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LIQUIDITY MANAGEMENT IN BANKS: THE CASH FLOW APPROACH - GENERAL KNOWLEDGE ISSUE
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the Indian banking system has not enforced the guidelines in total. but also examine how liquidity requirements are likely to evolve under different conditions. the following objectives are set forth: • To identify the liquidity risks faced by the banks.5/16/2012 • Posted by KO DAKKAL • View Discussions SHIV APRASAD LIQUIDITY MANAGEMENT IN BANKS: T . The study covers SBI's data for evaluation./liquidity-management-in. are with respect to various time horizons.. They lend for longer time periods. It can also be defined as the comprehensive ability of a bank to meet liabilities exactly when they fall due or when depositors want their money back. with the Reserve Bank of India (RBI) under Section 42 of the Reserve Bank of India Act. The relevant data have been collected from the published annual report of the bank for the period from 2000 to 2007. 2010 at 8 :59pm in HUMAN RESOURCES Liquidity Management in Banks: The Cash Flow Approach. Bank managements should measure. Liabilities of a Scheduled bank exclude: • Its paid-up capital and reserves • Loans taken from the RBI or IDBI or NABARD • The aggregate of the liabilities of a scheduled commercial bank to the State Bank or its subsidiary bank. Measuring and managing the liquidity needs are vital for effective operation of commercial banks. Thus. By assuring a bank's ability to meet its liabilities as they become due. taking into account movements in non-treasury assets and liabilities [fresh deposits.. This results in long-term interest rates typically exceeding short-term rates. Average daily balances mean the average of balances held at the close of business on each day of the fortnight. the incentive for banks for performing the function of financial intermediation is the difference between interest receipt and interest cost which is called the interest spread. (i. 2/11 . with liabilities greater than assets in short term. Liquidity has been defined as the ability of an institution to replace liability run off and fund asset growth promptly and at a reasonable price. Every scheduled bank is required to maintain with the Reserve Bank an average daily balance equal to least 3% of its net demand and time liabilities. the overwhelming concern of a bank is to maintain adequate liquidity. as lenders normally prefer a shorter time frame (liquidity preference). not only the liquidity positions of banks on an ongoing basis. the entire amount of interbank liability for the purpose of Section 42 is excluded and the net liability of a scheduled bank to the entire banking system. • Classification of assets and liabilities into different time buckets as per RBI guidelines issued for liquidity management in banks. and with assets greater than liabilities in the medium and long term. The Reserve Bank is empowered to increase the rate of Statutory Cash Reserve from 3% to 20% of the Net Demand and Time Liabilities (NDTL). Hence. maturing deposits (and maturing) and new term loans].. after deducting the balance maintained by it with all other banks from its gross liabilities to .. Hence. impact profitability adversely. which represent liquidity risk. therefore.. It is implicit. To achieve the main purpose. The banks have formed AssetLiability Committees (ALCO) as per the guidelines. however. This is a heart of the banking operations and distinguishes a bank from other entities. The rate of CRR in March 2007 was 6%. bank need to undertake periodic funds flow projections. DEVELOPMENT ARTICLES on March 9. Taking this as a base. liquidity management can reduce the probability of an adverse situation developing. 1934. Banks are in the business of maturity transformation.com/. This enables forward planning for Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) maintenance. • Analysis of liquidity risk through Cash Flow Approach Method. . In order to have effective liquidity management.ning. These mismatches. as borrowers normally prefer a longer time frame. Objectives and Methodology of the Study Though Basel Capital Accord and subsequent RBI guidelines have given a structure for Liquidity Management and Asset Liability Management (ALM) in banks.e. as liquidity shortfall in one institution can have repercussions on the entire system. Cash Reserve Ratio A scheduled bank is under the obligation to keep a cash reserve called the Statutory Cash Reserve. but these committees rarely meet to take decisions. Maintenance of superfluous liquidity will. any nationalized bank or a banking company or a cooperative bank or any financial institution notified by the Central Government in this behalf shall be reduced by the aggregate of the liabilities of all such banks and institutions to the concerned scheduled bank.. this research article attempts to find out the status of Liquidity Management in State Bank of India with the help of "Cash Flow Approach" methodology for controlling liquidity risk. that banks will have a mismatched balance sheet.. The importance of liquidity transcends individual institutions. But their liabilities are typically short term in nature...

requires every banking company to maintain in India in Cash. In addition to the above. Measuring and managing liquidity needs are vital for effective operation of commercial banks. RBI can enhance the stipulation of SLR (not exceeding 40%) and advise the banks to keep a large portion of the funds mobilized by them in liquid assets. equivalent to an amount which shall not at the close of the business on any day be less than 25% or such other percentage not exceeding 40% as the RBI may from time to time. Gold or Unencumbered Approved Securities or in the form of net balance in current accounts maintained in India by the bank with a nationalized bank. 3/11 . the next working day and ends on the following second Friday (Thursday or the previous working day if Friday is a holiday). subject to subsequent inflows/outflows. liquidity management can reduce the probability of an adverse situation developing. Analysis of liquidity risk involves the measurement of. It originates from the mismatches in the maturity pattern of assets and liabilities. banks can generally lend it at an average. Cash Flow Approach Model for Liquidity Risk Liquidity Risk Liquidity risk is the potential inability to meet the bank's liabilities as they become due. ifthere is an anticipated surplus. The NDTL statement in Form A is prescribed by the RBI.com/. Central Government Securities • State Government Securities • Treasury Bills. All banks have to maintain a certain portion of their deposits as SLR and have to invest that amount in these Government securities. of the total of its demand and time liabilities in India as on the last Friday of the second preceding fortnight. By assuring a bank's ability to meet its liabilities as they become due. These do not form part of the borrowing program of the Central Government. not only the liquidity position of the bank on an ongoing basis but also examining how funding requirements are likely to be affected under crisis scenarios. Based on the required CRR and SLR per day. the treasury department of the bank ensures that sufficient balance is maintained in the Reserve Bank (at its different branches).. Preliminary NDTL returns are due to the RBI in seven days of the close of a reporting fortnight. 1949. Conversely. These are issued by the RBI on behalf of the Government of India. i. Net funding requirements are determined by analyzing the bank's future cash flows based on assumptions of the future behavior of assets and liabilities that are classified into specified time buckets and then calculating the cumulative net flows over the time frame for liquidity assessment.. Improper maintenance of liquidity and CRR position by the fund manager may lead to either a default or an excess which does not earn any interest for the bank. which is known as SLR. The fund manager takes the summary of inflows and outflows and the net effect is added to/subtracted from the opening RBI balances.ning. either by auction or by floatation of fixed coupon loans. Successful functioning of the funds department depends mostly on the prompt collection of information from branches/other departments regarding the inflow and outflow of funds. Every reporting fortnight starts on a Saturday./liquidity-management-in. The fund manager calculates on a daily basis the RBI balances based on opening RBI balances and taking into account various inflows and outflows during the day. . an RBI balance of all the 14 days is arrived at.. for a shortfall. For instance. if it is a holiday... while final returns must reach in 21 days. Statutory Liquidity Ratio Section 24(2A) of Banking Regulation Act. It arises when banks are unable to generate cash to cope with a decline in deposits or increase in assets. on the opening day of the fortnight. The information should also be collected accurately and collated properly/correctly. The objective of maintaining a minimum balance with RBI is basically to ensure the liquidity and solvency of the scheduled banks. At present. Branches send their data to their Head Office. in lieu of the Central Government's market borrowing program. by notification in the Gazette of India. them) will be deemed to be its liabilities to the system... Treasury Bills of 91 days are issued for managing the temporary cash mismatches of the government. all Scheduled Commercial Banks are required to maintain a uniform SLR of 25% of the total of their demand and time liabilities in India as on the last Friday of the second preceding fortnight which is stipulated under Section 24 of the RBI Act. specify. . or. The Central Government borrows funds to finance its fiscal deficit. As a result. The term government securities include: • Government Dated Securities.5/16/2012 LIQUIDITY MANAGEMENT IN BANKS: T . funds available for credit would get reduced.e. By this method. 1949. The market borrowing of the Central Government is raised through the issue of dated securities and 364 days Treasury Bills. There is a fixed format in which branches send data to the CRR/SLRcell responsible for the RBI returns.. Government securities are sovereign securities. the bank may borrow the required amount in call/repo/Collatera lized Borrowings and Lending Obligations (CBLO) markets on a daily basis. particularly government and other approved securities.

The liquidity risk in banks manifest in different dimensions: • Funding Risk . Hence./liquidity-management-in..need to compensate for non-receipt of expected inflows of funds.e. as liquidity shortfall in one institution can have repercussions on the entire system. the ratios do not reveal the intrinsic liquidity profile of Indian banks which are operating generally in an illiquid market.. loans to core deposits. which are kept distinct from other investments made for complying with the Statutory Reserve Requirements and for retaining relationship with customers. adopted across the banking system are: loans to total assets. While liquidity ratios are the ideal indicators of liquidity of banks operating in developed financial markets. large liabilities (minus) temporary investments to earning assets (minus) temporary investments... loan losses/net loans. A Framework for Measuring and Managing Liquidity Measuring and managing liquidity needs are vital for effective operation of commercial banks.. For measuring and managing net funding requirements. Future cash flows are to be analyzed under "what if' scenarios so as to assess any significant positive/ negative liquidity swings that could occur on a day-to-day basis and under bank specific and general market crisis scenarios.ning. and • Call Risk . Liquidity measurement is quite a difficult task and can be measured through stock or cash flow approaches.. The maturity profile could be used for measuring the future cash flows of banks in different time buckets. the use of a maturity ladder and calculation of cumulative surplus or deficit of funds at selected maturity dates is adopted as a standard tool. especially given the rapidity of change in financial markets. • Time Risk . required to be shown under the respective maturity buckets.com/. etc. i. liquidity planning under alternative scenarios. 4/11 . Bank managements should measure not only the liquidity positions of banks on an ongoing basis.due to crystallization of contingent liabilities and inability to undertake profitable business opportunities when desirable. inter alia. etc. the extent to which maturing assets /liability will be renewed..which are generally treated as liquid may be distributed as under: • • • • • • • • 1 to 14 days 15 to 28 days 29 days and up to 3 months 3 months and up to 6 months 6 months and up to 1 year 1 year and up to 3 years 3 years and up to 5 years Above 5 years. other money market instruments. purchased funds to total assets. Thus. Experiences show that assets like government securities. The importance of liquidity transcends individual institutions. By assuring a bank's ability to meet its liabilities as they become due. Measuring and Managing Net Funding Requirements The first step towards liquidity management is to put in place an effective liquidity management policy. performing assets turning into nonperform ing assets. liquidity has to be tracked through maturity or cash flow mismatches. commonly considered as liquid have limited liquidity as the market and players are unidirectional.need to replace net outflows due to unanticipated withdrawal/non. prudential limits. The time buckets. The investments in SLR securities and other investments are assumed as illiquid due to lack of depth in the secondary market and are.. should spell out the funding strategies. The framework for assessing and managing bank liquidity has three dimensions: • Measuring and managing net funding requirements • Managing market access and • Contingency planning. Therefore.. therefore. analysis of liquidity involves tracking of cash flow mismatches. they need to be reviewed frequently to determine their continuing validity. The key ratios. liquidity reporting/reviewing. liquidity management can reduce the probability of an adverse situation developing. Experience shows that assets like government securities and other money market instruments. Factors affecting the liquidity of assets and liabilities of the bank cannot always be forecast with precision. which are generally treated as liquid could also become illiquid when the market and players are unidirectional. Factors to be taken into consideration while determining liquidity of the bank's future stock of assets and liabilities include: their potential marketability. some of the banks may be maintaining securities in the' Trading Book'. given the Statutory Reserve Cycle of 14 days.5/16/2012 LIQUIDITY MANAGEMENT IN BANKS: T . the acquisition of new assets/liability and the normal growth in asset/liability accounts. but also examine how liquidity requirements are likely to evolve under different assumptions. . etc. However. which.renewal of deposits (wholesale and retail). corresponding to the residual maturity. Securities held in the' Trading .

to avoid liquidity crisis: Cap on interbank borrowings. • • • • • • 5/11 . etc. Banks should also evolve a system for monitoring high-value deposits (other than interbank deposits).. The Statement of Structural Liquidity (Annexure I) may be prepared by placing all cash inflows and outflows in the maturity ladder according to the expected timing of cash flows. Cut-loss limit prescribed. composition. etc. of the' Trading Book' and copy of the policy note thereon should be forwarded to the Department of Banking Supervision.e.. CRR.com/. the earliest date a liability holder could exercise an early repayment option or the earliest date on which contingencies could be crystallized. needs higher tolerance level.. For instance.. the excess or deficit of funds becomes a starting point for a measure of a bank's future liquidity surplus or deficit. The liquidity profile of the banks could be analyzed on a static basis. premature closure of deposits and exercise of options built in certain instruments which offer put/call options after specified times.. RBI. wherein the assets and liabilities and off-balance sheet items . The mismatches (negative gap) during 1-14 days and 15-28 days in normal course may not exceed 20% of the cash outflows in each time bucket. Banks. are expected to monitor their cumulative mismatches (running total) across all time buckets by establishing internal prudential limits with the approval of the Board/Management Committee. they may estimate their short-term liquidity profiles on the basis of business projections and other commitments for planning purposes. etc. Indian banks with a large branch network can (on the stability of their deposit base as most deposits are rolled-over) afford to have larger tolerance levels in mismatches in the long-term. i./liquidity-management-in. Duration of liabilities and investment portfolio. the cash flows arising out of contingent liabilities in normal situation and the scope for an increase in cash flows during periods of stress should also be estimated. It is quite possible that market crisis can trigger substantial increase in the amount of draw downs from cash credit/overdraft accounts. extent of Indian Rupees raised out of foreign currency sources. While determining the likely cash inflows/ outflows. SLR and Loans. Purchased funds vis-a-vis liquid assets. While the mismatches up to one year would be relevant since these provide early warning signals of impending liquidity problems. as detailed below. Commitment Ratio .track the total commitments given to corporates/banks and other financial institutions to limit the offbalance sheet exposure.e. • Marking to market on a daily/weekly basis and the revaluation gain/loss charged to the profit and loss account. nature of business. The RBI is interested in ensuring that the tolerance levels are determined keeping all necessary factors in view and further refined with experience gained in Liquidity Management.. banks have to make a number of assumptions according to their asset-liability profiles. i. future strategy. The holding period not to exceed 90 days. .. there could be mismatches depending on cash inflows and outflows. the main focus should be on the short-term mismatches. in view of its current asset-liability profile and the consequential structural mismatches. If a bank." Managing Market Access Apart from the above cash flows. Banks should also consider putting in place certain prudential limits. and • Swapped Funds Ratio.e. Further. 15-28 days and 29-90 days buckets on the basis of the defeasance periods. if their term deposit base is quite high. The difference between cash inflows and outflows in each time period.. Defeasance periods (product-wise) . The Board/ALCO of the banks should approve the volume.. banks should also track the impact of prepayments of loans. contingent liabilities like letters of credit.. 1 cr. Maximum Cumulative Outflows across all time bands.ning.. It would also be necessary to take into account the rupee inflows and outflows on account of Forex operations. "In order to enable banks to monitor their short-term liquidity on a dynamic basis over a time horizon spanning from 1-90 days. say Rs. giving specific reasons on the need for such higher limit. 1-14 days and 15-28 days. etc. Banks which maintain such' Trading Books' and comply with the above standards are permitted to show the trading securities under 1-14 days.. While determining the tolerance levels. however. Core deposits vis-a-vis Core Assets. it could operate with higher limit sanctioned by its Board /Management Committee. viz. Maximum maturity/duration of the portfolio is restricted. Thus.5/16/2012 LIQUIDITY MANAGEMENT IN BANKS: T . or more to track the volatile liabilities. cut loss. especially call borrowings. A maturing liability will be a cash outflow while a maturing asset will be a cash inflow. Within each time bucket. holding/defeasance period. the banks may take into account all relevant factors based on their asset-liability base. at a series of points of time. time taken to liquidate the position on the basis of liquidity in the secondary market are prescribed. Book' are subject to certain preconditions like: • • • • • Clearly defined composition and volume. i. cash outflows can be ranked by the date on which liabilities fall due.

submitted annually as part of the Liquidity and Capital Plan. either from domestically generated factors or from contagion effects of developments in other countries. including stressful conditions. time frame and incremental marginal cost and included in the CFPsfor each scenario. • At a minimum. Banks should. • Reports of CFPsshould be prepared at least quarterly and reported to ALCO. • CFP are liquidity stress tests designed to quantify the likely impact of an event on the balance sheet and the net potential cumulative gap over a 3-month period. The particular issues to be addressed in managing foreign currency liquidity will depend on the nature of the bank's business. These shifts in market sentiment might result. Foreign Currency Liquidity Management For banks with an international presence. a bank may not always be able to mobilize domestic liquidity and the necessary foreign exchange transactions in sufficient time to meet foreign currency funding requirements. as well as sudden. 2000. a bank may find that the size of its foreign currency funding gap has increased. As with overall liquidity risk management. • The Chief Executive/Chairman must be advised as soon as a decision has been made to activate or implement a CFP. The Chief Executive or the Risk Management Committee may call for implementation of a CFP. banks are often less well-known to liability holders in foreign currency markets. statutory obligations. tiered deterioration. Second. Observations of the Study Based on Cash Flow Approach (Net Funding Requirements) From the year ending March 31. where there is a nationwide problem or a downgrade in the credit rating if the bank is publicly rated. etc. foreign currency liquidity should be analyzed under various scenarios. a local liquidity crisis. while for others. the treatment of assets and liabilities in multiple currencies adds a layer of complexity to liquidity management for two reasons. banks should also undertake separate analysis of their strategies for each currency individually. The Risk Management Committee should approve the action plan. • The plans must consider the impact of a progressive. and Scenario B. in the event of market concerns. • Potential liquidity needs for meeting new loan demands.5/16/2012 LIQUIDITY MANAGEMENT IN BANKS: T . Contingency Planning • All banks are required to produce a Contingency Funding Plan (CFP). The plan also evaluates the ability of the bank to withstand a prolonged adverse liquidity environment. In addition to assessing their aggregate foreign currency liquidity needs and the acceptable mismatch in combination with their domestic currency commitments. drastic events. it may be the funding of foreign currency assets with domestic currency. these liability holders may not be able to distinguish rumor from fact as well or as quickly as domestic currency customers. Therefore. investment obligations.. therefore. • The bank's CFP should reflect the funding needs of any bank managed mutual fund whose own CFP indicates a need for fund ing from the bank. CFPsunder each scenario must consider the impact of accelerated run off of large funds providers. consistent with each scenario. These plans are to be approved by ALCO. • The ALCO will implement the CFP. Moreover. First. and foreign currency assets and liabilities.. Banks can also estimate the liquidity profile on a dynamic way by giving due importance to: • Seasonal pattern of deposits/loans. When dealing in foreign currencies. comparing actual cash flows with the assumptions of the CFP. in the event of a disturbance. For some banks. The data since the year ending March 31./liquidity-management-in. monitoring and control system for liquidity positions in the major currency markets in which they are active. especially if they relate to a bank's domestic operating environment. or both. At least two scenarios require testing: Scenario A. banks are required to disclose the maturity patterns of loans and advances. the use of foreign currency deposits and short-term credit lines to fund domestic currency assets will be the main area of vulnerability.. • Balance sheet actions and incremental sources of funding should be dimensioned with sources. • Assumptions underlying the CFPs.. could sharply widen the liquidity mismatches. must be reviewed and approved by ALCO. foreign currency assets may be impaired. 6/11 . . potential deposit losses. unavailed credit limits... especially where borrowers have not hedged foreign currency risk adequately. The Asian crisis of the late 1990s demonstrated the importance for banks to closely manage their foreign currency liquidity position on a day-to-day basis.ning. These issues are particularly important for banks with positions in currencies for which the foreign exchange market is not highly liquid in all conditions.com/. In either event. where necessary. have a measurement. 2000 to . investments in securities. a bank is exposed to the risk that a sudden change in foreign exchange rates or market liquidity. to meet changing conditions.. the ALCO must establish an action plan to address this situation. amending it with the approval of the Risk Management Committee. The preparation and the implementation of the plan may be entrusted to the treasury. are pegged on a particular day and the behavioral pattern and the sensitivity of these items to changes in market interest rates and environment are duly accounted for. deposits and borrowings. and reviewed quarterly. • If a CFP results in a funding gap within a 3-month time frame. daily reports are to be submitted to the Treasury Head.

892 cr in 2005). 6. i.58% in 1-14 days time bucket. So..437 cr in 2007. 1-14 days bucket. in the year 2000. 52. 72 cr in 2007). But at the end. Since the SLR/CRR maintenance period is 14 days. up to 3 months..802 cr in 2004 and Rs. Table 1B (Click Here To View) In the year 2004 and 2005 Table 1C. during this period its liquidity risk was negligible and liquidity was maintained. . 1.165 cr in 2006 and Rs.com/.. 2007 has been used to conduct a Cash Flow Approach (short-term maturity gap) analysis of assets and liabilities for different maturity buckets. SBI showed a positive gap in 1-14 days bucket. 15-28 days time bucket and 29-90 days time buckets have been taken as the relevant time frames for active liquidity management as it does not generally extend to more than a few weeks. in the 5 years and above it had a positive cumulative gap which shows that its medium-term liquidity risk could be maintained. 31 KB About KODAKKAL SHIVAPRASAD created this NingNetwork. Its total cash outflow was less than total cash inflow.527 cr only in 2007. 11. 3..docxKNOWLEDGE ISSUE. March 31...475 cr respectively.7% in 15-28 days time bucket. there was a positive gap in short-term liquidity. 1.382 cr in 2004 and Rs.. As shown in Table 1B. as shown in Table 1A in the year 2001. This is called "Cash Flow Approach" to liquidity management. its short-term liquidity was maintained and during this period. A maturity ladder of an 8 time bucket is used to compare SBI's future cash inflows to its future cash outflows.653 cr in 2005). 14. 3. Table 1A (Click Here To View) In the year 2001. SBI maintained its liquidity position and also showed a positive cumulative gap throughout its time bucket in the years 2002 and 2003. Again there was a negative gap in 3-6 months. SBI had a sound liquidity position. Thus. In the 15-28 days time bucket..057 cr in 2006 and Rs.22% in 1-14 days time bucket and 41. 2. Its short-term cash outflow was less than cash inflow which means that SBI maintained a sound liquidity position. Tags: BANKING. Table 1C (Click Here To View) In the year 2006 and 2007 Table 10 there was a negative gap in 1-14 days bucket. 593 cr in 2007).66% in 15-28 days time bucket. Evaluating whether a bank is sufficiently liquid depends in large measure on the behavior of cash flows under different scenarios. SBI had to depend on medium-term and long-term assets or cash inflows for its liquidity position. 8. 90 cr and Rs. There was a negative gap (cash inflow-cash outflow) in the 1-14 days bucket and 15-28 days time bucket in the year 2000.e. KNOWLEDGE Favorite members fuvorited this o Uke {~J Views: 1832 Attachments: • [jLiquidity ~ Reply to This Mamgement in Banks. The analysis of net funding requirements involves the construction of a maturity ladder and the calculation of cumulative net excess or deficit of funds at selected maturity dates. 29-3 months bucket. 13.. Negative gap to cash outflow is 0. Percentage of negative gap to cash outflow was 16. There was a negative gap in 29 days-3 months bucket with Rs. 15-28 days bucket. (i. which had not exceeded the prudential limit of 20%. meaningful information is arrived at by a short time horizon which is stacked by many short periods (ranging up to 3 months by every week).135 cr in 2006 and Rs. 7/11 ./liquidity-management-in.e. SBI exceeded 20% of cash outflows limitations..e. So.60% in 3-6 months time bucket in the year 2006 respectively. HRD. For evaluation of Cash Flow Approach. Also there was a negative gap in 6-12 months (Rs. such as normal conditions (going concern scenario) or a bank specific crisis (the bank's liabilities cannot be rolled over or replaced and will have to pay higher at maturity) or general market crisis (liquidity affects all the banks or one or two markets). 6. . with Rs.ning.docx. 15-28 days bucket (Rs.. i. as shown in Table 1A with Rs.5/16/2012 LIQUIDITY MANAGEMENT IN BANKS: T . There was a negative gap in 3-6 months (Rs. Rs.

ning.AN LEADING BPO IS SERVING WITH PHYSICALLY SHIVAPRASAD on April 18..of%20India%20letter''1o20to%20Director%2CBanking%20for''1020my%20promotions.com/. ./liquidity-management-in.jpg GM%20letter%20to%20CCPD%20about%20Liasion%200fficer.jpg DIRECTION TO INDUSTRIAL RELATIONS OF BANKING DIVISION. 2012 at 8:46pm 3 Comments 1 Favorite Greetings from Vindhya e....Infomedia Private Limited which provides IT and IT Enabled Services in our center located in the heart ofBangalore. INTERNATIONAL FRIENDLY Sign Up or~ RSS EXECUTIVE INSTRUCTION UNDER SECTION 59 OF PWD ACT.5/16/2012 Create a Ning Network! » Welcome to DISABILITY LIQUIDITY MANAGEMENT IN BANKS: T .mhtDep POWERS OF DYCOMMISSIONER FOR EACH DISTRICT GOVT PWD RESERVATION KODAKKAL IN KARNATAKA SHIV APRASAD's ONLINE PETITION KODAKKAL SHIV APRASAD INTERVIEWED AT CROSS THE HURDLES NETWORK ccpd%20letter%20about%20liaison%200fficer. 8/11 .... GOVT OF INDIA.. We at Vindhya have a highly professional team who are very hardworking and have been highly successful in providing . MINISTRY OF FINANCE.Infomedia Private Limited!! ! I would like to take this opportunity to introduce Vindhya e.. Director''102C%20SJE-Govt.jpg ARE YOU LIKE TO DONATE DISABILITY WELFARE? UNITED NATIONS SOCIABILITY SUSTAINABLE DEVELOPMENT Please do find hereKODAKKAL's ARTICLE PHYSICALLY CHALLENGED FOR PROGRAMME- Blog Posts VINDHYA E INFOMEDIA CHALLENGED Posted by KODAKKAL PVT LIMITED .. letter%20by%20Director%20%2C%20ministery%20for''1020socal%20justice%20and%20empowennent%20to%20CANARA%20BANK. The unique point of our center is that more than 90 % of our staff are physically challenged and well qualified people. Continue .

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