Regional Rural Banks: The Way Forward

Catalyzed by the growth of the domestic economy, the banking sector in India has come of age. However, the recent slowdown and fears of a global recession have put the Indian economy and the banking sector on the lookout for new avenues of growth. Rural Banking, which has hitherto been a slow growth sector, could prove the next development engine for Indian banks.

The Regional Rural Bank (RRB), an innovative feature of Indian banking, emerged from India’s early aspirations for a stronger institutional arrangement to develop a savings culture in the rural eco-system, provide rural credit and agricultural finance, while enabling poverty elevation. RRBs are usually 50 per cent owned by the Central Government, 15 per cent by a State Government, and 35 per cent by a Sponsor Bank. These banks have been at the centre of controversy for the last few years.

The establishment of RRBs heralded a new era in Indian banking, with the initial expectation that these banks would contribute to bridging the gap between the rural poor and the urban rich. But over the years it has been found that rural credit has been associated with poor recovery and high cost of servicing. Despite multiple attempts by several outstanding economists towards analyzing this problem of rural credit, the problems are far from being resolved. They appear to be compounded in fact.

The total count of RRBs has come down to 82 from the previous figure of 196 as on March 2010. This reduction has resulted due to the amalgamation process of these banks which was introduced by the Reserve Bank Of India (RBI) in 2005, with an objective to strengthen and consolidate the RRBs. Further, the recommendations of the KC Chakraborty-led committee on the financial status of these banks, recommending a recapitalisation requirement of Rs. 2,200 crore for 40 of the 82 RRBs are under examination. Other measures initiated to expand the outreach of these RRBs include a target to open 2000 branches by March 2011, and the requirement to migrate to Core Banking Solution (CBS) by September 2011 (21 RRBs have already achieved 100% CBS status). The Sponsor Banks would provide the required support to the RRBs sponsored by them for this purpose.

The problems plaguing these banks are manifold. An illustrative list would include low recovery, high Non-Performing Assets (NPAs), low business level, low productivity per branch and per staff, high cost structure, poor financial management, and limited areas of
operation, besides a non-viable level of operation in branches located in resource-poor areas. Further, RRBs have also been lagging behind in the use of technology and growingly losing their business to other commercial banks.

While other rural financial services providers like Scheduled Commercial Banks and private banking entrants have robust processes for functions ranging from HR to product development, RRBs are largely insulated in operation and lag behind their commercial counterparts in efficiency and rationalization of processes as well as in governance mandates.

Despite being present for 26 years, the RRBs have been able to establish just over 12000 branches in rural areas. But other public sector commercial banks, although not specifically meant for rural areas, have more than 19000 branches in rural areas. Further, the lack of adequate infrastructure support, which translates into high project preparation costs and risk aversion among sponsor entities, and consequently the inability of most RRBs to retain qualified managers, affect the growth and the discharge of their operations.


At more than 40 per cent for most RRBs, the high ratio of operating expenditure to other expenditure, is another persistent problem that has affected the profitability of RRBs. Salaries and allowances to staff, and maintenance of offices constitute the largest chunk of this expenditure. Though automation of operations can lower the operating expenditure, even elementary mechanization remains a challenge for several of these banks. Basic automation, like the Advanced Ledger Posting Machine, for end-of-day reporting, is yet to reach a significant number of RRBs. Lack of automation also hampers reporting and MIS, which in turn results in poor visibility into business and operational parameters, critical for management-driven business decisions.

Few RRBs are up to the rigours of channel expansion and customer segmentation, mandatory to conduct business in today’s fast changing times. Most RRBs also lack a robust product innovation agenda to deliver relevant offerings, factoring in the need for customer convenience and flexibility, increasingly critical in today’s highly competitive and dynamic rural marketplace.

The failure of these banks has put a question mark on their functioning to an extent that the RRB restructuring has also been debated at length without a resolution of the problems of this sector. All the alternatives, viz., merger with the sponsor bank (Khusro Committee), merger into rural subsidiaries of commercial banks (Narasimham Committee), and the merger of all RRBs into a nation-wide National Rural Bank could not be implemented due to various reasons.

I feel there is a strong case for merging these RRBs with their respective sponsor banks. As pointed out by a report of the Agricultural Credit Review Committee (1987), submitted in August 1989, “Once the RRBs are merged with the commercial banks with their wide range of lending, the scope for internal cross-subsidisation also widens and the losses on account of having to service the weaker sections can be offset by earnings from the higher interest-yielding loan portfolio of the banks.” The merger will result in a covert but desirable transfer of income from the rich to the poor. The commercial banks whose staff is exposed predominantly to an urban culture can benefit immensely from the services of the staff of the RRBs who have exposure to the rural environment, and consequently are familiar with the local people, their peculiarities, and their problems.

Besides, and most importantly, technology can be an enabler. A robust technology solution can help RRBs break through the insular mould, share information, reuse data and business logic, deliver one view of the customer, and sustain fruitful relationships in the long term, thereby enabling them to confront several current market and business challenges.

The one-size-fits-all approach restricting the offerings of the RRBs to a skeletal spread of microfinance for Self Help Groups, and small loans and deposits is no longer feasible. They must cater to the rural market’s need for a comprehensive range of banking and insurance products arising from diverse customer segments ranging from the agri-based sector, the cottage and small scale industry, and artisans. Technology can be leveraged to build a knowledge repository by consolidating knowledge about products, customers, systems, processes, revenue and practices. This would provide the RRBs with an integrated, 360-degree view of themselves. Such consolidated knowledge would serve as intellectual capital which can be realized by proactively sharing it with all stakeholders – both within and outside the bank. It can also form the basis of information sharing between RRBs for mutual risk-mitigation from poor credit and eventual gains. Further, employees will be empowered with the knowledge necessary to sustain and grow business. They will also have the wide-ranging information to match customers with tailored financial products and services that fulfil their needs and enable mapping of processes to the business challenges.

Such an operational environment would make it easy for an RRB to standardize processes for all services, besides introducing the much needed intelligence into the RRB organization, and empowering it to chart a successful and sustainable future road-map, which in turn can strengthen profitability.
Specialized and innovative schemes to improve rural penetration, like no-frills credit cards, franchisee networks, supply chain financing for agriculture, and cross-selling of products, would complement the above. At the core of these initiatives lies sophisticated yet reasonably priced technology - playing a significant role both in effective operations and delivery.
The original mandate of promoting profitable banking with a rural focus will be an enduring phenomenon, only when the RRB is able to deliver customer-relevant products with optimal operational efficiency and ensure the functioning of a sustainable and viable business. With 80% of RRBs in rural India, this would serve the larger cause of financial inclusion as well.

Written By:
Purnima Kataria
PGDM II
International Management Institute

Innovation in Financial Inclusion

India’s financial system has developed tremendously in the recent years. Gradual reforms in the sector have held the economy in good stead. The relative immunity of the sector to the global financial crisis is testimony to the good health of India’s financial system. Having said that it, it cannot be ignored that significant bottlenecks exist in the system which need to be urgently dealt with. Financial services remain inaccessible to majority of the population particularly in rural areas. The trickle down approach can clearly not be expected to yield any results in this particular sector as the concerned issue is of accessibility.

Financial inclusion has been the aim of the Central Banking in India for many decades. However it has continued to be only a much coveted end goal with the path towards it not being deliberated enough. Many structured initiatives towards financial inclusion have been seen in the past by the government and the Reserve Bank. Some of these include rural branches for all scheduled commercial banks and sector wise percentage requirement in total loans for agriculture and SSIs. Without undermining the importance of these endeavours it can be claimed that these are not necessarily the ones that would drive financial inclusion in India in the years to come. In a country where adult literacy rate is only 66% (2008, UNICEF) the awareness and understanding of financial services still remains desirable. For majority of the population awareness of a model alternate to the local moneylender is virtually nonexistent.

The prerequisite for an economy with access of the masses to financial services is an adequate level of social and physical infrastructure, the absence of which poses an impediment in the process of financial inclusion. It is too late in the day to wait for our society to first achieve the desired social infrastructure and then move towards financial inclusion. The players in the financial sector including the regulator and all other institutions

The business model of traditional banking is extending loans to individuals and institutions on the basis of credit worthiness. A higher level of credit worthiness implies a lower cost of borrowing and vice versa. The issue for prospective borrowers in rural areas is that low degree of credit worthiness is coupled with an inability to pay a higher cost of borrowing.

Thus commercial banks are sceptical of extending loans to rural clients. The low amount of loan per capita also renders it infeasible to tread the paths of rural areas.

It is in light of such unique challenges that creative models for financial inclusion will have to take precedence over the conventional forms of credit growth that have been prevalent for years. One innovative idea that has become popular in many Asian countries is micro finance where a combination of community pressure and assistance ensures that loans are serviced by the borrowers. Branchless banking is another important initiative which is expected to yield results as access to information and communication technology increases. Third party business correspondents such as other financial institutions are also in branchless banking in handling account opening, conducting transaction etc.

Many other endeavours have been introduced in the recent years. A common thread that runs through all these is that they seek to deal with the either the problem of distribution of credit or disproportionate amount of credit risk for rural areas. Measures possessing scalability in dealing with these issues will help in achieving the target of making economic growth more inclusive for Indian economy.

Technology is the enabler that financial institutions will increasingly use to deal with the issue of distribution. But this will essentially become the point of parity in the long run. It is innovation in dealing with enhancing credit worthiness that will become the differentiating factor and decide the fate of India’s financial development. Transferring credit risk from high risk to low risk entities and eventually to risk aggregators will help in mitigating risk of the ultimate borrower. Some mechanisms for this can be reinsurance and securitization.

Mutual funds that invest some percentage of its portfolio in cooperatives and micro finance institutions will help in transfer of credit risk from high risk small borrowers. It is in implementing such a transfer of risk that an integration of large scale financial institutions with small localized financial institutions assumes importance.

Financial innovation has been popular in the economies of the developed world. Mechanisms of transferring risks away from high risk entities have helped in offering financial services to most segments of the economy. Such a model has also posed magnanimous problems as can be seen in the US Subprime mortgage market in 2007. India and other developing countries have the advantage of having witnessed a model of risk transfer that has failed. It is thus an opportunity to leverage form the lessons learnt by the whole world to develop a model of financial inclusion through our own customized approach of risk transfer and mitigation.

Written by
Aparna Kaicker
PGDM II
IMI, New Delhi

Responsible Lending

In a globalised world with a high degree of transparency and information flows, socially and morally appropriate behavior is becoming increasingly important for all market participants. Responsible Lending has become a catchword in financial system development.

International scenario

Over the past few years, the microfinance sector in developing countries has experienced enormous growth rates. Enterprises and the people in general in many developing countries now have significantly better access to financial services. This has contributed to economic growth and greater prosperity, including among relatively poorer groups of the population. Yet, despite these positive impacts, the upward trend has also shown its downside and created new pressures of competition and sharper expectations which must be addressed, to ensure that the sector achieves its potential and the desired growth rates. These include a range of issues associated with the legal and regulatory framework, transparency and fair practices, ownership structures and corporate governance, institutional & operational capacity, sustainability of operations etc.

Indian Perspective

The micro finance sector in India has witnessed exponential growth, particularly in the last two years. Today, the top 10 MFIs account for around 70% of the market share. The growth has created new pressures of competition and sharper expectations to surpass the standards reached by the MFIs. Managing this growth is the need of the hour. Thrust towards Responsible financing and self regulation by all the stakeholders in the sector is undoubtedly a timely and welcome step.

Responsible Finance includes practices designed to create a fair balance of interests between MFIs and its customers, employees and business partners on the one hand and with their shareholders and refinancers on the other hand. Hence, it affects all market players and cannot be reduced merely to the relationship between an MFI and its customers. 2

The four dimensions of responsible finance are-

1. Customers

2. Micro Finance Institutions

3. Regulatory authorities and

4. Donors

1) Customers

• Customers meaning the ultimate beneficiaries should be capable of understanding the fundamental aspects of financial services, particularly debt relationship. Hence, educating them and strengthening their confidence in the financial sector becomes imperative
• In the microfinance sector, the field level practices employed by MFIs are still weak in some areas. The MFIs need to educate the ultimate beneficiaries about the pricing mechanism in the manner and language which is simple and easily comprehensible

2) Micro Finance Institutions

• Amidst growing competition, the sector faces the challenge of matching necessary growth with sound lending practices and good governance which would give confidence to shareholders, donors, governments, regulators and lenders. Effective governance ensures transparent operations and a balanced growth
• The MF sector is an emerging industry which is expanding at breakneck speed. The two biggest problems identified are lack of corporate governance and issues related to transparency.

Corporate Governance

• The need for governance arises to ensure effective management of MFI and to attract people with much needed skills. MFIs mostly in the Tier 2 and Tier 3 category need to establish high standards of corporate governance in order to sustain the pressures induced by high growth. This would ensure transparent operations and balanced growth
• Barring a few MFIs, most MFIs still do not have independent members on their Board. Having a Board with members drawn from diverse fields of 3 expertise would not only help in getting more professional and strategic inputs but would also lend credibility to their entire set-up
• Further, with increased scales of operations, MFIs will need to develop impersonal management systems so that the operations are not leader driven, but are systems driven

Transparency

• In the micro finance sector given the phenomenal growth rates, it is not surprising that MFIs in India eagerly report their impressive outreach figures – rising numbers of borrowers, greater loan volumes, ever expanding geographic penetration. However, besides a small number of leading Indian MFIs, few institutions follow rigorous accounting and reporting procedures based on international standards resulting in Transparency Deficit
• The four most commonly cited sources of weak MFI financial transparency are portfolio quality reporting, loan loss provisioning, donation accounting, and loan liability accounting
• MFIs often drastically inflate their profitability by pooling donation revenues together with revenues from their normal operations. To assess an MFI’s long-term sustainability, stakeholders must be able to gauge an institution’s financial performance excluding donation inflows. To achieve this, ideally the income statements of the MFIs should clearly distinguish between operational revenues and non-operational revenues such as grants / donations and should also explain the grant recognition policies
• As in other key accounting areas, NGO-MFIs have far more heterogeneous loan liability re-porting practices than their NBFC counterparts. Loan liability accounting and reporting is, therefore, another key driver of the NGO-MFI transparency gap
• Also there is an urgent need for sharing information amongst the players in the sector on the growth of the microfinance sector indicating the break-up State-wise/ Region-wise/ district-wise etc. to effectively monitor and channelize the resources to relatively underserved areas

3) Regulatory authorities

• The regulatory authorities should ensure effective implementation of policies so as to protect the interests of both the lenders and their clients
• Also the accounting and reporting policies must aim at narrowing the transparency gap to reduce the administrative cost to the MFIs and supervisory cost to the regulator.

4) Donors and investors

• Keeping in view the large investments in the sector fuelling rapid expansion, donors and investors can contribute by engaging in long-term commitments, promoting good governance and by using their instruments in line with the needs of the institutions they support

In the end it can be concluded by saying that responsible borrowing facilitated by financial literacy and responsible lending by financial institutions will lead to financial stability among the consumers and ensure the objectives of financial inclusion are fulfilled.

Written By

Garima Shukla

PGDM II

IMI, New Delhi 

Financial Innovation: A Necessary Evil?

Any innovation arises out of a visible need or to improve current standards that can vary from cost reduction to ease of use to make money. Thus by birth, an innovation is not good or bad. It is decided by how it is used in future. It can die unnoticed, serve human mankind or lead to destruction.

Imagine a life without money that in financial terms is known as currency. How will you buy stuff from market? It is impossible to think. Financial Innovation dates back to as early as in 7th Century B.C. with the introduction of coins in the Greek state of Lybia which today in the form of currency we use in our daily lives. Thus, if it were not for that financial innovation we would still be using the barter system.

The last two decades have seen a sudden increase in financial innovation with one of the reasons for it being the more use of Information Technology in the financial world. Some of the beneficial financial innovations had been zero coupon bonds, puttable bonds , Treasury STRIPS etc. With growth of derivatives and other financial tools, the circulation of money in market has increased exponentially and contributed to the development of economies. When junk bonds were introduced in 1980s they were ridiculed by many but today they are lifeline of many start ups and companies who do not get access to capital otherwise. It has lowered the cost of borrowing for firms and helped in building the entrepreneurial culture. Thus, financial innovation is very much important for economic growth and is a lifeline for any progressive system.

Recent recession has aggravated the debate on whether financial innovation is an evil. However, at the same time the recession has put forward a very important question on what should be done to ensure that these kinds of events does not happen again in future. Clearly stopping financial innovation is not a solution. But some measures need to be taken to prevent this to happen again. Clearly, there is a need to scrutinize the financial products more closely in future. Regulations need to be strengthened. Recession also points out to the fact that the policy environment needs an overhaul.

It is easy to declare Financial Innovation as the evil behind the crisis but it is actually a result of a clear policy failure. The risk taking mistakes by the financial managers in the subprime mortgage market were encouraged by the weak policy environment that allowed them to underestimate the risk involved. Credit was made available very easily thus again pointing towards failed policy environment. Rating agencies failed to guide the customers properly. Hence, pointing fingers at financial innovation is running away from the root cause of the problem. In addition, any financial innovation like other innovations is seen by the world with same skepticism and distrust. Thus, just blaming the recession which was more a cause of human greed to the beautiful innovation of CDS is definitely unjustified. The actual idea behind subprime mortgage was to help people who dreamed of owning a home to realize their dream.

Currently the regulatory reforms fail to match the dynamism of the financial sector .The need of the hour is to understand that the economic growth, financial innovation and regulations are linked. Financial innovation and regulations have to keep evolving with time to sustain economic growth. Instead of regulations curbing financial innovation, the regulations should ensure that the innovation does not lead to destruction and actually does what it was intended to do.

One cannot deny that the improper use of financial innovation can lead to harmful consequences. But the same is true for any innovation. But the important point is that the positives of financial innovation do outweigh the negatives and at same time negatives can be controlled with better regulations and policy environment. Thus, stereotyping it as an Evil is completely unjustified and inappropriate.

Written By:

Rahul Bhatia

PGDM II

International Management Institute 

Inlcusive Growth, financial inclusion

Economic policy formulation is based on ‘ceteris paribus’ assumption — a Latin term meaning “all other things being equal or held constant”. In reality this is never the case, and monetary policy formulation is no exception.
The Reserve Bank of India (RBI) will have to grapple with several imponderables when it formulates its first ever mid-quarter policy, to be detailed on Thursday, to deal with inflation.
The government’s chief statistician TCA Anant and chief economic advisor Kaushik Basu have flagged two factors that are fanning inflation — Prime Minister Manmohan Singh government’s thrust on inclusive growth and financial inclusion.
Both goals are important for sustained high economic growth but the programmes’ off-shoot appears to be high inflation rate, for which there seems to be no short-term solution.
Food inflation is 11.5% (in the week to August 28); wholesale price inflation for all commodities was a wee bit below 10% in July. Inflation beyond 6% is perceived to be outside the comfort zone.
RBI is in an unenviable situation — its monetary action to deal with demand-driven inflation seems to have no control over these hidden pressures.
New inflation growth dynamics
“Inflation in recent years is the flipside of inclusive growth,” Anant said. “In the past, rise in inflation used to be in line with (gross domestic product) growth. But in the last three or four years, inflation trend is different,” he said. “The policy of inclusive growth has pushed up demand for wage goods substantially in rural areas. Supply of these goods has not matched demand,” he said.
The big social sector programmes have raised incomes of the poor and given them some spending power even in the worst of times.This combination of inflation and growth does not mean there is overheating of the economy, which could call for slowdown in GDP growth. In fact, India needs higher growth for faster poverty eradication.
“I don’t see any evidence of overheating…India needs to have high growth,” said Pronab Sen, principal advisor to the Planning Commission.
The imponderables — financial inclusion and inclusive growth — that have entered into the system and difficult global economic scenario have resulted in a peculiar situation that calls for frequent monitoring and policy reviews.
“RBI’s decision to have mini-quarterly policy review is a good thing especially when you have an unusual situation,” Sen said.

Reference : http://www.financialexpress.com/news/inclusive-growth-financial-inclusion-fanning-inflation-say-anant-&-basu/681477/

(Dr Kaushik Basu will be inaugurating the Prahelika 2010)

Microfinance and Microinsurance- An Introduction

Microfinance in India started evolving in the early 1980s with the formation of informal Self Help Groups (SHG) for providing access to financial services to the needy people who are deprived of credit facilities. Micro-finance refers to small savings, credit and insurance services extended to socially and economically disadvantaged segments of society. In the Indian context terms like "small and marginal farmers", " rural artisans" and "economically weaker sections" have been used to broadly define micro-finance customers. At present, a large part of micro finance activity is confined to credit only. Women constitute a vast majority of users of micro-credit and savings services.

India has large size and population of 1.3 billion and more than 70% people live in rural areas. More than 500 million poor people lack access to the basic financial services which are essential for them to manage their precarious lives. Demand for microfinance services in India is growing at a rapid pace. Credit on reasonable terms to the poor can bring about a significant reduction in poverty. That’s why microfinance is assuming greater significance in the Indian context.

With globalisation and liberalisation of the economy, opportunities for the unskilled and the illiterate are not increasing fast enough, as compared to the rest of the economy. This is leading to a lopsided growth in the economy thus increasing the gap between the haves and have-nots. It is in this context, the institutions involved in microfinance have a significant role to play to reduce this disparity and lead to more equitable growth.

Microfinance is one of the fastest growing sectors of India and it is spearheading intense competition among the largest players. The microfinance institutions are organised under three models: SHG, Grameen model/Joint liability groups and Individual banking groups as in cooperatives. Indian microfinance market is dominated by SHG bank linkage and MFI model.

Micro-Finance Institutional Structure:
The different organisations in this field can be classified as "Mainstream" and "Alternative" Micro Finance Institutions (MFI). Mainstream MFIs include NABARD, SIDBI, HDFC, Commercial Banks, RRBs, and the credit co-operative societies.
Alternative MFIs include

• NGOs, which are mainly engaged in promoting self-help groups (SHGs) and their federations at a cluster level, and linking SHGs with banks
• NGOs directly lending to borrowers, who are either organised into SHGs or into Grameen Bank style groups and centres
• MFIs which are specifically organised as cooperatives
• Mutually Aided Cooperative Thrift and Credit Societies (MACTS) in AP
• MFIs, which are organised as non-banking finance companies

Demand for Credit and savings
In terms of demand for micro-credit, there are three segments: At the very bottom in terms of income and assets, and most numerous, are those who are landless and are engaged in agricultural work on a seasonal basis, and manual labourers in forestry, mining, household industries, construction and transport. The next market segment is small and marginal farmers and rural artisans, weavers and those self employed in the urban informal sector as hawkers, vendors, and workers in household microenterprises.

The third market segment is of small and medium farmers who have gone in for commercial crops such as surplus paddy and wheat, cotton, groundnut, and others engaged in dairying, poultry, fishery, etc. Among non-farm activities, this segment includes those in villages and slums, engaged in processing or manufacturing activity, running provision stores, repair workshops, tea shops, and various service enterprises. These persons are not always poor, though they live barely above the poverty line and also suffer from inadequate access to formal credit.

The demand for savings services is ever higher than for credit. Studies of rural households in various states in India show that the poor, particularly women, are looking for a way to save
small amounts whenever they can. The irregularity of cash flows and the small amounts available for savings at one time, deter them from using formal channels such as banks. The poor want to save for various reasons – as a cushion against contingencies like illness, calamities, death in the family, etc; as a source of equity or margin to take loans; and finally, as a liquid asset.

Micro insurance
Micro insurance refers to protection of assets and lives against insurable risks of target populations such as micro-entrepreneurs, small farmers and the landless, women and low-income people through formal, semiformal and informal institutions. Such products are often bundled with micro-savings and micro-credit, thereby allocating scarce resources to micro-investments with the highest marginal rates of return. Micro insurance is the most underdeveloped part of microfinance. Yet various schemes exist that are viable, benefiting both the institutions and their clients. Such schemes have generally served two major purposes: (i) they have contributed to loan security; and (ii) they have served as instruments of resource mobilization. The greatest challenge for micro insurance lies in the combination of viability and sustainability with outreach.

The supply of insurance services to the poor has been increased substantially over the 1990s, and there are a large number of low premium schemes covering them against death, accidents, natural calamities, and loss of assets due to fire, theft, etc. However, the usage is limited by low awareness among the poor. Crop and livestock insurance, however, are quite expensive and their reach to the poor is negligible. Livestock and asset insurance was extended to the poor along with the IRDP subsidised loans, and thus remained scheme driven, with little awareness among the customers.

After the pioneering efforts of the last ten years, the microfinance scene in India has reached a takeoff point. With some effort substantial progress can be made in taking MFIs to the next orbit of significance and sustainability. This needs innovative and forward-looking policies, based on the ground realities of successful MFIs. This, combined with a commercial approach from the MFIs in making microfinance financially sustainable, will make this sector vibrant and help achieve its single minded mission of providing financial services to the poor.

Written By
Shivendu Kumar Singh
PGDM II
IMI, New Delhi