citations at the relevant points Details of such papers reviewed are not given in order to minimize the size of this research paper.

Bank Profile - Bank of Baroda: Bank of Baroda was the brainchild of Maharaja Sayajirao Gaekwad, under whose patronage the bank was incorporated on 20th July 1908 with a paid-up capital of Rs. 10 lacs (now US$ 20,800). BOB has been a long and eventful journey of almost a century across 26 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. Bank of Baroda is the third largest bank in India, after the State Bank of India and the Punjab National Bank and ahead of ICICI Bank. The bank has set up an Integrated Risk Management System, which is responsible for identifying, measuring and chalking out strategies for controlling and managing risk. The ultimate objective is to internalize a suitable risk management framework to manage various types of risks the Bank has in its business and to ensure risk-return trade off to optimize spread and reduce burden. Bank has Board approved policies relating to liquidity and interest rate risk, credit risk and operational risk in which prudential limits have been fixed to ensure that Bank takes risk commensurate with its ability to manage and obtain returns corresponding to risk. Statement of the Problem: Foreign Exchange Risk may create some source of threat for the banks survival and success if they are not efficiently and effectively managed by the banks. This leads to various research issues like. What are the existing strategies followed by the banks to manage risk? How the bank does come to know that there is a possibility of risk in the coming years? How effectively the banks mitigate/preempt the risk by setting an alarm before it arises? What is the procedure to monitor and control the risk after it has aroused?

Objective of the Study To study the financial performance of the Bank of Baroda To measure the prevailing risk in the bank. To Asess Risk management and risk bearing capabilities of the bank and suggest remedial measures to mitigate these risks. Limitations of the Study: The study is limited to 10 years only i.e. from the year 2000-2001 to 2009-2010. The study used secondary data for analysis and interpretations collected from published annual reports of the bank and RBI websites. The study has been carried out mainly by employing ratio analysis technique apart from cluster analysis.

Methodology of the Study: The study used the secondary data of financial ratios taken from published annual reports of Bank of Baroda and RBI Websites for the 10 years period from 2000-2001 to 2009-2010. Financial Ratios of Bank of Baroda The present research encounters with 14 cash flow and fund flow ratios of Bank of Baroda. The following ratios have been calculated for the span of 10 years from 2000-2001 to 20092010.

Bank of Baroda 2001 1.Credit Deposit Ratio 2.Debt Equity Ratio 3.Interest Coverage Ratio 4.Return on Assets 5.Return on Networth 6.Ratio of Interest Income to total assets 7.Ratio of Net interest margin to total assets 8.Payout Ratio 9.Total Liabilities to Networth 10.Current Ratio 11.Capital Adequacy Ratio 12.Net NPA to Net Advances 13.Cash Flow to total Debt 14.Operating cash index ratio 50.79 16.36 0.89 0.43 8.18 9.09 3.06 0.43 18.87 0.02 12.8 6.77 -0.2 -0.4 2002 54.4 7 16.3 2 0.95 0.8 14.2 6 8.4 2.65 0.22 18.5 3 0.02 11.3 2 4.98 -4.81 -5.52 2003 53.2 6 15.27 0.98 1.01 17.6 2 7.98 2.75 0.23 17.4 2 0.03 12.65 3.72 -2.51 -2.18 2004 48.7 9 14.3 9 0.95 1.13 18.85 7.22 3.02 0.2 16.59 0.03 13.9 1 2.99 0.85 0.65 2005 53.3 6 14.7 4 0.87 0.72 12.0 3 6.79 3.14 0.25 16.8 2 0.04 12.6 1 1.45 2.95 3.62 2006 63.96 12.55 0.98 0.92 13.39 6.26 2.84 0.2 14.46 0.04 13.65 0.87 2.1 1.97 2007 66.9 4 14.5 7 1.09 0.71 11.8 7 6.44 2.65 0.25 16.5 4 0.04 11.8 0.6 4.09 5.02 2008 70.1 8 14.1 2 1.02 0.8 13 6.58 2.18 0.24 16.2 6 0.03 12.9 4 0.47 1.44 1.56 2009 74.8 4 15.4 2 1.06 0.98 17.3 5 6.64 2.25 0.17 17.7 2 0.02 14.0 5 0.31 0.57 0.5 2010 72.6 2 16.8 4 1.13 1.09 20.25 6 2.13 0.21 18.4 2 0.02 14.3 6 0.34 4.42 3.68

Analysis: I. Classification of years and ratios on basis of cluster analysis: The results of cluster analysis reveals that the 10 years period from 2000-2001 to 2009-2010 is satisfied into 3 heterogeneous groups. The first cluster comprises of 5 years namely 2000-2001, 2001-2002, 2002-2003,2003-2004 and 2004-2005 where Ratio of Net interest Margin To Total Assets and Net NPA To Net Advances are identified as strong ratios .The ratios such as Return On Assets, Return On Net worth and Ratio of Burden To Interest Income are identified as moderate and Credit Deposit Ratio, Business Per Employee and Capital Adequacy Ratio are identified as weak.

The second group consists of 3 years i.e. 2005-2006,2006-2007 and 2007-2008,where Ratio Of Burden To Interest Income is strong. Credit Deposit Ratio, Ratio of Net Interest Margin to Total Assets, Business per Employee, Capital Adequacy Ratio and Net NPA to Net Advances are moderate and Return on Assets ands Return on Net worth are weak. The third cluster constitutes of 2 years namely 2008-2009 and 2009-2010.The strong ratios during the cluster are Credit Deposit Ratio, Return on Assets, return on Net worth, Business Per Employee and Capital Adequacy Ratio. There were no moderate ratios and the weak ratios during this cluster are Ratio of Net Interest Margin to Total Assets, Ratio of Burden to Interest Income and Net NPA to Net Advances. From the classification of ratios for the span of 10 years as Strong, moderate and weak, only Strong and weak ratios (two extremities) are taken for analyzing and measuring the risk. In all these 3 clusters, the moderate values lie between two extremities. The moderate values are not suitable to derive the inference for the measurement of risk. Therefore, only strong and week values are considered for the measurement of risk. These ratios are compared with the accepted benchmarks. The ratios which satisfy the norms of the benchmarks are ignored and only those ratios which are more deviated (i.e highly strong ratios and highly weak ratios) from the benchmark are taken for further analysis. Out of the 14 Ratios 8 ratios have been taken for detailed analysis of Forex Risk management. The question arises with this preamble how these 8 ratios of Bank of Baroda discriminate themselves in the span of 10 years. In this context, Cluster analysis is found appropriate to identify radical changes in these ratios. The following are the results of Cluster Analysis for Bank of Baroda Bank.

The following are the results of Cluster Analysis for Bank of Baroda Bank. Table 1 Sl.No 1. 2. 3. 4. 5. 6. 7. 8. Identification of Ratios as Strong Moderate and Weak Name of the Ratio Cluster 1 2 3 Credit Deposit ratio 52.13 67.03 73.54 (W) (M) (S) Return on Assets .85 .83 1.15 (M) (W) (S) Return on Networth 15.05 13.13 20.24 (M) (W) (S) Ratio of Net Interest 3.07 2.75 2.44 Margin to Total assets (S) (M) (W) Ratio of Burden to 8.70 13.40 .40 Interest Income (M) (S) (W) Business Per Employee 237.88 553.67 947.50 (Rs. in Lakhs) (W) (M) (S) Capital Adequacy Ratio 12.66 12.79 14.21 (W) (M) (S) Net NPA to Net 4.00 .65 .33 Advances (S) (M) (W)

Table 2 Comparison of Strong and Weak Ratios of Three Cluster of years with the benchmark

Strong Ratios for the First cluster of 5 years 2000-2001, 2001-2002, 2002-2003, 20032004 and 2004-2005. Sl. Ratios Actual Ratio Accepted No Benchmark/All Banks Average 1. Ratio of Net Interest Margin to Total 3.07 More than 3.5% Assets 2. Net NPA to Net Advances 4.00 Less than 1% Strong Ratios for the second cluster 3 years -2005-2006, 2006-2007 and 2007-2008 1. Ratio of Burden to Interest Income 13.40 10.06 Strong Ratios for the third cluster of 2 years -2008-2009 and 2009-2010 1. Credit Deposit Ratio 73.54 73.7%* 2. Return on Assets 1.15 More than 1% 3. Return on Net worth 20.24 More than 18% 4. Business per Employee(Rs in Lakhs) 947.50 804.42* 5. Capital Adequacy Ratio 14.21 9% Weak Ratios for the First cluster of 5 years 2000-2001, 2001-2002, 2002-2003, 20032004 and 2004-2005.. 1. Credit Deposit Ratio 52.13 56.54%* 2. Business per Employee(in Lakhs) 237.88 348.24* 3. Capital Adequacy Ratio 12.66 9% Weak Ratios for the second cluster of 3 years -2005-2006, 2006-2007 and 2007-2008. 1. Return on Assets 0.83 More than 1% 2. Return on Networth 13.13 More than 18% Weak Ratios for the Third cluster of 2 years -2008-2009 and 2009-2010 1. Ratio of Net Interest Margin to Total 2.44 More than 3.5% Assets 2. Ratio of Burden to Interest Income 0.40 4.41% 3. Net NPA to Net Advances 0.33 Less than 1% * Average of All Banks Average for the Third cluster of years.

Findings of the Study: Important findings of the study are as under: 1) Credit Deposit Ratio: Credit Deposit Ratio is the proportion of loan-assets created by banks from the deposits received. If the ratio is too high, it means that banks might not have enough liquidity to cover

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any unforeseen fund requirements or if the ratio is too low, banks may not be earning as much as they could be( http://www.scribd.com/doc/54044646/18/MODEL-METHODLOGY). Therefore as long as the loans are performing assets, the banks will earn higher interest income which is good for the bank, otherwise it leads to earnings risk and interest rate risk. Credit Deposit Ratio was weak in the first cluster of 5 years i.e., 2000-2001, 2001-2002, 20022003, 2003-2004 and 2004-2005 where the ratio was 52.13% which was less than the all banks average of 56.54 % implying the existence of Interest Rate Risk (Hans Wagner,2009) and Earnings Risk (Peter.S.Rose, 1987). 2) Return On Assets: Return on assets ratio is the key indicator of the profitability of the bank. A high percentage rate indicates that the bank is well run and has a healthy return on assets (wikipedia).A low Return on Assets indicate the inefficient usage of assets to generate interest income and other income leading to interest rate risk and earnings risk. In order to generate more return on Assets bank should have high earnings assets such as performing assets and investments when compared to fixed and other assets .The deteriorating return on Assets of the bank also leads to credit risk. Return on Assets was weak during the second cluster of 3 years namely 2005-2006, 2006-2007 and 2007-2008 with 0.83% which was below the benchmark criteria of more than 1% indicating the existence of Capital Risk and Earnings Risk (Peter S.Rose,1987), Credit Risk (Peter Demerjian, 2007) and Interest Rate Risk ( http://www.slideshare.net/ Nostrad/risk-management-module-b) 3) Return On Net Worth: Return on Net worth ratio indicates the earning capacity of the capital or equity of the shareholders (Wikipedia).A low return on Net worth indicates poor management performance leading to earnings risk and capital risk. The deteriorating operating performances of the bank also lead to credit risk. Return on net worth was weak during the second cluster of 3 years i.e., 2005-2006, 2006-2007 and 2007-2008 where the ratio was 13.13%, below the benchmark criteria of more than 18% indicating the existence of Capital Risk ( Jokipii and Milne,2008) and Earnings Risk (Peter S.Rose,1987), Credit Risk (Peter Demerjian, 2007) and Interest Rate Risk ( http://www.slideshare.net/ Nostrad/risk-managementmodule-b) 11

4) Ratio of Net Interest Margin To Total Assets: A net interest margin ratio is the ratio of this net interest to total assets .The higher the ratio, the greater the profitability.(http://www.spencerfortexas.com/ 2011/03/14/discuss-in-detail-theperformance-of-commercial-bank-inindia/).Net Interest indicates the difference between interest income and interest expense.Net interest margin measures the sustenance ability of the bank. If the income margin is less ,it leads to capital risk.Net Interest Income depends on gap i.e., the difference between rate sensitive assets and the rate sensitive liabilities .If the interest sensitive assets exceeds interest sensitive liabilities the bank is vulnerable to losses from falling interest rates. Low interest margin leads to interest rate risk. The ratio of Net Interest Margin to total assets was weak during the third cluster of 2 years 2008-2009 and 2009-2010.The ratio showed the value of 2.44% when compared to the benchmark of more than 3.5% indicating the decline in the interest income and existence of Interest Rate Risk (Y. Sree Ramamurty, 2003) and Capital Risk (Peter.S.Rose,1987).

5) Ratio of Burden To Interest Income: Ratio of Burden to Interest Income ratio used to calculate a bank's efficiency. If the efficiency ratio is getting lower, it is good for the bank and its shareholders. (http://financialdictionary.thefreedictionary.com/efficiency+ratio). This ratio is the leading indicator of Operational Risk in the banks. In the second cluster of 3 years namely 2005-2006, 20062007 and 2007-2008, Ratio of Burden to Interest Income was strong with the existence of Operational Risk (Wilson, 2001)

6) Business per Employee: Business Per Employee indicates the labour productivity of long term viability of the bank. (http://www.scribd.com/doc/51482058/12/Business-Per-Employee).Business Per Employee is arrived by dividing total business by total number of employees.The total business includes 12

sum total of advances and deposits during the year.If the business per employee is less it leads to operational risk.Business Per Employee was weak during the first cluster of 5 years 2000-2001, 2001-2002. 2002-2003, 2003-04 and 2004-2005. Business per employee were below the all banks average indicating the existence of Operational Risk ( Timothy.W.Koch, 2004). 7) Capital Adequacy Ratio: Capital Adequacy Ratio is a measure of a bank's capital. It is expressed as a percentage of a bank's risk weighted credit exposures (Investopedia).A very high capital adequacy ratio indicates that the bank cannot liquidate its risky assets to meet its short term liabilities leading to liquidity risk. A very low CAR will indicate higher Provisioning in terms of risky assets resulting in capital risk. However banks have to keep the minimum level of 10% in new private sector banks and 9% in other banks. Capital Adequacy Ratio was strong in the third cluster of 2 years namely 2008-2009 and 2009-2010 with the value of 14.21% which was much above the benchmark of 9% indicating the existence of liquidity risk. (http://www.ababj.com/briefing/liquidity-challenge.html) 8) Net NPA to Net Advances: Net NPA to Net Advances shows how much amount of asset quality deteriorates to the total advances given by the bank. Lower the Net NPA, better the bank is (http://www.scribd.com/doc/54044646/18/MODELMETHODOLOGY).Non Performing

Assets are non income generating assets including loans that are past due for 90 days and more. If the ratio is high, it indicates the existence of Credit Risk. As non income generating assets are unproductive, the earnings diminish leading to earnings risk. Net NPA to Net Advances was strong during the first cluster of 5 years namely 2000-2001, 2001-2002, 2002-2003, 2003-2004 and 2004-2005.The ratio was 4% which was above the benchmark of less than 1% indicating the existence of credit risk (Rekha Arunkumar & Kotreshwar, 2006).The high level of NPA will also result in low Risk Adjusted Rate of Capital (RAROC) leading to Earning risk . (Peter.S.Rose, 1987).

Conclusion: 13

During the first cluster of 5 years namely 2000-2001, 2001-2002, 2002-2003, 2003-2004 and 2004-2005, Net NPA to Net Advances was strong and Capital Adequacy Ratio, Business per Employee and Credit Deposit Ratio were weak with the indication of Credit Risk, Earning Risk, Liquidity Risk, Operational Risk and Interest Rate Risk. The second cluster constitutes of 3 years -2005-2006, 2006-2007 and 2007-2008 where Ratio of Burden to Interest Income was strong and Return on assets and Return on Networth were weak where Operational Risk, Credit Risk, Earnings Risk, Capital Risk and Interest Rate Risk prevailed. In the 3 years of 2005-2006, 2006-2007 and 2007-2008 of the third cluster, Capital Adequacy Ratio was strong and Ratio of Net Interest Margin to Total Assets was weak with the indication of Liquidity Risk, Capital Risk and Interest Rate Risk which is mainly due to Exchange Rate fluctutation and weakening of Rupee against Dollar. Considering the present volatility in the exchange rates , the bank has to take adequate steps to mitigate the risks in the coming years. .It can be said that risk takers will survive, effective risk managers will prosper and risk averse are likely to perish. The RBI as the regulator of the Indian banking industry has shown the way in strengthening the system and the bank has responded in good measure in orienting towards global best practices. Analysis of the Performance of Bank of Baroda in the year 2010-11. It is observed from the Annual Report of the Bank of Baroda available in the website the bank has improved all its performance Ratio and have taken all steps to meet the risk as per Basel II .CAAR is comfortable at 14.52%. In order to address the credit risk faced the bank has a subcommittee on ALM and Risk management. It is also seen that the bank uses the following tools to manage the Foreign Exchange risk 1.Traditional Gap Analysis through the Exchange rate sensitivity analysis. 2.Bank calculates NII due 1% change in interest rates and also does Yield curve risk analysis, Analysis of basis risk and embedded operation risk due to exchange rate (economic Value of exchange) on quarterly basis. 3)In conformity with Pillar II guidelines under Basel norms the bank has formulated collateral Management and Credit risk mitigation and stress test policies. 4)VAR for treasury positions is calculated for 10 days holding at 99% confidence levels. 5)The bank has extended the scope of RIBA(Risk based Internal Audit) to cover all regional offices who deal in Foreign Exchange transactions. Suggestions for further improvement

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1. Credit Deposit Ratio is to be maintained at optimum level .Bank can have peer level comparison to analyze the performance. 2. Banks may segregate as opening assets and average assets and average assets to exercise more concentration where the returns are higher. 3. In order to reduce the NPA levels in banks and slippage in asset quality, the banks can improve the quality of loans by adequate provisioning. Credit rating has to be done from time to time. Corporate debt restructuring are to be considered without any delay for the loans that are impaired. 4. Banks have to ensure that loans are diversified across several customer segments. 5. The bank should make certain estimates conduct surveys and monitor the staff performance on regular basis. Suitable training programs should be organized to the staffs in the banks, which will ultimately help the business growth of the bank. 6. The Bank of Baroda should improve its Management Information System, computerization and net working of the branch activities. The data warehousing solution should effectively interface with the transaction systems like core banking solution and risk systems to collate data. An objective and reliable data base has to be built up for which bank has to analyze its own past performance data relating to loan defaults, trading losses, operational losses etc., and come out with bench marks so as to prepare themselves for the future risk management activities. 7. The Bank of Baroda management should make use of the Forex risk management tool like Forwards, Money market instruments, options and futures and Swaps though its efficient Risk management department. Careful trading in Currency futures. The bank must improve its Risk Control Systems. Bank must specify in operational terms the goals of exchange risk management It must clearly recognize the risks arising from open positions, credit risk and operational risk. Marking to market should be based on objective market prices provided by reputed external rating agencies.The staff must be trained in Transaction Exposure; Translation exposure and operating exposure.

References: 1. Timothy W Koch, S Scott Mac Donald (2009), Bank Management, South Western Educational Publishing, USA

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2. Dr.S.Kasturirangan, (2008), Determinants of profits of banks, studying their correlation, Journal of the Indian Banks, Vol 3, No 8. (Aug-2008). 3. Dun & Brad Street (2007), Financial risk management, Tata Mc-Graw-Hill publishing company, New Delhi. 4. Macmillian (2007), Risk management, Indian Institute of Banking and Finance, Macmillian, India Pvt Ltd, New Delhi. 5. Dr. Y. Sree Rama Murthy (2003) " A study on Financial Ratios of Major Commercial Banks papers.ssrn.com/sol3/papers.cfm?abstract_id=1015238 6. Charted Accounts Journal February 2003 issue. 7. Annual Reports of 10 years from 2000-2001 to 2009- 2010;2010-11 of Bank of Baroda 8. Statistical tables relating to banks in India, 9. http://www.rbi.org.in/scripts/publications.aspx?publication=Annual

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