Citibank India: Expatriate Indian Programme

Mr. Jerry Rao, chief executive officer of Citibank India was to meet his senior colleagues at 11.00 AM. It was a warm day in April, 1992. The agenda of the meeting include the discussion on the strategic direction for the Citibank expatriate Indian Programme (CEIP). CEIP over the years had become a major activity for Citibank in India. Jerry Rao, had just finished reading two different plans submitted by its two Vice president. The two extracts mentioned earlier summed up the focus of each plan. There were two alternative direction for CEIP to trace would one lead to greater success than other? Or was there another path? These questions were being raised within six year of CEIP existence. Jerry Rao‟s task was difficult. Both the plan had their merits. These were prepared by two talented Vice-President of Citibank. Both with the best interest of the bank at heart and both of them had strived to make success possible. Both could be right, in their own ways. TRAILER (A LOOK AT PHILOSOPHY) It is not out of context that Jerry Rao, the CEO of Citibank in India and head of the consumer service bank told his senior colleagues, “In every country where we operate, we operate as a local bank. So we‟re at home there, but also because of that very nature of ours, we are at home nowhere; which also gives us the international flavour totally. I can‟t think of any other institution which has this paradoxical combination of international and localism so heartily brought out and so successfully emphasised. That is what makes Citibanking different from just banking.” The quote was not lost on Subank Warkar, the head of CEIP. He was recovering from six months of gruelling world travel, pushing two messages – „India was a great place to invest in‟ and „Citibank was the ideal bank to invest through.‟ Within 15 days of the Indian Government‟s new budget for 1992, CEIP executives had met with the Prime Minister, finance Minister, commerce minister and a whole cross section of bureaucrats, technocrats, etc; video-taped their views and exposed it to non-resident Indian (NRI) audiences from Sydney across to Los Angeles. The message was clear that India was a tiger uncaging, ready to join the world. Three months later came the next move. Citibank was celebrating its 90th anniversary in Asia. Its plans, aims, aspirations presented by its seniors managers in Asia-pacific were again

packaged as part of a video presentation. And once again the executives hit the trail, exceeding a billion US dollars. They were second only to the State Bank of India who had embarked on the FCNR* programme somewhere in 1970, as they claim proudly. The quote was not lost on Ravi Sood the head of Citibank local markets (CLM) who had performed in an equally complicated area, but for resident Indians. His aggressive “Citimotor‟ an automobile purchase programme, was financing every second Maruti car on the Indian roads. The executive missing from the troika was Arun Deb, the head of the credit card division of Citibank. He was currently chasing the 220, 000 CIF number (i.e. cards in force). He was away in Singapore negotiating a deal with Visa International to launch an international foreign currency card through India. this was a result of the recent liberalisation programme of the government. Citibank wanted to be, “as usual,” the first in the fray. Privately, it was heard, that he used to muse, “We seem to follow the ready, fire and aim school of business.” To underscore a point, not bad philosophy at all for a part** of a bank, that set up shop in 1985. But its roots go back 90 years. Bank Building An Enviable Record Citibank, the global bank from the US completed 90 years in India in 1992. It had all along accepted India‟s placed in the regional as well as the global economy. This recognition could be attested from the fact that the bank‟s first branch in India in Calcutta was opened in 1902, simultaneously with the opening of branches in London, Tokyo, Shanghai and Singapore. While there were 1200 Citibank branches scattered across Asia, Citibank India had six. Hence 90 years down the road, the bank was permitted only this marginal increase in brick and mortar. The bank had encashed its expectations and over the past 90 years had lived up to two of its characteristics wherever it operated. Firstly, it was occupying the premium position in the banking industry of the country and was making Citibank feel proud in working for the bank and its customers feel prestigious to bank with Citibank. Secondly, it was getting well-

Consumer Banking The consumer bank. had grown phenomenally from Rs 490 crore in the 1986 to Rs 2642 crore by March 1992. Therefore. the customer should be dependent less on the banking and financial institution and more on going to the market. However. . said Mr. Second. The deposit. it had a 10% share of the foreign exchange market in the country and 15% share of the security trading. was A S Thiyagarajan. the biggest manager of fiduciary portfolio funds and a leading player in the money market. Citibank was the first to convert this into a product offering called unfixed deposit. The bank moved 2% of India total cash flow every day. the involvement was attested by the fact that the bank only with the six branches. particularly in the first 5 years. it served many multinational corporations in India. In the coming days the theme of everyone is going to the market‟. It was known to all banks that it was possible to give loans to customers against their fixed deposit.integrated into the ethos and economic of the country where it operated. in both cases Citibank appear to be quite successful in India. in foreign exchange business and fund management. It had a specific target – the upper segment and the fast growing upwardly mobile middle class. perceived as a foresighted thinker. and these is where Citibank will be able to help them. Citibank in 1991 emerged as the foreign bank with the largest deposit and earning the highest profit. Also. headed by Jerry Rao came into being only around 1985. A name which soon assumed generic status. at the beginning anniversary in 1992. who was rated by his peers as one of those rare bankers with great marketing acumen. Rao. Citibank had been misappropriate involvement in several ways in banking activities compare with the size of the bank. was today the second largest mobilise of NRI deposit among all the banks in India. Citibank held about 1% of the Indian banking system deposit. This was because Rao. saw the opportunity before anyone else could. He was recently quoted in the national phase less and less money will be coming into banking system and more money will be going into the market. It was India‟ 3rd largest software exporter. The head of the corporate bank.

And of course cars. and 1 million in the upscale segment. Citibank differentiates its fixed deposit again by maintaining customer deposit in units of Rs 1000 called a „multi-deposit‟. In fact. it was reckoned that there were 20 million households in the middle market. the customer did not have to beg for it! India was also becoming one of the biggest markets for two-wheelers. He ensured that the automatic teller machines did not merely mean automatic cash disbursal but they were perceives as ‟24 hour banking‟ and so on.Citibank Corporate Bank Head A S Thiyagarajan Retail Consumer Bank (Head Jerry Rao) H Corporate Expatriate Indian Programme Citibank Local Market (CLM) Credit Card Division Exhibit-1 Organisation Structure of Citibank India (1992) And when this product was copied by another bank. A loan which was given gently and gracefully. buy later‟ Statistically. „buy now. t be exploited was: “a bank that would go to customers‟ and not vice versa. the great opportunity he saw. the Maruti . This was also one of the innovative solutions to expand bank‟s rich.2). This segment was ripe for marketing a loan. i. given the regulatory constraints on expanding the bank‟s branch network. you could make loans since you did not have enough branches for deposits. He foresaw that since the late „70s the habits of the Indian consumer were changing. with annual growth rates of around 25% (Exhibit 8.e. refrigerators and TVs. pay later‟ was overtaking „save now. This allowed customers greater liquidity which was made possible through Citibank‟s technological edge.

(No.(Suzuki) was in. Customers snapped up the offerings. Scooter. TV.Consumer Durables Market in India   Wheels: This product was similar to the above. etc. These dealers were responsible for receiving and processing applications according to the credit guidelines set up by the bank. of Units) Early 80s TV Two – wheelers Cars Refrigerators VCRs Washing Machine A lakh is equal to one hundred thousand. whose employees availed these loans. The customer and product were available.2 lakh .5 lakh 1. administered through the payrolls of the companies around the country. Easy Buys: This was a loan programme for the purchase of consumer durables such as refrigerators.2 lakh Nil Nil 1989 60 lakh 20 lakh 160000 96. A roll-call of products show how each segment was tapped:  Citi Motor: Loans for the purchase of cars (Marutis.  Credit Worthy: This Scheme offered loans for professionals and self employed people. all that separated them was an easy loan.3 lakh 16 lakh 10. Exhibit -2. This product was managed with the help of an extensive dealer network. The loans were also offered for purchases of second hand cars. except that it offered loans for the purchase of two-wheelers. 1. The portfolio of products kept on increasing as the availability of opportunities presented themselves. Premiers and Ambassadors).5 lakh 40000 3.

was CEIP. compared to 56 of ANZ Grindlay. 20 strong NRI branch network and the result had not been unflattering. over a period of tome had been tapped by the parent bank to man its global operations. It was the first among all Indian banks to systematically cater to NRIs and enable them to intimately play their due role in the economic development of their country. It pioneered in mid 1960s. the second. The Path Breaker The Bank had aimed to be a path breaker in its operations wherever it operated and india was no exception. 24 of Started Chartered . It went to management institutes to recruits its future executives. It also fitted neatly with the limitation of Citibank‟s own branch network in India – which due to government restriction was at 6. The bank‟s software subsidiary was today the biggest exporter of bank oriented computer software. Many Indians were now heading bank operation in other countries. These executives. about the wealth of cverseas Indians and that all it required was a tap. Citibank had 14 NRI centers across the globe where there were cluster of expatriate Indian and six branches in India. This was part one of jerry rao‟s game plan of what he called “marketing money like soaps and toothpaste”. Rao recognized the powerful potential of this thought.  Citihome: Citihome scheme offered customers loan between 2. It had. Citibank india had now become the biggest exporter of high caliber manpower which was used in other banks. Mediquip: These loans were offered for the purchase of medical equipment by doctors and clinics. INITIAL THINKING G S (Rana) Talwar. knowing the country‟s need to mobilize NRI (NON RESIDANT IN INDIAN) DEPOSITS. RIDING IN (CITIBANK EXPATIATE INDIAN PROGRAMME) It was Citibank‟s conscious decision to reach for NRIs. among the foreign banks recruitment of Indians to managerial positions. the third was setting up of the credit card business. so to say.5 and 15 lakh for the purchase of both under construction and ready properties in six metro areas. the head of Citibank‟s consumer operation across the Asia-pacific zone (headquartered in Singapore) was musing at a meeting with jerry roy.

(Exhibit 8. there were 40 banks already offering this product to NRIs. mainly financial.3) and which consequently hampered City‟s ability to mobilize domestic deposits.and 20 of Hongkong Bank. good banking practice tries to match the loan given and deposits taken-mismatches are unpredictable and cause problems. i. The RBI‟s (Reserve Bank of India) FCNR-(Foreign currency non-resident) scheme had been available to banks from the early 1970s and by 1986.e to borrow money from the market to lend it at a higher rate. whereas CEIP went out to the customer and got him to invest in India. A careful study of their methods revealed: Banks Nationalized Banks Positioning Statement Nationalized bank providing international banking services Foreign Banks Personal bankers with higher customer responsiveness This bank essentially waited for the customer to bring in the deposits. While Feasible. BANK Grindlays Citibank Started Chartered Bank of America Hongkong Bank American Express No of Branches 56 6 24 4 20 3 Exhibit-3 Foreign Bank Branches in India (Major Multinational Bank) Access to the money market would be yet an unprofitable route. Here was an opportunity waiting to happen! .

12 million NRIs across the world with an estimated wealth of US$ 300 billion and an annual saving potential of US$ 45 billion. though whoever took the offer would be accepted. Hence targeting at the recently gone-abroad Indian charted accounted and tapping this remittance was easier than the Indian Whose father had immigrated twenty years ago. and of course. as decided by the Reserve Bank of India.The arithmetic looked good. Every bank could offer the NRIs an assured rate between 0. That was to say that the amount expatriate Indian was willing to invest in the country was inversely proportional to the time when they left it. The product did not look too hot however. Here was a product whose form and price was fixed. Aiming for a market share of 2. almost like Henry Ford said . the government bore the FX* risk. These were rate superior to what the NRI could get in his country of residence. This was the sweetener. Many carefully planned research studies were conducted to find out if NRIs were the same the world over and Rao drew what he called an „affinity index‟. Strategically.5-1. Ever bank had the opportunity to market the same potato.00% above LIBOR* on deposits placed in Indian. The bank wanted a nice Friendly image to start with. it was decided to target the top 10% of the customer base rather than everyone.5% would deliver more than US $ 1 billion.

“We will go to town!” IT’S WAR (MARKETING STRATEGY) Strategy Citibank had a defined mission: “To be the best bank offering superior service for the expatriate Indian target market and to be the second largest in the market place within 5 years.High GULF SAUDI UK Medium E Afrika USA SE Asia S Africa Low Caribbean Fiji Far East Canada USA Australia Australia New Zealend Pre-Independence Late 40s to mid-70s Mid 70s to present Historical of Migration Exhibit 8.4 NRI Affinity Grid “The customer can choose any color long as it is black. And with these two.” . the idea was to mass-sell. how? Therefore the only two variables in marketing armory of CEIP were distribution and promotion. But . they said.” Like Ford.” They had a defined target group: “The top 10% of the NRI households in a particular territory.

Hence in 70 locations where they was a sizable portion of non-resident Indians. In distribution terms. John Reed had set into motion the world‟s largest consumer bank. They were the „Distance Gap‟. Business Head Region Head Asia Region Head (EMEA) Region Head America Singapore Hong kong Jakarta Sydney Manila Dubai Sharjah Al-Ain Abu-Dhabi Muscat Bahrain London New York Houston Chicago Los-Angeles Toronto Exhibit-5 Overseas network of Citibank Expatriate Indian Programme (CEIP) . A time bound pound plan place was put into effect to position Indian Officers and staff at various location to cater to NRIs. there were three gaint pieces in the jigsaw puzzle. the distance between the bank had arrived on the customers‟ shore. It had 3500 branches across the globe.Also. conceptually as Rao saw it. this was an opportunity to turn the tables on competition. Citicorp. and the „Historicity Gap‟. Gaps‟ as he called them. the parent body was America‟s biggest bank whose chairman. This was the level to move the world if you stood in India. the „Information Gap‟.

More than that. personally. e. i. Close scrutiny of the fixed deposit reveled that if the depositor wanted the small portion of the deposit for some urgent need. made the procedure complicated and bureaucratic. Pound Sterling.9 the differential between the interest rate of offered under the FCNR scheme and interest LIBOR rates. The next gap to be filled was the „information gap‟. This automatically doubled the availability of flow double the number of customer. . etc.Which was a bank deposit. ad not what the customer wanted to perceived. they merely kept the product as the product was envisaged. Deutsche Mark. by simply accepting the money in Singapore and sapping them in to any of the currencies under the RBI‟s FCNR programme.g. Here at least was a bank that could speak the same language as the NRI. the entire deposit had to be broke. Bank marketing the NRI programme prior to Citibank were blissfully unaware of the communication need of the customer. Yen and then Rupee. New Zealand Dollar. The one created by the affinity index! Since the customer was distant from his country. Deutsche Mark.e. high returns on their money.This person from Citibank India was called „person account manager‟. the idea was to make him feel comfortable and emotionally reattached to the country of his birth. CEIP merely kept each deposit in unit of $1000 (or similar for other currencies). entailing a loss. viz. The last gap was the „historicity gap‟. The NRI could talk to them to face to face and get answers to this question. CEIP added a few more currencies. Exhibit 8. so that the customer merely withdrew in unit of 1000 and the rest of the fixed deposit continued to earn interest.6 to exhibit 8. each deposit was actually many deposit of $1000. pound Sterling. The needed amount retrieved and the balance re-booked as a frees deposit. They communicated what they wanted to say and not what the customer wanted to here. This person should feel good about India and only than would he invest Product The government offered higher rate of interest in 5 currencies – US Dollars. i. ECU.e. dollar. Japanese Yen. Swiss Franc. And of course be sold across the table.

Australian Dollars and new Zealand dollars. and through the ethnic media in the USA. This deposit was kept in units of USD 1000 .Research with customer. to open a new account. Multicurrency: Citibank offered an option to the depositor to invest in currencies like ECU. CEIP had built up the finest database if orisoect and customer NRI‟s across the world. Hence CEIP tied up with the biggest insurance outfit in the Middle East of offer insurance-linked deposit Eventually. . to give their suggestions. This account was maintained in one of the branches in India.000. through radio and TV. Canadian Dollars. So the customer would get the proceeds back in his /her country of residence or choice. to meet the depositor‟s banking needs at home. direct mail was used. especially in the Middle East reveled that life insurance was not rapidly available. Citisave: A savings account in India. On maturity the FCNR currency would be swapped back in the original currency. over time. to find out what they think about the personal account manager…The idea was. Where these were not available. contact with the customers. Swiss Franc. Promotion: These products were launched through the available mass media in the middle east like the khaleej times Dubai‟s leading paper. Customers. In fact. the same brown potato available to all banks became a series of culinary delightes and branded to wit! Citistar: Citistar was a fixed deposite scheme with high liquidity. pound sterling 100. Each personal account manager‟s location – which initially started as a “table and chair operation” had literature and posters available. „citi-india‟ rarely carried any promotional material from Citibank expect the name. rather it aimed at giving cultural value. DM 1000 and Japanese Yen 100. prospective and current were reached once a month for a variety of purposes by direct mail. Each customer got a statement of account every quarter and with it a magazine specially created for NIRs – „Citi-India‟. The bank then swapped these currencies in any one of the FCNR currencies and placed it under the FCNR put in more deposits.

the back end could not keep up with the cash flowing in from the front end. with the first prize being cash deposit of $25. The capacity to process was run. For example.And finally.000. associated with the Gulf crisis sparked off another crisis in CEIP. Consumer promotion schemes were also introduced. the personal account managers were motivated by a series of sales contests. It also made the depositor eligible for a sweepstake. in one of their schemes CITI‟90. i. „Golden Gloves‟. The scheme was the highest incentive given by any bank for an FCNR account. A $90 gift amounted to an additional interest of 36 basis points. Contests which matched the growing sales in hype if not always in cash! The contest came with appropriately romantic names such as „The Great Achiever‟. After success! (Results) By 1990. This resulted in major customer complaints: . „Space Odyssey‟ and „It‟s War‟.000 in the FCNR account. The scheme was profitable despite the apparent high cost. the numbers looked as follows Bank SBI Citibank Bank of Baroda Canara Bank Central Bank of India Grind lays Others Market Share of NRI Deposits 20% 15% 12% 10% 7% 5% 31% The sharp increase in NRI deposits in 1990. Citibank collected more than $50 million in the United States and $100 million worldwide.e. where possible. Under the offering. Citibank India gave $90 for any deposit of more than $25.

in fact appeared to spur the business on. All these signs of confusion led to a number of enraged customers. According to the insiders. The entire back end operation was cleaned out. Deposits per branch: Major Multinational Banks(1989-90) 350 300 250 200 Rs. They could offer and clone whatever CE IP had and make a better offer-partly because they had a smaller number of customers. In Crore 150 100 50 0 Grindlays Citi American Express Hongkong Standard Chartered Bank of America . new processes put in place and within seven months the division had bounced back to top service levels. competitive offerings and service problems. other foreign banks scenting blood moved into the fray. mistakes in address and non answering of queries. funds applied wrongly. far from affecting the aggressive spirit of CEIP.deposit receipts not issued. All this point of time.

In Crore 20 10 0 Grindlays Citi American Express Hongkong Standard Chartered Bank of America Deposits from Public: Major Multinational Banks(1989-90) 1400 1200 1000 800 600 400 200 0 Grindlays Citi American Express Hongkong Standard Chartered Bank of America Fixed Savings Current .Income per Branch: Major Multinational Banks(1989-90) 60 50 40 30 Rs.

Further. it was the opposite. there were editorials and articles in the leading financial newspapers of the country on further liberalization of gold import through NRIs. Liberalization had ushered in partial convertibility of the Rupee. The fruits of learning were felt to be sweet. It offered a single product – a fixed deposit. Interest rate decontrol had started. In Lakh The bank was aggressively pushing India and selling itself-the six months of customer problems had been digested and lessons learnt. One of the . As a post script. This would have inevitably affected the FCNR programme. At CEIP however.Advances Per Employee: Major Multinational Banks(1989-90) 200 180 160 140 120 100 80 60 40 20 0 Grindlays Citi American Express Hongkong Standard Chartered Bank of America Rs. The new government‟s policies were making India a better and more attractive place to invest in. was a dreadful year for the Indian economy. with full conversion anticipated to follow in a year down the line. This freed up the mystique of the Dollar and as the country‟s balance sheet firmed up. the RBI allowed NRIs and returning Indians to import up to 5 kg of gold per passenger. its need for expansive funding kept going down. the government had already made signs that they will not bear FX risk. pointing out to full responsibility for such risk with the banks. More NRI‟s withdrew their money. In a recent announcement. SIGNS OF THE TIMES(Future Concerns) In six years the CEIP had more than 1 billion Dollars in deposits and more than 60000 customers. the year 1991.

More decontrol and greatest NRI interest in the stock market pointed to greater opportunities. etc. The bank had hoped that such a shift away from NRI deposits should be part of the government‟s prudent debt management strategy. such as high P/E ratios. It was estimated that the country‟s annual demand of gold was around 240 tonnes. These deposits have become an important but costly. the BSE Index had reached 4000 plus in March 1992. Country Inflows: FCNR and NRE Scheme 3000 2500 2000 1500 1000 500 0 1985-86 86-87 87-88 88-89 89-90 90-91 Rs. From a somnolent 1500 points in Dec 1991. It had pointed out that the contribution from the NRI foreign exchange deposits was to be modest. ”The World Bank has advised India to reduce on NRI programmes and rely more on alternative instruments with longer maturities and more predictable servicing profiles. like the bonds. About 60 tonnes of consumption was met through recycled gold. In crore Fiscal Year . while the annual production was only around 2 tonnes. exit policy. There were also serious risks. of which the NRI deposits were estimated at over USD 10 billion. A report in a leading financial daily stated. leaving a demand-supply gap of about 180 tonnes.suggestions was to issue gold bonds/gold certificates to be sold abroad to NRIs. share premia.4 billion. The World Bank‟s advice was partly attributed to its projection that the new NRI deposits would be negligible in the next two years rising by only USD 0.” The Indian stock market had been kicked alive. India‟s total debt was at USD 72 billion. The total volume of gold was estimated at about Rs 7500 crore every year. as well as a volatile source of external financing in the eighties.

said Dr Manmohan Singh and he meant it. The dam of opportunity was literally in ferment and lashing at the walls of conservatism.The increasing liberalization of the economy also saw the government relaxing restrictions on the expansion of foreign banks. What were the actual opportunities the times held? Were they real or imaginary? The question took Jerry Rao back to the beginning! . “India is on the move”.

Citibank has only six branches. Up to 90 years.e. Citihome. It was the first . the biggest manager of fiduciary portfolio funds and a leading player in the money market. Mediquip. The time has come for CEIP to redefine itself. It was getting well integrated into the ethos and economy of the country where it operated. After some time. For this the CEO of the Citibank discuss on the strategic direction for CEIP with their vice president. Citibank in 1991 emerged as the foreign bank with the largest deposits and earning the highest profits. Citibank appeared to be quite successful in India. There are some positive things happened in Citibank which leads to greater success. they lived with the two characteristics i. The first branch in India in Calcutta was opened in 1902. This involvement was attested by the fact that the bank with only six branches. They provide different type of loan for different product like Citi Motor. These ares. This lead to customer‟s greater liquidity. Citibank again differentiated its fixed deposit again by maintaining customer deposits in units of Rs 1000. After that opening of branches in London. CEIP(Citibank expatriate Indian Programme). In India. It was occupying the premium position in the banking industry where its customers feel prestigious to bank with Citibank. Tokyo. It has to become strong in strategically new direction of growth. It is now become the biggest exporter of high caliber manpower which was used in other banks. In both the case. Credit Worthy. was today the second largest mobiliser of NRI deposits among all the banks in India. They know that the automatic teller machines did not merely mean automatic cash disbursal but they were perceived as ‟24-hour banking‟. Shanghai and Singapore.e. they increased their deposits from Rs 490 crore in 1986 to Rs 2642 crore in March 1992. Easy Buys. They always follow the belief that-“A bank that would go to customers” and not vice. but Citibank was the first to convert this into a product. 1. Due to this improvement.Summary of the Case study: Background of the Case:Citibank started a new programme i. second in foreign exchange business and funds management. It was reckoned that they were 20 million households in the middle market. etc.aversa.It was possible to give the loan to customers against their fixed deposits. and 1 million in the upscale segment. 2.

They always believe that to provide best bank offering services for the expatriate Indian target market. So these entailing a loss for the customer. they achieved very good result in Market share of NRI deposits. The other bank essentially waited for the consumer to bring in the deposits. For this reason. Deposits per branch and Income per branch. Drawbacks: There are some drawbacks happened in the Citibank which affected the strategy direction.e.among all Indian banks to systematically cater to NRI and enable them to intimately play their due role in the economic development of their country. They provide best product to the customer so that they can achieve easily the more target group. These are. This will lead to received more number of the NRI deposits. The Khaleej Times. Citilife. the entire deposit had to be broken. fixed deposits. After all of the above things developing. but they offered only single product i. TV. the CEIP had more than 1 billion Dollars in deposits and more than 60000 customers. CEIP tied up with the biggest insurance outfit. and other ethnic media. This will helpful to achieve greater success.they only target the upper segment and the fast growing upwardly mobile middle class and only for the NRI deposits. they also develop new scheme for the customer like Citistar. In six years. So that they can not achieve more numbers of savings and current deposits. . Citisave and multicurrency. They also used better promotional tool for promoting their product like radio. In one scheme there was closed scrutiny of the fixed deposit revealed that if the depositor wanted a small portion of the deposit for some urgent need. while CEIP went out to the consumer and got him to invest in India.

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