Chapter-1 Chapter-2

Origin of Lab Scheme Introduction to Capital Local Area Bank Profile & Vision

o Capital Structure Chapter-3 Products Of Capital Local Area Bank Management Structure

Board Of Directors Board Committees Branches Departments Chapter-4 Research Methodology

Objectives Of Study Sources Of Data Main Emphasis Of Study Chapter Scheme

Presentation Of Project Limitations Of Study

Chapter-5

Accounts Availability Of Capital Local Accounts Terminology Saving Deposit Fixed Deposit Current Deposit Benefits Of Deposits Parties Competent To Open Accounts

Area Bank

Chapter-6

Summary, Findings & Suggestions

Bibliography

This chapter contains the information about origin of Local Area Banks and the information for which purpose these banks are originated. INTRODUCTION: Honorable Finance Minister, Mr. P.Chidambram introduced the LAB SCHEME in AUGUST 1996. In his speech, he referred to setting up of new local banks in over two or three districts. These banks were expected to bridge the gaps in credit availability in the rural and semiurban areas. He observed that this would enable the mobilization of rural savings by local institutions and make available for investment in the local area. The guidelines for setting up of Labs were announced by the Reserve Bank Of India on 24th august 1996. Over a period of about five and half years, as many as 227 applications for establishment of local area banks in the private sector had received by the RBI of which 214 applications were rejected. While in-principle approvals for establishment of 10 local area banks were issued and 3 applications are under examination. However, due to the inability of the promoters to fulfill the conditions

stipulated in the in-principle approvals; 4 such approvals were withdrawn. 5 banks were licensed under section 22 of the Banking Regulation Act 1949. Of these only 4 local area banks are functioning at present. 1 application is pending. OBJECTIVES OF LABs: These banks provide a bridge to the gaps in credit framework in the rural and semi urban area and provide efficient and competitive financial services. CAPITAL: The minimum paid up capital of local area bank was fixed at Rs. 5 corers. It was decided that promoter group could hold equity not exceeding 40% of capital. The NRI contributions to the equity of the bank were not to exceeding 40% of the paid up capital. AREA OF OPERATION: The activities of labs were to be focused on local customers predominantly in rural and semi urban areas so as to bridge the gaps of credit in these areas. SCOPE OF ACTIVITIES: LABs are required to finance agriculture, trading activities and non-farm sector. REGISTRATION, LICENSING, SCHEDULING:

The bank would be registered as a public limited company under the Companies Act 1956. It would be licensed under the Banking Regulation Act 1949 and would be eligible for inclusion in the schedule second of the RBI Act 1934. PRUDENTIAL NORMS: The bank would have to maintain adequacy at 8% of risk weighted assets and comply with the norms of income recognition asset classification. STATUS OF LAB FUNCTIONING: Only 4 Labs are functioning at present. These are: 1) Coastal Local Area Bank Ltd. Established on 27th December 1999 with an area of operation comprising 3 contiguous districts viz. Krishna, Gntur, and west Godavari with its head office at Vijay Wada (Andhra Pradesh). 2) Capital Local Area Bank Ltd established on 14th January 2000 with its area of operation comprising 3 contiguous districts viz. Jalandhar, Kapurthala and Hoshiarpur with its head office at Phagwara (Punjab). 3) South Gujarat Local Area Bank Ltd established on 3rd October 2000 with an area of operation comprising 3 contiguous districts viz. Navsari,

Surat, and Bharuch with its head office at Navsari (Gujarat). 4) Krishna Bhima Samrudhi Local Area Bank Ltd. Established on 28th February 2001 with its area of operation comprising 3 contiguous districts viz. Mahbubnagar in Andhra Pradesh Raichur and Gulbarga in the state of Karnataka with its head office at Mahbubnagar (Andhra Pradesh).

REGULATORY JURISDICTION: The regulatory responsibilities over Local Area Banks vests with rural planning and credit department (RPCD) of the RBI. The RPCD issues license for these banks as per provisions if Secton22 of the Banking Regulation Act 1949 and grants permission for opening of branches at new places of business. The appointment and remuneration of CEO are in the accord with the Banking Regulation Act 1949.

This chapter contains the information about capital local area bank origin, products, objectives.

2.1 PROFILE:
Capital Local Area Bank Ltd. Is Indias No.1 Local Area Bank to have begun its operation on January 14,2000. In the year 1996, Honorable Finance Minister Mr. P.Chidambram, conceptualized the idea of Local Area Bank with the ultimate objective to cater to the financial needs of rural and semi-urban sections of the society. The bank with the endeavor to achieve its objective of providing world-class banking comprehensive range of financial services has emerged as a pioneer by offering high quality financial solutions. The banks business is growing at a compounded annual growth rate of 48% and profits by 72%. 2.2 VISION: To provide superior Banking service, focused on customers needs. To contribute to the economic development of the area by innovative ideas, technology and new products. To maintain long lasting and trustworthy relationship with local communities.

2.3 CAPITAL STRUCTURE: The authorized Capital of Capital Local Area Bank is 25000000 equity shares of Rs.10 each. Out of which 15695428 equity shares of Rs.10 issued and fully paid-up.

2.4 PRODUCTS OF CAPITAL LOCAL AREA BANK:

SAVING A/C -Normal Saving A/C -Capital Saving A/C -Capital Saver Saving A/C -Capital Super Saver Saving A/C FIXED DEPOSIT A/C -Recurring Deposit -Short Term Deposit -Monthly Income Deposit Scheme (MIDS) -Quarterly Income -Cumulative Deposit LOANS -Housing Loan -Personal Loan -Auto Loan -Kisan Credit Card -Education Loan -Mortgage Loan -For Financing Traders Table: 1 Products of Capital Local Area Bank (CD) ADVANCES -To Retail Traders -For Rentals -For Construction -For Real Estate Project -Overdraft Facility CURRENT A/C -Normal Current A/C -Capital Current A/C -Capital Plus Current A/C Current A/C FOREX -Sale of Foreign Currency -Pur.of Foreign Currency -Travelers Cheques

-Suvidha Bachat A/C Deposit Scheme (QIDS) -Capital Premium

This chapter contains the information about the board of directors, board committees and different branches of capital local area bank. 3.1 BOARD OF DIRECTORS: CHAIRMAN: Amrik Singh Pooni MANAGING DIRECTORS: Sarvjit Singh Samra DIRECTORS: Inder Krishan Sardhana Vijay Kumar Bhandari Santokh Singh Chhokar Madan Gopal Sharma Kuljit Singh Hayer Dinesh Gupta Sham Singh Bains COMPANY SECRETARY Munish Jain AUDITORS Dass Khanna & Company Chartered Accountants Pakhowl Road, Ludhiana-141001

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3.2 BOARD COMMITTEES: MANAGEMENT COMMITTEE: Sarvjit Singh Samra Inder Krishan Sardhana Amrik Singh Pooni,IAS (Retd.) Kuljit Singh Hayer INVESTMENT COMMITTEE: Sarvjit Singh Samra Amrik Singh Pooni,IAS (Retd.) Madan Gopal Sharma Dinesh Gupta CREDIT SANCTIONING COMMITTEE: Sarvjit Singh Samra Amrik Singh Pooni,IAS (Retd.) Dinesh Gupta Kuljit Singh Hayer AUDIT COMMITTEE: Madan Gopal Sharma Inder Krishan Sardhana Amrik Singh Pooni,IAS (Retd.) RISK MANAGEMENT COMMITTEE: Sarvjit Singh Samra Amrik Singh Pooni,IAS (Retd.) Madan Gopal Sharma

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NOMINATION COMMITTEE: Amrik Singh Pooni,IAS (Retd.) Madan Gopal Sharma Dinesh Gupta REMUNERATION COMMITTEE: Madan Gopal Sharma Dinesh Gupta Inder Krishan Sardhana CUSTOMER SERVICE COMMITTEE: Sarvjit Singh Samra Amrik Singh Pooni,IAS (Retd.) Kuljit Singh Hayer

CAPITAL LOCAL AREA BANK LIMITED

REGISTERED & HEAD OFFICE MIDAS Corporate Park, 3rd Floor, 37,G.T.Road, JALANDHAR 144001(Punjab) India. Tel.:0181-5051111,5052222 Fax:0181-5053333 E-Mail: mail@capitalbank.co.in www.capitalbank.co.in

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2.3 BRANCHES: RURAL SAMRAI MAHILPUR MEHATPUR MALSIAN RURKI BHOGPUR LOHIAN BEGOWAL SHANKAR SEMI-URBAN NAKODAR PHAGWARA KAPURTHLA GORAYA NURMAHAL URBAN HOSHIARPUR JALANDHAR PROPOSED BRANCHES SHAHKOT PASLA KALA SANGHIAN

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This chapter contains the information about the objectives of the study and the information upon which the study for the purpose of project is conducted and the limitations faced therein. 4.1 OBJECTIVES OF THE STUDY The objectives of the study are based on the concept of nature of accounts. The researcher has tried to represents the concept of different types of accounts analysis in this project. The various objectives are discussed as under:

To get information of capital local area banks that why these banks are originated. To know about the different types of accounts in the banks. To make a study of method to open these different types of accounts in the bank. To get information for formalities for these accounts like: bank charges, interest rates etc. To discuss about the persons who can open and deal in these accounts with the banks. To know about the benefits to open accounts in the banks.

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4.2 SOURCES OF DATA COLLECTION To collect the data for the purpose of the project, study the following sources are used: PRIMARY SOURCE: The primary data has been based on the response received from bank manager, bank staff related to the nature of accounts. SECONDARY DATA: The secondary data has been collected from the various books, journals, articles, papers and the annual report of the bank and through web sites 4.3 MAIN EMPHASIS OF STUDY In this project report the study revealed about nature of accounts of capital local area bank consisting of saving account, fixed deposit and current account. Main emphasis of is given on these accounts. 4.4 CHAPTER SCHEME CHAPTER 1 Origin of LAB Scheme CHAPTER 2 Introduction to Capital Local Area Bank CHAPTER 3 Management Structures CHAPTER 4 Research Methodology CHAPTER 5 Accounts Availability Of Capital Local Area Bank CHAPTER 6 Summary, Findings & Suggestions

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4.5 PRESENTATION OF PROJECT For the purpose of presentation of the study the following ways have been adopted. The presentations are through: Bar graphs Tables Pictures During the study work a number of limitations have been arisen which are acknowledged here under. The limitations are: First of all main problem is that no any bank was Due to shorter span of time and resources less ready for give training. information has been considered been considered to analysis the concept of nature of accounts. So the study cannot be generalized. The respondents whose opinion are analysed are willing to disclose the quantum of information they have. The information that is collected in project report is not adequate.

4.6 LIMITATIONS OF THE STUDY

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This chapter contains the information about different types of accounts and their benefits.

ACCOUNT: In banking, a credit to an individual or firms

account. The cash deposit in a bank is not a tangible property held there for safe keeping rather it is there for the bank to use in exactly the same way, as a bank loan is money the borrower may use. Accounts refer to a stock exchange term, which refers to the period during which the financial transactions takes place at the end of which settlement must be made.
SAVING

ACCOUNT:

The saving bank account is meant for the people of the lower and middle classes who wish to save a part of their current incomes to meet their future needs.

CURRENT ACCOUNT:

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Business firm who deal with number of monetary transactions during a day because this account is running and active account, which may be operated upon any number of times during a working day, open the current account.

FIXED ACCOUNT: Money is deposited in this account for a fixed

period and is not supposed to be withdrawn before the expiry of the said period. The intension of customer depositing their money in such account is to earn interest as well as to withdraw the money on the expiry of the period for which it was deposited.
PASS

BOOK:

It is a small handy book issued by a banker to his customer to record all money transactions between them. In fact, it is a copy of the customers accounts in the books of the banks. This book contains all information about withdrawals and deposits made by customer in his account. Some banks send to the customers a statement of account periodically, i.e., fortnightly or monthly, in place of providing the customer with the passbook. Such statement shows the relevant entries in the

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customers account during the given period by the customer.

CHEQUE BOOK: A Cheque book contains blank forms of cheques.

Cheques make all withdrawals from bank. These blank cheque are serially numbered. When a customer wants to withdraw money or make payment he has to fill the cheque and then make his signatures on that cheque. A cheque book also contains a requisition slip which is to be filled in and presented by the customer for obtaining another cheque book from the bank.

PAY-IN-SLIP BOOK: This book contains slips with counter foils to be

filled in by with the customer and his agent at the time of the depositing cash, cheque, bills etc. Usually these slips are free of cost. The size and design of such slips may vary from bank to bank. These slips are retained by bank for making necessary credit entries in the account of the customer.

WITHDRWAL SLIP: This is a slip which is used for withdraw money

from the bank which is given by bank and is free of cost. The size and design of such slips may vary from bank to bank. These slips are retained by the bank for

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making necessary entries in the account of the customer.

INTEREST: This is an additional amount pay by bank on

different accounts. This is a fixed percentage, which may differ on different types of accounts.

There are mainly these types of accounts of capital local area bank. These are as follows:

SAVINGS ACCOUNTS
People of lower and middle class people mainly open Savings Accounts. The various types of savings accounts are:

NORMAL SAVING ACCOUNT: This account is basically introduced to suit the needs of every person in order to inculcate the habit of saving. CAPITAL SAVING ACCOUNT: This account provides the added advantages of an ATM card, mobile banking, Internet banking, at par cheque facility at a very nominal rate. CAPITAL SAVER SAVING ACCOUNT: This account provides benefits on maintaining a quarterly average balance of Rs.10000.

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CAPITAL SUPER SAVING ACCOUNT: This account provides the benefits on maintaining a quarterly average balance of 50000. SUVIDHA BACHAT ACCOUNT: With the target to achieve 100% financial inclusion in area of operation, banks have introduced this account. PROCEDURE TO OPEN SAVING ACCOUNT IN BANK There are different steps to open a saving account in the bank. The procedure is as follows:

Application On Prescribed Form-

A person seeking to

open a current or saving account in bank should submit his form requiring information regarding;

Name Occupation Address Specimen signature 3 copies of pass port size photographs The depositor should be bank. The purpose of

Identification Of Customerproperly introduced to the

introduction is to identify the person whom the account is opened.

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Specimen Signature-

The new customer is required to

give his specimen signature on signature slip, kept by banker as a record.

Opening

Of Account-

After

the

completion

of

formalities now, the customer must deposit some amount to open account in his name.

Issue Of A Cheque Book-

When an account is opened,

the customer is supplied with a Cheques book so he can use the Cheques for making withdraws of money from the account.

Issue Of A Pass Book , Pay In Slip etc.-

The

customer are supplied with pass book , statement of account and pay in slip etc. the object of pass book is to inform customer from time RATE OF INTEREST: RBI prescribes the rate of interest payable by banks on deposits maintained in savings account. On April 1, 2003 the rate of interest on saving deposits has been reduced from 4.0% to 3.5% per annum. time to time the condition of his account as it appears from time to

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PAYMENT OF INTEREST: Interest is calculated at quarterly or longer rests on the minimum balance to the credit of the account during the period from the tenth day to the last day of each calendar month on every complete sum of Rs. 10 and is credited to the account. Banks credit interest twice in a year.

FIXED DEPOSIT ACCOUNTS

These accounts are opened for a specific fixed period that is why this account is also called term deposit. The various types of fixed deposit account are: RECURRING DEPOSITS (RD): A depositor opening a RD account is required to deposit amount in monthly installments. Mostly banks opens such accounts ranging from 1 to 10 years with a minimum amount of installment of Rs.100. SHORT TERM DEPOSITS (STD): This account can open for a minimum period of 15 days and for maximum period of 364 days. MONTHLY INCOME DEPOSIT SCHEME (MIDS): This deposit can open for a minimum period of one month. In this deposit interest is paid monthly. QUARTERLY INCOME DEPOSIT SCHEME (QIDS):

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This deposit can be opened for a minimum period of 3 months. In this interest is paid quarterly. CUMULATIVE DEPOSIT (CD): This account can be opened for a minimum period of 1 year. In this interest is paid quarterly. PROCEDURE TO OPEN FIXED DEPOSIT IN BANK There are different steps to open fixed deposit account in the bank. The procedure is as follows:

Filling The

Application Form-

The application form

should be obtained from bank. The details are generally demanded through form like;

Name of the depositor Address of the depositor Period of deposit Amount of deposit 2 photographs

Depositing The Formbe deposited with the bank.

The duly filled in form and

signed properly along with the amount of deposit should Receipt Of Fixed Deposit Receiptheld in his account. The bank will issue

fixed deposit receipt acknowledges the receipt of amount

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RATE OF INTEREST The rate of interest on fixed deposits were regulated by the RBI In section 21 on of the banking regulation act 1949 On April 29, 1998 the minimum period of maturity of term deposit was reduced from 30 days to 15 days. On April 19, 2001 RBI permitted the banks to reduce the minimum maturity period for term deposit to 7 days instead of 15 days PAYMENT OF INTEREST Banks usually pa interest quarterly and half yearly. The interest earned during the period is paid to the depositor in cash or is credited to his saving account. Banks pays interest on the deposit amount of such holiday, non- businesses working days which fall between the dates of maturity.

CURRENT ACCOUNT:
These accounts are mainly opened by business firms and institutions because these are running and active account. These accounts can be operated at number of times in a working day. The various types of current accounts are as: NORMAL CURRENT ACCOUNT:

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These types of accounts are mainly for people having small businesses where the requirements are very nominal.

CAPITAL CURRENT ACCOUNT: This account provides the facility to maintaining a very nominal balance. CAPITAL PLUS CURRENT ACCOUNT: This account provides the facility to mid houses that need to maintain a quarterly balance of Rs. 50000 CAPITAL PREMIUM CURRENT ACCOUNT: This account is basically for large business houses that need to maintain a quarterly balance of Rs. 100000. PROCEDURE TO OPEN CURRENT ACCOUNT: There are different steps to open a current account in the bank. The procedure is as follows:

Application On Prescribed Form-

A person seeking to

open a current or saving account in bank should submit his form requiring information regarding;

Name Occupation Address Specimen signature 3 copies of pass port size photographs

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Identification Of Customerproperly introduced to the

The depositor should be bank. The purpose of

introduction is to identify the person whom the account is opened.

Specimen Signature-

The new customer is required to

give his specimen signature on signature slip, kept by banker as a record.

Opening

Of Account-

After

the

completion

of

formalities now, the customer must deposit some amount to open account in his name.

Issue Of A Cheque Book-

When an account is opened,

the customer is supplied with a Cheques book so he can use the Cheques for making withdraws of money from the account.

Issue Of A Pass Book , Pay In Slip etc.- The customer are supplied with pass book , statement of account and pay in slip etc. the object of pass book is to inform

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customer from time to time the condition of his account as it appears from time to time.

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There are certain benefits of depositing money in banks. These are as follows: The money with the banks remains in safe custody. There is always a risk in keeping cash with ones own self. As the money can be deposited and withdrawn from the bank easily, the customer need not to keep large sum of money with him self. Banks cultivate the habit of savings. Savings in bank on the one hand are safe custody of money and on other hand earn interest for deposited money. Banks allows overdraft facility to their customers. So, whenever a customer needs money he can withdraw money more than his balance in his account. Banks also grants loans and credit facilities to their customers. The bank collects on behalf of customer the amount of cheque, drafts, and bills of exchange. It is always convenient to make payment through bank accounts. Payments are greatly facilitated by means of cheque. There is no need of counting money. Moreover, the cheque serves as evidence of payment in case of disputes. So, making payments through cheque is always convenient and safe.

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 Valuable articles, deeds, securities etc. can also be deposited in the bank for safe custody. Banks for storing valuable things provide safe deposit vaults.

There are certain categories of persons who can open bank account. Some persons like minors, drunkards, and lunatics are not competent to enter into a valid contract. The banker should take special care of and precautions to open the account of these persons in the bank. MINOR: A person, who has not completed his age of 18 years, is a minor. A very should be very careful in dealing with a minor and should take following precautions: - The banker may open a saving bank account in the name of a minor. - The bank records the date pf birth of minor as given by the minor as given by the minor or his/her guardian. -In case a minor dies, the balance in the account of minor is permitted to be withdrawn by the guardian.

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MARRIED WOMAN: A married woman is competent to enter into a valid contract. While granting a loan to a married woman, a banker should examine her assets and ensure that the same are sufficient to cover the amount of the loan. In case of debt taken by a married woman, her husband shall not be liable for that debt. ILLITERATE PERSONS: Illiterate persons cannot sign their names and then the banker takes their thumb impressions as a substitute for signatures and also a copy of recent photograph. For withdrawing money, he must attend personally and affix his thumb impression in the presence of an official of the bank, for the purpose of the identification. EXECUTORS AND ADMINISTRATORS: These are the persons who are appointed to conduct the affairs of a person after his death. When a person known as testator, appoints another person for this purpose through a will, he is known as an executor. If the person appointed as executor dies and refuses to act, the court appoints a person for the purpose that is known as administrator. Both these persons perform the same duties. The banker should take following precautions while dealing with these persons:

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- On the death of a customer, the banker must stop payments from his account. But if there is any executor, the banker can pay amount of account to the executor of the deceased. - The banker should be very cautious in conducting the account of executors and administrators. JOINT ACCOUNT: When two or more persons open an account jointly, it is called a joint account. Such an account may be opened by two or more persons for the sake of connivance of operation of account and also for withdrawal of money after death of any one of them. The banker should take care in opening and dealing with joint accounts: - The application for opening a joint account must be signed by all the persons. - Any joint account holder can stop payment of a cheque issued on a joint account. - The full name of the joint account holder must be given in all documents furnished to the banker, even if the account is to be operated by one or a few of the joint account holders. PARTNERSHIP FIRM: A partnership is not regarded as an entity separate from the partners. A partnership firm is thus established by

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an agreement amongst the partners. This agreement may be written or oral. This account is similar as joint account and the banker will take the same precautions in dealing with the partnership firm. OTHERS: There are some more persons who can open a bank account and can deal with banks. These persons are like, trustees, joint Hindu families, lunatics, clubs, societies and NRI persons. The banker should have to take all precautions while opening and dealing with the account of these persons.

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This project summarizes a quicker view of the efforts made in the whole project report about the accounts and deposits of capital local area bank. This chapter represents a conclusive review of the efforts made since up till about the banking products of capital local area bank with special concern to Nature of accounts and deposits and along with the benefits of these deposits of capital local area bank that provides a quick review of easy accessible facilities at any time and anywhere banking. Various accounts of capital local area bank provides the advantages according to the requirements of different individuals and corporate houses with their different availability like Saving accounts with different kinds of schemes for every class of people at an average rate of interest facility.

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Inspite of it various current account schemes are available for businessmen and corporate houses to provide them ease from the burden of handling cash and cash transactions. The project report summarizes about the facilities of capital local area bank accounts and also provides the comparative growth rate of deposits of capital local area bank on the basis of five-year information based on the primary and secondary data available from different sources. The project work is done on the basis of certain objectives, which are as follows:

To get information of capital local area banks that why these banks are originated. To know about the different types of accounts in the banks. To make a study of method to open these different types of accounts in the bank. To get information for formalities for these accounts like: bank charges, interest rates etc. To discuss about the persons who can open and deal in these accounts with the banks. To know about the benefits to open accounts in the banks.

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FINDINGS
In the light of these objectives the following are the findings that represents the different accounts of capital local area bank that helps in catering the financial needs of urban and semi urban areas. The study reveals about the different types of accounts of capital local area bank, which helps the people in saving their money. It is not only the matter of depositing money and earns interest but it is also the safe guards of money. The role of board of directors should be properly described. Processes should be established that allow the board of monitor the compliance with the policies of companies. This study reveals that this is very good idea of RBI to open these local area banks to cater the needs of persons of urban and semi urban areas. The study observes that these three different types of accounts i.e. saving account, current account, fixed deposit accounts, have their number of types of accounts. The study presents the different rate of interest for different accounts. The study also shows the lists of persons that can open and deal with these accounts of capital local area bank.

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So, these are the findings, which the project reveals by making an analysis of the topic. Moreover to making good capital local area bank certain suggestions have to be followed by these banks. These are as follows: Capital local area Bank has to provide ATM facility to its customers so that the people can get benefit of this facility and withdraw money at any time at any place with this they would not have to face any problem regarding to money. Capital local area banks branch network should be wider as, we have already discussed about ATM network in each branch. Capital local area bank has to improve its disclosure policies so that everyone can get easily all information regarding banking policies and other information related to bank. To conclude, the project says that there are three types of accounts like saving account, fixed deposit account, and current account in the capital local area bank with their different types and rate of interest. People can easily deposit and withdraw money from bank and can get benefit of these accounts.

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www.wikepeadia.com www.google.com www.lycos.com www.capital local area bank.com Value notes.com White papers.com Banknetindia.com Finance biz.com Gahoo yoogle.com Annual report of capital local area bank of 2006-07 Varshney, P.N., Sultan Chand & Sons, Banking Law and Practice. Principles of banking by AIBA (All India banking associations)

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