Professional Documents
Culture Documents
The Beginning
It has been a long and eventful journey across 100 years and 17 countries. Starting in 1908 from a
small building in Baroda to its new hi-rise and hi-tech Baroda Corporate Centre - in Mumbai,
story scripted in corporate wisdom and social pride it is a story crafted in private capital,
princely patronage and state ownership. It is a story of ordinary bankers and their extra-
ordinary contribution in the ascent of Bank of Baroda to the formidable heights of corporate
glory. It is a story that needs to be shared with all those millions of people - customers,
stakeholders, employees & the public at large - who in ample measure, have contributed to
Foundation
On 20th July 1908, Bank of Baroda Ltd. was registered under the Baroda Companies Act
of 1897, with a paid-up capital of Rs.10lacs. Maharaja Sayajirao III, its founder, foresaw, "a
bank of this nature will prove a beneficial agency for the lending, transmission and deposit of
money and a powerful factor in the development of art, industries and commerce of the State and
adjoining territories."
-1-
Baroda & Ethics
Between 1 9 1 3 and 1917, as many as 87 banks failed in India. Bank of Baroda survived
the crisis, mainly due to its honest and prudent leadership. This financial integrity, business
prudence, caution and an abiding care and concern for the hard earned savings of hard working
people, were to become the central philosophy around which business decisions would be
effected. This cardinal philosophy was over the 94 years of its existence, to become its
biggest asset. It ensured that the Bank survived the Great War years. It ensured survival during
the Great Depression. Even while big names were dragged into the Stock Market scam and the Capital
Market scam, the Bank of Baroda continued its triumphant march along the best ethical practices.
Development
In the mid 1930s, greater autonomy was allowed to branches. Institutional safeguards against
possible misuse of powers vested in managers were installed. In 1939 the first safe deposit
interventions. Branch expansion was pursued. These were all bold experiments 70 years ago.
Over the second Great War years ,the Bank's business grew phenomenally. At this time
the Bank, in a limited way, ventured into foreign exchange business. It was a small step but a
giant leap forward into international banking. In 1947, when India became free, Bank of
Baroda, with 48 branches, was still an essentially regional bank. Nevertheless it had found a place
-2-
Products & services
Bank of Baroda provides it banking products and services in several categories like
personal, international, business, treasury, corporate and rural. In personal banking section Bank
of Baroda offers products like deposits, debit cards, Gen-Next, personal banking services, loans,
In business banking sector, Bank of Baroda offers products and services such as deposits,
business banking services, loans and advances and lockers. In corporate banking section, Bank of
Baroda offers products and services like wholesale banking, loans and advances, deposits and
Bank of Baroda operates in 25 countries. Bank of Baroda aims at being a leading bank
that performs at par with international standards. It also looks to increase value of stakeholders to
Financials
Sales of Bank of Baroda amounted to $2.48 billion and it earned profits worth $0.26
billion. Assets held by Bank of Baroda were worth $32.80 billion and its market value stood at
$4.72 billion
Profile
Bank of Baroda is playing it‟s business activity in 25 countries across the world and also
planning to operate it‟s business activity in Malaysia with a joint venture of Indian Overseas
Bank and Andhra Bank. It is playing a joint venture with India Infoline & HDFC Bank . These
organizations are maintaining a relationship with the bank as an associate and performing some
-3-
business activity on behalf of Bank of Baroda. A new overseas branch was opened in
Newzealand.
2009-2010 Highlights
+ 3100 branches
+ 45 overseas branches
+ 1300 ATMs
+ 38000 employees
2) SKOCH Challenger Award for „Bank of the Year‟ – 18th March 2010.
3) Second Rank as „Best Nationalized Bank‟ in „India‟s Best Bank Survey 2009-10‟ by
-4-
4) Rank 34 [up from Rank 39 last year] - India‟s Most Valuable Brand 2009 (Brand
Finance, UK)
6) Rank 4 [up from Rank 17 last year] – Business Today KPMG Survey 2009
The Bank has also been awarded a „Gold Trophy‟ for the Indian Language Publication, a
„Silver Trophy‟ for the Corporate Website and a „Bronze Trophy‟ for Bilingual Internal
Magazine Chairman & Managing Director‟s message (in Corporate Communications category)
-5-
An automated teller machine (ATM) is a computerized telecommunications device that
provides the Clients to withdraw cash without the need for a cashier or human clerk. On most
modern ATMs, the customer is identified by inserting a plastic ATM card with a magnetic stripe
or a plastic smart card with a chip , that contains a unique card number and some security
information such as an expiration date or. Authentication is provided by the customer entering a
individuals to electronically transfer funds from any bank branch to any other bank branch in the
country.
Are all bank branches in the country part of the NEFT funds transfer
network?
For being part of the NEFT funds transfer network a bank branch has to be NEFT
enabled. The facility is currently being offered across the country by more than 63,000 branches
of various banks. All CBS branches of our Bank are NEFT enabled.
-6-
Who can transfer funds using NEFT?
Individuals, firms or corporate maintaining accounts with a bank branch can transfer
funds using NEFT. Even such individuals, firms or corporate who do not have a bank account
(walk in customers) can also deposit cash at the branch with instructions to transfer funds using
NEFT. Such customers have to furnish full details including complete address, telephone number
etc. NEFT, thus, facilitates originators or remitters to initiate funds transfer transactions even
Individuals, firms or corporate maintaining accounts with a bank branch can receive
funds through the NEFT system. It is, therefore, necessary for the beneficiary to have an account
No. There is no limit – either minimum or maximum – on the amount of funds that could
The NEFT service window for customer's transactions is available from 8.15 hours to
16.15 hours on week days and from 8.15 hours to 11.15 on Saturdays. The above timings are
-7-
IFSC:-
IFSC or Indian Financial System Code is an alpha-numeric code that uniquely identifies a
bank-branch participating in the NEFT system. This is a 11 digit code with the first 4 characters
representing the bank, and the last 6 characters representing the branch. The 5th character is a 0
(zero). IFSC is used by the NEFT system to route the messages to the destination banks /
branches.
The charges levied for Online NEFT through Baroda connect are as under:-
Inward transactions –
Outward beneficiaries –
In case of non-credit or delay in credit to the beneficiary account, the NEFT Customer
-8-
Facilitation Centre (CFC) of the respective bank can be contacted (the originator can contact his
bank‟s CFC; the beneficiary may contact the CFC of his bank
If it is not possible to afford credit to the account of the beneficiary for whatever reason,
Yes. NEFT can be used to transfer funds from or to a Non-Resident Indian (NRI) or Non-
Resident External (NRE) accounts in the country. This, however, is subject to applicability of
No. The NEFT system can be used only for remitting Indian Rupees between the
The NEFT system can be used to pay credit card dues to the card issuing banks.
A separate Transaction Code (No. 52) has been allotted in the NEFT system to facilitate the
payment of credit card dues to member banks. It is necessary to quote the IFSC of the
beneficiary card issuing bank to initiate the bill payment transactions using NEFT.
-9-
Receipt of an acknowledgement of money credited to the beneficiary's
account
No, this facility is not available at present. Efforts are on to give an alert / message to the
Following are the pre-requisites for putting through a funds transfer transaction using
NEFT –
Originating and destination bank branches should be part of the NEFT network
Beneficiary details such as beneficiary name, account number and account type
Name and IFSC of the beneficiary bank branch. For net banking customers, some banks
provide the facility to automatically pop-up the IFSC once name of the destination bank and
'RTGS' stands for Real Time Gross Settlement. RTGS system is a funds transfer
mechanism where transfer of money takes place from one bank to another on a 'real time' and on
'gross' basis. This is the fastest possible money transfer system through the banking channel.
Settlement in 'real time' means payment transaction is not subjected to any waiting period. The
transactions are settled as soon as they are processed. 'Gross settlement' means the transaction is
- 10 -
settled on one to one basis without bunching with any other transaction. Considering that money
transfer takes place in the books of the Reserve Bank of India, the payment is taken as final and
irrevocable.
The RTGS system is primarily for large value transactions. The minimum amount to be
remitted through RTGS is Rs.1 lakh. There is no upper ceiling for RTGS transactions.
Time taken for effecting funds transfer from one account to another
under RTGS
Under normal circumstances the beneficiary branches are expected to receive the funds in
real time as soon as funds are transferred by the remitting bank. The beneficiary bank has to
credit the beneficiary's account within two hours of receiving the funds transfer message.
account.
The remitting bank receives a message from the Reserve Bank that money has been
credited to the receiving bank. Based on this the remitting bank can advise the remitting
Would the remitting customer get back the money if it is not credited to
- 11 -
Yes. It is expected that the receiving bank will credit the account of the beneficiary
instantly. If the money cannot be credited for any reason, the receiving bank would have to
return the money to the remitting bank within 2 hours. Once the money is received back by the
remitting bank, the original debit entry in the customer's account is reversed.
The RTGS service window for customer's transactions is available from 9.00 hours to
15.45 hours on week days and from 9.00 hours to 11.45 on Saturdays. The above timings are
With a view to rationalize the service charges levied by banks for offering various
a) Inward transactions –
b) Outward transactions –
The remitting customer has to furnish the following information to a bank for affecting a
RTGS remittance:
- 12 -
1. Amount to be remitted.
The beneficiary customer can obtain the IFSC code from his branch. The IFSC code is
also available in the cheque leaf. This code number and bank branch details can be
Available to all
All our Net banking (existing & new) users are eligible to utilize this on-line
facility.
Users can transfer funds to the beneficiaries in other banks in a simple, convenient
RTGS/NEFT cost less than the conventional modes of remittance such as DD/MT
channel for rendering effective customer service on 24 X 7 bases. It offers unique customized
All customers can register under Baroda Connect for View and / or Transaction facility
- 14 -
Under VIEW facility customer can
View all multiple Account information online with a single use rid
Under Transaction facility customer can (in addition to the above VIEW facilities)
Transfer funds immediately or schedule for a future date to self linked and third party
Pay through Online Tax - Direct and Indirect taxes online such as Excise Duty, Service
Pay through Baroda Easy Pay - utility bills like electricity, mobile etc , Donations,
o Set up multiple workflow of initiators and approvers for transactions and requests
o View all trade finance related facilities availed eg. Export / Import LC, Inland/
Export Bills, Forward Contracts Bank Guarantees, Packing Credit account etc
- 15 -
o Use uploads facility for single debit-multiple credit, multiple debit-multiple credit
Baroda Connect is a fully secured 128 bit SSL site duly certified by VeriSign
Retail Corporate
Services
Third Party Self Third Party
Fund Transfer *
Approvals for
Individual can do Involvement of multiple users
Transactions
- 16 -
* There is NO LIMIT on transfer of funds between self linked accounts within Bank of Baroda
* For corporate customers there can be different limits for different corporate after approval from
How to apply: -
Download appropriate internet banking form from the Home Page - Click the Link under
"Download Application Form" to download form for RETAIL Users / CORPORATE Users
Retail.- All Individual account holders should use the RETAIL form.
Corporate - All non individuals i.e. companies, partnership firms, HUFs, Sole proprietors
The form should be duly filled in, signed by all signatories i.e. all joint account holders in
The form should be submitted through the base branch where the customer is maintaining
Passwords should be collected from BOB Branch where the application was submitted
against acknowledgement
Click on Go button only once (Please note that the password is case sensitive).
A screen will be displayed for changing the password. Please change both the sign-on
Note that the password must contain a minimum of 8 characters (maximum 16)
comprising of an alphabet, a number and a special character. The password should not be the
- 18 -
2. RESEARCH METHODOLOGY
Primary Objective
The Primary Objective of the study was to know the perception of customers about alternative
Secondary Objective
To study the factors that motivates the customers to use NET BANKING, RTGS and
NEFT.
- 19 -
To identify the areas of concern.
SAMPLING PROCEDURE
The study under taken by me was regarding the perception of customers about
Alternative Delivery Channels of Bank of Baroda in Nagaon. The Sampling procedure was as
follows.
Universe: -
Sampling technique: -
The Technique used by me was Random Sampling. It was done through approaching
Research Design: -
Research design is the basic frame work, which provides guidelines for the research
Scope
Today holding an account in a Bank has become a part of every household, individual or
firm. Through an account we can use many facilities provided by the Bank like transfer of
money from one branch to another using RTGS, NEFT, BARODA NET BANKING services,
The study was mainly carried out in the Nagaon market through Questionnaire. The study
was mainly done to provide an effective database to understand the market condition of the
company.
To the Company: -
The survey will help the company about the knowing of the customer regarding
Alternative Delivery Channels. As the Questionnaire was directly filled by the customers, the
The research will also be helpful for getting correct information that what exactly the
customer wants. It will also helpful to sort out the problems faced by the customers.
To the Researcher: -
Primary
Secondary
- 21 -
In the section of the researcher project, the requirement is to describe the source of
Questionnaire was filled by the customers visiting Bank of Baroda, Nagaon Branch in
Nagaon.
Internet websites.
Circulars
Journals
Sample Unit: -
The Sample unit for the study was Customers having account in Bank of Baroda
Sample Size: -
The Sample size for the study were 100 (hundred) customers.
Methodology:-
Collection of information.
DATA ANALYSIS
Savings Account
Current Account
Preference of account
savings current
30%
70%
Interpretation:-
- 23 -
2. Awareness of consumers about Alternative Delivery Channels.
Net Banking
90 65 65 75
90
90 75
80 65 65
70
60
50
40
30
20
10
0
ALTERNATIVE DELIVERY
CHANNELS
Interpretation:-
It shows people are aware of almost all the channels and ATM is the most
popular. It also shows that the people who know about NEFT, RTGS is also known
to them.
- 24 -
3. Satisfaction from the Alternative Delivery Channels.
Yes
No
YES NO
92 8
100
90
80
70
60
50
40
30
20
10
0
yes no
Interpretation:-
It shows majority of people are satisfied with the alternative delivery channels.
- 25 -
4. Frequently used Channels by the Consumers.
ATM
NET BANKING
70 30
70
60
50
40
30
20
10
0
ATM NET BANKING
Interpretation:-
- 26 -
5. Satisfaction from the maximum withdrawal provided by the bank
from the ATM for a day.
Yes
No
YES NO
25 75
YES
25%
NO
75%
Interpretation:-
It shows 75% of people are not satisfied with the maximum withdrawal amount
from the ATM for a day.
- 27 -
6. A Question was asked whether Delivery Channel was user friendly or
not.
Yes
No
Yes No
85 15
NO
15%
YES
85%
Interpretation:-
Most of the customers find that the alternative delivery channels are user friendly.
- 28 -
7. A Question was also asked whether each and every Delivery channel
was easily accessible or not.
Yes
No
YES NO
65 35
NO
35%
YES
65%
Interpretation:-
Most customers find each and every alternative delivery channels easily accessible.
- 29 -
2. Amount charged for NEFT and RTGS services are satisfactory or not.
Yes
No
YES NO
72 28
NO
28%
YES
72%
Interpretation:-
It shows 72% customers are satisfied with the amount charged for NEFT and RTGS services and
the remaining 28% are unsatisfied.
- 30 -
LIMITATIONS OF THE STUDY
Limited area:-
Size:-
As the sample size is 100, the survey is limited to 100 customers only.
Literacy level:-
Time consuming:-
As data was collected through Questionnaire, it takes a long time to approach the
- 31 -
3. FACTS AND FINDINGS
Almost all people are aware of the Alternative Delivery Channels of Bank of Baroda and
75% of the people are not satisfied with the maximum withdrawal amount from the
ATM for a day. The satisfied people were service person earning five to eight thousand
per month.
Mostly customers are satisfied with the amount charged for NEFT and RTGS services.
- 32 -
4. RECOMMENDATIONS AND SUGGESTIONS
Taking the above analysis into consideration, the following points can be suggested
NEFT and RTGS service charges should be reduced in order to attract more customers.
Some initiatives should be taken in rural areas for public awareness about the services
A Relationship Manager should always be there in each and every branch those who can
The rules, policies and guidelines for using the latest technology should be clearly
defined
- 33 -
CONCLUSION
Therefore from the following market research work carried out to know the perception of
that-
Customers prefer Alternative Delivery Channels more than the Normal Delivery
Channels.
In case of using alternative channel it minimizes the time to give the services to the
Customers.
The Bank‟s technology initiatives are clearly focused on the customer. The Business
Bank with a view to providing the customer, convenience banking on 24X7 basis, at
- 34 -
BIBILIOGRAPHY
Books referred:-
Circulars:-
Journals:-
Company website:-
www.bankofbaroda.com
Search engines:-
www.google.com
www.wikipedia.com
www.ask.com
www.rbi.org.in
- 35 -
ANNEXURE
QUESTIONNAIRE: -
NAME _______________________
AGE ___________
OCCUPATION _________________
MOBILE NO ____________________
- 36 -
1. Which Account do you hold in Bank of Baroda?
Ans. a) Savings b) Current
3. Are you satisfied with the alternative delivery channels of Bank of Baroda?
Ans. a) Yes b) No
5. Are you satisfied with the maximum withdrawal provided by the bank from the ATM for a
day?
Ans. a) Yes b) No
8. Are you satisfied with the amount charged for NEFT and RTGS services?
Ans. a) Yes b) No
- 37 -