3) Retail Branch Operations
a) Account Opening
b) Fixed Deposits
c) Recurring Deposits
f) Demand Drafts
g) Electronic Fund Transfer
i) E Tax Payments
j) Forex Operations
4) Suggestions and Recommendations
The objectives of the project are:
1) To observe the various product and service offering under retail banking and the other day to day branch operation activities. 2) To observe customer query handling so as to ensure customer satisfaction. 3) To observe and analyse any shortcomings in the branch operations and suggest areas for improvement.
Nature of the Report
The present report is descriptive in nature which attempts to describe the retail branch operations.
The methodology adopted to compile the report was observation. While accompanying a Front Desk officer, observation was made with regards to his working and clarification was asked for in case of doubt.
Retail Banking has come a long way from its earlier days when branches were the only point of contact between the customers and the bank. Earlier, each branch of a bank was a distinct entity in itself and entries were made manually. Manual operation lead to slow processing which resulted into long queues of customers at the branch. As computerisation evolved, most of the processes were done electronically. This led to error free transactions and faster handling of customer requests. Nevertheless, since each branch were standalone entities, customers had to visit their base branch for any transaction. With the advent of the era of Core Banking in 1994-95, all branches got interconnected. This enabled customers to access their accounts from anywhere in India and also gave rise to a host of other features. With increasing customer sophistication and expectation for quality service, today, retail banking space provides a host of customer centric products that suits customers need and deliver them with quality service. The retail banking space has become very competitive where success lies not only by getting new customers or entering new markets but by sustaining and retaining the existing customers as well.
Axis Bank Ltd.
Axis Bank was the first of the new private banks to have begun its operations in 1994, after the Government of India allowed new private banks to be established. The Bank was promoted jointly by the Administrator of the specified undertaking of the Unit Trust of India (UTI - I), Life Insurance Corporation of India (LIC) and General Insurance Corporation of India (GIC) and other four PSU insurance companies, i.e. National Insurance Company Ltd., The New India Assurance Company Ltd., The Oriental Insurance Company Ltd. and United India Insurance Company Ltd. With its Registered Office at Ahmedabad and Central Office at Mumbai, the bank has a wide network of more than 1600 branches (including 169 Service Branches/CPCs as on 31st March, 2012) and over 10000 ATMs (as on 31st March, 2012) providing 24 hrs a day banking convenience to its customers. This is one of the largest ATM networks in the country. The Bank as on 31st March, 2012 is capitalized to the extent of Rs. 413.20 crores with the public holding (other than promoters and GDRs) at 54.08%. The Bank has strengths in both retail and corporate banking and is committed to adopting the best industry practices internationally in order to achieve excellence ever since its inception. The present shareholding pattern is as mentioned below:
Administrator of the Specified Undertaking of the UTI| 27.43%| Life Insurance Corporation of India| 10.38%|
GIIC and four PSU Insurance Companies| 5.30%|
Non-Promoter Indian Shareholding| 14.99%|
Non-Promoter Foreign Shareholding| 41.90%|
Business Divisions –