A Study on Performance and Quality Improvement using Statistical Tools

Submitted By

Shreyas Lonkar

UNDER THE GUIDANCE OF

Varsha Maheshwari Ma’am

A PROJECT SUBMITTED IN PARTIAL FULFILMENT OF MMS TO

VIDYALANKAR INSTITUTE OF TECHNOLOGY

Wadala (East), Mumbai 400 037

July 2021
 A Study on Performance and Quality Improvement using Statistical Tools

Submitted By

Shreyas Lonkar

UNDER THE GUIDANCE OF

Varsha Maheshwari Ma’am

A PROJECT SUBMITTED IN PARTIAL FULFILMENT OF MMS TO

VIDYALANKAR INSTITUTE OF TECHNOLOGY

Wadala (East), Mumbai 400 037

July 2021

Signature of Faculty Guide Head of Department

 DECLARATION

This is to declare that the study presented by me to Vidyalankar Institute of

Technology, in completion of the Master in Management Studies (MMS) under the
“A Study on Performance and Quality Improvement using Statistical Tools” has
been accomplished under the guidance of
Varsha Maheshwari Ma’am

Shreyas Lonkar
Certificate from Company
 ACKNOWLEDGEMENT

My project on A Study on Performance and Quality Improvement using

Statistical Tools has been a great learning experience. I was exposed to the different
areas of research in finance and gained valuable experience, which I will always recall
with a sense of satisfaction and pride.

This is to acknowledge Varsha Maheshwari Ma’am under whose guidance I have

been able to successfully complete this project and effectively come to a very
successful conclusion.

A greater share of inputs and data from Ms Dilnaz Ma’am, Mr Dickson Sir and
Mr Vivek Sir made this project report possible to its rightful accuracy.

To all my colleagues who have helped me either directly or indirectly, I am grateful

for their valuable inputs. This project would not have been possible without their help.

Shreyas Lonkar
Table of contents
 Abstract

A Bank serves its customers in branch by offering various services like cash deposits,
withdrawals, opening of current & saving account, FOREX, etc. Due to technological
advancement and also from point of view of convivence, there is no need to visit the
branch physically. Services of the bank can be availed from either call or using
internet. IndusInd Bank serves its customers from Contact Centre, Mumbai. There are
many employees engaged in this act.
This report covers the facilities offered by the Bank & Contact Centre. This is a study
on performance of employees using statistical techniques and various services offered
by the Bank.
 Objective, Assumption and Limitations of the Project
Objective
The objective of this study was to know how the Bank works. Business Statistical
methods were applied from data obtained from Key Performance Metrics and relation,
if any, between occupancy, productivity and quality, was tried to find out.

Assumptions
Employees are graded on Key Performance Indicators. It is result of the actions done
by employees in the past. The performance of employees can change during the
course of the study and it may not be captured at the instant of doing study. It is
assumed that past performance of employees will be the same in future.

Limitation
This study covers the employees in Contact Centre and not of branches where there
would be physical interaction. There might be communication gaps or errors when
conversing with customers on call.

Methodology of Study
The project starts with Principles which are followed by the Bank. The project starts
with services provided by the Bank to its customers. The employees of the Bank are
given a quality score by a team. I have tried to analyse their score and inter relation
between Productivity, Occupancy and Quality using Business Statistics.
 Introduction
IndusInd Bank Ltd (IBL) Contact Centre is in MIDC, Andheri East. It started in 2007
with 15 employees, and now it has more than 600 employees spread in 2 buildings in
Mumbai. There are also 400 employees in Chennai. Contact Centre work from 2
locations from the point of view of Business Continuity Process.
Contact Centre is ISO 27001 certified. Millions of customers get connected to Contact
Centre to get their resolutions.
 Principles of IndusInd Bank

Vision
To be the most convenient bank of India

Guiding Principle = SEFT

S = Seamless
E = Easy
F = Fast
T = Transparent

Mindset
Customer First
Keeping our customer at the centre and at the heart of everything we do.

Strategy
4D
Digitize to differentiate – Using technology to differentiate the Bank. They have use
applications like WhatsApp bots, IVR upgrade & CRM for this purpose.
Diversify – Migration to alternate self-help channels
Create Domain Leadership – Bank is using speech analytics at phone banking to
enhance efficiency and customer experience.
Double the Bank – Double the number of customers

Contact Centre Delivery

 Providing an outstanding customer experience
 Effective communication – listen, question & speak
 Understand customer needs and share correct and complete information
 Enhance customer loyalty by offering the best of service
 Adhere to Bank policy and processes

Contact Centre is like a mall where all customer’s queries are resolved.
Providing leading and seamless experience to diversified customer segments and
channels of the Bank.
 Innovations
Bank level services for digitization:
 Whatsapp Banking
 Chat bots
 Duo Cards = Debit + Credit Cards
 Fastag
 Indus Forex Card – Multi Currency Card

Employee Engagement

Employees are the most important asset to any company. There are certain activities
and events to honor and keep them engaged.
 Rewards & Recognitions – There are monthly recognitions and annual awards.
Pictures of high-performing individuals are put on the notice board. 
 Family Day Celebration – Employee’s family is invited to office premises.
There are entertainment events which take place on that day.
 Festival Celebrations – India is a land of festivals, and many festivals are
celebrated in Bank like Independence and Republic Day, Ganesh Festival,
Diwali, etc.
 Social Cause Support – Bank does CSR activities like Swatch Environment
where employees undertake plantation and cleaning of an area. There are
Blood Donation Camps where employees donate blood. Bank donates food for
orphanages and needy people.

Ethics for Bank Employees

1. Don’t share login IDs and passwords with anyone. They can be misused.
2. You should not have a separate source of income. If yes, then you should
answer certain questions.
3. Mobiles are not allowed in Bank premises.
4. Don’t share Bank’s confidentiality details with anyone.

Whistle Blower Policy

If someone wants to highlight any wrongdoing in the organization, then the employee
can bring it to his/her senior’s notice. If they don’t take note, then the matter can be
escalated to higher seniors & HODs. The highest person to escalate is Ms. Dilnaaz
Sidhwa.
 Teams of Contact Centre
1) Inbound
2) Grievance handling desk
3) Social media
4) Video branch
5) Correspondence
6) Globalization
7) Service team
8) HNI
9) Centralized Servicing Desk
10) NRI Servicing
11)Trade and Forex
12) Quality & Training
13) Outbound Tele-Calling
14) Analytics & Work Force Management

Thumb Rule
Never divert any customer to branch for whatever reason. The team leader has to
be consulted for such reasons.
The rationale is that Contact Centre is here to solve all queries of customers and
customer should never be diverted to branch.

Resolution TAT
In customer relationship management, first call resolution is to properly address the
customer’s need the first time they call, thereby eliminating the need for the
customer to follow up with a second call. Such call is called FCR (First Call
Resolution). The average handling time (AHT) to serve a customer is 360 seconds.

Resolution TAT for

1) Request – It is 1-2 working days.
Eg- Internet banking registration request, Indus Mobile app registration
request, Unblocking cards, Loyalty points redemption request, etc.
2) Query & Complaint – It is 3 working days.
Eg- Balance in account, cash not dispensed by ATM machine, rude
behavior of employee, IMPS, RTGS done but money not received by
beneficiary, etc.
3) Deliverable request – 7 working days
Eg- To send checkbook to customer’s address, debit/credit card, statements,
etc
 How a customer’s issue is resolved

Customer calls Contact Centre. A Relationship Manager tries to resolve the

issue. If issue is not resolved, matter is escalated to respective Team Leader.
Customer is informed that issue will be resolved according to TAT. Issue is
entered in CRM. Issue is resolved and closed.

Departments
There are 3 departments in Contact Centre and within each department,
there are some teams.
Department: Elite Channel, Non-Voice & Voice
1) Elite Channel
a) Exclusive – This team handles customers who have balance of more
than Rs 1 lac.
b) Pioneer – This team handles HNI customer and individuals having
balance of more than Rs 25 lac.
c) Virtual Relationship Manager – The manager handles the portfolio
of customers
d) Merchant Desk – POS (Point of Sale) machines are given to
merchants. The Bank has tied up with PaySwift. If there are
problems like paper roll, biometric not working, internet problem,
etc., then the merchant can call Merchant Desk.
2) Non Voice
This department resolves queries of customers in non-voice ways.
Customers can contact bank on reachus@indusind.com. This
department is headed by Dickson Sir.
a) Correspondence by email – Customers can raise query via email.
There are executives who resolve them.
b) Complaint Management – If customer feels any complaint regarding
service of Bank, they can raise complaint via email. This team
solves the complaint of customers.
c) Audit & Compliance – This team checks whether all employees
follow the set protocol. All employees of the Bank are monitored
and they are given score based on their work quality.
d) Quality – This team checks inbound/outbound activities.
e) Training – This department looks after induction of new joinees and
training into the required work domain.
f) Work Force Management – This department looks into the quality
and efficiency of employees of the Bank and tries to monitor and
maintain it. Employees are assigned task for the work and ratings
are given according to their quality.
3) Voice
The number of Contact Centre is 18605005004
a) Outbound Team – When a customer is newly registered with the
Bank, they are sent items like welcome kit, checkbook, etc. This
teams confirms whether the customer has received them.
b) Escalation Management – If there is escalation by the customer, then
this department handles the escalation.
c) Loan – This team deals with loan.
d) NRI Banking – IndusInd has NRI customers. This department caters
to their needs.
Banking Products
Assets – Credit Card, Loans, Gold Coins, Forex Products
Liabilities – Saving Account, Current Account, FD, NRI Account
Card Protection Plan – It gives coverage to all debit cards. If card is
lost, we can block in 1 call. There is maximum fraud coverage of Rs 1
lakh
Third Party Products – Home Loan is given by HDFC Bank Ltd
Trading Account is given by Kotak Securities

Third Party Products

1. IndusInd Bank has tied up with HDFC Bank Ltd for home loans.

Leads of housing loans shall be recorded at IBL by designated home

loan teams and interested customers will be approached by IBL
executives for necessary documentation before submitting the
application for appraisal, sanction & disbursement to HDC Ltd. IBL
will only source home loan. The issuance of sanction letter,
disbursement of loan, post disbursement servicing & collection shall be
taken care by HDFC Bank Ltd. The loan shall be booked in the books
of HDFC Bank Ltd only. HDFC Bank Ltd will provide all customer
related stationary and printed/written material on product, etc. All
customer related documents like loan application form, sanction letters,
etc. will bear HDFC logo only. The loan application form would be of
different colour. The disbursal of loan shall be done only to the
customer and shall happen at the premise of HDFC Bank Ltd.
 2. Indus 3 in 1 online trading process (Kotak Securities Ltd)

Under this agreement, the savings and demat account is with IndusInd
Bank and the trading account is provided by Kotak Securities. This
product is being extended to Non Resident of India visiting India also.
An individual customer will be able to open all 3 accounts through a
single AOF (Account Opening Form) and will be able to execute online
trading seamlessly. For proprietorship firm, HUF, partnership firm &
private/public ltd companies, separate CASA, demat account and
trading account forms will have to be filled.

Types of Cards
There are two main types of cards: Basic & Upgrade cards
Basic: Following are the cards in this category: Regular (Visa), Gold (Visa),
Master (Visa platinum) & Titanium (only for existing customers).
The value of loyalty point on use of basic card is 50 paise each.
Upgrade Card – They are issued for Rs 1000. They are Platinum Plus,
Platinum Premium, Signature, Signature Delight, Signature Supreme.
The value of loyalty point on use of upgrade card is 35 paise each
For every Rs 400 spent, customer gets 1 point. The logic of loyalty program is
to make customer spend more. For each type of card, there is different daily
slab for ATM withdrawal & online shopping. Government of India is
promoting use of plastic money. When we pay in cash, we don’t get any
cashback, but when we pay digitally, we get incentives. All the points are
collected in MyLoyalty application. Customer can take help of CRM to know
the status of his points.
Loyalty points are earned on card level and account level. When card is used
for shopping, customer gets loyalty points which comes under card level.
When NEFT is used, loyalty points are given in account level. Points from
ATM usage is rewarded only when IndusInd Bank ATM is used.
Also, there are other ways to earn loyalty points. When card is first activated,
activation points are earned. There are points on usage. There are also points
on persistence use, i.e., card is used continuously for 3 months.

Offers on Website
On IndusInd Bank website (https://www.indusind.com/in/en/personal.html),
there are plethora of offers. Customers can choose offers as they like.
 Plethora of exciting offers and deals
 Delightful Deals
 High 5 offers
 Current Account – Debit Card offers
 Indus Exclusive offers
  Shop Plus offers
 Mega Digital Customer offer
 Saving Account offer
Applications for Customers
ASBA
It stands for Application Supported by Blocked Amount. The customer blocks
a certain amount of money for IPOs.

Applications for Employees

The Bank employees use various applications for their day-to-day activities
which ensure smooth functioning of Bank.

Account Opening
Customer can open account by:
1. Online
2. Contact Centre
3. By visiting Branch

Online Account Opening

Customer can open their account online by the facility of SAOAO, which
stands for Saving Account Online Account Opening. This facility avoids the
hassle to go to Bank physically to open the account. Video Branch department
does VKYC. Customers can also do fund transfer and NEFT by Video
Banking. Video Banking can be done on IndusInd mobile app or on
laptop/desktop browser. A Relationship Manager serves the customer.

Types of Customers
1. Individuals
2. Trusts, Associates, Society
3. Proprietorship
4. Partnership
5. Private Companies
6. Public Companies
7. Hindu Undivided family
Modes of Operations
There are few modes of operation of account. They are as follows:
1. Single – This is for individual customer. Only one person can
operate this account.
2. Either/Survivor – Two person are needed to open the account but
either person can operate it.
3. Jointly – All account holder’s concern (sign) is required.
 Saving Account & it’s Benefits
Saving Account is a deposit account held at a bank that provides principal security
and a modest interest rate. Depending upon the specific type of saving account,
various facilities are given to account holder. Saving account is considered to be the
most liquid investment other than cash.

Uses of Saving Account

 Avoids excessive expenditure
 Earning on idle money
 Liquid fund for use at will
 Convenience of e-payment and shopping
 Reduce hassle of handling cash
 Safe mode of preserving money for future use

Who can open Saving Account?

1. Any resident individual
2. Two or more individuals in Joint Account
3. Hindu Undivided Family
4. Illiterate person
5. Trusts
6. Foreign nationals residing in India for a period greater than 180
days can operate a saving account provided:
a) They have valid visa
b) They have valid passport
c) Documentary proof of residency in India

Terms related to Saving Account

Interest is calculated on saving account as per new rules laid down on 1-5-2015. The
interest would be paid on daily balance in saving account as follows:
 Daily balance upto Rs 1 lakh = 4%
 Daily balance between Rs 1-10 lakh = 5%
 Daily balance above Rs 10 lakh = 6%
If balance is Rs 11 lakh, then 5% on Rs 10 lakh and 6% on 1 lakh.
Interest is calculated on everyday at the end of day balance as per annum basis and
accumulated interest is credited on quarterly basis on the following days:
 31st December
 31st March
 30th June
 30th September

Calculation of average balance =

∑ of EOD balance for the month/Quarter
No of days ∈that month/ Quarter
There are different types of branches. There are also different types of saving account
and customers are required to maintain the required balance. AOF is Account
Opening Form which is available online as well as offline.

Tatkal Kit
Is anyone wants to open account and immediately wants deliverables like passbook
and cheque book, the he/she can opt for Tatkal Kit. It contains non-personalized
cheque book and passbook. It is given across counter. The customer has to do initial
funding and do all the process of KYC.
In online account opening 7 days after initial funding, the customer will get
deliverables.

KYC
Following documents are required to open a saving account:
1. Duly filled account opening form
2. One passport size photograph
3. Initial deposit as per account type selected
4. Pan card or form 60/61 when pan card is not available
5. Any one of the following:
(i) ID Proof – Passport/Driving license/Voter’s ID Card, etc
(ii) Address proof – Passport/Driving license/Voter ID card, etc

My Account My Number
It is a facility to choose the account number of your choice. Out of 12 digits, customer
can choose last 10 digits.
Saving account – 15XXXXXXXXXX
Current account – 25XXXXXXXXXX
Due to this facility, customer themselves make their account number. This facility is
only for customers who are new to bank and opting for non-tatkal account.
Inactive account: If there are no customer induced transaction for 12 consecutive
months, the account becomes inactive.
Dormant account: If there are no customer induced transaction for 12 months after
account becomes inactive, the account becomes dormant.
If account is dormant/inactive, then debits to such an account may be denied
temporary. During period of dormancy, transaction through alternate channels like
ATM, Phone Banking, Mobile Banking, Online Banking shall not be available to
customer.
To activate inactive account, customer needs to do a transaction in the account.
To activate dormant account, customer needs to visit branch and provide a written
request.
Weeding out: The corporates who have tied up with IndusInd Bank for Salary
Account whose relation does not seem profitable over a period, their salary account is
weeded out. In this process, the salary account of that corporate is converted to saving
account (non-salary account) even though salary is getting credited.
Account Conversion: This is a quarterly activity where accounts which does not get
the salary credit for 3 consecutive months are converted to saving account.

Nomination
This facility is available for all saving account. Nomination is done for only 1
individual. If the nominee is minor, then another major individual should be appointed
to receive the amount in case of claim during the minority of nominee.

Types of Cheques

1) Bearer Cheque
2) Self Cheque
3) Cross Cheque

1) Bearer Cheque: If someone gives me this cheque, then I will directly encash from
IndusInd Bank.
2) Self Cheque: It is pay oneself. If an individual has an IndusInd Bank account,
he/she can encash the cheque from IndusInd Bank.
3) Cross Cheque: Either make 2 cross marks on top left corner of the cheque or cancel
“Bearer” in cheque. If someone gives me IndusInd Bank cheque, I can deposit that
cheque in my bank and that amount will be credited to my account.
Clearing Time: According to RBI guidelines, cheque clearing time is 3 working days.

Types of Clearing
1) Local Clearing
If cheque is to be cleared in same city as it was issued, it is called local clearing.
If someone issues me a cheque of IndusInd Bank, I will deposit it in my bank. My
bank will send the cheque to IndusInd Bank. It will request a debit of the amount of
the cheque from sender’s account and it will be credited to my account. If there are
issues like insufficient funds, sign mismatch, etc then IndusInd Bank will issue a
memo which is attached to the returned cheque and it will be sent to my account.
Then my bank will give me the cheque with the memo.
2) Payable at par/Multicity Clearing
If someone issues me a cheque which is from IndusInd Bank Prabhadevi Branch and I
deposit it in my account which is in Delhi, then my bank will send it to IndusInd Bank
Delhi Branch to clear it. The TAT is 3 working days. Earlier it would not happen this
way. My bank would send it to Mumbai branch. The Tat was 8-15 days.
3) Outward Clearing
If someone is giving me a cheque, money is being credited outside my account. Hence
it is called outward clearing.
4) Inward Clearing
If I pay someone cheque, then that person will deposit cheque in his bank account.
His bank will send a request to my bank. Hence it is inward clearing.

CTS 2010
Cheque Truncation System (CTS) in India, is a project of the Reserve Bank of
India (RBI), commenced in 2010, for faster clearing of cheques. CTS is based on
a cheque truncation or online image-based cheque clearing system where cheque
images and magnetic ink character recognition (MICR) data are captured at the
collecting bank branch and transmitted electronically. Cheque truncation means
stopping the flow of the physical cheques issued by a drawer to the drawee branch.
The physical instrument is truncated at some point in route to the drawee branch and
an electronic image of the cheque is sent to the drawee branch along with the relevant
information like the MICR fields, date of presentation, presenting banks etc. This
would eliminate the need to move the physical instruments across branches, except in
exceptional circumstances, resulting in an effective reduction in the time required for
payment of cheques, the associated cost of transit and delays in processing, etc., thus
speeding up the process of collection or realization of cheques. Banks derive multiple
benefits through the implementation of CTS, like a faster clearing cycle meaning
technically possible realization of proceeds of a cheque within the same day. It offers
better reconciliation/ verification, better customer service and enhanced customer
window. Operational efficiency provides a direct boost to bottom lines of banks as
clearing of local cheques is a high cost low revenue activity. Besides, it reduces
operational risk by securing the transmission route. Centralized image archival
systems ensure that data storage and retrieval is easy. Reduction of manual tasks leads
to reduction of errors. Real-time tracking and visibility of the cheques, less frauds
with secured transfer of images to the RBI are other benefits that banks derive from
this solution.
 Fixed Deposits
There are two types of interest on FD; Simple Interest & Compound Interest. In
Simple Interest, the interest is paid monthly, quarterly & half yearly. In Compound
Interest, interest is compounded every quarter.

Terminologies
1) Principal amount – Amount which we deposit in bank
2) ROI – Interest/annum offered by bank.
3) Tenure – The period for which FD is kept with bank
4) Maturity amount – The amount which customer gets at the end of tenure.
5) Pre mature withdrawal – When a customer before end of period there is a %
penalty for the tenure kept in the bank.
6) Maturity instruction – On maturity, what the customer wants to do:
a) To invest all amount
b) Withdraw principal and invest interest
c) Withdraw both principal & interest
7) TDS – It is charged on FD

Types of FDs
There are three types of FDs.
1) Regular FD
2) Tax Saver FD: The customer gets tax benefits. It has lock-in period of 5 years.
3) Senior Citizen FD: It has additional interest of 0.5% more than Regular FD.

Difference between Loan & Overdraft

Loan
The customer has to pay interest on
entire amount of loan
The tenure of loan is fixed and every
month EMI is paid
There is no collateral
Overdraft
The customer has to pay interest only on
the part of overdraft which is used
Customer can repay overdraft as and
when it is convenient to him/her
There is collateral

Interactive Voice Recording

Following are the options available under main IVR
1 for Banking
2 for Cards
3 for Indus Forex (call gets transferred to Customer Service Representative)
4 for NRI (call gets transferred to Customer Service Representative)
5 for Loans and other products
The languages available in IVR are English, Hindi, Marathi, Tamil, Telugu,
Malayalam, Gujarati, Kannada & Punjabi.

Statical Analysis
Occupancy is the amount of time an employee is engaged to the system. Quality
Score is awarded to each employee based on his performance. Productivity is measure
of a person’s efficiency in completing a task. The more productive an employee is, the
better s/he serves the customer and more quality work is done.

According to Excel calculation of employee’s data, correlation between final

Occupancy & Quality Score comes out to be -0.1973. This shows there is slight
negative correlation between Occupancy & Quality Score.

Testing relation between Quality Score and Productivity

Number of times Quality Score was given = n1 = 3977
Number of times Productivity Score was given = n2 =15590
Total Sample = 16751
Confidence level = 95%

Null Hypothesis – There is no difference between Quality & Productivity

Alternate Hypothesis – There is difference between Quality & Productivity

Quality

P1: Success in obtaining Quality Score

3977
P1 =
16751
P1 ¿ 0.2374

Q1 = Failure in obtaining Quality Score

Q1 = 1-0.2374
Q1 = 0.7626

Productivity
P2 = Success in obtaining Productivity Score
15590
P2 =
16751
P2 = 0.9307

Q2 = Failure in obtaining Productivity Score

Q2 = 1 – 0.9307
Q2 = 0.0693

n 1 P̅ 1+n 2 P̅ 2
p̂ =
n1+ n2
3977∗0.2374+15590∗0.9307
=
3977+15590
p̂ = 0.7897
This is estimated overall proportion of success in two population

q̂ = 1 – 0.7897
q̂ = 0.2103
This is estimated overall proportion of failure in two population

Estimated standard error of difference between two proportions using combined

estimates for both sample

√
σ̂ p 1− p̅ 2=
p^ q^ p̂q̂
+
n1 n2

=
√
0.7897∗0.2103 0.7897∗0.2103

= 0.00722
3977
+
15797

Standardize the difference between the two observed sample proportions

P̅ 1−P̅ 2
z=
σ̂ p 1− p̅ 2
0.2374−0.9307
=
0.00722
z = -96.024
 -96.024 -1.96 1.96

The standardized difference between two sample proportions lies outside the
acceptance region. Hence there is a difference between Quality & Productivity Score.

Testing relation between Tenure and Quality

The next test was done to see if old employees fared better on quality than new
joinees.
Null Hypothesis: There is no difference between quality of old employees & new
employees
Alternate Hypothesis: There is difference between quality of old employees & new
employees

Old employees are defined as individuals who are working with the Bank for more
than one year.
New employees are defined as individuals who are working with the Bank for less
than one year.

t-Test: Two Sample Assuming Unequal Variance

Average Quality Score

  Old Employees New Employees
Mean 87.81 81.02
Variance 99.02 146.51
Observation
s 565 219
Hypothesized Mean Difference = 0

t Stat = 7.38
t Critical two-tail = 1.967

t Stat > t Critical two-tail

So alternate hypothesis is accepted.
There is difference between quality of old and new employees.

Testing relation between Productivity and Occupancy

This test was done to determine weather there was any relation between Productivity
and Occupancy.

Null Hypothesis: There is no difference between Productivity and Occupancy

Alternate Hypothesis: There is difference between productivity and Occupancy

t-Test: Two Sample Assuming Unequal Variance

  Productivity Occupancy
Mean 43.01 88.27
Variance 573.05 189.21
Observations 15797 16077
Hypothesized Mean
Difference 0  
df 25111  
t Stat -206.467  
t Critical Two Tail 1.644  

t stat < t critical two tail

So null hypothesis is rejected.
Hence proved that there is a difference between Productivity and Occupancy.
 Testing relation between Quality and Occupancy
This test was done to check weather there was any relation between Quality and
Occupancy.

Null Hypothesis: There is no difference between Productivity and Occupancy

Alternate Hypothesis: There is difference between productivity and Occupancy

t-Test: Two Sample Assuming Unequal Variance

  Quality Occupancy
Mean 86.26 88.27
Variance 252.93 189.21
Observations 5612 16077
df 8717  
t Stat -8.44  
t Critical Two Tail 1.96  

t Stat < t Critical Two Tail

So Null hypothesis is rejected.
Hence proved that there is difference between Quality & Occupancy.
 Saving Account Products
The Bank has 5 categories of saving account.
1) Basic
2) Regular
3) Special
4) Premium
5) Others

1) Basic Saving Account

i) Indus Small Savings Account

Indus Small Account brings a host of benefits with minimum requirements. We can
avail all banking facilities and services at zero balance requirement and simplified
documentation.

Key Features and Benefits

 Simplified documentation
 No minimum balance requirement
ii) Indus Classic Savings Account

An account that gives the best reach and access to our funds while giving us the
flexibility to manage our funds in Savings Account.

Key Features and Benefits

 Earn cashback every time we shop with our debit card
 Best deals and discounts on our debit card

iii)Indus Easy Savings Account

Indus Easy Savings Account is a Basic Savings Bank Deposit Account (BSBDA)
which offers the maximum benefits with minimum requirements. Enjoy all basic
banking facilities at 'no minimum balance' and 'complete KYC done'.

Key Features and Benefits

 Hassle-Free account opening with simple documentation

 No minimum balance requirement
 2) Regular Saving Account
i) Indus Delite Savings Account

Tailor made solution for customers

Key Features and Benefits

 5% cashback on Amazon
 6X rewards on shopping with Platinum Plus Debit Card
 Zero balance requirement
 Up to 20% off on Swiggy
 Up to 10% off on Big Basket
 INR 500 Cashback on Recharge, Cab Booking and more

ii) Indus Maxima Savings Account

Tailor made soultion for customers

Key Features and Benefits

 Cashback and discounts on your debit card

 Free Zero Balance Account for 2 family member
iii) Indus Privilege Max Savings Account

Indus Privilege Max offers a host of premium services and exclusive banking
solutions that cater to all our financial needs.

Key Features and Benefits

 Avail cashback, discounts and free movie tickets

 25% off on all lockers for a period of 1 year

iv) Indus Privilege Savings Account

This account is designed for the customer which gives power to save.

Key Features and Benefits

 Best deals and discounts on debit card

 Get Started with Minimum Balance requirement of only Rs.10,000 per month
 3) Special Saving Account

i) Indus Multiplier Max Savings Account

A dual delight saving accounts that offers the flexibility of a Savings account along
with higher returns on Fixed Deposits.

Key Features and Benefits

 25% Locker discount

 Smart Sweep feature, excess balance above a threshold limit of 20000 in
Savings Account is automatically booked as Fixed Deposits, giving higher and
better interest earnings

ii) Indus Partner Savings Account

A Joint Savings Account Curated to offer features and benefits for the Financial
management of the Entire Household.

Key Features and Benefits

 Lifetime free VISA Signature Debit Card for both Partners (Account holders)
  Enjoy Attractive discount on Lockers
 Free Annual Times Prime Membership

iii)Indus Max Active Savings Account

A tailor made Savings Account that rewards for being Active on digital transactions
for the purpose of Savings, Investments and Payments. Spend More, Transact More
and Save More.

Key Features and Benefits

 Spend more and Earn More- Exciting Voucher worth 750 INR basis Quarterly
spends of 75K INR for Merchant Payments.
 Waiver of Non maintenance Charges if we use the Account Actively for our
payments of Bills, Investments into RD and Mutual Funds and setting up
recurring mandates using eNACH.
 4) Premium Saving Account

i)Indus Select Savings Account

A premier banking program designed with an array of privileges and lifestyle offers.

Key Features and Benefits

 Lifetime free World/Signature Select Debit Card

 Buy one and get one free movie ticket from Bookmyshow

ii) Indus Exclusive Savings Account

A premier banking program, it is designed with the special privileges and offers. It
also offers us a dedicated team to experience seamless banking services.

Key Features and Benefits

 A dedicated relationship manager at your service for all your financial needs
 Avail cashback, free movie tickets, fee waivers & more
iii)Pioneer

Pioneer Savings Account combines a series of top-of-the-line privileges and benefits

to offer the best services.

Key Features and Benefits

 A dedicated relationship manager at our service for all your financial needs
 Avail cashback, dining privileges, free movie tickets and many more offers.

5) Other Saving Account

i) Indus Diva Women Savings Account

A savings account which is specially designed with the best savings solutions and
privileges for women.

Key Features and Benefits

 Receive cashback, vouchers, free movie tickets & discounts

 35% off on lockers for 1 year
 ii) Indus Senior Citizen Savings Account

Specially designed for the senior citizen, which includes special privileges, with an
aim to provide complete solace and peace of mind.

Key Features and Benefits

 Free cash and cheque pick up & drop with doorstep banking
 Higher Rates on FD

iii) Indus Young Saver Savings Account

Specially designed for children, the Indus Young Saver savings account is a great tool
that teaches children to manage money wisely. Nurturing the habit of saving, the
account is a great initiative for young savers.

Key Features and Benefits

 Customised Debit Card & Cheque Book

 Features designed to help teach your kids with the nuances of saving &
financial planning
 Salary Account Product

The Bank has 2 categories of Salary Account

1) Defence Salary Account
2) Corporate Salary Account

Defence Salary Account

i) Indus Force Maxima

IndusInd Bank introduces Indus Force Maxima – A Premium Salary Account for
Senior Army & Navy Personnel, specially designed with a bouquet of hand-picked
value added services

Key Features and Benefits

 Specially designed card and personalised welcome-kit

 5X reward points under Indus Rewards Program; Get up to 5 reward points for
every INR 200 spent using the Platinum Debit Card
 Higher limits on POS purchase - INR 3,00,000/- per day
 Unlimited free ATM withdrawals at any ATM in India and one free
international ATM withdrawal every month
 Discount on Green Fee at 300 golf courses around the world
 ii) Indus Force

IndusInd Bank introduces Indus Force – A salary account designed for our Indian
Army and Personnel with a bouquet of prestigious hand-picked value added services

Key Features and Benefits

 Overdraft against salary, with a maximum of two months salary

 Instant credit of outstation cheques up to INR 20,000/-
 Free personalised cheque leaves (up to 50 per month)
 Free demand drafts up to INR 25,000/- per day
 2) Corporate Salary Account
i) Indus Comfort Exclusive

The premier banking program is designed with top-of-the-line privileges and offers.
To offer a seamless experience, customer will receive assistance from expert
personnel to ensure that they enjoy a whole new level of banking and beyond.

Key Features and Benefits

 Certified Relationship Manager to guide and assist through different financial

needs backed by a team of specialists in investments, insurance, trade and
foreign exchange services
 Customer will receive cashback, free movie tickets, fee waivers and more
 Zero charges for Locker & Demat Account
 Complimentary airport lounge access, dedicated helpline & free accounts for
up to 6 family members

ii) Indus Comfort Regular

Comfort Regular takes care of customer’s money and ensures they have a hassle-free
banking experience. Customer can also enjoy numerous benefits and cashbacks on
their account.

Key Features and Benefits

 Cashback and discounts

 Best deals and discounts on your debit card
 No minimum balance requirement, subject to salary credits

iii) Indus Comfort Pioneer

Pioneer Corporate Account combines a series of top-of-the-line privileges and

benefits to offer the best services.

Key Features and Benefits

 A dedicated relationship manager at customer’s service for all their financial

needs
 Customer can avail a membership for Taj, dining privileges, cashback, free
movie tickets and many more offers.
 Complimentary locker & Demat for life.
 Access to curated events, lounge access and concierge
 Customer will receive a 50% discount on Loan Processing Fee
 iv) Indus Comfort Premium

Bank has designed an account that ensures customer have a convenient and seamless
banking experience.

Key Features and Benefits

 Best of deals and discounts on debit card

 Unlimited free ATM withdrawals
 No minimum balance requirement, subject to salary credits

v) Indus Comfort Select

Indus SELECT is a premium banking program that has been specially crafted to
deliver best in class banking experience. The program comes with a delightful blend
of services and rewards which will deliver hassle-free banking along with unmatched
privileges.

Key Features and Benefits

 Cashback, discounts and free movie tickets

 50% off on lockers for one year
  Buy One Get One Free on movie at bookmyshow.com
 Extend privileges to accounts of up to 4 family members – FREE

vi)Indus Comfort Maxima

Indus Maxima offers customers a host of premium services and banking solutions
designed not just for them, but for family too.

Key Features and Benefits

 Best deals and discounts on debit card

 Extend privileges to accounts of up to 3 family members absolutely free
 Get 35% off on lockers for one year
 Current Account Product
Bank offers 2 Current Account products for small and medium enterprises.
i) Indus Max Account

Indus Max Current Account is a benefit-oriented Bank Account that offers customers
a host of value-for-money and practical features to help them grow their business.
Ideal for small businesses with an Average Monthly Balance (AMB) requirement of
Rs. 10,000/- only.

Some IBA-Max features that make managing business account easier include:

 Anywhere Cash deposit limits.

 Free NEFT & RTGS
 Auto Sweep Deposit and Grouping of Accounts facility.

Eligible Customer types for Indus Max variant are: Sole Proprietorship, Partnership,
Limited Company / Limited Liability Partnership, Trust / Association / Club / Society
 ii) Indus Premium Current Account

Indus Premier Current Account offers a unique blend of control and convenience
through flexible limits which adjust itself to keep up with customer’s ever-evolving
business requirements. Best suited for medium-sized business with an Average
Monthly Balance (AMB) requirement of Rs. 50,000 only.

Some Indus Premier features that make managing business account easier include:

 Dynamic Cash Deposit Limits.

 Higher transaction limits.
 Auto Sweep Deposit and Grouping of Accounts facility.

Eligible Customer types for Indus Max variant are: Sole Proprietorship, Partnership,
Limited Company / Limited Liability Partnership, Trust / Association / Club / Society
 Business Banking
Overview

IndusInd Bank provides a host of solutions for managing payments to vendors,

channel partners, employees, government and others. Payables solutions consist of
bulk disbursement for both paper-based and electronic modes.

The payables solutions are provided through our feature-rich Corporate Net Banking
platform Indus Direct and Indus Direct Mobile app.

The suite of products comprises of the following solutions:

 Electronic payment modes

 Bulk payments
 DD/Cheque printing
 Electronic Payment Modes

Different electronic payment modes available are:

 RTGS
 NEFT
 IMPS
 IFT
  UPI
 APBS

Apart from single fund transfer modes, corporates are also facilitated with bulk
payment options for RTGS/NEFT/IMPS/IFT/Corporate cheque and DD request.

The bulk payments are enabled through following functionalities on IndusDirect:

  Anytime, anywhere access from the Internet

 Supports Maker/Checker framework
 Allows for implementation of multi-layered authorisation matrices
 Facility for bulk upload in multiple formats
 Fund transfers are supported in different payment modes
 Customer can schedule future dated payments
 Grace period feature to allow for unexpected delays in authorisation
 Customers can pre-register beneficiaries to safeguard against fraudulent
transactions
 Bulk file formats can be designed as per client specifications
 Upload file can have all payment modes in the same file
 Authorisation can be done at a single record level or at a batch level
 E-mail and SMS alerts triggered to the requisite parties during the payment
life cycle
 Value-added services such as Cheque status query and offline account
statement are available
  The client can define Service control parameters like
- Maximum transaction value
- Maximum no. of transactions per day/per month

Apart from Indus Direct, H2H integration with corporate is also available for enabling
bulk payments as follows:

 Straight Through Processing (STP)

 Faster TAT in the payment process
 Control over the payment process
 Reduced cycle time
 Continuous Technology Enhancement

Corporate DD & Cheque Printing

Bulk stationery printing is provided to corporate through CMS HUB and remote
locations. The following facilities are available:

 Bulk DD/cheque printing

 Cover notice advise along with cheque printed
 Advise printing based on approved artwork
 Reduced TAT through remote cheque printing
 Reverse file to corporate for instruments printed

Structured Cash Management Solutions

Structured Cash Management Solutions are carefully designed and structured

solutions that cater to unique sector-specific requirements. These solutions are
designed to take banking services for corporate entities beyond financial transactions.

E-Tendering

IndusInd Bank prides itself on being one of the largest private banks in the E-
Tendering space. IndusInd Bank has established a partnership and integrated its
Electronic Collections & Electronic Payments platform with most of the major E-
Procurement platform services providers across the public and private space.

Coupled with E-Procurement platform capabilities and IndusInd Bank’s ability to

design and customize banking services to meet the unique requirements of clients
brings together a dynamic E-Tender & E-Auction solution.

IndusCollect

IndusInd Bank understands the need and challenges of enabling multiple payment
modes for your consumers. The emergence of multiple payment modes has definitely
eased collections but it has also brought a tremendous strain on the limited IT
resources that customer would have at your disposal.
IndusCollect platform is designed to enable customer to enjoy the benefits of multiple
payment modes with minimized straining of their IT resources. The IndusCollect
platform supports all major modes of payments. Some of the key features of
IndusCollect are

 Single Integration
 Multiple Payment Options
 Consolidated Payment Reports
 Pre and Post Payment Validations
 Front-end Module
 API based integrations

Bharat Bill Pay

Bharat Bill Pay is an integrated bill payment system that offers accessibility,
convenience and enhances consumer trust. This is an “Anytime anywhere”
interoperable bill payment system that will set common standards across the country.

IndusInd Bank is a Bharat Bill Pay Operating Unit (BBPOU) and functions as both, a
Biller Operating Unit (BOU) and a Customer Operating Unit (COU).

IndusInd Bank has developed an in-house platform to cater to needs to corporate

clients for both BOU and COU.

IndusInd Bank as a COU has on-boarded several Agent Institutions that enable
channels for bill payments for end customers. Agent Institutions can be fintechs,
payments companies, RRBs, cooperative banks and other entities licensed as BBPOU.

IndusInd Bank, as a BOU, provides collection solutions to billers. Billers are any
corporate/government entity with recurring collections from end-users availing its
services.

Following are the categories allowed under Bharat Bill Pay:

 Electricity
 Water Tax
 Gas
 Mobile/Landline Postpaid
 Broadband
 DTH

Government Banking Solutions

IndusInd Bank facilitates different types of Government to Government (G2G),

Government to Citizen and Government to Business (G2B) payments as well as
collections.

Following are modes of enabling such payments and collections –

  Direct Benefit Transfers (DBT) through different payment modes like
NEFT/RTGS/IMPS/NACH/APBS
 Funds disbursements through Public Financial Management System (PFMS)
platform for G2G, G2C and G2B payments for both DBT and non-DBT
categories
 Structured solutions for different government departments and agencies
 Revenue/tax collections for Government and Urban Local Bodies
 Funds disbursement through State Government specific platforms and
standards defined by State Governments

CMS – Receivables Solutions

 Comprehensive offering of paper-based receivables covering different modes

viz. Cheques and Cash
 Robust and customized Information management systems to support straight-
through reconciliation
 Manage inward fund receipts via electronic transactions
 Dynamic Virtual Accounts solution to ensure the faster realization of funds
and facilitate automated reconciliation
 Improved cash flows resulting in the reduction of processing costs and interest
costs for the management

Following are the online solutions:

 NACH/e-NACH
  Indus Electronic Collections – virtual account based collections using RTGS,
NEFT and IMPS
 UPI Collections
  PG/POS based collections

Following are the offline solutions:

Cash Collections services including pick-up services

a) A secure mechanism for cheque pickups as per customer requirements

(daily, staggered, on-call)
b) Customized data enrichment facility to capture all critical financial
and non-financial information
c) Special cheque deposit slips to capture additional information
d) Daily MIS for cheque collections, realization and returns in
customized formats via emails
e) Facility to upload reports and MIS into ERP/Accounting systems for
auto-updates
f) Outsourcing of cash pickup and banking process frees up customer’s
staff, resulting in more efficient resource utilization
g) A secured mode of pick up/delivery backed by comprehensive
insurance coverage
  Cash Delivery for delivery at doorsteps
- Hidden Code Identification Number to ensure safety and security
- Funds made available on agreed arrangement
 Local and outstation cheque collection across 8000+ locations
 Centralized network management and well-defined process maps to achieve
economies of scale
 Pan India Coverage

Business Accounts
There are two products for Business Accounts
i) Indus Select Current Account

Indus Select Current Account offers a delightful blend of scale and convenience to
help businesses create more value. In addition, it allows access to curated lifestyle
privileges and offers.

Best Suited for medium size business with an Average Quarterly Balance requirement
of Rs. 1 Lac (at single/group level)
ii) Indus Select Plus Current Account

Indus Select Plus Current Account offers a premium range of comprehensive services
to help businesses diversify & grow their business output. In addition, it allows access
to curated lifestyle privileges & offers.

Best Suited for large size business with an Average Quarterly Balance requirement of
Rs. 3 Lacs (at single/group level)

Trade Current Accounts

IndusInd Bank offers 4 products for businesses which trade globally.
i) Indus Dollar One Trade Current Account

IndusInd believes in simplifying processes to give businesses a convenient banking

experience, no matter where there are. That’s why they have combined the spirit of
innovation with sound trade practices to create an effective solution for esteemed
customers, with expanding business interest.

Exclusively designed for international businesses, the Indus Dollar One Trade
Account is a complete value-for-money offering. With an array of customized
products coupled with value-added features and unmatched local expertise, Bank
helps convert day-to-day trade transaction management into competitive edge.

Key Features and Benefits

 Average Monthly Balance of Rs. 1 lakh only

 Lowest Trade Charges

ii) Trade and Foreign Exchange Current Account

Geographical boundaries should not restrict the growth of business. IndusInd Bank
brings Indus Exim Trade current account - a one-stop account that will take care of all
cross border transactions. The account gives businesses extra-edge that caters to their
need to succeed in today’s challenging cross-border business environment and
enhances client satisfaction by delivering a timely resolution to your needs.

Key Features and Benefits

 No minimum-balance maintenance requirement

 Dedicated Relationship Manager
 iii) EEFC Current Account

Overview

Indian exports have surged over the last decade owing to an unprecedented boom in
sectors such as software, biotechnology, gems, jewellery and textiles. As a result of
this, the volume of inward remittances has also increased significantly. To shield the
firms engaged in regular export and import from constant exchange rate fluctuations,
RBI has allowed parking of foreign currency by exporters in an account designated as
Exchange Earners Foreign Currency Account (EEFC).

Currently, EEFC deposits are in the form of a current account and do not attract any
interest earning

Benefits

EEFC accounts are offered without any minimum balance requirements. Along with
the account, Bank offers businesses the following set of services:

 Businesses can deposit foreign currency cheques payable anywhere in the

world. Bank’s wide coverage enabled with the help of a correspondent bank
network will ensure that cheques are credited to the account in no time.
 Using customer’s EEFC Account, they can also purchase Foreign Currency
Drafts in USD, GBP, EURO, AUD, CAD, JPY, SGD and AED. There will not
be any foreign currency margin on the same.
 Free monthly statements will be available on demand.
 Foreign Currency Cheque Book for international transactions on demand.
 Withdrawals in foreign currency are permitted only against applicable
conversion margin, whereas there is no restriction on cash withdrawals in
Indian rupees.
 Cash deposit into EEFC Account: Deposits in foreign currency is permitted
only against applicable conversion margin.
 Remittances from EEFC Account: In lieu of currency conversion margins, the
EEFC Accounts will be eligible for the following special rates:
o Import transaction - 0.125% on the amount involved
 o Export transaction - 0.125% on the amount involved
o Non-export remittance - 0.125% on the amount involved

Eligibility Criteria

A person residing in India may open, hold and maintain the EEFC Account, subject to
terms and conditions as may be specified by RBI from time to time including the
FEMA Regulations 2000 governing EEFC Account and the Foreign Exchange
Management Act, 1999.

Currently, Bank is offering EEFC Account in major currencies - USD - US Dollars,

EUR – Euro, GBP - Sterling Pounds, AUD – Australian Dollars, CAD – Canadian
Dollars, JPY – Japanese Yen SGD – Singapore Dollars and AED - UAE Dirham.

Fees and Charges

Certain fees and charges may be applicable. These charges are nominal, transparent
and disclosed by IndusInd Bank upfront so that customers know what they are paying
or being charged for.

iv) Special FCY Current Account

Overview

Special Foreign Currency Accounts for Residents:

IndusInd Bank offers facilities to open all types of special foreign currency accounts
as permitted by RBI under FEMA with exclusive personalized service. These
accounts can be opened by both individuals as well as business entities.
Special Foreign Currency Account for Overseas Tour Operators

RBI allows Indian overseas tour operators to open Special Foreign Currency Current
Accounts for parking the subscription received from Indian tourists traveling abroad
under the package tour and mitigate foreign exchange risk of various payments to be
made to tour operators outside India.

Resident Foreign Currency (Domestic)

RBI permits residents in India to open, hold and maintain a Foreign Currency
(domestic) Account with a licensed bank (which is also an Authorised Dealer) in
India along with foreign exchange acquired from any of the sources specified as under
can be kept in this account by the resident.

 While on a visit to any place outside India by way of payment for services not
arising from any business in or anything done in India; or
 From any person, not a resident of India and who is on a visit to India, as
honorarium or gift payment for services rendered or in settlement of any
lawful obligations; or
 By way of honorarium or gift while on a visit to any place outside India; or
 From an authorized person for travel abroad and represents unspent amount:
or
 Gift received from a close relative; or
 Foreign exchange earned through export of goods and/ or services; or royalty,
honorarium, etc.

Fees and Charges

Certain fees and charges may be applicable. These charges are nominal, transparent
and disclosed by IndusInd Bank upfront so that customers know what they are paying
or being charged for.
 Conclusion
The Contact Centre of IndusInd Bank houses large number of employees. Any
attempt to make any change in process of serving customer should be carefully
analyzed before implementing it. There is apparently no co relation between key
parameters like quality, productivity & occupancy. This configuration should not be
tinkered.