A Study On Risk Financing and Market Share of Banks in India

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KIJECBM/APRIL - JUNE 2014/VOL-1/ISSUE-2/A5 ISSN:2348-4969

KAAV INTERNATIONAL JOURNAL OF ECONOMICS , COMMERCE
&
BUSINESS MANAGEMENT

A STUDY ON RISKS AND MARKET SHARE OF HOUSING FINANCE BY
INDIAN BANKS (WITH SPECIAL REFERENCE TO HDFC AND SBI)

Mrs. Suksham Rani Aneja*
1

Dr. Bhisham Kapoor
2

1
Assistant Professor , IMS , Noida
2
Associate Professor , MMH College , Ghaziabad
ABSTRACT
Unique risks are posed by lending involving 10-30 year maturities as well as legal aspects of mortgage lending in
spite of the fact that all lending involves a variety of risks that must be allocated, managed, and priced. The
principal risks associated with financial intermediation are well known: credit, market, liquidity, foreign
currency, operations (or business), and political. There are various factors affecting the mortgage value including
house prices, interest rates, and the legal environment for enforcing the mortgage lien. In this paper, an attempt
is made to identify the major risks present in mortgage lending, review how these risks are taken and market
share is being captured by Public sector banks and Private sector banks
Keywords: Risk, Market Share, Housing Finance, Home Loan by SBI, Home Loan by HDFC

Copyright 2014 Published by kaav publications. All rights reserved www.kaavpublications.org

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Introduction

One of the most basic necessities of a living being is a place to live, which can be called own. But
everybody is not so privileged to have access to decent housing, particularly in a developing country like
India. Keeping this aspect in a key element of public policy in many countries has been to encourage
house ownership largely through fiscal incentives and better availability of housing finance. At the same
time, many innovations have been encouraged by the demand for housing finance, at times resulting in
financial crisis like the recent one. While development of housing finance in advanced countries has a
long history, the expansion of housing finance by the formal financial sector in India is of relatively a
recent origin. Besides one needs to keep in mind other factors continuously stimulating demand for
housing finance as well such as demand-supply gap, our favourable demography, increasing
urbanization and better growth prospects. The need of the hour is expansion of housing finance to a
wider section of the population with the necessary safeguards to preserve financial stability. Globally,
developments in housing markets and house prices have drawn considerable attention of both
academicians and policy makers circles in the aftermath of the global financial crisis.
Indian Home loan market in India is dominated by two players (State Bank of India & HDFC Ltd). State
bank of India has its largest network of branches and is quiet aggressive in pricing and distribution of
their home loans. HDFC ltd with its dedicated Home loan branches is close to SBI in terms of
disbursals etc. SBI home loan is known for its lowest rates and HDFC ltd for the best process to
disburse a loan. Borrower can make the decision on the basis of rate, convenience, loan amount
eligibility and property. To capture more and more market share an interest battle is going on between
the two leaders which is discussed here in the context of developing Indian economy considering State
Bank of India and HDFC as Case studies in this regard.
The whole paper is divided into five sections. In Section I present scenario of Housing Finance is
studied in the context of Indian Economy. In Section II overview of growth of Housing finance provided
by public and private sector banks is put forth. Section III explains the Risks with respect to Housing
Finance arena are discussed.


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In Section IV Market share captured by SBI and HDFC bank and their interest rate battle happening in
recent time is elucidated. Section V concludes the paper with suggestions for better competitive
strategies to be adopted by banks
This paper focuses on the availability of housing finance to the common man in India through the wide
spread of Indian Banking System and the risk involved therein. It also focuses on the various home loan
provided by SBI and HDFC and their market share in this regard. In the conclusion, efforts have been
made to throw light on some of the suggestions for further improvement.

Objectives of the study
1. To gain insights into the risks of Housing finance faced by Indian banking sector.
2. To study the growth of housing finance provided by public and private sector banks.
3. To analyze patterns of changing interest rates of home loan by HDFC and SBI to face the market
challenges.

Section I: Present Scenario of Housing Finance in Indian Economy
Given the immense growth potential the Indian housing finance industry is on a strong footing. Due to
increasing incidence of bad loans in infrastructure and small businesses Home loans are among the
fastest growing segments. Sometimes borrowers get a better deal for home loan from the bank as
compared to top corporate as Banks are finding home loans a safer avenue.
Mortgage industry in India has got conducive growth environment with strong demand drivers. Most of
the borrowers are first-time home buyers primarily in working class group. Average age of the borrower
is 30-35years and with limited liability. As a result the mortgage need is towards end-use and not for
speculation. Besides the borrowers are risk averse by nature. So it is unlikely that they will default on
loan repayments linked to the apartments, in which they are dwelling. Further, stability in the income of
the borrower with lower age ensures lender for timely repayment of loan and limited risk of default.


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Adequate credit appraisal with comfortable loan-to-value and installment/ income ratio has ensured
growth with stable asset quality to the lender. Due to conservative nature of the borrower and his mind-
set towards the liability, it has been observed that the repayment has been far too early against the
maximum loan tenure limit of 20/25years. Other factors which ensure steady growth are Improving
demographics and stringent regulations.

Data released by the Reserve Bank of India on sectoral growth of credit shows that bank loans to housing
rose 13.5% during April to December 2013 to Rs 5,18,500 crore. Last year, the growth in outstanding
home loans for the same period was 11%. This comes at a time when overall bank credit has grown
9.1% and credit to the industry has grown by only 8.1%.

According to Arundhati Bhattacharya, chairman, State Bank of India, bad loans in home segment are
very low. This reduces the cost of credit for lenders as the bank does not have to set aside large amounts
for defaults. This enables the bank to provide loans up to Rs 75 lakhs at 10.1% for women and 10.15%
for men (as on Wednesday, 29 January 2014)

Announcing the bank's results on Wednesday, 29 January 2014, Chanda Kochhar, MD & CEO, ICICI
Bank, said that the lender has managed to grow its loan book largely due to retail loans. "We are
continuing to strengthen retail franchise and pursuing growth in retail mainly secured housing and auto
loans. Quarter-on-quarter, we have been able to increase share of retail to 30% of loans and advances.
The bank's retail loans have grown 22% and mortgages have grown 23%."

Shinjini Kumar, director, PricewaterhouseCoopers, said, "Banks consider home loans as safe because
the loan-to-value ratio in home loans is low." He added that the tax structure also encourages the
purchase of second house as an investment as the interest expenditure on the home loan can be used to
offset earnings from the property.


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"Individual companies may not see the risks in their portfolio but if such lending increases, there is a
possibility that risks may build up in certain pockets. Once you go out of the large cities, it becomes
difficult for banks to source quality borrowers and this results in concentration of loans in certain
pockets and this could lead to risks at the systemic level," said Kumar.
Bankers across the board said that housing was seen as a safe option at a time when bad loans were on
the rise in infrastructure, metals and textiles - the top three segments in terms of bank lending and also in
terms of non-performing assets.

Section II: Growing Housing Finance by Indian Banking Sector
Reserve Bank of India has been facilitating the flow of credit to housing sector in pursuance of National
Housing Policy of Central Government. Current focus of RBI's regulation is to ensure orderly growth of
housing loan portfolios of banks as housing has emerged as one of the sectors attracting a large quantum
of bank finance. As a part of the strategy to overcome the immense housing shortage, the Central
Government adopted a comprehensive National Housing Policy which, among other things, visualized
development of a viable and accessible institutional system for the provision of housing finance.
Through their vast branch network Banks occupy a very strategic position in the financial system and
were required to play an important role in providing credit to the housing sector in consonance with the
National Housing Policy. Banks could deploy their funds under the housing finance allocation as direct
finance, indirect finance, investment in bonds of NHB/HUDCO, or combination thereof. In this paper
more focus is on Direct Housing Finance, which refers to the finance provided to individuals or groups
of individuals including co-operative societies. Banks are free to evolve their own guidelines with the
approval of their Boards on aspects such as security, margin, age of dwelling units, repayment schedule,
etc.

Indian Home loan market in India is dominated by two players (State Bank of India & HDFC Ltd). State
bank of India has its largest network of branches and is quiet aggressive in pricing and distribution of
their home loans. HDFC's home loan growth has been higher than the rate at which banks have been


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increasing their housing finance portfolio in the last few years. The growth in housing finance portfolio
of banks in 2010-11, 2011-12 and 2012-13 was estimated at 15 per cent, 12.3 per cent and 14 per cent
respectively. During these periods, HDFC grew its home loan portfolio by 27 per cent, 27 per cent and
31 per cent.

SBI's home loans grew 20 percent in the September quarter from 13 percent a year earlier, while HDFC
was flat at 23 percent, according to a report by Ambit Capital this month.

HDFC housing loans is a popular home loan option in India. Every year a large number of people fulfill
their dream of securing their homes through HDFC with the help of the housing loans offered. The
primary objective of HDFC is to enhance residential housing stock in the country through the provision
of Housing Loan in a systematic and professional manner, and to promote home ownership objective is
to increase the flow of resources to the housing sector by integrating the housing finance sector with the
overall domestic financial markets. For this purpose various types of home loans are provided such as
Home Loan/ Home Improvement Loan /Home Extension Loan / Short term bridging Loan/Land
Purchase Loan/Home equity Loan/Home for NRI

Section III: The Risks of Housing Finance
Risk is the potential of loss (an undesirable outcome, however not necessarily so) resulting from a given
action, activity and/or inaction, foreseen or unforeseen. The notion implies that a choice having an
influence on the outcome sometimes exists (or existed). Potential losses themselves may also be called
"risks" without any indication of cause. Any human endeavour carries some risk, but some are much
riskier than others.
Notwithstanding the desirability and beneficial role of housing finance, sharp rise in house prices
coupled with rapid growth in housing credit does raise concerns in the context of financial stability.
A higher order risk of default and lower order scope of eventual recovery is contained in this sector


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since the fate of real estate is interwoven with macro-economic fundamentals and volatility of asset
prices. Like all lending, housing finance is exposed to a number of risks. These risks can be classified in
the following categories:
1. Credit risk: Credit risk is the risk that the money will not be returned, with what- ever interest or
other charges are due, in a timely manner. It depends on the borrowers ability to pay the loan from
income or other resources. The risk is that, in case of default, the collateral sale price will be less than
the outstanding balance on the loan plus costs of foreclosure; and another risk is that the collateral
cannot be seized in a reasonably rapid manner. Extensive research shows that banks provide a greater
supply of larger mortgages at lower rates of interest in regions and countries that have shorter and more
dependable foreclosure processes.
2. Liquidity risk: Liquidity risk is the risk that the money will be needed before it is due and a lender
cannot meet its cash outflow needs. It is a broader financial stability issue prominent in housing finance
because the long-term nature of mortgages creates greater liquidity risk than other types of lending.
Lenders manage liquidity risk through funding diversification and planning.
3. Market risk: Market Risk is the possibility of loss a Bank may suffer on account of changes in values
of its trading portfolio due to change in market variables such as exchange rates, interest rates, equity
price, etc. It stems from uncertainty with respect to expected inflation, actual inflation, real interest rates
and exchange rate. Since housing finance is a lending for longer term this fact greatly increases the risk.
Principal determinants of the market risk are macroeconomic environment and the characteristics of
mortgage instrument. Market risk management process at the Bank consists of identification, and
measurement of risks, control measures, monitoring and reporting systems. The risk that changes in
market conditions will alter the scheduled cash flows (real or nominal) among the parties involved in
intermediation thus leading to cash flow risk. Market risk can be allocated between the borrowers,
lenders, and in many markets, investors through the financial terms of a mortgage loan that is, fixed or
floating rate, Constant or price-level-adjusting principals.
4. Agency risk: Agency risk occurs due to separation of functions of lending. In such a case a
divergence of interests will cause an intermediary to behave in a manner other than that expected and
thus causing agency risk. At primary level lenders may depend upon brokers and appraisers. Lenders


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depend on brokers to market and process loans; and on appraisers to value the collateral. In secondary
markets, investors depend on third-party originators and servicers to underwrite, collect, and remit
payments. These agency risks are managed by lenders and investors through specific contract terms,
quality controls, and use of latest technology.
5. Operational or Business risk: Operational Risk is the risk of loss resulting from inadequate or failed
internal processes, people and systems or from external events. It includes the risk of loss from
incomplete documentation, automated system failures, data entry errors, rogue traders, and computer
security breaches. Mortgage lenders are more prone to this risk due to the transaction intensity of the
mortgage business, long and complex documents that establish the mortgage lien, long term to
maturities etc. Banks need effective controls, systems, and business processes to manage the credit
underwriting process and all of the associated paperwork and robust automated systems and controls to
efficiently process the monthly payments on the thousands of loans for long-term maturities.
6. Systemic risk: Systematic risk is related to the whole system of the economy so systematic risk is the
risk that a crisis at one institution or in one part of the system will spread to the rest of the system. When
there is a sudden and sharp decline in property values systemic credit risk can arise. Such decline may
be local in nature (for example, a large firm leaves the area or goes bankrupt then real estate prices in
that area may go down) or national (for example, because of a large, unanticipated change in the
inflation rate). This can lead to market failure. Lenders cannot diversify mortgage credit risk and it is
transferred to other components of the economy. In case of Housing Finance, risk for lenders and for the
stability of financial systems is more prominent because real estate prices move in cycles; sometimes
with tremendous volatility which makes it difficult to value the collateral underlying the mortgage, and
to assess the credit risk of mortgage portfolios.
7. Political risk: The risk that the legal and political framework within which the lending takes place
will change. The political risks of mortgage lending relate to events that reduce earnings from mortgage
lending because of political intervention in the selection of borrowers, the rate adjustment process, the
mortgage terms and conditions, or the foreclosure and eviction process.
8. Environmental and social risks associated with housing finance may include inappropriate
development location, poor building design (including ability to withstand natural disasters) and


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inadequate construction as well as unresolved land tenure issues. Some of these risks can result in
damage or loss of the property or in some cases injury and safety concerns for residents.
Availability and cost of housing finance depend upon the ability to manage and price these risks.
Macroeconomic stability and an effective legal framework for property ownership and mortgage lending
are the two most important prerequisites for managing risk in housing lending. Type of mortgages and
supply of funds varies as per the volatility of economy. For example Liquidity risk is prominent in a
volatile environment, as it is difficult to forecast inflation and interest rates and thus the cash flows of
their portfolios. Substantial cash-flow risk is created for lenders if interest rates are fixed in volatile
environments. On the other hand Variable rate mortgages are riskier for borrowers in a volatile
environment, as interest rate change causes payment shock.

Section IV: Market Share of SBI and HDFC
Housing Development Finance Corporation Limited (HDFC)
Individual mortgage industry is expected to witness a 15% CAGR led by improving economies of scale.
A pioneer in mortgage finance, HDFC has enabled scores of Indian middle class people to own their
houses or apartments through affordable loans. Diversified loan portfolio, adequate borrowing mix,
stable spreads and comfortable asset quality remain key strengths Housing Development Finance
Corporation Ltd (HDFC) is one of the leaders in the Indian housing finance market with almost 37%
market share. Serves more than 26 lakhs customers across the nation, HDFC also offers customized
solutions that fit to the need of the customer. In FY 13, HDFCs credit portfolio witnessed a shift in
favour of individual loans. Consequently, Individual loans accounted for 68% of the overall loan book
of Rs.170, 046 crore as on March 31, 2013. The gross NPAs of HDFC declined marginally to 0.70% as
on March 31, 2013 from to 0.74% as on March 31, 2012 with the gross NPAs in Individual Loan
Segment witnessing a marginal increase to 0.58% as on March 31, 2013 (0.55% as on March 31, 2012).
HDFCs tight originations as well as its proactive recovery procedures have been helping it to limit
slippages and consequently the adverse impact on profitability indictors. HDFC stands to gain, given its
domain expertise in mortgage business for over three decades, strong brand recall and in-house sourcing


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model. Diversified loan mix (retail: corporate at 63:37) with well-balanced borrowing profile has
ensured adequate ALM profile. Also, despite competitive business environment involving volatile
interest rate movements, introduction of teaser rate loan schemes, regulated requirements (NPA
provisions including standard assets and LTV) and increasing mortgage exposure, HDFC has witnessed
healthy growth in individual loan portfolio. Also, the ability to pass interest rates to final customers has
enabled HDFC to maintain its spreads at stable 2%+ levels.

Despite increasing exposure to corporate loan portfolio and healthy 23% CAGR in individual
loan portfolio over the past decade, HDFC has made remarkable improvement in its asset quality.

GNPAs have remained well within the comfort zone even during the crisis period. Also, with
cumulative provisioning at 1.2% of total loan portfolio, it is well guarded to absorb any major
provisioning requirement. During the previous financial year GNPA for HDFC was 0.82% while for SBI
it was 2.38% given its domain expertise, credit appraisal mechanisms and customer profile.

State Bank of India
SBI is India's largest bank in the country with an asset size of over Rs 13 trillion. Although the bank's
loan book is largely skewed towards corporate (large, mid and small) loans (50% of total advances in
FY12), the retail side is also fast catching up. SBI has a network of almost 14,270 branches and over
22,141 ATMs across the country. The State Bank of India (SBI) has seen a major slowdown in home
loans in the just-ended financial year. The largest lender sanctioned Rs12, 500 crore of mortgages, 24%
less than the Rs16, 370 crore it did in the fiscal before. SBIs home loan portfolio as of March 31, 2011,
was Rs86, 769 crore. Slowdown was because the bank decided to withdraw the special home loan
product or the so-called teaser early in the fiscal. Other factors accountable were Negative market
environment and high interest rates. To push up its home loan growth and continue its leading position


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as a mortgage lender, SBI has been offering loans at extremely low rates. Under the special scheme, SBI
offers home loans up to Rs30 lakhs at 10.5% and loans between Rs30-75 lakhs at 10.75%. And all loans
above Rs75 lakhs are at an interest rate of 11%. In the retail loans segment, growth of about 20% is
expected. This financial year (ending March 31, 2013) will be better on the back of declining interest
rates and rising demand for housing loans Tier-II and Tier-III cities. The company is in the process of
launching other products such as home renovation loans and furniture loans which will drive growth
further.

SBIs 1QFY13 profits vaulted 14.6%, led by modest net interest income and lower provisioning. While
advances and deposits grew 18.9% and 16.1% respectively Asset quality slips, NPA coverage falls,
restructured loans rise. Gross NPA raised 19% qoq, with NPA coverage (excl. technical write-offs)
falling 323bps qoq to 56.9%. Likely additional stress from corporate loans and slower recoveries in farm
loans, where defaults are high, could keep NPA provisions elevated. Most Indian state banks, including
Bank of Baroda, Punjab National Bank and Bank of India Ltd also posted a spurt in bad loans.

SBI's loan troubles contrast with HDFC Bank, India's third largest private lender, which has maintained
consistently strong growth due to its conservative lending strategies. HDFC Bank's profits rose 30
percent in the first quarter, in line with its profit growth for every quarter in the last decade. Net new
additions to SBI's non-performing loans were around 90 billion rupees in the fiscal first quarter, above
analysts' expectations of around 55-60 billion rupees. Total bad loans were 5.55 percent of the bank's
total book, up from 4.99 percent in the same year-ago period.


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Table 1 Comparison of Home Loan Provided by SBI and HDFC
Criteria SBI HDFC
Determination of
Rate of Interest for
Home Loan
SBI decides home loan rates as base rate plus
certain basis point above which keeps on
fluctuating along with changes in base rate.
HDFC decides home loan on the basis of BPLR
(Benchmark Prime Lending Rate).
Adjustment of rates SBI always takes lead in adjusting the rate as it
is the premier bank in the country.
HDFC follows every increase in the rate of
interest by changing BPLR while it does not do
so, with every fall in the rate of interest.
Cost of Loan Also cost of loan for SBI is generally low
compared to HDFC and hence it can afford to
charge lower rates.
The cost of loan for HDFC is higher compared
to SBI and that is why generally the rate of
interest charged by HDFC is higher than SBI.
Access to RBIs
Repo Window
Since SBI can access repo window easily, it
can afford to pass on the benefits of change in
rate of interest to its customers.
HDFC does not borrow from RBI through repo
window thus no direct impact. After repo rate
changes, HDFC has to wait for market rate to
change for it to carry out any adjustment in rate
of interest.
Fees Charged The fee charged by SBI is generally lower than
the fee charged by other banks.
HDFC charges a higher fee for processing of
loans. Even conversion fee is also charged to
for any subsequent adjustment in the rate of
interest to existing customers.
Loan Tenure SBI and HDFC are at par. HDFC and SBI at par.
Service Quality SBI has issues on service quality, but it is
improving for becoming better now.
HDFC scores far better than SBI on service
quality
Government
Pressure and
Influence
Housing being the part of priority sector
lending, home loan rates of PSU banks are
closely monitored by the government.
HDFC has no such influence of government
and changes the rate on the basis of market
factors.
Source: (HDFC versus SBI home loan, 2013)


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Battle of Interest Rate and Market Share Continues
Recently Two of Indias leading home loan financiers, State Bank of India (SBI) and Housing
Development Finance Corp (HDFC), have cut interest on home loans by 15-35 basis points.
SBI, the countrys largest lender, has reduced interest on home loans of up to Rs 75 lakhs 15-35 basis
points. The bank will charge 10.15 per cent interest on home loans up to Rs 75 lakhs; women borrowers
will get an additional discount of five basis points. For a home loan taken from SBI the revised per-lakhs
EMI (equated monthly installment) for loan tenure of 30 years will be Rs 885 for women and Rs 889 for
others, against the prevailing EMI of Rs 900.

SBIs decision to revise the home loan rate was due to competition in the market. Rates were higher than
competition. It will be a positive contribution to net interest income, while the impact on margins will be
small. This should give a push to retail loan book growth, at a time when the economy has slowed.
HDFC decided to cut the interest on home loans availed of before January 31 by 25 basis points. Now,
the entity will charge 10.25 per cent for loans of up to Rs 75 lakhs. Due to the measures taken by the
Reserve Bank of India to tighten money-market liquidity and curb volatility in the foreign exchange
market, lenders cost of funds had risen and due to which HDFC had raised the home loan rate by 10
basis points. Now, with those steps being withdrawn, the costs are declining. As of September-end,
SBIs home loans due stood at about Rs 1.30 lakhs crore, 20 per cent more than a year earlier. Among
commercial banks, SBI is the largest home loan entity.

On 4
th
February 2014, State Bank of India (SBI) reduced its base rate (BR) by 25 basis points (bps) to
9.75 per cent, becoming the lender with the lowest BR among large banks. The next day, it gained
another distinction: It dethroned HDFC Bank in market capitalization. HDFC regained its position as the
most valued bank on the next trading day but was again overtaken by SBI the following day, to remain
on top since then. The see-saw battle between the two banking behemoths in the stock markets was also
reflected in their respective plans to get a sizeable share of the retail loan market.

The SBI management has realized that its main competitor in the home loan market is Housing

83


Development Finance Corporation. As on June-end, SBI controlled 25.5 per cent of the home loan
market. SBI first reduced its spread (the margin above the BR) on home and car loans in early August,
following the Reserve Bank of Indias decision to reduce the Statutory Liquidity Ratio requirement for
banks. The decision released Rs 10,000 crore for SBI. Following the reduction on spreads on home
loans, the effective interest rate for new customers came down by 50-85 bps, depending on the loan
amount. In home loans, SBI customers will enjoy a 50-85 bps lower rate than counterparts in HDFC.
The retail thrust of SBI comes on the back of sluggish credit demand from the corporate sector. The
bank expects retail credit, likely to grow 25 per cent this financial year, to partly offset the slack
corporate loan demand. Historically, private sector entities are known to process loans faster. The
valuation of property and legal checks are done internally by the private players but still outsourced by
SBI. In addition, banks in India face another hurdle when it comes to funding of inter-city housing loans
whereas, housing finance companies have the flexibility to fund any property from any other city.
Private entities also gain due to numerous tie-ups with builders or individual agents on commission
basis a practice SBI is yet to formalize.

Section V: Conclusions and Suggestions
Indian housing mortgage industry exhibited resilience during the global downturn of 2007-09. The
regulator has been able to mitigate the risk of any severe impact on the housing finance sector through
enhanced risk management systems and effective standards. While the development of real estate is
welcome, there is a need for the banks to curb the excessively risky lending by exercising selectivity and
strengthening the loan approval process. Housing finance companies account for almost two-fifths of the
retail home loan market in the country. The home loan portfolios of mortgage lenders have also grown at
a faster pace than that of scheduled commercial banks in the last few years.

People connected with banking, however, say while the lower interest rate gives SBI an edge, delivery
of loans remains a challenge. Also, SBI might not enjoy its best price proposition for long, as HDFC
Bank has already cut its Base Rate. Lending rates have remained competitive across HFC and Banks,


84

and any churn by the end-user would be difficult. HDFC has historically commanded premium margins
(vs. LICHF, DHFL) given its loan mix and steady loan growth. However, going forward, with growth
pressures given competitive business environment and tightened regulatory requirement, premium
valuation is expected to ease.

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A Study On Risk Financing and Market Share of Banks in India

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KIJECBM/APRIL - JUNE 2014/VOL-1/ISSUE-2/A5 ISSN:2348-4969

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