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Executive Summary

Para Banking which is banking at grass root level has a considerable scope in an agrarian
economy such as India where a majority of the population is rural, with no access to
proper banking facilities, and still today can be emotionally persuaded to invest.

These people can only be accessed by having a broad based organization where a huge
number of people can be deployed to directly approach the people and thereby fostering a
habit to save. Thus various schemes are launched considering the daily wage earner to the

However this type of banking can only be popular where the country has a huge rural
population. This type of banking is not popular elsewhere in the world though carried out
in few other countries like Italy, Switzerland, and Germany

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Para Banking is a kind of banking wherein money is accepted for the purpose of saving
from an individual as in case of a normal banking function. The acceptance of money
under Para Banking is scheduled daily, monthly, quarterly, half yearly, yearly and even
for fixed period for more than 01 year.

Other than the above mentioned function of accepting the money for saving schemes,
Para banking also provides secured loan and pre-maturity facilities against the amount in
the saving scheme.

The only major differentiation between a normal banking and Para Banking is that, under
Para Banking one cannot option for current account facility and carry its day-to-day
transaction for accepting and withdrawal of funds. Also, a depositor can’t issue any
cheque’s against the amount in its Para banking saving schemes. Rather there is no
concept of cheque system in Para banking.

One connects Para Banking activities to a Fixed Deposits facility provided by bank.
Though the amount deposited under Para Banking Saving schemes is for a fixed period
and it fetches fix sum of interest on its deposits, the major differentiation between Para
banking Saving Schemes and Fixed Deposit Schemes of banks is that, an individual has
the option of depositing Daily under Para banking. Where as the only option under Fixed
Deposit Schemes for the depositor is to deposit weekly, forth nightly, monthly and so on.

Para - Banking targets all class of individuals for their depositor schemes. Their intension
was to encourage all class of individuals towards saving habits since the key success of
any economy is the saving structure in the country. Thus the Para Banking launched
various schemes considering the daily wage earner to the businessmen.

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In Para-Banking majority of population are daily wage earners (i.e.) Small shopkeepers,
hawkers, Auto rickshaw and taxi drivers etc. who hardly understand the importance of
savings for their future periods. Not only that, their basic earning hardly supports them to
save any amount. And over and above to all such problems, they hardly have proper
infrastructure and facilities to deposit in banks since there are very few banks in rural

The two important criteria for any depositor is the security of his life time savings and the
service provided to the depositors. In 1998, Reserve Bank of India investigated 42,000
NBFC’s and Sahara India Pariwar was the only firm which stood perfect in all norms. For
the same RBI has provided a “Clean Certificate” to Sahara India Pariwar’s Para Banking
division (i.e.) “Sahara India Financial Corporation Limited”.

RBI had laid down certain norms for all Residuary Non Banking companies under RNBC
(Reserve Bank) Directions 1987. Sahara India Pariwar follows all those norms in a
stringent control and regulation to gain the confidence of RBI and the ultimate depositors.

Today, time is an important factor for all individuals. It’s difficult for every one to spare
time for their banking needs such as standing in long queues for depositing money etc.
Not only the time but also the norms and regulations of banking are difficult to under for
a laymen. Also it is difficult to find banks in many rural interiors and even if there are
banks in certain arrears they are not fully equipped with the latest infrastructure and

Employees used to visit house to house to make the laymen understand the importance of
saving and to provide them the banking facilities which they couldn’t avail due non
availability of banks.

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History of Para Banking in India

The 1906 Swadeshi Revolution encouraged many cooperative bank to start up. With
this unqualified and selfish entrepreneurs started operating such banks with unclear
banking regulations of the government. This resulted into unsuccessful banking
scenario and difficulties in growth of this banking sector.

The major drawback was the bankruptcy of many banks (i.e.) 108 banks during 1913
-1917, 372 banks during 1922 – 36 and 620 banks during 1937 – 48. This resulted in
discomfort and insecurity amongst the general citizens and their confidence for
banking sector was challenged.

In 1929 Central Banking Enquiry Committee investigate the following reasons for the
failure for the current banking scenario:

1) Low level of Liquid Assets.

2) Unofficial business relationship between non- banking and banking officials.

3) Long term loans on short term deposits.

4) No proper guidelines from government or banking authorities.

5) Unlimited liabilities / irregular Credit policies / unqualified Directors.

After considering the above major drawbacks, government launched Banking companies’
regulation Act and Banking Branches Prohibition Act in the year 1946.

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Changes in the Non- Banking Sector

Due to major failures and bankruptcies, general citizens, especially the rural population
lost confidence towards the banking sector. This resulted into huge transactions been
carried out through local money lenders and rich merchants who indulged fraudulence
with the uneducated villagers. Due to various reasons there was a growth in such
unorganized financial institutions and also Reserve Bank didn’t have any control over
such institutions. The greatest attraction of such institutions was the high level of interest
rates and with least amount of banking formalities. This attracted the general population.
But the main intention of such institutions was to collect huge sum of money and
ultimately prove to bankrupt.

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Reserve Bank of India

Formation of Reserve Bank of India

Under the Banking Act 1934, Reserve Bank of India was formed in April 1935 and it
received a nationalized recognition in the year January 1949. Based on the Banking
Regulation Act 1949, RBI received many right such as Licensing, Administration of
Banking, Investments regulations, Liquidity Balance and observation and progressive
measures of banking sector in India. These measures resulted into reduction in the level
of failures and bankruptcies in India to a great extend.

Post Independence Scenario towards Nationalization of Banks

The second success after Formation of Reserve Bank of India was the nationalization of
various banks. This success could be divided into three major areas.

1) Nationalization of Imperial Bank of India and renamed as State Bank of India in

the on 01st July 1955. Along with this, seven more banks where recognized as
nationalized during the same period.

2) In 1969, 14 commercial banks where transformed into nationalized banks.

3) And in 1980 6 more commercial banks where brought under the nationalized
umbrella. Thus 90% of the banking sector was brought under the supervision and
control of Reserve Bank of India.

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RBI norms For NBFC’s
The Directions: To invest and keep invested minimum 80% of deposit liabilities along
with interest accrued thereon in High quality securities as specified / approved by
Reserve Bank of India (Including Government Securities and / or Government
Guaranteed Bonds and Fixed / Certificate of Deposit of Scheduled Commercial Banks
and / or Government Financial Institutions.)

Safety of the Invested Scripts: To keep scripts in safe custody with a nationalized bank.
Not even a single paisa withdrawal from its investments for its expenses or other use.
Withdrawal can only be possible for discharge of liabilities to the depositors.

Remaining 20% of the Deposits:

Company can invest in other tangibles or assets at its discretion up to 20% of the deposit
liability provided the investment under these categories should not exceed 5 times of the
company’s net owned fund. The excessive amount beyond 5 times of net owned fund is
also to be invested in approved securities, as mentioned above.

100% Security for Depositors:

All these securities are to be valued at their current market price and the realizable value
of all these assets should at any point of time be 100% or more of the aggregate deposit
liabilities along with interest accrued thereon. Thus there is a full cover for all the

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The above pattern of investment is authenticated on quarterly basis by the statutory
auditors and the auditor’s certificate issued at the end of every March, June, September &
December, is submitted to the Reserve Bank of India within a specified time. Various
other returns as per statutory requirements are also furnished regularly.

The following are the major steps taken by Sahara to attend those norms:

1) Checks and control on all expenses. - All the expenses including the interest debts
where within 10% of yearly income.

2) Investments in equity were only 0.34%- Thus minimum fluctuation & risk factor.

3) Non- performing assets told within 01%.

4) Grant of Unsecured loans was nil – Thus no chances of bad debts.

Reserve Bank of India Act 1934

Considering in the better interest of the general depositors, it was necessary to control the
activities of such institutions that attract huge deposits from general public by means of
high rate of interest and ultimately misusing those fund for their personal means. Thus in
1963, Reserve Bank of India through its Chapter III- B brought I force few regulations
for the NBFC’s to follow up.

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1) All rights regarding the articles / prospectus of NBFC’s would remain in the
hands of Reserve Bank of India.

2) The Reserve Bank of India holds rights to keep checks and controls on these

Reserve Bank Directions 1966 – 1977

Reserve Bank issues various regulations for Non Banking Financial Companies, Non
Banking Non Financial Companies and Miscellaneous Non Banking Companies. Thus
with regard to this Non Banking Financial Companies Directions 1966, Non Banking
Non Financial Companies Directions 1966, Non Banking Financial Companies (Reserve
Bank) Directions 1977 and Miscellaneous Non Banking Companies directions 1977 came
into force.

Companies (Acceptance of Deposits) Rules – 1975

In spite of Reserve Banks guidelines and regulations, it was noticed that many companies
where attracting the depositors through high rate of interest. It was also noticed that they
didn’t followed the RBI norms to publish a true picture of their affair for the reference of
general public before depositing the funds.

Reserve Bank issued various regulations and norms for Non Banking Non Financial
Companies and based on this it was difficult for such companies to procure loan from
banks at ease. This was the main reason for such companies to procure funds from the
general public by attracting them high rate of interest on their deposits.

Thus under Companies Act, Section 58 A and 58 B came into force on 01 st February
1975 and regulation regarding deposit structure and schemes for Non Banking Non
Financial Companies where enforced. The rights to enforce these rules came under the

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Central Government’s (Department of Companies Affairs) and all the financial
companies and banking companies came under the guidelines of Reserve Bank of India.

The following are the main points relating to Companies Acceptance of Deposits Rules:

1) Non Banking Non Financial Companies can accept deposit of Minimum 06

months and for maximum 36 months only.

2) The interest on such depositors can be maximum 12.50% p.a.

3) The Company can utilize maximum 25 % of the Net Owned Fund provided they
keep aside 15% of the maturity amount as Liquidity.

Price Chit and Money Circulation Scheme (Banking) Act 1978

During those days there where few companies, namely, companies involved in Chits /
Benefits / Savings Schemes who attracted depositors with high rate of interest and it was
difficult for any one to keep them under control. Based on the investigation and
considering the general security of the mass population the price chits and money
circulation scheme (banking ) act 1978 was launched in 1978 through which price chit
and money circulation scheme was withdrawn. After the launch of this act all those
companies who earlier operated various schemes had to withdraw on a pre specified date.

RBI drafts new act to regulate finance firms

Mumbai, Aug 22: The Reserve Bank of India has drafted a new law--Parabanking
Regulation Act--to regulate non-banking finance companies (NBFCs). The new Act will
replace the relevant regulatory provisions in the RBI Act and form part of the central
bank's new supervisory regime for mezzanine financing. The Act will work in

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conjunction with the laws that individual states are enacting to protect the interests of
depositors in finance companies.

The draft law proposes to take away the Company Law Board's (CLB's) powers to pass
orders on the settlement of dues by defaulting finance companies. Instead, it is proposed
to set up an independent body on the lines of the existing banking ombudsman scheme
that is currently in place in various states--Depositors' Grievance Redressal Bodies--to
pass orders for recovering depositors' dues.
However, unlike the banking ombudsman scheme, the new Act will have the legal status
of a civil court. It will be set up in various cities and the officers will be appointed by
theRBI. The central bank will also provide the infrastructure for these bodies to carry out
their functions.

The Parabanking Regulation Act will ease the statutory liquidity ratio (SLR)
requirements of NBFCs as it intends to allow NBFCs to put surplus cash (which is not
invested anywhere) held by them under the SLR bracket. At present, NBFCs are required
to maintain 15 per cent SLR which includes only investments in approved securities. By
including the surplus cash within the SLR stipulation, the RBI will in effect allow finance
companies to invest less in approved securities.

The new law will have provisions for setting up a special court--on the lines of the special
court set to look into the securities scam--to enable the speedy recovery of dues from the
promoters of the defaulting NBFCs. The RBI will also have powers to nominate officers
with special winding-up powers for speedy disposal of recovery cases.
There will also be a special provision to enable depositors to recover their dues, a
sourcefamiliar with the drafting of the new supervisory regime told The Financial
Express. Under this, once the RBI makes a case for winding up an NBFC, the court will
have to pass a directive for winding it up and the RBI will appoint one of its own officers
as a liquidator for taking over its assets and enabling depositors to recover their dues.

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The new regulation will also bar NBFCs from carrying out any business apart from non-
banking finance activities. This essentially means that an NBFC cannot float a subsidiary
which will be into stocklending or sharebroking activities. "NBFCs will be barred from

setting up subsidiaries as such companies are generally seen as fronts for siphoning off
depositors' money," the source said. However, it has been clarified that while a hire
purchase or equipment leasing company cannot carry on sharebroking activites through a
subsidiary, it can carry out investment activities with its surplus cash.
The new regime also seeks to raise the entry barriers for NBFCs.Currently, existing
finance companies need to have a net worth of Rs 25 lakh to carry on business. The
threshold is likely to be raised to Rs 10 crore for new entrants.

Tightening up
The proposed new regime for NBFCs will tighten up and complement the amendments
made to the RBI Act earlier to register NBFCs and give them a new regulatory
framework. The steps include doing away with NBFC arms and imposing higher net
worth requirements. The special courts for NBFCs should help speed up the liquidation
process and make sure that the NBFC buck stops with the RBI. However, there will be
appeals from the civil to the high courts. Also, with the minimum owned funds currently
being Rs 25 lakh, the steep rise in net worth to Rs 10 crore raises the question of what
will happen to existing players unable to meet the criterion.

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Sahara India Pariwar – Mother Division

India's No. 1 Public Deposit Mobilization company in the Private Sector Mobilizing
Highest yearly deposit level in the country

 1707 Establishments
 Over 5.1 crore Esteemed Depositors
 Serving 1 out of 20 Indians

The Parabanking Division has been accorded the status of Mother Division amongst all
divisions of Sahara India Pariwar as the Pariwar came into existence through its Non-
Banking deposit mobilization business.

From their inception in the year 1978 to the year 1987 they made steady progress, when
the Sahara India Financial Corporation Limited was incorporated. The same year, R.B.I.
laid down its R.N.B.C. guidelines governing Non-Banking Finance Companies (NBFCs)
in order to ensure total security to the depositors. While most finance companies went to
court against the said guidelines, they were the first to unconditionally, adopt the same
and since then, have been witness to a phenomenal growth in their Parabanking business.

Today, Sahara India Financial Corporation Ltd. is the First Residuary Non-
Banking Company of the country that has been granted certificate of registration by
RBI and a clean chit for complying with all the guidelines applicable to the RNBCs

The success of Sahara India Pariwar comprises of its diversification in various sectors,
namely the Housing, Para Banking, Consumer Goods, Aviation, Media & T.V. But the
back bone and crown of Sahara India Pariwar is its Para Banking division. Thus one can
say success behind the entire Pariwar is credited to its Mother division -Para Banking.

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Successful beginning of Sahara India Pariwar’s -Para Banking
Shri Subrata Roy- Saharasri started his business career with Para Banking in the year
1978. During those days depositors had a negative impression and approach toward
NBFC’s. This was because of the fraudulent activities conducted by various existing
NBFC’s and Chit Fund companies. But under the stringent rules and regulations of Mr.
Subrata Roy and the continuous affords toward maintaining the goodwill in front of the
depositors had proven the success of the entire Pariwar.

The organization of this magnitude started with a small beginning.

They started off in the year

1978 with a capital of just
Rs. 2000/- from Gorakhpur,
Uttar Pradesh. Initially,
they had only 3 workers
and one single
establishment comprising a
small room having 2 chairs
and a table with just 42
depositors in all.

Since then, they have gained rapid strides and have today, achieved
the position of India's No.1 Public Deposit Mobilization Company in the
private sector. At present, they have the highest yearly deposit level in
the country, serving over 5.1 crore depositors (i.e. 1 out of 20
Indians) with their activities spread across 1707 establishments all
over the country.

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With an overall asset base of over Rs. 32,000 crore and an all India
presence of over 6.9 lac dedicated and committed workers, Sahara
India Pariwar has become synonymous with excellence and distinction
in all aspects of its services and quality and enjoys the enviable status
of being one of the front runners in Indian entrepreneurship, today

Service at Your Doorstep

What gives Sahara Parabanking an edge over most of the banks is the service at the
doorstep of the depositors where Sahara's devoted workers come over and offer their
personalized services. Thus, valuable time is saved which allows
one to carry out his / her own
business as usual.
In the Indian savings and
investment scenario, people
whose livelihood depend on
their day-to-day earnings,
like - shopkeepers, hawkers,
roadside vendors, cart
pullers, taxi or auto drivers
are not in position to invest
huge amount of deposits, for
the future, which is why they
need to save daily. Over a
period of time these daily
savings accumulate into
sizeable amounts which when
invested judiciously can
bring returns in future.

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Sahara India Pariwar helps such people to save for their future. Its workers go right upto
their doorstep and exhibit the same level of enthusiasm and respect in collecting as much
as a rupee for a deposit as they would in collecting a huge sum of money.

String and Strict Fundamentals

Stringent Expense Control – Cost of fund (Including Interest Cost) within 11.75% p.a.

(Almost) No Speculation Investments – Total investments in Equity (Shares): 8.83 crores

(0.13%) only.

High Class Quality Investment – Non performing Assets (N.P.A. The provisions have
been made as per Prudential Norms issued by Reserve Bank of India. Exposures are fully
covered with full collateral security and are fully recoverable with interest.) within 1.04%

No Unsecured Loans

Strictly Following Prudential Norms – Capital Equity Ratio: 18% (Statutory

Requirements : 12%)

Sahara’s Operative Standards

Control of activities is the key factor for any company to attain its goal. For example if
the direction and flow of water is not controlled could lead to flood but construction of a
dam can lead to a controlled flow and even useful to generate electricity. Similarly a
“Centralized Controlling System” can lead to successful business standards for any

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The Centralized Controlling System of Sahara India Pariwar’s has been very successful
and effective in monitoring its activities at the root level. Today Sahara India Pariwar
controls its activities of 1707 branches from its Head Office. A branch is an area wherein
the depositor is in direct contact to the Para Banking officials. The Branch office is
controlled by Sector office, sector office has to report to the Regional / Zonal office,

regional / Zonal office is managed and controlled by Territory office which in turn is
looked up by Head Office.

All payments are carried by Centralized Debit Voucher through it Computerized

Advances. Thus it helps for proper fund management. If any entry or checking highlights
a voucher which stands different from the Centralized Debit Voucher, then a detailed
checking is carried to rectify the error.

Control and Checks

 Each and every payment throughout the country is a computer processed advice,
always from Command

 Number of Computers
– More then 1800.

 Number of
Computerised Points in
the country – more than

 Within One Year –

Paper Less Branches with 100% Absolutely Foolproof Controls without any need
for Human Reconciliation

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OMR(Optical Mark Up Recognition) System

In its efforts to provide prompt, errorless and totally foolproof services to their esteemed
depositors, the Parabanking Division plans to introduce the Optical Mark Recognisiton

The basic idea behind introducing the OMR system is to network and link all their
branches, sectors, regions, zones using the latest in computer technology with the
command office at Lucknow and facilitate the centralized control of the entire sequence
of their parabanking activities at their headquarters.

The system would offer a wide range of benefits like :

 No data entry will be required at the branch. The entire data will be based on the
OMR – form.

 In this system they achieve 100% absolutely foolproof controlling with

considerable reduction in establishment cost. So overall reduction cost of funds in
terms of percentage of interest is more than 1% and in future years it will touch
almost 2%.

 All the receipts and payments will be made by a singe person, eliminating the
need for extra manpower at the branches.

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 Due to in-built security checks, any unauthorized modification in data would not
be possible.

 Total receipts and payments for a day can be known at Command Office after 24
hours, which shall help in better controlling and fund management.

Infrastructure at Sahara India Pariwar’s- Para banking Division

On-Line Connectivity and OMR System

The V-SAT technology at all the branches and office supports for On-Line Connectivity
24 hours a day. Along with the above connectivity, the OMR – Optical Mark Recognition
system operates at all the offices simultaneously to provide the following facilities:

1) Fast scrutiny and paperless office, wherein there is no need for human scrutiny
and checks.

2) Since all the data is available through O.M.R., there is no need for data entry.

3) While opening the account with the Para Banking a Master Card is prepared to
carry all the transactions at a time and even receipt is made with through single

4) Since a single entry is carried, all the errors which used to be occurred at various
levels during manual system are reduced.

5) An internal Security check enables the system to find and rectify any
differentiation in amounts and figures wrongly posted.

6) All the business transaction and Accounts could be verified with in 24 hours from
any offices thus leading to professionalized Fund Management.

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Command Office: Sahara India Bhawan, 1, Kapoorthala Complex, Lucknow-226024.

“Approved text of statutory advertisement in accordance with para 16 of Residuary Non-
Banking Companies (Reserve Bank) Directions, 1987”.


2. DATE OF INCORPORATION: 7th August, 1987 under the companies

Act 1956.

3. OBJECT: The Company runs various savings schemes, as per Residuary

Non- Banking Companies (Reserve Bank) Directions, 1987.

 Sahara India Tower, 7, Kapoorthala Complex, Lucknow;
 Sahara India Pariwar, Sahara Shopping Centre, Indira Nagar,
Lucknow; Sahara India Complex, C-2, C-3, C-4, Sector XI
 Sahara India Sadan, 2A, Shakespeare Sarani, Kolkata;
 Sahara India Point, S.V. Road. Goregoan (W), Mumbai;

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 Sahara India Pariwar, 25-28 Atlanta, Mariman Point, Mumbai;
 Sahara India Niketan, Cinema Road, Gorakhpur;
 Sahara India Vihar, Boring Canal Road, Patna;
 Sahara India Pariwar, 7, Forsyth Road, Lal Bagh, Lucknow;
 Sahara India Chambers, Tank Road, Jaipur;
 Sahara India Kashi Niketan, Sonapur, Varanasi;

 Sahara India Kunj, Plot No. 195, Zone I.M.P. Nagar, Bhopal;
 Sahara India Pariwar, A-16 City Centre Sector IV, Bokaro;
 Sahara Manzil, Opp. A.P. Secretariate, Hydrebad;
 Sahara India pariwar, 101 Niharika II, R.C. Dutt Road, Alkapuri,
Baroda; Sahara India Pariwar, ABC Tower, Brahampura,
 Sahara India Pariwar, Plot No. 521, Sunder Tower, Wardha
Road, Nagpur; Sahara India Priwar, 1 Church Street, Brigade
Road, Bangalore;
 Sahara India Pariwar, Kusum mension, Raigarh Road,
Bhangagarh, Guwahati;
 Sahara India Pariwar, Sadananda Bhawan, Nayapalli,
 Sahara India Pariwar, IIIrd. Floor, Harman Plaza No.2, west
Patel Nagar, new Delhi;
 Sahara India Pariwar, 711-715, Tolstoy House, 15-17, Tolstoy
Marg, New Delhi,
 Sahara India Pariwar. 2-4, Jeet Apartment, New airport Road,

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Shri Subrata Roy Sahara Sahara Shahar,
Managing Worker & Gomti Nagar,
(a) Chairman Lucknow Business
Sahara Shahar,
Smt. Swapna Roy Gomti Nagar,
(b) Director Worker Lucknow Business
Shri Om Prakash A-706, Sector
Srivastava Director C, Mahanagar,
c) Worker Lucknow Business
F-170 A Sainik
Shri Joy Broto Roy Farm, New
(d) Director Worker Delhi Business
Flat No.32,
Mehrnaz, 91, Former Deputy
Shri Amitabha Ghosh Cuffe Parade, Governor, Reserve
(e) Director Mumbai Bank Of India
Former Chief
Shri Brijendra Sahay 472, Sector, 15- Secretary, Govt. of
(f) Director A, Noida U.P

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Former Secretary,
Ministry of Law,
Justice & Company
Affair, Govt. of India
Shri Krishna Sahai 31, Chitra & Chairman,
(g) Bhatnagar Director Vihar, Delhi Company Law Board.
(Source : Sahara India Pariwar)


31st March
31st March 2002 2001 (Rs. In
(Rs. In Lacs) Lacs)
Capital 14303 14303
*Reserves & Surplus 28353.42 26640.3
Secured Loan 0 0
Deposits 556570.26 434834.14
Current Liabilities &
Prov. 6580.32 3626.06
Total 605807.00 479403.50
Fixed Assets 47971.24 48441.95
Investment 375035.71 298134.34
Current Assets 123860.59 83472.94
Loans & Advances 55543.85 47144.65
Misc. Expenditure 3395.61 2209.62
Total 605807.00 479403.50
(Source : Sahara India Pariwar)
*Includes Revaluation Reserve Rs.8777.7 lacs(31.03.2001 Rs.8891.54
lacs) Figures of the previous year have been regrouped, rearranged and
recast wherever felt necessary. Contingent liabilities Rs. 220.89 lacs.

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31st March 31st March

2002 (Rs. In 2001 (Rs. In 31st March 2000
Lacs) Lacs) (Rs. In Lacs)
Tax 4363.16 4249.72 4178.58
Tax 3202.16 3656.21 3552.58
Dividend Nil Nil Nil

8. The company has no ceiling limit on amount for acceptance or renewal of


9. Over due Deposits - Nil.

10. Unclaimed Deposits- Nil.

There were no unclaimed and / or overdue deposits with the company
during the period under review. However, Deposits remained unpaid as on
31.03.2002 to the depositors who had not turned up to receive the
payments by 31.03.2002 stands paid as on the date.

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11. (a) The Company has complied with the provisions of Residuary Non
Banking Companies (Reserve Bank) Directions 1987.
(b) The compliance with the directions does not imply that the repayment
of deposit is guaranteed by Reserve Bank of India.
c) The Deposits accepted by the Company (other than the secured
deposits, if any, accepted under the provisions of the direction, the
aggregate amount of which is indicated) are secured and ranking pari
passu with the other unsecured liabilies
(d) Deposits are beingaccepted and repaid in cash and / or cheque.

12. (a) For their Daily Deposit Account the interest rate is 3.5% p.a. (3.68%
bonus) for tenure of 24 months, 3.65%(5.75% bonus) for tenure of 36
months, 6.69% p.a. (39.06% bonus) for tenure of 84 months
(b) For their Monthly/Quaterly/Half Yearly/Annual Recurring Deposits,
the interest rate is 7.94% p.a. for tenure of 84 months.
(c) For their Fixed Deposit Scheme of 15 months interest rate is 7.00%
(d) For their Fixed Deposit Scheme of 30 months interest rate is 7.25%
(e) For their Fixed Deposit Scheme of 48 months interest rate is 8.00%
(f) For their Fixed Deposit Scheme of 64 months interest rate is 8.25%
(g) For their Fixed Deposit Scheme of 72 Months with monthly interest
withdrawal facility interest rate is 8.25% p.a. and extra bonus @12% of
deposit amount at the time of maturity

13. In case of pre-maturity, repayment of deposits at the depositor’s request,

interest rate will be reduced by maximum of 1% (as per provisions of
R.B.I. Directions from time to time) from the rate which the company

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would have ordinarily paid by way of interest had the deposit been
deposited for the period for which such deposit had run.

14. TDs shall be applicable as per provisions of Income Tax Act 1961.

15. The deposits solicited are not insured.

16. Deposits are being accepted as per the Terms & Conditions specified in the
Application Form.

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Deposit Mobilisation Schemes

Salient Features of the Schemes

Schemes are designed in such a way that they can cater to people from different strata of
society. From Daily Deposit for an amount as Rs 1 per day to Rs 5 in monthly schemes to
Fixed Deposits of various lengths of time.

The salient features of the schemes are as under:-

 Security Loan Facility – Account Holders can avail Secured Loan Facility against
the depositor amount only after completion of minimum six months from the date
of opening the Account.

 Pre-Stage Maturity – Account Holder can take Pre-Stage Maturity payment prior
to the declared tenure, subject to completion of the prescribed period from the
date of opeing the account, and will be paid within the prescribed period from the
date of application for Pre –Stage Maturity with 1% less interest rate than the
payable rate of interest.

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 Death Help Facility – The nominee(s) of the deceased Account Holder shall be
entitled for the Death Help facility, subject to the prescribed conditions as per the

 Children Welfare Plan – Every Account Holder can avail the benefit of enrolling
one of his/her child in the “Children Welfare Plan”. The detailed information is
available at the company’s branch/agent’s /branch offices.




(a) The minimum denomination of the installment is Rs. 10/- per day, and in
multiples of Rs. 5/- thereafter. The maximum limit of deposit in the account is
Rs.170/- per day.

(b) The company reserves the right to reject any application for opening the Account
without assigning any reason.

(c) The company shall charge Rs. 4/- per account as Registration fee, which is non-

(d) The company reserves the right to attach/transfer any Account to any of its
Branch Offices/its Agent’s Branch Offices.


The tenure of the Account is 36 months.

Para Banking Page 29


(a) All payments to the company shall be made in cash against the receipt
countersigned by its authorized signatory. Payments by any mode or media other
than mentioned above shall be at the Account Holder’s own risk.

(b) Installments are to be paid regularly on each working day taking 25 working days
in a month. The Account Holder can deposit 30/31 days installments also.


(b) After completion of 36 months, maturity shall be paid to the Account Holder
along with the bonus / interest as per the “Account Settlement Chart”. No
additional bonus / interest would be paid on the Maturity amount, if taken after
the scheduled period.


On deposit of Rs. 10/- per day (for 25 days in a month)

Tenure Total Principal Bonus Maturity Amt.
(Months) Amt.(Rs.) (Rs.)
36 9000.00 5.75% 9517.50

Para Banking Page 30

(c) The Account, wherein the depositor has not continued the account regularly upto
the declared tenure, shall be termed as “Default Account” and at the time of
maturity, its payment will be made with bonus as per the detailed chart available
with the Company’s Branch Offices/its Agent’s Branch Offices.

(d) The Account, wherein the depositor has not paid 12 months installments within a
maximum period of 24 months from the date of opening of account with the
company, shall be termed as “Lapsed Account” and at the time of maturity, its
payment will be made with bonus as per the detailed chart available with the
Company’s Branch Offices/its Agent’s Branch offices.

(e) In the event of default/lapsation in making payments of regular installments by

the depositor during the tenure of the scheme, the Company will charge damages
caused due to loss in investment opportunity etc., which shall be deducted from
the bonus amount payable to the depositor. However, no deduction of any kind
shall be made from the principal amount deposited by the depositor. The detailed
information is available at the Company’s Branch Offices/its Agent’s Branch


Account Holder who has deposited minimum 12 months installments regularly,

can avail secured loan facility against the deposited amount only after completion
of minimum 12 months from the date of opening of account. The maximum
amount of secured loan shall be 75% of the principal amount standing to the
credit of the Account Holder as on the date of application as per the rules of the
Company. Account Holder will have to submit an application for availing secured
loan facility which will be paid within 60 days from the date of application.

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Interest @ 0.95% per month (monthly compounded) will be charged on the loan

6. A pass book will be issued to every account holder. The depositor shall get the
pass book updated at regular intervals. If any discrepancy or difference in the
amount is found between the entries made in the passbook and receipts duly
countersigned by the authorized signatory of the office bearing seal of the
Company’s office, payment shall be made on the basis of receipts only.

The nominee(s) of the deceased Account Holder shall be entitled for this facility,
subject to the below mentioned conditions:

(a) Age of the deceased Account Holder was between 15 and 65 years at the time of

(b) Account has continued for minimum 12 months (365 days) from the date of
opening of account, and 12 months installments have been deposited at the time
of death. At least, one month (25 days) installment must have been deposited
within 3months prior to death.

(c) A minimum of 50% installments of the total period of payment must have been
made, at the time of death.

(d) The deceased Account Holder was not suffering from any chronic/fatal disease
within 3 years prior to the time of opening the account. The nominee(s) shall

Para Banking Page 32

produce authentic, convincing documentary proof in this regard, along with birth
certificate and proof of death of the Account Holder to the satisfaction of the

(e) The death of the Account Holder did not occur due to suicide of death punishment
by Court of Law.

(f) The death of the Account Holder did not occur due to communal violence orwar.

Note: Death will be given on maximum 5 accounts of the highest denomination, if

the Account Holder has more than one account.


The company shall pay to the nominee(s) of the deceased Account Holder the
total deposit amount along with the accrued interest of that stage credited in the
Account of the deceased Account holder, after calculating/appropriating the
amount of secured loan and loss of interest (if nay), as per the rules of the
Company, and in case the
death of the Account Holder occurs after depositing 12 months installments, but
before completion of 36 months installments, an amount equivalent to 80% of 25
days installments (0.80 X denomination X 25) would be payable, every month for
a period of 36 months.


An Account Holder, if so desires can appoint two nominees defining the

proportion in which the account is to be given to each nominee. However, this
declaration must be made at the time of opening the Account only.

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An Account Holder can transfer the Account to any person, subject to the
approval of the Company, on payment of Rs.10/- as transfer fee. However, the
nominee(s) of the Account Holder (transferor) shall cease to be entitled for the
death help facility from the date of application for transfer. Further, the
nominee(s) appointed by the new Account Holder shall be entitled for death help

only after 12 months and after 12 months installments have been paid from the
date of the transfer. In any case, death would be given as per the rules of the
Company only once on an Account.


Every Account Holder can avail the benefit of enrolling one of his/her children
under the “Children Welfare Plan”. Under this Plan, an annual fee of Rs.20/- is
taken from every member by Sahara Welfare Society. An examination of the
children enrolled under this plan, is conducted, either in Hindi or in English
medium, twice in a year i.e. January and July, which is divided into five groups.
The best 25 children of each group are awarded Brilliancy Certificate /
Appreciation Certificate. A camp for the recipients of Brilliancy Certificate is
organized every year for ten days, from 18th May to 27th May. The detailed
information is available at the Company’s Branch Offices/its Agent’s Branch


(a) The Company may at any time after, vary, add to or delete from these terms and
conditions on account of Government Policy in this regard or Reserve Bank
Regulations as applicable from time to time or otherwise by notifying on
Company’s/its Agent’s notice board or by publication in the news papers.

Para Banking Page 34

(b) The Company reserves the right to settle the Account with applicable rate of
interest for the completed tenure of the Account even before the completion of the
declared tenure.
(c) Deposits are accepted on the understanding that the Account Holder assumes full
responsibility for genuineness, validity and correctness of all signatures and
endorsement appearing thereon and their sources of fund.

If any dispute arises between the Company and Account Holder, regarding the
account then such dispute shall be resolved only by the arbitration.
Company under the provisions of the “Indian Arbitration & Conciliation Act
1996” shall refer such dispute to sole arbitrator appointed by the Company, who may
be Branch Worker or Sector Worker or Chartered Accountant of Advocate. Award
given by such sole arbitrator shall be final and binding on the parties or persons
claiming under them. Arbitration proceeding and proceeding arising out of such
Award shall be subject to jurisdiction of court only of the place where the registered
office of the Company is situated.
I hereby declare that all declaration made by me are correct and I have been explained
every thing related to the above Account in the language known to me and also I
declare that I am not suffering and have not suffered from any chronic/fatal disease in
the last 3 years. Also I agree to abide by the rules and regulations of the Company and
I shall never request anything against the terms, tenure and conditions of the scheme
in the letter and spirit. I also certify that all the information / personal particulars given
here by me are ture to the best of my knowledge and belief.

Para Banking Page 35


DENO DEPOSIT AMOUNT -25 DAYS Deposit Amount – 30,31 Days

Deposit Bonus Total Deposit Bonus Total

10 9000 518 9518 10950 630 11580

15 13500 776 14276 16425 944 17369

20 18000 1035 19035 211900 1259 23159

25 22500 1294 23794 27375 1574 28949

50 45000 2588 47588 54750 3148 57898

100 90000 5175 95175 109500 6296 115796

170 153000 8798 161798 186150 10704 196854

Para Banking Page 36

(Source : Sahara India Pariwar)



Terms and Conditions


Booking amount in Sahara Swarn Yogana Rs 1,00,000 lump sum or undertake to pay in
installments of Rs 10,0000 per month for 10 months payable on or before 115th of every
month and in Sahara Rajat Yojana Rs 10,000 in lump sum. The person is eligible for
draw by paying first installment. The regular installment amount should be paid on or
before 15th of every month, failing which his/her name shall not be included in that
months draw and for the defaulted month there will be no extra draw benefit.

Default can be regularized, to become eligible for draw benefit for draw benefit by
payment of Rs 150 for every defaulted instalment amount.

In Sahara Swarn Yogana first, second third monthly prizes and first bumper prizes can
not be allowed to win more than once . In Sahara Rajat Yogana first bumper prize can not
be allowed to win more than once. In the same draw one couple shall not be allowed to
win more than one prize. Higher valued prize shall be allowed in case one wins more

Para Banking Page 37

than once in the same draw, but all are entitled to win any number of times in different
draws(except the above mentioned prize)

Schedule of Draw

The draw will be held on every 25th day of the following month.

The draw result shall be telecast on 26th day of every month in Sahara Samay National
News Channel. The draw shall also reach within 10 days of draw to all their Branches
and winners shall always be intimated directly by post.

Other Terms

In case of transfer coupon holders may have to give a benefit up to 10% - 25% or
whatever amount is negotiated of the benefit amount to the house buyer and company at
its discretion may allow the existing coupon holder to remain enjoying the draw till the
years the coupon holder remained with company ( i.e. the number of draws he/she has
already enjoyed). Means if a coupon holder has enjoyed 48 draws then he/she shall
remain in the draw for 48 future draws. But this discretionary consideration can only be
done after the full Coupon (advance) amount remained with the company for minimum
36 months.

Para Banking Page 38


Advance PAYMENT 1,00,000/-

Year Payable Benefit % Credit Value adjustable
Against the

1 8.00% 1,08,000

2 8.00% 1,16,600

3 8.75% 1,28,600

4 8.75/% 139,900

5 9.00% 1,53,900

6 9.50% 1,72,400

7 10.00% 1,94,900

8 10.00% 2,14,400

9 10.00% 2,35,800

10 10.00% 2,59,400

Para Banking Page 39

(Source : Sahara India Pariwar)


Advance PAYMENT 70,000/-

Year Payable Benefit % Credit Value adjustable

Against the

1 8.00% 75,600

2 8.00% 81,620

3 8.75% 90,020

4 8.75/% 97,930

5 9.00% 1,07,730

6 9.50% 1,20,680

7 10.00% 1.36,430

8 10.00% 1,50,080

9 10.00% 1,65,060

10 10.00% 1,81,580

Para Banking Page 40

(Source : Sahara India Pariwar)


Advance payment 10,000/-

Year Payable Benefit % Credit Value adjustable

Against the

1 8.00% 10,800

2 8.00% 11,660

3 8.75% 12,860

4 8.75/% 13,990

5 9.00% 15,390

6 9.50% 17,240

7 10.00% 19,490

8 10.00% 21,440

9 10.00% 23,580

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10 10.00% 25,940

(Source : Sahara India Pariwar)

Advance payment 7,000/-

Year Payable Benefit % Credit Value adjustable

Against the
1 8.00% 7,560
2 8.00% 8,162
3 8.75% 9,002
4 8.75/% 9,763
5 9.00% 10,773
6 9.50% 12,068
7 10.00% 13,643
8 10.00% 15,008
9 10.00% 16,506
10 10.00% 18,158
(Source : Sahara India Pariwar)
Accidental Death Benefit
If Accidental Death Occurs Insurance Compensation


After 1 year upto 2 years 2,00,000 50,000

After 2 year upto 3 years 3,00,000 1,00,000

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After 3 year upto 4 years 4,00,000 1,50,000

After 4 year upto 10 years 5,00,000 2,00,000

w.e.f. 16-08-03

Denomination : Minimum Rs 50/- Mode : Daily

Pre Maturity : 12 Months @ 2.5% Duration : 24 Months @ 3.5% a.c.

Deno Pre-Stage Maturity Bonus : @ 1.354%

Deposit – 25 Days Deposit 30-31 Days
Deposit Bonus Total Deposit Bonus Total
50 15000 203 15203 18250 247 18497
60 18000 244 18244 21900 297 22197
70 21000 284 21284 25550 346 25896
75 22500 305 22805 17375 371 27746
100 30000 406 30406 36500 494 36994
200 60000 812 60812 73000 988 73988
300 90000 1219 91219 109500 1483 110983

(Source : Sahara India Pariwar)

Para Banking Page 43

SAHARA FIXED – 15(months)


Interest @ 7%(a.c.)

Principle Amount 100 500 1000 1500 2000 2500 5000 100000
0 0 0 0 0 0 0

Pre-Maturity 12 107 535 1070 1605 2140 2675 5350 107000

Months 0 0 0 0 0 0 0

Maturity 15 Months 108 544 1088 1633 2177 2721 5443 108876
Bonus 8.872% 9 4 7 1 5 8 6

(Source : Sahara India Pariwar)

 Account Opening : Min 500/- & Max 70,000/-
 Pre stage Maturity After 12 Months
 Death help Facility – 3% of F.D. Amount after 12 Months(13 + 12 Months)
Maximum period of 26 months only.
 Secured Loan Facility – After 6 months 75% of F.D. amount @ 1.10% p.m.(m.c.)
 Child Welfare Plan.
 Double Nominee System.

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SAHARA FIXED – 30(months)

Interest @ 7.25%(a.c.)

Principle Amount 100 500 1000 1500 2000 2500 5000 100000
0 0 0 0 0 0 0

Maturity 30 Months 119 596 1192 1787 2383 2979 5959 119195
Bonus 19.195% 2 0 0 9 9 9 8

(Source : Sahara India Pariwar)

 Account Opening : Min 500/- & Max 60,000/-

 Death help Facility – 3% of F.D. Amount after 12 Months(13 + 12 Months)
Maximum period of 41 months only.
 Secured Loan Facility – After 6 months 75% of F.D. amount @ 1.10% p.m.(m.c.)
 Child Welfare Plan.
 Double Nominee System.

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SAHARA FIXED – 48(months)

Interest @ 8%(a.c.)

Principle Amount 100 500 1000 1500 2000 2500 5000 100000
0 0 0 0 0 0 0

Maturity 48 Months 136 680 1360 2040 2721 3401 6802 136049
Bonus 36.049% 0 2 5 7 0 2 4

(Source : Sahara India Pariwar)

 Account Opening : Min 500/- & Max 45,000/-

 Death help Facility – 3% of F.D. Amount after 12 Months(13 + 12 Months)
Maximum period of 59 months only.
 Secured Loan Facility – After 6 months 75% & after 24 months 100% of F.D.
amount @ 1.10% p.m.(m.c.)
 Child Welfare Plan.
 Double Nominee System.

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SAHARA FIXED – 64(months)

Interest @ 8.25%(a.c.)

Principle Amount 100 500 1000 1500 2000 2500 5000 100000
0 0 0 0 0 0 0

Maturity 64 Months 152 763 1527 2290 3054 3818 7636 152729
Bonus 52.729% 7 6 3 9 6 2 4

(Source : Sahara India Pariwar)

 Account Opening : Min 500/- & Max 40,000/-

 Death help Facility – 3% of F.D. Amount after 12 Months(13 + 12 Months)
Maximum period of 75 months only.
 Secured Loan Facility – After 6 months 75% & after 24 montths 100% of F.D.
amount @ 1.10% p.m.(m.c.)
 Child Welfare Plan.
 Double Nominee System.

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(Monthly Installment Scheme)


Interest @8.25% p.a.

Principle Monthly Maturity Total Income Maturity - 72

Amount Icome @ Bonus 12% on Earning in 72 Months with
0.6875% Face Vallue Months 12% Bonus
6000 41.21 720 3690 6720

9000 61.87 1080 5535 10080

12000 82.50 1440 7380 13440

15000 103.12 1800 9225 16800

18000 123.75 2160 11070 20160

21000 144.37 2520 12915 23520

24000 165.00 2880 14760 16880

27000 185.62 3240 16605 30240

30000 206.25 3600 18450 33600

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51000 350.62 6120 31365 57120

147000 1010.62 17640 90405 164640

 Monthly Income Scheme.

 Double Nominee System.
 Account Opening : Minimum 6,000/- & Maximum 60,000/- at a time.
 Maturity after 72 Months with 12% Bonus.
 Child Welfare Plan.

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Comparitive Chart

Type of Deposit Bank Sbi Bank ICICI Post Office Sahara India
Investment Amount @% Matu @% Matu. @% Matu @% Matu
(In Rs) Amt Amt Amt Amt
Monthly 120,000 6.5 650/- - - 8.0 800/- 10.5 1050/-
Income P.A Momthly P.A. Monthly P.A. Monthly
Scheme (6 + 10%
yrs) Bonus
Fix 50,000 5.75 52,875 6.75 53,375 6.25 53,125 8.75 54,375
Deposit(12 PA P.A. P.A.
Fix 50,000 133 59,973 7.0 61,252 7.25 61,682 9.25 62,438)In
Deposit (3 Month P.A. P.A. P.A. 21/2 Yrs)
yrs) 11.1
Fix 50,000 6.5 1,00,000 123 1,00,00 103 1,00,00 81 1,00,000
Deposit P.A. Month 0 Month 0 Month
(Double) 10.3 8.7 6.9
Yrs Yrs Yrs
Recuring - Deposit 7.5 Deposit 9.5 Deposit
Deposit (5 for 60 P.A. for 60 P.A. only 48
yrs) months Months months

Para Banking Page 50

after 60


Finanaced by Sahara ParaBanking


Perhaps, India No.1 Housing Company with 7000 acres of company owned land and
Rs.13000 crore projects widespread in 16 cities. These include residential and
commercial complexes, mini and mega townships.

One of the largest

Infrastructure & Housing
companies in India.

Sahara India Housing is their

highly ambitious venture and
promises to grow into a
powerful organization
creating new dimensions in
real estate industry all over
India. Their activities are in
progress on around 7000 acres of Company owned land and projects worth Rs. 13000
Crores. Their projects include Residential & Commercial Complexes, Mini and Mega

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Experience a new High

Sahara Airlines, launched on 3rd December 1993, has ever since recorded an impressive
performance. Their fleet includes Advanced Aviation Technology. Boeings 737-700,
737-800s & 737-400s offerings approximately 6000 seats daily, connecting 16 tourist and
business destinations. Their 4
helicopters provide efficient
charter services from Delhi &
Mumbai. Soon shall induct 12
more Aircraft & 3 Helicopters.

They, themselves undertake major

Aircraft Maintenance work life
“C” Check, “D” Check, Mode-s
installation, Wheel & Brake
Assembly Maintenance, Seat Configuration Modification etc. even for other Airlines,
including major International Carriers, Like Lufthansa, providing Quality Management
based on ISO 9000

 The airline has honored with the prestigious “Pacific Area Travel Writers
Association” Award for 1997 for the best Domestic Airline for International
standards of service in Indian skies at ITB Berlin on 10th March, 1998.

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 Sahara Airlines won the “World Travel Market” 1997 Global Award for its
quality of service within the Indian Airline Industry

 For “cuisine on demand” service, Sahara Airlines has won the Award of
Merit at the 34th Annual conference of International Food Service Association.
San Antonio, Texas, USA.

 Following upon this Sahara Airlines again won the “Diamond Award” at the 14th
Annual on Board Awards held at Orlando, USA on 12th November, 1999.


One of the largest and fully integrated Pre-

Press, On-Press and Post-Press print
Production facilities in India.

A complete and latest pre-Press, On-Press & Post Press set up under one roof

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Sahara TV embarks towards achieving their spirited goals through electronic

broadcasting- an emotional objective for Sahara India Pariwar. The wholesome channel
will have an extensive spread across 66 countries reaching out to 30 million houses. Their
foray into television marks the beginning of globally extensive mass communication
objectives of Sahara India Pariwar. The most distinctive aspect of their channel would be
to aspire to fulfill the ever increasing demand for quality entertainment.

Sahara TV, under its credo will forever

be interactive with and responsible to
its viewers by being whole heartedly
responsive towards their needs and
choices. With a team of highly
accomplished professionals, Sahara
TV takes committed strides towards
establishing meaningful and qualitative
broadcasting standards.

Para Banking Page 54

It can safely be concluded that in an economy where about 80% of the population is rural,
such a system of banking is neccesery to foster “the saving habit” to generate a better
ecomimic growth

As seen before in case of Sahara India Pariwar whose huge base in parabanking had led
the company in diversifying into various fields such as Housing, Aviation, Television,
Print., which in turn helps our economic growth.

It will have mobilized deposits worth more than Rs 33,000 crores by the end of 2003

Para Banking Page 55

Reference has been taken from the following sources for the completion of this project:

Farique Azad Khan (Executive Worker Sahara India Pariwar)

Deepak Upadhaya (Sr Manager Sahara India Pariwar)
Vandesh Awasya (Sr Manager Sahara India Pariwar)
Mumbai Sector Office :
Sahara India Pariwar, Wilson House, Nagardas Road, Andheri (E),
Mumbai 400069
Mumbai Corporate Office:
CTS-40 & 44, S.V. Road, Goregoan (West),
Mumbai - 400 104, India


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