A

PROJECT REPORT

ON

A Study on equity research in relation with banking sector

Summer Internship Report submitted to the University of Mumbai in
Partial
Fulfillment the award of degree of
Master of Management Studies
Specialization: Finance
By
RAM POOJA AJIT
Roll No: 2022069
Batch: 2022-24
For the Summer Internship at,
(FIN-TECH.EDUCATION)
Project Guide: Prof. Minal Patil

ROHIDAS PATIL INSTITUTE OF MANAGEMENT STUDIES

Affiliated to the University of Mumbai,
Recognized by DTE, Govt. of Maharashtra,
Approved by AICTE, New Delhi.

February - 2024
 Evaluation Report
Summer Internship 2022-24
Basic Information
Name of the Student: Pooja Ajit Ram
Academic Year and Roll No: 2023-2024/ 2022069___
Name of the Company: FIN-TECH.EDUCATION
Name and Designation of the Training Supervisor:
Area of Training: Vasai
Special Project, if any:
Score Card

Please rate the following attributes on a scale of 01-05.

(01=Average, 02=Good, 03=Very Good, 04=Excellent and 05=Outstanding)

Sr. No. Attributes Score

1 Attendance 05
2 Punctuality 05
3 Attitude 05
4 Performance 05
5 Initiative 04
6 Interpersonal Skills 05
7 Diligence Level 03
8 Subject Knowledge 04
9 Personal Grooming 05
10 Communication Skills 05
Total Score (Out of 50) 46
Special remarks / Appreciation, if any:

Name & Signature of Training Supervisor Official Seal of the

Company
Date: Place:
 Evaluation of Dissertation
1. Name of the Candidate: POOJA AJIT RAM
2. Seat Number:
3. Name / Code of the subject: Finance
4. Title of the Dissertation:
5. Evaluation:

Sr. No. Parameters Maximum Marks

Marks Awarded

1 Introduction 05

2 Literature Review and Problem 05

Definition

3 Process Description 10

4 Project Profile 10

5 Findings & Conclusions 15

6 Learning Experience 05

50
Total

6. Name & Address of the Evaluator:

7. Signature of Evaluator with Date:

8. Signature of the Head of the Institution with seal:

 Declaration

This is to certify that the Summer Project titled (A Study on equity research in
relation with banking sector) is original work and being submitted in partial
fulfillment for the award of the degree, Master of Management Studies of the
University of Mumbai. This Summer Project report has not been submitted
earlier either to this university or to any other affiliated college of this university
or to any other university / institution for the fulfillment of the requirement of
the MMS Course.

Date: (Signature of Student)

Place: (Name of the Student)

 Acknowledgement

It was an enriching experience for me to undergo my summer training at (FIN-

TECH.EDUCATION, which would not have been possible without the goodwill
and support of the people around. As a student of “Rohidas Patil Institute of
Management Studies, Bhayander (E),” I would like to express my sincere
thanks to all those who helped me during my summer internship. I would like to
express my gratitude to all those who encouraged me to complete this project.

I would like to thank my college authorities for providing me with the

opportunity to work with such a prestigious organization. I would like to
express my gratitude to (ANIKET), for having given me the opportunity to do
my project work in the organization and lighted my way of progress with his
guidance. My sincere and deepest thanks to Prof./Dr. (MINAL PATIL) of
“Rohidas Patil Institute of Management Studies, Bhayander (E)” for having
spared his/her valuable time with me and for all the guidance given in executing
the project as per requirements. I would like to give my special thanks to my
parents, their love, support, and blessing enabled me to complete this project
work.

Name of Student: _________________

Signature: _______________________
 EXECUTIVE SUMMARY

The tremendous volatility of financial markets is a defining characteristic. The constant

difficulties in the prices of commodities, shares of stock, and financial instruments, as well as
other tradable items like oil, represent a serious threat to enterprises that rely on stable prices
in these markets cost estimates Hedging is a tool available in contemporary finance that may
be used to mitigate this kind of risk. Hedging is a common use of derivatives. Of course,
there are also some who utilize it for speculating, which is illegal in India. Products with
value generated from one or more underlying assets or bases are known as derivatives.
Derivatives are a kind of financial instrument that is based in part on the value and
characteristics of another asset, called an underlying asset. Any prudent investor would
prioritize lowering risk and increasing return certainty. Derivatives are a kind of contract that
emerged out of the need to reduce exposure to risk. Futures and forwards for interest rates
and currencies, as well as their respective structures, mechanisms, hedging techniques, and
price determination.
 INDEX

Sr. No. Particulars Page No.

1 Introduction
1.1 Introduction to topic 1-8
1.2 Introduction to company 9

2 Objectives of study 10

3 Research Methodology 11

4 Review Of Literature 12-15

5 Data Analysis and Interpretation 16-34

6 Findings 35

7 Suggestions and Recommendation 36

8 Conclusion 37

9 Bibliography 38

10 Webliography 39

11 Appendix 40-43
 INTRODUCTION

EQUITY SHARES

An equity share, commonly referred to as ordinary share also represents the form of
fractional or part ownership in which a shareholder, as a fractional owner, undertakes the
maximum entrepreneurial risk associated with a business venture. The holders of such shares
are members of the company and have voting rights.

EQUITY INVESTMENT

Equity investment refers to buying and holding of shares of stock on a stock market by
individuals and firms in anticipation of income from dividend and capital gains as the value
of the stock rises. It also sometimes refers to the acquisition of equity ownership)
participation in private (unlisted) company or start up (a company being created or newly
created). When investment is in infant companies, it is referred to as venture capital investing
and is understood to be higher risk than investment in listed going- concern situations.

How to invest in Equity Shares?

Investors can buy equity shares of a company from the security market, that is from the
primary market or secondary. The primary market provides the channel for the sale of new
securities. Primary market provides opportunity to issuers of securities; Government as well
as corporate, to raise resources to meet their requirements of investment and/or discharge
some obligations some obligations. Investors can buy shares of a company through IPO
(Initial Public Offerings) when it is first time issued to the public. Once shares are issued to
the public they are traded in the secondary market. The stock exchange only acts as facilitator
for trading of equity shares. Anyone who wishes to buy shares in a company can buy them
from an existing shareholder of a company.

1
FUNDAMENTAL ANALYSIS

Fundamental analysis is a method of forecasting the future price movements of a financial

instrument based on economic, political, environmental, and other relevant factors and
statistics that will affect the basic supply and demand of whatever underlies the financial
instrument. It is the study of economic, industry and company conditions to determine the
value of a company’s stock. Fundamental analysis typically focuses on key statistics in
company’s financial statements to determine if the stock price is correctly valued. The term
simply refers to the analysis of the economic well-being of a financial entity as opposed to
only its price movements.

Fundamental analysis is the cornerstone of investing. The basic philosophy underlying the
fundamental analysis is that if an investor invests re.1 in buying a share of a company, how
much expected returns from this investment he has.

The fundamental analysis Is to appraise the intrinsic value of a security. It insists. That no one
should purchase or sell a share based on tips and rumors. The fundamental approach calls
upon the investors to make their buy or sell decision since a detailed analysis of the
information about the company, about the industry, and the economy. It is also known as
“top-down approach.” This approach attempts to study the economic scenario, industry
position and the company expectations and is also known as "economic-industry-company
approach (EIC approach)”

Thus, the EIC approach involves three steps:

• Economic analysis

• Industry analysis

• Company analysis

Reserve Bank of India (RBI)

As per the Reserve Bank of India (RBI), India's banking sector is sufficiently capitalized and
well-regulated. The financial and economic conditions in the country are far superior to any
other country in the world. Credit, market and liquidity risk studies suggest that Indian banks

2
are resilient and have withstood the global downturn well. Indian banking industry has
recently witnessed the roll out of innovative banking models like payments and small finance
banks. RBI's new measures may go a long way in helping the restructuring of the domestic
banking industry. The digital payments system in India has evolved the most among 25
county Immediate Payment Service (IMPS) being the only system at level 5 in the Innovation
Index (FPII).

The banking section will navigate through all the aspects of the Banking System in India. It
will discuss upon the matters with the birth of the banking concept in the country to new
players adding their names in the industry in coming few years.

The banker of all banks, Reserve Bank of India (RBI), the Indian Banks Association (IBA)
and top 20 banks like IDBI, HSBC, ICICI, ABN AMRO, etc. has been well defined under
three separate heads with one page dedicated to each bank.

MARKET SIZE

 The Indian banking system consists of 27 public sector banks, 26 private sector banks,
46 foreign banks, 56 regional rural banks, 1,574 urban cooperative banks and 93,913
rural cooperative banks, in addition to cooperative credit institutions. Public-sector
banks control more than 70 per cent of the banking system assets, thereby leaving a
comparatively smaller share for its private peers. Banks are also encouraging their
customers to manage their finances using mobile phones.
 As the Reserve Bank of India (RBI) allows more features such as unlimited fund
transfers between wallets and bank accounts, mobile wallets are expected to become
strong players in the financial ecosystem.
 The unorganized retail sector in India has huge untapped potential for adopting digital
mode of payments, as 63 per cent of the retailers are interested in using digital
payments like mobile and card payments, as per a report by Centre for Digital
Financial Inclusion (CDFI).
 ICRA estimates that credit growth in India's banking sector would be at 7-8 percent in
FY 2017-18.

3
STRUCTURE OF BANKING SECTOR

Broad Classification of Banks in India:

1) The RBI: The RBI is the supreme monetary and banking authority in the country and has
the responsibility to control the banking system in the country. It keeps the reserves of all
scheduled banks and hence is known as the "Reserve Bank".

2) Public Sector Banks:

 State Bank of India and its Associates (8)

 Nationalized Banks (19)
 Regional Rural Banks Sponsored by Public Sector Banks (196)

3) Private Sector Banks:

 Old Generation Private Banks (22)

 Foreign New Generation Private Banks (8)
 Banks in India (40)

4) Co-operative Sector Banks:

 State Co-operative Banks

4
  Central Co-operative Banks:
 Primary Agricultural Credit Society
 Land Development Banks
 State Land Development Banks

5) Development Banks: Development Banks mostly provide long-term finance for setting
up industries. They also provide short-term finance (for export and import activities)

 Industrial Finance Co-operation of India (IFCI)

 Industrial Development of India (IDBI)
 Industrial Investment Bank of India (IIBI)
 Small Industries Development Bank of India (SIDBI)
 National Bank for Agriculture and Rural Development (NABARD)
 Export-Import Bank of India.

Ratio analysis:

Ratio is a relationship between two figures expressed mathematically. Financial ratios

provide numerical relationship between two relevant financial data. Financial ratios are
calculated from the balance sheet and profit and loss account. The relationship can be either
expressed as a percentage or as a quotient. Ratios summarize the data for easy understanding,
comparison, and interpretations. Ratios for investment purposes can be classified into
profitability ratios, turnover ratios, and leverage ratios. Profitability ratios are the most
popular ratios since investors prefer to measure the present profit performance and use this
information to forecast the future strength of the company. The most often used profitability
ratios are return on assets, price earnings multiplier, price to book value, price to cash flow,
and price to sales, dividend yield, return on equity, present value of cash flows, and profit
margins.

1. Return on Assets (ROA)

ROA is computed as the product of the net profit margin and the total asset turnover ratios.

ROA = (Net Profit/Total income) x (Total income/Total Assets)

5
This ratio indicates the firm’s strategic success. Companies can have one of two strategies:
cost leadership, or product differentiation. ROA should be rising or keeping pace with the
company’s competitors if the company is successfully pursuing either of these strategies but
how ROA rises will depend on the company’s strategy. ROA should rise with a successful
cost leadership strategy because of the company’s increasing operating efficiency. An
example is an increasing, total asset, turnover ratio as the company expands into new
markets, increasing its market share. The company may achieve leadership by Using its assets
more efficiently. With a successful product differentiation strategy, ROA will Rise because of
a rising profit margin.

2. Return on Investment (ROI)

ROI is the return on capital invested in business, Ie. if an investment Rs 1 Crore in men.
Machines, land, and material are made to generate Rs. 25lakhs of net profit, then the ROI is
25%. The computation of return on investment is as follows:

Return on Investment (ROI)= (Net profit/Equity investments) x100

As this ratio reveals how well the resources of a firm are being used, the higher the ratio, the
better are the results. The return on shareholders’ investment should be compared with the
return of other similar firms in the same industry. The inert-firm comparison of this ratio
determines whether the investments in the firm are attractive or not as the investors would
like to invest only where the return is higher.

3. Return on Equity

Return on equity measures how much an equity shareholder’s investment is earning. The
return on equity tells the investor how much the invested rupee is earned from the company.
The higher the number, the better is the performance of the company and suggests the
usefulness of the projects the company has invested in. The computation of return on equity
is as follows:

Return on equity- (Net profit to owners/value of the specific owner’s Contribution to the
business) x100

6
The ratio is more meaningful to the equity shareholders who are investedtoknow profits
earned by the company and those profits which can be made available to pay dividends to
them.

4. Earnings per Share (EPS)

This ratio determines what the company is craning for every share. For many investors,
earnings are the most crucial tool. EPS is calculated by dividing the earnings (net profit) by
the total number of equity shares. The computation of EPS is as follows:

Earnings per share Net profit/ Number of shares outstanding

The EPS is a good measure of profitability and when compared with EPS of similar other
companies, it gives a view of the comparative earnings or earnings power of a firm. EPS
calculated for a few years indicates weather. Earning power of the company has increased.

5. Dividend per Share (DPS)

The extent of payment of dividends to the shareholders is measured in the form. Of dividend
per share. The dividend per share gives the amount of cash flow. From the company to the
owners and is calculated as follows:

Dividend per share = Total dividend payment/Number of shares outstanding

The payment of dividend can have several interpretations to the shareholder. The distribution
of dividends could be thought of as the distribution of excess profits/abnormal profits by the
company. On the other hand, it could also be negatively interpreted as a lack of investment
opportunities. In all, dividend payout gives the extent of inflows to the shareholders from the
company.

6. Dividend Payout Ratio

From the profits of each company a cash flow called dividend is distributed among its
shareholders. This is the continuous stream of cash flow to the owners of shares, apart from
the price differentials (capital gains) in the market. The return to the shareholders, in the form
of a dividend, out of the company’s profit is measured through the payout ratio. The payout
ratio is computed as follows:

7
 Payout Ratio = (Dividend per share / Earnings per share) 100

The percentage of payout ratio can also be used to compute the percentage of retained
earnings. The profits available for distribution are either paid as dividends retained internally
for business. Growth opportunities. Hence, when dividends are not declared, the entire profit
is ploughed back into the business for its future investments.

7. Dividend Yield

Dividend yield is computed by relating the dividend per share to the market price of the
share. The marketplace provides opportunities for the investor to buy the company’s shares at
any point in time. The price at which the share has been bought from the market is the actual
cost of the investment to the shareholder. The market price is to be taken as the cum-dividend
price. Dividend yield relates the actual cost to the cash flows received from the company. The
computation of dividend yield is as follows

Dividend yield = (Dividend per share/Market price per share) 100

High dividend yield ratios are usually interpreted as undervalued companies in the market.
The market price is a measure of future discounted values, while the dividend per share is the
present return from the investment. Hence, a high dividend yield implies that the shares have
been underpriced in the market. On the other hand, a low dividend yield need not be
interpreted as overvaluation of shares. A company that does not pay out dividends will not
have a dividend yield and the real measure of the market price will be in terms of earnings
per share and not through the dividend Payments.

8. Price/Earnings Ratio (P/E)

The P/E multiplier or the price earnings ratio relates the current market price of the share to
the earnings per share. This is computed as follows:

Price/earnings ratio Current market price/Earnings per share

This ratio is calculated to make an estimate of appreciation in the value of a share of a

company and is widely used by investors to decide whether to buy shares in a particular
company. Many investors prefer to buy the company’s shares at a low P/E ratio since the

8
general interpretation is that the market is undervaluing the shares and there will be a
correction in the market price eventually. A remarkably high P/E ratio on the other hand
implies that the company’s shares are overvalued, and the investor can benefit by selling the
shares at this high market pric

COMPANY PROFILE

INTECH EDUCATION is a platform that develops modern skills for emerging careers in
over 110 business schools in India through internships, workshops, and paid courses. The
company serves top brands like BPCL, D-Link, Aditya Birla Health Insurance, SBI General
Insurance, ICICI Prudential, and Hi-tech Dubai.

• Industry Education

• Company size

2-10 employees

18 Associated Members

• headquarters

Vasai, Maharashtra

• type

Privately Held

Contact Information:

• Email: Aniket@fin-tech.eduction

• Address: KishorKunjbuilding, Vartak polytechnic college, Vasai west 401202

• Phone: +91 9145535999

Online trading platforms have democratized access to the stock market, allowing a broader
segment of the population to participate in investment activities. Analyzing the impact of
online trading on financial inclusion and accessibility is essential for gauging its societal
implications.

9
Company Overview: Fintech Education, established in [insert year], was founded with the
vision of bridging the knowledge gap in financial technology and empowering individuals to
navigate the complexities of the stock market. The company has rapidly evolved into a
trusted platform, providing comprehensive educational resources tailored to the needs of both
novice and experienced investors.

OBJECTIVE

OBJECTIVES OF THE PROJECT

 To study and compare the performance of the banks in the banking sector.

 To help the investors choose to make their investments in the banking sector.

 To calculate the risk-return stock of banking sector.

 To study some of the major players in the Banking sector which has good investment
prospects.

 The main objective of the project is to do fundamental analysis of banks.

10
 RESEARCH METHODOLOGY

SCOPE OF STUDY

Scope of the project comprises of-

• To understand the basics of equity research.

• To understand the criteria for stock selection

• To learn the fundamentals of investing in equity.

• To know how to analysis the sector.

METHODOLOGY AND DATA COLLECTION

1. Methodology: Secondary data has been used for study, Interaction with mentor and team
had been made to understand the facts and whereabouts of equity research on the lines of
study of share prices and trends (Le. SBI)

2. Data collection: Secondary data had been collected from Internet and though annual
reports and daily share quotations

LIMITATION OF STUDY

11
• There was a constraint regarding time allocation for the research study Le for a period
of 60 days (about 2 months). Indebt analysis of a company takes a long time in the
real sense.

• The decision based on fundamental analysis is true only for long term investment.

REVIEW OF LITERATURE

Many professionals had many reviews about EQUITY RESEARCH which I came
across while going through articles, following were the few views given on Open
Offer process which helped me move ahead with the topic.

Dynamic interaction of bank risk exposures: An empirical study for the Indian
banking industry

Tarunika Jain Agrawal, Sanjay Sehgal

IIM Kozhikode Society & Management Review 7 (2), 132-153, 2018

Banks are exposed to several types of risks in the process of financial intermediation
and maturity transformation. The experience of the extant global budgetary crisis
provided ample evidence of interaction among bank risks and perils of ignoring
interactions in the changing economic, technological, and regulatory environment. In
this study, we assess the dynamic interaction among bank risks for the entire banking
sector and bank groups based on various bank-specific characteristics in a vector
autoregression framework, including variance decomposition and impulse response
function analysis. We estimate the market measures of different risks using a
multivariate GARCH (1, 1) in the mean model. The study uses weekly bank level data
from 23 October 2004 to 1 August 2014 for 40 listed Indian banks.

The performance of the Indian stock market during COVID-19

Rashmi Chaudhary, Priti Bakhshi, Hemendra Gupta

12
 Investment Management and Financial Innovations 17 (3), 133-147, 2020

The current empirical study attempts to analyze the impact of COVID-19 on the
performance of the Indian stock market concerning two composite indices (BSE 500
and BSE Sensex) and eight sectoral indices of Bombay Stock Exchange (BSE)(Auto,
Banked, Consumer Durables, Capital Goods, Fast Moving Consumer Goods, Health
Care, Information Technology, and Realty) of India, and compare the composite
indices of India with three global indexes S&P 500, Nikkei 225, and FTSE 100. The
daily data from January 2019 to May 2020 have been considered in this study. GLS
regression has been applied to assess the impact of COVID-19 on the multiple
measures of volatility, namely standard deviation, skewness, and kurtosis of all
indices. All indices’ key findings show lower mean daily return than specific, negative
returns in the crisis period compared to the pre-crisis period.

Social and financial performance of Indian banking sector

Sukhpreet Kaur

International Journal of Public Sector Performance Management 6 (4), 435-455, 2020

The banking sector of any country plays a dual role, in achieving the social goals on
the one hand and improving the financial strength on the other. The study analyses the
role of Indian banking sector in discharging social obligations as per recent guidelines
and impact of the same in improving financial returns. Significant negative
relationship is found between the social and financial performance of Indian banking
sector. Although social responsibility is taken as an important tool for improving the
financial performance of corporate sector but Indian banking sector is not able to get
this benefit may be due to lack of awareness among people regarding the social
initiatives undertaken by banks or the cost involved in undertaking these social
initiatives is much more than the benefit Indian banks are able to get in the form of
financial returns. The study gives an idea about how Indian banking sector is
discharging social obligations, but this information does not reach the society at large
to reap the benefits of financial returns.

13
 Examining the relationship between corporate social responsibility, corporate
reputation, and brand equity in Indian banking industry

Aanchal Aggarwal, Noopur Saxena

Journal of Public Affairs 23 (1), e2838, 2023

This study is an attempt to explain the relationship between corporate social

responsibility (CSR), corporate reputation, and brand equity in India's banking sector.
The study uses Carroll's Pyramid of CSR and the ‘triple bottom line concept’ as the
theoretical bases for proposing a conceptual model. The data pertaining to 482 saving
bank customers were analyzed using structural equation modelling for this study. The
integrated effect of CSR and corporate reputation on brand equity has been examined
using the analyses of both the direct and indirect model paths. The findings show that
corporate reputation partially mediates the relationship between CSR and brand
equity, and that there exists a direct relationship between CSR and brand equity. This
research has significant implications for CSR managers seeking to gain a competitive
advantage in the industry by focusing upon the CSR activities that help an
organization build a positive corporate reputation, leading to a prominent level of
brand equity.

Profitability and capital adequacy approach for measuring impact of global fiscal crisis
vis-à-vis Indian banks

Manish Dadhich, VineetChouhan, Sanjay Kumar Gautam, Robert Mwinga

International Journal of Advanced Science and Technology 29 (4), 2344-2365, 2020

The technology driven banking system is the next leading edge that presents risks as
opportunities. Having considered the improvement in the comprehensive health of
commercial banks, accounting-based indicators show wholesome financial
performance. The study entails the financial performance (FP) of selected commercial
banks (CB) of India for the period from 2015-19. The attempt comprises 20
commercial banks of India, the top 10 banks from the public and private sector each,
based on their market capitalization and total asset value. The comprehensive
financial analysis and their links to different financial risks (FR) i.e., credit risk and
liquidity risks (LR) of selected banks are investigated. It is expected that the extent of
banks getting affected by the global financial meltdown is dependent upon cost and

14
revenue mix. Therefore, banks always keep on changing the structure of their balance
sheet to respond to their understanding of financial and non-financial risks.

Social and financial performance of Indian banking sector

Sukhpreet Kaur

International Journal of Public Sector Performance Management 6 (4), 435-455, 2020

The banking sector of any country plays a dual role, in achieving the social goals on
the one hand and improving the financial strength on the other. The study analyses the
role of Indian banking sector in discharging social obligations as per recent guidelines
and impact of the same in improving financial returns. Significant negative
relationship is found between the social and financial performance of Indian banking
sector. Although social responsibility is taken as an important tool for improving the
financial performance of corporate sector but Indian banking sector is not able to get
this benefit may be due to lack of awareness among people regarding the social
initiatives undertaken by banks or the cost involved in undertaking these social
initiatives is much more than the benefit Indian banks are able to get in the form of
financial returns. The study gives an idea about how Indian banking sector is
discharging social obligations, but this information does not reach the society at large
to reap the benefits of financial returns

PERFORMANCE EVALUATION OF SELECTED MUTUAL FUND EQUITY

GROWTH SCHEMES IN INDIA: WITH SPECIAL REFERENCE TO INFRA,
TECHNOLOGY & BANKING SECTOR

Narinder Kaur, Kiran Bala

International Journal on Recent Trends in Business and Tourism (IJRTBT) 4 (2), 32-
39, 2020

Mutual funds are an essential component of the stock market, which in the last few
years has become an investment route for many investors. Mutual funds provide a
diverse class of investors with investment choices under varying rates of risk and
return. The current research aims to assess the efficiency of Indian sectoral mutual
fund equity growth schemes in India (Infrastructure, Banking and Technology)
through various performance measurement models like Sharpe, Treynor and Jensen

15
 for the period 2010 to 2019. For the present study, 91-day T-Bils return has been taken
as a risk-free rate i.e., 7.46 percent pa The objective of the study is to analyze the
performance of sectoral mutual fund schemes and understand the relationship between
sector scheme return and the benchmark return. Kendall’s Coefficient of Concordance
and Karl Pearson’s Coefficient of Correlation have been used. The research result
reveals that all chosen schemes performed better than the benchmark return.

DATA ANALYSIS AND INTERPRETATION

MAJOR PLAYER

State Bank of India (SBI)

SBI is the largest public sector bank in India, headquartered in Mumbai, Maharashtra. It
offers a wide range of banking products and services, including personal banking, corporate
banking, international banking, and more. SBI operates a vast network of branches and ATMs
across the country as well as a significant presence globally. It provides various loan products
such as home loans, car loans, education loans, and personal loans. SBI is known for its
digital banking services, including internet banking, mobile banking, and digital wallet
services.

KEY FINANCIAL MAR 23 MAR 22 MAR 21 MAR 20 MAR 19

RATIOS OF (in
Rs. Cr.)

PER SHARE
RATIOS

Basic EPS (Rs.) 56.29 35.49 22.87 16.23 0.97

Diluted EPS (Rs.) 56.29 35.49 22.87 16.23 0.97

16
Cash EPS (Rs.) 59.98 39.13 26.59 19.94 0.97

Book Value [Excl. 335.98 287.64 258.05 233.34 247.53

Reval
Reserve]/Share
(Rs.)

Book Value [Incl. 367.08 313.84 284.47 259.96 247.53

Reval
Reserve]/Share
(Rs.)

Dividend/Share 11.30 7.10 4.00 0.00 0.00

(Rs.)

Operating 372.12 308.65 297.10 288.33 272.13

Revenue / Share
(Rs.)

Net Profit/Share 56.29 35.49 22.87 16.23 0.97

(Rs.)

KEY
PERFORMANCE
RATIOS

ROCE (%) 1.59 1.42 1.64 1.79 0.00

CASA (%) 42.66 44.51 45.39 44.22 0.00

Net Profit Margin 15.12 11.49 7.69 5.63 0.35

(%)

Operating Profit 4.10 -3.22 -8.70 -11.94 -14.14

Margin (%)

Return on Assets 0.91 0.63 0.45 0.36 0.02

(%)

Return on Equity / 16.75 12.33 8.86 6.95 0.39

Net worth (%)

Net Interest Margin 2.62 2.42 2.44 2.48 2.40

(X)

Cost to Income (%) 35.58 41.00 43.34 42.57 44.68

Interest 6.01 5.52 5.84 6.51 6.59

Income/Total

17
 Assets (%)

Non-Interest 0.66 0.81 0.95 1.14 0.95

Income/Total
Assets (%)

Operating 0.24 -0.17 -0.50 -0.77 -0.93

Profit/Total Assets
(%)

Operating 1.77 1.87 1.82 1.90 1.89

Expenses/Total
Assets (%)

Interest 3.39 3.10 3.40 4.02 4.19

Expenses/Total
Assets (%)

VALUATION
RATIOS

Enterprise Value 5,137,207.29 4,660,058.65 4,210,541.48 3,565,310.84 3,423,771.88

(Rs. Cr)

EV Per Net Sales 15.47 16.92 15.88 13.86 14.10

(X)

Price To Book 1.56 1.72 1.41 0.84 1.30

Value (X)

Price To Sales (X) 1.41 1.60 1.23 0.68 1.18

Retention Ratios 79.92 79.99 82.50 100.00 100.00

(%)

Earnings Yield (X) 0.11 0.07 0.06 0.08 0.00

Source : Dion Global Solutions Limited

HDFC Bank Limited

Established in 1994, HDFC Bank has emerged as one of the largest private sector banks in
India. It offers a comprehensive suite of banking and financial services catering to retail,
corporate, and wholesale banking segments. HDFC Bank's retail banking services include
savings accounts, current accounts, loans, credit cards, and wealth management solutions.
The bank has a strong focus on digital banking, offering internet banking, mobile banking,
18
and digital wallet services. With a vast network of branches and ATMs across India, HDFC
Bank has established itself as a leader in the banking industry known for its customer-centric
approach and innovative products.

KEY FINANCIAL MAR 23 MAR 22 MAR 21 MAR 20 MAR 19

RATIOS OF (in
Rs. Cr.)

PER SHARE
RATIOS

Basic EPS (Rs.) 79.25 66.80 56.58 48.01 78.65

Diluted EPS (Rs.) 78.89 66.35 56.32 47.66 77.87

Cash EPS (Rs.) 83.07 69.54 58.81 50.07 81.59

Book Value [Excl. 502.17 432.95 369.54 311.83 547.89

Reval
Reserve]/Share
(Rs.)

Book Value [Incl. 502.17 432.95 369.54 311.83 547.89

Reval
Reserve]/Share
(Rs.)

Dividend/Share 19.00 15.50 6.50 2.50 15.00

(Rs.)

Operating 289.59 230.37 219.23 209.39 363.43

Revenue / Share
(Rs.)

Net Profit/Share 79.05 66.65 56.44 47.89 77.40

(Rs.)

KEY
PERFORMANCE
RATIOS

ROCE (%) 2.97 3.22 3.42 3.33 3.34

CASA (%) 44.38 48.16 46.11 42.23 42.37

Net Profit Margin 27.29 28.93 25.74 22.86 21.29

19
(%)

Operating Profit 7.97 5.83 4.89 2.60 3.48

Margin (%)

Return on Assets 1.78 1.78 1.78 1.71 1.69

(%)

Return on Equity / 15.74 15.39 15.27 15.35 14.12

Net worth (%)

Net Interest Margin 3.52 3.48 3.71 3.67 3.87

(X)

Cost to Income (%) 38.35 41.05 40.37 38.52 38.41

Interest 6.55 6.17 6.91 7.50 7.95

Income/Total
Assets (%)

Non-Interest 1.26 1.42 1.44 1.51 1.41

Income/Total
Assets (%)

Operating 0.52 0.36 0.33 0.19 0.27

Profit/Total Assets
(%)

Operating 1.93 1.81 1.87 2.00 2.09

Expenses/Total
Assets (%)

Interest 3.03 2.69 3.20 3.83 4.07

Expenses/Total
Assets (%)

VALUATION
RATIOS

Enterprise Value 2,871,198.57 2,429,205.81 2,196,567.47 1,692,584.96 1,624,316.38

(Rs. Cr)

EV Per Net Sales 17.77 19.01 18.17 14.74 16.41

(X)

Price To Book 3.21 3.40 4.04 2.76 4.23

Value (X)

Price To Sales (X) 5.56 6.38 6.81 4.12 6.37

20
 Retention Ratios 100.00 100.00 100.00 75.09 80.77
(%)

Earnings Yield (X) 0.05 0.05 0.04 0.06 0.03

Source : Dion Global Solutions Limited

ICICI Bank Limited

ICICI Bank, established in 1994, is one of India's premier private sector banks with a
significant presence both domestically and internationally. It offers a wide range of banking
and financial services encompassing retail banking, corporate banking, and investment
banking. ICICI Bank's retail banking offerings include savings accounts, fixed deposits,
loans, credit cards, and digital banking solutions. The bank has a robust international
presence with subsidiaries and branches in countries such as the United States, Canada, the
United Kingdom, and Singapore. ICICI Bank is known for its customer-centric approach,
technological innovation, and commitment to providing seamless banking experiences to its
customers.

KEY FINANCIAL MAR 23 MAR 22 MAR 21 MAR 20 MAR 19

RATIOS OF (in
Rs. Cr.)

PER SHARE
RATIOS

Basic EPS (Rs.) 45.79 33.66 24.01 12.28 5.23

Diluted EPS (Rs.) 44.89 32.98 23.67 12.08 5.17

Cash EPS (Rs.) 47.57 35.27 24.96 13.72 6.42

Book Value [Excl. 283.01 240.75 208.78 175.15 163.36

Reval
Reserve]/Share
(Rs.)

Book Value [Incl. 287.40 245.35 213.25 179.96 168.08

Reval

21
Reserve]/Share
(Rs.)

Dividend/Share 8.00 5.00 2.00 0.00 1.00

(Rs.)

Operating 156.41 124.28 114.38 115.54 98.34

Revenue / Share
(Rs.)

Net Profit/Share 45.67 33.58 23.41 12.25 5.22

(Rs.)

KEY
PERFORMANCE
RATIOS

ROCE (%) 3.27 2.92 3.10 2.67 2.52

CASA (%) 45.83 48.69 46.28 45.11 49.61

Net Profit Margin 29.20 27.02 20.46 10.60 5.30

(%)

Operating Profit 11.04 5.58 -3.50 -11.38 -17.58

Margin (%)

Return on Assets 2.01 1.65 1.31 0.72 0.34

(%)

Return on Equity / 16.13 13.94 11.21 6.99 3.19

Networth (%)

Net Interest Margin 3.92 3.36 3.16 3.02 2.80

(X)

Cost to Income (%) 38.79 40.65 42.57 45.79 48.98

Interest 6.89 6.12 6.43 6.80 6.57

Income/Total
Assets (%)

Non-Interest 1.25 1.31 1.54 1.49 1.50

Income/Total
Assets (%)

22
 Operating 0.76 0.34 -0.22 -0.77 -1.15
Profit/Total Assets
(%)

Operating 2.07 1.89 1.75 1.96 1.87

Expenses/Total
Assets (%)

Interest 2.97 2.75 3.26 3.78 3.77

Expenses/Total
Assets (%)

VALUATION
RATIOS

Enterprise Value 1,844,265.53 1,619,193.56 1,380,175.57 1,108,657.40 1,037,532.15

(Rs. Cr)

EV Per Net Sales 16.88 18.75 17.44 14.82 16.36

(X)

Price To Book 3.10 3.03 2.78 1.85 2.44

Value (X)

Price To Sales (X) 5.61 5.88 5.08 2.81 4.06

Retention Ratios 89.09 94.06 100.00 100.00 71.30

(%)

Earnings Yield (X) 0.05 0.05 0.04 0.04 0.01

Source : Dion Global Solutions Limited

Comparative Analysis and Interpretation of Key Financial Ratios:

1. Earnings Per Share (EPS):

SBI: The EPS of SBI has shown consistent growth over the years, with a significant increase
from FY19 to FY20 and further growth in subsequent years.

HDFC Bank: HDFC Bank exhibits a consistent growth trend in EPS, reflecting the bank's
strong performance and profitability.

ICICI Bank: ICICI Bank's EPS has shown steady growth over the years, with a notable
increase in recent years, indicating improved profitability and financial performance.

23
 2. Return on Equity (ROE):

SBI: SBI's ROE has shown an increasing trend over the years, indicating efficient utilization
of shareholder equity to generate profits.

HDFC Bank: HDFC Bank maintains a consistently high ROE, reflecting its efficient
management of shareholder funds and strong profitability.

ICICI Bank: ICICI Bank's ROE has also demonstrated a positive trend over the years,
signaling improved profitability and effective use of equity capital.

3. Net Interest Margin (NIM):

SBI: SBI's NIM shows a relatively stable trend over the years, indicating consistent
management of interest income and expenses.

HDFC Bank: HDFC Bank's NIM remains consistently high, reflecting its ability to manage
interest rate spreads effectively.

ICICI Bank: ICICI Bank's NIM has shown a slight fluctuation but remains at healthy levels,
indicating effective management of interest income and expenses.

Return on Assets (ROA):

SBI: SBI's ROA has demonstrated a positive trend over the years, indicating effective
utilization of assets to generate profits.

HDFC Bank: HDFC Bank maintains a consistently high ROA, reflecting its efficient asset
utilization and profitability.

ICICI Bank: ICICI Bank's ROA has also shown improvement over the years, indicating
enhanced operational efficiency and profitability.

Return on Investment (ROI):

24
SBI: The ROCE (Return on Capital Employed) for SBI ranges from 0.00% to 1.79% over the
past five years.

HDFC Bank: The ROCE for HDFC Bank ranges from 2.97% to 3.42% over the same period.

ICICI Bank: The ROCE for ICICI Bank ranges from 2.52% to 3.27%.

Interpretation: HDFC Bank and ICICI Bank consistently show higher ROCE compared to
SBI, indicating better utilization of capital to generate profits.

Dividend per Share (DPS):

SBI: SBI has steadily increased its DPS over the years, reaching Rs. 11.30 in the latest fiscal
year.

HDFC Bank: HDFC Bank's DPS has also increased over time, reaching Rs. 19.00 in the
latest fiscal year.

ICICI Bank: ICICI Bank's DPS has varied but generally increased, reaching Rs. 8.00 in the
latest fiscal year.

Interpretation: Both HDFC Bank and ICICI Bank have higher DPS compared to SBI,
indicating better dividend payouts to shareholders.

Dividend Payout Ratio:

SBI: SBI's dividend payout ratio is not provided but can be calculated as DPS / EPS.

HDFC Bank: The dividend payout ratio for HDFC Bank is 23.92% (19.00 / 79.05) in the
latest fiscal year.

ICICI Bank: The dividend payout ratio for ICICI Bank is 17.53% (8.00 / 45.67) in the latest
fiscal year.

Interpretation: HDFC Bank has a higher dividend payout ratio compared to ICICI Bank,
indicating that a larger portion of its earnings is distributed to shareholders as dividends.

Dividend Yield:

SBI: Dividend yield is not provided but can be calculated as DPS / Stock Price.

25
HDFC Bank: The dividend yield for HDFC Bank is not provided but can be calculated
similarly.

ICICI Bank: The dividend yield for ICICI Bank is not provided but can be calculated
similarly.

Interpretation: Dividend yield depends on both DPS and stock price, and it helps investors
assess the return they receive from dividends relative to the stock price.

Price-Earnings (P/E) Ratio:

SBI: P/E ratio is not provided but can be calculated as Stock Price / EPS.

HDFC Bank: The P/E ratio for HDFC Bank is 34.55 (as of March 2023).

ICICI Bank: The P/E ratio for ICICI Bank is 40.78 (as of March 2023).

Interpretation: P/E ratio indicates the valuation of a company's stock relative to its earnings. A
higher P/E ratio suggests that investors are willing to pay more for each unit of earnings,
reflecting higher growth expectations.

4. Performance Ratios:
Return on Capital Employed (ROCE) has shown a slight decrease from 3.34% in MAR 19 to
2.97% in MAR 23.
Customer Accounts Savings Account (CASA) percentage has fluctuated but shows a general
decreasing trend.
Net Profit Margin has seen fluctuations over the years, with a slight increase from 21.29% in
MAR 19 to 27.29% in MAR 23.

Overall, all three banks demonstrate positive trends in key financial ratios, reflecting their
strong performance, profitability, and efficient management practices. However, HDFC Bank
and ICICI Bank exhibit higher valuations compared to SBI, reflecting market confidence in
their growth prospects and financial strength

Q1. Age
26
 Figure 1

Interpretation – From the following information, most of the respondents are

under the age group of Up to 25 comprising of 97.6%. And 25 to 30 aged people
are less than the 25 aged people.

Q2. Gender

Figure 2

Interpretation – From the following information, male and female both are
different respondents are Female 0f 64.3% and Male 35.7%.

27
Q3. Qualification

Figure 3

Interpretation –From the following information, most of the respondents are

highest respondents on master's degree (PG) 66.7% and lowest respondents on
PHD.

Q4. Occupation

28
 Figure 4

Interpretation –Majority of respondents are students comparing of 81% then

employee 14.3%, businessman 0% & Professional 4.8%. the most of
respondents are students.

Q5. How would you describe your overall investment strategy in the banking sector?

Figure 5

Interpretation – show there are investment strategies in the banking sector in Balanced

People are highest 57.1% and lowest Conservative 7.1%.

29
Q6. What factors influenced your decision to invest in the banking sector?

Figure 6

Interpretation –shows the major decision to invest in the banking sector in Stable
dividend payouts in highest 40.5% and that lowest in banking sector None of the above on
that 4.3%.

Q7. How do you assess the risk associated with your equity investments in the
banking sector?

Figure 7

Interpretation – show that inequity investments in the banking sector that both are equal
of investments to assess that risk Analyze financial ratios 26.2% and consider economic and
market conditions 26.2%.

30
Q8. What specific banking stocks or financial instruments are you currently invested
in, if any?

Figure 8

Interpretation – show that in banking stocks or financial instruments are you currently
invested in Private banking sector 33.3% and lowest bank and not disclose that instrument.

Q9. How do you stay informed about developments in the banking sector that may
impact your investments?

Figure 9

Interpretation – show that most respondents on all the above in there informed about
developments in the banking sector that may impact your investments and that factor
Research reports are 28.6%.

31
Q10. What role do dividend yields play in your decision-making process when
selecting banking stocks?

Figure 10

Interpretation –show that in your decision-making process when selecting banking stocks
are responsible for Considered but not decisive 38.1% and that not a significant consideration
26.2%.

Q11. How do you evaluate a bank's management team when making investment
decisions in the banking sector?

Figure 11

Interpretation – shows that they evaluate a bank's management team in Assessing

leadership experience 28.6% and that factor they investment decisions Considering past
performance 23.8%.

32
Q12. Are you more inclined to invest in large, established banks or smaller, emerging
financial institutions?

Figure 12

Interpretation –shows that only 28.6% more inclined to invest in large and that 14,3% are
not applicable to small emerging financial institutions.

Q13. How do you factor in regulatory changes and compliance issues when evaluating
banking stocks for investment?

Figure 13

Interpretation – show that only 42.9% regulatory changes to Considered but not a
primary focus and people Not a significant consideration to evaluating banking stocks for
investment to 16.7% and not sure in banking sector.

33
Q14. In your investment strategy, how much weight do you give to macroeconomic
factors affecting the banking sector?

Figure 14

Interpretation – show that weight of Moderate importance in macroeconomic factors

affecting the banking sector in 40.5% and that middle High importance 38.1%

Q15. What is your typical investment horizon for banking sector stocks?

Figure 15

Interpretation – show that typical investment horizon for banking sector stocks Long-
term (more than 3 year) 33.3% taking long term period in stocks sector.

34
 Findings

• There were (40.5%) people investing in the banking sector.

• Most of the people assess the risk in investments in equity banking sector.

• Majority (33.3%) are instruments currently invested.

• Majority (33.3%) are people developments in banking sector in impact of investments.

• Majority (38,1%) are dividend in there making process of selecting banking sector.

• Majority (28.6%) are evaluated in assessing leadership experience.

• Majority (31%) awe on depending on circumstance.

• Majority (42.9%) are considered but not primary focus.

• Majority (40.5%) moderate importance banking sector.

• Majority (33.3%) long term (more than 3 years) investment Horizen banking sector.

35
• Majority (40.5%) adapt investment hold steady, regardless of rate changes.

• Majority (42.9%) invested in moderate consideration invest in banks equity.

• Majority (31%) rearview credit ratings financial health making an equity investment.

• Majority (40.5%) mix of both buy and hold strategy for banking sector.

• Majority (47.6%) work closely with a financial advisor geopolitical banking sector.

SUGGESTION AND RECOMMENDATION

 Individual should analyze company's financial position before taking a decision to

buy the stock
 Investors should focus on fundamental analysis for taking a long-term position in the
stock.
 Moreover, sector and industry analysis are important before taking any call.
 Avoid taking positions without complete knowledge of the industry or stock.

 Consider the industry and economic conditions: Analize the status of the industry and
industrial sector to identify economic and industry-specific factors influencing share
prices. This will help in identifying shares that fit individual expectations.
 Assess risk associated with equity investments: Evaluate the risk associated with equity
investments in the banking sector by focusing on historical performance, analysing
financial ratios, considering economic and market conditions, or combining all these
factors for a comprehensive risk assessment.

36
  Utilize financial ratios: Use financial ratios such as Return on Investment (ROI), Return on
Equity, and Earnings per Share (EPS) to evaluate the performance and profitability of the
company. Compare these ratios with similar firms in the industry for a better
understanding.
 Consider infrastructure facilities: Evaluate the impact of infrastructure facilities on the
stock market. Factors such as communication systems, power supply, and sound banking
and financial sectors can influence the growth and performance of companies in the equity
market.
 Fundamental analysis, a key component of security analysis, focuses on examining
the economic, industry, and company conditions to determine the value of a
company's stock. This includes studying financial statements, such as the balance
sheet and profit and loss account, to assess the company's financial position,
profitability, and growth potential. Additionally, fundamental analysis considers
economic, political, and environmental factors that could influence the stock's future
price movements.

 Overall, security analysis plays a vital role in providing investors with the necessary
information to make informed decisions about equity share investments. It helps in
identifying undervalued or overvalued stocks, assessing the risks associated with the
investment, and determining the potential for capital appreciation and dividend
income
CONCLUSION

India being an emerging and hot spot for all investor will quite attractively returns. Moreover,
past records prove it correct that long-term holding in equity is always a worthwhile
investment option and will bring quite a lot of higher returns.

Presently this is an enjoyable time to invest as the market has corrected a lot in the past 3
months and the banking sector is no doubt presently in problem due to the issue of
provisioning and NPA. But certainly, it will deliver returns overall. As this is a sector which
bridges the gap between the saving surplus group and saving deficit group. And being the
blood of economy will remain bullish.

37
It reveals that the banking sector in India has made considerable progress in all financial
indicators of performance measurement during the post liberalization period. The deposits of
the banking system have been increased all over the time.

The most of public sector banks failed to fulfil the priority sector target in 2022-
2023.Though international banks performed better overall than domestic banks, data revealed
that certain foreign banks also failed to fulfil the priority sector lending target.

REFERENCE

BIBLIOGRAPHY

 A1 Rajoub, S.A.M. 2009.Business cycles, financial crises and stock volatility in

Jordan Stock Exchange, Social Science Electronic Publishing 31(1): 127-
32.doi:10.2139/ssrn.1461819.

 Singh, S.&Makkar, A. (2014) Relationship between crisis and stock volatility:

Evidence from Indian Banking Sector. UP Journal of Applied Finance,20(2),75.

38
  Tripathi V and Ghosh (2012) interest rate sensitivity of banking stock returns in India.
International Journal of Financial Management (ISSN:2229-5690) Vol,2,10-20

 Narayan.P.K, Naarayan's, and Singh (2014). The determinants of stock prices:

Evidence from the Indian Banking Sector, Emerging trade, and Finance, 50(2), 5-15.

Webliography

https://www.eurchembull.com/uploads/paper/ba8f3cf52b6e7892677d170960f8d38f.pdf

https://www.researchgate.net/publication/
359920267_EQUITY_RESEARCH_ANALYSIS_OF_SELECTED_PUBLIC_SECTOR_BA
NKS

https://ijrjournal.com/index.php/ijr/article/view/646

39
https://onlinelibrary.wiley.com/doi/abs/10.1002/pa.2838

https://thefinancialbrand.com/46320/big-data-advanced-analytics-banking/

https://www.karvy.com/

https://www.jbef.org/industry/banking-india.aspx

https://www.statista.com/statistics/723023/india-direct-equity-value-in-individual-

APPENDIX

DEAR respondent,

I am a student of MBA, is conducting research on “Study on equity research in relation

with banking sector”. I would be extremely thankful if you spare some time to answer the
following questions. All the facts disclosed by you will be used for academic purposes only.

1. Name____________________

2. Age.

a. Below 18

40
 b. 18-25
c. 25-30
d. Above 40

3.Gender.

a. Female
b. Male
c. Maybe

4.Qualification

a. High school
b. Bachelor's degree (UG)
c. Master's degree (PG)
d. PHD

5.Occupation

a. Student
b. Employee
c. Businessman
d. Professional

6. How would you describe your overall investment strategy in the banking sector?

a. Aggressive

b. Balanced

c. Conservative

d. Not invested

7. What factors influenced your decision to invest in the banking sector?

a. Potential for high returns

b. Stable dividend payouts

c. Diversification of your portfolio

41
 d. None of the above

8. How do you assess the risk associated with your equity investments in the banking sector?

a. Focus on historical performance

b. Analyze financial ratios

c. Consider economic and market conditions

d. All the above

9. What specific banking stocks or financial instruments are you currently invested in, if
any?

a. Private banking sector

b. public banking sector

c. Not invested in banking sector

d. Prefer not to disclose

10. How do you stay informed about developments in the banking sector that may impact on
your investments?

a. financial news outlets

b. Research reports

c. Professional financial advisors

d. All the above

11. What role do dividend yields play in your decision-making process when selecting
banking stocks?

a. Crucial factor

b. Considered but not decisive

c. Not a significant consideration

d. Not applicable

42
12. How do you evaluate a bank's management team when making investment decisions in
the banking sector?

a. Assessing leadership experience

b. Reviewing executive compensation

c. Considering past performance

d. All the above

13 Are you more inclined to invest in large, established banks or smaller, emerging financial
institutions?

a. Large, established banks

b. Smaller, emerging financial institutions

c. Both, depending on circumstances

d. Not applicable

14. How do you factor in regulatory changes and compliance issues when evaluating
banking stocks for investment?

a. Integral part of analysis

b. Considered but not a primary focus

c. Not a significant consideration

d. Not sure

15. In your investment strategy, how much weight do you give to macroeconomic factors
affecting the banking sector?

a. High importance

b. Moderate importance

c. Low importance

d. Not considered

43