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INTERNATIONAL CORPORATE GOVERNANCE
CORPORATE GOVERNANCE PRACTICES OF INDIAN BANKS
HIMANSHU VERMA-S116780 ANKIT DOKANIA-S116300 PULKIT KHARE-S116390
Further. Banks’ corporate governance gets reflected in corporate governance of firms they lend to.INTERNATIONAL CORPORATE GOVERNANCE 2012 ABSTRACT In banking parlance.e. we need to analyse was it the strong regulatory environment or the strong accountability. Further. Also. Poor corporate governance of banks has increasingly been acknowledged as an important cause of the recent financial crisis. Mutual Funds and other intermediaries. transparency and ethics that made Indian banks tide over the crisis. regulatory authority. banks can be very important source of external financing for firms. the Corporate Governance refers to conducting the affairs of a banking organisation in a manner that gives a fair deal to all the stake holders i. In India. These may include Financial Institutions. even though we largely escaped the financial crisis. leading to transformation of ownership. Thus. banks exert corporate governance over firms. ICG Page 2 . In India. shareholders. banking industry is largely dominated by the public sector. Also. corporate governance practices assumes immense importance from the purview of foreign investors. The role of banks is to mobilize and allocate society’s savings. banking industry in India needs to introspect on its own shortcomings and loose practices. Also. Especially in developing countries like India. bank customers. employees and society at large. in a new environment of liberalization and globalization. This means they are not only competing with themselves but also other major private players in the banking system as well as in financial services system. for further capitalization of banks. many banks may have to go for public issues. especially small firms that have no direct access to financial markets. our aim will be to analyze corporate governance practices of Indian banks from above viewpoints. which makes their role even more important. the penetration level of banking sector in India is very less when compared to the fast paced development India has witnessed in recent years. with FDI norms for private sector banks being liberalized. with restrictive support available from the Govt.
An important theme of discussions concerning corporate governance is the nature and extent of accountability of decision makers inside the corporation. The management of the company hence assumes the role of a trustee for all the others. While these developments in the US stimulated debate in the UK. The failure of high profile companies such as Enron. Stakeholders in this case would include everyone ranging from the board of directors. a spate of scandals and collapses in that country in the late 1980s and early 1990s led shareholders and banks to worry about their investments. and mechanisms that try to decrease the principal – agent problem. shareholders to customers. WorldCom and Parmalat is a clear lesson of the damage poor corporate governance can inflict. The seeds of modern corporate governance were probably sown by the Watergate scandal in the USA. principles and processes by which a company is governed. They provide the guidelines as to how the company can be directed or controlled such that it can fulfil its goals and objectives in a manner that adds to the value of the company and is also beneficial for all stakeholders in the long term. employees and society. Several companies in UK which saw explosive growth in earnings in the ’80s ended the decade in a ICG Page 3 . Subsequent investigations by US regulatory and legislative bodies highlighted regulatory failures that had allowed several major corporations to make illegal political contributions and bribe government officials.INTERNATIONAL CORPORATE GOVERNANCE 2012 OBJECTIVE Through this paper we seek to understand the: a) Corporate Governance of the banking industry in general b) How banks are different from the business organizations c) Analyze the Indian Banking Industry with respect to the Corporate Governance framework Corporate Governance of Banks: Its Genesis and As to Why is it Important? Corporate governance refers to the set of systems. management.
The Committee investigated accountability of the Board of Directors to shareholders and to the society. In May 1991. The issue of corporate governance was studied in depth and dealt with by the Confederation of Indian Industries (CII). Associated Chamber of Commerce and Industry (ASSOCHAM) and Securities and Exchange Board of India (SEBI). There should be a clearly accepted division of responsibilities at the head of the company which will ensure balance of power and authority so that no individual has unfettered powers of decision. the Board of Directors and Reporting & Control. Importantly. These studies reinforced the Cadbury Report’s focus on the crucial role of the Board and the need for it to observe a Code of Best Practices. This debate was driven partly by the subsequent enquiries into corporate governance (most notably the Cadbury Report) and partly by extensive changes in corporate structure. among other things. There should also be an agreed procedure for Directors in the furtherance of their duties to take independent professional advice. retain full and effective control over the company and monitor the executive management. such spectacular corporate failures arose primarily out of poorly managed business practices. The Cadbury Report stipulated that the Board of Directors should meet regularly. ICG Page 4 . the London Stock Exchange set up a Committee under the chairmanship of Sir Arian Cadbury to help raise the standards of corporate governance and the level of confidence in financial reporting and auditing by setting out clearly what it sees as the respective responsibilities of those involved and what it believes is expected of them.INTERNATIONAL CORPORATE GOVERNANCE 2012 memorably disastrous manner. The Board should have a formal schedule of matters specifically reserved to it for decisions to ensure that the direction and control of the company is firmly in its hands. It submitted its report and the associated ‘code of best practices’ in December 1992 wherein it spelt out the methods of governance needed to achieve a balance between the essential powers of the Board of Directors and their proper accountability. The Cadbury Report generated a lot of interest in India. Being a pioneering report on corporate governance. it would perhaps be in order to make a brief reference to its recommendations which are in the nature of guidelines relating to.
• Given the centrality of banks to modern financial systems and the macro economy.INTERNATIONAL CORPORATE GOVERNANCE 2012 How Banks are different from other Businesses Good Corporate Governance Practises of banks is different from other corporates in important respects. the ICG Page 5 . Sound Corporate Governance practises are of utmost importance especially for emerging market economies because • Banks have an overwhelmingly dominant position for an economy’s financial systems. • Banks in developing countries are usually the main depository for the economy’s savings. • There is contagion effect resulting from the instability of one bank. and should the risks blow up. • Fourth.S Investment Bank. unlike other products and services are usually customised and privately negotiated. This condition arises due to the fact that most bank loans. That raises a moral hazard issue since systemically important banks will then indulge in excessive risk in the full knowledge that all the gains will be theirs. A sound banking system forms the backbone of a sound economy and a healthy economy. brought the entire world economy on the brink of recession and added fuel to the 2008 US recession. and are extremely important engines of economic growth. which would affect a class of banks or even the entire financial system and the economy. and lack transparency as well as liquidity. many developing economies have recently liberalised their banking systems through privatisation/disinvestments and have reduced the role of economic regulation. banks in developing economies are typically the most important source of finance for the majority of firms. Lehman Brothers. and that makes corporate governance of banks not only different but also critical. • Bank assets are unusually opaque. • As financial markets are usually underdeveloped. the larger ones become systemically important. For example the downfall of the famous U. Consequently. managers of banks in these economies have obtained greater freedom in how they run their banks.
Further details about the structure of Indian Banking industry can be found in Annexure-1. the State Bank of India and its group banks. After the second phase of financial sector reforms and economic liberalization of the sector in 1991. which in turn helps them to save on manpower costs and provide better services. commercial banks can be further grouped into nationalized banks. These banks due to their late start have access to state-of-the-art technology. The new private sector banks first made their appearance after the guidelines permitting them were issued in January 1993. 1949 can be broadly classified into two major categories. Scheduled banks comprise the commercial banks and the co-operative banks. The first phase of financial reforms began in India in 1969 when 14 major banks were nationalized and resulted in a shift from Class banking to Mass banking. In terms of ownership. The manufacturing sector also grew during the 1970s in protected environs and the banking sector was a critical source. which is governed by the Banking Regulation Act of India. Eight new private sector banks are presently in operation. non-scheduled banks and scheduled banks. These banks have over 67.000 branches spread across the country. This in turn resulted in a significant growth in the geographical coverage of banks. The next wave of reforms saw the nationalization of 6 more commercial banks in 1980. regional rural banks and private sector banks (the old/ new domestic and foreign). ICG Page 6 . we all know that these risks and vulnerabilities of the financial system are all highly probable real world eventualities. Every bank had to earmark a minimum percentage of their loan portfolio to sectors identified as “priority sectors”. The apex decision making body in the Indian Banking is the Reserve Bank of India.INTERNATIONAL CORPORATE GOVERNANCE 2012 government or the central bank will bail them out and thereby the losses can be socialized. INDIAN BANKING INDUSTRY The Indian Banking industry. • Having collectively experienced the biggest financial crisis of our generation over the last three years. the Public Sector Banks (PSB) found it extremely difficult to compete with the new private sector banks and the foreign banks.
It has followed a three pronged strategy: • Off-site surveillance . • Prompt corrective action policy – Trigger points as capital adequacy ratio. • With FDI norms for private banks being liberalised. sometimes agency problems may arise (Annexure-1) • With the increased needs for capital and limited help from the government has led many banks to go for public issue.monitoring the movement of assets. • The penetration of the banking system in the rural areas where the majority of India lives is still very low.INTERNATIONAL CORPORATE GOVERNANCE 2012 Reserve Bank of India has ensured that the transparency and accounting standards in India have been enhanced to align with international best practices. corporate governance practices has assumed immense importance from the purview of foreign investors. • There has been a spur in the investment activities in India. • Percentage of shareholding by government is 68%-70% in public sector banks. Micro financing Institutions. due to which there has been a steep rise in the need for capital by Indian firms.The lending pattern by the banks is a reflection of the corporate governance prevalent. NBFC (Non Banking Financial ICG Page 7 . its impact on capital adequacy and overall efficiency and adequacy of managerial practices in bank. • Peer Group Comparison – Brings out the periodic date on critical ratios to maintain peer pressure for better performance and governance. There is a general tendency by the MNC’s to exploit the loopholes in the system if the corporate governance laws are not stringent. which has led to change in ownership. Corporate Governance – Importance in Indian Context Sound corporate governance becomes all the more important in the Indian context for the following reasons: • A lot of new multinational banks are coming to India in the backdrop of the opportunities presented by the growth of the economy. so due to this high ownership. NonPerforming Assets (NPA) and Return on Assets (ROA) as proxies for asset quality and profitability.
Management.H. when in March. Further. Prudential regulations are regulations of deposit-taking institutions like banks and supervision of the conduct of these institutions and set down requirements that limit their risk-taking. a Consultative group was formed under Dr. Bimal Jalan in the mid-term review of Monetary and credit policy in October. Asset quality. Ganguly to strengthen the internal supervisory role of the boards. as we have seen. This is to this effect that Reserve Bank of India started the process to strengthen the corporate governance in Indian banking sector. Now. This market orientation of governance disciplining in banking has been accompanied by a stronger disclosure norms and stress on periodic RBI surveillance. Audit committees in banks have been stipulated since 1995. Liquidity and Systems and controls) approach. Nominee directors – from government as well as RBIs – are being gradually phased off with ICG Page 8 .INTERNATIONAL CORPORATE GOVERNANCE 2012 Corporations) and Cooperative Banks have been instrumental in bridging the growing demand for capital and its supply. From 1994. A. The current regulatory framework ensures that there is uniform treatment meted out to public and private banks in terms of prudential norms. Earnings.Patil made recommendations to bring the corporate governance practices in line with the best global practices. Evolution of Corporate Governance of Banks in India The initiative to initiate corporate governance of Indian banks dates back to 2001. Greater independence of public sector banks has also been a key feature of the reforms. These banks have come under a lot of flak lately because of their lack of transparency and hence special corporate governance practises need to be formulated for these kinds of institutions. R. the level of opaqueness and the relatively greater role of government and central bank in their functioning set the banking sector apart from other businesses. an advisory group on Corporate Governance examined the state of corporate governance in Indian banks. The first formal policy initiative with respect to corporate governance of banks in India was made by Dr. 2001. S. The group under chairmanship of Dr. the Board for Financial Supervision (BFS) inspects and monitors banks using the “CAMELS” (Capital adequacy. These requirements can be in the form of maintaining a stipulated Tier I Capital or a minimum Capital Adequacy Ratio etc.
The competition brought in by the entry of new private sector banks and their growing market share forced banks across board to pay greater attention to customer service. Rules like non-lending to companies who have one or more of a bank’s directors on their boards are being softened or removed altogether. This required directors to be more knowledgeable and aware and also exercise informed judgement on the various strategy and policy choices. thus allowing for “related party” transactions for banks. As customers were now able to vote with their feet.INTERNATIONAL CORPORATE GOVERNANCE 2012 a stress on Boards being more often elected than “appointed from above”. banking regulation shifted from being prescriptive to being prudential. This implied a shift in balance away from regulation and towards corporate governance. Post-reform. In the pre-reform era. market share. Two reform measures pertaining to public sector banks – • • Entry of institutional and retail shareholders and Listing on stock exchanges ICG Page 9 . The boards of banks had to assume the primary responsibility for overseeing this. there were very few regulatory guidelines governing corporate governance of banks. Banks now had greater freedom and flexibility to draw up their own business plans and implementation strategies consistent with their comparative advantage. the quality of customer service became an important variable in protecting. The need for professional advice in the election of executive directors is increasingly realized. That scenario changed after the reforms in 1991 when public sector banks saw a dilution of government shareholding and a larger number of private sector banks came on the scene. This was reflective of the dominance of public sector banks and relatively few private banks. There is increasing emphasis on greater professional representation on bank boards with the expectation that the boards will have the authority and competence to properly manage the banks within the broad prudential norms set by RBI. and the increasing.
Structural reforms were furthered by the implementation of the Ganguly Committee recommendations relating to the role and responsibilities of the boards of directors. all without any need for prior approval from the Government. As per Basel committee Report 1999. established by the Central Bank Governors of the G10 developed countries in 1975. They could now decide on virtually the entire gamut of human resources issues. The ‘structural’ reform measures included mandating a higher proportion of independent directors on the boards. set up subsidiaries. Basel Norms and their relation to Corporate Governance Basel committee is a committee of banking supervisory authorities. A series of structural reforms raised the profile and importance of corporate governance in banks. and subject to prevailing regulation. Directors representing private shareholders brought new perspectives to board deliberations. investor grievances redressal and nomination of directors. All this meant that greater autonomy to the boards of public sector banks came with bigger responsibility. were free to undertake acquisition of businesses. ICG Page 10 . To enable them to face the growing competition. public sector banks were accorded larger autonomy. The Committee in 1988 introduced the Concept of Capital Adequacy framework. open overseas offices.INTERNATIONAL CORPORATE GOVERNANCE 2012 -brought about marked changes in their corporate governance standards. and most importantly. and the interests of private shareholders began to have an impact on strategic decisions. transparency in the balance sheets and compliance with other norms laid down by section 49 of corporate governance rules. close or merge unviable branches. application of ‘fit and proper’ norms for directors. On top of this. the listing requirements of SEBI enhanced the standards of disclosure and transparency. known as Basel Capital Accord. take up new lines of business or exit existing ones. compensation. training facilities for directors. Banks have to display the exemplary of corporate governance practices in their financial performance. inducting board members with diverse sets of skills and expertise. and setting up of board committees for key functions like risk management.
Market discipline imposes strong incentives to banks to conduct their business in a safe. but also to encourage them to develop and use better risk management techniques in monitoring and managing their risks. compliance and bank’s strategic objectives. including approving and overseeing the implementation of the overall risk strategy. relevant to each of the material financial activities the bank intends to pursue to enable effective governance and oversight of the bank • The banks need to have an effective internal control systems and a risk management function to identify.Supervisory review process has been introduced to ensure not only that banks have adequate capital to support all the risks. (3) Market discipline . in terms of adequate knowledge and experience. monitor and manage risks on an ongoing firm-wide and individual entity basis ICG Page 11 . The Basel Committee’s document. “Principles for enhancing corporate governance”. so that market participants can assess a bank’s capital adequacy. It is proposed to be effected through a series of disclosure requirements on capital. sets out best practices for banking organisations. Basel II proposals. • The board’s qualifications.deals with maintenance of regulatory capital calculated for three major components of risk that a bank faces: credit risk. and market risk. The practices are: • The board has overall responsibility for the bank. underscore the interaction between sound risk management practices and corporate good governance.INTERNATIONAL CORPORATE GOVERNANCE 2012 Basel II uses a "three pillars" concept – (1) Minimum Capital Requirements (addressing risk) . risk exposure etc. bank’s policies for risk management. operational risk. compensation system etc. sound and effective manner. internal control system. especially the second and third pillars. (2) Supervisory review .
Frequent agency problems can arise. The banks disclosure should include. stature. Implementation of Basel II norms for pillar 1 has been taken up in a sequential and progressive manner with the final implementation of advanced approaches by 2014. ICG Page 12 . while shareholders especially the promoters in case of private banks hold an important say in the governance of the banks. independence. o Organisational and governance structures and policies.INTERNATIONAL CORPORATE GOVERNANCE 2012 • The banks need to have an independent risk management function. Depositors and bank customers have little say in the governance of the banks. o Major share ownership and voting rights and related parties transactions o Incentive and compensation policy The Indian Banks have been complying with the Basel II requirements of pillar 2 & 3 from 2009 and 2010 respectively. depositors. other relevant stakeholders and market participants. Public Vs. including a chief risk officer or equivalent with sufficient authority. Important parameters relating to Corporate Governance in India Bank Ownership Interest of shareholders Vs Interest of Depositors-Conflict is between profits and safety of deposits. resources and access to the board • The board should actively oversee the compensation system’s design and operation. and should monitor and review the careful alignment of employee compensation with prudent risk-taking • The governance of the bank should be adequately transparent to its shareholders.Issue arises because in India most of the banks are in public sector. but not be limited to: o Material information on the bank’s objectives. Private ownership.
as they were drawing heavy compensation for the business being generated by them. The separation of ownership and management can create conflict of interest if there is a breach of trust by managers on account of intention. The US Banking officials got short sighted and kept on lending to less credible borrowers. This generally leads to a tendency where the banking CEOs get myopic and take unnecessary risks with the aim of booking only short term profits. Such behaviour was not only checked. The failure on the scale we saw during the recent global financial crisis is also reflective of poor ethical standards in banks. Transparency and Ethics Over the years measures have been taken to make boards more accountable to all stakeholders and ensure transparency in their functioning. negligence or incompetence as we have seen on global stage. and when the bubble burst. ethical and moral standards. we need to analyse using examples from different Indian banks as to whether the voice of independent directors always independent? Do bank CEO’s countenance criticism from the board? It is only through such soul searching that corporate governance of banks can improve its effectiveness. Neither were the sub-prime borrowers adequately warned that there was a good chance of fall in asset prices nor did investment advisers tell their clients of the risk they were taking in buying MBAs and CDOs. and the Investment Bankers kept buying the risky CDOs and CMOs. This has been attributed as one the main reasons of the 2008 US recession which led to a financial turmoil worldwide. but was even encouraged. it lead to the collapse of a lot of banks and the ICG Page 13 . But. Compensation Executive compensation for banking officials worldwide has two main components. and have total disregards for the long term profits and welfare of the company. The performance based compensation is given to the banking officials based on the basis of the profits made by the company in that fiscal year. The behaviour of actors across the chain of the financial sector was swayed by the opportunity for making quick profit rather than by fair. salary based and performance based commission. omission.INTERNATIONAL CORPORATE GOVERNANCE 2012 Accountability. This fuelled the entire housing bubble.
It regulates the compensation packages of the CEO’s of the banking officials. After the 2008 financial crisis the executive compensation of Banking officials has come under a lot of flak from different quarters and steps are being taken to bring in regulations in this regard. bonus in respect of whole time directors and CEO’s has been capped at 25 per cent of their salary or at the level of Bonus paid to other employees of the bank. Though ICG Page 14 . the Reserve bank is guided by relevant factors such as performance of the bank. Under the FDIC proposal. According to the Banking Regulations Act. industry practice and regulatory concerns. in terms of the Reserve Bank guidelines issued in August 2003. the FDIC became the first agency to implement the Dodd Frank requirement prohibiting financial institutions from offering any compensation arrangements that could lead to material financial losses for the company. In fact. the RBI of India has the power to regulate board compensation. in line with the principles of the Financial Stability Board (FSB) and Basel committee. As regards to bonuses.e 1/3 per year for three years). RBI derives its power to intervene on issues such as compensation of bank CEO’s from the Banking Regulation Act. One of the main reasons that India did not feel the heat of the 2008 crisis like the other nations is because of the sound Corporate Governance laws in the Banking sector. In an attempt to realign banker’s bonuses with long term performance. In March. now supported by the SEC. In evaluating compensation proposals for whole time directors and CEO’s of private banks. The central bank of India. There was a sharp rise in the Wall Street bonuses in the early and mid 2000 period when sub prime lending was at its peak that is just before the financial crises. A cue of the same can be taken from the line and bar graph. 2011 SEC moved forward a proposal requiring at least 50 percent of annual incentive compensation for executive officers of large financial firms to be deferred for no less than three years. including the pays and perquisites of the CEOs of private sector banks. Dodd-Frank Act is one of the acts passed in this regard. the deferred portion of annual incentive compensation can be paid no faster than on a pro-rata basis (i. the act empowers the RBI to even issue directions to banks to fix salaries at a certain levels. compensation structures in the peer group. shown in Annexure 1 (cash flow).INTERNATIONAL CORPORATE GOVERNANCE 2012 entire financial system.
Finally. preferably independence from donors. A second goal is to do this in a way that achieves financial sustainability. there have been three cases that are important while studying corporate governance in India because they signify a change in corporate governance practices in ICG Page 15 .000 USD) for private sector banks and Rs 8-9 crores ($ 1. In India. For the MFI. according to a banker in a top private bank. which is still missing at the cost of the stakeholders. There has to be separation of responsibilities of promoter/chairperson/CEO as chairperson cannot play this role effectively if the same person is also running the daily operations as CEO/MD. indicates a need to better understand governance systems for MFIs. $200. There should be well-defined and clearly drafted procedures are essential for effective governance.800. This defeats the very purpose of corporate governance. the importance placed on microfinance as a development instrument. Rs. Multinational banks. The fundamental goal is to contribute to development. the CEO salaries can be broadly categorized thus as follows: Rs. Policy on MFIs and enabling environment Now in India. Committees should be created which utilizes a well-defined board and addresses key issues.000. This involves reaching more clients and poorer population strata.000 USD) for foreign banks.000 USD-$600. combined with the increasing inflow of capital/funds to the industry. Governance and performance in Microfinance Institutions Governance is about achieving corporate goals.INTERNATIONAL CORPORATE GOVERNANCE 2012 the RBI does not have clear guidelines or parameters on CEO compensation in banks. multiple goals exist. In recent times. 1 crore for public sector banks (Approx.5-3 crores ($500. 2.000 USD-2. escape such strictures. though under RBI’s regulatory framework. the so-called main outreach 'frontier' of microfinance. it is said to be guided by the size of the banks. there is an urgent need of a well-accepted Microfinance policy supported by regulatory and supervisory framework.000 USD).
finally the exit of Mr Akula from SKS Micro finance Limited. The Bill has several corporate governance and disclosure norms. Foreign Bodies Corporate: 12 % and others: 12%. provides some lessons in corporate governance. The last learning from the SKS episode is that the Board should intervene immediately when it senses rift in the management. Such an approach delays the intervention and causes huge damage to the company. Indian Bodies Corporate: 14%. The cabinet approving the Companies Bill. And. the only listed micro finance company. if implemented effectively. It cannot take the approach of ‘wait and watch’. This was demonstrated by naming the new successor of the TATA Group after Mr. ICG Page 16 . Succession planning is an important issue in corporate governance. The company’s shareholding pattern as at September 2011 was: Promoters: 37%. The new Companies Act will be contemporary and will improve corporate governance practices. Effective corporate governance requires institutions to play their role effectively. Second is that the corporate governance system comes under stress when a company deviates from its stated vision and mission. That has not happened in the case of SKS. Successor to Mr Ratan Tata being announced. The board has to take harsh decisions well in time before the damage is done. and Mr Akula had exiting SKS Microfinance Limited. a company founded by him.INTERNATIONAL CORPORATE GOVERNANCE 2012 India. FII 19%. Indian Financial Institutions: 6%. Ratan Tata. I believe that the three events of the previous week signals a ‘new dawn’ in the Indian corporate governance. The first is that holding of majority voting rights by institutions does not necessarily improve corporate governance. Investors suffer when the board of directors fails in its responsibility to identify the successor well in time.
INTERNATIONAL CORPORATE GOVERNANCE 2012 Annexure 1- ICG Page 17 .
INTERNATIONAL CORPORATE GOVERNANCE 2012 Annexure (Contd.) (Source: Reserve Bank of India) ICG Page 18 .
org.rbi. Towards Corporate Governance of Microfinance Institutions in India. International Journal of Disclosure and Governance. Special Issue: Disclosure and Governance Policies Narayana.Pradeep K. C S.Yadav .ibef. M Srinivasa.in/Scripts/PublicationReportDetails. 'Corporate Governance In India' . Rudra Prakash (Dec 2005). Institute of Cost and Works Accountants of India Mckisney & Company (2007) Report on Indian Banking.Rajesh.com/latest-news/Too-high-cut-CEO-pay-RBI-tells-threeprivate-banks/470979/ • www. Pradhan. ‘Corporate governance in the Indian banking industry’.Journal of Applied Corporate Finance Gopinath. Shyamala (Jul 2008).org ICG Page 19 .INTERNATIONAL CORPORATE GOVERNANCE 2012 References Balasubramaniam.expressindia. Sesha Mohan. ‘Corporate Governance and its Role in Banking Sector’. Towards Global Best Practices Prasun Kumar Das(2011). V V (Nov 2007).com/india/news/3-cheers-for-corporate-governance/456851/ • http://www. suppl. ‘Corporate Governance in Indian Banking Industry’.aspx?fromdate=08/04/05&S ecId=21&SubSecId=0 • http://www. Working Paper No:SRM/KIIT/2 Websites • http://business-standard. Finance India Chakarbarti .
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