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Customer Relationship Management

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I AM LISTENING: J&K BANK

I’m Listening: J&K Bank
Customer Relationship Management

Submitted by:

M Misbah ul Islam
Enroll No: 5291100174 Academic Year: 2011-2013

MBA (Contemporary Management Practices) Centum-U, New Delhi

I AM LISTENING: J&K BANK Undertaking I hereby certify that the content of this document is original and has resulted out of the apprenticeship undertaken at J&K Bank, Corporate Headquarters, Srinagar, Jammu & Kashmir during the period ____________ to __________________. This work has never been submitted elsewhere.

(M Misbah ul Islam) INTERNSHIP COMPLETION CERTIFICATE This is to certify that Mr./ Ms. M Misbah ul Islam, pursuing his/her MBA (CMP) at Centum U, New Delhi has completed his/her apprenticeship at J&K Bank, Corporate Headquarters, Srinagar, Jammu & Kashmir from ______________________, to our overall satisfaction. Main Tasks Accomplished 1. Customer Relationship Management 2. Cashless Transaction’s in Banks We found him sincere, hardworking, technically sound and result oriented. He worked well as part of a team during his tenure. We take this opportunity to thank him and wish him all the best for his future. For___________________

<Industry Mentor> Signature INTERNSHIP COMPLETION CERTIFICATE This is to certify that Mr. M Misbah ul Islam of MBA- CMP, Batch 2011-13 of Centum U, New Delhi, bearing Enrollment No; 5291100174 has successfully completed his Apprenticeship during June 02-2012 to December 2012 with m/s J&K Bank, Corporate Headquarters, Srinagar, Jammu & Kashmir. His project was entitled “Customer Relationship Management” & “Cashless Transactions” in J&K Bank The Project report fulfills all the stated criteria and to the best of my knowledge the student’s findings is his/her original work. For _______________________

< Faculty Mentor> Signature

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Acknowledgement

In the Name of Allah, the Most Beneficent, the Most Merciful

How can I say thank you when there are so many people to thank for. No research/work is complete without the collaboration of many people which play a significant role in the development and culmination. Without them I doubt whether my project would have been accomplished on time.

Firstly, I would like to take this opportunity to thank CENTUM U for having project/internship report as a part of the curriculum, and also to J&K Bank for providing me an opportunity to work with them.

I wish to express my sincere gratitude to the following individuals who have played a vital role in the research of this project. Without their active assistance the preparation of this project could not have been framed in the specified time.

The first person I would like to acknowledge is my faculty mentor Ms. Bhavika Batra, Associate Professor, Centum U, New Delhi who supported me throughout this project with utmost cooperation and patience.

Next I would like to thank my industry mentor Mr. Bilal Ahmad, Associate Executive at Strategy & Business Development, J&K Bank, Corporate Headquarters, Srinagar for his strong support and assistance and was always there to monitor and rectify me where ever needed. He not only monitored my work but also guided me with utmost cooperation and patience. I am highly obliged to him for sparing his precious time for helping me in doing this project. Lastly I would love to thank my beloved parents, who are always a source of inspiration for me and with their love and care nothing seems impossible on the horizon.

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Appendix
Preface: An Overview: J&K Bank This chapter deals with the history, vision, mission and policy of the bank Chapter-I: Indian Banking Sector. This chapter deals with the history and development of Indian Banking Sector Chapter-II: Customer Relationship Management (Banking) This chapter deals with the need of CRM in banking Chapter-III: Research Methodology & Design. This chapter throws light on the research methodology of the study and also briefs about the objectives and scope of the study. Chapter-IV: Analysis & Interpretation of Data. This chapter deals with data analysis and interpretation. Chapter-V: Findings & Conclusions. This chapter aims to give a brief conclusion of the study and also highlight the findings of the study. Chapter-VI: Recommendation & Suggestions. This chapter aims to give a brief conclusion of recommendations and suggestion forwarded by various bank customers from different sects. Chapter-VII: Future Research & Findings This chapter contains the information regarding the future studies or research work that can be initiated after Chapter-VIII: References/Bibliography This chapter contains sources of data and references used while compiling the project Annexure: Questionnaire

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An Overview

J & K Bank

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AN OVERVIEW: The Jammu & Kashmir Bank was founded on October 1, 1938 under letters patent issued by the Maharaja of Jammu and Kashmir, Hari Singh. The Maharaja invited eminent Kashmiri investors to become founding directors and shareholders of the bank, the most notable of which were Abdul Aziz Mantoo, Pesten Gee and the Bhaghat Family, all of whom acquired major shareholdings. The Bank commenced business on July 4, 1939 and was considered the first of its nature and composition as a State owned bank in the country. The Bank was established as a semi-State Bank with participation in capital by State and the public under the control of State Government. The bank had to face serious problems at the time of independence when out of its total of ten branches two branches of Muzaffarabad, Rawalakot and Mirpur fell to the other side of the line of control (now Pakistan-administered Kashmir) along with cash and other assets. Following the extension of Central laws to the state of Jammu & Kashmir, the bank was defined as a government company as per the provisions of Indian companies act 1956. J&K Bank functions as a universal bank in Jammu & Kashmir and as a specialised bank in the rest of the country. It is also the only private sector bank designated as RBI’s agent for banking business, and carries out the banking business of the Central Government, besides collecting central taxes for CBDT. J&K Bank follows a two-legged business model whereby it seeks to increase lending in its home state which results in higher margins despite modest volumes, and at the same time, seeks to capture niche lending opportunities on a pan-India basis to build volumes and improve margins. J&K Bank operates on the principle of 'socially empowering banking' and seeks to deliver innovative financial solutions for household, small and medium enterprises. The Bank , incorporated in 1938, and is listed on the NSE and the BSE. It has a track record of uninterrupted profits and dividends for four decades. The J&K Bank is rated P1+, indicating the highest degree of safety by Standard & Poor and CRISIL.

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VISION & MISSION: “To catalyse economic transformation and capitalise on growth.” Our vision is to engender and catalyse economic transformation of Jammu and Kashmir and capitalise from the growth induced financial prosperity thus engineered.The Bank aspires to make Jammu and Kashmir the most prosperous state in the country, by helping create a new financial architecture for the J&K economy, at the center of which will be the J&K Bank. Our mission is two-fold: To provide the people of J&K international quality financial service and solutions and to be a super-specialist bank in the rest of the country. The two together will make us the most profitable Bank in the country.

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JK Bank- An Insight

Type: Traded As: Industry: Founded: Key People: Revenue: Operating Income: Net Income: Total Assets: Employeed Branches: ATM’s:

Private NSE: J&KBANK, BSE:532209 Banking & Financial Services October 1, 1938 Mushtaq Ahmad (Chairman
& CEO)

5,169.70 crore (US$940.89 million)(2011-12 2,172.48 crore (US$395.39 million)(2011-12) 803.25 crore (US$146.19 million)(2011-12) 60,269.22 crore (US$10.97 billion) as on March 31, 2012

> 9000 543 > 500

Registered Office M A Road Srinagar – 190 001 Jammu & Kashmir

Corporate Headquarters M A Road Srinagar – 190 001 Jammu & Kashmir

Website: https://www.jkbank.net EPABX Numbers: (+91- 0194) 2481930 - 2481935 JK Bank Care: 1800 200 600 (Toll Free)

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CORPORATE SOCIAL RESPONSIBILITY ASPECT OF THE BANK: The Corporate Social Responsibility (CSR) of the J&K Bank seeks to recognize obligations towards society and aims to integrate the CSR ideals into its mission for optimizing both business and social performance. It stresses on promoting work life balance, give attention to social and environmental concerns and host of factors that facilitate business pursuits and accomplishment of economic goals. The CSR is not just recognized as promulgating the Bank's own values and principles of philanthropy but also the values and principles of all those who have a stake in it or are affected by its operations. By supporting social cause aligned to the mission the CSR strategy differentiates the Bank's brand and enhances its reputation. The Bank manages social issues in the same manner as any other strategic business issues. The Bank besides playing its role in economic development of the State and country contributes significantly towards the social cause. The Bank has established its credentials for the poor and needy by donating generously for various philanthropic activities aimed at ameliorating their sufferings. Be it victims of natural calamity, like fire, flood, snowstorm or tsunami and disabled or patients with serious ailment who lack reliable means of survival, the bank has been all through supporting them. The one and a half decades long turmoil in the State of J&K has added to the agonies of people with hundreds of children losing their parents to fend for themselves in this harsh world. The Bank realizing its responsibility of saving the life/ future of these blooming children, adopt several of them by providing financial support either through various orphanages where they are sheltered or directly to the orphans by bearing their educational or other expenditure. The Bank would continue to provide study scholarships to the poor and needy students including students from far-flung areas, who without such support would have been school dropouts. The Bank shall continue donations for the development of infrastructure (computers, books, TV's, prosthetic support etc) to various NGOs, societies, trusts, institutions, etc. involved in socio-economic development of the society. The physically challenged persons belonging to socially and economically deprived classes especially children shall be helped by acquiring prosthetic support by meeting partly or fully cost of surgery with pre and post medication.

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In order to enable socially and economically weaker classes to live a healthy life the bank shall endeavor to give financial support to the needy and poor patients, afflicted with dreaded diseases like Cancer, cardiac failure, Kidney failure etc. for their treatment / surgery.

Heritage preservation is an important responsibility of every conscious individual, institution or agency. The thrust areas to assist in this respect for the Bank will be preservation of historical/religious monuments, development of tourist sites, national properties, museums, libraries, protection of environment/ecology etc. and sponsoring seminars and awareness camps, art and literary works, 3rd cultural activities, social service camps, college or university students clubs etc. The Bank has been playing a vital role in the promotion of tourism and it is in this backdrop that the Bank has been shouldering the responsibility of registering yatris for the Shree Amarnathji Yatra through its extensive network of branches spread across the country. The yatra is an annual religious function of Hindu community, wherein devotees travel by foot to pay obeisance to Holy Shiv Lingam at Shree Amarnathji cave. The Bank puts in place special registration counters at all branches of the Bank outside the state and some selected branches in Jammu and Kashmir State. In addition to this, accidental insurance cover facilitity of Bajaj Allianz General Insurance Co. Ltd. to the pilgrims at a nominal premium is made available to the yatris. During the yatra, the bank establishes mobile branches even at the holy cave. People in general and pilgrims in particular all over the country have appreciated this effort and won lot of applause for the Bank . Apart from above activities the Bank has been constructing/developing the public utility service like public parks, bus stands, drinking water posts, lavatories, conveniences, rain shelters. In addition to this, the bank organizes relief camps, service camps, night shelters, health resorts, health clinics, disaster & calamity management centers, rehabilitation centers etc

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POLICY: With the objective of promoting the philanthropic activities, other social and environmental issues, the bank has a CSR policy in place embodying the broader principles for providing donations. The donations are made within the prescribed limit of 1% of the published profit for the previous year. It focuses on economic, social, cultural and geographical backwardness of the area.


The bank provides financial assistance for the benefit of Handicapped persons/ orphans/ poor patients suffering from serious ailments.



Provides direct assistance or through Prime Minister's Relief Fund or Chief Minister's Relief Fund or any other national level or state level calamity relief fund to needy who have suffered due to natural disaster and calamities.



Helps in rehabilitation of handicapped children/ persons belonging to depressed classes of society.



Provides for procurement of devices / apertures for kidney transplantation; cardiac interventions; cancer patients; AIDS HIV and other dreaded diseases, philanthropic support for people belonging to economically deprived sections of the society.

 

Provides financial support to orphanages. Provides scholarships to meritorious students of depressed sections of the society at various levels with focus on the needy.



Provides technical and financial support for the Heritage Preservation through sponsorship of awareness seminars, organizing social service camps, sponsoring Art & Literary works and preservation and development of important Historical, religious, tourist sites, museums, libraries, archives, scientific organizations and National properties.

 

Provides financial assistance for protection of Environment/ecology. Constructs and develops the public utility services like bus stands, development of parks, construction of drinking water posts, lavatories, conveniences etc.



The donations are directly made to depressed class of society including physically challenged person or through a Non Governmental Organization engaged in the ameliorating of the suffering of this class of society.

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To ensure transparency in selection of deserving beneficiaries followed by disbursement of proceeds to the donees, the following precautionary measures are also ensured. The applicant should not be an employee of any Institution, semi-Government, quasi- Government or Government organization entitled to Medical Aid benefits. The applicant is not a professional beggar. The applicant is not a dependent family member of Bank's own staff.



The Bank's CSR is rooted in its Corporate Governance philosophy, which in turn is woven around Bank's commitment to ethical practices in the conduct of its business, while striving in the constant quest to grow with profits and enhance shareholders value and align interests of the shareholders, stakeholders and society through adoption of best international practices and standards. Managing CSR is not viewed as an extra cost or burden but is viewed not only as making good business sense but also contributing to the long-term prosperity of our Bank and ultimately its survival. Being a good neighbour and showing that you care on the one hand and being a successful business on the other, are flip sides of the same coin.



The Bank donated Rs.one lakh to Maharaja Ranjit Singh Trust, New Delhi, for the upliftment of downtrodden sections of the society. The Bank gave donation to the Foundation for inter-community Relations Delhi for upliftment of society. A financial assistance to the tune of Rs.1.00 lakh for the welfare of Gujjars was given to Gurjar Desh Charitable Trust, Jammu. The Bank donated sewing machines to destitute widows through Bhartiya Dalit Sahitya Academy, Jammu. Showing its eagerness for the upliftment of women, the Bank donated embroidery machines to Women's Welfare Society, Kachhama, Kupwara. The Bank also gave donation to NGO Friends Association for Ladies and Orphans Welfare (FAOW), Srinagar.



Devastating fire in village Batpora (Wathora), Kashmir rendered hundreds of people homeless and two persons lost their lives. The Bank organized a relief camp and distributed 50 kgs of rice and Rs.5,000 to each of the affected family. Similarly, another relief camp was organized for the fire victims at Seer, Anantnag (South Kashmir), where

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blankets, eatables and domestic utensils were distributed among the sufferers. A camp was also organised by the Bank at Lasipora, Pahalgam, where cash was distributed among the fire victims.


With a view to help Kargil war sufferers of Drass area in Ladakh region in their rehabilitation, the Bank organized a relief camp. Blankets and eatables were distributed among the people covering about 1500 families settled in 17 villages in and around Drass, who had migrated to Sankoo, Saliskote and other far flung areas of Kargil. Stationery items were distributed among the school going children.

GLIMPSES OF SOME PROGRAMMES:
POVERTY ALLEVIATION PROGRAMME:
To educate and provide the underprivileged sections financial services through intervention and community participation

Poverty is an age old and worldwide phenomenon. It affects the quality of life of the people in the society in one form or other. India is a developing country with huge percentage of population living below poverty line. India has a massive poverty. The analysis of poverty scenario in India is a a complex one. The unemployment/underemployment, underdeveloped agricultural sector, unbalanced development with huge regional imbalances, illiteracy, shortage of capital, lack of entrepreneurs, etc are some of the major causes of poverty in India. Keeping this in view, the Bank during the year 2005-06 launched a comprehensive programme for upliftment of poor and to raise the living standard of masses and ameliorate their socio-economic conditions so as to achieve balanced economic growth with social justice. Bank targeted those people who have certain entitlements in the form of productive assets, education & skills, the possession of which otherwise can generate incomes to buy the food requirements above the subsistence level. However, the programme recognized that poverty cannot be eradicated by relief. It needs to be removed through creation of productive employment opportunities and other social conditions. Productive employment generates

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growth, creates assets and thus improves the economic conditions of the poor who get engaged in such pursuit. At the same time, growth through productive employment creates a multiplier effect for bringing about a change in the economic scene. Further, poverty originates in villages and Bank took various initiatives to contain it there so that its overflow to towns and cities in the form of social migrations and slum dwellers is stopped. Therefore, the focus of Bank's poverty eradication programme 'WE ARE FOR THE POOR' was rural centric. Under the programme, the Bank undertook number of initiatives to raise the standard of people and alleviate poverty. The programme covered areas of agriculture, horticulture, village and cottage industries, fisheries, tourism, handicrafts on one hand and promotion of health, sanitation, communication and education on the other. ENVIRONMENTAL EXCELLENCE PROGRAMME:
To preserve and promote green & pollution free environment.

In the last few years environmental degradation has reached to immense proportion owing to unabated exploitation of nature and natural resources. The major factors responsible for degradation of environment in India have been heavy industrialization, deforestation, increase in traffic in cities, population explosion, illiteracy, etc. Accordingly, in order to preserve environment and promote pollution free environment, the Bank has launched a comprehensive programme to preserve and promote green & pollution free environment. Under the programme, the bank undertook number of measures like planting trees, developing parks and gardens at barren lands, undertaking cleanliness drives etc. Awareness camps are organized on continuous basis at number of places to educate people to keep their environment clean The preservation of environment is a top most priority for the Bank. The Bank has been playing a pivotal role in protecting the environment by organising cleanliness drives throughout the country particularly in the state of J&K. During "Plantation Week" massive plantation drives are organised at various parts of the Jammu and Kashmir State. On the eve of World Arboriculture Day, the a massive plantation drive was undertaken at Badamwari, Srinagar where almond sapling were planted. The plantation drive at Badamwari was undertaken as a part of the Bank's

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plan to revive the famous almond garden, which had lost its fame over the years due to negligence and oblivion. Nostalgic feelings about the past had never been so strong as they were on March 25, 2008 when J&K Bank dedicated the revived and redesigned pride past of Kashmir, Badam Vaer to the people of Kashmir. Developed around the famous Waris Khan Chah , Badam Vaer is a solid reminder of the past and a walk around it refreshes and resurrects the sense of history. The Bank has been extending support to municipalities and hospitals in Srinagar and Jammu cities for ensuring better hygienic conditions. The Bank developed a public park at Iqbal Park, Srinagar. The park at one time was in a dilapidated condition and a thriving place for all kinds of insects. Even the garbage of most of the areas of the city was being dumped in the park and also main vegetable & fish market used to operate in the park. The park had become nuisance for people in general and residents of area in particular as foul smell used to emanate from the park. The park is now presenting a new look and has become a major attraction for people, which reflects the J&K Bank's environmentalist approach. The Bank has converted barren piece of lands into green pastures in the state. The bank has developed children's amusement park in the world-renowned hill station of Pahalagam in the heart of Kashmir valley. The park not only commensurate fully with the flora & fauna of the place but also complements the natural scenic beauty of the place. The park is spread over an area of 42 kanals, where different kinds of rides have been installed for children over an area of just three Kanals. The majority of area of the park has been developed as Landscape. The arcade and restaurant have been constructed in such a manner that they fully blend with the natural scenic beauty of the place. The park also encompasses an artificial lake of about 15,000 square feet area where the visitors enjoy swan boat rides. The main attraction of the park, however, is a musical fountain which has been established just at the arcade. A baby train is something that every child loves to board and enjoy. The entire project was completed in a record time of four months only. The Bank developed another amusement park "Bagh-I-Wazir", Bun Bagh, Anantnag, Kashmir. Different kinds of rides have been installed in the park for children. In a short span of time, the park has become a major tourist attraction in the region. The bank also has plans to establish

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such types of leisure and pleasure destinations in other tourist places of the state as a supplement to ecological/environmental development. The development of Rajinder Park at Ranbir Canal and a walk way along the canal has delghited the people. In order to stop the wastage of water, the Bank donated Rs.1.00 lakh for construction of service reservoir at Spring for the people of Seer, Anantnag, Kashmir. Due to the efforts of the Bank, more than 200 families were able to get pure drinking water in the area. The Bank organized sanitation and cleanliness drives in Srinagar and Jammu cities. Similar drive was organized at Sher-I-Kashmir Institute of Medical Sciences (SKIMS). EDUCATION FOR ALL PROGRAMME:
To promote education among the employees and the deprived sections of the society.

In order to promote talent and creativity among the youth, the Bank sponsors various such programmes where they are encouraged to explore their talent and creativity. The Bank provides financial assistance to the bright students belonging to poor families so as to help them to complete their education. During the year, the Bank has adopted number of students to bear their educational expenses. The Bank also provides financial and other kinds of support to those organizations that are involved in the process of promoting education across the country. The Bank donates computers and other kinds of equipments to schools and other educational institutions from time to time. Recently, a poor student of Rajouri got admission in Government Medical College Jammu. The Bank extended him financial help for the purchase of books. Similar assistance was given to a poor student to pursue his M.Sc Chemistry in Kashmir University. The Bank also bear house rent, bus fare, examination fee and tuition fee of a poor student pursuing studies in SKIMS Medical College. Similarly, a student hailing from Rajouri pursuing his studies in Engineering was provided financial assistance to the tune of Rs.13,000. The bank has extended a number of scholarships to deserving Kashmir University students. The Bank provided books free of cost to the students of Government Medical College, Srinagar, who had lost all their belongings including books in a devastating fire that engulfed the College Hostel. The bank has adopted nine orphan children from Shehjar Orphanage and is bearing all expenses related to their studies. In this age of Information Technology, the Bank is making

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efforts to take computer education to far flung areas for poor students. The Bank has been generous to donate computers to Apna Ghar orphanage at Beerwah (Budgam), VAZR School at Kupwara, Law Department (Kashmir University) and Sultan-ul-Arfeen Trust (Srinagar). A physically handicapped student hailing from Anantnag was given a computer node by the Bank. SUPPORT SERVICES: Technology application has remained the thrust area of the Bank for last many years with an objective to offer state of the art world class Banking facilities to its customers. The Bank continued to leverage information technology as a strategic tool for its business operations, to gain competitive edge in customer service as well as improving productivity and efficiency. The Bank’s IT strategy emphasizes enhanced level of customer services through 24x7 availability, multi-channel Banking and cost efficiency through optimal use of electronic channels, wider market reach and opportunities for cross-selling. The Bank’s focus is on harnessing technology for integrating diverse products and services. Keeping this in view, the Bank continued to widen the scope of multiple delivery channels such as ATM installations, Anywhere Banking , Internet Banking and SMS Banking at more & more centres. ANYWHERE BANKING:
  

Power to Access to your accounts across our branch network. The facilities include Cash Deposit/Withdrawal and transfer. Outstation Cheque collection.

INTERNET BANKING (Corporate & Retail):
Both corporate and retail clients can access their accounts anytime and from any location via the World Wide Web. Presently following services are available to the corporate clients:
   

Available for both Retail and Corporate users. SMS Banking Statement of Accounts. Funds Transfer.

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       

Access/view of accounts Transfer of Funds between self linked accounts maintained with our bank. Transfer of Funds from their own accounts to external accounts (e.g. Vendor payment) Transfer of Funds from external to own accounts (e.g. dealer collection). Transfers of Bulk upload. Transfer to non J & K Bank account holders through RBI NEFT/RTGS. Transfer of non-standard bills. Utility bill payments.

E-COMMERCE FACILITY FOR JK BANK E-BANKING CUSTOMERS


J & K Bank Secure Payment Gateway, to provide ecommerce facility to the e-banking customers.



Tie up with M/S Avenues India Pvt. Ltd. (ccavenue) and M/S BillDesk, for extending ecommerce facility to the e-banking customers.



The facility shall be available to only such e-banking users, which have been enabled by the Bank for Bill Payment facility.

E-PAYMENT OF TAX FOR JK BANK E-BANKING CUSTOMERS:


NSDL (National Securities Depository Ltd.), the first and largest depository in India, established in August 1996 and promoted by institutions of national stature responsible for economic development of the country has since established a national infrastructure of international standards that handles most of the securities held and settled in dematerialised form in the Indian capital market. Tax Information Network (TIN), a repository of nationwide tax related information, has been established by National Securities Depository Limited on behalf of Income Tax Department of India (ITD).

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Although India had a vibrant capital market which is more than a century old, the paperbased settlement of trades caused substantial problems like bad delivery and delayed transfer of title till recently.


The e-Payment facilitates payment of direct taxes online by taxpayers. To avail of this facility the taxpayer is required to have a net-banking account with any of the banks certified by NSDL,CBDT and RBI for collection of Direct TAX. J&K Bank has been added to the list.Also, e-payment of Indirect Tax for J&K State Govt. has been added to our services.

SMS BANKING:
   

Be in touch with your account on the move Balance Enquiry Transaction enquiry Cheque Status Enquiry

ATM SERVICES:
  

A network of more than 500 ATMs deployed across the country. Accepting Maestro / Cirrus / MasterCard / VISA / NFS atm / debit / credit cards Cheque Status Enquiry

DEBIT CARDS:
  

Pin Based -Maestro / Cirrus Debit Card Provides online access to savings or current account. Accepted at all Domestic as Well as International MasterCard™,Maestro™,Cirrus™ Enabled ATM's and Point Of Sale locations.

  

Accepted at National Financial Switch (NFS) ATM's. No Transaction Fee at JK Bank ATM's No Transaction Fee on purchases

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CREDIT CARDS:
     

20-50 day Credit Free Period * Revolving Credit Facility on paying of minimum payment due in the same billing period. Hassle free credit facility at competitive rate of interest. Cash Withdrawal Facility upto 20% of total credit limit *. Loyalty programme MasterCard® SecureCode™ enbaled Credit Cards.J&K Bank lets you shop securely online with your J&K Bank MasterCard Credit Card. This service through a simple checkout process, confirms your identity when you make purchases on the Internet

MERCHANT ACQUIRING:
    

All types of Visa & MasterCard based cards Accepted Quick Merchant Payment Merchant Helpdesk and Onsite Support. Competitive Commission Rates No hidden Charges

AWARDS & RECOGNITIONS: J&K Bank is going from strength to strength as it sees tremendous revenue growth opportunities in all businesses. In recognition of its excellent customer service, fair business practices, overall operational efficiency, overall performance, etc the bank has been felicitated by the following awards during the last few years:

  

Asian Banking Awards – 2004 No. 1 Bank in India _ ET _ CMIE Survey 98-99 The Best Bank - Rediff.com & PWC Survey

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    

India’s Fastest Growing Bank – Business Standard Excellence Award – Institute of Economic Studies Ranked as No. 1 on Safety Parameters – Business Standard Survey Ranked as No. 2 on Profitability front _ Business Standard Survey Jamnalal Bajaj UchitVyavaharPuraskar 2002– Council for Fair Business Practices dated 26th March 2003.



Best Private Sector Bank Award- Financial Express, Presented by Dr. BimalJalan, Governor, Reserve Bank of India on 4th April 2003.



Best Universal Bank Award - Financial Express, Presented by Dr. BimalJalan, Governor, Reserve Bank of India on 4th April 2003 Ranked 87th among India’s Top 500 Companies by world’s renowned rating agency – “ DUN & BRADSTREET”





Asian Banking Award 2004 for the Customer Convenience programme.

UNIQUE CHARACTERISTICS & SERVICES:
 

J& K Bank carries out banking business of the Central Government In spite of a government equity holding of 53 per cent, Jammu & Kashmir Bank is regarded as a private sector bank

  

J&K bank is the one and only banker and lender of last resort to the Government of J&K Plan and non-plan funds, taxes and non-tax revenues are routed through the J&K Bank J&K Bank claims the distinction of being the only private sector bank that has been designated as agent of RBI for banking



The services of J&K Bank are utilized for the purposes of disbursing the salaries of Government officials



J&K Bank collects taxes pertaining to Central Board of Direct Taxes, in Jammu & Kashmir

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Chapter- I Indian Banking Sector

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INDIAN BANKING SECTOR
A brief history and phases of Indian banking sector since its inception: PHASE: I 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. PHASE: II Nationalisation of Imperial Bank of India with extensive banking facilities on a large scale especially 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. 14 major commercial banks in the country were nationalized. The second phase of nationalization of Indian banks took place in the year 1980. Seven more banks were nationalized with deposits over 200 crores. Till this year, approximately 80% of the banking segments in India were under Government ownership.

NATIONALISATION OF BANKING SECTOR: The nationalization of banks in India took place in 1969 by Mrs. Indira Gandhi the then prime minister. It nationalized 14 banks then. These banks were mostly owned by businessmen and even managed by them. Central Bank of India Punjab National Bank Indian Bank Bank of Maharashtra Syndicate Bank Indian Overseas Bank Dena Bank Canara Bank Bank of Baroda

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Union Bank
UCO Bank

Allahabad Bank

United Bank of India

PHASE: III This phase has introduced many more products and facilities in the banking sector in its reforms measure. In 1991, under the chairmanship of M Narasimham, a committee was set up by his name which worked for the liberalisation of banking practices.

The country is flooded with foreign banks and their ATM stations. Efforts are being put to give a satisfactory service to customers. Phone banking and Net banking is introduced. The entire system became more convenient and swift. Time is given more importance than money. BANKING SYSTEM 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 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

PUBLIC SECTOR BANKS: Among the Public Sector Banks in India, United Bank of India is one of the 14 major banks which were nationalized on July 19, 1969. Its predecessor, in the Public Sector Banks, the United Bank of India Ltd., was formed in 1950 with the amalgamation of four banks viz. Comilla Banking Corporation Ltd. (1914), Bengal Central Bank Ltd. (1918), Comilla Union Bank Ltd. (1922) and Hooghly Bank Ltd. (1932).

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This Public Sector Bank India has implemented 14 point action plan for strengthening of credit delivery to women and has designated 5 branches as specialized branches for women entrepreneurs

PRIVATER SECTOR BANKS: The first Private bank in India to be set up in Private Sector Banks in India was IndusInd Bank. It is one of the fastest growing Bank Private Sector Banks in India.

IDBI ranks the tenth largest development bank in the world as Private Banks in India and has promoted a world class institution in India.

The first Private Bank in India to receive an in principle approval from the Reserve Bank of India was Housing Development Finance Corporation Limited, to set up a bank in the private sector banks in India as part of the RBI's liberalisation of the Indian Banking Industry.

It was incorporated in August 1994 as HDFC Bank Limited with registered office in Mumbai and commenced operations as Scheduled Commercial Bank in January 1995. CO-OPERATIVE BANKS IN INDIA: The Co operative banks in India started functioning almost 100 years ago. Though the co operative movement originated in the West, but the importance of such banks have assumed in India is rarely paralleled anywhere else in the world. The cooperative banks in India play an important role even today in rural financing. The businesses of cooperative bank in the urban areas also have increased phenomenally in recent years due to the sharp increase in the number of primary co-operative banks. Co operative Banks in India are registered under the Co-operative Societies Act. The cooperative bank is also regulated by the RBI. They are governed by the Banking Regulations Act 1949 and Banking Laws (Co-operative Societies) Act, 1965.

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This exponential growth of Co operative Banks in India is attributed mainly to their much better local reach, personal interaction with customers, and their ability to catch the nerve of the local clientele.

RURAL BANKING: Rural banking in India started since the establishment of banking sector in India. Rural Banks in those days mainly focused upon the agro sector. The Haryana State Cooperative Apex Bank Ltd. commonly called as HARCOBANK plays a vital role in rural banking in the economy of Haryana State and has been providing aids and financing farmers, rural artisans, agricultural laborers, entrepreneurs, etc. in the state and giving service to its depositors. National Bank for Agriculture and Rural Development (NABARD) is a development bank in the sector of Regional Rural Banks in India. It provides and regulates credit and gives service for the promotion and development of rural sectors mainly agriculture, small scale industries, cottage and village industries, handicrafts.

FOREIGN BANKS IN INDIA: Foreign Banks in India always brought an explanation about the prompt services to customers. After the set up foreign banks in India, the banking sector in India also become competitive and accurative. New policies are introduced by RBI for them. The policy conveys that foreign banks in India may not acquire Indian ones (except for weak banks identified by the RBI, on its terms) and their Indian subsidiaries will not be able to open branches freely

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MAIN COMPETITORS FOR BANKING SECTOR: • • • • • • Post offices. Mutual fund Share market Insurance. Money lenders Family and friends

PRESENT SCENARIO: • • • Banking industry has been undergoing a rapid transformation. Banks today are market driven and market responsive. With the entry of new players and multiple channels, customers (both corporate and retail) have become more discerning and less "loyal" to banks. This makes it imperative that banks provide best possible products and services to ensure customer satisfaction. • They have been managing a world of information about customers - their profiles, location, needs, requirements, cash positions, etc. • Furthermore, banks have very strong in-house research and market intelligence units in order to face the future challenges of competition, especially customer retention • They are focusing on region-specific campaigns rather than national media campaigns as effective strategy for a diverse country like India. • • Customer-centricity also implies increasing investment in technology. Apart from traditional banking the Mobile Banking, including of SMS Banking, Net Banking and ATMs are the major steps taken by the banks in India towards modernization.

SERVICES PROVIDED BY BANKS • • • • Demat account Lockers Cash management Insurance product

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• • • •

Mutual fund product Loans ECS(Electronic clearance system)‫‏‬ Taxes

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Chapter- II CRM in Banking

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INTRODUCTION: In the centre of marketing activities today is the customer satisfaction. For the banks to be successful in the intensively competitive environment, they are bound to attach importance to customer satisfaction.

One of the basic elements of modern marketing understanding is customer satisfaction. Businesses can survive as long as they can meet the customers’ needs and enable customer satisfaction. Determining the consumer’s wishes and needs and meeting them in one of the ways f enabling consumer satisfaction. For this reason, it is pretty important in our intensively competitive environment to be in regular contact with the customers and to follow the changes in them closely. One of the sectors in which competition is experienced intensively is that of banking.

Banks are the finance institutions that meet the economic needs of the individuals and businesses and that perform such economic activities as collecting bank deposits, giving credits, providing capital and etc.. In recent years there have appeared important developments in the understanding of modern banking. With the transition to automation, customer satisfaction and management of customer relationships have taken place among the subjects spoken of in the banking sector.

CUSTOMER RELATIONSHIP MANAGEMENT: The study is based on the review and assessment of various services/products which are offered by the Jammu and Kashmir Bank. The study aims to unravel the various practices and efforts by the bank in maximizing the satisfaction level of its customers by providing them with Products/Services of varied nature. This study aims to understand the nature of the services and of the various products to observe and understand their impact on the customer base of the bank and on their efforts to render quality and competitive services to their customers. Also, the objective of this research is to assess and review the effect and impact of such products and services of the bank on its customers in order to analyze their satisfaction quotient. Further, the

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study aims to reveal the competitiveness of the products offered by the Jammu and Kashmir Bank in view of the Indian banking sector. In recent years, in such fields as banking, where there is a strong competition, customer satisfaction has gained a good deal of importance. It may be very easy to let another bank capture a displeased customer. To raise the customer satisfaction to the highest level and retain their customers, the banks are to attach importance to the CRM.

Forming Customer Database

Understanding Customer Needs & Complaints

Producing Solutions Peculiar To The Customer

Customer Relationship Management

Customer Satisfaction

Customer Loyalty

Customer Relationship Management & Customer Loyalty

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CUSTOMER:Customer is the person who is having the willingness to buy the product/service and supported by monetary power to pay for it. The customer buys a product/service to fulfil his demand so, the customer expects full satisfaction by the product/service for which he is paying.

CUSTOMER SATISFACTION: A customer’s satisfaction is the function of the provider’s perceived performance and the customer’s perception. Customers purchase a commodity as dictated by their mental and their economic forces. Mental force creates desires and wants but the economic force may come in the way satisfying that want. Hence, he has to choose between the wants and select the products according to priority consumption. The producer has to consider these two consumer forces, before manufacturing a product/service. As consumption initiates production the producer should identify the motives which prompt consumers to purchase. This helps him to offer a total product that can satisfy consumer needs.

RELATION BETWEEN MARKETING AND CUSTOMER SATSIFACTION: Marketing field is very vast customer satisfaction is the part of marketing. There is a deep relation between marketing and consumer satisfaction. In the field of marketing an organization tries to sell its product/services and try to survive in the market. To fulfill these goals it has to be aware about customer needs and wants. It has to satisfy the customers by providing them good quality product and services. It can happen only when the organization has proper knowledge about marketing and marketing activities. So, we can tell that marketing and customer satisfaction are inter-related.

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WHY CRM IN BANKING: Banks are facing greater challenges than ever before in executing their customer management strategies. Intensifying competition, proliferating customer contact channels, escalating attacks on customer information, rising customer expectations and capitalizing on new market opportunities are at the top of every bank’s agenda. In looking for ways to drive growth, banks need to evaluate their customer management strategy. Do they currently have a effective CRM solution that is capable of delivering.  Consistent cost-effective customer service?  Customer-aligned products and services?  Enhanced customer loyalty and long term value?  Consumers largely select their banks based on how convenient is the location of bank to their homes or offices.  The pressures of competitive and dynamic markets have contributed to the growth of CRM in the Financial Services Sector.  Analysis suggests that a 5% increase in customer retention can increase profitability by 35% in banking business, 50% in insurance and brokerage, and 125% in the consumer credit card market.  Private Banks have traditionally viewed themselves as exceedingly 'Customer Centric' offering what they believe to be highly personalized services to the High Net Worth Customers.  The first step towards successfully winning, in banking is to understand what customers wants and needs are.

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NEED FOR CRM IN BANKING: CURRENT TRENDS & DYNAMICS

Today more than ever before, the ability to maximize customer loyalty through close and durable relationships is critical to bank’s ability to grow their business. As banks strive to create and manage customer relationships, several emerging trends affect the approach and tools banks employ to achieve sustainable growth. These trends reflect a fundamental change in the way banks interact with the customer they have- and those they want to acquire. Unless banks offer the correct portfolio of products and services- at least as broad and highquality as those of their competitors- then the bank’s customers will go elsewhere. When they do this, they take their lifelong profit potential- the profit the bank would have generated from these customers over their lifetime, had the relationship continued.  Trend: Focussing on Organic growth How can a bank drive growth? Traditionally, banks have grown through an aggressive strategy of acquiring direct competitors and taking over their branch networks. Today the strategy is no longer sufficient, since it doesn’t create organic growth for the financial institution. To build stronger customer loyalty, banks need improved customer knowledge to develop product and deliver services targeted at specific market segments; resulting in more directed service tactics.  Trend: Seeking Out & Better Serving Emerging Customer Segments One of the ways banks can achieve is by focusing on new markets. Emerging demographic segments represent untapped revenue streams that can fuel a banks growth. As the demographic groups continues to pass through different stages of cultural assimilation, financial service companies need to address how to maximize their share of this emerging market segment. The need every bank has is how to respond quickly and at low cost. And this need is increasing all the time.

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 Trend: Creating Deep Business Insight Into Customer Preferences Customer loyalty that drives organic growth can only be built through consistent customer experience. This means under-standing each individual customer’s needs and preferences. One of the largest challenges banks face is how to better understand their customers and provide personalized customer service A “one size fits all” customer strategy no longer works. Banks need to serve the rapidly diverging needs of all markets of all segments of the demographic of trading area. Bank must move out of their “comfort zone” and develop services and products that address the specific needs of different market segments otherwise they will lose out to competitors implementing personalized communications that targets the right customer, at the right time, with the right product or service. To optimize customer relationships and loyalty, banks need to integrate processes and technologies that enable them to build and then act upon- a detailed view of what each customer anticipates. This will require highly skilled customer professionals, with the right combination of linguistic, culturally aligned and financial skills, as well as the ability to deploy customer service strategies quickly, efficiently and cost-effectively.  Trend: Responding To Intensifying Competition Through Revitalized Offerings Today banks face a relentless stream of new competitors, eager to take a share of the market’s revenues. Three major competitors offering differentiated products, services or distribution models have emerged over the past decade. 1. Brokerage and insurance firms, expanding their offering portfolios into banking products beyond their traditional product sets. 2. Non-traditional players such as Paypal, Western Union (expanding through technology-led channels or services) or telecommunications companies (expanding by bundling of payments) are growing by becoming payment aggregators.

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3. Non-banking companies looking to (if not already) enter the market by offering banking products and services. The entry of non traditional players will not only affect bank growth rates as they compete for consumers, but will also place downward pressure on operating margins and profitability created through their non-banking business models. Renewing and reinvigorating product offerings and customer service strategies are essential ways to stay competitive in a changing marketplace. Proactive banks will respond to market opportunities and competitive threats by launching new products, entering new markets and acquiring new customer segments. A proactive CRM solution is the foundation that can help support this without disrupting current services that would put existing clients at risk.  Trend: Improving Distribution And Channel Management How are retail banks responding to intensified market competition? To take themselves to the next level of improved sales and service, banks are focusing on developing, implementing and integrating their channels more rapidly and efficiently. Their goal is to meet three objectives. 1. Improved and more consistent service based on a full customer view 2. Increased revenue through adoption of new products. 3. Improved profitability through lower product development and service costs. Forward looking banks will simultaneously improve customer service quality and profitability by deploying an integrated CRM strategy. Deepening relationships with their customer means that banks must offer their products and services through appropriate delivery channels that appeal to their customers. Deploying multiple channels and integrating them at the enterprise level give banks a consistent and full view of the customer. To be successful, this must include all service channels- both physical and virtual- including call center, web, branch, kiosk, ATM, phone & mobile devices. To achieve this, banks need to develop technology, operational processes and customer strategies to make their channels more effective in reaching and serving their customers. By tailoring products or services to specific customers or market segments, banks will be able to

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increase their product adoption rate, revenues and returns on investment for new product development. CRM is an approach that makes it necessary to for long-term relationships with customers for the purpose of increasing the profitability and productivity of the enterprise and to make use of technology for this purpose. The enterprise should pay attention to the following issues so as to improve their relationship with customers  Picking out the real customers in a bank in the long run and helping to make the relationships effective.  Making the way of bank management customer-based.  Bringing, with technology, in the foreground the human relationships based on gathering and using information by institutionalizing the personal sales concepts.  Reshaping the selling and marketing campaigns of the bank.  A successful CRM system, providing a permanent advantage of competition.  Increasing the total productivity of the bank.  Recognizing the customers.  Distinguishing the customers.  Listening to the customers.  Making all sorts of contacts with the customers.  Enterprise identifying itself with the customers.  Adapting to the customers.

In recent years, in such fields as banking, where there is a strong competition, customer satisfaction has gained a good deal of importance. It may be very easy to let another bank

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capture a displeased customer. To raise the customer satisfaction to the highest level and retain their customers, the banks are to attach importance to the CRM. Creating maximum benefit from CRM depends on its right management. A consistent CRM may also bring about the following benefits:  Increase in the cross-sales.  Reduction in customer disagreement.  High level of customer satisfaction and loyalty.  Reduction in procedure costs.  Ability to form close contacts and relationships with the customer in terms of technologic, informatics and social terms.  Forming a learning relationship with each customer provides the enterprise the opportunity to find new products/services for their customers, thus the enterprise may have the ability to perceive and meet the needs of its customers before its rivals.  Loyal customers may be a reference for the potential customers  The cost of gaining a new customer is higher than that of retaining the existing customer. Accordingly, CRM may contribute to the reduction of such costs?  New customers or loyal customers.  Over time, retail bank customers tend to increase their holding of the other products from across the range of financial products / services available.  Long-term customers are more likely to become a referral source.  The longer a relationship continues, the better a bank can understand the customer.  Customers in long-term relationships are more comfortable with the service, the organization, methods and procedures.

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 Improvement of customer loyalty increases the rate of staff’s loyalty.

CUSTOMER EXPERIENCE:
To be a credible player in the market, a private bank must be able to deliver this customer experience. They are widely categorized into three sections:  The Basic Customer Experience.  The Segment-Specific Experience.  The Organization-Specific Experience.

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Chapter- II Research Methodology & Design

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RESEARCH METHODOLOGY & DESIGN: (a) TITLE OF THE STUDY  “A Study On The Customer Satisfaction Towards Products And Services Of Jammu And Kashmir Bank” The banking industry being as competitive and turbulent as it is now with the entrance of foreign banks and other private banks. The political system being so unstable with constant change in rules and norms and the Reserve Bank of India being monitoring the functioning of banks quite vigilantly than before, Jammu and Kashmir bank has been a pioneer in offering the latest of the services and products to its customers particularly in the banking sector of the state of Jammu and Kashmir and in general to its considerable customer base outside the state. The bank has been providing a wide array of products and services ranging from customer friendly Loan services to insurance facilities and mutual fund services to Savings and fixed deposit account facilities to its wide customer base in and outside the state of Jammu and Kashmir. (b) OBJECTIVE OF THE STUDY: In the centre of marketing activities today is the customer satisfaction. For the banks to be successful in the intensively competitive environment, they are bound to attach importance to customer satisfaction. The purpose of the study is to reveal the relationship between the banks’ customer relationship management and the customer loyalty.

1. To study the existing relationship between the J&K bank and its customers. 2. To study the various types of products and services offered by Jammu and Kashmir bank to its customers. 3. To understand how J&K bank is keeping its customers up-to-date in terms of the latest of the services available in the banking sector. 4. To understand the extent to which Jammu & Kashmir Bank has been successful in impacting the loyalty and satisfaction level of its customers through its innumerable kind of services.

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5. To offer suggestions and recommendations to improve the services of the bank towards its customers. (c) SCOPE OF THE STUDY:  The scope of this study is limited only to the study of various products and services as offered by the Jammu & Kashmir Bank to its customer base particularly in Kashmir and generally all over India with a special focus on the state of Jammu and Kashmir.

(d) NEED FOR THE STUDY:    It is a part of a curriculum. Need to know about customer’s reaction towards J&K Bank. The need for the study is to identify the bank’s impact on profitability due to the kind of services and products it offers to its customers keeping in view the challenges and the competition faced by the bank in the current banking scenario.  The need is to identify the areas of improvement for the Bank in terms of its services which can be brought on par with latest of the market standards and to identify its impact on the customer perception and satisfaction.

(e) RESEARCH DESIGN OF THE STUDY: The conception of the research design plan is a critical step in the research process. The design of the study constitutes the blue print for the collection, measurement and analysis of the data. In other words, the research design is a conceptual structure with in which research is conducted.

(f) SOURCES OF THE DATA:

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The study includes both primary and secondary data: PRIMARY SOURCE: “Primary data is first hand information which is collected afresh and thus happens to be original in character” The primary data was collected by the way of well framed Questionnaire. Questionnaire was administered to gather the information relating to the products and services of the Jammu and Kashmir bank from the customers of the bank from different areas of Kashmir. SECONDARY SOURCE: “Secondary data are those which have already been passed through the statistical process”. The data which was pre-essential for this study relating to products and services of the bank was based on secondary source of data. This data was collected from materials provided by bank, annual reports, management reports, magazines, journals and some essential books on banking were referred. Some information was also obtained from J&K Bank website. (g) SAMPLING PLAN: Population Size:  The population size was the customer base of Jammu & Kashmir Bank in four main districts of Jammu & Kashmir (Srinagar, Islamabad, Pulwama & Budgam) Sample Size:  100 respondents (or in other words, 100 customers of the Jammu and Kashmir bank)

Sample Method: Random Sampling is used for all of the respondents from the customer base of the Jammu & Kashmir Bank.

(i) LIMITATIONS OF THE STUDY:

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 

Study was conducted randomly and not at a particular branch or area. There was poor response from respondents as they were not comfortable with few questions in the questionnaire.



There is always a possibility of a service or a product being viewed differently as by the customer himself and by bank. And this may in turn amplify the benefits associated with that service or nullify everything.



The data taken for interpretation is for a limited period.

(j) PLAN OF ANALYSIS: The data collected is raw and it is complied, classified, tabulated and then analyzed using financial techniques and statistical tools. Graphs and charts are used to highlight the statistics. Based on these data and analysis, inferences were drawn.

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Chapter- III Analysis & Interpretation of Data

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ANALYSIS & INTERPRETATION OF DATA

CLASSIFICATION AND TABULATION OF DATA: A. Classification of Data: Classification is the process of arranging. It is done prior to tabulation. B. Tabulation of Data: After the transcription of data is over, data is summarized and arranged in compact form for the analysis. This process is known as tabulation. It involves counting of number of cases into each of several categories. It can be done through manually, mechanical or electronic devices. The choice depends upon the size and type of the study, cost considerations and time availability. ANALYSIS AND INTERPRETATION OF DATA: In this section analysis and interpretation of data collected from the customers and managers of Jammu and Kashmir Bank Limited is made. The data was collected was through Questionnaire. The tabulation is shown below.

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Graph 01: Graph showing duration of customer’s relationship with the Bank. 100

100 90 80 70

63%
60 50 40 30 20 Percentage Total No. Of Respondents

19% 11% 7%

10 0

Below 1 Year

1-5 Years

5-10 Years

10 Years & Above

Total

Inference: The survey shows that a majority of 63% of the respondents have an association with the bank for 10 or more years. While 19% of the respondents specified that they had a relationship with the bank for 5 to 10 years, 11% of the customers said that they had a relationship of 1 to 5 years with the bank. At the same time, 07% of the customers were with the bank from 1 year and below.

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Graph 02: Graph showing level of satisfaction of J&K bank’s customers with the services and products of Jammu and Kashmir bank.

100 90 80 70 60 50 40 30 20 10 0

100

43%

Percentage Total No. Of Respondents

29%
17% 11%

Average

Satisfactory

Good

Excellent

Total

Inference: The survey shows that vast majority (43%) of respondents (in turn customers) reckon that bank provides satisfactory level services while a figure of 29 % believe that the level of service is good. Another 17 % of customers vote for the excellent services are provided by the bank, 11% of the customers believe that services are just average.

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Graph 03: Graph showing the loyalty of J&K Bank’s customers with their Bank.

100 90 80

100

72%
70 60 50 40 30 20 10 0 Percentage Total No. Of Respondents

8%

11%

9%

(I)

(II)

(III)

(IV)

Total

(I) (II) (III) (IV) Inference:

I cannot think of availing services from other banks. I’m keen to use services from other banks. I don’t see anything special with this bank so I’m thinking of a change. I feel forced to stay as I’ve got no other option.

The project report shows that a high majority (72%) of respondents (in turn customers) were found to be very loyal customers, 8 % of them specified that they are keen to use services from other banks while as 11% specified that they find nothing special with the bank and are thinking of change. Rest of 9 % believes that they have no other option and are forced to stay with the bank.

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Graph 04: Graph showing the time frame (in minutes) taken to access or carry forward process at the bank.

100 90 80 70 60 50

100

Percentage

42 %
40 30 Total No. Of Respondents

28% 21%

20

9%
10 0

5-10 min

10-20 min

20-30 min

Above 30 min

Total

Inference: The analysis of the project report shows that 42% of the respondents report that it takes 20-30 minutes to carry a process while as another 28% reckons 10-20 minutes is the time taken. Another 21% believe that usually it takes 5-10 minutes as compared to another 7% who vote for more than 30 minutes.

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Graph 05: Graph showing the level of bank personnel’s enthusiasm towards helping/sorting the problem of customer. 100

100 90 80 70

62%
60 50 40 30 Percentage Total No. Of Respondents

20%
20 10 0

8%

10%

Premuim

Good

Respectable

Average

Total

Inference: The survey shows that a figure of (62%) of the respondents believe that bank personnel’s show significant enthusiasm towards helping out the customer while as a number of 20% contradict it. Another 10% vote for average enthusiasm level against 8% who rate premium level

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Graph 06: Graph showing the opinion of the customers about the experience and efficiency/training level of banks personnel’s. 100

100 90 80 70 60 50 40 30 20 10 0

Percentage

43% 34%
Total No. Of Respondents

15% 6%

Excellent

Good

Satisfactory

Average

Total

Inference: The analysis of the data collected shows that a considerable portion (43%) of J&K Bank’s customer base believes that the J&K bank’s personnel’s are not well experienced or trained while as 34% vote it to satisfactory level. 15% of customers rank them good as compared to another 6% who rank them to be excellent.

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Graph 07: Graph showing the opinion of customers about the J&K Bank’s card services 100

100 90 80 70 60 50 40 30 20 10 0

44%

Percentage Total No. Of Respondents

22%

22%

22%

(I)

(II)

(III)

(IV)

Total

(I) It lack CVV code and can’t be used for online transactions. (II) It lack back end support (III) It offers nothing different than what other Banks offer. (IV) It is not on par as compared to other banks. Inference: The analysis of the data collected shows that a considerable portion (22%) of J&K Bank’s customer base believes that the J&K bank’s card service is not on par as compared to other banks as it lacks back end support as well as CVV code and hence can’t be used for online transactions while a portion of 44% believe it offers nothing different from what other banks provide.

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Chapter: III Summary of Findings & Conclusion

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SUMMARY OF FINDINGS AND CONCLUSION

After having an overall look at the project details, one can find that the J&K Bank is no far behind in providing the latest of the services to its wide customer’s. It is worth highlighting that the Bank has taken great strides in providing the various facilities to its customers  The data analysis shows that nearly 70% of the respondents, having a relationship of 3 or more years with the bank, are highly satisfied (75%) and the loyalty quotient is also high (67%) due to the latest of the services being provided to them by their bank (J&K bank).  The project report shows that around 82% of the respondents believe that J&K bank provides them with all the basic services while 49% of them believe that the bank meets their needs more than they’ve desired of.  It is noteworthy to point out that the 64% of the respondents rated the J&K bank’s innumerable services as being one aspect they liked about the bank while 24% and & 7% rated customer friendliness and easy access as one good aspect of the bank.  The bank lacks 24x7 back end support.  The bank’s debit card lacks CVV code  A large chunk of customers believe that this bank is not better than other banks  Advertisement regarding new campaigns and products/services is not dispensed  Relationship with customers is not given priority and customers are not valued.  Bank is unable to provide satisfactory level of customer service at any given point of time  J&K bank has lost its pace against the respective banking sector.

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Chapter: 4 Recommendations & Suggestions

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RECOMMENDATIONS & SUGGESTIONS:

RECOMMENDATIONS:

Though the J&K Bank has been up-to-date in terms of the services it provides its customers with, there are still a few areas where it can improve. The below points are aimed at providing a few valuable suggestions regarding the services of the Jammu and Kashmir bank. These recommendations are:  The bank needs to develop its human resource and they should be well trained and developed as per the scope of bank’s policy  The 24x7 back end support should be provided.  The debit card should be CVV code enabled.  The grievances of the customers should be given due consideration and should be sorted out with priority.  Rural banking should be developed and new business units should be imbibed to widen the reach.  Interest rates should be decreased and it should be made viable to all communities.  J&K bank should also improve its card services as most of its customers believe that the card services are either on par or are dismal.  Further, it has emerged upon the interaction with most of the respondents that J&K bank has to increase its presence outside the Jammu & Kashmir State as it currently has lower penetration outside.  On an overall basis, J&K bank is doing really well in achieving the maximum customer satisfaction however; it still has a long way to go when it comes to making its presence felt in the Indian banking sector at an all India basis with respect to its competitors.

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SUGGESTIONS:
The suggestion that have emerged upon the interaction with most of the respondent and also from some prominent people like Director, National Institute of Technology, Hazratbal, a dozen of professors from various departments of University of Kashmir, Doctors, Teachers, businessmen and people associated with handicrafts, daily wagers and shopkeepers.

Director NIT Nasir Ahmad Shah quotes, “Improvements are required in respect of man power, politeness towards customer. Workshops should be organized from time to time where all employees should be given moral training as in certain branches employees rudely behave with the customers” KAS Officer Bilal Ahmad Ganie says,” Customers should be fairly treated irrespective of the money/transaction they carry out. Also the bank should provide customized schemes to empower every community of the state” Prof. Khurshaid Ahmad Thakur (university of Kashmir) quotes,” Bank must carry on with it process of modernization and make available the services that will catch them towards the bank. The customer grievance redressal cell has to be made functional at all the quarters. Also the bank should find the possibility of starting ISLAMIC BANKING particularly in the J&K State” Dr. Syed Ehtisham Hussain (veterinary surgeon) says,” Every bank employee should be well trained to know the value of the customer and learn some etiquette. The corruption which has entangled the bank employees should be addressed and such obstacles should be removed” Syed Abdul Lateef (Falcon Trading Company) quotes,” Parking facility should be available at all branches and also charges should not be levied on transfer of cheque and cash deposits at other branches of bank. Also comfortable waiting halls along with water dispensers should be incorporated Prof. Syed Gh. Jeelani Andrabi (Gandhi Memorial College) says, ”No adequate parking facility at any branch. The behavior of Branch Head’s not satisfactory towards customer and no satisfactory answer to a query raised by customer is provided. Procedures vary from branch to branch in opening/closing an account. The counters where public dealing is maximum, the employee’s present are inefficient. Dr. Faheem ul Hassan (Surgeon, SKIMS) quotes,”JK Bank enjoys the monopolistic nature in J&K but severe competition from other banks will give a tough time. The bank is still restricted to the traditional banking system and integration of new technology is not imbibed with the peace of time. The CRM of the bank is poor and also the personnel’s are not efficiently trained and also are unaware of their prescribed jobs. Customer grievances are not addressed and back end support lacks.

I AM LISTENING: J&K BANK

Chapter- VIII References/Bibliography

I AM LISTENING: J&K BANK

References/Bibliography
  

Principles of marketing Author: Philip Kotler; Publisher: Upper Saddle River, N.J.: Pearson Prentice Hall, 2008. Customer relationship marketing Author: Dr. Paurav Shukla: Brighton University: Brighton University Module, 2008-2009, Customer relationship management in retail banking Author: Pat Russ: Plano Texas: EDS, 2005, page 8

Websites/Blogs
    

International journal of business and social sciences Volume 3, Feb-2012 website: http://www.ijbssnet.com Indian banking sector Author: Vibha Batra & Punit Maheshwari website: http://www.icra.in Indian banking sector history http://www.scribd.com/doc/5434275/indian-banking-sector Wikipedia J&K Bank Website

I AM LISTENING: J&K BANK
ANNEXURE

QUESTIONNAIRE

The Jammu & Kashmir Bank Limited

CUSTOMER RELATIONSHIP MANAGEMENT A research/survey related to the customer satisfaction towards the products & services of the J&K Bank is being carried out as a part of my internship of my MBA (CMP) degree. If you are an account holder of the J&K Bank, Your kind co-operation in answering this questionnaire will add value to my project entitled “I’M LISTENING”. Participation in this survey is voluntary & confidentiality is assured. THANK YOU!
Name of Respondent: ___________________________________________________Age:__________ Occupation: ____________________________________________A/c Type: _______________ Contact number: ___________________________ Email Id: _____________________________

Please answer the below questions by selecting the option that you deem conveys your opinion in the best possible manner: 01: How long have you been with the bank? (a)Below 1 year 02: (b) 1-5 years (c) 5-10 years (d) 10 years & above

Describe your overall experience with J&K bank? (a)Excellent (b) Good (c) Respectable (d) Average

03:

Does JK Bank caters to all your needs (financial & Banking)? (a)Agree (b) Disagree (c) Somewhat (d) Can’t Say

04:

How loyal are you towards J&K Bank? a) I cannot think of availing services from other banks. b) I’m keen to use services from other banks. c) I don’t see anything special with this bank so I’m thinking of a change. d) I feel forced to stay as I’ve got no other option.

05:

How long you have to wait while accessing or carrying your process at the bank? (a) 5-10 min (b) 10-20 min (c) 20-30 min (d) Above 30 min

06:

How would you rate bank personnel’s enthusiasm to help you sort out your problem? (a) Premium (b) Good (c) Respectable (d) Average

I AM LISTENING: J&K BANK

07:

How would you rate the time in terms of length that it took to get your query sorted? (a) Within hours (b) 1-2 days (c) 3-4 days (d) 5 Days & Above

08:

Rate, are the personnel’s well trained and experienced? (a) Excellent (b) Good (c) Satisfactory (d) Average

09:

Does your bank contact you or inform you about new campaigns and products/services? (a) Yes (b) No (c) Can’t Say

10:

Relationships with customers are given great value in J&K Bank? (a) Agree (b) Disagree (c) Can’t Say

11:

Do you think this bank is better than other banks? (a) Yes (b) No (c) Can’t Say

12:

Does your bank provide 24x7 support (telephonic)? (a) Yes (b) No

13:

What is your opinion about J&K bank’s Card services? a) It lack CVV code and can’t be used for online transactions. b) It lack back end support c) It offers nothing different than what other Banks offer. d) It is not on par as compared to other banks.

14:

Do you think bank is able to give excellent customer service at any point of contact? (a) Agree (b) Disagree (c) Can’t Say

15:

Any suggestions/ feedback

_______________________________________________________________________________ _______________________________________________________________________________ _______________________________________________________________________________ _______________________________________________________________________________ __________________________________________________________________________

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