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COVER STORY
Global Auditing and Accounting Standards: An Overview
-- A K Sohani and Srujana Vari
The recent global financial crisis and the failure of large financial institutions like Lehman Brothers
have highlighted the deficiencies in the existing audit and accounting standards. Professional bodies across
the world are redefining the role and responsibilities of the auditors. This article discusses the importance of
audit and the efforts being made by the international organizations to lay down comprehensive set of
guidelines/standards for conduct of the audit process.
© 2009 IUP. All Rights Reserved.
REGULATION
KYC Norms and Related Issues
-- B V Eswaran
Banks must adhere to the Know Your Customer (KYC) guidelines for controlling financial frauds and
identifying money laundering. The KYC norms issued by the RBI emphasize that the banks should have proper systems
and procedures in order to establish the true identity and credentials of the person opening the account. This
article discusses the relevance of KYC norms to the safety and soundness of the banks.
© 2009 IUP. All Rights Reserved.
TECHNOLOGY
Application of Biometrics in Indian Banking Sector
-- Dr. Priyanka Gite and Rahul Mishra
The Indian banks are implementing biometrics technology because of the growing concerns over security
and financial frauds. Biometrics is a method of identification and verification based on individual physical
traits like fingerprints, iris, etc. The advantage of this technology is that biometric objects cannot be stolen, lost
or hacked. This article discusses the concept and the working of biometrics. It also throws light on the pros
and cons of this concept and the strides being made by the Indian banks on this front.
© 2009 IUP. All Rights Reserved.
STRATEGY
An Autopsy on the Operation of Commercial Banks
in India
-- Dr. Jaynal Ud-din Ahmed
The operations of the commercial banks in India have undergone a gradual change rendering a positive
support to the economic development of the country. The banks have, over the years, shown
remarkable responsiveness to the needs of a planned economy. This article traces the growth and the performance of
the Indian commercial banks and the banking sector reforms introduced parallely to accelerate the pace of
the growth and strengthen the sector on all fronts.
© 2009 IUP. All Rights Reserved.
CUSTOMER SERVICE
Customer Retention in the Banking Sector
-- Kalyan Ram Addanki M
Today's customers are smarter, more demanding, less forgiving and they are approached by many
more competitors with equal or better offers. In this scenario, banks have to understand that merely
acquiring customers is not sufficient. The most important challenge is to retain the customers because there is a
direct link between customer retention and profitability and growth of the bank over a period of time. This
article analyzes the behavioral pattern of the customers depending on the nature of the services offered by the banks.
© 2009 IUP. All Rights Reserved.
RURAL BANKING
Branchless Banking in India: Banking Without Banks!
-- Prof. Shrinivas R Patil
One of the most important challenges faced by the Indian banks is to connect to the people especially to
those in the rural Indian markets and fulfill their financial requirements. Many of the banks do not open branches
in these areas because a minimum turnover is not guaranteed by doing so. The concept of `Branchless
Banking' assumes prominence in this context. As the name suggests, this concept just means banking without
physical bank branches.
© 2009 IUP. All Rights Reserved.
INVESTMENT BANKING
Subprime Crisis and the Glass-Steagall Act
-- Rajendra Singh
The Glass-Steagall Act of 1933 established a firewall between commercial and investment banking
activities in the US. The Act was repealed in 1999 when the commercial banks were eager to enter into
high-margin businesses like underwriting. Since then the two industries have been operating under the same
corporate umbrella. This article traces the history of the Act and analyzes whether the repeal of the Act has resulted in
the current subprime crisis.
© 2009 IUP. All Rights Reserved.
SCENARIO
Loans by Banks Post-recession: The NPA Effect
-- Parul Bhatia
The banking sector is the lifeblood of a country's economy. A downfall in the business of the
banks automatically has a negative effect on an economy. The performance of the banks can be primarily judged
by their non-performing asset levels. With the banking industry also facing the brunt of the recession and with
the revelation of big corporate frauds, the Indian commercial banks are now wary about advancing credit and
are closely monitoring the way their loans are advanced and managed.
© 2009 IUP. All Rights Reserved.
FINANCIAL GLOBALIZATION
Global Financial Crisis: Where Does It Go from Here?
-- V U Divakar
Globalization, by definition, is the process by which the economies of countries across the world have become integrated
over time. This integration has paved way to a `contagion effect' when problems impact a particular country. The article discusses
the reasons for the current crisis and the solutions to address the issues. It also emphasizes that despite the
economic interdependance, the solutions and remedies currently being tried out in the US may not work in countries like India and China.
© 2009 IUP. All Rights Reserved.
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