Risk and technology management in banking industry

International Journal of Management
Volume 1 • Issue 1 • May 2010 • pp.43-58 IJM
http://iaeme.com/ijm.html
©IAEM

RISK AND TECHNOLOGY MANAGEMENT IN
BANKING INDUSTRY
Dr. N. KANNAN.
Assistant Professor in Department of Business Administration
St.Mary’s School of Management Studies,
Rajiv Gandhi Road, Chennai 600 119

Abstract already have overseas presence and
many more are in the process of
The Indian financial system, breaking the national barriers.
particularly the banking system is very Technology caught the fancy of the
diverse. All over India there are Indian banking czars in the ‘80s. Today,
numerous co-operative banks and the technology has made fair inroads into
Regional Rural Banks. And, there are the domain of banking in India. Not only
some highly profitable foreign banks. the entry-level technology but, the core-
There are many odd entities known as banking technology or the networked
NBFCs – Non-Banking Finance banking technology has also gained a lot
Companies. The regulatory authority for of ground. The ‘private banks’ like the
all these, except for the co-operative HDFC Bank and ICICI Bank, are in the
banks, is the RBI – Reserve Bank of forefront having implemented
India. India still does not have world technology to the level which is
class banks. However, the huge size of comparable to the best, from world
the State Bank of India, coupled with the standards. Risk and Reward go hand in
strength of several subsidiaries, is an hand. The banking fraternity best
indication that the Indian banks can go understands this wisdom. But, the
global. No less is the strength of the million dollar question is how much risk
“nationalised banks’” share. Some banks is enough? Where to draw the line?


When does risk go out of hands? The also been relentlessly following up with
sub-questions arising out of this are the banks. As a result, the RMA – Risk
complex enough. Therefore, the answers management Architecture, is in place at
are not going to come by easily. As far most of the banks.
as the structured Risk Management
Key Words: Banking, Risk
mechanism is concerned, we seem to be Management, Technology Management
on course. Reserve Bank of India has
1. Introduction coupled with the range and depth of their
Financial System is the most important services make the system an
institutional and functional vehicle for indispensable medium in every day
economic transformation of any country. transactions. The virtual monopoly of
Banking sector is reckoned as a hub and banks in `Payment Mechanism' touches
barometer of the financial system. As a the lives of millions of people every day
pillar of the economy, this sector plays a and every where. Thus the banking
predominant role in the economic sector has been playing a significant role
development of the country. The as growth facilitator.
geographical pervasiveness of the bank
and any where banking. The major
2. The Changing Paradigm of challenge faced by banks today is to
Banking protect the falling margins due to the
Change is the only constant factor in this impact of competition. Another
dynamic world and banking is not an significant impact of banks today is the
exception. The changes staring in the technology issue. There is an imperative
face of bankers relates to the need for not mere technology up
fundamental way of banking-which is gradation but also its integration with the
undergoing rapid transformation in the general way of functioning of banks to
world of today, in response to the forces give them an edge in respect of services
of completion productivity and provided to optimizing the use of funds
efficiency of operations, reduced and building up MIS for decision
operating margins better asset/liability making and better management of assets
management, risk management, any time and liabilities and risk assumed which in

44


turns have a direct impact on the balance deposit base of Rs. 1,14,272 crores.
sheet of banks as a whole. Word over, There are large banks known as the
technology has demonstrated potential to ‘nationalised banks’ which have huge
change methods of selling marketing, government ownership along with
advertising, designing, pricing and significant private share holders. There
distributing financial products of an are relatively new private sector banks,
electronic, self-service product delivery most of which are multi-nationals. All
channel. All these changes call for a over India there are numerous co-
new, more dynamic, aggressive and operative banks and the Regional Rural
challenging work culture to meet the Banks. And, there are some highly
demands of customer relationships, profitable foreign banks. There are many
product differentiation, brand values, odd entities known as NBFCs – Non-
reputation, corporate governance and Banking Finance Companies. The
regulatory prescriptions. regulatory authority for all these, except
for the cooperative banks, is the RBI –
The Indian financial system,
Reserve Bank of India.
particularly the banking system is very
India still does not have world class
diverse. The State Bank of India
banks. However, the huge size of the
occupies the top slot, which has been in
State Bank of India, coupled with the
existence since 1806. It has 9038 fully
strength of several subsidiaries, is an
computerized branches, in India and
indication that the Indian banks can go
abroad, 3814 ATMs and has deposits to
global. No less is the strength of the
the tune of Rs. 3,18,619 crores, Then,
“nationalised banks’” share. Some banks
there are 7 subsidiary banks of SBI, like
already have overseas presence and
the State Bank of Mysore etc. These
many more are in the process of
seven subsidiaries have a branch
breaking the national barriers.
network of 4596 branches, with a
M & A s, mergers and acquisitions. State
3. The Era of Mergers and Bank of India and it’s subsidiaries are in
Acquisitions the process of forming themselves into a
All this has lead the Indian banking giant entity, huge enough to ensure a
industry towards the next logical step of place in the Guinness Book of World
45


Records. will help these banks to stay afloat on
their own and in the eventuality of a
Two big nationalized banks, Bank of
India and Union Bank of India, have takeover, hostile or otherwise, will make
the buyers to pay for all the value-
announced their plans to merge into one
entity. Sometime back, Reserve Bank of additions that they would have made.

India ensured a supervised merger of the
3.1 The Entry of Technology in Indian
beleaguered GTB – Global Trust Bank
Banking:
with the OBC – Oriental Bank of Technology caught the fancy of the
Commerce. That the exercise succeeded Indian banking czars in the ‘80s. The
without creating a commotion among the main hurdle, in a country known for its
GTB clientele speaks of the maturity of socialistic leanings and democracy,
the Indian banking industry and the came from the trade unionists. In a
deftness with which the Reserve Bank of country struggling to implement
India handled the issue. employment generation oriented plans,
So, mergers and acquisitions are here ideas of mechanization and consequent,
to stay ! The banking circle is agog with and inevitable, loss of jobs did not gel
rumours of which big fish is going to well. They tried to stall the idea until the
swallow which small fish. Many foreign market forces over took the scene. Once
banks are known to have been on these the bankers tasted blood there was no
‘fishing expeditions’. The bankers are let-go of the situation. Today,
still on the high seas and the size of their technology has made fair inroads into
catch is still not known ! The year 2005 the domain of banking in India.
promises a lot of action. A lot of bank
logos are bound to go into the oblivion, Basic computerization has been
but only after ensuring a more-than-fair achieved in the entire banking industry.
return to their stakeholders. So much so, that a good number of ‘co-
Interestingly, the so-called ‘small fishes’ operative banks’ spread all over India
have demonstrated amazing dexterity have also been computerized. In short, in
and presence of mind and have the banking industry in India today, a
modernized themselves beyond belief. bank, which is not computerised, stands
This transformation, on the one hand, out for its non-compliance!

46


Not only the entry-level technology expected to grow to $261.7 billion out of
but, the core-banking technology or the a total market size of $1010.4 billion, a
networked banking technology has also 26 percent contribution. These figures
gained a lot of ground. The ‘private highlight the importance of BFSI to the
banks’ like the HDFC Bank and ICICI software industry.
Bank, are in the forefront having A Gartner report says that banking
implemented technology to the level software will grow at a CAGR of 13.5
which is comparable to the best, from percent from 2000 to 2005. The total
world standards. revenue from packaged software was
$22 billion in 2002 and is expected to
4. The Quantum of Global Investment
grow at 8 percent to reach $38 billion in
in Technology
2005. Industry pundits estimate that

There’s no doubt that it’s big business. A Indian banks spend Rs 150 crore and

report by the Tower Group states that above on software and hardware for core

banks will allocate over one-fourth of and Internet banking on an average.

their technology budgets, approximately When the investments are in this range,

$37.5 billion on a global basis, on core it calls for a deeper analysis of the

banking software, hardware and subject.

services. 4.1 The Bankers’ Interpretation of

A recent Nasscom-McKinsey study on Technology:

the global software business revealed Technology is a less understood but

that the Banking, Financial Services and much hyped concept in the Indian

Insurance (BFSI) segment would banking industry. The general perception

continue to be the largest vertical and is that it is the panacea for all human

drive software revenues. According to inefficiencies. In a positive way, it is

this study, the BFSI segment contributed said to be the vehicle which can translate

$68.3 billion out of a total market size of your wishful thinking into realities.

$326.8 billion in the year 1997, a 21 Here, the technology drives the people

percent contribution. By the year 2008, or the people drive technology is not

the BFSI segment contribution is known. Sadly, technology is becoming a
sort of cat and mouse story. Here, the
47


mouse refers to the mouse as well as the lot of investments, time and manpower,
“mouse”, cat refers to the human may be in another form.
endeavour to make technology equal to · Enormous investments have been
human intelligence, if not overtake it. made in buying technology, adding

Technology is becoming a more and to the costs.
· A lot of time-investment has gone
deeper rooted mechanism. The initial
euphoria when computer technology was into imbibing the technology and,
· A new breed and creed of man-
born was that it is going to be the ‘be-
all’ aid to the banker. So much so that, in power has entered the banking
portals in the garb of ‘computer
the 70s somebody wrote that, in future, a
billionaire can float a bank single techies’!

handedly, of course, aided by the
DR – Disaster Recovery was not a
computers Therefore, the common belief
concept ever thought of by the
among the bankers in India is that the
pioneers of computer technology.
technology is not only a substitute for
They always looked at the brighter
human drudgery but also the panacea for
side of technology and never assumed
all kinds risks, including those caused by
that it can cause a disaster also! The
their own lack of supervision! But,
terms like Hot Site evolved only to
technology, as it is evolving day by day,
give meaning to the concepts like the
is unwittingly throwing up its many
Disaster Recovery, which itself was a
inadequacies and the techies are
new kind of expression. Human mind
scurrying around to find newer and
is trying to delegate more and more of
newer patches to plug those gaping
its chores to technology. While human
holes.
mind is a superb, unbeatable super-
I shall enumerate my statement with computer, technology is only a poor
some simple examples. cousin of that. The stronger the
machine, the more inadequacies fall
Technology started as a cost cutting,
out.
time saving and man power saving
device. But, present day technology is Human mind is an amalgam of all the
technological phrases that have evolved
not like that. Actually, it is demanding a

48


so far – you built a Hard Disk and the point of Data Warehousing and Data
race for hard disk capacity started in no Purging concepts.
time. Today, some people talk of the
Hard Disk capacity of their computers, Thus, the levels of sophistication being
as if it is a status symbol. No sooner you achieved by us are giving way to newer
find a bigger hard disk, human ingenuity demands on the technology. And
finds newer stuff to load on to it, be it enormous time, energy and resources are
text, be it sound, be it graphics or a being expended to devise newer
combo of all like the streaming video. controls. All this could have been okay
The hard disk capacity of the human but for the speed of technology
mind is infinite. obsolescence. By the time we are
comfortable with one level of
A bigger Hard Disk did not necessarily technology that level goes for a toss and
mean big relief; it became a cause of a more sophisticated technology takes
concern. What if my hard disk crashes over. And, it is not easy for an industry
was the nagging question. Thus evolved like banking to switch gears at that
the concept of “Backup”. Multifarious speed.
solutions were invented to tackle this
issue, like the floppies, the CDs and the 4.2 Risk in Banking Industry:
Tapes. So far so good. Risk and Reward go hand in hand.
The banking fraternity best understands
What if my data base refuses to open this wisdom. But, the million dollar
up? So, the concept of BCP – Business question is how much risk is enough?
Continuity Plan evolved. The more you Where to draw the line? When does risk
store, the more is the risk and this risk is go out of hands? The sub-questions
potent enough to cause a disaster. And, arising out of this are complex enough.
the DRP – Disaster Recovery Plan was Therefore, the answers are not going to
conceived. come by easily.
I am crammed with data, can I store Bankers have awaken to this reality
some of my less needed data else where and in the recent past a lot of effort has
? Yeah, sure, and, that was the starting been made to go into the genesis of this

49


concept called risk. Your friendly local focus of this Paper.
banker makes efforts and efforts are
4.3 Risk Management:
made at the multi-national level under
Risk Management is not new to
the aegis of Basle II.
banking industry. The concept of risk
Risks reside in business processes and evolved from the day the concept of
so business process mapping is a pre- banking evolved. From that day onwards
requisite for risk identification. But, how bankers have been managing risks in
many banks have documented the their own way. Now, the induction of
processes ? Not many. This will not technology is calling for an effective
make risk assessment comprehensive. framework to tackle risks. Earlier, the
The result can be detrimental to the processes of control, audit and
interests of banks as a low risk can be supervision were all guided by the
put to costly mitigation processes, transactions. Now, the industry has seen
leaving a higher risk being unattended. the need for shift from transaction based
Bankers have identified three basic supervision to risk based supervision.
risks:
· Credit Risks Accordingly, Reserve Bank of India
· Market Risks has taken the lead in inculcating the need
· Operational Risks for RBS – Risk Based Supervision of
banks in India, with the objectives of
Many more risks are being unearthed allocating supervisory resources and
like, paying supervisory attention in
accordance with the risk profile of each
· Reputation Risks
bank. The RBS process essentially
· Information Risk involves continuous monitoring and
· Exchange Rate Risk
evaluation of the risk profiles of the
banks in relation to their business
However, I shall not elaborate the
strategy and exposures. This would be
areas of risks in banking. Rather, I done with the construction of a Risk
would deal with the concept of
Matrix for each bank. Reserve Bank has
Risk Management, which is the proposed:

50


· Risk Profiling of the Banks. Data cleansing and data enrichment
· Setting up of a supervisory efforts on an on-going basis, go a long
Programme way in ensuring smooth transition to
· Drawing up of a Monitorable computerized environment.
Action Plan. Complacency and misplaced faith seem
· Introduction of Enforcement to be the causative factors of these
Process and Incentive framework lacunae.
· Induction of external auditors in 2. Soundness of Systems and
banking supervision Technology is of course there. Here the
· Imparting Change Management trouble seems to be of a peculiar nature.
Implications for the banks. Initially, bankers were reluctant to
embrace technology, courtesy the
belligerent attitude of the trade unions.
However, the success of this depends on
When they did make a move to adopt it,
the following:
technology had moved a notch upwards
· Quality and Reliability of Data
and most of the banks were saddled with
· Soundness of Systems and
the outdated technology. Private Banks
Technology
entered the field at this stage and
· Appropriateness of Risk Control
flaunted the state of the art tech
Mechanism developed and adopted
savvyness. For a while it looked as if the
by the banks
Indian banking is about to be taken over
· Supporting corporate, HR and
by the private banks. Once the euphoria
organizational back up.
subsided, the fence jumpers came back
to the nationalized banks’ fold. Then, the
1. The quality and reliability of the nationalized banks flexed their muscles
data remains a suspect. It is neither and went shopping for the in-things in
because of the inaccuracy in accounting technological gizmos. Today, the level
nor because of any fraudulent activities. playing field is in place. Major
It is due to the poor quality of nationalized banks, even some Co-
“migration” to computerized Operative banks, are offering what the
environment without cleansing the data. Blue Eyed Boys were boasting of all

51


along. The days to come, in this sense, vanish. If not, it is a tribute to the
will be interesting to watch. bankers’ maturity and the cause for
3. Then, let us look at the swelling profits.. The element of profit is
appropriateness of Risk Control loaded into the interest as an essential
Mechanism developed and adopted by component. A banker arrives at a credit
the banks. This is also the focus of my decision by the inter-play of his
Paper being presented to you now. On professional expertise, mental
paper, yes, most of the banks claim to be assessment of the borrower, aided by the
having their RCM in place. Practically diverse data – statements, statistics,
speaking the answer is NO. The reasons ratios, percentages et all –
are multifarious, complemented by his READING of the
4. Inadequate description of the borrower / situation. Provided the data
term RISK. – Risk is a very complex placed before him is accurate, his
expression to quantify. A sensible way reading of the customer / situation,
of describing risk is by listing what it is becomes THE deciding factor in
NOT ! The real risk cannot be seen. A extending the credit line. A Winning
foreseen risk is not a risk at all. In banker reads BETWEEN the lines,
accepting the expression that the RISK others just read! I am not talking of this
and REWARD complement each other, invisible element in this context when I
we unknowingly imply and involve the say, “inadequate description of the term
human wisdom. A human mind takes a RISK”. I am talking of the inadequacies
calculated risk, a computer merely of the bankers in deciding upon their
calculates. But, it calculates it so fast requirements. I call these risks as
that the human being’s ability to take a quantifiable risks. Many bankers base
decision is vastly facilitated by that. A their judgment relying on the adequacy
banker earns his profit not by listing all of the data placed before them and not
these risks. He earns his profits by by calling for the missing links. This is
accepting the possibility of occurrence what I call as the inadequate description
of some risks not listed in that of risk.
compendium of risks. The logic is, if 5. Lacunae existing in migration
those risks materialize the reward will stage are not remedied. This is a simple

52


problem but with a potential to cause Storing and retrieval, Firewalls etc.
damage. Data cleansing and data Every new development assures
enrichment should be the preconditions enhanced safety and security of data, but
to migrate to the new level of with a hefty price tag attached to it.
computerization. Many banks have 8. The threat of technology
overlooked this area and are content with obsolescence – banks are physically
the safe migration. This is a one time disappearing and banking is flourishing!
exercise which should be undertaken by The concepts like Internet banking,
the banks. Phone banking and Mobile banking
6. Lack of understanding of coupled with the mobile work-force like
technology among the senior bankers. the Relationship Managers and
Age does prove to be a barrier in marketers-on-foot, who can sell you
assimilating technology faster. Today’s anything from a Credit Card to a
generation adapts and adopts the current Housing Loan, have broken down the
level of technology in real time. But, the physical walls of bank branches. Today
older generation takes its time to it appears as if we have reached the
comprehend technology. zenith of technology. But, tomorrow is
7. Increasing demands of another day ! Wifi and Bluetooth,
technology are very expensive – emboldened by the broadband seem to
Technology in itself is never secure or so be the goodies of tomorrow. The
it seems. The framework of technology assimilation of these technologies
is so fragile that it needs the support of themselves will be an expensive
so many security measures. The hall proposition. Then comes the attendant
mark of human brain is that, unlike risks. As of now wireless technology is
technology, it is totally secure. But not considered to be very safe and
technology keeps discovering the need secure. That itself makes us pay for the
for many modes of security. The security infra-structure. Thus, one level
vocabulary of technology keeps of technology becoming obsolete and the
expanding with newer terminologies like dawn of a new level of technology place
DRP – Disaster Recovery Plans, Hot a heavy monetary burden on the end
Sites, Networked environment, Data users, apart from causing the logistic

53


gaps. risk of
10. Bestowing this virtue also on the
technology. Displaced solace drawn
Lack of bankers with dual talent –
from CAR – Capital Adequacy Ratio.
Hands-on experience of banking AND
Capital Adequacy Ratio merely specifies
the capacity to understand the current
the benchmarks of capital requirements,
level of technology makes a good bank
for indulging in every kind of banking
executive. The slow-intake of
activity. Adequate capital does not mean
technology by the senior bankers has
adequate cover towards risk
created a piquant situation where by the
management. Adequate capital only
time and energy spent on technology
empowers a bank to indulge in specified
assimilation is much more than the time
banking activity and it provides no cover
devoted to their core-competence
from the inherent risks. One should not
namely banking. Any executive who has
hope to live longer merely by increasing
this dual talent demonstrates a migratory
the life insurance cover obtained by him
trend..
! Still, should you choose to die, the
9. Misplaced total faith in stipulated insurance cover is certainly
technology. Technology is what available for the asking.
technology does and NOTHING more! 11. Basle II places considerable
Bankers get confused between their responsibility on the shoulders of the
thinking faculties and the computing bankers. Basle II calls for a complete
capabilities of the technology. One is not overhaul of banking and pin-points the
the substitute for the other ! Technology possible pit-falls. Again, the
is good when it is viewed from the angle preparedness to adopt Basle II is
of its limitations. The moment you misunderstood by the bankers as their
assume it to be anything more than a umbrella to shield against the Risk
catalyst, the problems start. The speed, management. Bankers assume the three
the accuracy, the analytical strength and types of traditional risks viz Credit,
its multi dimensional, multimedia Market, and Operations to be the only
presentation are no substitute for the risks. The other types of risks viz
capacity to think. Many bankers run the Reputation and Exchange Rate Risk are

54


also equally potent ones. be a slave in the hands of its master and
12. A new kind of risk is adding to the where the master falters, the roles get
list -Information Risk. Today, the inter-changed! Some one has beautifully
‘Branch’ barriers are broken and coined a joke that, a computer is just like
networked single entity is in place. This your wife; it remembers every small
itself happens to be a great risk for the mistake committed by you and pops it
uninitiated. Further, there is no up at the least expected time.
geographical boundary for the banks
which is penetrated by a small gizmo 5. RMA – Risk Management
called the mobile phone. Believe me, Architecture
today a mobile phone is indeed capable Banks have realized that there is a lot at
of wreaking havoc in a technologically stake and have woken up to the realities
unprepared and un-safeguarded bank. of Risk Based Supervision. The stringent
13. There is no substitute to hard work, provisions of Basle II norms have given
particularly among the banking them an opportunity to clean up their
fraternity. The CONTROL duties stables. Compliance with CAR – Capital
allocated to them, to be performed by Adequacy Ratio, not an easy task, has
them and them alone, cannot be added to the confidence level of the
delegated to machines. Machines do not banks. Reserve Bank of India has also
CONTROL anything. They merely made it mandatory for all banks to fall in
translate your instructions into processes line with Basle II accord. Thus, the
and actions. Human brain works on banks have taken the Risk Based
intuitions, a machine doesn’t. Therefore, approach in their stride and have
you have to instruct your machine in initiated many measures, such as,
unambiguous terms. Computer is said to
management Information System
Setting up of a RMA – Risk and Information Technology.
Management Architecture · Addressing of HRD issues
· Setting up of Compliance Units.
· Adoption of Risk-focused
· Reserve Bank has drawn up a
Internal Audit.
schedule for implementation of
· Strengthening of MIS –
55


this transitional task Reserve Bank of India continuing to play
the role of a friend, philosopher and
CRISIL, the leading credit rating guide, Indian banking, in 2005, is poised
institution of India has drawn a road for a lot of action coupled with safety
map for the implementation of IRM – and security.
Integrated Risk management by
Banks by March 2005.

CRISIL has drawn up another chart
defining the datelines for IRM
implementation. Most of the Indian
banking industry has fallen in line and
are geared up to perform in the IRM –
Integrated Risk Management era.

6. Conclusion
As far as the structured Risk
Management mechanism is concerned,
we seem to be on course. Reserve Bank
of India has also been relentlessly
following up with the banks. As a result,
the RMA – Risk management
Architecture, is in place at most of the
banks. Compliance with Basle II norms
is giving a common identity to Indian
banks and also ensuring a level playing
field to enter the international banking
arena. With the WTO provisions coming
into being in a big way, Basle II norms
being applied, core banking solutions in
place, at major banks, Risk Management
Architecture having been built and

56


7. References Emerging Area for Lending :
1. Status of the Indian Banking Commentary in State Bank
Industry : A Survey by FICCI Economic Newsletter, Vol
: 2004 XXXVII No.6, Feb 10, 2003
2. Retail Banking in the New 9. Retail Banking – An
Flavour by P S Sodhi : IBA Overview : Dr T S
Bulletin : December 2004 Padmanabhan : Banking
3. Retail Banking in India : The Finance : October 2004
Key Growth Driver by 10. Abundant opportunities in
Manoranjan Sharma : retail banking in India : IIBF
Professional Banker (ICFAI), : Sep 2004
February 2005 11. The sum & substance of
4. Retail Banking and Trends in personal loans : Sudhanshu
Financial Markets : Reading Ranade : Business Line dated
Material of QIP of AICTE : August 22, 2004
TAPMI, Manipal, February 7 12. Retail Finance : A safe bet
– 11, 2005 for the next five years : CRIS
5. Implementing Basel II in Infac (research subsidiary of
Emerging Markets : CRISIL) study : The Best of
Challenges & Issues by B M CRISIL 2003
Mittal : BanCon 2004 : IBA 13. Trend and Progress of
and Punjab National Bank : Banking in India : RBI 2003-
(Indian Banking : Realizing 04
Global Aspirations) 14. Retail Loans : Is a bubble in
6. Year-end Summary of the the making? Vinod Sharma :
Banking Sector : Indian Professional Banker (ICFAI),
Institute of Banking & January 2005
Finance : December 2004 15. Retail Banking – A Focus : R
7. Retail Lending takes the lead A Almedia, IBA Bulletin, Nov
: IIBF : November 2004 2003
8. Retail Financing : The 16. Banking Industry : Vision

57


2010 – IBA Bulletin Special 20. Jain Mal Paras, 2005,
Issue Jan 2004 Consolidation In Banking
17. Business Today : BT-KPMG Industry Through Mergers
Survey of Best Banks in India And Acquisitions, IBA
2004 Bulletin, Volume XXVII,
18. Bhatnagar R.G, 2001, M&A No.1, January 63-68.
– The Key To Survival, 21. JayakarRoshani, 2004, The
Mergers And Acquisitions: Urge To Merge, Business
New Perspectives, ICFAI, Today, Vol.13, No.17, August
167-172. 29, 54-58.
19. Gupta Ashish, 2004, Time 22. Jayakar Roshani, 2004,
For Change, Business Today, Goodbye IDBI, Hello IDBI
Vol.13, No.17, August 29, 52- Bank, Business Today, Vol.
53. 13, No.23, Nov.21, 116-118

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