Asset & Liability Mgnt.

Asset Liability Management
CHAPTER I
INTRODUCTION
1
INTRODUCTION
Asset Liability Management (ALM) is a strategic approach of managing the balance sheet
dynamics in such a way that the net earnings are maximized. This approach is concerned with
management of net interest margin to ensure that its level and riskiness are compatible with the
risk return objectives of the HDFC.
If one has to define Asset and Liability management without going into detail about its
need and utility, it can be defined as simply “management of money” which carries value and
can change its shape very quickly and has an ability to come back to its original shape with or
without an additional growth. The art of proper management of healthy money is ASSET AND
LIABILITY MANAGEMENT (ALM).
The Liberalization measures initiated in the country resulted in revolutionary changes in

the sector. There was a shift in the policy approach of from the traditionally administered market
regime to a free market driven regime. This has put pressure on the earning capacity of co-
operative, which forced them to foray into new operational areas thereby exposing themselves to
new risks.
As major part of funds at the disposal of come from outside sources, the management is
concerned about RISK arising out of shrinkage in the value of asset, and managing such risks
became critically important to them. Although co-operative are able to mobilize deposits, major
portions of it are high cost fixed deposits. Maturities of these fixed deposits were not properly
matched with the maturities of assets created out of them. The tool called ASSET AND
LIABILITY MANAGEMENT provides a better solution for this.
ASSET LIABILITY MANAGEMENT (ALM) is a portfolio management of assets and

liability of an organization. This is a method of matching various assets with liabilities on the
basis of expected rates of return and expected maturity patter.
In the context of ALM is defined as “a process of adjusting liability to meet loan

demands, liquidity needs and safety requirements”. This will result in optimum value of the, at
the same time reducing the risks faced by them and managing the different types of risks by
keeping it within acceptable levels.
OBJECTIVES OF THE STUDY
o To study the concept of ASSET & LIABLITY MANAGEMENT in HDFC
o To study process of CASH INFIOWS and OUTFLOWS in HDFC
o To study RISK MANAGEMENT under HDFC
o To study RESERVES CYCLE of ALM under HDFC
o To study FUNCTIONS AND OBJECTIVES of ALM committee.
3
NEED OF THE STUDY:
The need of the study is to concentrates on the growth and performance of HDFC and to
calculate the growth and performance by using asset and liability management. And to know the
management of non-performing assets.
• To know financial position of HDFC

• To analyze existing situation of HDFC
• To improve the performance of HDFC
• To analyze competition between HDFC with other cooperative.
SCOPE OF THE STUDY:
In this study the analysis based on ratios to know asset and liabilities
management under HDFC and to analyze the growth and performance of HDFC
by using the calculations under asset and liability management based on ratio.
• Ratio analysis
• Comparative statement
• Common size balance sheet.
METHODOLOGY OF THE STUDY
The study of ALM Management is based on two factors.
1. Primary data collection.
2. Secondary data collection
PRIMARY DATA COLLECTION:
The sources of primary data were
 The chief manager – ALM cell
 Department Sr. manager financing & Accounting
 System manager- ALM cell
Gathering the information from other managers and other officials of the HDFC
SECONDARY DATA COLLECTION:
Collected from books regarding, journal, and management containing relevant information
about ALM and Other main sources were
 Annual report of the HDFC

 Published report of the HDFC
 RBI guidelines for ALM.
5
LIMITATION OF THE STUDY:
1. This subject is based on past data of HDFC
2. The analysis is based on structural liquidity statement and gap analysis.
3. The study is mainly based on secondary data.
4. The study period of 45 days as prescribed by university
5. The study is limited unto the date and information provided by KESORAM
INDUSTRIES and its annual reports
CHAPTER II
7
ASSET LIABILITY MANAGEMENT (ALM) SYSTEM:
INTRODUCTION:
In the normal course, there exposed to credit and market risks in view of the asset
liability transformation. With the liberalization in the Indian financial markets over the last few
years and growing integration of domestic markets and with external markets the risks associated
with operations have become complex, large, requiring stragic management. Are now operating
in a fairly deregulated environment and are required to determine on their own, interest rates on
deposits and advance in both domestic and foreign currencies on a dynamic basis. The interest
rates on investments in government and other securities are also now market related. Intense
competition for business involving both the assets and liabilities, together with increasing
volatility in the domestic interest rates, has brought pressure on the management maintain a good
balance among spreads, profitability and long-term viability. Impudent liquidity management can
put earnings and reputation at great risk. These pressures call for structured and comprehensive
measures and not just adahoc action. The management of has to base their business decisions on
a dynamic and integrated risk management system and process, driven by corporate strategy. Are
exposed to several major risks in course of their business-credit risk, interest rate and
operational risk therefore important than introduce effective risk management systems that
address the issues related to interest rate, currency and liquidity risks.
Need to address these risks in a structured manner by upgrading their risk management
and adopting more comprehensive Asset-Liability management (ALM) practices than has been
done hitherto. ALM among other functions, is also concerned with risk management and
provides a comprehensive and dynamic framework for measuring, monitoring and managing
liquidity interest rate, foreign exchange and equity and commodity price risk of a that needs to
be closely integrated with the business strategy. It involves assement of various types of risks
altering the asset liability portfolio in a dynamic way in order to manage risks.
The initial focus of the ALM function would be to enforce the risk management
discipline, viz., and managing business after assessing the risks involved.
In addition, the managing the spread and riskiness, the ALM function is more
appropriately viewed as an integrated approach which requires simultaneous decisions about
asset/liability mix and maturity structure.
RISK MANAGEMENT IN ALM
Risk management is a dynamic process, which needs constant focus and attention. The
idea of risk management is a well-known investment principle that the largest potential returns
are associated with the riskiest ventures. There can be no single prescription for all times,
decisions have to be reversed at short notice, which is often used to mean uncertainty, creates
both opportunities and problems for business and individuals in nearly every walk of life.
Risk sometimes is consciously analyzed and managed, other times risk is simply ignored,
perhaps out of lack of knowledge of its consequences. If loss regarding risk is certain to occur, it
may be planned for in advance and treated as to definite, known expense. Businesses and
individuals may try to avoid risk of loss as much as possible or reduce its negative consequences.
Several types of risks that affect individuals and businesses were introduced, together
with ways to measure the amount of risk. The process used to systematically manage risk
exposure is known as RISK MANAGEMENT. Whether the concern is with a business or an
individual situation, the same general steps can be used to systematically analyze and deal with
risk.
STEPS IN RISK MANAGEMENT:
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 Risk identification
 Risk evaluation
 Risk management technique
 Risk measurement
 Risk review decisions
Integrated or enterprise risk management is an emerging view that recognizes the importance
of risk, regardless of its source, in affecting a firm ability to realize its strategic objectives. The
detailed risk management process is as follows;
Risk identification:
The first step in the risk management process is to identify relevant exposures to risk.
This step is important not only for traditional risk management, which focuses on uncertainty of
risks, but also for enterprise risk management, where much of the focus is on identifying the
firm’s exposures from a variety of sources, including operational, financial, and strategic
activities.
Risk evaluation:
For each source of risk that is identified, an evaluation should be performed. At
this stage, uncertainty of risks can be categorized as to how often associated losses are
likely to occur. In addition to this evaluation of loss frequency, an analysis of the size, or
severity, of the loss is helpful. Consideration should be given both to the most probable
size of any losses that may occur and to the maximum possible losses that might happen.
Risk management techniques:

The results of the analyses in second step are used as the basis for decisions regarding
ways to handle existing risks. In some situations, the best plan may be to do nothing. In other
cases, sophisticated ways to finance potential losses may be arranged. The available techniques
for managing risks are GAP Analysis, VAR Analysis, Heinrich Domino theory etc., with
consideration of when each technique is appropriate.
Risk measurement:
Once risk sources have been identified it is often helpful to measure the extent of the risk
that exists. As pert of the overall risk evaluation, in some situations it may be possible to
measure the degree of risk in a meaningful way. In other cases, especially those involving
individuals computation of the degree of risk may not yield helpful information.
Risk review decisions:
Following a decision about the optimal methods for handling identified risks, the
business or individual must implement the techniques selected. However, risk management
should be an ongoing process in which prior decisions are reviewed regularly. Sometimes new
risk exposures arise or significant changes in expected loss frequency or severity occur. The
dynamic nature of many risks requires a continual scrutiny of past analysis and decisions.
DIMENSIONS OF RISK
Specifically two broad categories of risk are the basis for classifying financial services risk.
1) Product market Risk.
2) Capital market Risk.
Economists have long classified management problems as relating to either The

Product Markets Risks or The Capital Markets Risks.
11
TOTAL FINANCIAL SERVICES FIRMS RISK.
Total Risk
(Responsibility of CEO)
Business Risk Financial Risk
Product Market Risk Capital Market Risk
(Responsibility of the (Responsibility of the
Chief Operating Officer) Chief Financial Officer)
Credit Interest rate

Strategic Liquidity
Regulatory currency
Operating Settlement
Human resources Basis
Legal
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(I).PRODUCT MARKET RISK:
This risk decision relate to the operating revenues and expenses of the form that impact the
operating position of the profit and loss statements which include crisis, marketing, operating
systems, labor cost, technology, channels of distributions at strategic focus. Product Risks relate
to variations in the operating cash flows of the firm, which affect Capital Market, required Rates
of Return.
1) CREDIT RISK
2)
STRATEGIC RISK
3) COMMODITY RISK
4) OPERATIVE RISK
5) HUMAN RESOURCES RISK
6) LEGAL RISK
Risk in Product Market relate to the operational and strategic aspects of managing operating
revenues and expenses. The above types of Product Risks are explained as follows.
1. CREDIT RISK:
The most basic of all Product Market Risk in a or other financial intermediary is the erosion
of value due to simple default or non-payment by the borrower. Credit risk has been around for
centuries and is thought by many to be the dominant financial services today. intermediate the
risk appetite of lenders and essential riskiness of borrowers. Manage this risk by, (A) making
intelligent lending decisions so that expected risk of borrowers is both accurately assessed and
priced; (B) Diversifying across borrowers so that credit losses are not concentrated in time;
(C) purchasing third party guarantees so that default risk is entirely or partially shifted away
from lenders.
(2). STRATEGIC RISK:
This is the risk that entire lines of business may succumb to competition or obsolescence. In
the language of strategic planner, commercial paper is a substitute product for large corporate
loans. Strategic risk occurs when is not ready or able to compete in a newly developing line of
business. Early entrants enjoyed a unique advantage over newer entrants. The seemingly
conservative act of waiting for the market to develop posed a risk in itself. Business risk accrues
from jumping into lines of business but also from staying out too long.
(3). COMMODITY RISK:
Commodity prices affect and other lenders in complex and often unpredictable ways. The
macro effect of energy price increases on inflation also contributed to a rise in interest rates,
which adversely affected the value of many fixed rate financial assets. The subsequent crash in
oil prices sent the process in reverse with nearly equally devastating effects.
(4). OPERATING RISK:
15
Machine-based system offer essential competitive advantage in reducing costs and
improving quality while expanding service and speed. No element of management process has
more potential for surprise than systems malfunctions. Complex, machine-based systems
produce what is known as the “black box effect”. The inner working of system can become
opaque to their users. Because developers do not use the system and users often have not
constitutes a significant Product Market Risk. No financial service firm can small management
challenge in the modern financial services company.
(5). HUMAN RESOURCES RISK:
Few risks are more complex and difficult to measure than those of personnel policy; they are
Recruitment, Training, Motivation and Retention. Risk to the value of the Non-Financial Assets
as represented by the work force represents a much more subtle of risk. Concurrent with the loss
of key personal is the risk of inadequate or misplaced motivation among management personal.
This human redundancy is conceptually equivalent to safety redundancy in operating systems. It
is not inexpensive, but it may well be cheaper than the risk of loss. The risk and rewards of
increased attention to the human resources dimension of management are immense.
(6). LEGAL RISK:
This is the risk that the legal system will expropriate value from the shareholders of financial
services firms. The legal landscape today is full of risks that were simply unimaginable even a
few years ago. More over these risks are very hard to anticipate because they are often unrelated
to prior events which are difficult and impossible to designate but the management of a financial
services firm today must have these risks at least in view. They can cost millions.
(II). CAPITAL MARKET RISK:
In the Capital Market Risk decision relate to the financing and financial support of Product
Market activities. The result of product market decisions must be compared to the required rate
of return that results from capital market decision to determine if management is creating value.
Capital market decisions affect the risk tolerance of product market decisions related to
variations in value associated with different financial instruments and required rate of return in
the economy.
1. LIQUIDITY RISK
2. INTEREST RATE RISK
3. CURRENCY RISK
4. SETTLEMENT RISK
5. BASIS RISK
1. LIQUIDITY RISK:
For experienced financial services professionals, the foremost capital market risk is that of
inadequate liquidity to meet financial obligations. The obvious form is an inability to pay desired
withdrawals. Depositors react desperately to the mere prospect of this situation.
They can drive a financial intermediary to collapse by withdrawing funds at a rate that
exceeds its capacity to pay. For most of this century, individual depositors who lost faith
inability to repay them caused failures from liquidity. Funds are deposited primarily as a
financial of rate. Such funds are called “purchased money” or “headset funds” as they are
frequently bought by employees who work on the money desk quoting rates to institutions that
shop for the highest return. To check liquidity risk, firms must keep the maturity profile of the
liabilities compatible with that of the assets. This balance must be close enough that a reasonable
shift in interest rates across the yield curve does not threaten the safety and soundness of the
17
entire firm.
2. INTEREST RATE RISK:
In extreme conditions, Interest Rate fluctuations can create a liquidity crisis. The fluctuation
in the prices of financial assets due to changes in interest rates can be large enough to make
default risk a major threat to a financial services firm’s viability. There’s a function of both the
magnitude of change in the rate and the maturity of the asset. This inadequacy of assessment and
consequent mispricing of assets, combined with an accounting system that did not record
unrecognized gains and losses in asset values, created a financial crisis. Risk based capital rules
pertaining to have done little to mitigate the interest rate risk management problem. The decision
to pass it off; however is not without large cost, so the cost benefit tradeoff becomes complex.
3. CURRENCY RISK:
The risk of exchange rate volatility can be described as a form of basis risk among
currencies instead of basis risk among interest rates on different securities. Balance sheets
comprised of numerous separate currencies contain large camouflaged risks through financial
reporting systems that do not require assets to be marked to market. Exchange rate risk affects
both the Product Markets and The Capital Markets. Ways to contain currency risk have
developed in today’s derivative market through the use of swaps and forward contracts. Thus,
this risk is manageable only after the most sophisticated and modern risk management technique
is employed
4. SETTLEMENT RISK:
Settlement Risk is a particular form of default risk, which involves the competitors.
Amounts settle obligations having to do with money transfer, check clearing, loan disbursement
and repayment, and all other inter- transfers within the worldwide monetary system. A single
payment is made at the end of the day instead of multiple payments for individual transactions.
5. BASIS RISK :
Basis risk is a variation on the interest rate risk theme, yet it creates risks that are less easy to
observe and understand. To guard against interest rate risk, somewhat non comparable securities
may be used as a hedge. However, the success of this hedging depends on a steady and
predictable relationship between the two no identical securities. Basis can negate the hedge
partially or entirely, which vastly increases the Capital Market Risk exposure of the firm.
CHAPTER-III
19
Banking in India
Banking in India originated in the last decades of the 18th century. The oldest bank in existence
in India is the State Bank of India, a government-owned bank that traces its origins back to June
1806 and that is the largest commercial bank in the country. Central banking is the responsibility
of the Reserve Bank of India, which in 1935 formally took over these responsibilities from the
then Imperial Bank of India, relegating it to commercial banking functions. After India's
independence in 1947, the Reserve Bank was nationalized and given broader powers, In 1969 the
government nationalized the 14 largest commercial banks, the government nationalized the six
next largest in 1980.
Currently India has 96 scheduled commercial banks (SCBs) - 27 public sector banks (that is with
the Government of India holding a stake), 31 private banks (these do not have government stake,
they may be publicly listed and traded on stock exchanges) and 38 foreign banks. They have a
combined network of over 53,000 branches and 17,000 ATMs. According to a report by ICRA
Limited, a rating agency, the public sector banks hold over 75 percent of total assets of the
banking industry, with the private and foreign banks holding 18.2% and 6.5% respectively
Early history
Banking in India originated in the last decades of the 18th century. The first banks were The
General Bank of India which started in 1786, and the Bank of Hindustan, both of which are now
defunct. The oldest bank in existence in India is the State Bank of India, which originated in the
Bank of Calcutta in June 1806, which almost immediately became the Bank of Bengal. This was
one of the three presidency banks, the other two being the Bank of Bombay and the Bank of
Madras, all three of which were established under charters from the British East India Company.
For many years the Presidency banks acted as Quasi-central banks, as did their successors. The
three banks merged in 1921 to form the Imperial Bank of India, which, upon India's
independence, became the State Bank of India.
Indian merchants in Calcutta established the Union Bank in 1839, but it failed in 1848 as a
consequence of the economic crisis of 1848-49. The Allahabad Bank, established in 1865 and
still functioning today, is the oldest Joint Stock bank in India. It was not the first though. That
honor belongs to the Bank of Upper India, which was established in 1863, and which survived
until 1913, when it failed, with some of its assets and liabilities being transferred to the Alliance
Bank of Simla.
When the American Civil War stopped the supply of cotton to Lancashire from the Confederate
States, promoters opened banks to finance trading in Indian cotton. With large exposure to
speculative ventures, most of the banks opened in India during that period failed. The depositors
lost money and lost interest in keeping deposits with banks. Subsequently, banking in India
remained the exclusive domain of Europeans for next several decades until the beginning of the
20th century.
Foreign banks too started to arrive, particularly in Calcutta, in the 1860s. The Comptoired'
Escompte de Paris opened a branch in Calcutta in 1860, and another in Bombay in 1862;
branches in Madras and Pondicherry, then a French colony, followed. HSBC established itself in
Bengal in 1869. Calcutta was the most active trading port in India, mainly due to the trade of the
British Empire, and so became a banking center.
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The Bank of Bengal, which later became the State Bank of India.
The first entirely Indian joint stock bank was the Oudh Commercial Bank, established in 1881 in
Faizabad, It was failed in 1958. The next was the Punjab National Bank, established in Lahore in
1895, which has survived to the present and is now one of the largest banks in India.
Around the turn of the 20th Century, the Indian economy was passing through a relative period
of stability. Around five decades had elapsed since the Indian Mutiny, and the social, industrial
and other infrastructure had improved. Indians had established small banks, most of which
served particular ethnic and religious communities.
The presidency banks dominated banking in India but there were also some exchange banks and
a number of Indian joint stock banks. All these banks operated in different segments of the
economy. The exchange banks, mostly owned by Europeans, concentrated on financing foreign
trade. Indian joint stock banks were generally undercapitalized and lacked the experience and
maturity to compete with the presidency and exchange banks. This segmentation let Lord Curzon
to observe, "In respect of banking it seems we are behind the times. We are like some old
fashioned sailing ship, divided by solid wooden bulkheads into separate and cumbersome
compartments."
The period between 1906 and 1911, saw the establishment of banks inspired by the Swadeshi
movement. The Swadeshi movement inspired local businessmen and political figures to found
banks of and for the Indian community. A number of banks established then have survived to the
present such as Bank of India, Corporation Bank, Indian Bank, Bank of Baroda, Canara Bank
and Central Bank of India.
The fervor of Swedishi movement lead to establishing of many private banks in Dakshina
Kannada and Udupi district which were unified earlier and known by the name South Canara
( South Kanara ) district. Four nationalised banks started in this district and also a leading private
49
sector bank. Hence undivided Dakshina Kannada district is known as "Cradle of Indian
Banking".
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67
8c98b179cdcaeefdfb71ce776fdf5dba7f4fa0beceedc3d2792b7bf6e9db6d40cf58048df50d04c4b6a
d55cbbe1b3a6a48e41866e3b883f0ffb5f7dee1711de7b9f83b73da56f
COMPANY PROFILE
The Housing Development Finance Corporation Limited (HDFC) was amongst the first to
receive an 'in principle' approval from the Reserve Bank of India (RBI) to set up a bank in the
private sector, as part of the RBI's liberalization of the Indian Banking Industry in 1994. The
bank was incorporated in August 1994 in the name of 'HDFC Bank Limited', with its registered
office in Mumbai, India. HDFC Bank commenced operations as a Scheduled Commercial Bank
in January 1995.
HDFC is India's premier housing finance company and enjoys an impeccable track record in
India as well as in international markets. Since its inception in 1977, the Corporation has
maintained a consistent and healthy growth in its operations to remain the market leader in
mortgages. Its outstanding loan portfolio covers well over a million dwelling units. HDFC has
developed significant expertise in retail mortgage loans to different market segments and also
has a large corporate client base for its housing related credit facilities. With its experience in the
financial markets, a strong market reputation, large shareholder base and unique consumer
franchise, HDFC was ideally positioned to promote a bank in the Indian environment.
HDFC Bank's mission is to be a World-Class Indian Bank. The objective is to build sound
customer franchises across distinct businesses so as to be the preferred provider of banking
services for target retail and wholesale customer segments, and to achieve healthy growth in
profitability, consistent with the bank's risk appetite. The bank is committed to maintain the
69
highest level of ethical standards, professional integrity, corporate governance and regulatory
compliance. HDFC Bank's business philosophy is based on four core values - Operational
Excellence, Customer Focus, Product Leadership and People.
Capital Structure
As on 31st December, 2009 the authorized share capital of the Bank is Rs. 550 crore.
The paid-up capital as on said date is Rs. 455, 23, 65,640/- (45, 52, 36,564 equity shares of Rs.
10/- each). The HDFC Group holds 23.87 % of the Bank's equity and about 16.94 % of the
equity is held by the ADS Depository (in respect of the bank's American Depository Shares
(ADS) Issue). 27.46 % of the equity is held by Foreign Institutional Investors (FIIs) and the
Bank has about 4,58,683 shareholders.
The shares are listed on the Bombay Stock Exchange Limited and The National Stock Exchange
of India Limited. The Bank's American Depository Shares (ADS) are listed on the New York
Stock Exchange (NYSE) under the symbol 'HDB' and the Bank's Global Depository Receipts
(GDRs) are listed on Luxembourg Stock Exchange under ISIN No US40415F2002.
HDFC Bank is headquartered in Mumbai. The Bank at present has an enviable network of 1,725
branches spread in 771 cities across India. All branches are linked on an online real-time basis.
Customers in over 500 locations are also serviced through Telephone Banking. The Bank's
expansion plans take into account the need to have a presence in all major industrial and
commercial centre s where its corporate customers are located as well as the need to build a
strong retail customer base for both deposits and loan products. Being a clearing/settlement bank
to various leading stock exchanges, the Bank has branches in the centre s where the NSE/BSE
have a strong and active member base.
The Bank also has 4,000 networked ATMs across these cities. Moreover, HDFC Bank's ATM
network can be accessed by all domestic and international Visa/MasterCard, Visa
Electron/Maestro, Plus/Cirrus and American Express Credit/Charge cardholders.
Mr. Jagadish Capoor took over as the bank's Chairman in July 2001. Prior to this, Mr. Capoor
was a Deputy Governor of the Reserve Bank of India.
The Managing Director, Mr. Aditya Puri, has been a professional banker for over 25 years, and
before joining HDFC Bank in 1994 was heading Citibank's operations in Malaysia.
The Bank's Board of Directors is composed of eminent individuals with a wealth of experience
in public policy, administration, industry and commercial banking. Senior executives
representing HDFC are also on the Board.
Senior banking professionals with substantial experience in India and abroad head various
businesses and functions and report to the Managing Director. Given the professional expertise
of the management team and the overall focus on recruiting and retaining the best talent in the
industry, the bank believes that its people are a significant competitive strength.
HDFC Bank operates in a highly automated environment in terms of information technology and
communication systems. All the bank's branches have online connectivity, which enables the
bank to offer speedy funds transfer facilities to its customers. Multi-branch access is also
provided to retail customers through the branch network and Automated Teller Machines
(ATMs).
The Bank has made substantial efforts and investments in acquiring the best technology available
internationally, to build the infrastructure for a world class bank. The Bank's business is
supported by scalable and robust systems which ensure that our clients always get the finest
services we offer.
The Bank has prioritized its engagement in technology and the internet as one of its key goals
and has already made significant progress in web-enabling its core businesses. In each of its
71
businesses, the Bank has succeeded in leveraging its market position, expertise and technology to
create a competitive advantage and build market share.
HDFC Bank offers a wide range of commercial and transactional banking services and treasury
products to wholesale and retail customers. The bank has three key business segments:
Wholesale Banking Services

The Bank's target market ranges from large, blue-chip manufacturing companies in the
Indian corporate to small & mid-sized corporate and agri-based businesses. For these
customers, the Bank provides a wide range of commercial and transactional banking
services, including working capital finance, trade services, transactional services, cash
management, etc. The bank is also a leading provider of structured solutions, which combine
cash management services with vendor and distributor finance for facilitating superior
supply chain management for its corporate customers. Based on its superior product delivery
/ service levels and strong customer orientation, the Bank has made significant inroads into
the banking consortia of a number of leading Indian corporate including multinationals,
companies from the domestic business houses and prime public sector companies. It is
recognized as a leading provider of cash management and transactional banking solutions to
corporate customers, mutual funds, stock exchange members and banks.
Retail Banking Services

The objective of the Retail Bank is to provide its target market customers a full range of
financial products and banking services, giving the customer a one-stop window for all
his/her banking requirements. The products are backed by world-class service and delivered
to customers through the growing branch network, as well as through alternative delivery
channels like ATMs, Phone Banking, Net Banking and Mobile Banking.
The HDFC Bank Preferred program for high net worth individuals, the HDFC Bank Plus
and the Investment Advisory Services programs have been designed keeping in mind needs
of customers who seek distinct financial solutions, information and advice on various
investment avenues. The Bank also has a wide array of retail loan products including Auto
Loans, Loans against marketable securities, Personal Loans and Loans for Two-wheelers. It
is also a leading provider of Depository Participant (DP) services for retail customers,
providing customers the facility to hold their investments in electronic form.
HDFC Bank was the first bank in India to launch an International Debit Card in association
with VISA (VISA Electron) and issues the MasterCard Maestro debit card as well. The Bank
launched its credit card business in late 2001. By March 2009, the bank had a total card base
(debit and credit cards) of over 13 million. The Bank is also one of the leading players in the
“merchant acquiring” business with over 70,000 Point-of-sale (POS) terminals for debit /
credit cards acceptance at merchant establishments. The Bank is well positioned as a leader
in various net based B2C opportunities including a wide range of internet banking services
for Fixed Deposits, Loans, Bill Payments, etc.
Treasury
Within this business, the bank has three main product areas - Foreign Exchange and
Derivatives, Local Currency Money Market & Debt Securities, and Equities. With the
liberalization of the financial markets in India, corporate need more sophisticated risk
management information, advice and product structures. These and fine pricing on various
treasury products are provided through the bank's Treasury team. To comply with statutory
reserve requirements, the bank is required to hold 25% of its deposits in government
securities. The Treasury business is responsible for managing the returns and market risk on
this investment portfolio.
Credit Rating
The Bank has its deposit programs rated by two rating agencies - Credit Analysis & Research
Limited (CARE) and Fitch Ratings India Private Limited. The Bank's Fixed Deposit programme
has been rated 'CARE AAA (FD)' [Triple A] by CARE, which represents instruments considered
to be "of the best quality, carrying negligible investment risk". CARE has also rated the bank's
Certificate of Deposit (CD) programme "PR 1+" which represents "superior capacity for
repayment of short term promissory obligations". Fitch Ratings India Pvt. Ltd. (100% subsidiary
of Fitch Inc.) has assigned the "AAA ( ind )" rating to the Bank's deposit programme, with the
outlook on the rating as "stable". This rating indicates "highest credit quality" where "protection
factors are very high"
73
The Bank also has its long term unsecured, subordinated (Tier II) Bonds rated by CARE and
Fitch Ratings India Private Limited and its Tier I perpetual Bonds and Upper Tier II Bonds rated
by CARE and CRISIL Ltd. CARE has assigned the rating of "CARE AAA" for the subordinated
Tier II Bonds while Fitch Ratings India Pvt. Ltd. has assigned the rating "AAA (ind)" with the
outlook on the rating as "stable". CARE has also assigned "CARE AAA [Triple A]" for the
Banks Perpetual bond and Upper Tier II bond issues. CRISIL has assigned the rating "AAA /
Stable" for the Bank's Perpetual Debt programme and Upper Tier II Bond issue. In each of the
cases referred to above, the ratings awarded were the highest assigned by the rating agency for
those instruments?
Corporate Governance Rating
The bank was one of the first four companies, which subjected itself to a Corporate Governance
and Value Creation (GVC) rating by the rating agency, The Credit Rating Information Services
of India Limited (CRISIL). The rating provides an independent assessment of an entity's current
performance and an expectation on its "balanced value creation and corporate governance
practices" in future. The bank has been assigned a 'CRISIL GVC Level 1' rating which indicates
that the bank's capability with respect to wealth creation for all its stakeholders while adopting
sound corporate governance practices is the highest.
On May 23, 2008, the amalgamation of Centurion Bank of Punjab with HDFC Bank was
formally approved by Reserve Bank of India to complete the statutory and regulatory approval
process. As per the scheme of amalgamation, shareholders of CBoP received 1 share of HDFC
Bank for every 29 shares of CBoP.
The merged entity will have a strong deposit base of around Rs. 1,22,000 crore and net advances
of around Rs. 89,000 crore. The balance sheet size of the combined entity would be over Rs.
1,63,000 crore. The amalgamation added significant value to HDFC Bank in terms of increased
branch network, geographic reach, and customer base, and a bigger pool of skilled manpower.
In a milestone transaction in the Indian banking industry, Times Bank Limited (another new
private sector bank promoted by Bennett, Coleman & Co. / Times Group) was merged with
HDFC Bank Ltd., effective February 26, 2000. This was the first merger of two private banks in
the New Generation Private Sector Banks. As per the scheme of amalgamation approved by the
shareholders of both banks and the Reserve Bank of India, shareholders of Times Bank received
1 share of HDFC Bank for every 5.75 shares of Times Bank.
HDFC Bank Ltd. (BSE: 500180, NYSE: HDB) is a commercial bank of India, incorporated in
August 1994, after the Reserve Bank of India allowed establishing private sector banks. The
Bank was promoted by the Housing Development Finance Corporation, a premier housing
finance company (set up in 1977) of India. HDFC Bank has 1,412 branches and over 3,295
ATMs, in 528 cities in India, and all branches of the bank are linked on an online real-time basis.
As of September 30, 2008 the bank had total assets of INR 1006.82 billion. For the fiscal year
2008-09, the bank has reported net profit of Rs.2,244.9 crore, up 41% from the previous fiscal.
Total annual earnings of the bank increased by 58% reaching at Rs.19,622.8 crore in 2008-09.
Business Focus
HDFC Bank deals with three key business segments – Wholesale Banking Services, Retail
Banking Services, and Treasury. It has entered the banking consortia of over 50 corporates for
providing working capital finance, trade services, corporate finance and merchant banking. It is
also providing sophisticated product structures in area of foreign exchange and derivatives,
money markets and debt trading and equity research.
Wholesale Banking Services
The Bank's target m inroads into the banking consortia of a number of leading Indian corporate
including multinationals, companies from the domestic business houses and prime public sector
companies. It is recognized as a leading provider of cash management and transactional banking
solutions to corporate customers, mutual funds, stock exchange members and banks.
Retail Banking Services
The objective of the Retail Bank is to provide its target market customers a full range of financial
products and banking services, giving the customer a one-stop window for all his/her banking
requirements. The products are backed by world-class service and delivered to customers
75
through the growing branch network, as well as through alternative delivery channels like ATM,
Phone Banking, Net Banking and Mobile Banking.
HDFC Bank was the first bank in India to launch an International Debit Card in association with
VISA (VISA Electron) and issues the Master card Maestro debit card as well. The Bank
launched its credit card business in late 2001. By March 2009, the bank had a total card base
(debit and credit cards) of over 13 million. The Bank is also one of the leading players in the
“merchant acquiring” business with over 70,000 Point-of-sale (POS) terminals for debit / credit
cards acceptance at merchant establishments. The Bank is well positioned as a leader in various
net based B2C opportunities including a wide range of internet banking services for Fixed
Deposits, Loans, Bill Payments, etc.
Treasury
Within this business, the bank has three main product areas - Foreign Exchange and Derivatives,
Local Currency Money Market & Debt Securities, and Equities. These services are provided
through the bank's Treasury team. To comply with statutory reserve requirements, the bank is
required to hold 25% of its deposits in government securities. The Treasury business is
responsible for managing the returns and market risk on this investment portfolio.
Distribution Network
HDFC Bank is headquartered in Mumbai. The Bank has a network of 1,725 branches spread in
771 cities across India. All branches are linked on an online real-time basis. Customers in over
500 locations are also serviced through Telephone Banking. The Bank has a presence in all
major industrial and commercial centres across the country. Being a clearing/settlement bank to
various leading stock exchanges, the Bank has branches in the centre where the NSE/BSE has a
strong and active member base.
The Bank also has 3,898 networked ATMs across these cities. Moreover, HDFC Bank's ATM
network can be accessed by all domestic and international Visa/MasterCard, Visa
Electron/Maestro, Plus/Cirrus and American Express Credit/Charge cardholders.
Housing Development Finance Corporation Limited or HDFC (BSE: 500010), founded 1977
by Ravi Maurya and Hasmukhbhai Parekh, is an Indian NBFC, focusing on home mortgages.
HDFC's distribution network spans 243 outlets that include 49 offices of HDFC's distribution
company, HDFC Sales Private Limited. In addition, HDFC covers over 90 locations through its
outreach programmes. HDFC's marketing efforts continue to be concentrated on developing a
stronger distribution network. Home loans are also Sharcket through HDFC Sales, HDFC Bank
Limited and other third party Direct Selling Agents (DSA).
To cater to non-resident Indians, HDFC has an office in London and Dubai and service
associates in Kuwait, Oman, Qatar, Sharjah, Abu Dhabi, Al Khobar, Jeddah and Riyadh in Saudi
Arabia.
AWARDS
2010
Euro money Private Banking and Wealth Management Poll 2010

1) Best Local Bank in India (second year in a row) 2) Best Private Banking Services overall
(moved up from No. 2 last year)
Financial Insights Innovation Awards 2010

Innovation in Branch Operations - Server Consolidation Project
Global Finance Award

Best Trade Finance Provider in India for 2010
2 Banking Technology Awards 2009

1) Best Risk Management Initiative and 2) Best Use of Business Intelligence.
SPJIMR Marketing Impact Awards (SMIA) 2010

2nd Prize
77
Business Today Best Employer Survey
Listed in top 10 Best Employers in the country
2009
Business India Businessman of the Year Award for 2009.

Mr. Adityapuri MD, HDFC Bank
Business world Best Bank Awards 2009

Most Tech-savvy Bank
Outlook Money NDTV Profit Awards 2009

Best Bank
Forbes Asia
Feb. 50 Companies in Asia Pacific
GQ India's Man of the Year (Business)

Mr. Aditya Puri, MD, HDFC Bank
UTI MF-CNBC TV18 Financial Advisor Awards 2009

Best Performing Bank
Wall Street Journal survey of Asia's Best 200 Companies 2009

 Our Bank among India's 10 Most Admired Companies
 Rated 3rd Best in terms of Financial Reputation
Business Standard Best Banker Award

Mr. Aditya Puri, MD, HDFC Bank
Fe Best Bank Awards 2009

- Best Innovator of the year award for our MD Mr. Aditya Puri
- Second Best Private Bank in India
- Best in Strength and Soundness Award
Euro money Awards 2009

Best Bank in India
Economic Times Brand Equity & Nielsen Research annual survey 2009
Most Trusted Brand - Runner Up
Asia Money 2009 Awards

Best Domestic Bank in India
IBA Banking Technology Awards 2009

Best IT Governance Award - Runner up
Global Finance Award

Best Trade Finance Bank in India for 2009
IDRBT Banking Technology Excellence Award 2008

Best IT Governance and Value Delivery
79
Finance Asia magazine's annual poll of Investors and Analysts 2009
 Mr. Aditya Puri - India's Best CEO
 Our Bank is 3rd in 'Best managed Company' category
Asian Banker Excellence in Retail Financial Services

Asian Banker Best Retail Bank in India Award 2009
CHAPTER-IV
DATA ANALYSIS
&
INTERPRETATION
81
RISK MANAGEMENT SYSTEM:
Assuming and managing risk is the essence of business decision-making. Investing in a new
technology, hiring a new employee, or launching a marketing campaign is all decisions with
uncertain outcomes. As a result all the major management decisions of how much risk to take
and how to manage the risk.
The implementation of risk management varies from business to business, from one
management style to another and from one time to another. Risk management in the financial
services industry is different from others. Circumstances, Institutions and Managements are
different. On the other hand, an investment decision is no recent history of legal and political
stability, insights into the potential hazards and opportunities.
Many risks are managed quantitatively. Risk exposure is measured by some numerical
index. Risk cost tradeoff many tools are described by numerical valuation formulas.
Risk management can be integrated into a risk management system. Such a system can
be utilized to manage the trading position of a small-specialized division or an entire financial
institution. The modules of the system can be implemented with different degrees of accuracy
and sophistication.
RISK MANAGEMENT SYSTEM
Dynamics of risk factors
Cash flows Arbitrage

Generator Pricing Model
Price and Risk

Profile Of Contingent Claims
Dynamic Risk Target

Trading Rules Optimizer Risk Profile
83
1.2 RISK MANAGEMENT SYSTEM
Arbitrage pricing models range from simple equations to large scale numerically
sophisticated algorithms. Cash flow generators also vary from a single formula to a
simulator that accounts for the dependence of cash flows on the history of the risk factors.
Financial engineers are continuously incorporating advances in econometric

techniques, asset pricing models, simulation techniques and optimization algorithms to
produce better risk management systems.
The important ingredient of the risk management approach is the treatment of risk
factors and securities as an integrated portfolio. Analyzing the correlation among the real,
financial and strategic assets of an organization leads to clear understanding of risk
exposure. Special attention is paid to risk factors, which translate to correlation among
the values of securities. Identifying the correlation among the basic risk factors leads to
more effective risk management.
Maturity Preference mismatch, Default, Currency Preference mis-match, Size of

transaction and Market access and information.
RISK MANAGEMENT IN HDFC
They were required by the to introduce effective risk management systems to cover Credit
risk, market risk and Operations risk on priority.
Narasimham committee II, advised to address market risk in a structured manner by

adopting Asset and Liability Management practices with effect from April 1st 1989.
Asset and liability management (ALM) is “the Art and Science of choosing the best mix
of assets for the firm’s asset portfolio and the best mix of liabilities for the firm’s liability
portfolio”. It is particularly critical for Financial Institutions.
For a long time it was taken for granted that the liability portfolio of financial firms was
beyond the control of the firm and so management concentrated its efforts on choosing the asset
mix. Institutions treasury department used the funds provided by deposits to structure an asset
portfolio that was appropriate for the given liability portfolio.
With the advent of Certificate of Deposits (CDs), had a tool by which to manipulate the
mix of liabilities that supported their Asset portfolios, which has been one of the active
management of assets and liabilities.
Asset and liability management program evolve into a strategic tool for management, the
main elements of the ALM system are:
 ALM INFORMATION.
 ALM ORGANISATION.
 ALM FUNCTION.
ALM INFORMATION :
ALM is a risk management tool through which Market risk associated with business are
identified, measured and monitored to maintain profits by restructuring Assets and Liabilities.
The ALM framework needs to be built on sound methodology with necessary information
system as back up. Thus the information is key element to the ALM process.
There are various methods prevalent worldwide for measuring risks. These range from the
85
simple Gap statement to extremely sophisticate and data intensive Risk adjusted profitability
measurement (RAPM) methods. The central element for the entire ALM exercise is the
availability of adequate and accurate information.
However, the existing systems in many Indian do not generate information in manner
required for the ALM. Collecting accurate data is the biggest challenge before the, particularly
those having wide network of branches, but lacking full-scale computerization.
Therefore the introduction of these information systems for risk measurement and
monitoring has to be addressed urgently.
The large network of branches and the lack of support system to collect information
required for the ALM which analysis information on the basis of residual maturity and
behavioral pattern, it would take time florin the present state to get the requisite information.
ALM ORGANISATION:
Successful implementation of the risk management process requires strong commitment on

the part of senior management in the to integrate basic operations and strategic decision making
with risk management.
The Board of Directors should have overall responsibility for management of risk and
should decide the risk management policy of the, setting limits for liquidity, interest rate, foreign
exchange and equity / price risk.
The Asset Liability Management Committee (HDFC) consisting of the senior management,
including CEO/CMD should be responsible for ensuring adherence to the limits set by the Board
of Directors as well as for deciding the business strategy of the (on the assets and liabilities
sides) in line with the budget and decided risk management objective.
The ALM support group consisting of operation staff should be responsible for analyzing,
monitoring and reporting the risk profiles to the HDFC. The staff should also prepare forecasts
(simulations) showing the effects of various possible changes in market condition related to the
balance sheet and recommend the action needed to adhere to internal limits,
The HDFC is a decision-making unit responsible for balance sheet planning from a risk-
return perspective including the strategic management of interest rate and liquidity risks. Each
has to decide on the role of its HDFC, its responsibility as also the decision to be taken by it. The
business and risk management strategy of the should ensure that the operates within the limits /
parameters set by the Board. The business issues that an HDFC would consider inter alia, will
include product pricing for deposits and advances, desired maturity profile and mix of the
incremental Assets and Liabilities, etc. in addition to monitoring the risk levels of the , the
HDFC should review the results of and progress in implementation of the decisions made in the
previous meetings. The HDFC would also articulate the current interest rate view of the and base
its decisions for future business strategy on this view. In respect of this funding policy, for
instance, its responsibility would be to decide on source and mix of liabilities or sale of assets.
Towards this end, it will have to develop a view on future direction of interest rate movements
and decide on funding mixes between fixed vs. floating rate funds, wholesale vs. retail deposits,
Money markets vs. Capital market funding, domestic vs. foreign currency funding etc. Individual
will have to decide the frequency for holding their HDFC meetings.
TYPICAL BUSINESS OF HDFC
• Reviewing of the impact of the regulatory changes on the industry.
• Overseeing the budgetary process;
• Reviewing the interest rate outlook for pricing of assets and liabilities(Loans and
Deposits)
• Deciding on the introduction of any new loan / deposit product and their impact on
interest rate / exchange rate and other market risks;
87
• Reviewing the asset and liability portfolios and the risk limits and thereby, assessing the
capital adequacy;
• Deciding on the desired maturity profile of incremental assets and liabilities and thereby
assessing the liquidity risk;
• Reviewing the variances in actual and projected performances with regard to Net Interest
Margin (NIM), spreads and other balance sheet ratios.
COMPOSITION OF HDFC
The size (number of members) of HDFC would depend on the size of each institution,
business mix and organizational complexity, to ensure commitment of the Top management and
timely response to market dynamics, the CEO/MD or the GM should head the committee. The
chiefs of Investment, Credit, Resources Management or Planning, Funds Management / Treasury
(domestic), etc., can be members of the committee. In addition, the head of the computer
(technology) Division should also be an invitee for building up of
MIS and related computerization some may even have Sub-Committee and Support Groups.
ALM ORGANIZATION consists of following categories:
 ALM BOARD
 HDFC
 ALM CELL
 COMMITTEE OF DIRECT
ALM BOARD
The Board of management should have overall responsibility for management of risk
and should decide the risk management policy of the and set limits for liquidity and
interest rate risks.
HDFC
The has constituted an Asset- Liability committee (HDFC). The committee may consists of the
following members.
i) General Manager
ii) Head of Committee
ii) General Manager (Loans & Advances) Member
iii) General Manager (CMI & AD) Member
iv) AGM / Head of the ALM Cell Member
The HDFC is a decision making unit responsible for ensuring adherence to the limits set by
board as well as for balance sheet planning from risk return perspective including the strategic
management of interest rate and liquidity risks, in line with and decided risk management
objectives.
The Business issues that an HDFC would consider interalia, will include fixation of interest
rates for both deposits and advances, desired maturity profile of the incremental assets and
liabilities etc.
The HDFC would also articulate the current interest rate due of the and base its decisions for
future business strategy on this view. In respect of funding policy, for instance, its responsibility
89
would be decided on source and mix of liability.
Individual will have to decide the frequency for their HDFC meetings. However, it is
advised that HDFC should meet at least once in a fortnight. The HDFC should review results of
and process in implementation of the decisions made in the previous meetings
ALM CELL
The ALM desk / cell consisting of operating staff should be responsible for analyzing,
monitoring and reporting the profiles to the HDFC. The staff should also prepare forecasts
(simulations) showing the effects of various possible changes in market conditions related to the
balance sheet and recommend the action needed to adhere to internal limits.
COMMITTEE OF DIRECTORS
They should also constitute professional, management and supervisory committee,

consisting of three to four directors, which will oversee the implementation of the ALM system,
and review it’s functioning periodically.
ALM PROCESS
The scope of ALM function can be described as follows:
1. Liquidity Risk Management
2. Interest Rate Risk Management
3. Currency Risk Management
4. Settlement Risk Management

5. Basis Risk Management

The RBI guidelines mainly address Liquidity Risk Management and Interest Rate Risk
Management.
The following are the concepts discussed for analysis of

Asset-Liability Management under above mentioned risks.
● Liquidity Risk
● Maturity profiles
● Interest rate risk
● Gap analysis
1. Liquidity Risk Management :
Measuring and managing liquidity needs are vital activities of the s. By assuring a ability
to meet its liability as they become due, liquidity management can reduce the probability of an
adverse situation development. The importance of liquidity transcends individual institutions, as
liquidity shortfall in one institution can have repercussions on the entire system.
Liquidity risk management refers to the risk of maturing liability not finding enough
maturing assets to meet these liabilities. It is the potential inability to meet the liability as they
became due. This risk arises because borrows funds for different maturities in the form of
deposits, market operations etc. and lock them into assets of different maturities.
Liquidity Gap also arises due to unpredictability of deposit withdrawals, changes in loan
demands. Hence measuring and managing liquidity needs are vital for effective and viable
operations of the.
91
Liquidity measurement is quite a difficult task and usually the stock or cash flow
approaches are used for its measurement. The stock approach used certain liquidity ratios.
The liquidity ratios are the ideal indicators of liquidity of operating in developed financial
markets, the ratio do not reveal the real liquidity profile of which are operating generally
in a fairly illiquid market. The assets, which are commonly considered as liquid like
Government securities, have limited liquidity when the market and players are in one
direction. Thus analysis of liquidity involves tracking of cash flow mismatches.
The statement of structural liquidity may be prepared by placing all cash inflows and
outflows in the maturity ladder according to the expected timing of cash flows.
The MATURITY PROFILE could be used for measuring the future cash flows in different
time bands.
The position of Assets and Liabilities are classified according to the maturity patterns a
maturing liability will be a cash outflow while a maturing asset will be a cash inflows The
measuring of the future cash flows done in different time buckets.
The time buckets, given the statutory Reserve cycle of 14 days may be distributed as under:
1. 1 to 14 days
2. 15 to 28 days
3. 29 days and up to 3 months
4. Over 3 months and up to 6 months
5. Over 6 months and up to 1 year
6. Over 1 year and up to 3 years

7. Over 3 years and up to 5 years
8. Over 5 years.
MATURITY PROFILE – LIQUIDITY
HEAD OF ACCOUNTS Classification into time buckets
A.OUTFLOWS
1.Capital, Reserves and Surplus Over 5 years bucket.
2.Demand Deposits (Current & Demand Deposits may be classified

Savings Deposits) into volatile and core portions, 25 % of
deposits are generally withdraw able
on demand. This portion may be
treated as volatile. While volatile
portion may be placed in the first time
bucket i.e., 1-14 days, the core portion
may be placed in 1-2 years, bucket.
3. Term Deposits Respective maturity buckets.
4. Borrowings Respective maturity buckets.

5. Other liabilities and provisions
i) Bills Payable (i) 1-14 days bucket
ii) Inter-office Adjustment (ii) Items not representing cash

payable may be placed in over 5
years bucket
93
(iii) Provisions for NAPs (iii)
a) sub-standard a) 2-5 years bucket.

b) doubtful and Loss b) Over 5 years bucket
.
(iv) provisions for depreciation (iv) Over 5 years bucket.
in Investments
(v) provisions for NAPs in (v)

investment
a) 2-5 years bucket.
b) Over 5 years bucket
(vi) provisions for other purposes (vi) Respective buckets depending on

the purpose.
B. INFLOWS
1. Cash 1-14 days bucket.

2. Balance with other s
(i) Current Account (i) Non-withdraw able portion on
account of stipulations of
minimum balances may be shown
Less than 1-14 days bucket.
(ii) Money at call and short Notice, (ii) Respective maturity buckets.
Term Deposits and other
Placements
3. Investments
(i) Approved securities (i) Respective maturity buckets
excluding the amount required to
be reinvested to maintain SLR
ii) Corporate (ii) Respective Maturity buckets.
Debentures and Investments classified as NPAs
bonds, CDs and CPs, Should be shown under 2-5 years
redeemable bucket (sub-standard) or over 5
preference shares, years bucket (doubtful and loss).
units of Mutual (iii) Over 5 years bucket.
Funds (close ended).
Etc. (iv) Over 5 years bucket.
(iii) Share / Units of Mutual
Funds
(open ended)
iii) Investment in
subsidiaries /
Joint Ventures.
4. Advances (performing / standard)
95
(i) Bills Purchased and (i) Respective Maturity buckets.
Discounted (ii) should undertake a study
(including bills under Of behavioral and seasonal pattern
DUPN) of a ailments based on outstanding
iii) Cash Credit / Overdraft and the core and volatile portion
(including TOD) and should be identified. While the
Demand Loan component of volatile portion could be shown in
Working Capital. the respective maturity bucket. The
core portion may be shown under
1-2 years bucket.
(iii) Term Loans (iii) Interim cash flows may be
shown under respective maturity
Buckets.
5. NPAs
b. Sub-standard (I) 2-5 years bucket.
c. Doubtful and Loss (ii) Over 5 years bucket.
6. Fixed Assets Over 5 years bucket.
7. Other-office Adjustment
i) Inter-office Adjustment i) As per trend analysis,
Intangible items or items
not representing cash
receivables may be shown
in over 5 years bucket.
ii) Others i) Respective maturity

buckets. Intangible assets
and assets not representing
cash receivables may be
shown in over 5 years
bucket.
Terms used:
CDs: Certificate of Deposits.
CPs: Commercial Papers.
DTL PROFILE: Demand and Time Liabilities.
Inter office adjustment:
Outflows: Net Credit Balances
Inflows: Net Debt Balances
Other Liabilities: Cash payables, Income received in advance, Loan Loss and
Depreciation in Investments.
Other assets: Cash Receivable, Intangible Assets and Leased Assets.
2. Interest Rate Risk:
97
Interest Rate Risk refers to the risk of changes in interest rates subsequent to the creation
of the assets and liabilities at fixed rates. The phased deregulations of interest rates and the
operational flexibility given to in pricing most of the assets and liabilities imply the need for ing
system to hedge the interest rate risk. This is a risk where changes in the market interest rates
might adversely affect financial conditions.
The changes in interest rates affecting large way. The immediate impact of change in
interest rates is on earnings by changing its Net Interest Income (NII). A long term impact of
changing interest rates is on Market Value of Equity (MVE) or net worth as the economic value
of assets, liabilities and off-balance sheet positions get affected due to variation in market
interest rates.
The risk from the earnings perspective can be measured as changes in the Net Interest
Income (NII) OR Net Interest Margin (NIM).
There are many analytical techniques for measurement and management of interest rate
risk. In MIS of ALM, slow pace of computerization in and the absence of total deregulation, the
traditional GAP ANALYSIS are considered as a suitable method to measure the interest rate
risk.
Gap Analysis:
The Gap or mismatch risk can be measured by calculating Gaps over different time
buckets as at a given date. Gap analysis measures mismatches between rate sensitive liabilities
and rate sensitive assets including off-balance sheet position.
An asset or liability is normally classified as rate sensitive if:
 If there is a cash flow within the time interval.
 The interest rate resets or reprises contractually during the interval.
 RBI changes the interest rates i.e., on saving deposits, export credit, refinance, CRR
balances and so on, in case where interest rate are administered.
 It is contractually pre-payable or withdraw able before the stated maturities
The Gap is the difference between Rate Sensitive Assets (RSA) and Rate sensitive Liabilities
(RSA) for each time bucket.
The positive GAP indicates that RSAs are more than RSLs (RSA>RSL).
The negative GAP indicates that RSAs are more than RSALs (RSA<RSL).
above 1 yr
months up to 3 3 to 6 6 to 12
529926.8
inflows 69176.2 330487.3 157602.3
430353.8
outflows 131724.6 95515.39 133159.8
-99573
GAP 62548.39 62467.14 -24442.5
The above analysis reveals the extent of mismatches and the nature of sensitivity
99
of Assets and Liabilities which are having high liquidity. In short term maturity bucket of
the are having excess liquidity and the liquidity crisis is arising only in long term
maturity bucket. The can adequately plan their long liquidity according to the buckets
effect on profitability.
The can implement ALM policies for the better identification of the mismatch, risk and
for the implementation of various remedial measures.
GENERAL:
The classification of various components of assets and liabilities into different time
buckets for preparation of Gap reports (Liquidity and interest rate sensitivity) may be done as
indicated in Appendices I & II as a sort of bench mark. which are better equipped to reasonably
estimate the behavioral pattern, embedded options, rolls-in and rolls-out etc of various
components of assets and liabilities on the basis of past date. Empirical studies could classify
them in the appropriate time buckets, subject to approval from the HDFC / Board. A copy of the
note approved by the ALOC / Board may be sent to the Department of Supervision.
The present framework does not capture the impact of embedded options, i.e., the
customers exercising their options (premature closure of deposits and prepayment of loans and
advances) on the liquidity and interest rate risks profile of s. The magnitude of embedded option
risk at times of volatility in market interest rates is quite substantial should therefore evolve
suitable mechanism, supported by empirical studies and behavioral analysis to estimate the
future behavior of assets; liabilities and off-balance sheet items to changes in market variables
and estimate the embedded options.
A scientifically evolved internal transfer pricing model by assigning values on the basis of
current market rates to funds provided and funds used is an imported component for elective
implementation of ALM systems. The transfer price mechanism can enhance the management of
margin i.e., landings or credit spread the funding or liability spread and mismatch spread. It also
helps centralizing interest rate risk at one place which facilitates effective control and
management of interest rate risk. A well defined transfer pricing system also provides a rational
framework for pricing of assets and liabilities.
STRUCTURAL LIQUIDITY STATEMENT AS ON 31-3-2006

Rs in
lakhs
Upto 3 3-6 6-12 Above 1 Total

S.No Particulars months months months year
A Liabilities:
1 Deposits
2843.46
I. Current A/c 695.71 2147.75
8083.96
II. SB A/c 2025.51 6058.45
134342.55
III. Fixed Dep. 5985.43 12024.76 14857.25 101475.11
147728.35
Sub-Total 8547.57 12485.57 15274.17 111421.04
321937.57
2 Borrowings 49186.96 62102.79 65967.38 144680.44
22104.54
3 Paid-up Share Capital 22104.54
49451.91
4 Reserves and Surpluses 49451.91
39874.65
5 Other provisions 39874.65
314.72
6 Balance P & L A/C 314.72
33642.58
7 Other Liabilities 14758.68 687.68 1142.17 17054.05
760324.29
TOTAL (A) 81199.86 87300.8 97240.97 494582.66
B. ASSETS:
684.54
1 Cash in Hand 684.54
7165.71
2 Balances 1321.64 505.38 586.24 4752.45
3 Advances:
177131.08
Soft ware-LT 23054.92 5618.56 148457.6
203208.08
Soft ware-ST 24521.72 38451.42 64752.37 75482.57
420.44
Bills purchased 420.44
54130.67
Other Loans 482.61 745.02 11452.75 41450.29
Current Assets / 161225.04
4 Investments 25547.8 35421 54200 46056.24
Fixed Assets & other 71782.63
5 Assets 20124.38 687.71 5682.63 45287.91
675748.19
TOTAL (B) 101 75810.53
96158.05 142292.55 361487.06
-84576.1
C Mismatches (B-A) 14958.19 -11490.27 45051.58 -133095.6
D C as % to A 18.95 -12.69 35.94 -18.75

Gap Analysis
STRUCTURAL LIQUIDITY STATEMENT ANALYSIS 2006
1) The total current liabilities for the three months are Rs. 81199.86 is less than the total
assets for the 3 months are Rs. 96158.05. Therefore the assets are more than the
liabilities. So there is a positive gap of Rs. 14958.19.
2) The total current liability for the 3-6 months is Rs. 87300.8is more than the total assets
for the 3-6 months are Rs. 75810.53. Therefore the liabilities are more than the assets
.This is a negative gap so the company should take steps to ensure the liquidity position.
3) The total current liabilities for the 6-12 months are Rs. 97240.97. current assets are Rs.
142292.55. current liabilities less than the current assets so there is a positive gap of Rs.
45051.58.
4) The total current liabilities for the above 1 year amount 494582.66. Current assets
amount Rs. 361487.06. Current Liability is more than the current assets. This is negative
gap. So the company should take steps to ensure the liquidity position.
103
Upto 3 Above 1
Particulars months 3-6 months 6-12 months year
Liabilities:
Deposits
I. Current A/c 745.78 2407.45
II. SB A/c 2247.55 6874.46
III. Fixed Dep. 65471.74 24534.78 17812.23 120475.45
Sub-Total 9874.78 14786.84 18277.87 112427.61
Borrowings 54712.97 67102.74 41267.84 171680.72
Paid-up Share Capital 25785.57
Reserves and Surpluses 41524.42
Other provisions 41254.64
Balance P & L A/C 378.42
Other Liabilities 17412.78 877.62 1422.77 12056.07
TOTAL (A) 150465.6 107301.98 78780.71 534864.81
ASSETS:
Cash in Hand 694.55
Balances 1752.66 578.75 686.27 5227.24
Advances:
Soft ware-LT 27851.34 59875.45 156457.62
Soft ware-ST 29241.35 45451.37 74558.39 85487.34
Other Loans 601.51 825.54 12758.79 48750.65
Current Assets / Investments 23578.18 42141 64508 54756.45
Fixed Assets & other Assets 26875.67 847.68 6845.68 5887.78
TOTAL (B) 111357.7 89844.34 219232.58 356567.08
Mismatches (B-A) -39107.9 -17457.64 140451.87 -178297.73
C as % to A -22.24 -12.69 35.94 -48.75

Gap Analysis
1) The total current liabilities for the three months are Rs. 150465.6is less than the total
assets for the 3 months are Rs. 111357.7. Therefore the assets are more than the
liabilities. So there is a negative gap of Rs. -39107.9.
2) The total current liability for the 3-6 months is Rs. 107301.98 is more than the total assets
for the 3-6 months are Rs. -17457.64. Therefore the liabilities are more than the assets
3) The total current liabilities for the 6-12 months are Rs78780.71. current assets are Rs.
219232.58. current liabilities less than the current assets so there is a positive gap of Rs.
140451.87.
105
amount Rs. 356567.08. Current Liability is more than the current assets. This is negative
Rs in lakhs
Total
S.No Particulars Upto 3 months 3-6 months 6-12 months Above 1 year
A Liabilities:
1 Deposits
3190.02
I. Current A/c 797.51 2392.51
9304.61
II. SB A/c 2326.15 6978.46
155299.17
III. Fixed Dep. 6527.21 14607.72 16270.13 117894.11
167793.8
Sub-Total 9650.87 14607.72 16270.13 127265.08
321937.57
2 Borrowings 49186.96 62102.79 65967.38 144680.44
19013.72
64270.99
4 Reserves and Surpluses 64270.99
47222.42
5 Other provisions 47222.42
415.72
6 Balance P & L A/C 415.72
34813.08
655467.3
TOTAL (A) 75048.07 77539.79 83307.67 419571.77
B. ASSETS:
734.22
1 Cash in Hand 734.22
7532.23
2 Balances 1405.71 565.04 629.98 4931.5
3 Advances:
179881.15
Soft ware-LT 25804.99 5618.56 148457.6
211676.24
Soft ware-ST 17632.22 49643.25 63833.34 80567.43
329.64
Other Loans 574.44 653 10409.89 45096.54 56733.87
112775.2
4 Current Assets / Investments 25668.8 15400 11200 60506.4
85804.75
5 Fixed Assets & other Assets 20124.38 672.05 9053.33 55954.99
655467.3
TOTAL (B) 92274.4 66933.34 100745.1 395514.46
C Mismatches (B-A) 17226.33 -10606.45 17437.43 -24057.31
D C as % to A 22.95 -13.68 20.93 -5.73
Gap analysis
20000
10000
0
Upto 3 3-6 months 6-12 months Above 1 year
-10000
months
-20000
-30000
5) The total current liabilities for the three months are Rs. 75048.07 is less than the total
assets for the 3 months are Rs.92274.4. Therefore the assets are more than the liabilities.
So there is a positive gap of Rs.17226.33.
6) The total current liability for the 3-6 months is Rs.77539.79 is more than the total assets
for the 3-6 months are Rs.66933.34. Therefore the liabilities are more than the assets
7) The total current liabilities for the 6-12 months are Rs.83307.67. current assets are
107
Rs.100745.1. current liabilities less than the current assets so there is a positive gap of
Rs.17437.43.
amount Rs.395514.46. Current Liability is more than the current assets. This is negative
Structural liquidity statement as on 31-3-2009
(Rs. In Lakhs)
Total
S.no. Particulars Up to 3 months 3-6 months 6-12 months Above 1years
A LIABILITIES:
1 DEPOSITS
3993.01
I) Current A/C 998.25 0 0 2994.76
9406.53
ii) Savings A/C 2351.63 0 0 7054.9
173364.71
iii) Term Deposits 3860.87 21958.14 29535.68 118010.02
186764.25
Sub-total 7210.75 21958.14 29535.68 128059.68
312351.92
2 Borrowing 33421.23 73972.32 65328.19 139630.18
186631.04
3 Other Liabilities 22274 1926.62 1689.58 160740.84
685747.21
TOTAL 'A' 62905.98 97857.08 96553.45 428430.7
B ASSETS
9025.48
1 Cash in hand & Balance 8614.44 0 0 411.04
2 Advances
245164.17
I) LT - operations 22602.8 0 0 222561.37
209214.74
ii) ST-operations 80033.7 43083.29 80265.3 5832.45
61865.03
iii) other loans including BP 1809.51 17582.02 2860.37 39613.13
93450.22
3 Investments 14775 6500 10850 61325.22
67027.57
4 Other Assets 15755.15 678.46 81.37 50512.59
676721.73
TOTAL 'B' 134976.16 67843.77 94057.04 379844.76
C MISMATCHES (B-A) 72070.18 -30013.31 -2496.41 -48585.94
D C as % to A 128.26 -30.6 -2.59 -11.24
109
Gap analysis
80000
60000
40000
20000
0
-20000 Upto 3 3-6 months 6-12 months Above 1 year
-40000 months
-60000
Structural liquidity statement analysis as on 2009
(1)The total current liabilities for the 3 months are Rs.62905.98 is less than the total assets
for the 3months are Rs.134976.16. Therefore the assets are more than the liabilities. So there
is a positive gap of Rs.72070.18
(2)The total current liabilities for the 3-6months are Rs.97857.08 is more than the total
assets for 3-6 months are Rs.67843.77. This is a negative gap. So the company should take
steps to ensure the liquidity position.
(3) The total current liabilities for the 6-12 months are Rs.96553.45 is more than the total
assets for the 3-6months are Rs.94057.04.This is a negative gap. So the company should
take steps to ensure the liquidity position .
(4)The total current liabilities for the above 1year amount Rs.428430.7. current asset
amount Rs.379844.76. current liability is more than the current asset. This negative gap. So
the company should take steps to ensure the liquidity position.
Rs. In lakhs
Total
S.no Particulars Up to 3 months 3-6 months 6-12 months Above 1year
A Liabilities
1 Deposits
5351.64
I) Current A/C 1337.91 4013.73
12205.3
ii) SB A/C 3051.33 9153.97
152157.92
iii)Fixed Dep. 33172.78 14614.27 47364.4 57006.47
169714.86
Sub-Total 37562.02 14614.27 47364.4 70174.17
222394.06
2 ST Borrowings 16493.88 15976.62 107647.03 82276.53
185079.32
3 LT Borrowings 42.8 1454.4 957.56 182624.56
19192.55
116703.38
5 Reserves 116703.38
3246.47
6 Other Reserves/Provisions 3246.47
300.38
7 Balance P&L A/C 300.38
29554.46
8 Interest Payable 5021.66 987.81 1623.37 21921.62
44568.12
790753.6
TOTAL'A' 69176.2 33048.25 157602.33 529926.82
B Assets:
954.44
1 Cash in hand 954.44
9404.34
2 Balances 9404.34
3 Advances:
261722.86
I) LT-operations 20383.8 4633.7 236705.36
302345.3
ii) ST-operations 34340 76352.64 126802.3 64850.36
20.6
4 Bills purchased 20.6
144302.91
5 Current Assets/Investments 48220 18442 835.31 76805.6
6 Interest Receivable 18300.57 720.75 888.31 34583.98 54493.61
111
17510.34
7 Other Assets 100.84 17409.5
790753.6
TOTAL'B' 131724.59 95515.39 133159.62 430354.8
C MISMATCHES (B-A) 62548.39 62467.14 -24442.71 -99572.02
D C as % to A 90.42 189.02 -15.51 -18.79
Gap analysis
100000
50000
0
Upto 3 3-6 months 6-12 months Above 1 year
-50000
months
-100000
-150000
Structural liquidity statement analysis on 2010
(1) The total current liabilities for the 3months are Rs.69176.2 is less than the total
assets for the months are Rs.131724.59.Therefore the assets are more than the liabilities.
So there is a positive gap of Rs.62548.39
(2)The total current liabilities for the 3-6 months are Rs.33048.25 is less than the assets
for the 3months are Rs.95515.39. Therefore assets are more than the liabilities. So there
is a positive gap of Rs.62467.14
(3)The total current liabilities for the 6-12 months are Rs.157602.33 is more than total
assets for 6-12 months are Rs.133159.62. Therefore the liabilities are more than the
assets. This is a negative gap. So the company should take steps to ensure the liquidity
position.
(4)The total current liabilities for the above 1 year are Rs.529926.82 is more than the
total assets for the above 1 year Rs.430354.8. Therefore the liabilities are more than the
assets. This is a negative gap. So the company should take steps to ensure the liquidity
position.
PROFIT AND LOSS ACCOUNT OF HDFC BANK FROM 2005 To 2010
31/03/1
31/03/ 31/03/ 31/03/ 31/03/0 31/03/0 0
PARTICULARS 05 06 07 8 9
Rs. In
Rs. In Rs. In Rs. In Rs. In Rs. In Crores
Crores Crores Crores Crores Crores
Income 2005
16,172.90
Interest Earned 3,093.49 4,475.34 6,889.02 10,115.00 16,332.26
3,810.62
Other Income 637.36 1,213.64 1,510.24 2,205.38 3,470.63
19,983.52
Total Income 3,730.85 5,688.98 8,399.26 12,320.38 19,802.89
Expenditure
7,786.30
Interest expended 1,315.56 1,929.50 3,179.45 4,887.12 8,911.10
2,289.18
Employee Cost 276.67 486.82 776.86 1,301.35 2,238.20
3,395.83
Selling and Admin Expenses 506.44 943.03 727.53 974.79 2,851.26
394.39
Depreciation 144.07 178.59 219.6 271.72 359.91
3,169.12
Miscellaneous Expenses 634.49 1,035.10 2,113.28 3,295.22 3,197.49
0
Preoperative Exp Capitalised 0 0 0 0 0
7,703.41
Operating Expenses 1261.62 2,170.85 2,590.66 3,935.28 7,290.66
1,545.11
Provisions & Contingencies 300.05 472.69 1,246.61 1,907.80 1,356.20
17,034.82
Total Expenses 2,877.23 4,573.04 7,016.72 10,730.20 17,557.96
2,948.70
Net Profit for the Year 853.62 1,115.94 1,382.54 1,590.18 2,244.94
-0.93
Extraordionary Items -0.26 0 -0.35 -0.06 -0.59
3,455.57
Profit brought forward 405.32 602.34 1,455.02 1,932.03 2,574.63
6,403.34
Total 1,258.68 1,718.28 2,837.21 3,522.15 4,818.98
113
0
Preference Dividend 0 0 0 0 0
549.29
Equity Dividend 140.07 172.23 223.57 301.27 425.38
91.23
Corporate Dividend Tax 19.64 24.16 38 51.2 72.29
Per share data (annualised)

64.42
Earning Per Share (Rs) 27.55 35.64 43.29 44.87 52.77
120
Equity Dividend (%) 45.00 55 70 85 100
470.19
Book Value (Rs) 145.86 169.24 201.42 324.38 344.44
Appropriations
935.15
Transfer to Statutory Reserves 242.01 -265.37 288.38 436.05 641.25
294.87
Transfer to Other Reserves 66.56 87.08 114.14 159.02 224.5
Proposed Dividend/Transfer 640.52
to Govt 159.71 196.39 261.57 352.47 497.67
4,532.79
Balance c/f to Balance Sheet 602.34 1,455.02 1,932.03 2,574.61 3,455.57
6,403.33
Total 1,070.62 1,473.12 2,596.12 3,522.15 4,818.99
BALANCE SHEET OF HDEC BANK FROM 2005 To 2010
31/03/0 31/03/10
PARTICULARS 5 31/03/06 31/03/07 31/03/08 31/03/09
Rs. In
Rs. In Rs. In Rs. In Rs. In Rs. In Crores
Capital and Liabilities: Crores Crores Crores Crores Crores
457.74
Total Share Capital 309.88 313.14 319.39 354.43 425.38
457.74
Equity Share Capital 309.88 313.14 319.39 354.43 425.38
0
Share Application Money 0.43 0.07 0 0 400.92
0
Preference Share Capital 0 0 0 0 0
21,064.75
Reserves 4,209.97 4,986.39 6,113.76 11,142.80 14,226.43
0
Revaluation Reserves 0.00 0 0 0 0
21,522.49
Net Worth 4,520.28 5,299.60 6,433.15 11,497.23 15,052.73
167,404.44
Deposits 36,354.25 55,796.82 68,297.94 100,768.60 142,811.58
12,915.69
Borrowings 5,290.01 4,560.48 2,815.39 4,478.86 2,685.84
180,320.13
Total Debt 41,644.26 60,357.30 71,113.33 105,247.46 145,497.42
Other Liabilities & 20,615.94
Provisions 5264.46 7,849.49 13,689.13 16,431.91 22,720.62
222,458.56
Total Liabilities 51429 73,506.39 91,235.61 133,176.60 183,270.77
Assets
15,483.28
Cash & Balances with RBI 2,650.13 3,306.61 5,182.48 12,553.18 13,527.21
Balance with Banks, 14,459.11
Money at Call 1,823.87 3,612.39 3,971.40 2,225.16 3,979.41
125,830.59
Advances 25,566.30 35,061.26 46,944.78 63,426.90 98,883.05
58,607.62
Investments 19349.81 28,393.96 30,564.80 49,393.54 58,817.55
4,707.97
Gross Block 1,290.51 1,589.47 1,917.56 2,386.99 3,956.63
2,585.16
Accumulated Depreciation 582.19 734.39 950.89 1,211.86 2,249.90
2,122.81
Net Block 708.32 855.08 966.67 1,175.13 1,706.73
0
Capital Work In Progress 0.00 0 0 0 0
5,955.15
Other Assets 1,330.57 2,277.09 3,605.48 4,402.69 6,356.83
222,458.56
Total Assets 51429 73,506.39 91,235.61 133,176.60 183,270.78
84585.9 466,236.24
Contingent Liabilities 5 138,898.60 202,126.73 582,835.94 396,594.31
20,940.13
Bills for collection 5342.7 5,239.26 7,211.88 17,092.85 17,939.62
470.19
Book Value (Rs) 145.86 169.24 201.42 324.38 344.44
115
CHAPTER-V
FINDINGS AND SUGGESTIONS
FINDINGS
1. ALM technique is aimed to tackle the market risks. Its objective is to stabilize and
improve Net interest Income (NII).
2. Implementation of ALM as a Risk Management tool is done using maturity profiles and
GAP analysis.
3. ALM presents a disciplined decision making framework for while at the same time guarding
the risk levels.
4. For the duration of up to 3 months, the has a positive gap Rs 17226.33 per the year 2010
&Rs72070.18 for the year 2009 however for the year 2010 there is a negative Gap of Rs
62548.39.
5. For duration of 3-6 months, the has a negative Gap of Rs 10606.45 for the year 2010&Rs
30013.31 for the year 2009. In the year 2010 is able to maintain a positive gap of Rs
62467.14.
6. For the duration 6-12 months, the has positive Gap of Rs 17437.43 in the year 2010.
However for the year 2009 & 2010, the Gap is negative.
7. For the time duration of above 1 year the has negative Gap in all the 3 years is Rs 24057.31
In the year 2010, Rs 48585.94 in the year 2009 of& Rs 99572.02 in the year 2010.
Suggestions
1. They should strengthen its management information system (MIS) and computer
processing capabilities for accurate measurement of liquidity and interest rate Risks
in their Books.
117
1. In the short term the Net interest income or Net interest margins (NIM) creates
economic value of the which involves up gradation of existing systems &
Application software to attain better & improvised levels.
2. It is essential that remain alert to the events that effect its operating environment &
react accordingly in order to avoid any undesirable risks.
3. HDFC requires efficient human and technological infrastructure which will future
lead to smooth integration of the risk management process with effective business
strategies.
CONCLUSIONS
CONCLUSION
The burden of the Risk and its Costs are both manageable and transferable. Financial
service firms, in the addition to managing their own risk, also sell financial risk management to
others. They sell their services by bearing customers financial risks through the products they
119
provide. A financial firm can offer a fixed-rate loan to a borrower with the risk of interest rate
movements transferred from the borrower to the. Financial innovations have been concerned
with risk reduction than any other subject. With the possibility of managing risk near zero, the
challenge becomes not how much risk can be removed.
Financial services involve the process of intermediation between those who have financial
resources and those who need them, either as a principal or as an agent. Thus, value breaks into
several distinct functions, and it includes the intermediation of the following:
Maturity Preference mismatch, Default, Currency Preference mis-match, Size of
transaction and Market access and information.
BIBILIOGRAPHY
121
BIBILIOGRAPHY
Title of the Books Author
1. Risk management Gustavson hoyt
2. Management Research magazine P.M.Dileep Kumar
3. India financial system M.Y. Khan
4. Web sites
WWW.HDFC.SAP.IN
WWW.RBI.ORG

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Asset Liability Management

The Liberalization measures initiated in the country resulted in revolutionary changes in

ASSET LIABILITY MANAGEMENT (ALM) is a portfolio management of assets and

In the context of ALM is defined as “a process of adjusting liability to meet loan

OBJECTIVES OF THE STUDY

o To study the concept of ASSET & LIABLITY MANAGEMENT in HDFC

o To study process of CASH INFIOWS and OUTFLOWS in HDFC

o To study RISK MANAGEMENT under HDFC

o To study RESERVES CYCLE of ALM under HDFC

o To study FUNCTIONS AND OBJECTIVES of ALM committee.

• To know financial position of HDFC

SCOPE OF THE STUDY:

METHODOLOGY OF THE STUDY

The study of ALM Management is based on two factors.

1. Primary data collection.

2. Secondary data collection

PRIMARY DATA COLLECTION:

The sources of primary data were

 The chief manager – ALM cell

 Department Sr. manager financing & Accounting

 System manager- ALM cell

SECONDARY DATA COLLECTION:

 Annual report of the HDFC

1. This subject is based on past data of HDFC

2. The analysis is based on structural liquidity statement and gap analysis.

3. The study is mainly based on secondary data.

4. The study period of 45 days as prescribed by university

RISK MANAGEMENT IN ALM

STEPS IN RISK MANAGEMENT:

Risk management techniques:

Risk review decisions:

2) Capital market Risk.

Economists have long classified management problems as relating to either The

Business Risk Financial Risk

Product Market Risk Capital Market Risk

(Responsibility of the (Responsibility of the

Chief Operating Officer) Chief Financial Officer)

Credit Interest rate

5) HUMAN RESOURCES RISK

(2). STRATEGIC RISK:

(3). COMMODITY RISK:

(4). OPERATING RISK:

(5). HUMAN RESOURCES RISK:

(6). LEGAL RISK:

(II). CAPITAL MARKET RISK:

2. INTEREST RATE RISK

2. INTEREST RATE RISK:

Wholesale Banking Services

Retail Banking Services

Wholesale Banking Services

Retail Banking Services

Euro money Private Banking and Wealth Management Poll 2010

Financial Insights Innovation Awards 2010

Global Finance Award

2 Banking Technology Awards 2009

SPJIMR Marketing Impact Awards (SMIA) 2010

Business India Businessman of the Year Award for 2009.

Business world Best Bank Awards 2009

Outlook Money NDTV Profit Awards 2009

GQ India's Man of the Year (Business)

UTI MF-CNBC TV18 Financial Advisor Awards 2009

Wall Street Journal survey of Asia's Best 200 Companies 2009

 Rated 3rd Best in terms of Financial Reputation

Asset & Liability Mgnt.

Asset & Liability Mgnt.