financial services in m&a activity

8/11/2019 financial services in m&a activity

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Financial Services In Mergers & AcquisitionsActivity

A PROJECT REPORT ON

FINANCIAL SERVICES IN MERGERAND ACQUISITION ACTIVITY

SUBMITTED

TO THE UNIVERSITY OF MUMBAI

AS A PARTIAL REQUIREMENT FOR COMPLETINGTHE POST GRADUATION OF

M.COM PART I (BANKING AND FINANCE)SEMESTER -I

SUBMITTED BY:VAIS ARTI SHANTILAL

ROLL NO: 5

UNDER THE GUIDANCE OFSAPTGIRI

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SIES COLLEGE OF COMMERCE AND ECONOMICS,PLOT NO. 71/72, SION MATUNGA ESTATE

T.V. CHIDAMBARAM MARG,SION (EAST), MUMBAI 400022.

CERTIFICATE

This is to certify that Mr.__________________________________

__________________________________________________________

of M.Com (Banking and Finance) Semester I (academic year

2014-2015) has successfully completed the project on

______________________________________________________under the

Guidance of Dr. __________________________________________.

_________________ ___________________

(Project Guide) (Course Co-coordinators)

___________________ ___________________

(External Examiner) (Principal)

Place: _____________

Date: ___________

DECLARATION

I, __________________________________________________

Student ofM.Com (Banking and Finance) Semester I (academic year

2014-2015)hereby declare that, I have completed the project on

______________________________________________________________.

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The information presented in this project is true and original

to the best of my knowledge.

Place: _____________

Date:_____________

3

___________________

Name:

Roll No.:


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ACKNOWLEDGEMENT

I would like to thank the University of Mumbai, for introducing

M.Com (Banking and Finance) course, thereby giving its students a

platform to be abreast with changing business scenario, with the help oftheory as a base and practical as a solution.

I am indebted to the reviewer of the project Dr. Aarti!"#!$!%!&!$my project guide who is also our principal, for her support and guidance.

I would sincerely like to thank her for all her efforts.

Last but not the least; I would like to thank my parents for giving

the best education and for their support and contribution without which

this project would not have been possible.

______________________

Name :

Roll no:

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INDEX

SERIAL NO. TOPIC PAGE NO

1 DECLARATION

2 ACKNOWLEDGEMENT

3 EXECUTIVE SUMMARY

4 OBJECTIVE OF STUDY

5 MERGER AND ACQUISITION

INTRODUCTION

!"

# DISTINGUISE BETWEEN

M$A AND ADVANTAGES

1%11

! MOTIVES BENEFITS OF

MERGER BE&IND MERGER

1213

' STEPS OF M$A 1415

" REASONS OF M$A 1#1'

1% RISK ASSOCIATES WIT&

MERGER

1"

11 LEGAL ASPECT OF MERGER 2%22

12 FINANCIAL SERVICES OF

M$A

23

13 LITERATURE REVIEW 2434

14 M$A CONCLUSION 35

15 BIBLOGRAP&Y 3#

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RISKS ASSOCIATED WIT& MERGER

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3$%'!' 3$ *-' &!%'* !"' *-'3% -!%' 3 %6" !- 3 ' * !93%' !$*-'% 3%&. I *-'# '""

*-'3% -!%' *-'# :" 6!# *!5 !* ! ":'%, !63*!" !3$ *!5 %!*'. T-' &6!$# :" !" ' '$!"'* ''6 %6" $ !$ %: *-%- !933*3$.

3. D), *0=0*-,9

A &'%'% *: 3%&, :3*- "*!*3$, * $'!*3'"# %%'"!*', !- ":, !$ %3$

*!3"3*# !- ": *-' &3$' 3%&. T-' *!3"3*# !- ": %'' *-' %3

23


24/37


3$"'$# !$ '$-!$' *-' !6!3*# *-' $': '$*3*# * '%3' ! "!%'% !&$* '*. T-'

3$%'!' %%:3$ !"": ! -3-'% 3$*'%'* *!5 -3'" :-3- ! * *-' -!%'-"'% :'!"*-.

4. F-;0;*-;: *7,9

D' *-' '$-!$' '* !6!3*# *-' &'%' 3%& %'' 3* * !63*!" S3$' *-'

6%!3"3*# 3$"'$# 3 %'' ' * 3$!$3!" *!3"3*# !$ 3$%'!' 6%*'*3$ * "'$'%, *-'

&'%' 3%& -" ' !"' * %%: !* ! ":'% %!*' 3$*'%'*. T-3 !!$*!' &!#, -:''% '

*!'$ 6!%*3!""# % &6"'*'"# # 3$%'!' 3$ *-' -!%'-"'% %3 $ !$* 6%33$ '**'%

6%*'*3$ * "'$'%.

A$*-'% !6'* *-' 3$!$3$ * 3 3' *. A &'%' 3%& 3 !"' * %'!"3


25/37


I;8-0; *;,)(,

W M):)7 0;8 A*


26/37


L-,)0,+) R)-)

R)*);, )(0/=>)7 6/ I;8-0; /):) $ 0*>-;

V!$' -! $ 3* 6!!' * I$3!, * !* :-!* *. T-' &6!$#, $:$ % 3* '56'$3'

*'"'& !'* !933*3$ 3$ *-' 6!*, !66'!% * ' %'!# * 6!# *6 ""!% % ! !* %:3$ &3"'

6'%!*% 3$ $' *-' !*'* %:3$ '"" 6-$' &!%'* 3$ *-' :%". A&6*3$ &!%'*

%:*- %!*' &!# -!' * ' %'3' 3 %%'$* '*3&!*' '$&3 %:*- %!*' &!# $* '

%'!"3


27/37


T-' "!%'* '"" !%%3'%, B-!%*3 A3%*'", -! ! &!%'* !6 Q 3""3$, !$ R'"3!$' C&&$3!*3$

3 !"' !* Q22 3""3$. T-' %%'$* V!$' '!" !"' H*- E!% !* ! %-"# Q>00 6'%

%3'%, 3&3"!% * :-!* &!%'* !"' % *-'% '"" !%%3'% &6!$3'. B* *-'$ &!%'* !&'

*-!* %%'$* %3'% %:*- %!*' ?0 :3"" $*3$' % &!$# #'!% * &'.

I *-' %3'% !' 3$%'!' $"# $ -'!6'% * '%3' !$ 3$$!*3' 6%3' 6"!$, *-'$ *-'

%%'$* !&6*3$ %''$' %:*- &!# ' 33"* * !**!3$. F*%' %3'% %:*- 3 "3'"# *

&' %& &!""'% *:$ !$ %%!" !%'! *-!* !%' $* "3'"# * 6!# &%' *-!$ Q0 6'% #'!% % *-'

*'"'& '%3' !$ !%' 3$ * '&!$ -!$'* *-!* &!# * "' *-!$ Q10. O %', *-'%' 3

&!%'* !* *-' **& '$ *-' 3$*%#, * 3 3* ! 6%3*!"' ! !* *-' *6 '$

P%'3 6%'3*3$ *-' "! 6%3*!3"3*# 3$ *-' '"""!% 3$' 3$ '&'%3$ &!%'*, - !

I$3! !$ C-3$!, -!' $* 6%'$ * ' %%'*. C-3$! $: -! ?0 &3""3$ %3'%, !$ I$3! -!

1?0 &3""3$. H:''%, &%' *-!$ ?0 &3""3$ *-'' %3'% 3$ I$3! :'%' !' 3$ *-' "!*

*:'"' &$*- !$ *-'3% '-!3% !$ "#!"*# 3 *3"" $6%'3*!"'.

E/):-;: M0?),7 R0,-;0>

C'"""!% !%%3'% !%$ *-' '&'%3$ &!%'* -!' $ 3* 33"* * *3# *-' 6%-!' 6%3'!' *-%'' *3&' *%!3"3$ %''$', * *-'$ *-'%' !%' '%# ': &!%'* %:3$ ! !* ! &!%'* 3$

I$3!. I *%' %:*- 3 :-!* 3 "3'"# * -'"6 *-' %%'$* !"!*3$, *-'$ 3$'*% -!' * ! *:

&%' 9'*3$. ;-!* 3 3$ * %3' *-3 *%' %:*- !$ :-!* :3"" *'& *-' '"3$' 3$ !'%!'

%''$' 6'% %3'%

SWOT ANALYSIS

S,);:,7

D3'%33' '%!6-3!" 6%*"3 :3*- *%$ &3"' *'"'&&$3!*3$ 6'%!*3$ 3$ E%6',

*-' M3"' E!*, A%3!, A3! P!33 !$ A*%!"!3!

L'!3$ 6%''$' 3$ '&'%3$ &!%'*

S*%!*'3 !""3!$' :3*- A66"' 3P-$'

27


28/37


I$%'!3$ *-' %!$' 6%* :' !$ '% * *&'%, 3$ 6!%*3"!% 3$ '$*'%6%3', !$

6%33$ :3*- *-' !3"3*# * &6'*' :3*- 3$*'%!*' &6'*3*%

V!"' % &$'# 201 3$ *-' 6!* *-%'' #'!% :'201=' %'' * &%' *-!$ 3'

*3&', :-3- '9!*' * !3$ !%$ ?0 % % *&'%.

O==,+;-,-)7

F $ * %'*3$ 3&6%3$ %'*%$

M!%3*# *!' 3$ &3"' '*% 3$ N': '!"!$

R''!%- !$ ''"6&'$* $': *'-$"3'

F $ ''"63$ 35' "!$"3$' !$ %!!$ &!%'*.

R'3$ *-' 3&6!* "!" :!%&3$ # %'3$ *-'3% !%$ * 6%3$*

T)0,7

O$3$ 6%3' %'*3$ ' * &6'*3*3' 6%'%'

N': '$*%!$* G%:3$ %!$' 6%3'% $'%' 35' !$ &3"' '%3'

E56!$3$ 6%''$' &3"' 3%*!" $'*:% 6'%!*%

W)0?;)77)7

T*!" T'"'&&$3!*3$ $* $'!%"# ! *%$ ! T'"'&.

;-"'!"3$ *-' "3$' *-%- T'"'& *-'%'# !3$3$ "' 6%3*.

L! #*'& !$ *" * !6 *-' $': 6%''.

L! 3""' '&6"#'' (T'-$33!$, '$3$''%, !$*!$*) !!3"!3"3*# 3$ N': '!"!$

M!%'*.

2. H-;80>*N)>-79 # ->>-;

A"&3$3& !$ 66'% &!% H3$!" I$*%3', *-' &!% M!$!"!& B3%"!"' A3*#! B3%"!G%6 "!-36, !93%' C!$!3!$ &6!$# N'"3 I$ 3$ ! Q3""3$, !""!- '!" 3$ F'%!%#

2007.T3"" !*', 3* 3 I$3!+ %*"!%'* M8A '!". T-' !933*3$ :" &!' H3$!" *-' "!"

"'!'% 3$ !"&3$& %""' 6%* !$ $' *-' "!%'* !"&3$& 6%'% 3$ A3!. ;3*- 6*

!933*3$ &3$' %''$' 3$ '5' Q10 3""3$, H3$!" :" '$*'% *-' F%*$'?00

"3*3$ :%"+ "!%'* &6!$3' # !"' %''$'.

28


29/37


C/=0; )-)

&INDALCO INDUSTRIES LIMITED

H3$!" I$*%3' L3&3*', ! "!-36 &6!$# *-' A3*#! B3%"! G%6, 3 *%*%' 3$* *:

*%!*'3 3$'' !"&3$& !$ 66'% :3*- !$$!" %''$' US Q14 3""3$ !$ ! &!%'*

!63*!"3, H3$!" &&33$' 3*

!"&3$& !3"3*# !* R'$* 3$ '!*'%$ U.P. 3$ 1=2 !$ -! *!# %:$ * '&' *-' $*%#+

"!%'* 3$*'%!*' !"&3$& 6%'% !$ %!$ !&$ *-' *6 9!%*3"' ": * 6%'% 3$ *-'

:%". T-' !"&3$& 333$+ 6%* %!$' 3$"' !"&3$! -'&3!", 6%3&!%# !"&3$&

3$*, 3""'*, :3%' %, %""' 6%*, '5*%3$, 3" !$ !""# :-''". I* '$# ! &'*3

&!%'* -!%' 42 6'% '$* 3$ 6%3&!%# !"&3$&, 6'% '$* 3$ %""' 6%*, 20 6'% '$* 3$

'5*%3$, 44 6'% '$* 3$ 3" !$ 1 6'% '$* 3$ :-''".

H3$!" -! "!$-' ''%!" %!$ 3$ %''$* #'!%, $!&'"# A%! % !""# :-''", F%'-:%!66 %

3*-'$ 3" !$ ''% "!* % %3$ -''*. T-' 66'% 6"!$* 6%' 66'% !*-', $*3$

!* 66'% % !$ 6%'3 &'*!" "3' ", 3"'% !$ 6"!*3$& %6 &'*!" &35. S"6-%3 !3,

6-6-%3 !3, 3!&&$3& 6-6-!*', *-'% 6-6-!*3 '%*3"3


30/37


-3-'*9!"3*# !"&3$& -''* !$ 3" 6%* % *&'% 3$ -3- !"' &!%'* 3$"3$

!*&*3', *%!$6%*!*3$, 6!!3$, $*%*3$ !$ 6%3$*3$. O% *&'% 3$"' &!%

%!$ - ! A! G'!'%*, A"!$, A$-''%B-, B!"", C!C"!, C%:$ C% 8 S'!",

D!-3$ H"3$, F%, G'$'%!" M*%, L**' A"&3$3&, !, P!*3, R'5!&, R#'%$ T"",

T'*%! P!, T-#'$%66 !$ *-'%. N'"3 %'6%''$* ! $39' &3$!*3$ *-' $': !$ *-'

". N'"3 3 ! $': &6!$#, %&' 3$ !$!%# 200?, :3*- ! $': '"3*#, ! $': 6-3"6-# !$ !

$': !**3*'. B* N'"3 3 !" ! 63$ %& A"!$ !$, ! -, %!: $ ! %3- =0#'!% -3*%#

3$ *-' !"&3$& %""' 6%* &!%'*6"!'. N'"3 -! ! 3'%33' 6%* 6%*"3, :-3-

'%' * *-' 3'%'$* '* 3$*%3' 33 3* -! ! '%# *%$ '%!6-3!" 6%''$' 3$ %

$*3$'$*.

N'"3 :! !":!# ! 6%"'& -3". I* :! %$ 3$ '!%"# 200? ! ! %'"* ! %' 63$ %&

3* 6!%'$*, *-' Q 2.3""3$ !"&3$& 3!$* !$ C!$!!!' A"!$. I$ 200, A"!$ :$ ! -*3"'

'% * :' F%'$- !"&3$& &6!$# P'-3$'#. B* *-' &!%%3!' 6%' !$ $:!$*' -3"

N'"3. B*- A"!$ !$ P'-3$'# -! !53*' &3$', !3"3*3' * 6%' 6%3&!%# !"&3$&, !$

%""3$ &3"" * *%$ *-' %!: &'*!" 3$* 6%* - ! * % P'63 !$ C' !$ !$

!*&*3' 6!%*. B* *-' US !$ E%6'!$ !$*3*%* 6%''3$ %"' *-!* *-' %""' 6%*

3$' '3*-'% A"!$ % P'-3$'# -! * ' 3'*' %& *-' &'%' '$*3*#. A"!$ !* * 3*

%""' 6%* 3$' * %& N'"3. I* 3 $: *-' :%" "'!3$ 6%'% !"&3$&%""'

6%* :3*- ! 1= 6'% '$* "!" &!%'* -!%'. B* 3$ *-' 63$ 6%', N'"3 '$' 6

3$-'%3*3$ ! '* &$*!3$ !"&* Q2.= 3""3$ $ ! !63*!" !' "' *-!$ Q?00 &3""3$. T-!*

:! * *-' '3$$3$ 3* *%"'. T-' 3*!*3$ 3 :%' $:. T-- 3* &!%3$!""# %'' '*,

3* &!' &' "' *. O$ ! $'* :%*- Q22 &3""3$, N'"3 -! ! '* Q2. 3""3$ (&*

3* -3- *). T-!* ! '*'93*# %!*3 7.21

STRATEGIC RATIONALE FOR ACQUISITION

T-3 !933*3$ :! ! '%# *%!*'3 &' %& H3$!". H3$!" :3"" ' !"' * -36 6%3&!%#

!"&3$& %& I$3! !$ &!' !"'!' 6%*.++ T-' &3$!*3$ H3$!" !$ N'"3

'*!"3-' !$ 3$*'%!*' 6%'% :3*- ":* !"&3$! !$ !"&3$& !3"3*3' &3$' :3*- -3-

'$ %""3$ !6!3"3*3' !$ ! "!" *6%3$*. H3$!" %!*3$!"' % *-' !933*3$ 3 3$%'!3$ !"'

6'%!*3$, '$*%# 3$* -3-'$ :$*%'!& &!%'* !$ '$-!$3$ "!" 6%''$'. N'"3 3 *-'

"!" "'!'% (3$ *'%& "&') 3$ %""' 6%* :3*- !$$!" 6%*3$ !6!3*# 2.> &3""3$

*$' !$ ! &!%'* -!%' 1= 6'% '$*. I* -! 6%''$' 3$ 11 $*%3' !$ 6%3' -''* !$ 3" *

3


31/37


!*&*3' !$ *%!$6%*!*3$, ''%!' !$ 6!!3$, $*%*3$ !$ 3$*%3!", !$ 6%3$*3$

&!%'*. H3$!" %!*3$!"' % *-' !933*3$ 3 3$%'!3$ !"' 6'%!*3$, '$*%# 3$* -3-'$

:$*%'!& &!%'* !$ '$-!$3$ "!" 6%''$'. N'"3 3 *-' "!" "'!'% (3$ *'%& "&') 3$

%""' 6%* :3*- !$$!" 6%*3$ !6!3*# 2.> &3""3$ *$' !$ ! &!%'* -!%' 1= 6'% '$*. I*

-! 6%''$' 3$ 11 $*%3' !$ 6%3' -''* !$ 3" * !*&*3' !$ *%!$6%*!*3$, ''%!'

!$ 6!!3$, $*%*3$ !$ 3$*%3!", !$ 6%3$*3$ &!%'*. A93%3$ N'"3 :3"" 6%3'

A3*#! B3%"! G%6+ H3$!" :3*- !' * *&'% - ! G'$'%!" M*% C%6. !$ C!C"!

C. I$3!$ &6!$3', '"' # !'"'%!*3$ &'*3 %:*-, !%' ''3$ !933*3$ '%'! * !

6%*3$ !6!3*# !$ 3$ &!%'* % *-'3% 6%*. T!*! S*''" L*. 6'$* US Q12 3""3$ "!* &$*-

* # U.. *''"&!'% C% G%6 P". N'"3 -! !6!3*# * 6%' &3""3$ *$$' "!* %""'

6%*, :-3"' H3$!" -! 220,000 *$' ..

WWT-3 !933*3$ 3' H3$!" !' * -3-'%'$ 6%* * !" * 6'%3% *'-$"#,++

H3$!" 6"!$ * *%36"' !"&3$& *6* * 1.? &3""3$ &'*%3 *$' # 2012 * '&' $' *-'

:%"+ 3' "!%'* 6%'%. T-' &6!$#, :-3- !" -! 3$*'%'* 3$ *'"'&&$3!*3$,

'&'$*, &'*!", *'5*3"' !$ 3$!$3!" '%3', 3 *-' :%"+ 1*-"!%'* !"&3$& &!'%. A*'% *-'

'!" :! 3$' % *-' !933*3$ N'"3, H3$!"+ &!$!'&'$* 3' 6%' %'"'!'

"!3&3$ *-!* *-' !933*3$ :" %*-'% 3$*'%$!*3$!"3


32/37


N'"3 -! ! '%# *%$ *'-$"# % !"' !' 6%* !$ 3* "!*'* *'-$"# N'"3

F3$ 3 '%# $39' $'.

I* :" -!' *!'$ ! &3$3&& >10 #'!% * H3$!" % 3"3$ *-'' !3"3*3', 3 H3$!" *!'

%!$3!""# %*'.

SWOT ANALYSIS OF 8)0>

S,);:,7

I* :3"" 3' C* !!$*!' * *-' $': &6!$#

I* :3"" -'"6 3$ &&$3!*3$ ''*3'"# 3$ !%3 % %'% 3$'

I* :3"" %!3' *-' R8D 8 -'$' &%' 3$$!*3$ :3"" ' !66"3'

I* :3"" 3$%'!' 3* L#!" *&'% 8 -'$' :3"" -!' &!%'* "'!'%-36

S*%$ &!$!'&'$* *'!& :3"" -'"6 3$ &!3$ S*%$ %!$ '93*# 8 S*%$ 3$!$3!" 63*3$

T-' S66"# -!3$ 3 6'%'* % 6'%%&3$ !%3 .

W)0?;)77)7

B! &&$3!*3$

D3'$&3' * !"'

O'% "''%!' 3$!$3!" 63*3$

L: R8D L: &!%'* -!%'

N $"3$' 6%''$'

N* 3$$!*3'

N* 3'%33'

P% 66"# -!3$

;'! &!$!'&'$* *'!&

;'! %'!" '*!*'

;'!, !&!' %!$

U393*3'%#, 6%*, '%3'

O==,+;-,-)7

A933*3$

32


33/37


A'* "''%!'

F3$!$3!" &!%'* (%!3' &$'# *-%- '*, '*)

E&'%3$ &!%'* !$ '56!$3$ !%!

I$$!*3$

O$"3$'

P%* !$ '%3' '56!$3$

T!''%

T)0,7

C&6'*3*3$

C-'!6'% *'-$"#

E$&3 "::$

E5*'%$!" -!$' ('%$&'$*, 6"3*3, *!5', '*)

E5-!$' %!*' "*!*3$

L:'% * &6'*3*% % 3&6%*

M!*%3$ !*'%3', 6%*, % '%3'

P%3' :!%

P%* *3**3$

. HDFCB0;?C);,+-; B0;? 6 P+;09 2.4 ->>-;

HDFC B!$ !66%' *-' !933*3$ C'$*%3$ B!$ P$! % R =,?10 %%' (Q2.4 3""3$)

3$ $' *-' "!%'* &'%'% 3$ *-' 3$!$3!" '*% 3$ I$3! 3$ F'%!%#, 200>.

CBP -!%'-"'% * $' -!%' HDFC B!$ % ''%# 2= -!%' -'" # *-'&. P*!933*3$,

HDFC B!$ '!&' *-' '$"!%'* 6%3!*' '*% !$ 3$ I$3!.

T-' !933*3$ :! !" I$3!+ >*- "!%'* ''%.

33


34/37


HDFC B!$ B!% $ 2?*- F'%!%# 200> !66%' *-' !933*3$ C'$*%3$ B!$ P$!

(CBP) % R =,?10 %%' 3$ $' *-' "!%'* &'%'% 3$ *-' 3$!$3!" '*% 3$ I$3!. CBP

-!%'-"'% :3"" '* $' -!%' HDFC B!$ % ''%# 2= -!%' -'" # *-'&.

T-3 :3"" ' HDFC B!$ '$ !933*3$ !*'% T3&' B!$. HDFC B!$ :3"" &6 * *-' 7*-

63*3$ !&$ &&'%3!" !$ %& 10*- !*'% *-' &'%'%. H:''%, *-' &'%' '$*3*# :"

'&' '$ "!%'* 6%3!*' '*% !$.

T-' &'%'% :3"" *%'$*-'$ HDFC B!$+ 3*%3*3$ $'*:% 3$ *-' $%*-'%$ !$ *-' *-'%$

%'3$. CBP -! "' * 170 %!$-' 3$ *-' $%*- !$ !%$ 140 %!$-' 3$ *-' *-. CBP

-! ! $'$*%!*' 6%''$' 3$ *-' 3$ *-' I$3!$ *!*' P$! !$ '%!"!. T-' &3$' '$*3*#

:3"" -!' ! $'*:% 114> %!$-'. HDFC :3"" !" !93%' ! *%$ SME (&!"" !$ &'3&

'$*'%6%3') 6%*"3 %& CBP. T-'%' 3 $* &- '%"!663$ HDFC B!$ !$ CBP*&'%.

T-' '$*3%' 6%' *-' &'%'% :" *!' !* % &$*- % &6"'*3$. T-' &'%' '$*3*#

:3"" ' $:$ ! HDFC B!$. R!$! T!":!%+ S!%' C!63*!" :" -" "' *-!$ 1 6'% '$* *!' 3$

*-' &'%' '$*3*# %& .4> 3$ CBP, :-3"' B!$ M!*+ -"3$ :3"" '"3$' * "' *-!$ 4 6'%

'$* %& '% 14 6'% '$* 3$ CBP. HDFC -!%'-"3$ !"" * :3"" !"" %& 2.2> 6'% '$* *

!%$ 1= 6'% '$* 3$ *-' &'%' '$*3*#

M%. R!$! T!":!%, C-!3%&!$ C'$*%3$ B!$, -! ''$ '%' ! '!* $ *-' B!% ! $$

'5'*3' 3%'*% !$ M%. S-!3"'$%! B-!$!%3, M!$!3$ D3%'*%, C'$*%3$ B!$, -! ''$

3$3*' * 3$ ! *-' E5'*3' D3%'*% $ *-' !% 6* &'%'%.

A%3$ * HDFC B!$ M!$!3$ D3%'*% !$ C-3' E5'*3' O3'% A3*#! P%3, I$*'%!*3$

:3"" ' &*- ! *-'%' 3 $ '%"!6. I$ !$ 3$*'%3':, -' &'$*3$' *-!* !* 40 %:*- %!*' *-'%'

:3"" ' $ "!#. T-' 3$*'%!*3$ *-' '$ %$ 33!" -" ' &*- ! *-'%' 3 -!%"#

!$# '%"!6.

T-' !% *-' *: !$ :3"" &''* !!3$ $ F'%!%# 2> * $3'% *-' %!* -'&'

!&!"!&!*3$, :-3- :3"" ' '* * %'"!*%# !66%!". HDFC B!$ :3"" $3'% &!3$ !

6%''%'$*3!" '% * 3* 6!%'$* H3$ D''"6&'$* F3$!$' C%6 L* (HDFC). T-' &' :"

!"": HDFC * &!3$*!3$ *-' !&' "''" -!%'-"3$ 3$ *-' !$

C/=0; =6->)

34


35/37


H3$ D''"6&'$* F3$!$' C%6%!*3$ L3&3*', &%' 66"!%"# $:$ ! HDFC B!$ L*,

:! '*!"3-' 3$ *-' #'!% 1==4, ! ! 6!%* *-' "3'%!"3

!$+ %!$- $'*:% !$ A*&!*' T'""'% M!-3$' (ATM) !"": &"*3%!$- !' * %'*!3"

"3'$*. T-' !$ &!' ' 3* 6*!*' *'-$"#, !"$ :3*- &!%'* 63*3$ !$ '56'%*3',

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