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CUSTOMERS SATISFACTION
Customer satisfaction refers to the extent to which customers are happy with the products and services provided by a business. Customer satisfaction levels can be measured using survey techniques and questionnaires DEFINITIONS: Definition 1: Customer satisfaction is equivalent to making sure that product and service performance meets customer expectations. Definition 2: Customer satisfaction is the perception of the customer that the outcome of a business transaction is equal to or greater than his/her expectation. Definition 3: Customer satisfaction occurs when acquisition of products and/or services provides a minimum negative departure from expectations when compared with other acquisitions. Gaining high levels of customer satisfaction is very important to a business because satisfaction customers are most likely to be loyal and to make repeat orders and to use a wide range of services offered by a business There are many factors which lead in high levels of customer satisfaction including. Products and services which are customer focused and hence provide high levels of value for money. What is clear about customer satisfaction is that customers are most likely to appreciate the goods and services that they buy if they are made to feel special. This occurs when they feel that the products and services that they buy have been specially produced for them or for people like them.

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BENEFITS OF CUSTOMER SATISFACTION


The importance of customer satisfaction and support is increasingly becoming a vital business issue as organization realize the benefits of Customer Relationship Management (CRM) for providing effective customer service. Professionals working within customer-focused business or those running call centers or help desks, need to keep informed about the latest customer satisfaction techniques for running a valuable customer service function. From small customer service departments to large call centers, the importance of developing a valued relationship with customers using CRM is essential to support customer and long-term business growth.

What Do Customers Want? Before we begin to create tools to measure the level of satisfaction, it is important to develop a clear understanding of what exactly the customer wants. We need to know what our customers expect from the products and services we provide. Customer expectations have two types Expressed Implied

Expressed Customer Expectations are those requirements that are written down n the contract and agreed upon by both parties for example, product specifications and delivery requirements. Suppliers performance against these requirements is most of the items directly measurable.

Implied Customer Expectations are not written or spoken but are the ones the customer would expect the supplier to meet nevertheless. For example, a customer would expect the service representative who calls on him to be knowledgeable and competent to solve a problem on the spot. There are many reasons why customer expectations are likely to change overtime. Process improvements, advent of new technology, changes in customers priorities, improved quality of service provided by competitors are just a few examples. The customer is always right. Suppliers job is to provide the customer what he/she wants, when he/she wants it. Customer satisfaction is customers perception that a supplier has met or exceeded their expectations.

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WHAT CONSTITUTES SATISFACTION? We cannot create customer satisfaction just by meeting customers requirements fully because these have to be met in any case. However failing short is certain to create dissatisfaction Major Attributes of customer satisfaction in banking industry can be summarized as: Product quality Premium Outflow Return on Investment Services Responsiveness and ability to resolve complaints and reject reports. Overall communication, accessibility and attitude.

WHAT ARE THE TOOLS? Customer expectations can be identified using various methods such as: Periodic contract reviews Market research Telephonic interviews Personal visits Warranty records Informal discussions Satisfaction surveys Depending upon the customer base and available resources, we can choose a method that is most effective in measuring the customers perceptions. The purpose of the exercise is to identify priorities for improvements. We must develop a method or combination of methods that helps to continually improve service.

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CUSTOMER SATISFACTION SURVEYS


Formal survey has emerged as by far the best method of periodically the customer satisfaction. The survey are not marketing tools but an informationgaining tool. Enough homework needs to be before embarking on the actual survey. This includes: Defining Objectives of the Survey Design Survey approach Develop questionnaires and forms Administer Survey (Email, Telephone or Post) Method of compiling data and analyzing the findings Format of the report to present the findings There is no point in asking irrelevant questions on a customer satisfaction questionnaire. The basic purpose is to find out what we are doing right or wrong. Where is the scope for improvement, where do we stand vis--vis other suppliers. How we can serve the customer better?

A customer satisfaction measurement survey should at least identify the following objectives: Importance to customers (Customers priorities) Customers perception of suppliers performance Your performance relative to customers priorities. Priorities for improvement

Survey forms should be easy to fill out with minimum amount of time and efforts on customers part. They should be designed to actively encourage the customer to complete the questions. Yet they must provide accurate data should also be sufficiently reliable for management decision making. This can be achieved by incorporating objective type questions where customer has to rate on scale of say 1 to 10. For repeated surveys, you could provide the rating that was previously accorded by the customer. This works like a reference point for the customer.

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Space should always be provided for the customers own opinions this enables them to state any additional requirements or report any shortcomings that are not covered by the objective questions.

Normally, we deal various personnel at various levels in the customers organizationthe buyer, user, receiving inspector, finance and purchase person etc. surveying a number of respondents for each customer gives a complete perspective of customer satisfaction. It may be necessary to device a different questionnaire for each of them. Respondents must be provided a way to express the importance they attach to various survey parameters. Respondents should be asked to give a weighting factor, again on a rating scale of say, 1 to 10, for each requirement. This gives a better indication of relative importance of each parameter towards overall customer satisfaction and makes it easier for suppliers to prioritize their action plans by comparing the performance rating (scores) with importance rating (weighing). `CONSUMER RESEARCH IN DIFFERENT DISCIPLINES A considerable body of literature exists on consumption, consumer behavior and consumer decision making process. Most of the consumer research focused on adopter categories, habits, attitudes and intentions rather that on actually measuring the satisfaction level with the service.

CONSUMER SATISFACTION PROCESS


The paramount goal of marketing is to understand the customer and to influence buying behaviour. The process can be depicted as follows: Need recognition- realization of the difference between the desired and the current situation that serves as a trigger for entire process. Search for information. Pre purchase alternative evaluation.

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Consumption(utilization of the procured option) Post purchase alternative re-evaluation. Divestment(disposal of the unconsumed product and its remnants)

WAYS FOR MAINTAINING RELATIONS WITH THE CUSTOMERS ADOPTED BY OBC The ability of the banking industry to achieve the socio-economic objectives and in the process bringing more and more customers into its fold will ultimately depend on the satisfaction of the customers. We have a strong belief that a satisfied customer is the foremost factor in developing our business. A need was felt by us at Oriental Bank of Commerce that in order to become more customers friendly the Bank should come out with Charter of its services for the customers. Citizens' Charter concept was considered as a base instrument to fill this need and accordingly this document was prepared. This document was made in consultation with the users and highlights our Bank's commitments towards the customer satisfaction, thus ensuring accountability and responsibility amongst its officials and staff. This Code for customers not only explains our commitment and responsibilities along with the redressed methods but also specifies the obligation on the part of customers for healthy practices in Customer-Banker relationships. This is not a legal document creating rights and obligations. The Code has been prepared to promote fair banking practices and to give information in respect of various activities relating to customer service. We wish to acknowledge the initiative taken by the Ministry of Finance, Government of India and Ministry of Administrative Reforms and Public Grievances for encouraging us to bring out this Code. We maintain constant consultations with our clientele through various Seminars, Customer Meets, etc. to evaluate improve and widen the range of service to customer. However, all our customers are requested to keep us informed of their experiences about the various services rendered by the Bank and feel free to comment on this Code. We intend to bring it out in many Regional Languages in subsequent years. COMMON PRACTICES FOLLOWED BY OBC BRANCHES Display business hours. Render courteous services.
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Attend to all customers present in the banking hall at the close of business hours. Provide separate 'Enquiry' or 'May I help you' counter at large branches. Offer nomination facility to all deposit accounts (i.e. account opened in individual capacity) and all safe deposit locker hirers (i.e. individual hirers).

Display interest rates for various deposit schemes from time to time. Notify change in interest rates on advances. Provide details of various deposit schemes/services of the Bank. Issue Demand Drafts, Pay Orders, etc. Display Time-Norms for various banking transactions. Pay interest for delayed credit of outstation cheques, as advised by Reserve Bank of India (RBI) from time to time. Accord immediate credit in respect of outstation and local cheques upto a specified limit subject to certain conditions, as advised by RBI from time to time. Provide complaint/suggestion box in the branch premises. Display address of Regional/Zonal and Central Offices as well as Nodal Officer dealing with customer grievances/complaints.

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INTRODUCTION Oriental Bank of Commerce India was established in the year 1943 on 19th February in Lahore. After partition, Oriental Bank of Commerce shifted its Registered Office from Lahore to Amritsar paying every rupee to its departing customers. Oriental Bank of Commerce was nationalized on 15th April in 1980. Then OBC bank had 307 branches with Rs. 282.61 crores as deposits and as advance Rs. 152.69. The National Institute of Bank Management (NIBM), rated OBC Bank as "Customer Friendly" Bank. Oriental Commercial Bank Limited is licensed by the Central Bank of Kenya as a commercial Bank to carry out banking activities under Banking Act Chapter 488 of the Kenyan laws. The Bank started its operations in the year 2002, with new investments and Board of Directors, by taking over the assets and liabilities of the erstwhile Delphis Bank, from Central Bank of Kenya. It is a middle sized Bank and one of the financially robust Banks in, Kenya in terms of shareholders fund and liquidity. Oriental Commercial Bank Ltd has its Head Office at Finance House, Koinange Street- Nairobi. Presently the Bank has a branch network of four branches in major towns namely 1 Nairobi. 2. Nakuru. 3 Eldoret, and 4 Kitale.

The Bank is managed by a professional team of management who are ably supervised by a Board of Directors consisting of eminent personalities of society having high level of integrity and professional skills in their respective areas of operations. We are committed to provide quality banking Service to our customers, however by strictly adhering to the Regulatory Guidelines as applicable within Kenya and, internationally. Our emphasis always remains on carefully following Know your Customers and Anti Money Laundering Guidelines.

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Corporate banking,Personal banking, Industrial finance, Agricultural finance,Financing of trade, International banking Oriental Bank Commerce has been ranked 38th amongst top 500 companies by The Economic Times. OBC has earned 9th position among top 50 trusted brands in India.

Oriental Bank Commerce India maintains relationship with more than 200 leading international banks worldwide. OBC India has Rupee Drawing Arrangements with 15 exchange companies in UAE and 1 in Singapore.

MANAGEMENT PROFILE

Name

Designation

Sh.T.Y. Prabhu Sh. H Ratnakara Hegde Sh. S.C Sinha V Vijay Sai Reddy R S Maharishi U K Khaitan K B R Naidu Sumita Dawra Sh. S.K Newley Vijay Jagirdar T Valliappan C K Sabharwal

Chairman and Managing director Executive Director Executive Director Director Director Director Director Director Director Director Director Director

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SCHEDULED COMMERCIAL BANKS IN INDIA (Competitors) The commercial banking structure in India consists of:

Scheduled Commercial Banks in India Unscheduled Banks in India

Scheduled Banks in India constitute those banks which have been included in the Second Schedule of Reserve Bank of India (RBI) Act, 1934. RBI in turn includes only those banks in this schedule which satisfy the criteria laid down vide section 42 (6) (a) of the Act. As on 30th June, 1999, there were 300 scheduled banks in India having a total network of 64,918 branches. The scheduled commercial banks in India comprise of State bank of India and its associates (8), nationalized banks (19), foreign banks (45), private sector banks (32), co-operative banks and regional rural banks. "Scheduled banks in India" means the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955), a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959), a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), or under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980), or any other bank being a bank included in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934), but does not include a co-operative bank". "Non-scheduled bank in India" means a banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949), which is not a scheduled bank". The following are the Scheduled Banks in India (Public Sector):

State Bank of India State Bank of Bikaner and Jaipur State Bank of Hyderabad State Bank of Indore State Bank of Mysore State Bank of Saurashtra State Bank of Travancore Andhra Bank Allahabad Bank Bank of Baroda Bank of India Bank of Maharashtra Canara Bank Central Bank of India

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Corporation Bank Dena Bank Indian Overseas Bank

Indian Bank Oriental Bank of Commerce Punjab National Bank Punjab and Sind Bank Syndicate Bank Union Bank of India United Bank of India UCO Bank Vijaya Bank

The following are the Scheduled Banks in India (Private Sector):


ING Vysya Bank Ltd Axis Bank Ltd Indusind Bank Ltd ICICI Bank Ltd South Indian Bank HDFC Bank Ltd Centurion Bank Ltd Bank of Punjab Ltd IDBI Bank Ltd YES BANK

The following are the Scheduled Foreign Banks in India:


American Express Bank Ltd. ANZ Gridlays Bank Plc. Bank of America NT & SA Bank of Tokyo Ltd. Banquc Nationale de Paris Barclays Bank Plc Citi Bank N.C. Deutsche Bank A.G. Hongkong and Shanghai Banking Corporation Standard Chartered Bank. The Chase Manhattan Bank Ltd. Dresdner Bank AG.

PRODUCTS AND SERVICES

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Saving Accounts

How to Open an Account?

Download or obtain Account Opening Form from the nearest branch, fill it up properly and deposit the same with the branch of your choice along with the following :-

1. Furnish proof of Residence (In the form of a copy of Ration Card/ Passport/ Driving License/ Electricity Bill/ Telephone Bill/ Identity Card issued by any reputed institution. ORIGINALS be shown only at the time of scrutiny of papers)/ Business address.

2. Furnish 2 photographs of all the prospective account holder(s).

3.. Introduction about you from a person known to the bank preferably by an Account Holder of the Branch, whose account has run satisfactorily at least for the past six months.

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4. Furnish PAN or declaration of Form No. 60 / 61as the case may be. The minimum balance will be:-

Types

In Rural / Semi Urban branches Rs. 100 Rs. 500

In Urban / Metropolitan branches Rs. 500 Rs. 1000

Without Cheque Book Facility With Cheque Book Facility

FOR SENIORS CITIZENS AND PENSIONERS Without Cheque Book Facility With Cheque Book Facility Rs. 20 Rs. 250 Rs. 20 Rs. 250

Current Account
How to Open an Account?

Download or obtain Account Opening Form from the nearest branch, fill it up properly and deposit the same with the branch of your choice along with the following :-

1. Furnish proof of Residence (In the form of a copy of Ration Card/ Passport/ Driving License/ Electricity Bill/ Telephone Bill/ Identity Card issued by any reputed institution. ORIGINALS be shown only at the time of scrutiny of paper

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Business address.

2. Furnish 2 photographs of all the prospective account holder(s).

3. Introduction about you from a person known to the bank preferably by an Account Holder of the Branch, whose account has run satisfactorily at least for the past six months.

4. Furnish undertakings/ documents/ declarations as applicable. Please refer Current Account opening form for details.

5. Furnish PAN or declaration of Form No.60 / 61 as the case may be.

6. Minimum deposits.

In Rural / Semi Urban branches Rs. 500 Pragati Deposit Scheme

In Urban / Metropolitan branches Rs. 5000

LAUNCH OF ORIENTAL BANK PRAGATI ACCOUNT SCHEME

Name of the scheme Date of Commencement Eligibility Minimum Amount of Deposit and balance to be maintained

ORIENTAL BANK PRAGATI ACCOUNT SCHEME 14.08.2007 ALL NEW CURRENT ACCOUNTS Urban & Metropolitan Rs.5000/Rural & Semi-urban Rs.1000/-

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Validity of Scheme Add on Facilities

For a limited period only 1. One Free ATM/ Debit Card for every Account. The ATM/Debit Card may also be permitted to the partners of the firm/Directors of the Company who are authorized to operate the Account. 2. Free Personal Accident (Death) insurance cover of Rs. 1 Lac (1st year) 3. Waiver of 100% ABB Charges during the 1st year. 4. Free internet / Tele banking 5. Waiver of Demat Account Maintenance Charges (for One Year)

For Accounts maintaining Average daily Additional Benefits Current Account Balance of Rs. 5 Lacs or more 1. Free Draft issuance Facility 2. Free RTGS Facility upto Rs.5 Lacs. (However, mandatory RBI charges plus applicable service tax shall be recovered.

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Scheme Credit Schemes - Flexible Housing Loan, Car Finance, Personal Loan, Credit Cards Social Banking - Mahila Udyam Nidhi Scheme, Krishi Card, OBC Farmers Welfare Trust Corporate Banking - Gold Card scheme for exporters, EXIM finance Business Sector - OBC Karigar credit card, OBC Kushal Udhami, OBC Pragati Udhami, OBC Vikas Udhami Flexi Fixed Deposit Scheme:We are pleased to inform that Flexi Deposit Scheme for the benefit of our depositor customers has been approved by the Board on 18th October 2006. This scheme shall come into operation w.e.f. 1st November 2006. The features of the scheme are as under: PRODUCT & BENEFIT: Through reverse sweep facility, the amount lying in Flexi Fixed Deposit shall be available to the depositor whenever there is a requirement of funds in his / her / their operative account i.e. savings / current account. As such, whenever the depositor issues a cheque or uses ATM card and the available balance in his/her connected Savings/Current Account is not sufficient, Reverse Sweep will automatically withdraw the required amount from Flexi Fixed Deposit account and the remaining amount in FFD will continue to earn the same rate of interest, as agreed upon in the contract. In such event, the amount from flexi fixed deposit shall be transferred to his / her / their savings / current account by following the LIFO (last in first out) method. However, the funds to be transferred as a reverse sweep to Savings Bank/Current Account will also meet the requirement of maintaining minimum balance.

LOANS

Banks in India with the way of development have become easy to apply in loan market. The following loans are given by almost all the banks in the country:

Personal Loan Car Loan or Auto Loan Loan against Shares Home Loan Education Loan or Student Loan

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In Personal Loan, one can get a sanctioned loan amount between Rs 25,000 to 10, 00,000 depending upon the profile of person applying for the loan. SBI, ICICI, HDFC, HSBC are some of the leading banks which deals in Personal Loan. Almost all the banks have jumped into the market of car loan which is also sometimes termed as auto loan. It is one of the fast moving financial products of banks. Car loan / auto loan are sanctioned to the extent of 85% upon the ex-showroom price of the car with some simple paper works and a small amount of processing fee. Loan against shares is very easy to get because liquid guarantee is involved in it. Home loan is the latest craze in the banking sector with the development of the infrastructure. Now people are moving to township outside the city. More number of townships is coming up to meet the demand of 'house for all'. The RBI has also liberalized the interest rates of home loan in order to match the repayment capability of even middle class people. Almost all banks are dealing in home loan. Again SBI, ICICI, HDFC, HSBC are leading. The educational loan, rather to be termed as student loan, is a good banking product for the mass. Students with certain academic brilliance, studying at recognized colleges/universities in India and abroad are generally given education loan / student loan so as to meet the expenses on tuition fee/ maintenance cost/books and other equipment.

MONEY TRANSFER

Beside lending and depositing money, banks also carry money from one corner of the globe to another. This act of banks is known as transfer of money. This activity is termed as remittance business. Banks generally issue Demand Drafts, Banker's Cheques, Money Orders or other such instruments for transferring the money. This is a type of Telegraphic Transfer or Tele Cash Orders. It has been only a couple of years that banks have jumped into the money transfer businesses in India. The international money transfer market grew 9.3% from 2003 to 2004 i.e. from US$213 bn. to US$233 bn. in 2004. Economists say that the market of money transfer will further grow at a cumulative 12.1% average growth rate through 2009.

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FUTURE OF BANKING IN INDIA A healthy banking system is essential for any economy striving to achieve good growth and yet remain stable in an increasingly global business environment. The Indian banking system has witnessed a series of reforms in the past, like deregulation of interest rates, dilution of government stake in PSBs, and increased participation of private sector banks. It has also undergone rapid changes, reflecting a number of underlying developments. This trend has created new competitive threats as well as new opportunities. This paper aims to foresee major future banking trends, based on these past and current movements in the market. Given the competitive market, banking will (and to a great extent already has) become a process of choice and convenience. The future of banking would be in terms of integration. This is already becoming a reality with new-age banks such as YES Bank, and others too adopting a single-PIN. Geography will no longer be an inhibitor. Technology will prove to be the differentiator in the short-term but the dynamic environment will soon lead to its saturation and what will ultimately be the key to success will be a better relationship management.

OVERVIEW If one were to say that the future of banking in India is bright, it would be a gross understatement. With the growing competition and convergence of services, the customers (you and I) stand only to benefit more to say the least. At the same time, emergence of a multitude of complex financial instruments is foreseen in the near future (the trend is visible in the current scenario too) which is bound to confuse the customer more than ever unless she spends hours (maybe days) to understand the same. Hence, I see a growing trend towards the importance of relationship managers. The success (or failure) of any bank would depend not only on tapping the untapped customer base (from other departments of the same bank, customers of related similar institutions or those of the competitors) but also on the effectiveness in retaining the existing base. India has witness to a sea change in the way banking is done in the past more than two decades. Since 1991, the Reserve Bank of India (RBI) took steps to reform the Indian banking system at a measured pace so that growth could be achieved without exposure to any macro-environment and systemic risks. Some of these initiatives were deregulation of interest rates, dilution of the government stake in public sector banks (PSBs), guidelines being issued for risk management, asset classification, and provisioning. Technology has made tremendous impact in banking. Anywhere banking and Anytime banking have become a reality. The financial sector now operates in a more competitive environment than before and intermediates relatively large volume of international financial flows. In the wake of greater financial deregulation and

global financial integration, the biggest challenge before the regulators is of avoiding instability in the financial system.

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RISK MANAGEMENT The future of banking will undoubtedly rest on risk management dynamics. Only those banks that have efficient risk management system will survive in the market in the long run. The effective management of credit risk is a critical component of comprehensive risk management essential for long-term success of a banking institution. Although capital serves the purpose of meeting unexpected losses, capital is not a substitute for inadequate decontrol or risk management systems. Coming years will witness banks striving to create sound internal control or risk management processes. With the focus on regulation and risk management in the Basel II framework gaining prominence, the postBasel II era will belong to the banks that manage their risks effectively. The banks with proper risk management systems would not only gain competitive advantage by way of lower regulatory capital charge, but would also add value to the shareholders and other stakeholders by properly pricing their services, adequate provisioning and maintaining a robust financial structure. The future belongs to bigger banks alone, as well as to those which have minimized their risks considerably.

ACHIEVEMENTS

Oriental bank of commerce announced its Q1FY2010 results on 29 July 2009, delivering 62% y-oy growth in net profits to Rs832 crore (Rs512cr), substantially ahead of expectations on account of large treasury gains, apart from healthy operating performance.

While the banks deposit growth was reasonably robust at 4.4% sequentially and 26.5% y-o-y, unlike the peers its growth in advances also remained strong at 38% y-o-y.

In spite of being at the forefront of PLR cuts, the bank posted a healthy growth in Net Interest Income (NII) of 29% y-o-y.

Other Income surged 113% y-o-y, driven by strong treasury gains of Rs355 crore during the quarter in line with industry trends, even as Fee income was also robust at 45% y-o-y, on the back of strong balance sheet growth.

Operating expenses were higher than expected on account of Rs150 crore of provisions for imminent wage hikes.

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Gross and Net NPA ratios remained stable sequentially at 1.8% and 0.2%, with the bank not adopting the guidelines of treating floating provisions as part of tier 2 capital instead of adjusting against NPAs on express permission from the RBI.

AWARDS AND DISTINCTIONS


Ranked among top 50 companies by the leading financial daily, Economic Times. Ranked as 323rd biggest bank in the world by Bankers Almanac (January 2006), London. Earned 9th place among India's Most Trusted top 50 service brands in Economic Times- A.C Nielson Survey. Included in the top 1000 banks in the world according to The Banker, London. Golden Peacock Award for Excellence in Corporate Governance - 2005 by Institute of Directors.

FICCI's Rural Development Award for Excellence in Rural Development 2005

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COMPANYS MISSION AND VISION


Vision & Mission Statement

Our Vision
To be a sound all India, customer centric, efficient retail bank with contemporary size, technology and human capital; endeavouring to enrich lives across all sections of society; and committed to upholding the highest standards of corporate governance.

Our Mission

To provide the finest banking services by upgrading human capital and infusing advanced technology, thereby achieving total customer satisfaction; and being reckoned as the Best Bank in the Industry on all efficiency parameters.

To enhance shareholders wealth by ensuring sound growth of business and make valuable contributions to national economic growth.

VALUES AND ETHICS


Bonding and Integrity Ethical conduct Periodic disclosure Confidentiality and fair dealing Compliance with rules and regulations

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Compensation Policy Introduction

It may be mentioned that the policy covers only compensation for financial losses which customers might incur due to deficiency in the services offered by the bank which can be measured directly and as such the commitments under this policy are without prejudice to any right the bank will have in P defending its position before any forum duly o constituted to adjudicate banker-customer disputes.
l i c y

Unauthorised / Erroneous Debit: Unauthorised / Erroneous Debit:

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Payment of Cheques after Stop Payment Instructions: In case a cheque has been paid after stop payment instruction is acknowledged by the bank, the bank shall reverse the transaction and give value-dated credit to protect the interest of the customer. Any consequential financial loss to the customer will be compensated as provided under para 1 above. Such debits will be reversed within 2 working days of the customer intimating the transaction to the bank. Foreign Exchange Services: Time for collection of instruments drawn on banks in foreign countries differ from country to country and even within a country, from place to place. Also the time norms for return of instruments cleared provisionally vary from country to country. Compensation will be given for delays beyond 7 days plus 21 days being the normal cooling off period after the credit of proceed to Nostro Account (i.e 28 days after the date of credit of our Nostro account). The compensation in such cases will be worked out as follows: a. Interest will be payable in INR at saving bank rate for period upto 14 days and at the rate of corresponding fixed deposit rates in case delay beyond 14 days. Compensation will be credited in the NRE/ NRO /Domestic account of depositor/s. b. Compensation for loss on account of adverse movement in foreign exchange rate Difference of favorable exchange rate on the date of credit into depositors account and 21 days after the Nostro credit date. Remittances in India: The compensation on account of delays in collection of instruments would be as indicated in the bank's collection policy which is reproduced below for information: "Payment of Interest for delayed Collection of Outstation Cheques: As part of the compensation policy of the bank, the bank will pay interest to its customer on the amount of collection instruments in case there is delay in giving credit beyond the time period mentioned above. Such interest shall be paid without any demand from customers in all types of accounts. There shall be no distinction between instruments drawn on the bank's own branches or on other banks for the purpose of payment of interest on delayed collection.

Interest for delayed collection shall be paid at the following rates:


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a. Savings Bank rate for the period of delay beyond 7/10/14 days as the case may be in collection of outstation cheques. b. Where the delay is beyond 14 days interest will be paid at the rate applicable to for term deposit for the respective period. c. In case of extraordinary delay, i.e. delays exceeding 90 days, interest will be paid at the rate of 2% above the corresponding Term Deposit rate. d. In the event, the proceeds of cheque under collection was to be credited to an overdraft/loan account of the customer, interest will be paid at the rate applicable to the loan account. For extraordinary delays, interest will be paid at the rate of 2% above the rate applicable to the loan account.

It may be noted that interest payment as given above would be applicable only for instruments sent for collection within India". The bank's compensation policy for financial loss suffered by the customers due to loss of instrument after it has been handed over to the bank for collection by the customer would also be as indicated in our collection policy. The same is extracted below for information:

"Cheques / Instruments lost in transit / in clearing process or at paying bank's branch: In the event, a cheque or an instrument accepted for collection is lost in transit or in the clearing process or at the paying bank's branch, the bank shall immediately on coming to know of the loss, bring the same to the notice of the accountholder so that the accountholder can inform the drawer to record stop payment and also take care that cheques, if any, issued by him / her are not dishonoured due to non-credit of the amount of the lost cheques / instruments. The bank would provide all assistance to the customer to obtain a duplicate instrument from the drawer of the cheque. In line with the compensation policy of the bank the bank will compensate the accountholder in respect of instruments lost in transit in the following way: a. In case intimation regarding loss of instrument is conveyed to the customer beyond the time limit stipulated for collection (7/10/14 days as the case may be) interest will be paid for the period exceeding the stipulated collection period at the rates specified above. b. In addition, bank will pay interest on the amount of the cheque for a further period of 15 days at Savings Bank rate to provide for likely further delay in obtaining duplicate cheque/instrument and collection thereof.

c. The bank would also compensate the customer for any reasonable charges he/she incurs in getting duplicate cheque/instrument upon production of receipt, in the event the instrument is to be obtained from a bank/ institution who would charge a fee for issue of duplicate instrument. In case of eventuality viz. Cheques / Instruments lost in Transit / Clearing Process or at the Paying Bank's Branch, a flat amount of Rs.100/- shall be credited to the Account holder towards Interest/ Expenses for getting Duplicate Cheque/ Instrument and consequent Delay in crediting amount of the lost cheque/ instrument to the Account, irrespective of whether the cheque was meant for local or outstation collection.

Further, in case a cheque is lost by a bank, charges, if any, for recording stop payment Order or any additional expenses incurred by the customer in this regard will also be borne by the bank.

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Violation of the Code by banks agent In the event of receipt of any complaint from the customer that the bank's representative / courier or DSA has engaged in any improper conduct or acted in violation of the Code of Bank's Commitment to Customers which the bank has adopted voluntarily, bank shall take appropriate steps to investigate and to handle the complaint and to compensate the customer for financial losses, if any. Transaction of "at par instruments" of Co-operative Banks by Commercial Banks * The bank will not honour cheques drawn on current accounts maintained by other banks with it unless arrangements are made for funding cheques issued. Issuing bank should be responsible to compensate the cheque holder for non payment/delayed payment of cheques in the absence of adequate funding arrangement.

Once a bank has entered into an arrangement with a bank to pay its instruments 'at par' it is not possible for a customer to find if his instrument has been funded by the bank or not. Therefore, once arrangement made is in public domain the paying bank should honour the cheque and settle the matter separately with issuing bank.

Force Majeure The bank shall not be liable to compensate customers for delayed credit if some unforeseen event (including but not limited to civil commotion, sabotage, or other labour disturbances, accident, fires, natural disasters or other "Acts of God", war, damage to the bank's facilities or of its correspondent bank(s), absence of the usual means of communication or all types of transportation, etc beyond the control of the bank prevents it from performing its obligations within the specified service delivery parameters.

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Findings

1..Most of the respondents are having Saving A/Cs . 2. Most of the respondents are satisfied with the service offered by Oriental Bank of Commerce .
3. Majority of the customers rates good, very good and excellent because of the customer service offered by the bank . 4. people are now looking forward for better customer service in addition to the brand name in which they are

investing and the returns they are getting.


5. The reason can be increasing customer satisfaction and quality services offered by the bank.

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CONCLUSIONS
The project entitled A STUDY TO UNDERSTAND THE CUSTOMER SATISFACTION AT OBC has helped me in studying satisfaction about services and products offered to consumers.

Since the opening up of the banking sector, private banks are in the fray each one trying to cover more market share than the other. Yet, OBC is far behind SBI, PNB. OBC must also be alert what with Private Banks (ICICI, HDFC) breathing down its neck. I am sure the bank will find my findings relevant and I sincerely hope it uses my suggestions enlisted, which I hope will take them miles ahead of competition. In short, I would like to say that the very act of the concerned management at OBC in giving me the job of critically examining consumer satisfaction towards financial products and services of the company is a step in their continual mission of making all round improvements as a means of progress. I am sure the bank has a very bright future to look forward to and will be a trailblazer in its own right.

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SUGGESTIONS
With regard to banking products and services, consumers respond at different rates, depending on the consumers characteristics. Hence I OBC should try to bring their new product and services to the attention of potential early adopters. Due to the intense competition in the financial market, OBC should adopt better strategies to attract more customers. Return on investment company reputation and premium outflow are most preferred attributes that are expected by the respondents. Hence greater focus should be given to these attributes. OBC should adopt effective promotional strategies to increase the awareness level among the consumers. OBC should ask for their consumer feedback to know whether the consumers are really satisfied or dissatisfied with the service and product of the bank. If they are dissatisfied, then the reasons for dissatisfaction should be found out and should be corrected in future. The OBC brand name has earned a lot of goodwill and enjoys high brand equity. As there is intense competition, OBC should work hard to maintain its position and offer better service and products to consumers. The bank should try to increase the Brand image through performance and service then, only the customers will be satisfied. Majority of the people find banking important in their life, so OBC should employ the strategies to convert the want in to need which will enrich their business.

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