J & K BANK REPORT

“NEW AGE FINANCIAL PRODUCTS & THEIR ROLE IN
TRANSFORMING MODERN BANKING”
A Dissertation submitted to the University of Jammu in Partial fulfillment of the
requirement for the degree of
MASTERS IN BUSINESS ADMINISTRATION
Supervisor Investigator
Miss Hemani Khajuria Radhika Gupta
( Marketing Incharge ) 32- MBA -14
POST-GRADUATE DEPARTMENT OF THE BUSINESS SCHOOL
UNIVERSITY OF JAMMU
JAMMU-180006

New Age Financial Products and their role in transforming
modern Banking
2015
ACKNOWLEDGEMENT
I would like to thank God with deep reverence for providing me with courage and keeping
my morale up throughout the research work without which the completion of my dissertation
was impossible.
First of all I express my deep gratitude to my guide Miss Hemani Khajuria (Marketing
Incharge) , J&K Bank for her valuable suggestion, timely help and providing all the
facilities during the course of my study. I feel indebted to her for giving me the taste of
intellectual freedom that I will always cherish.
Regards also go to the faculty of The Business School, University Of Jammu for their
contributions and advice.
I would like to thank all my respondents for their wholehearted and unconditional
cooperation and precious time spent for providing the necessary information required for the
study.
I express my heartfelt gratitude to all my family members especially my father and mother
for their blessings throughout my course work.
The most pleasant as well as the most difficult task is to convey thanks which literally mean
expression of gratitude, I wish to express my sincere gratitude to everyone who has directly
or indirectly helped me in completing this dissertation.
RADHIKA GUPTA
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ABSTRACT
The present research was conducted to assess “New age financial products & their role in
transforming modern banking”. The objective was to study that the new age banking products
have played a major role in changing the buying/transactional behaviours in the recent times .
A sample size of 60 respondents was taken from Jammu of J&K bank customers. The tools
used for data collection were Self structured questionnaire to measure the responses. These
new age banking products were studied to review how they transformed modern Banking:
ATM, Credit Cards, Debit Cards, E-Banking and SMS Banking. The results of the study
revealed that majority of the customers have developed a habit of using more plastic money
for their day to day transaction/ home affairs. They prefer to withdraw their money through
ATM by Debit Cards which in turn reduces the footfall of customers in Banks with the
purpose of withdrawl of small amounts from their own accounts . The customers get instant
accounts update through SMS Banking. Now they have transformed themselves with the
modern Banking tools by dealing with their accounts through E-Banking, however for inter
Bank transfer they prefer to personally deposit. Flow of plastic money has increased from the
past in Jammu as such but there is still a good market available for these products which can
be done through marketing intelligence ( marketing intelligence system). It has been analysed
through our study that the new age banking products have changed modern Banking scenario.
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CONTENTS
 CERTIFICATE
 ACKNOWLEDGEMENT
 ABSTRACT
1 INTRODUCTION
2 COMPANY PROFILE
3 SWOT ANALYSIS
4 REVIEW OF LITERATURE
5 SURVEY
6 ANALYSIS AND DATA INTERPRETATION
7 CONCLUSION
8 LIMITATIONS
9 RECOMMENDATION
10 REFERENCES
APPENDIX
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INTRODUCTION
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INTRODUCTION
A Bank is a financial institution licensed by a government.
Its primary activities include borrowing and lending money. Many other financial activities
were allowed over time. For e.g. Banks are important players in financial markets and offer
financial services such as investment fund.
India is turning into a major economic superpower. With remarkable growth & potential in
various sectors like insurance etc., India is turning to be a major draw for foreign companies.
Banks are the backbones of every nation. These are the cords which strengthen the nation’s
economy. Banking is now not just limited to saving money and withdrawing them when
needed, but it now has a new meaning added to it. A revolution has been brought about in the
banking with the introduction of products like ATM, Credit Cards, Debit Cards, E-Banking
and SMS Banking. This transformation was very much needed to change the face of Indian
economy. Strong Banking was the only one which reduced the intensity of recession and
saved India from major setback which it would have faced due to feeble banking chains.
The products like ATM’s-automatic teller machines are the easiest way to withdraw money
anywhere in the country at any time. They provide customers a mini Bank at their doorstep.
Credit Cards provide customers easy way to shop & withdraw money too. It’s especially a
delight for ladies who would never like to miss out a chance to buy their favourite things just
because of less cash. All these transactions take place within no time.
E-Banking provides customers, Banks online. E-ticketing is a part of E-Banking.
SMS Banking help customers to reach out to their Banks through SMS simply. The
customers can pay their Mobile bills through this facility, check their balance, get to know
their last three transactions, cheque payment status etc. All these products have facilitated
Banking and have made it quite convenient for the customers as well as for the Banks.
Financial security has now been strengthened like never before.
These new age banking products have completely transformed the modern Banking. But
these products have still not reached every person as there is lack of awareness among the
people about these products. The Bank is not able to reach out to all the sections of society
because of differences in education level, the lesser educated section is to be taught in an
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effective and easy way. This section just cannot be ignored as it constitutes an important
section of our society. There is ample scope for these products in this section. There are many
players in the market including government owned, privately owned & semi-government
owned Banks. Some of these important players include:
The core function of the Bank in future will be about creating the association with the
customers and extending the same through excellent customers support system. To anticipate
the requirements of the customers proactively and present simple and targeted offers,Bank
can collaborate with social media sites through which the Bank can serve the customers.
COMPANY
PROFILE
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COMPANY PROFILE
The origin of Jammu and Kashmir Bank limited, more commonly referred to as J&K Bank,
can be traced back to the year 1938, when it was established as the first state-owned Bank in
India. The Bank was incorporated on 1st October 1938 and it was in the following year (more
precisely on 4th July 1939) that it commenced its business, in Kashmir (India). It was initially
set up as a semi-state Bank, with its capital being contributed by state as well as the public
under the control of state government.
Jammu and Kashmir Bank had to face serious problems in 1947 i.e. At the time of
independence. With the partition of Pakistan, two out of the total ten branches of the Bank,
namely the ones in Muzaffarabad and Mirpur, fell to the other side of the line of control (now
pak occupied Kashmir), along with cash and other assets. At that point of time, in keeping
with the extended central laws of the state, J&K Bank was categorized as a government
company, as per the provisions of Indian companies act 1956. .
It was in the year 1971 that Jammu and Kashmir Bank was granted the status of a 'scheduled
Bank'. Five years later, it was declared as "a" class Bank, by the Reserve Bank of India
(RBI). As the years passed on, the Bank started achieving more and more success. Today, it
boasts of more than 500 branches across the country. It was only recently that Jammu and
Kashmir Bank became a billion dollar company. Governed by the companies act and Banking
regulation act of India, it is regulated by RBI and SEBI.
Jammu & Kashmir Bank is the only Bank in the country with majority ownership vested with
a state government – the government of Jammu & Kashmir. It is the sole Banker to the
government of Jammu & Kashmir.
J&K Bank functions as a universal Bank in Jammu & Kashmir and as a specialized Bank in
the rest of the country. It is also the only private sector Bank designated as RBI’s agent for
Banking business, and carries out the banking business of the central government, besides
collecting central taxes for CBDT.
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J&K Bank follows a two-legged business model whereby it seeks to increase lending in its
home state which results in higher margins despite modest volumes, and at the same time,
seeks to capture niche lending opportunities on a pan-India basis to build volumes and
improve margins.
J&K Bank operates on the principle of ‘socially empowering Banking’ and seeks to deliver
innovative financial solutions for household, small and medium enterprises.
The Bank, incorporated in 1938, and is listed on the NSE and the BSE. It has a track record
of uninterrupted profits and dividends for four decades. The J&K Bank is rated P1+,
indicating the highest degree of safety by Standard & Poor and CRISIL.
Jammu and Kashmir Bank enjoys a very unique status in the Indian Banking Sector. That of
being the only State Government owned commercial Bank in the country. The Bank with a
National footprint of more than 577 branches is presently the fastest growing old generation
private sector bank in the country.
J&K Bank is one of the very few banks that combine the best of public ownership, stability
and safety with the best of private functioning; growth and efficiency. Having an exclusive
geographical are of operations and supported by a dedicated community, the Bank enjoys an
almost monopolistic position in the State and a sizeable presence in the rest of the country.
All these aspects accord unparalled financial and non-financial advantages to the Bank
making it one of the best and most profitable old generation private sector Banks. Being the
flagship institution of the State, the Bank aspires to lead by example by delivering
outstanding performance in growth and profitability, catalyse growth in the State economy
and create enabling conditions for the financial empowerment of the people of J & K.
J&K Bank is going from strength to strength as it witnesses tremendous revenue growth
opportunities in all its business. The Bank has financial strength, powerful set of brands that
people trust, proven products and services, an integrated distribution network that delivers.
This is a tremendous base on which to grow business profitability
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In recognition of its excellent customer service, fair business practices, total operational
efficiency, overall performance, etc., the Bank has been felicitated so many times during the
last few years. J & K Bank sees itself as a Bank with a regional focus, a National reach and
International Standards of operations.
The Bank has also won many prestigious national awards. Some of them include:
• BEST UNIVERSAL BANKING AWARD – 2002.
• BEST PRIVATE SECTOR BANK OF INDIA AWARD.
• JAMNALAL BAJAJ UCHIT VYARAHAR PURASKAR – 2002 AWARD.
• INDIAN GANDHI PRIYADARSHANI AWARD.
• PRIDE OF INDIA GOLD AWARD.
• EXCELLENCE AWARD BY THE INSTITUTE OF ECONOMIC STUDIES,
DELHI.
• IMM AWARD FOR EXCELLENCE AS TOP MANAGER AND OUTSTANDING
PERFORMANCE IN MANAGEMENT QUALITY AND INNOVATIONS IN THE
FIELD OF BANKING.
Vision
• To catalyse economic transformation and capitalise on growth
Mission
• To provide the people of J&K international quality financial services & solutions
• To be a super specialist Bank in the rest of the country.
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Unique characterstics & services
• J&K Bank carries out Banking business of central government
• In spite of government equity holding of 53%,J&K Bank is regarded as a private
sector Bank
• Plan & non- plan funds, taxes & non-tax revenues are routed through J&K Banks
• J&K Bank claims the distinction of being the only private sector Bank that has been
designated as agent of RBI for Banking
• The services of J&K Bank are utilised for purposes of disbursing salaries of
government officials
• J&K Bank collects taxes pertaining to central board of direct taxes, in J&K.
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Brand identity
The new identity for J&K Bank is a visual representation of the Bank’s philosophy and
business strategy. The three coloured squares represent the regions of Jammu, Kashmir and
Ladakh. The counter-form created by the interaction of the squares is a falcon with
outstretched wings – a symbol of power and empowerment. The synergy between the three
regions propels the Bank towards new horizons. Green signifies growth and renewal, blue
conveys stability and unity, and red represents energy and power. All these attributes are
integrated and assimilated in the white counter-form.
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CSR aspect of J&K Bank
• The corporate social responsibility (CSR) of the J&K Bank seeks to recognize
obligations towards society and aims to integrate the CSR ideals into its mission for
optimizing both business and social performance.
• It stresses on promoting work life balance, give attention to social and environmental
concerns and host of factors that facilitate business pursuits and accomplishment of
economics goals.
• The Bank besides playing its role in economic development of the state and country
contributes significantly towards the social cause. Be it victims of natural calamity,
like fire, flood, snowstorm or tsunami and disabled or patients with serious ailment
who lack reliable means of survival, the Bank has been all through supporting them.
• Heritage preservation is an important responsibility of every conscious individual,
institution or agency. The thrust areas to assist in this respect for the Bank will be
preservation of historical/ religious monuments, development of tourists’ sites,
national properties, museums, libraries, protection of environment/ ecology etc.
• The Bank has been playing a vital role in the promotion of tourism and it is in this
backdrop that the Bank has been shouldering the responsibility of registering yatris
for the shree amarnath ji yatra though its extensive network of branches spread across
the country.
• In addition to this, accidental insurance cover facility of Bajaj Allianz eneral
insurance co. Ltd. To the pilgrims at a nominal premium is made available to yatris.
• Apart from above activities the Bank has been constructing/ developing the public
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parks, bus stand, drinking water posts, laboratories, conveniences, rain shelters
• In addition to this, the Bank organizes relief camps, service camps, night shelters,
health resorts, health clinics, disaster calamity management centres etc.
Customer service
The Bank continues its emphasis on maintain high standards of service to its customers. In
this direction, the Bank introduced various hi-tech and customer friendly products during the
year, providing value added service to achieve customer satisfaction. Customer complaints
received are dealt promptly and expeditiously. The Bank is a member of the banking codes
and standards board of India and has adopted ‘code of Bank’s commitment to customers’, a
voluntary code providing protection and ‘right to know’ to the customers. The Bank has
established a 24x7 help desk to address customer queries and the desk is slated to be
converted into a full fledged call centre very shortly. The Bank is also keenly pursuing for
ISO 9000 certification for its customer service. In fact some of the branches have already
been certified ISO 9000.
The Bank has revamped its delivery channels and added ‘business development and
promotion centres’
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SWOT ANALYSIS
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STRENGTHS OF J&K BANK:
• Monopoly Bank with 70 % plus market share & functions as a universal Bank in J&K
state.
• Financial strength, powerful set of brands that people trust, proven products and
services.
• Effective and integrated distribution network.
• Fastest growing old generation private sector Bank.
• Bank with a regional focus, a national reach and international standards of operations.
• Rated “P1+” by Standard and Poor Crisil connoting highest degree of safety.
• Only private sector Bank with majority of ownership vested with the government of
Jammu & Kashmir.
• 53.17 shares are held by govt. And is sole Banker to the state government.
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WEAKNESSES OF J&K BANK:
• Technological advancements.
• Due to lack of competition, interest rates are high.
• Supervision is weak, which causes delay in work.
OPPORTUNITIES OF J&K BANK:
• Technological advances.
• Tremendous growth opportunities in all its business.
• New distribution channels.
• Retaining market leadership.
• Recruit professionally guided students.
• Expand the research and development department, because the focus of these
departments is to introduce and innovate new products, etc. And this will lead to
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growth of the Bank.
• In the age of globalization for achieving growth, the competent/ skilful/ english
speaking employees are one of the requirements of the Bank.
THREATS TO THE J&K BANK:
• Strong and stiff competition in near future.
• Entry of nationalized Banks in Jammu and Kashmir state.
• Technological advances.
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REVIEW OF
LITERATURE
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It is relevant to refer briefly to the previous studies and research in the related areas of the
subject to find out and to fill up the research gaps, if any. Literature on financial services can
generally be found; a number of books are available on banking related aspects as merchant
banking, loan syndication, securitization, profitability and productivity etc. but, few studies
are undertaken on the role of technology in the banking services.
Ramalingam P. (2008) studies the usage pattern of credit card holders of SBI, ICICI and ABN
banks of Kanchipuram town in Tamil Nadu. The study concludes that higher income group
and married persons utilizes the cards to the maximum mainly for impulse purchases due to
convenience and Citibank cards are more popular because of dominance in advertising. The
study also reveals that Masterand VISA cards are the leading card brands in India and suggests
the banks to improve overall functioning to provide satisfied credit card services.
Uppal R.K. (2008) analyzes the quality of ebanking services in the changing environment.
The sample size of bank customers is 25. The data is collected through pre-tested and well
structured questionnaire in Ludhiana, Punjab in May 2006.The study concludes that the
customers of ebanks are satisfied with the different e-channels and their services in the spread
of ebanking services. It also suggests some measures to make ebanking service more effective
in the future. The present study is mainly concerned with the Indian banking industry in
general and particular those banks that are producing service through e-channels i.e. ebanks.
Madhavankutty G. (2007) concludes that the banking system in India has attained enough
maturity and is ready to address prudential management practices as comprehensively as
possible, which an integral part of policy is making. Banking in India is poised to enter yet
another phase of reforms once the door opens further to foreign players in 2009. This requires
further improvement in technology management, human resource management and the ability
to foresee rapid changes in the financial landscape and adopt quickly. At present, there is a
huge hiatus between the top management earnings of state owned banks and private, as well
as foreign banks. Banks have to lay down sound risk management strategies and internal
capital adequacy assessment committees to ensure that they do not diverge from the
prudential requirements.
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Kadir .H.A. et al; (2010) in his study tries to identify the effects of services offered by
Malaysian banks through online media and ATMs on customer satisfaction. Two analyses are
employed to fully reflect the effect of online and ATM services on their satisfaction level.
The first one was service quality model which compares the difference between satisfaction
and expectation level in order to find out which dimensions need to be improved. Second
analysis was Two-Way ANOVA analysis which tried to identify the relationship between
demographic factors and the study’s outcome. Finally, the study determined which factors
have the most effect and which factors have the least effect on customer satisfaction level.
Dixit.N. et al; (2010) in her study investigates on how the customers perceive the value of
Internet banking over the traditional way of banking. Primary data was collected from 250
respondents, through a structured questionnaire. Statistical analysis, descriptive statistics and
correlation were used to know the perceived service quality of Internet banking (IB) and level
of satisfaction between customers in India. The finding depicts many factors such as
perceived value, perceived service quality; customer satisfaction and their loyalty have
significant impact on a customer acceptance of Internet banking.
Amin Hanudin (2007) studies technology acceptance of internet banking among
undergraduate students in Malaysia based on modified version of Technology Acceptance
Model (TAM) and develops a technology acceptance model for internet banking. The results
suggest that perceived usefulness (PU), perceived ease of use (PEOU) and perceived
credibility (PC) had a significant relationship with behavioral intention. Results also suggest
that PU and PEOU had a significant relationship with computer self-efficacy. The study is
useful in providing the understanding of the TAM among undergraduate from Malaysians’
perspective.
El-Sherbini et al ;( 2007) investigated the customers' perspectives of internet banking, their
perceived importance for it, usage patterns and problems rising on its utilization. The paper
discussed the strategic implications of the research findings. Empirical data were gathered
from bank customers in Kuwait to achieve the research objectives. The results showed the
perceived importance of internet banking services by customers, current and potential use of
IB services in Kuwait and problems perceived by bank customers in using IB. The
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researchers' main hypothesis tested that top five services considered relative important in
Kuwait banks were "Review account balance", "Obtain detailed transactions histories, "Open
accounts", Pay bills" and Transfer funds between own accounts".
Gan et al; (2007) conducted a research to examine consumers' choices between electronic
banking and non-electronic banking in New Zealand. Internet banking is no longer a
competitive advantage but a competitive necessity for banks. The findings in the paper show
that the output from the logistic regression indicates that the service quality, perceived risk
factors, user input factors, employment, and education were the dominant variables that
influence consumers' choice of electronic banking and non-electronic banking channels.
Eriksson et al; (2005) has studied the technology of internet banking in Estonia, an emerging
east European economy. A quantitative study was selected to obtain data regarding the usage
of and attitudes towards the internet as a banking channel. The results suggested that internet
bank use increases, as customers perceive it as useful. Hence, a well-designed and easy to use
internet bank may not be used if it is not perceived as useful. They concluded that the
perceived usefulness of internet banking is, for banks, a key construct for promoting
customer use. They also suggested that models of technology acceptance should be re-
formulated to focus more on the key role of the perceived usefulness of the service embedded
in the technology.
Chan and Lu (2004) considered Perceived usefulness and perceived ease of use as essential
factor regarding information technology acceptance. Perceived usefulness is the extent to
which a person believes that using a particular system will enhance his or her performance
perceived ease of use as simply describes the level of ease about using the new
product/service, while self-efficacy describes the belief of an individual in their own
Wang et al; (2003) was interested to identify the factors that determine acceptance of
Internet banking by the users. Using the TAM as a theoretical framework, this study
introduces “perceived credibility” as a new factor that reflects the user's security and privacy
concerns in the acceptance of Internet banking. The results strongly support the extended
TAM in predicting the intention of users to adopt Internet banking. It also demonstrates the
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significant effect of computer self-efficacy on behavioral intention through perceived ease of
use, perceived usefulness, and perceived credibility.
Sathye (1999) analyzed the factors affecting the adoption of Internet banking by Australian
consumers. The findings suggest that security concerns and lack of awareness about Internet
banking and its benefits stand out as being the obstacles to the adoption of Internet banking in
Australia. He also suggests some of the ways to address these impediments. Further, he
suggests that delivery of financial services over the Internet should be a part of overall
customer service and distribution strategy. These measures could help in rapid migration of
customers to Internet banking, resulting in considerable savings in operating costs for banks.
DEBIT CARDS
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A Debit Card (also known as a Bank card or check card) is a plastic payment card that
provides the cardholder electronic access to their Bank account(s) at a financial institution.
Some cards may bear a stored value with which a payment is made, while most relay a
message to the cardholder's Bank to withdraw funds from a payer's designated Bank account.
The card, where accepted, can be used instead of cash when making purchases. In some
cases, the primary account number is assigned exclusively for use on the internet and there is
no physical card.
Types:
1) Instant Debit Card- with the changing trends & to provide customer easy & instant
access to their accounts .Banks have introduced instant Debit Cards along with a
pin. The J&K Bank’s intant Debit Card validity is of 9 years.
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2) Personalized Debit Card- Debit Card/ ATM card linked to the customers account
with his/her name encrypted is provided to the customers for account withdrawl /
transaction.
Issuance fees of EMV instant Debit Card – RS 100/-
Issuance fees of EMV personalized Debit Card – RS 200/-
Annual fee EMV instant & personalised Debit Card RS 35/- per quarter
Global access cards - Debit Cards
Features:
• Pin based – Maestro/Cirrus Debit Card
• Accepted at all domestic as well as International Mastercard, Maestro, Cirrus enabled
ATM’s & Point of Sale locations.
• Accepted at NPCI (NFS) ATM’s
• No transaction fee at J&K Bank ATM”s
• Provides online access to savings or current account
• No transaction fee on purchase
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• EMV: the chip is embedded on the card and contains all information in an encrypted
format. It also comes with a personal identification number (pin). This technology has
to comply with standards developed by Europay, Mastercard And VISA (EMV).
Advantages of a Debit Card
• Easy to obtain. Once you open an account most institutions will issue you a
Debit Card upon request.
• Convenience. Purchases can be made by swiping the card rather than filling
out a paper check.
• Safety. You don't have to carry cash or a checkbook.
• Readily accepted. When out of town (or out of the country), Debit Cards are
usually widely accepted (make sure to tell your financial institution you’re leaving
your city; to not have an interruption in service).
Disadvantages of a Debit Card
• No grace period. Unlike a Credit Card, a Debit Card uses funds directly from
your checking account. A Credit Card allows you to borrow funds on credit, leaving
disposable cash in your account.
• Check book balancing. Balancing your account may be difficult unless you
record every Debit Card transaction.
• Less protection. Most financial institutions will try and protect their customer
from Debit Card fraud. However, a customer could potentially be liable for up to $500
on fraudulent Debit Card transactions compared with only $0 on Credit Cards. Be
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sure to check with your financial institution to learn the details.
• Fees. Using your Debit Card for ATM transactions may be costly if the ATM
is not affiliated with your institution.
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CREDIT CARDS
Credit Card
A Credit Card is part of a system of payments named after the small plastic card issued to
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users of the system. It is a card entitling its holder to buy goods and services based on the
holder's promise to pay for these goods and services. The issuer of the card grants a line of
credit to the consumer (or the user) from which the user can borrow money for payment to a
merchant or as a cash advance to the user.
A Credit Card is different from a charge card, where a charge card requires the balance to be
paid in full each month. In contrast, Credit Cards allow the consumers to 'revolve' their
balance, at the cost of having interest charged. Most Credit Cards are issued by local Banks
or credit unions, and are the shape and size specified by the ISO/IEC 7810 standard as ID-1.
Smart card:
Banks are adding chips to their current magnetic stripe cards to enhance security and offer
new service, called smart cards. Smart cards allow thousands of times of information storable
on magnetic stripe cards. In addition, these cards are highly secure, more reliable and
perform multiple functions. They hold a large amount of personal information, from medical
and health history to personal Banking and personal preferences.
Features of Credit Cards
It is a piece of plastic about 3.5 x 2 inches in size. Some of the features of Credit Cards are:
• Logos: the card carries logos of the card association (VISA, Mastercard) as well as
that of the issuing Bank (ICICI, HDFC and so on) in the front.
• Number: the card number is embossed in the front. This is usually a 16-digit number.
The first digit symbolizes the major industry. Banking industry cards usually start
with 4, 5 or 6. The first six digits identify the issuing organization. The next nine digits
denote the individual’s account number. The last digit is a check digit.
• Name: also embossed on the front of the card is the name of the cardholder.
• Expiry date: the date till which the card is valid is embossed on the front of the card.
• Magnetic stripe: there is a magnetic stripe (called magistrip) running through the
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length of the card on its reverse. This contains the identification information of the
card which is transmitted during a transaction.
• EMV : the chip is embedded on the card and contains all information in an encrypted
format. It also comes with a personal identification number (pin). This technology has
to comply with standards developed by europay, mastercard and VISA (EMV).
• CVV no.: this is a three-digit number that appears on the reverse of the card after the
16-digit card number. This is used as an additional security check, supposed to sign.
While processing a transaction, the merchant has to verify this signature.
• Contact nos.: on the reverse of the card, the issuing Bank’s contact numbers are
printed. The cardholder can call these numbers for any card-related queries.
• Signature: there is a space below the magnetic stripe where the cardholder is
mandatory to sign
EMV CARD
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ParticulaRS Charges
Issuance fee Chip based card : RS .200/- plus taxes
Annual fee RS. 300/- plus taxes
Renewal fee Chip based card : RS .300 /- plus taxes
Add – on card Chip based card : RS .300 /- plus taxes
Service charges/ intrest rate
( purchase/ cash)
2.25 per month
Payment fee RS 100/- plus taxes
J&K Bank Credit Card feature
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Salient features
• Pin based -maestro / cirrus Debit Card
• Provides online access to savings or current account.
• Accepted at all domestic as well as International Mastercard™, Maestro™, Cirrus™
enabled ATM's and point of sale locations.
• Accepted at National Financial Switch (NFS) ATM's.
• No transaction fee at J&K Bank ATM's
• No transaction fee on purchases
Customer benefits
• 20-50 day credit free period
• Revolving credit facility on paying of minimum payment due in the same billing
period.
• Hassle free credit facility at competitive rate of interest.
• Cash withdrawal facility upto 20% of total credit limit.
• Loyalty programme
• Mastercard® Securecode™ enabled Credit Cards. J&K Bank lets you shop securely
online with your J&K Bank Mastercard Credit Card. This service through a simple
checkout process, confirms your identity when you make purchases on the internet
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• 24 hour customer assistance at J&K Bank helpdesk
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Types of cards
Blue empowerment card
Silver empowerment card
Gold empowerment card
Eligibility
Annual income
For salaried -above RS 80,000.00
For self employed -above RS. 1,50,000.00
Credit limits
Blue empowerment card- upto RS.25,000.00
Silver empowerment card-upto RS.50,000.00
Gold empowerment card-upto RS.1,00,000.00
Rate of interest
2.25% per month
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Advantages:-
• They allow you to make purchases on credit without carrying around a
lot of cash. This allows you a lot of flexibility.
• They allow accurate record-keeping by consolidating purchases into a single
statement.
• they allow convenient remote purchasing - ordering/shopping online or by phone.
They allow to pay for long purchase.
• Under certain circumstances, they allow you to withhold payment for merchandise
which proves defective.
• They are cheaper for short-term borrowing - interest is only paid on the remaining
debt, not the full loan amount.
• Many cards offer additional benefits such as additional insurance cover on purchases,
cash back, air miles and discounts on holidays.
Disadvantages:
• You may become an impulsive buyer and tend to overspend because of the ease of
using Credit Cards. Cards can encourage the purchasing of goods and services you
cannot really afford.
• Credit Cards are a relatively expensive way of obtaining credit if you don't use them
carefully, especially because of the high interest rates and other costs.
• Lost or stolen cards may result in some unwanted expense and inconvenience.
• The use of a large number of Credit Cards can get you even further into debt.
• Using a Credit Card, especially remotely, introduces an element of risk as the card
details may fall into the wrong hands resulting in fraudulent purchases on the card.
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Fraudulent or unauthorized charges may take months to dispute, investigate, and
resolve.
Competitors of Jammu & Kashmir Bank Credit Card:
Some of the main competitors of Jammu & Kashmir Bank in Jammu.
• SBI BANK
• PUNJAB NATIONAL BANK
• ICICI BANK
• HDFC BANK
• AXIS BANK
• UNION BANK OF INDIA
Debit & Credit Cards can be functioned in three ways:
1. ATM card/withdrawal of money
2. Online - now a days the people can buy the commodities online through
payments by Debit Card & Credit Card
3. By sales at POS
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POS MACHINE
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Definition of POS machine:
A point of sale/service (POS) machine is used to conduct retail transactions. It can provide
many services, including Credit Card processing, check reading and cash transactions,
depending on the model. These devices can be found virtually anywhere, from grocery stores
to gas stations. The technology used in POS machines results in a speedy and secure
transaction.
1) Types of point of sale terminals
Following two POS terminals are available for installation at merchant
locations.
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Sn Type of terminal Operated through
1 Fixed terminal Functions through landline with std facility
2 GPRS wireless terminal Functions through inbuilt SIM
2) Charges / monthly rentals
The installation charges and monthly rentals shall be applicable as below:
S
n
Type of
terminal
One time
installation
charges
Monthly charges / rentals Instrument
charges
1 Fixed POS RS.500
RS.350
Nil
Free of monthly rentals if average
monthly sales is minimum
RS.25000/=in a half year.*
2 GPRS POS RS.1500 RS.650/= ** Nil
3) Merchant service fee (MSF)
Transaction charges recoverable from merchants on the transaction carried through POS are
as under:
Type of card / amount of txn J&K Bank cards Other Bank cards
Debit Card
(domestic)
Up to RS.2000 0.75% 0.75%
Above RS.2000 1.00% 1.00%
Debit Card
(international)
All transactions N.a. 1.5%
Credit Card All transactions 1.3% 1.5%
Features
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POS machines offer the ability to automate many tasks that have historically required human
oversight. These machines can scan Credit Cards, authorize the charge, and even accept a
digital signature. POS machines can even synchronize with the local area network of the
business, and automatically update balances and inventory with each completed transaction.
Function
The POS machine is used to improve the efficiency of retail transactions. A POS machine can
be automated, as in a self-service checkout lane in the grocery store, or it can merely augment
the actions of a checkout worker. The POS machine uses a price scanner to check the price of
an item, and a Credit Card reader, a check scanner, or a cash drawer to accept funds in an
exchange.
Considerations
The increasing level of automation in POS technology has increased the ability of a business
to process transactions quickly and accurately. Due to reliance on the technology, however,
many businesses are at a standstill when the POS machine breaks down. For this reason,
reliability is extremely important in POS technology.
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ATM MACHINES
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Automated teller machine (ATM):
ATM is designed to perform the most important function of Bank. It is operated by plastic
card with its special features. The plastic card is replacing cheque, personal attendance of the
customer, Banking hours restrictions and paper based verification. There are Debit Cards.
ATMs used as spring board for electronic fund transfer. ATM itself can provide information
about customers account and also receive instructions from customers - ATM cardholders.
An ATM is an electronic fund transfer terminal capable of handling cash deposits, transfer
between accounts, balance enquiries, cash withdrawals and pay bills. It may be on-line or 0ff-
line. The on-line ATM enables the customer to avail Banking facilities from anywhere. In
off-line the facilities are confined to that particular ATM assigned. Any customer Possessing
ATM card issued by the shared payment network system can go to any ATM linked to shared
payment networks and perform his transactions.
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E-BANKING
E-Banking
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Internet Banking (or E-Banking) means any user with a personal computer and a browser can
get connected to his Bank -s website to perform any of the virtual Banking functions. In
internet Banking system the Bank has a centralized database that is web-enabled. All the
services that the Bank has permitted on the internet are displayed in menu. Any service can
be selected and further interaction is dictated by the nature of service. The traditional branch
model of Bank is now giving place to an alternative delivery channels with ATM network.
Once the branch offices of Bank are interconnected through terrestrial or satellite links, there
would be no physical identity for any branch. It would a borderless entity permitting anytime,
anywhere and anyhow Banking.
The network which connects the various locations and gives connectivity to the central office
within the organization is called intranet. These networks are limited to organizations for
which they are set up. Swift is alive example of intranet.
Internet Banking in India
The reserve Bank of India constituted a working group on internet Banking. The
group divided the internet Banking products in India into 3 types based on the levels
of access granted. They are:
• Information Only System: general purpose information like interest rates,
branch location, Bank products and their features, loan and deposit
calculations are provided in the Banks website. There exist facilities for
downloading various types of application forms. The communication is
normally done through E-mail. There is no interaction between the customer
and Bank's application system. No identification of the customer is done. In
this system, there is no Possibility of any unauthorized person getting into
production systems of the Bank through internet.
• Electronic Information Transfer System: The system provides customer-
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specific information in the form of account balances, transaction details, and
statement of accounts. The information is still largely of the 'read only' format.
Identification and authentication of the customer is through password. The
information is fetched from the Bank's application system either in batch mode
or off-line. The application systems cannot directly access through the
internet.
• Fully Electronic Transactional System: This system allows bi-directional
capabilities. Transactions can be submitted by the customer for online update.
This system requires high degree of security and control. In this environment,
web server and application systems are linked over secure infrastructure. It
comprises technology covering computerization, networking and security,
inter-Bank payment gateway and legal infrastructure.
Services Provided By E-Banking:
• Bill payment
• Fund transfer
• Credit Card bills
• Railway pass
• Investing online
• Recharging prepaid phones
• Shopping
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Advantages:
• Convenient
• Not bound by operational timings
• No geographical barriers
• Offered at miniscule cost
Through internet Banking, you can check your transactions at any time of the day, and as
many times as you want to. Where in a traditional method, you get quarterly statements from
the Bank. If the fund transfer has to be made outstation, where the Bank does not have a
branch, the Bank would demand outstation charges.
Security:
Customers should never share personal information like pin numbers, passwords etc with
anyone, including employees of the Bank. It is important that documents that contain
confidential information are safeguarded. Pin or password mailers should not be stored, the
pin and/or passwords should be changed immediately and memorised before destroying the
mailers.
Customers are advised not to provide sensitive account-related information over unsecured
E-mails or over the phone. Take simple precautions like changing the ATM pin and online
login and transaction passwords on a regular basis. Also ensure that the logged in session is
properly signed out.
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SMS BANKING
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What is SMS Banking?
SMS Banking is a service that allows customers to access their account information via
Mobile phone. SMS Banking services are operated using both push and pull messages. Push
messages are those that the Bank chooses to send out to a customer's Mobile phone, without
the customer initiating a request for the information. Pull messages are those that are initiated
by the customer, using a Mobile phone, for obtaining information or performing a transaction
in the Bank account.
Customers who maintain an account, with J&K Bank having internet Banking facility
enabled for the account.
Enrolling The Service
Currently, all the customers of CBS branches who are users of internet Banking facility can
avail this facility.
The registration process is given hereunder:
If the customer is currently availing internet Banking facility, the customer needs to submit a
letter in the specified format to the branch stating that the customer is an internet Banking
user and wants to avail SMS Banking facility. Customers need to download the SMS
Banking (pull) application from internet Banking and specify in the application form that
they want to avail SMS Banking facility.
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When for the customer SMS Banking (pull) facility is enabled. In customer internet Banking
SMS Banking menu option will be enabled. Then customer has to login to internet Banking
facility and has to access the menu set SMS password under customize menu option to set the
password that the customer will be using to avail the SMS Banking facility.
On setting the password the customer can avail the SMS Banking facility. The response will
be received on the Mobile number of the customer.
Features
• Account balance inquiry
• Transaction inquiry
• Cheque status inquiry
• Password change
• Suspending self
Using the service
Customer has to send an SMS through there Mobile to in desired format.
What happens if the Mobile number changes?
If customer changes the Mobile number he has to again register the new Mobile number in
his internet Banking.
**this service is only for non financial enquiries and requests as stated above
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SURVEY
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Survey methodology
The survey is conducted in the Jammu region of the state. The targeted population is the
customers of the J&K Bank.
The collection of the necessary information to fulfil this report was through primary data and
secondary data which is as follows:
Primary data: the primary data has been collected with the aid of self structured
questionnaire. The self structured questionnaire was presented to the customers and the
prospects with the aim to check the factors that lead to their preference of the services of the
J&K Bank and try to explore some areas in which they found the services inadequate
Secondary data: this data was collected from various sources such as annual reports,
magazines and from companies records i.e. Analysis of org reports, etc.
A sample size of 60 respondents was taken from jammu of J&K bank customers &.Self
structured questionnaire has been used to measure the responses.
DATA
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INTERPRETATION
AND
ANALYSIS
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The interpretation which can be made from the graph is that 37% have been using the
services of Bank from past 1 year, 37% are using from past 1to 5 year, 13% are using from 5
to 10 years and 13% are using from more than 10 years.
The chart infers that most of the people i.e., 36 out of every 60 which are around 60% prefer
Saving Bank Account followed by the Current Account which is preferred by 17% of the
public. Even the Term Deposit Scheme is preferred by people approximately 7%. Gift
Cheque Scheme are with a low figure of 5% respectively.
The chart infers that most of the people i.e., 23out of every 60 which are around 38% are
aware of Debit Cards followed by the SMS Banking which 22% of the public is aware. 20%
public are aware of Credit Cards & E- Banking.
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The chart infers that most of the people i.e 73% have a habit of using plastic money 27%
don’t have a habit of using plastic money
The interpretation made from the chart is that 32% use Debit Card, 5% are using Credit Card
and 2% are using SMS Banking 27% use both Debit Card & 35 % use all of the above.
The interpretation made from the chart is that . 90 % are satisfied with the services provided
by Bank& 10% are not satisfied with the services provided by Bank.
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The chart shows that 71%customers Credit Card statements timely and29% don’t get Credit
Card statements timely
The chart shows that 38% use Credit Card services daily, 13% use Credit Card services
weekly,31% use Credit Card services monthly,10% use Credit Card services in 6 months.
The interpretation which can be made from graph is that 44% customer do not use Credit
Card for day to day transactions or home affairs, 31% use Credit Card for their day to day
transactions or home affairs & 25%% sometimes use Credit Card day to day transactions or
home affairs
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The interpretation which can be made from graph is that 52% recharge your dish tv or phone
through cash 20% recharge your dish tv or phone Debit Card & 20% recharge your dish tv or
phone through Credit Card
The interpretation which can be made from graph is that 35 % while shopping use Debit
Card, 35 % while shopping use Credit Card & 30 % while shopping use Cash.
The chart interprets that most convinent method according to customers is ATM with 67%,
33% customer prefers visiting Bank personally.
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The chart interprets that 67% enrolled SMS services with J&K Bank account & 33% have
not enrolled SMS services with your J&K Bank account
The chart interprets that 62% prefer doing online transactions through Debit Card , 27 %
prefer doing online transactions through Credit Card,12% prefer doing online transactions
through E- Banking.
The chart interprets that 20% for travels book their tickets by visiting counter, 33% for travels
book their tickets online through Debit Card, 20% for travels how book their tickets online
through Credit Card & 27% for travels book their tickets through travel agent.
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The chart interprets that , 53% are having E- Banking with J&K Bank& 47% are not having
E- Banking with J&K Bank
The chart interprets that 42% prefer E- Banking transactions to Bank visit & 58% prefer E-
Banking transactions to Bank visit
The chart interprets that 63% prefer to carry interbank transfer through Personal Deposit,
13% prefer to carry interbank transfer E- Banking & 13% prefer to carry interbank transfer
through NEFT/ RTGS.
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According to customer Mobile banking is prefered 62%, 38% prefer E- Banking
According to customer50% at ATM often use their cards, 20% at POS often use their cards,
23 %online often use their cards, & 7% don’tuse their cards
The chart interprates that only 75% are aware of point of sale machine and 25 % are not
aware .
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The chart interprates that reasons for lack of awareness 14%no advertisements , 24% no
proper guidance 12% no Credit Card,hence not aware 49% others reasons are there.
The chart interprates that 22% means for your POS machines awareness are advertisment,
28% bank, 18% personal means ,13% internet, 18 % others are there for their awareness
According to customer Debit Card is prefered 65%, 35% prefer Credit Card to swap on POS
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According to customer, 52 % find POS a better mode for carrying transaction, 48% find cash
a better mode for carrying transaction
According to customer, 28% the best use / uses of POS is cash handling of money,35 % no
need to visit everyday Bank, & 37% increase in sales
48% coustomer thinks that they get immediate response, but 17% thinks that they don’t get
immideate response and 35% thinks that sometimes they get immediate response and
sometime they don’t.
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CONCLUSION
I have made the analysis on the primary and the secondary data
J&K Bank has over 65% share in the Kashmir region and about 45% share in the Jammu
region and over 57% share in the whole state.100% govt. Employees are connected with the
J&K Bank.
The share of the J&K Bank in the state has fallen in the recent years .the emergence of other
private sector Banks seems to be the cause for that but still the J&K Bank has the majority of
share in the state. The financial services offered by the J&K Bank are still more preferred by
the J&K Bank.
The most glaring observation/finding of this study is that interest rate is not the only deciding
factor for the selection of the Bank.
CONCLUSION W.R.T STUDY OF NEW AGE FINANCIAL PRODUCTS AND
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THEIR ROLE IN TRANSFORMING MODERN BANKING.
The new age financial products like Debit Card, Credit Card, POS, SMS Banking & E-
Banking have changed the scenario in past time . People have developed a habit of using
more plastic money for their day to day transaction/ home affairs. Small needful daliy
activities like recharging dish tv or paying electricity/Mobile bills is done through plastic
money. Also while shopping they use their cards & make best use of opportunities available
in the market. Now, they prefer to withdraw their money through ATM by Debit Cards which
in turn reduces the footfall of customers in Banks with the purpose of withdrawl of small
amounts from their own accounts. The customers get instant accounts update through SMS
Banking. It has been observed that people prefer doing online transaction through Debit
Cards; they don’t want to rely on undue credit from Bank. Now they have transformed
themselves with the modern Banking tools by dealing with their accounts through E-Banking,
however for inter Bank transfer they prefer to personally deposit but they should inculcate a
habit through E-Banking and make their transaction easy. For shopping, leisure, and basic
needs people have transformed themselves from cash to cards. They are also satisfied by the
services provided by Bank. Flow of plastic money has increased from the past in Jammu as
such but there is still a good market available for these products which can be done through
marketing intelligence ( marketing intelligence system). So, it has been analysed through our
study that the new age banking products have played a major role in changing the
buying/transactional behaviours in the recent times and thus have changed modern Banking
scenario.
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LIMITATIONS OF THE STUDY
• Some of the persons were not so responsive.
• Possibility of error in data collection because many of investors may have not given
actual answers of my questionnaire.
• Sample size is limited to 60 visitors of Jammu & Kashmir Bank.
• The research is confined to a certain part of Jammu
• To maintain the secrecy full information is not given by the company.
• As i was involved in the sales team time was the constraint to complete the study.
• The accuracy of the result is limited to the reliability of methods of investigation and
analysis of data.
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RECOMMENDATIONS
The Jammu and Kashmir Bank should appoint Direct Selling Agents (DSA’S), which has
almost become a necessity in modernized Banking culture to attract new businesses.
J&K Bank should devise some aggressive marketing strategies to expand its market, for
example: making association with some great cause or endorsing some celebrity to advertise
its various financial services. It can be that J&K Bank should use a local personality to
advertise its products that seems more appealing to the local people
The financial services like Credit Cards should be advertise in the various branches of the
Bank and the customers should be made aware of the services via SMS and E-mail
The process cycle should take less time to response in providing financial services to the
customers so as to increase the customer satisfaction
The J&K Bank generally pay less heed in providing loans to the salaried people in the private
sector, whereas their competitors like the ICICI Bank are. This is an avenue, which J&K
Bank should walk.
The loyal merchants should be given some more discounts so that they would not switch to
other vendors it can be like that at the merchant’s location a small card should be kept
depicting about the attractive schemes of the Bank and benefits of using Credit Cards.
The billing system of the Credit Cards should be made easy for the customers. It may be like
that the payment should be debited from the customer’s account automatically with the
customer consent.
REFERENCES
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Amin, H.,“Internet Banking Adoption among Young Intellectuals,”Journal of Internet
Banking and Commerce, vol. 12, no.3.2007.
Chan, S. C. & Lu, M. T. 2004.Understanding Internet banking adoption and use behavior: a
Hong Kong perspective, Journal of Global Information Management, 12(3), 21-43.
Dixit.N., Saroj.K.D “Customer Perception On Internet Banking And Their Impact On
Customer Satisfaction & Loyalty: A Study In Indian Context.Journal Of Computing, Volume
2, Issue 7, July 2010.
El-Sherbini, A. M., & Roas, C. P., & Mohamed, M. & Wugayan, A. (2007).Bank customer
Behavior perspectives towards internet banking services in Kuwait.Advances in Global
Business Research,4.1. 28-35.
Eriksson, K., Kerem, M., Nilsson,D.”Consumer acceptance of internet banking in
Estonia”.International Journal of Bank Marketing, 23 (2), 200-216
Gan, C., Clemes, M., Limsombunchai, V., Weng, A “ A logic analysis of electronic banking
in New Zealand”. International Journal of Bank Marketing, 24 (6), 360-383.
Kadir. H.K.,Nasim .R.,Reza.M.”Impacts of service quality on customer satisfaction:Study of
Online banking and ATM services inMalaysia” International Journal of Trade, Economics
and Finance, Vol.2, No.1, February, 2011
Madhavankutty, G. (2007), ‘Indian Banking - Towards Global Best Practices’. Bankers
Conference Proceedings, November Issue, pp 84-86
Qureshi .T.M., Muhammad K.Z,Muhammad.B.K.,”Customer Acceptance of Online Banking
in Developing Economies” Journal of Internet Banking and Commerce, April 2008, vol. 13,
no.1.
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Ramalingam P. (2008), ‘Usage Pattern of Credit Card Holders’, Indian Journal of
Finance, Volume 3(4), April, pp 7-18
Safeena. R, Hema.D. and Abdullah.K.,” Internet Banking Adoption in an Emerging
Economy: Indian Consumer’s Perspective”, International Arab Journal of e-Technology, Vol.
2, No. 1, January 2011pg 56- 64.
Sathye, M., “Adoption of Internet banking by Australian consumers: an empirical
investigation,” International Journal of Bank Marketing, vol. 17, no. 7, pp. 324-334, 1999.
Uppal R. K. and N. K. Jha (2008), Online Banking in India, New Delhi: Anmol
Publications Pvt. Ltd.
WEBSITE:
• www. jkbank.net
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APPENDIX
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QUESTIONNAIRE
Name:_______________________ Age:_________________________
Gender : Male : ________ Female:__________
Occupation :Serviceman:________ Businessman:___________ Student:_______________
Annual income:
RS 1lack
RS 2 lack
RS 5 lack
RS 10 lack
More than !0 lack
Q1) You have been dealing with J&K Bank?
• 1 year
• 1-5 year
• 5-10 year
• More than 10 years
Q2) Which deposits schemes has been avialed by you?
• Savings Bank deposit scheme
• Term Bank deposit
• Gift cheque scheme
• Current account
Q3) Are you aware of the following Bank products? If yes, kindly put a tick mark in front?
• SMS Banking
• Debit Cards
• Credit Cards
• E-Banking
Q4) Do you have a habit of using plastic money ?
• Yes
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• No
Q5) Please,tick the services used by you?
• Debit Card
• Credit Card
• SMS Banking
• E-Banking
• Both debit & Credit Card
• All of the above
Q6) Are you satisfied with the services provided by Bank?
• Yes
• No
Q7) Do you get your Credit Card statements timely ?
• Yes
• No
Q8) How often you use services of Credit Card?
• Daily
• Weekly
• Monthly
• In 6 months
Q9) Are you using Credit Card for day to day transactions or home affairs?
• Yes
• No
• Sometimes
Q10) How do you recharge your dish tv or phone?
• Debit Card
• Credit Card
• Cash
Q11) While shopping do you use?
• Credit Card
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• Debit Card
• Cash
Q12)How do you prefer to withdraw your money ?
• Visiting Bank
• At an ATM through Debit Card
Q13) Have you enrolled SMS services with your J&K Bank account?
• Yes
• No
Q14) How do you prefer doing online transactions?
• Debit Card
• Credit Card
• E- Banking
Q15) For travels how do you book your tickets?
• Visiting counter
• Online through Debit Card
• Online through Credit Card
• Travel agent
Q16)Are you having E- Banking with J&K Bank?
• Yes
• No
Q17) If yes ,do you prefer E- Banking transactions to Bank visit?
• Yes
• No
Q18) How would you prefer to carry interBank transfer?
• E- Banking
• NEFT/RTGS
• Personal deposit
Q19) Which one do you prefer?
• Mobile banking
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• E banking
Q20) At what point you often use your cards?
• POS
• Online
• ATM
• None
Q21) Are you aware of POS machine?
• Yes
• No
Q22) If no, what do you think are the reasons for lack of awareness?
• No advertisements
• No proper guidance
• No Credit Card,hence not aware
• Others ,specify
Q23) If yes, what are the means for your POS machines awareness?
• Advertisment
• Bank
• Personal means
• Internet
• Others
Q24) Which cards mainly do you swap on your POS?
• Credit Card
• Debit Card
Q25) Do you find which one is a better mode for carrying transaction?
• POS
• Cash
Q26) In your opinion please tick the best use / uses of POS?
• Cash handling of money
• No need to v isit everyday Bank
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• Increase in sales
Q27) Do you get immediate response for your Bank queries?
• Yes
• No
• Sometimes
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J & K BANK REPORT

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