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E-PAYMENT At DSCL
BY
DHRUMEE PALAN
Preface To survive, thrive and beat the competition in today’s brutally competitive world
one has to manage information and material flow in the organization and analysing
them for monitory or non-monitory benefits of the organization.
Banking System plays a significant role in the organization as the blood plays its
role in the human body. It not only provides energy to the business but
simultaneously it is essential for the success for the any business organization
easily.
Now–a-days, the major problem faced by every business organization is of finance
because of drastic changes in the size and scale of business and increased
competition, which results in the increase in credit business and shortage of
financial brackets. In such an environment, the Banking System has occupied one
of the key positions in the business management.
In this regard, I have undergone my summer internship at Account & Finance
Department at Manufacturing plant, Kota of DCM Shriram Consolidated
Ltd. In our study, our main objective is to reflect our attention on that how we can
reduce our Bank Charges in DSCL Ltd and discuss various types of bank
charges in the company. The DSCL Ltd. is leading company in the field of
fertilizer, Cement, PVC resigns & caustic soda. Our study discusses various
aspects of the bank charges and effects thereof on ultimate performance of the
company.
Certificate
This is to certify that MISS DHRUMEE PALAN have
undergone through the Project “BANKING SYSTEM” which
was assigned to him under the internship program from 10th of
May to 10th of June. He has done work up to the said standards
and has reported for the same.
Declaration I hereby declare that this project has been prepared by me during the
period 10th May, 2013 to 10th June, 2013 under the guidance of Mr
Deepak Sabarwal, Mr K.K. Sharma and Mr Surendra DCM
Shriram Consolidated Ltd., Kota. I further declare that this project
report is prepared from the information collected from the company, the
sources available from the Company and the same is purely for company
benefits purpose. This project has not formed the basis for the award of
any other degree/diploma of any University/Institution. We also hereby
declare that all the information given in the report is true to my
knowledge.
Place: Kota
Date: 10th June, 2013
DCM SHRIRAM CONSOLIDED Ltd.
(DHRUMEE PALAN)
ACKNOWLEDGEMENT
Sitting on the seashore we thought that it was an easy task to dive but it was only
when we dived into the ocean of the project, we realized how much helpful were
so many people to us. Without these people this exploration could never have been
completed.
It is a great pleasure for me to acknowledge the contribution & support of a large
number of individuals of this effort.
Above all, I bow my head before Almighty “GOD” without whose blessing my
present project would not have existed and thanks for giving me patience and
strength to overcome the difficulties, which crossed my way in the
accomplishment of this endeavour.
Further I would like to thank my parents who instilled confidence and moral
support various stages during the course of this training.
And also to Mr K.K.Sharma, Mr Deepak Sabarwal, Mr Surendra Gupta for
their support. Finally, I would like to thank all those who have helped me directly or indirectly
in completing the present study.
THANKING YOU
(DHRUMEE PALAN)
Contents COVER PAGE
PREFACE
CERTIFICATE
DECLARATION
ACKNOWLEDGEMENT
CONTENTS
CHAPTERS
Company Profile
Effects of Economic Reform On Banking
Chapter 3 Project Detail
RECOMMENDATION
CONCLUSION
BIBLIOGRAPHY
1. Company Profile
DSCL ORIGIN
The group began its operations with the setting up of Delhi cloth Mills (DCM) in 1889. Over the next
50 years the group emerged as one of the leading industry house of India. The wide business
portfolio consisted of textiles, edible oils sugar, fertilizers, heavy chemicals, plastics, cement, rayon
tyre cord, fine chemicals, energy, foundry and distillery.
On 6th Feb 1989, DSCL was incorporated under the companies act, 1956, as a private ltd company
under the name of “DCM Engineering Industries Private Ltd”. The Company became a Public Ltd
Company on 18th September 1989 and the name of the Company was changed to “DCM Industries
Limited” by an amendment made to the Certificate of Incorporation dated 1st March 1990. Again,
the name of the Company was changed to its present name i.e. “DCM Shriram Consolidated Ltd” by
an amendment made to the Certificate of Incorporation dated 20th July 1990.
In 1990 to create more manageable business entities, DCM Ltd was restructured into 4 separate
companies. DSCL took over 1/3rd of the business in cord sectors of the economy. the following
business units became a part of DSCL:
Shriram Fertilizers & Chemicals, Kota (Raj.)
Shriram Cement Works, Kota (Raj.)
Swatantra Bharat Mills, Delhi
DCM Silk Mills, Delhi
Founded by Sir Shriram in 1889 as DCM Ltd, today DSCL is managed by Mr. Ajay S Shriram,
Chairman & Senior Managing Director and Mr. Vikram S Shriram, Vice Chairman & Managing
Director, the great grandsons of Lala Shriram, along with a highly professional executive team. They
brought a new dynamism and a modern, professional outlook to the organization.
Company’s Route
1889 Delhi Cloth Mills No. 1
1925 Delhi Cloth Mills No. 2
1928 Delhi Cloth Mills No. 3
1932 Daurala Confectionary Works
1935 Lyallpur cotton Mills, Lyallapur (Pakistan)
1938 Daurala Confectionary works
1940 Barhni Sugar Works (renamed as Mawana Sugar Works in
1949)
1941 DCM Chemical Works
1945 Daurala Distillery
1946 DCM Vanaspati Manufacturing World
1948 Swatantra Bharat Mills
1956 Hissar Textile Mills, DCM Silk Mills
1961 DCM Engineering & Development Works
1963 Rajasthan Vinyl & Chemicals Industries( renamed as Shriram
Fertilizers & Chemicals)
1964 Rajasthan Rayons( renamed as Shriram Rayons)
1969 Fertilizer Plant
1987 Cement Plant( named as Shriram Cement Works)
2002 Shriram Polytech Ltd.
In the decade 1990-2000, DSCL added the following units to its portfolio:
Shriram Alkali &Chemicals, Bharuch( Gujarat)- Chlor Alkali
Shriram Environment & Allied Services, Gurgaon( Haryana)- Environment
& allied services
Ghaghara Sugar, Lakhimpur Kheri( U.P.)- Sugar
Shriram Bioseed Ltd, Hyderabad (Andhra Pradesh)- Seeds
DSCL ESCO Ltd, New Delhi- Energy Services Company.
Chronological history
As far as in 1961 the fledgling beginning of one of the counrty’s biggest chemicals
complex took its root at kota by laying the foungation stone of Rajasthan Vinyl &
Chemicals Industries which is presently known as “Shriram Fertilizers &
Chemicals”.
The company under the continuous dynamics expansion programmes diversified
from chemicals to fertilizers & Cement. Cement plant is the 1st of its kind in the
country and 2nd in the world because of its calcium hydroxide sludge based
Technology instead of conventional lime stone raw material.
The Chronological history of the growth is detailed below:
YEAR ACTIVITY
1961 The foundation stone was laid for the PVC
group of plant.
1963 The caustic soda and calcium carbide plant
were put on stream.
1964 The PVC plant was commissioned.
1967 The foundation stone was laid down for the
fertilizer plant.
1968 Power plant of 35 MW commissioned.
1969 The fertilizers plant was put on stream with
a production capacity of 700 tonnes per day.
Caustic soda plant capacity increased to 50
TPD.
1970 Inauguration ceremony of the fertilizer
complex by the former Prime Minister Smt.
Indira Gandhi.
The capacity of fertilizer plant was
increased to 930 TPD.
The capacity of caustic soda was increased
to 100 TPD.
1976 The caustic soda fusion plant was
commissioned.
1977 India‟s largest 20 MVA Indigenous
Carbide Furnace was commissioned & the
capacity of Calcium Carbide increased to
170 TPD.
1978 PVC plant capacity increased to 65 TPD.
1979 The capacity of PVC plant was established
at 80 TPD.
1981 PVC plant capacity increased to 100 TPD.
1983 Power plant of 10 MW commissioned.
1985 Mercury Bearing Effluent Treatment plant
commissioned. Purge gas recovery unit in
ammonia plant commissioned.
1987 Cement plant of 600 TPD using Calcium
Hydroxide waste from Carbide Plant was
commissioned.
1989 Desorption unit for Ammonia recovery.
1991 Prill cooling system commissioned in Urea
plant.
1993 ACPD system for energy conservation in
Caustic Soda plant.
1994 Power plant of 30 MW commissioned.
1997 ISO 9000 to cement and compounding
plant.
1998 Liquid Chlorine plant capacity was raised
from 25 TPD to 75 TPD.
1999 Carbide packing plant was commissioned.
SAP R/3 implemented successfully.
Executive summary
Ajay S Shriram Chairman & Senior
Managing Director Vikram S. Shriram Vice Chairman &
Managing Director
Ajit S. Shriram Director (Sugar
Business)
Rajeev Sinha Deputy Managing
Director
S. D. Omchary Chief Executive
Director (Textile/ Real Estate
Development)
S. K. Agrawal Senior Executive
Director (Chemical Business)
Dr. G. C. Dutta Roy Chief Executive
(Energy Business)
K. K. Kaul Executive Director &
Resident Head (Kota)
S. Radhakrishna Executive Director
(Sugar Business)
Board of Directors
Sn. Name Designation
1 Shri Ajay S. Shriram Chairman & Senior Managing
Director
2 Shri Vikram S. Shriram Vice Chairman & Managing
Director
3 Shri Rajeev Sinha Dy. Managing Director
4 Shri Ajit S. Shriram Director (Sugar)
5 Dr. S. S. Baijal Director
6 Shri Arun Bharat Ram Director
7 Shri Pradeep Dinodia Director
8 Shri Vimal Bhandari Director
9 Shri Sunil Kant Munjal Director
10 Shri D. Sengupta Director
11 Shri S. C.bhargava (LIC
Nominee)
Director
12 Dr. N. J. Singh Director
13 Shri S. N. Chaturvedi (UTI
Nominee)
Director
About the Founder LALA SHRI RAM (1884-1963)
Nothing can better sum up the homage paid to great son and
philanthropist of Delhi, Barey Lalaji, Lala Shri Ram who began as a humble
worker and went on to set up one of India‟s largest business houses – the DCM
Group. Not only did Lalaji achieve great height in business enterprise; he also
participated in full measure in the crucial early stages of nation building.
Everyone is familiar with the name of multiple facets of the industries and
institutions on which he left his imprint - be it the DCM Limited, Bengal
Potteries, Jay Engineering Works, many sugar mills, Sindri Fertilizers, the Lady
Shri Ram College, Delhi School of Economics and umpteen others.
Shri Ram was born to Madan Mohan Lal and his wife Chando Devi on
April 27, 1884 into a family of Agarwal banias of modest means. Shri Ram, in
the 79 years of his life, built an industrial empire manufacturing a vast variety of
goods like - textiles, sugar, alcohol, heavy, chemicals, vanaspati, pottery, fans,
sewing machines, electric motors and capacitors. The industrial legacy that he
left behind was valued at INR 600 million at the time of his death.
Reared in milieu which grafts, nepotism, black marketing and tax
evasion were considered a must for success in business, Shri Ram set for
himself rigid standards of morality in his dealings with the public and
government and made no compromises in order to earn more money or gain a
favour.
While himself deprived of opportunities for higher education, he
nevertheless understood how, important such education was in building the
future of a nation. As a result he helped to finance a network of schools,
colleges, industrial institutes and research laboratories. He was also the founder
chairman of the Industrial Finance Corporation and Chairman of Sindri
Fertilizers, the 1st national venture in the public sector in free India.
While Shriram lacked formal education, he read extensively. His reading
included religious scriptures, Sanskrit classics, Urdu and Persian poetry and
some English biographies. He assiduously cultivated men of learning and
culture. But most of all he admired scientists on whom he pinned his hopes for
the salvation of his country. One of his lovable eccentricities was that he carried
out experiments to produce new varieties of food in his own room and then
subjected his none too robust digestive system to his new recipes.
The secret of Shriram's enlightened approach to people of different faiths
lay in his basic patriotism. He was an idealist who believed in raising India into
an industrial nation. His love of India did not make him dislike or distrust
Pakistan. Shri Ram had this uncanny ability to spot the Right Man for the Right
Job a rare quality that contributed to his success. He made many mistakes in the
choice of friends but seldom did he err in the selection of a business executive, a
quality also inherited by his grandson Lala Bansidhar. Shri Ram's choice was
not based on the scrutiny of a "Curriculum Vitae" but on an inborn gift, a sort of
built-in Geiger-counter which ticked when he came across the man he was
looking for.
He also was instrumental in setting up several prestigious institutions of
higher learning and arts such as the Lady Shri Ram College and Delhi School of
Economics, Shriram Center for Performing Arts etc.
The initials DCM went on to become known, not only in India, but also
in Africa and Europe as well. Lalaji was knighted by the British Government
'for his distinguished career as an industrialist and philanthropist‟.
DSCL TODAY
Mission – “Building a world class organization”
Today DSCL, a Rs. 1900+ crore diversified business conglomerate
based in North India, has a core sector business of Agri-business (Urea
fertilizer, Sugar, Farm inputs marketing such as DAP, Pesticides, Seeds etc),
Plastics (PVC and PVC compounds) & Chemicals (Chlor-Alkali, Water
Treatment Chemicals, Environment Services, ChemSPARC). Other business
interests comprise of Cement, Textiles, IT and Energy
Services. DSCL also owns subsidiary companies - Gomti Sugar Limited a
division of Ghaghara Sugar Limited (Sugar) and Shriram Polytech Limited
(PVC profiles & products).
DSCL has strong brand equity reflective of credibility, ethical values and
consistent high quality product image. Fostering enduring relationships is at the
core of DSCL‟s business philosophy - with vendors, business partners, and
customers and within the organisation between employees.
DSCL shares are listed and traded on both stock exchanges National Stock
Exchange (NSE) and Mumbai Stock Exchanges (BSE).
As a leading equal opportunity employer in India, DSCL has a motivated
and dynamic management team of highly qualified professionals and dedicated
workmen & staff whose work has shown the way towards creating “Team
Excellence”.
DSCL has a long history of accessing and employing the best technologies for its
projects and has worked successfully with renowned international and domestic
technology partners. As a learning organisation DSCL has worked regularly with
the national and international consultants of repute, in diverse areas of Business
Strategy, Quality, Organizational Development etc.
In a major IT initiative the company has networked all its locations on a
WideArea Network (WAN) and implemented SAP R/3 Enterprise Resource
Package (ERP) across the Company. DSCL is in the completion process of
upgrading and web-enabling its ERP to MySAP.com. Other key IT enabling
initiatives under implementation are Customer Relationship Management
(CRM) and Business Information Warehousing (BIW).
All its main line locations/ products have ISO 9000 & 14000 certification. DSCL
is currently implementing OHSAS 18000 system of Occupational Health and
Safety in its facilities.
In an increasingly global business environment, DSCL vision is to
strengthen its commodity business while moving into “value added” &
“knowledge based” products & services in the areas of its operations.
Accordingly DSCL has set up DSCL ESCO Limited in the Energy Services
Business with the objective of providing energy efficiency services and
development of renewable energy. DSCL has also set up Shriram Environment
and Allied Services (SEAS) to provide Environment Services. Amongst other
initiatives DSCL has moved rapidly up the value chain in its core Agri-inputs,
Plastics and Chemicals businesses.
DSCL strongly believes in socially responsible activity as a responsible
Corporate Citizen. DSCL has made significant contribution to the society in the
fields of Environment, Health Care, Family Planning, Education, Cultural
Heritage, Rural Development and in promoting Sports.
SUBSIDARY COMPANIES
DSCL has following subsidiaries namely:
1. DCM Shriram Credit and Investments Ltd.
2. DCM Shriram International Ltd.
3. DCM Shriram Aqua Foods Ltd.
4. DCM Shriram Infrastructure Ltd.
5. DSCL Energy Services Company Ltd.
6. Bioseed Research, Vietnam
7. Bioseed Genetics, Vietnam
8. Bioseed Research, Philippines
9. Bioseed Research India Pvt. Ltd.
10. Shriram Bioseed Genetics India Ltd. (51% stake)
11. Bioseeds Ltd. (51% stake)
PRODUCTS AND THEIR MANUFACTURING LOCATION
Location Products
Kota (Rajasthan) Fertilizers, Chlor alkali, Stable Bleaching Powder,
Calcium Carbide, PVC resin, PVC compounds,
Cement and PVC profiles.
Bharuch (Gujrat) Chlor Alkali
Ajbapur (U.P.) Sugar
Rupapur (U.P.) Sugar
Hyderabad (A.P.),
Vietnam and
Philippines
Hybrid Seeds
Gurgaon (Haryana) Innovative Polymer Application Centre
Bhiwadi (Rajasthan) Fenesta Window and Doors Systems
Tonk (Rajasthan) Yarn
HONOURS AND AWARDS
DSCL has bagged several Awards in various fields:
1. National Safety Award in 1967.
2. First prize in All India Drama Competition continuously from 1979 to 1981.
3. Sports Championship in Rajasthan Welfare Tournaments in 1975 to 1987 &
1996.
4. First prize & Certificate of merit for Shriram Patrika.
5. 1973 to 1976 from Indian Association of Industrial Editors, Bombay and
Magazine of the years and first prize in 1982 & 1983 from Association of Business
Communication of India, Bombay.
6. Maximum capacity utilization, All India Award for fertilizer in productivity in
1982.
7. Runner up Trophy for BEST EFFICIENCY by fertilizers Association of India in
1984 and 1991.
8. Best Industrial Relations Award by Employers Association of Rajasthan in
1969.
9. National Productivity Award for „Best Production‟ in fertilizers from 1990 to
1992.
10. Pollution Control Award by Rajasthan State Productivity Council in 1990.
11. Pollution Control Award for Lime Stone Mines at Nimoda by Indian Bureau of
Mines in 1991.
12. National Award for Public recognition of outstanding activity for prevention
and control of pollution in 1992.
13. FAI‟s Award for „Best Production‟ performance of Nitrogenous fertilizer unit
in 1993-1994 and Runner up in 1990-1991, 1995-1996.
14. NPC Award for Best Productivity Performance in fertilizer industry in 1993-
1994 and second in 1996-1997.
15. Award for energy conservation in the chemicals sector in 1996.
16. Shriram Cement Nimoda mines won a number of prizes/ trophies in 10th
mechanical pen Cost Mines Safety week in 1996.
17. SAP R-3/SAP Star Customer Award in 1998.
18. NCBM Award for „Best improvement in Thermal Energy Performance in
Cement Industry‟ in 1999-2000.
19. National Award for Energy Efficiency – SFC Kota and Bharuch in 2000-2001.
20. National Award for Oil Conservation – SAC Bharuch in 2001-2002.
21. TERI Corporate Environment Award in 2001.
22. Centre for Science and Environment (CSE) Award: Green Rating Chlor –
Alkali Industry – Unit SAC ranked 2nd in 2002-2003.
23. DSCL Won BEST EMPLOYER AWARD - 2007 From The Employers‟
Association of Rajasthan.
24. DSCL Awarded by Five Star Rating system of British Safety Council London
since 2005.
25. SWORD OF HONOUR AWARD 2008 and 2009
DIVERSIFIED BUSINESS
SUGAR
AGRIBUSINESS
SEEDS
HARYALI KISAN BAZAR
CAUSTIC SODA & CHLORINE
PVC RESINS
CALCIUM CARBIDE
CEMENT
FENESTSA BUILDING SYSTEMS
PVC COMPOUNDS
DSCL SERVICES CO LTD
TEXTILES
Effects of Economic Reforms on
Banking
Banks in India have traditionally offered mass banking products. Due to Reserve
Bank of India guidelines, Banks have had little to do besides accepting deposits at
rates fixed by Reserve Bank of India and lend amount arrived by the formula
stipulated by Reserve Bank of India at rates prescribed by the latter. PLR (Prime
lending rate) was the benchmark for interest on the lending products.
In view of several developments in the 1990s, the entire banking products structure
has undergone a major change. As part of the economic reforms, banking industry
has been deregulated and made competitive. New players have added to the
competition. IT revolution has made it possible to provide ease and flexibility in
operations to customers. Rapid strides in information technology have, in fact,
redefined the role and structure of banking in India. Further, due to exposure to
global trends after Information explosion led by Internet, customers - both
Individuals and Corporates - are now demanding better services with more
products from their banks. Financial market has turned into a buyer's market.
Banks are also changing with time and are trying to become one-stop financial
supermarkets. Market focus is shifting from mass banking products to class
banking with introduction of value added and customized products.
A few foreign & private sector banks have already introduced customized banking
products like Investment Advisory Services, SGL II accounts, Photo-credit cards,
Cash Management Services (CMS), Investment products and Tax Advisory
services. A few banks have gone in to market mutual fund schemes. Eventually,
the Banks plan to market bonds and debentures, when allowed. Banks also offer
advisory services termed as 'private banking' - to "high relationship - value" clients.
Some banks also structured their business as Strategic Business Units e.g. SBI has
opened up Personal Banking Branch & Specialized Personal Banking Branches
THE NEW TECHNOLOGICAL PRODUCTS
MICR CHEQUES As regards the design, development and implementation of critical payment system
projects, Banks started MICR Cheques for faster settlement of funds. Extension of
MICR-based clearing is facilitating faster clearing of cheques at more centres. The
clearing cycle for local cheques is on T+1 or T+2 basis and for inter-city cheques
on T+3 basis. Now Existing MICR centres would be converted into Cheque
Truncation Based Clearing Centres. It would also introduce Cheque Truncation
Based Inter-City Clearing paving the way for T+1 (or even T+0) cheque clearing
for the whole country in coming years.
India has introduced MICR processing in 40 places and another 14 are in the
offing. With this about 70% of the country‟s volume of cheques will stand
MICRized. In order to introduce uniform standards for cheques and to facilitate
cheque truncation nation-wide, the remaining small number of non-MICR cheques
can be completely replaced with MICR cheques by March 2007.
ONLINE BANKING The facility of Online Banking allows the user to access account information over
a secure line, request cheque books and stop payment, and even transfer funds
between bank accounts.
Corporate are also deriving benefit from the increased variety of products and
competition among the banks. Certificates of deposit, Commercial papers, Non-
Convertible Debentures (NCDs) that can be traded in the secondary market are
gaining popularity. Recently, market has also seen major developments in treasury
advisory services.
With the introduction of Rupee floating rates for deposits as well as advances,
products like Interest Rate Swaps and Forward Rate agreements for foreign
exchange, risk management products like Forward Contract, Option Contract and
Currency Swap are offered by almost every authorized dealer bank in the market.
The list is growing with various new technological products.
REAL TIME GROSS SETTLEMENT (RTGS) RTGS is a payment system in which both processing and final settlement of fund
transfer instructions take place on real time basis. It is a gross settlement system
where fund-transfers are settled individually, i.e. without netting debits against
credits. RTGS effects final settlement continuously and the settlements are
immediate, final and irrevocable. Each Bank branch participating in the RTGS is
identified by a unique Indian Financial System (IFSC) Code.
With the advancement of the technological changes in the Banking Industry the
RTGS introduction has become a boom in settling the Inter-bank funds
instantaneously. The customer can avail this facility and make instantaneous
transfer of funds to beneficiary‟s account.
\
ECS (ELECTRONIC CLEARING SERVICES)
ECS Credit Clearing ECS (Credit Clearing) is a mode of payment whereby an institution having to pay
interest, dividend, salary, pension to a large number of investors/ share holders/
employees/ ex-employees can make the payments electronically instead of issuing
paper warrants.
The Scheme benefits all concerned - to the corporate bodies (USERS) in not
having to print and dispatch numerous paper instruments, to the banks (Sponsor
Bank) in reconciling the figures, to the clearing system in not having to deal with
paper instruments and to the beneficiary (share holders, depositors etc.) in getting
the credit directly into their bank account on the due date.
Difficulties in the existing system Bulk and repetitive payments like interest/dividend are mostly paper based
involving printing of warrants (in costly MICR format), dispatching them by post
(most often by Regd. post) and reconciliation thereof after payment by the agency
banks. The difficulties are:
reconciliation.
bottlenecks and pressures on the cheque processing system.
truments in transit and their fraudulent encashment.
-receipt of the instrument
and take efforts in depositing the instrument to the bank on receipt of the same.
rge volume of instruments not only error
prone and monotonous, but also a strain on the cheque clearing system.
Benefit a corporate body / institution in this Scheme
instruments in MICR format and dispatching them by Registered Post.
eliminated.
completed, the user institution gets an electronic data file from its bank with the
date of payment and banker‟s confirmation thereon.
made only on the specified date.
ECS Debit Clearing ECS (Debit Clearing) is a mode of payment whereby an institution receives
payments from a large number of consumers/customers. ECS (Debit Clearing)
envisages "a large number of debits and one credit". ECS (Debit Clearing) Scheme
helps utility institutions, insurance companies, credit card companies and finance
companies to collect the proceeds of telephone / electricity bills, insurance premia
or periodical instalments etc. on the due date based on the mandates received from
the consumers/ subscribers.
Difficulties in the existing system As per the existing system for collection of electricity bills, telephone bills, Income
Tax, Sales Tax etc., the customers/ subscribers are required to go to the collection
centres/ designated banks and stand in long queues for payment of bills/dues.
There would not be any cash transaction or payment through cheques in the new
system.
Benefits under ECS (Debit) Faster Collection of bills by the companies and better cash management by
them.
no need to stand in long queues for payment.
mandates are given by the
customers, to that effect cuts down the procedural delay.
A company can receive submissions from various centres for collection having
ECS (Debit) facility. There is no value limit for individual transactions.
ELECTRONIC FUNDS TRANSFER (EFT) SYSTEM It is an advance system of Mail Transfer or Telegraphic Transfer. It helps to
transfer fund from one account to another with faster efficiency in less time and
cost. At present all the 27 public sector banks and 64 other scheduled banks are
participating in EFT system. EFT System is a remittance facility available among
the 15 centres (viz., Ahmedabad, Bangalore, Bhubneshwar, Kolkata, Chandigarh,
Chennai, Guwahati, Hyderabad, Jaipur, Kanpur, Mumbai, Nagpur, New Delhi,
Patna and Thiruvananthpuram). Account holders at the branches of these
participating banks can request for same day / next day delivery of funds to a
beneficiary's account in any other branch of any bank at these centres.
CASH MANAGEMENT SERVICE Cash Management is the stewardship or proper use of an entity‟s cash resources. It
serves as the means to keep an organisation functioning by making the best use of
cash or liquid resources of the organisation. At the same time the organisations
have the responsibility to use timely, reliable and comprehensive financial
information systems. Cash Management helps the organisation in:
sements.
Today, large numbers of Cash Management Services (CMS) customers are
satisfied with this facility, many of whom are in the top segment of the Indian
Corporate and Public Sectors. This has been a result of a robust, end-to-end cash
management product, which offers innovative and reliable solutions by combining
an efficient Collections and Disbursements product, backed by state of the art
systems to ensure customized delivery. The banks offer a wide range of CMS
products covering Collections and Disbursements of operating flows, as well as
specialized cash flow streams such as rights/public issue collections, dividends,
interest/principal repayments, excise and sales tax payments etc.
Benefits to Corporate Managing outstation funds collections and payments can often be time consuming
and expensive for multi-location organization. Delays of days or even weeks in
realising outstation cheques, constant tracking and follow-up to transfer funds from
outstation collection accounts, uncertainty and delays regarding information on the
fate of cheques etc., are common. The other benefits of this product are:
Balance Sweep It means transfer of day-end-balances in collection accounts maintained at various
centres across the country to the pooling account. Corporate can use the account
for crediting local and outstation collections as well as for meeting payments and
the residual balance at the end of the day swept to the main account.
Customized MIS
at the local centre.
-wise/ product-wise presentation/ credit/ returns reports provided
to the Corporate Office through E-Mail.
nightly/ monthly consolidated reports in soft-form,
compatible with the clients accounting system, through E-Mail / Floppy / CD-
ROM as required, for easier and speedier reconciliation.
-Mail.
PAYMENT SERVICES Banks are structuring a number of payment products to suit various needs of
corporates such as „Payable at Par’ Cheque Book. This product enables customer
to issue local cheques at all bank branch locations through one cheque book
thereby eliminating the hassles of obtaining demand drafts or opening current
account at each location.
OTHER PRODUCTS FOR CORPORATE CLIENTS
LETTER OF CREDIT (LC) Letter of Credit is a legal document issued by a buyer‟s bank that upon
presentation of required documents payment would be made. Usually confirmed by
the seller's bank, protection is given to the seller that payment will be made if the
goods are shipped correctly, and protection is given to the buyer that the goods will
be shipped before payment is made.
'A letter of credit is a written commitment by a bank to make payment at sight of a
defined amount of money to a beneficiary (exporter) according to the terms and
conditions specified by the importer (applicant). The letter of credit should set a
time limit for completion and specify which documents are needed to confirm the
transaction's fulfilment.'
Banks offer these services to corporate clients to enable machinery or material
buying from foreign. Banks provide assurance to exporter about the amount on
behalf of customer and ask for a nominal fee to issue such documents.
Amendments in Letter of Credit are also allowed on request of customer on a
nominal fee.
LETTER OF CREDIT, CONFIRMED Letter of Credit, Confirmed is a letter of credit that is guaranteed by a bank that is
acceptable to a seller (usually a local bank), regardless of buyer bank.
LETTER OF CREDIT, IRREVOCABLE Letter of Credit, Irrevocable is a letter of credit where payment is guaranteed as
long as the seller meets all conditions stipulated. A revocable letter of credit can be
cancelled or altered by the buyer without permission of the seller.
FUNCTIONS OF FINANCE AND ACCOUNTS
DEPARTMENT
Before starting the project I would like to tell something about the
functional work of my department. I observed and found out some functions of
Account & Finance (A & F) department during the internship. These functions
are divided into various sections for easy performance. So, there are various
sections in DSCL, Kota to complete all the tasks i.e. Payroll, Accounts &
Finance, Costing & MIS, Old Records.
STATUTORY COMPLIANCE
Conducting of Financial, Cost and tax audit.
Compliance of Sales tax, Income Tax, Excise and Bonus act requirements.
Timely payment of statutory dues such as Tax and duties etc.
CASH MANAGEMENT
Liaison and submitting information to bank for working capital.
Cash Flow monitoring.
Receipt/ Payment of Cash/Cheques/Drafts.
Payment to Suppliers/Contract/Transporters
ACCOUNTS CLOSING ACTIVITIES
Coordination and timely closing of books of accounts –
Monthly/Quarterly/Half yearly/Mid-term/Annual.
Timely compilation/Analysis and submission of monthly MIS to Corporate
Office/SBU‟s.
EMPLOYEES’ PAYMENT/ SERVICES
Timely payroll processing and other perks.
Timely providing tax calculation and TDS certificate.
Working Capital
Working capital typically means the firm’s holding of current or short-term assets
such as cash, receivables, inventory and marketable securities.
These items are also referred to as circulating capital
Corporate executives devote a considerable amount of attention to the management
of working capital.
Definition of Working Capital
Working Capital refers to that part of the firm’s capital, which is
required for financing short-term or current assets such a cash
marketable securities, debtors and inventories. Funds thus, invested in
current assets keep revolving fast and are constantly converted into
cash and this cash flow out again in exchange for other current assets.
Working Capital is also known as revolving or circulating capital or
short-term capital.
• Excess of current assets over current liabilities are called the net working
capital or net current assets.
• Working capital is really what a part of long term finance is locked in and
used for supporting current activities.
• The balance sheet definition of working capital is meaningful only as an
indication of the firm’s current solvency in repaying its creditors.
• When firms speak of shortage of working capital they in fact possibly imply
scarcity of cash resources.
• A company’s operating cycle typically consists of three primary activities:
– Purchasing resources,
– Producing the product and
– Distributing (selling) the product.
These activities create funds flows that are both unsynchronized and
uncertain.
Unsynchronized because cash disbursements (for example, payments
for resource purchases) usually take place before cash receipts (for example
collection of receivables).
They are uncertain because future sales and costs, which generate the
respective receipts and disbursements, cannot be forecasted with complete
accuracy.
• The firm has to maintain cash balance to pay the bills as they come due.
• In addition, the company must invest in inventories to fill customer orders
promptly.
• And finally, the company invests in accounts receivable to extend credit to
customers.
• Operating cycle is equal to the length of inventory and receivable conversion
periods.
FACTORS DETERMINING WORKING CAPITAL
1. Nature of the Industry
2. Demand of Industry
3. Cash requirements
4. Nature of the Business
5. Manufacturing time
6. Volume of Sales
7. Terms of Purchase and Sales
8. Inventory Turnover
9. Business Turnover
10. Business Cycle
11. Current Assets requirements
12. Production Cycle
13. Credit control
14. Inflation or Price level changes
15. Profit planning and control
16. Repayment ability
17. Cash reserves
18. Operation efficiency
19. Change in Technology
20. Firm’s finance and dividend policy
21. Attitude towards Risk
Disadvantages of Redundant or Excess Working Capital
õ Idle funds, non-profitable for business, poor ROI
õ Unnecessary purchasing & accumulation of inventories over required level
õ Excessive debtors and defective credit policy, higher incidence of B/D.
õ Overall inefficiency in the organization.
õ When there is excessive working capital, Credit worthiness suffers
õ Due to low rate of return on investments, the market value of shares may
fall
Disadvantages or Dangers of Inadequate or Short Working Capital
õ can’t pay off its short-term liabilities in time.
õ Economies of scale are not possible.
õ Difficult for the firm to exploit favorable market situations
õ Day-to-day liquidity worsens
õ Improper utilization the fixed assets and ROA/ROI falls sharply
Forecasting or estimation of working capital requirements
Factors to be considered
• Total costs incurred on materials, wages and overheads
• The length of time for which raw materials remain in stores before they are
issued to production.
• The length of the production cycle or WIP, i.e., the time taken for conversion
of RM into FG.
• The length of the Sales Cycle during which FG are to be kept waiting for
sales.
• The average period of credit allowed to customers.
• The amount of cash required to pay day-to-day expenses of the business.
• The amount of cash required for advance payments if any.
• The average period of credit to be allowed by suppliers.
• Time – lag in the payment of wages and other overheads
After deciding the working capital if funds fall short then more
funds are asked form Delhi office. After receiving adequate
amount of funds the funds are then respectively allocated to pay
bills, taxes, custom duty etc.
The payment is made using new technological products such as RTGS and NEFT.
NEFT and RTGS are two main mechanisms to transfer money from one bank to
another bank in India. Transferring money between two accounts in same bank is
pretty straight forword and its a internal matter of the bank, it does not have to deal
with other banks and their protocols, however when one bank wants to send the
money to another bank in India, there is a defined mechanism it has to be done and
hence NEFT and RTGS comes into picture. Both these systems are maintained by
Reserve Bank of India.
NEFT – National Electronic Fund Transfer
NEFT full form is National Electronic Fund Transfer, and its a system of transfer
between two banks on net settlement basis. Which means that each individual
transfer from one account to another account is not settled or processed at that
same moment, its done in batches . A lot of transactions are settled in one go in
each batches. Presently, NEFT services are available from 8:00 am to 6:30 pm on
weekdays (Mon – Fri) and from 8:00 am – 12:30 pm on Saturday.
Any NEFT Transfer done between 8 am – 5 pm generally gets settled on the same
day, but if you deposit the money after 5 pm, then that will be settled the next
working day. In case of Saturday, any money deposited between 8 am – 12 noon
can be expected to reach the beneficiary account the same day.
NEFT Transfer Example
For example lets say Ajay has ICICI Bank account and Robert has a bank account
in HDFC bank , Now Ajay deposits Rs 10,000 in Vijay account through NEFT
transfer at 10:30 am . The money will be then taken out from Ajay’s ICICI
Account and will be sent to Vijay’s HDFC bank the same day, then HDFC bank
will credit Vijay’s bank account. In case money can not be transferred to the target
account (beneficiary account) , the money will be credited back to the source
branch within 2 hours of the batch in which it was processed.
RTGS – Real Time Gross Settlement
RTGS full form is Real Time Gross Settlement and its a system of money transfer
between two banks in real time basis, which means the moment one bank account
transfer the money to another bank account, its settled at that time itself on real
time basis between the banks, but the beneficiary bank has to make the final
settlement to the bank account within two hours of getting the money. RTGS is the
fastest possible money transfer between two banks in India through a secure
channel.
Let me give an example, lets say Ajay has a SBI Bank account and Vijay has an
Axis Bank account, Ajay transfers Rs 5 lacs to Vijay’s account through RTGS
transfer, SBI bank instantly transfers Rs 5 lac to Axis Bank, now Axis bank has 2
more hours to deposit it in Vijay’s account . Hence in worst case even with RTGS
transfer there can be delay of 2 hours.
NEFT and RTGS Charges
NEFT and RTGS transfer charges depends on the Bank. RBI has guidelines for the
maximum fees which can be charged, but it finally depends on the bank in
question. Note that NEFT and RTGS charges, varies depending on the amount
transferred and the timings when its done. While NEFT charges depends purely on
the amount transfered, RTGS charges depends on the amount transferred as well as
the timings of the day when its done . A RTGS transfer early will cost a little less
charges. Note that, Service tax is also applicable to the charges. Below are the
charges shows for NEFT and RTGS for retail banking (not for institutional
banking)
Information required to make an RTGS & NEFT payment?
For making a payment through NEFT/RTGS, following information has to be
furnished.
Amount to be remitted
Remitting customer’s account number which is to be debited.
Name of the beneficiary bank.
Name of the beneficiary.
Account number of the beneficiary.
IFSC code of the destination bank branch
Note: MICR code is generally not required for NEFT or RTGS transfer.
Difference between NEFT and RTGS
Finally let me list down all the differences between NEFT and RTGS in a table, so
its easy for you to understand the conclude finally.
Criteria NEFT RTGS (Retail)
Settlement Done in batches
(Slower) Real time (Faster)
Full Form National Electronic
Fund Transfer
Real Time Gross
Settlement
Timings on Mon – Fri 8:00 am – 6:30 pm 9:00 am – 4:30 pm
Timings on Saturday 8:00 am – 12:30 pm 9:00 am – 1:30 pm
Minimum amount of money
transfer limit No Minimum 2 lacs
Maximum amount of money
transfer limit No Limit No Limit
When does the Credit
Happen in beneficiary
account
Happens in the hourly
batch Between Banks
Real time between
Banks
Maximum Charges as per
RBI
Upto 10,000 – Rs 2.5
from 10,001 – 1 lac – Rs
5
from 1 – 2 lacs – Rs 15
Above 2 lacs – Rs 25
Rs 25-30 (Upto 2 – 5
lacs)
Rs 50-55 (Above 5
lacs)
(Lower charges for
first half of day)
Suitable for Small Money Transfer Large Money
Transfer
Payment process using RTGS and NEFT and SAP
Assortment of Bills
After the invoice verification process, all the invoices arrive in the finance section.
There is a cabinet here which houses several compartments, one for each category
of bills. These categories are:
Outside Supplier
Local Supplier
Raw Material
Due Date
Transporter
Contractor
Employees
Misc. Bills
SGFL
Down Payment Requests
The person bringing the bills from Invoice verification section places the bills in
their respective category compartment in the cabinet. All of the above mentioned
categories are self-explanatory except, may be, for Due date.
Due date category compartment contains bills that have a fixed due date of
payment. At the end of each day a person from finance section picks out the bills
from all the compartments and separates those with a due date. Then, these bills
with due date are sorted based on the ‘date’ and put into due date compartment.
Further these due date bills are divided into two categories viz. bills that can be
paid online and others for which payment is made through cheques.
Payment of Bills
Each category of bills has a particular payment cycle. In other words there are
fixed intervals set for each category of bills on at which the payment is made. For
example Transporter bills are paid on every Friday. The complete list is given
below:
Category Intervals
Local Suppliers (Kota) Thursday
Transporters 6th, 13th, 21st & 29th of each
month
Contractors 5th, 12th, 19th & 26th of each
month
Outside Kota Suppliers Daily
Raw Materials Daily
Miscellaneous As per requirement
Apart from the bills, some statutory payments (taxes) have to be made. Their due
dates are given below:
Category Intervals
TDS/TCS 7th
VAT/CST 14TH
Service Tax/Excise Duty 6th
EPF & OPF 15th
WCT 15th
ESI 21st
Custom Duty As per need
Steps in Payment Process
To start the payment process, first all the vouchers are arranged in the ascending
order of vendor code. Vouchers are entered on SAP using the code F110. After
running F110 code following screen appears:
1. Run Date Payment date / Current date
2. Identification Serial no. e.g. 001 for 1st proposal of the day
After filling above mentioned fields, click on “Parameters”. Following screen
appears:
3. Posting Date / Docs entered upto is the date current date
4. Customer items due by Mention current date
5. Company Code 1000 in case of payment for SFC
5600 in case of payment for SGFL
6. Pmt meths R - RTGS
T - Transfer
C - Cheques
N - NEFT
7. Next p/date Mention current date+1
8. Vendor Fill vendor codes from Vouchers
(In case of Transporter / Local Suppliers & Contractors
payment for all vendors are processed & input vendor from
‘000000’ to ‘ZZZZZZ’)
After this, click on Print/Data Medium. Following screen will appear:
10 RFFOUS_T Choose from the following:-
For NEFT HDFCK-EP-NEFT HDFC KOTA-E-Payment
(NEFT)
RTGS HDFCK-EP-RTGS HDFC KOTA - E-Payment
(RTGS)
TRFD HDFCK-EP-TRFD HDFC KOTA-E- Payment (A/c
A/c transfer)
Cheques HDFCK-EP HDFC-KOTA-E-Payment-
Cheques
After this, click on “Free Selection” and following screen will appear:
Now enter the values in “Business Area” and “Release Group” field and save the
file. Then, go back to the main menu.
Click on “Proposal” and enter value in the “Start Date” field and check the “Start
Immediately” box. Following screen will appear:
Then check the document no. and amount and if in single vendor more than
one document is there then DOUBLE CLICK that vendor and following
screen appears after checking the same save the file and return to previous
menu.
Click on RUN Payment. Schedule payment screen ENTER.
2 Click on Status Again
Print out menu: Start immediately
Job Name: F110-20090721-SKG01-?
Change the serial no. where the question mark (?) appears this is done
to create the payment document by the SAP system)
Click on “Pmnt Run” box for generating bank documents & cheque list for
checking of original invoice bill then final payment approval. List generated from
T code SP02.
Now, to process the file and uploading on the bank site we have to run New
Session Transaction Code ZHDFC. Following screen will appear:
Click on this box to
generate the file in
the system for
uploading on
Bank’s web-site.
Following screen will appear.
After executing it gives information-(HDFCBANK RFC Destination not
provided)-Press Enter
Type the
current date
Click on the drop down
list and then select the
file that is created. And
then EXECUTE
Fill in the required fields and now the file is ready for uploading on bank’s web-
site.
Now, go to the bank’s web-site and upload the file. On HDFC Bank’s web-site,
following page will be displayed:
Open HDFC bank site
Wholesale banking – e-payment – continue - yes.
It gives this information
and then we press enter.
Fill in the Login ID, Login password and domain and then press Login tab. Choose
the digital certificate and press OK. In the next screen shown below click on Cash
management service
After clicking Cash management service-disbursement-upload following screen
appears
Process for Down payment Request (Transaction Code F-48)
1) Document Date – Voucher date
2) Posting Date – current date (appears automatically)
3) Type – BV ( used for bank vouchers)
4) Reference – PO No.
5) Vendor – Type vendor code
6) Special GL – A ( Special GL indicator for
advance)
7) Bank Account No. – GL of bank i.e. HDFC ( 45501106)
or
8) Business area –
9) Amount –
10) Text –
11) Click on Request
Click on it to
select the
file for
uploading
After uploading to check
that file is uploaded or not
we check by clicking it.
After filling all the details as mentioned above click on save. This will create the
payment document in the SAP system. This means now document is ready to
create a Cheque.
In case where expenses has to be booked and cheque is to be made then one has to
fill the basic data debit the expenses GL posting key being 40, write the cost
centre and credit the bank GL through which payment is to be made (45501106 for
HDFC, 45509111 for ICICI, 33030411 for PNB and 33030420 for SBI) posting
key being 50.
Simulate the document and click on save. By this document will get created.
Transaction Code FCH5 For Creation of manual Cheque
Following screen appears when from Transaction Code FCH5
Payment Document No. - Document No. for which cheque is to be created.
Paying Company Code - 1000 (for SFC) or 5600 (for SGFL)
Fiscal Year - Current running year
House Bank - HDFCK / BORK / PNBK / SBIK
Account ID - HDFCKI / BORKI / PNBKI / SBIKI
Cheque No. - Cheque No. on which the cheque detail is to be
printed.
And then press Enter
Fill in the Payee Name as the name of the party on whose name the cheque is to be
printed.
Similarly fill in the City and country as IN and then Save.
Transaction code ZFMC (For printing of Cheque after creating it through
FCH5)
House Bank - HDFCK / BORK / PNBK / SBIK
Account ID - HDFCKI / BORKI / PNBKI / SBIKI
Cheque No. - Cheque No. that was assigned for the document through
FCH5.
Then EXECUTE
In creating Cheque from other banks i.e SBI, BOR and PNB through APP
Process for cheque cancellation:-
For chqeue cancellation T code FCHG is used and filled desired information as
mention below then excute.
Tcode FCH9 is used for void the cheque
For chqeue void the T code FCH9 is used and filled desired information as
mention below then excute
Process for updating assisgement filed :- Assisgement filed of SAP document is
represent basically cheque no./UTR no. of bank payment.
For upading this first we have open HDFC bank site
Payment type DCKV702 001 select then view
then click reverse file download and then save the same in desktop by given file
name DCKV01.
Open SAP using T Code ZHDFC_REVERSE then execute
after execute file open
then click Transfer
Then continuous > enter button finished all line item.
Project Profile
The title of the project is on payment and receipts of DSCL
Objectives of the Project
To find out the cheque cost unnecessarily being paid by the company
To find out better alternative methods of payment at minimum cost
To study the concept of payment in DSCL
To make a comparative analysis of different mode of payments
To estimate the cost which can be reduced through opting other alternatives.
Scope of project
the scope of the study is extended to the assessment of the DSCL business
transactions with the suppliers. The study will help in resolving the unnecessary
cost incurred by the company and reducing the cost of transactions. It will also
help us to find out the area where the company is paying money its not suppose to
pay.this project is mainly for the remittance services by banks. This is specifically
for the company and cannot be generalized because of the customized details.
The data being used is of 2012-13. Evaluation process can help in formulating the
financial policies and studies the different alternatives sources, as it reveals the
reduction in cost to the company.
Significance of Project
This project will save time and effort
Cost of payment n receipts will be reduced
Problem of cheques misplacement can be reduced
Cost of manpower can be reduced
Provide better alternatives to make payments
Assumptions
The data collected is 100%correct as no personal prejudices are assumed
to be involved.
The bank charges are taken to be 4Rs. for outstation cheques and 0.05Rs
for local cheques
Data of collection for the year 2012-13 is collected and is summarized in the
following tables:
Table 1 indicating the amount received by the firm for the year 2012-
13in form of local and outstation cheques
Table 2 indicates the charges to be paid by the firm to banks for
outstation and local cheques taking that bank charge 4Rs. per 1000 for
outstation cheques and 0.05Rs. Per 1000 for local cheques.
Sum of inst_amt
Month TYPE Total
1 Local 137569026
Ostn 23125335
1 Total 160694361
2 Local 198841401.4
Ostn 41267292
2 Total 240108693.4
3 Local 318330268.3
Ostn 58134152
3 Total 376464420.3
4 Local 464504198.6
Ostn 44673415
4 Total 509177613.6
5 Local 429657015.9
Ostn 52580692
5 Total 482237707.9
6 Local 200460593.9
Ostn 27934280
6 Total 228394873.9
7 Local 337176475.1
Ostn 57315816
7 Total 394492291.1
8 Local 233983156.8
Ostn 26552522
8 Total 260535678.8
9 Local 358636885.4
Ostn 38516358
9 Total 397153243.4
10 Local 324753978.6
Ostn 31806180
10 Total 356560158.6
11 Local 285714283.6
Ostn 28483025
11 Total 314197308.6
(blank) (blank)
(blank) Total
Grand
Total 3720016351
Sum of interest
Month TYPE Total
1 Local 6878.45
Ostn 92501.34
1 Total 99377.79
2 Local 9942.07
Ostn 165069.17
2 Total 175011.24
3 Local 15916.51
Ostn 232536.61
3 Total 248453.12
4 Local 23225.21
Ostn 178693.66
4 Total 201918.87
5 Local 21482.85
Ostn 2629.03
5 Total 24111.88
6 Local 10023.03
Ostn 111737.12
6 Total 121760.15
7 Local 16858.82
Ostn 229263.26
7 Total 246122.08
8 Local 1169915.78
Ostn 106210.08
8 Total 1276125.86
9 Local 17931.84
Ostn 154065.43
9 Total 171997.27
10 Local 16237.69
Ostn 127224.72
10 Total 143462.41
11 Local 14285.71
Ostn 113932.1
11 Total 128217.81
(blank) (blank)
(blank) Total
Grand
Total 2836558.48
Summary of the findings
The company receives cores of rupees per month in form of local and outstation
cheques and per month the company pays hunderds and thousands of rupees as rate
of bank charges. For the fiscal year 12-13 the company paid a total of
Rs.2836558.48
Recommendations
1. Company should ask its customers those who pay using outstation cheques
to pay through local cheques.
2. Those who pay using local cheques can pay through RTGS and NEFT.
3. Customers can also go for bank to bank transfer (possible for those who
have accounts in same banks)
4. Therefore the company could ask its customers to open their accounts in
HDFC
Conclusion
From the analysis done its clear that in this competitive era of all types of business.
To survive in the corporate each has to be competitive and provide services and
products in lesser cost with better and quality which provides hassle free work to
the user.
In the analysis I found out that due to lack of awareness and volatile market,
company needs to reanalyze its policies time to time so that it can reduce its cost of
cheque payment system. Like the company has identified the new products in
banking services to improve its efficiency like RTGS, NEFT etc it should
recommend it to its customers too.
BIBLIOGRAPHY Online Information
1. www.dscl.com
2. www.indiainfoline.com
3. www.banknetindia.com
Banks’ Website-HDFC – www.hdfc.com
