82
Executive Summary Para Banking which is banking at grass root level has a considerable scope in an agrarian economy such as India where a majority of the population is rural, with no access to proper banking facilities, and still today can be emotionally persuaded to invest. These people can only be accessed by having a broad based organization where a huge number of people can be deployed to directly approach the people and thereby fostering a habit to save. Thus various schemes are launched considering the daily wage earner to the business. However this type of banking can only be popular where the country has a huge rural population. This type of banking is not popular elsewhere in the world though carried out in few other countries like Italy, Switzerland, and Germany Para Banking Page 1

Para Banking

  • Upload
    ajypri

  • View
    5.228

  • Download
    5

Embed Size (px)

Citation preview

Page 1: Para Banking

Executive Summary

Para Banking which is banking at grass root level has a considerable scope in an agrarian

economy such as India where a majority of the population is rural, with no access to

proper banking facilities, and still today can be emotionally persuaded to invest.

These people can only be accessed by having a broad based organization where a huge

number of people can be deployed to directly approach the people and thereby fostering a

habit to save. Thus various schemes are launched considering the daily wage earner to the

business.

However this type of banking can only be popular where the country has a huge rural

population. This type of banking is not popular elsewhere in the world though carried out

in few other countries like Italy, Switzerland, and Germany

Para Banking Page 1

Page 2: Para Banking

PARABANKING

Para Banking is a kind of banking wherein money is accepted for the purpose of saving

from an individual as in case of a normal banking function. The acceptance of money

under Para Banking is scheduled daily, monthly, quarterly, half yearly, yearly and even

for fixed period for more than 01 year.

Other than the above mentioned function of accepting the money for saving schemes,

Para banking also provides secured loan and pre-maturity facilities against the amount in

the saving scheme.

The only major differentiation between a normal banking and Para Banking is that, under

Para Banking one cannot option for current account facility and carry its day-to-day

transaction for accepting and withdrawal of funds. Also, a depositor can’t issue any

cheque’s against the amount in its Para banking saving schemes. Rather there is no

concept of cheque system in Para banking.

One connects Para Banking activities to a Fixed Deposits facility provided by bank.

Though the amount deposited under Para Banking Saving schemes is for a fixed period

and it fetches fix sum of interest on its deposits, the major differentiation between Para

banking Saving Schemes and Fixed Deposit Schemes of banks is that, an individual has

the option of depositing Daily under Para banking. Where as the only option under Fixed

Deposit Schemes for the depositor is to deposit weekly, forth nightly, monthly and so on.

Para - Banking targets all class of individuals for their depositor schemes. Their intension

was to encourage all class of individuals towards saving habits since the key success of

any economy is the saving structure in the country. Thus the Para Banking launched

various schemes considering the daily wage earner to the businessmen.

Para Banking Page 2

Page 3: Para Banking

In Para-Banking majority of population are daily wage earners (i.e.) Small shopkeepers,

hawkers, Auto rickshaw and taxi drivers etc. who hardly understand the importance of

savings for their future periods. Not only that, their basic earning hardly supports them to

save any amount. And over and above to all such problems, they hardly have proper

infrastructure and facilities to deposit in banks since there are very few banks in rural

areas.

Security

The two important criteria for any depositor is the security of his life time savings and the

service provided to the depositors. In 1998, Reserve Bank of India investigated 42,000

NBFC’s and Sahara India Pariwar was the only firm which stood perfect in all norms. For

the same RBI has provided a “Clean Certificate” to Sahara India Pariwar’s Para Banking

division (i.e.) “Sahara India Financial Corporation Limited”.

RBI had laid down certain norms for all Residuary Non Banking companies under RNBC

(Reserve Bank) Directions 1987. Sahara India Pariwar follows all those norms in a

stringent control and regulation to gain the confidence of RBI and the ultimate depositors.

Service

Today, time is an important factor for all individuals. It’s difficult for every one to spare

time for their banking needs such as standing in long queues for depositing money etc.

Not only the time but also the norms and regulations of banking are difficult to under for

a laymen. Also it is difficult to find banks in many rural interiors and even if there are

banks in certain arrears they are not fully equipped with the latest infrastructure and

technology.

Employees used to visit house to house to make the laymen understand the importance of

saving and to provide them the banking facilities which they couldn’t avail due non

availability of banks.

Para Banking Page 3

Page 4: Para Banking

History of Para Banking in India

The 1906 Swadeshi Revolution encouraged many cooperative bank to start up. With

this unqualified and selfish entrepreneurs started operating such banks with unclear

banking regulations of the government. This resulted into unsuccessful banking

scenario and difficulties in growth of this banking sector.

The major drawback was the bankruptcy of many banks (i.e.) 108 banks during 1913

-1917, 372 banks during 1922 – 36 and 620 banks during 1937 – 48. This resulted in

discomfort and insecurity amongst the general citizens and their confidence for

banking sector was challenged.

In 1929 Central Banking Enquiry Committee investigate the following reasons for the

failure for the current banking scenario:

1) Low level of Liquid Assets.

2) Unofficial business relationship between non- banking and banking officials.

3) Long term loans on short term deposits.

4) No proper guidelines from government or banking authorities.

5) Unlimited liabilities / irregular Credit policies / unqualified Directors.

After considering the above major drawbacks, government launched Banking companies’

regulation Act and Banking Branches Prohibition Act in the year 1946.

Para Banking Page 4

Page 5: Para Banking

Changes in the Non- Banking Sector

Due to major failures and bankruptcies, general citizens, especially the rural population

lost confidence towards the banking sector. This resulted into huge transactions been

carried out through local money lenders and rich merchants who indulged fraudulence

with the uneducated villagers. Due to various reasons there was a growth in such

unorganized financial institutions and also Reserve Bank didn’t have any control over

such institutions. The greatest attraction of such institutions was the high level of interest

rates and with least amount of banking formalities. This attracted the general population.

But the main intention of such institutions was to collect huge sum of money and

ultimately prove to bankrupt.

Para Banking Page 5

Page 6: Para Banking

Reserve Bank of India

Formation of Reserve Bank of India

Under the Banking Act 1934, Reserve Bank of India was formed in April 1935 and it

received a nationalized recognition in the year January 1949. Based on the Banking

Regulation Act 1949, RBI received many right such as Licensing, Administration of

Banking, Investments regulations, Liquidity Balance and observation and progressive

measures of banking sector in India. These measures resulted into reduction in the level

of failures and bankruptcies in India to a great extend.

Post Independence Scenario towards Nationalization of Banks

The second success after Formation of Reserve Bank of India was the nationalization of

various banks. This success could be divided into three major areas.

1) Nationalization of Imperial Bank of India and renamed as State Bank of India in

the on 01st July 1955. Along with this, seven more banks where recognized as

nationalized during the same period.

2) In 1969, 14 commercial banks where transformed into nationalized banks.

3) And in 1980 6 more commercial banks where brought under the nationalized

umbrella. Thus 90% of the banking sector was brought under the supervision and

control of Reserve Bank of India.

Para Banking Page 6

Page 7: Para Banking

RBI norms For NBFC’s

The Directions: To invest and keep invested minimum 80% of deposit liabilities along

with interest accrued thereon in High quality securities as specified / approved by

Reserve Bank of India (Including Government Securities and / or Government

Guaranteed Bonds and Fixed / Certificate of Deposit of Scheduled Commercial Banks

and / or Government Financial Institutions.)

Safety of the Invested Scripts: To keep scripts in safe custody with a nationalized bank.

Not even a single paisa withdrawal from its investments for its expenses or other use.

Withdrawal can only be possible for discharge of liabilities to the depositors.

Remaining 20% of the Deposits:

Company can invest in other tangibles or assets at its discretion up to 20% of the deposit

liability provided the investment under these categories should not exceed 5 times of the

company’s net owned fund. The excessive amount beyond 5 times of net owned fund is

also to be invested in approved securities, as mentioned above.

100% Security for Depositors:

All these securities are to be valued at their current market price and the realizable value

of all these assets should at any point of time be 100% or more of the aggregate deposit

liabilities along with interest accrued thereon. Thus there is a full cover for all the

depositors.

Para Banking Page 7

Page 8: Para Banking

Authentication:

The above pattern of investment is authenticated on quarterly basis by the statutory

auditors and the auditor’s certificate issued at the end of every March, June, September &

December, is submitted to the Reserve Bank of India within a specified time. Various

other returns as per statutory requirements are also furnished regularly.

The following are the major steps taken by Sahara to attend those norms:

1) Checks and control on all expenses. - All the expenses including the interest debts

where within 10% of yearly income.

2) Investments in equity were only 0.34%- Thus minimum fluctuation & risk factor.

3) Non- performing assets told within 01%.

4) Grant of Unsecured loans was nil – Thus no chances of bad debts.

Reserve Bank of India Act 1934

Considering in the better interest of the general depositors, it was necessary to control the

activities of such institutions that attract huge deposits from general public by means of

high rate of interest and ultimately misusing those fund for their personal means. Thus in

1963, Reserve Bank of India through its Chapter III- B brought I force few regulations

for the NBFC’s to follow up.

Para Banking Page 8

Page 9: Para Banking

1) All rights regarding the articles / prospectus of NBFC’s would remain in the

hands of Reserve Bank of India.

2) The Reserve Bank of India holds rights to keep checks and controls on these

NBFC’s.

Reserve Bank Directions 1966 – 1977

Reserve Bank issues various regulations for Non Banking Financial Companies, Non

Banking Non Financial Companies and Miscellaneous Non Banking Companies. Thus

with regard to this Non Banking Financial Companies Directions 1966, Non Banking

Non Financial Companies Directions 1966, Non Banking Financial Companies (Reserve

Bank) Directions 1977 and Miscellaneous Non Banking Companies directions 1977 came

into force.

Companies (Acceptance of Deposits) Rules – 1975

In spite of Reserve Banks guidelines and regulations, it was noticed that many companies

where attracting the depositors through high rate of interest. It was also noticed that they

didn’t followed the RBI norms to publish a true picture of their affair for the reference of

general public before depositing the funds.

Reserve Bank issued various regulations and norms for Non Banking Non Financial

Companies and based on this it was difficult for such companies to procure loan from

banks at ease. This was the main reason for such companies to procure funds from the

general public by attracting them high rate of interest on their deposits.

Thus under Companies Act, Section 58 A and 58 B came into force on 01 st February

1975 and regulation regarding deposit structure and schemes for Non Banking Non

Financial Companies where enforced. The rights to enforce these rules came under the

Para Banking Page 9

Page 10: Para Banking

Central Government’s (Department of Companies Affairs) and all the financial

companies and banking companies came under the guidelines of Reserve Bank of India.

The following are the main points relating to Companies Acceptance of Deposits Rules:

1) Non Banking Non Financial Companies can accept deposit of Minimum 06

months and for maximum 36 months only.

2) The interest on such depositors can be maximum 12.50% p.a.

3) The Company can utilize maximum 25 % of the Net Owned Fund provided they

keep aside 15% of the maturity amount as Liquidity.

Price Chit and Money Circulation Scheme (Banking) Act 1978

During those days there where few companies, namely, companies involved in Chits /

Benefits / Savings Schemes who attracted depositors with high rate of interest and it was

difficult for any one to keep them under control. Based on the investigation and

considering the general security of the mass population the price chits and money

circulation scheme (banking ) act 1978 was launched in 1978 through which price chit

and money circulation scheme was withdrawn. After the launch of this act all those

companies who earlier operated various schemes had to withdraw on a pre specified date.

RBI drafts new act to regulate finance firms 

Mumbai, Aug 22: The Reserve Bank of India has drafted a new law--Parabanking

Regulation Act--to regulate non-banking finance companies (NBFCs). The new Act will

replace the relevant regulatory provisions in the RBI Act and form part of the central

bank's new supervisory regime for mezzanine financing. The Act will work in

Para Banking Page 10

Page 11: Para Banking

conjunction with the laws that individual states are enacting to protect the interests of

depositors in finance companies.

The draft law proposes to take away the Company Law Board's (CLB's) powers to pass

orders on the settlement of dues by defaulting finance companies. Instead, it is proposed

to set up an independent body on the lines of the existing banking ombudsman scheme

that is currently in place in various states--Depositors' Grievance Redressal Bodies--to

pass orders for recovering depositors' dues.

However, unlike the banking ombudsman scheme, the new Act will have the legal status

of a civil court. It will be set up in various cities and the officers will be appointed by

theRBI. The central bank will also provide the infrastructure for these bodies to carry out

their functions.

The Parabanking Regulation Act will ease the statutory liquidity ratio (SLR)

requirements of NBFCs as it intends to allow NBFCs to put surplus cash (which is not

invested anywhere) held by them under the SLR bracket. At present, NBFCs are required

to maintain 15 per cent SLR which includes only investments in approved securities. By

including the surplus cash within the SLR stipulation, the RBI will in effect allow finance

companies to invest less in approved securities.

The new law will have provisions for setting up a special court--on the lines of the special

court set to look into the securities scam--to enable the speedy recovery of dues from the

promoters of the defaulting NBFCs. The RBI will also have powers to nominate officers

with special winding-up powers for speedy disposal of recovery cases.

There will also be a special provision to enable depositors to recover their dues, a

sourcefamiliar with the drafting of the new supervisory regime told The Financial

Express. Under this, once the RBI makes a case for winding up an NBFC, the court will

have to pass a directive for winding it up and the RBI will appoint one of its own officers

as a liquidator for taking over its assets and enabling depositors to recover their dues.

Para Banking Page 11

Page 12: Para Banking

The new regulation will also bar NBFCs from carrying out any business apart from non-

banking finance activities. This essentially means that an NBFC cannot float a subsidiary

which will be into stocklending or sharebroking activities. "NBFCs will be barred from

setting up subsidiaries as such companies are generally seen as fronts for siphoning off

depositors' money," the source said. However, it has been clarified that while a hire

purchase or equipment leasing company cannot carry on sharebroking activites through a

subsidiary, it can carry out investment activities with its surplus cash.

The new regime also seeks to raise the entry barriers for NBFCs.Currently, existing

finance companies need to have a net worth of Rs 25 lakh to carry on business. The

threshold is likely to be raised to Rs 10 crore for new entrants.

Insight

Tightening up

The proposed new regime for NBFCs will tighten up and complement the amendments

made to the RBI Act earlier to register NBFCs and give them a new regulatory

framework. The steps include doing away with NBFC arms and imposing higher net

worth requirements. The special courts for NBFCs should help speed up the liquidation

process and make sure that the NBFC buck stops with the RBI. However, there will be

appeals from the civil to the high courts. Also, with the minimum owned funds currently

being Rs 25 lakh, the steep rise in net worth to Rs 10 crore raises the question of what

will happen to existing players unable to meet the criterion.

Para Banking Page 12

Page 13: Para Banking

Para Banking Page 13

Page 14: Para Banking

Sahara India Pariwar – Mother Division

India's No. 1 Public Deposit Mobilization company in the Private Sector Mobilizing

Highest yearly deposit level in the country

1707 Establishments

 Over 5.1 crore Esteemed Depositors

 Serving 1 out of  20 Indians

The Parabanking Division has been accorded the status of Mother Division amongst all

divisions of Sahara India Pariwar as the Pariwar came into existence through its Non-

Banking deposit mobilization business.

From their inception in the year 1978 to the year 1987 they made steady progress, when

the Sahara India Financial Corporation Limited was incorporated. The same year, R.B.I.

laid down its R.N.B.C. guidelines governing Non-Banking Finance Companies (NBFCs)

in order to ensure total security to the depositors. While most finance companies went to

court against the said guidelines, they were the first to unconditionally, adopt the same

and since then, have been witness to a phenomenal growth in their Parabanking business.

Today, Sahara India Financial Corporation Ltd. is the First Residuary Non-

Banking Company of the country that has been granted certificate of registration by

RBI and a clean chit for complying with all the guidelines applicable to the RNBCs

The success of Sahara India Pariwar comprises of its diversification in various sectors,

namely the Housing, Para Banking, Consumer Goods, Aviation, Media & T.V. But the

back bone and crown of Sahara India Pariwar is its Para Banking division. Thus one can

say success behind the entire Pariwar is credited to its Mother division -Para Banking.

Para Banking Page 14

Page 15: Para Banking

Successful beginning of Sahara India Pariwar’s -Para Banking

Shri Subrata Roy- Saharasri started his business career with Para Banking in the year

1978. During those days depositors had a negative impression and approach toward

NBFC’s. This was because of the fraudulent activities conducted by various existing

NBFC’s and Chit Fund companies. But under the stringent rules and regulations of Mr.

Subrata Roy and the continuous affords toward maintaining the goodwill in front of the

depositors had proven the success of the entire Pariwar.

Beginning

The organization of this magnitude started with a small beginning.

They started off in the year

1978 with a capital of just

Rs. 2000/- from Gorakhpur,

Uttar Pradesh. Initially, they

had only 3 workers and one

single establishment

comprising a small room

having 2 chairs and a table

with just 42 depositors in

all.

Since then, they have gained rapid strides and have today, achieved

the position of India's No.1 Public Deposit Mobilization Company in the

private sector. At present, they have the highest yearly deposit level in

the country, serving over 5.1 crore depositors (i.e. 1 out of 20 Indians)

with their activities spread across 1707 establishments all over the

country.

Para Banking Page 15

Page 16: Para Banking

With an overall asset base of over Rs. 32,000 crore and an all India

presence of over 6.9 lac dedicated and committed workers, Sahara

India Pariwar has become synonymous with excellence and distinction

in all aspects of its services and quality and enjoys the enviable status

of being one of the front runners in Indian entrepreneurship, today

Service at Your Doorstep

What gives Sahara Parabanking an edge over most of the banks is the service at the

doorstep of the depositors where Sahara's devoted workers come over and offer their

personalized services. Thus, valuable time is saved which allows

one to carry out his / her own

business as usual.

In the Indian savings and

investment scenario, people

whose livelihood depend on

their day-to-day earnings,

like - shopkeepers, hawkers,

roadside vendors, cart

pullers, taxi or auto drivers

are not in position to invest

huge amount of deposits, for

the future, which is why they

need to save daily. Over a

period of time these daily

savings accumulate into

sizeable amounts which when

invested judiciously can

bring returns in future.

Sahara India Pariwar helps

Para Banking Page 16

Page 17: Para Banking

such people to save for their future. Its workers go right upto their doorstep and exhibit

the same level of enthusiasm and respect in collecting as much as a rupee for a deposit as

they would in collecting a huge sum of money.

String and Strict Fundamentals

Stringent Expense Control – Cost of fund (Including Interest Cost) within 11.75% p.a.

(Almost) No Speculation Investments – Total investments in Equity (Shares): 8.83 crores

(0.13%) only.

High Class Quality Investment – Non performing Assets (N.P.A. The provisions have

been made as per Prudential Norms issued by Reserve Bank of India. Exposures are fully

covered with full collateral security and are fully recoverable with interest.) within 1.04%

No Unsecured Loans

Strictly Following Prudential Norms – Capital Equity Ratio: 18% (Statutory

Requirements : 12%)

Sahara’s Operative Standards

Control of activities is the key factor for any company to attain its goal. For example if

the direction and flow of water is not controlled could lead to flood but construction of a

dam can lead to a controlled flow and even useful to generate electricity. Similarly a

“Centralized Controlling System” can lead to successful business standards for any

organization.

Para Banking Page 17

Page 18: Para Banking

The Centralized Controlling System of Sahara India Pariwar’s has been very successful

and effective in monitoring its activities at the root level. Today Sahara India Pariwar

controls its activities of 1707 branches from its Head Office. A branch is an area wherein

the depositor is in direct contact to the Para Banking officials. The Branch office is

controlled by Sector office, sector office has to report to the Regional / Zonal office,

regional / Zonal office is managed and controlled by Territory office which in turn is

looked up by Head Office.

All payments are carried by Centralized Debit Voucher through it Computerized

Advances. Thus it helps for proper fund management. If any entry or checking highlights

a voucher which stands different from the Centralized Debit Voucher, then a detailed

checking is carried to rectify the error.

Control and Checks

Each and every payment throughout the country is a computer processed advice,

always from Command

Office.

Number of Computers

– More then 1800.

Number of

Computerised Points in

the country – more than

1400.

Within One Year –

Paper Less Branches

Para Banking Page 18

Page 19: Para Banking

with 100% Absolutely Foolproof Controls without any need for Human

Reconciliation

OMR(Optical Mark Up Recognition) System

In its efforts to provide prompt, errorless and totally foolproof services to their esteemed

depositors, the Parabanking Division plans to introduce the Optical Mark Recognisiton

technology.

The basic idea behind introducing the OMR system is to network and link all their

branches, sectors, regions, zones using the latest in computer technology with the

command office at Lucknow and facilitate the centralized control of the entire sequence

of their parabanking activities at their headquarters.

The system would offer a wide range of benefits like :

No data entry will be required at the branch. The entire data will be based on the

OMR – form.

In this system they achieve 100% absolutely foolproof controlling with

considerable reduction in establishment cost. So overall reduction cost of funds in

terms of percentage of interest is more than 1% and in future years it will touch

almost 2%.

All the receipts and payments will be made by a singe person, eliminating the

need for extra manpower at the branches.

Para Banking Page 19

Page 20: Para Banking

Due to in-built security checks, any unauthorized modification in data would not

be possible.

Total receipts and payments for a day can be known at Command Office after 24

hours, which shall help in better controlling and fund management.

Infrastructure at Sahara India Pariwar’s- Para banking Division

On-Line Connectivity and OMR System

The V-SAT technology at all the branches and office supports for On-Line Connectivity

24 hours a day. Along with the above connectivity, the OMR – Optical Mark Recognition

system operates at all the offices simultaneously to provide the following facilities:

1) Fast scrutiny and paperless office, wherein there is no need for human scrutiny

and checks.

2) Since all the data is available through O.M.R., there is no need for data entry.

3) While opening the account with the Para Banking a Master Card is prepared to

carry all the transactions at a time and even receipt is made with through single

entry.

4) Since a single entry is carried, all the errors which used to be occurred at various

levels during manual system are reduced.

5) An internal Security check enables the system to find and rectify any

differentiation in amounts and figures wrongly posted.

Para Banking Page 20

Page 21: Para Banking

6) All the business transaction and Accounts could be verified with in 24 hours from

any offices thus leading to professionalized Fund Management.

SAHARA INDIA FINANCIAL CORPORATION

LIMITED

Command Office: Sahara India Bhawan, 1, Kapoorthala Complex, Lucknow-226024.

“Approved text of statutory advertisement in accordance with para 16 of Residuary Non-

Banking Companies (Reserve Bank) Directions, 1987”.

1. NAME: SAHARA INDIA FINANCIAL CORPORATION LIMITED.

2. DATE OF INCORPORATION: 7th August, 1987 under the companies

Act 1956.

3. OBJECT: The Company runs various savings schemes, as per Residuary

Non- Banking Companies (Reserve Bank) Directions, 1987.

4. BRANCHES/UNITS:

Sahara India Tower, 7, Kapoorthala Complex, Lucknow;

Sahara India Pariwar, Sahara Shopping Centre, Indira Nagar,

Lucknow; Sahara India Complex, C-2, C-3, C-4, Sector XI

Noida;

Para Banking Page 21

Page 22: Para Banking

Sahara India Sadan, 2A, Shakespeare Sarani, Kolkata;

Sahara India Point, S.V. Road. Goregoan (W), Mumbai;

Sahara India Pariwar, 25-28 Atlanta, Mariman Point, Mumbai;

Sahara India Niketan, Cinema Road, Gorakhpur;

Sahara India Vihar, Boring Canal Road, Patna;

Sahara India Pariwar, 7, Forsyth Road, Lal Bagh, Lucknow;

Sahara India Chambers, Tank Road, Jaipur;

Sahara India Kashi Niketan, Sonapur, Varanasi;

Sahara India Kunj, Plot No. 195, Zone I.M.P. Nagar, Bhopal;

Sahara India Pariwar, A-16 City Centre Sector IV, Bokaro;

Sahara Manzil, Opp. A.P. Secretariate, Hydrebad;

Sahara India pariwar, 101 Niharika II, R.C. Dutt Road, Alkapuri,

Baroda; Sahara India Pariwar, ABC Tower, Brahampura,

Muzaffarpur;

Sahara India Pariwar, Plot No. 521, Sunder Tower, Wardha

Road, Nagpur; Sahara India Priwar, 1 Church Street, Brigade

Road, Bangalore;

Sahara India Pariwar, Kusum mension, Raigarh Road,

Bhangagarh, Guwahati;

Sahara India Pariwar, Sadananda Bhawan, Nayapalli,

Bubneshwar;

Sahara India Pariwar, IIIrd. Floor, Harman Plaza No.2, west

Patel Nagar, new Delhi;

Sahara India Pariwar, 711-715, Tolstoy House, 15-17, Tolstoy

Marg, New Delhi,

Sahara India Pariwar. 2-4, Jeet Apartment, New airport Road,

Jodhpur.

Para Banking Page 22

Page 23: Para Banking

5. MANAGEMENT: MANAGED BY THE BOARD OF DIRECTORS

NAME ADDRESS OCCUPATION

(a)

Shri Subrata Roy Sahara

Managing Worker &

Chairman

Sahara Shahar,

Gomti Nagar,

Lucknow Business

(b)

Smt. Swapna Roy

Director Worker

Sahara Shahar,

Gomti Nagar,

Lucknow Business

c)

Shri Om Prakash

Srivastava Director

Worker

A-706, Sector

C, Mahanagar,

Lucknow Business

(d)

Shri Joy Broto Roy

Director Worker

F-170 A Sainik

Farm, New

Delhi Business

(e)

Shri Amitabha Ghosh

Director

Flat No.32,

Mehrnaz, 91,

Cuffe Parade,

Mumbai

Former Deputy

Governor, Reserve

Bank Of India

(f) Shri Brijendra Sahay 472, Sector, 15- Former Chief

Para Banking Page 23

Page 24: Para Banking

Director A, Noida

Secretary, Govt. of

U.P

(g)

Shri Krishna Sahai

Bhatnagar Director

31, Chitra

Vihar, Delhi

Former Secretary,

Ministry of Law,

Justice & Company

Affair, Govt. of India

& Chairman,

Company Law Board.

(Source : Sahara India Pariwar)

6. FINANCIAL POSITION:

 

31st March 2002

(Rs. In Lacs)

31st March

2001 (Rs. In

Lacs)

Liabilities

Capital 14303 14303

*Reserves & Surplus 28353.42 26640.3

Secured Loan 0 0

Deposits 556570.26 434834.14

Current Liabilities &

Prov. 6580.32 3626.06

Total 605807.00 479403.50

Assets

Fixed Assets 47971.24 48441.95

Investment 375035.71 298134.34

Current Assets 123860.59 83472.94

Loans & Advances 55543.85 47144.65

Misc. Expenditure 3395.61 2209.62

Para Banking Page 24

Page 25: Para Banking

Total 605807.00 479403.50

(Source : Sahara India Pariwar)

*Includes Revaluation Reserve Rs.8777.7 lacs(31.03.2001 Rs.8891.54

lacs) Figures of the previous year have been regrouped, rearranged and

recast wherever felt necessary. Contingent liabilities Rs. 220.89 lacs.

7. PROFITS:

8. The company has no ceiling limit on amount for acceptance or renewal of

deposit.

9. Over due Deposits - Nil.

10. Unclaimed Deposits- Nil.

There were no unclaimed and / or overdue deposits with the company

during the period under review. However, Deposits remained unpaid as on

31.03.2002 to the depositors who had not turned up to receive the

payments by 31.03.2002 stands paid as on the date.

Para Banking Page 25

 

31st March

2002 (Rs. In

Lacs)

31st March

2001 (Rs. In

Lacs)

31st March

2000 (Rs. In

Lacs)

Before

Tax 4363.16 4249.72 4178.58

After

Tax 3202.16 3656.21 3552.58

Dividend Nil Nil Nil

Page 26: Para Banking

11. (a) The Company has complied with the provisions of Residuary Non

Banking Companies (Reserve Bank) Directions 1987.

(b) The compliance with the directions does not imply that the repayment

of deposit is guaranteed by Reserve Bank of India.

c) The Deposits accepted by the Company (other than the secured

deposits, if any, accepted under the provisions of the direction, the

aggregate amount of which is indicated) are secured and ranking pari

passu with the other unsecured liabilies

(d) Deposits are beingaccepted and repaid in cash and / or cheque.

12. (a) For their Daily Deposit Account the interest rate is 3.5% p.a. (3.68%

bonus) for tenure of 24 months, 3.65%(5.75% bonus) for tenure of 36

months, 6.69% p.a. (39.06% bonus) for tenure of 84 months

(b) For their Monthly/Quaterly/Half Yearly/Annual Recurring Deposits,

the interest rate is 7.94% p.a. for tenure of 84 months.

(c) For their Fixed Deposit Scheme of 15 months interest rate is 7.00%

(d) For their Fixed Deposit Scheme of 30 months interest rate is 7.25%

(e) For their Fixed Deposit Scheme of 48 months interest rate is 8.00%

(f) For their Fixed Deposit Scheme of 64 months interest rate is 8.25%

Para Banking Page 26

Page 27: Para Banking

(g) For their Fixed Deposit Scheme of 72 Months with monthly interest

withdrawal facility interest rate is 8.25% p.a. and extra bonus @12% of

deposit amount at the time of maturity

13. In case of pre-maturity, repayment of deposits at the depositor’s request,

interest rate will be reduced by maximum of 1% (as per provisions of

R.B.I. Directions from time to time) from the rate which the company

would have ordinarily paid by way of interest had the deposit been

deposited for the period for which such deposit had run.

14. TDs shall be applicable as per provisions of Income Tax Act 1961.

15. The deposits solicited are not insured.

16. Deposits are being accepted as per the Terms & Conditions specified in the

Application Form.

Para Banking Page 27

Page 28: Para Banking

SCHEMES

Deposit Mobilisation Schemes

Salient Features of the Schemes

Schemes are designed in such a way that they can cater to people from different strata of

society. From Daily Deposit for an amount as Rs 1 per day to Rs 5 in monthly schemes to

Fixed Deposits of various lengths of time.

The salient features of the schemes are as under:-

Security Loan Facility – Account Holders can avail Secured Loan Facility against

the depositor amount only after completion of minimum six months from the date

of opening the Account.

Pre-Stage Maturity – Account Holder can take Pre-Stage Maturity payment prior

to the declared tenure, subject to completion of the prescribed period from the

Para Banking Page 28

Page 29: Para Banking

date of opeing the account, and will be paid within the prescribed period from the

date of application for Pre –Stage Maturity with 1% less interest rate than the

payable rate of interest.

Death Help Facility – The nominee(s) of the deceased Account Holder shall be

entitled for the Death Help facility, subject to the prescribed conditions as per the

schemes.

Children Welfare Plan – Every Account Holder can avail the benefit of enrolling

one of his/her child in the “Children Welfare Plan”. The detailed information is

available at the company’s branch/agent’s /branch offices.

SAHARA SUPER

TERMS AND CONDITION

1. ACCOUNT OPENING:

(a) The minimum denomination of the installment is Rs. 10/- per day, and in

multiples of Rs. 5/- thereafter. The maximum limit of deposit in the account is

Rs.170/- per day.

(b) The company reserves the right to reject any application for opening the Account

without assigning any reason.

(c) The company shall charge Rs. 4/- per account as Registration fee, which is non-

refundable.

(d) The company reserves the right to attach/transfer any Account to any of its

Branch Offices/its Agent’s Branch Offices.

Para Banking Page 29

Page 30: Para Banking

2. TENURE OF ACCOUNT:

The tenure of the Account is 36 months.

3. MODE OF PAYMENT:

(a) All payments to the company shall be made in cash against the receipt

countersigned by its authorized signatory. Payments by any mode or media other

than mentioned above shall be at the Account Holder’s own risk.

(b) Installments are to be paid regularly on each working day taking 25 working days

in a month. The Account Holder can deposit 30/31 days installments also.

4. MATURITY:

(b) After completion of 36 months, maturity shall be paid to the Account Holder

along with the bonus / interest as per the “Account Settlement Chart”. No

additional bonus / interest would be paid on the Maturity amount, if taken after

the scheduled period.

ACCOUNT SETTLEMENT CHART:

Para Banking Page 30

Page 31: Para Banking

On deposit of Rs. 10/- per day (for 25 days in a month)

Tenure

(Months)

Total Principal

Amt.(Rs.)

Bonus Maturity Amt.

(Rs.)

36 9000.00 5.75% 9517.50

(c) The Account, wherein the depositor has not continued the account regularly upto

the declared tenure, shall be termed as “Default Account” and at the time of

maturity, its payment will be made with bonus as per the detailed chart available

with the Company’s Branch Offices/its Agent’s Branch Offices.

(d) The Account, wherein the depositor has not paid 12 months installments within a

maximum period of 24 months from the date of opening of account with the

company, shall be termed as “Lapsed Account” and at the time of maturity, its

payment will be made with bonus as per the detailed chart available with the

Company’s Branch Offices/its Agent’s Branch offices.

(e) In the event of default/lapsation in making payments of regular installments by

the depositor during the tenure of the scheme, the Company will charge damages

caused due to loss in investment opportunity etc., which shall be deducted from

the bonus amount payable to the depositor. However, no deduction of any kind

shall be made from the principal amount deposited by the depositor. The detailed

information is available at the Company’s Branch Offices/its Agent’s Branch

offices.

5. SECURED LOAN:

Account Holder who has deposited minimum 12 months installments regularly,

can avail secured loan facility against the deposited amount only after completion

Para Banking Page 31

Page 32: Para Banking

of minimum 12 months from the date of opening of account. The maximum

amount of secured loan shall be 75% of the principal amount standing to the

credit of the Account Holder as on the date of application as per the rules of the

Company. Account Holder will have to submit an application for availing secured

loan facility which will be paid within 60 days from the date of application.

Interest @ 0.95% per month (monthly compounded) will be charged on the loan

amount.

6. A pass book will be issued to every account holder. The depositor shall get the

pass book updated at regular intervals. If any discrepancy or difference in the

amount is found between the entries made in the passbook and receipts duly

countersigned by the authorized signatory of the office bearing seal of the

Company’s office, payment shall be made on the basis of receipts only.

7. DEATH HELP:

The nominee(s) of the deceased Account Holder shall be entitled for this facility,

subject to the below mentioned conditions:

(a) Age of the deceased Account Holder was between 15 and 65 years at the time of

death.

(b) Account has continued for minimum 12 months (365 days) from the date of

opening of account, and 12 months installments have been deposited at the time

of death. At least, one month (25 days) installment must have been deposited

within 3months prior to death.

Para Banking Page 32

Page 33: Para Banking

(c) A minimum of 50% installments of the total period of payment must have been

made, at the time of death.

(d) The deceased Account Holder was not suffering from any chronic/fatal disease

within 3 years prior to the time of opening the account. The nominee(s) shall

produce authentic, convincing documentary proof in this regard, along with birth

certificate and proof of death of the Account Holder to the satisfaction of the

Company.

(e) The death of the Account Holder did not occur due to suicide of death punishment

by Court of Law.

(f) The death of the Account Holder did not occur due to communal violence orwar.

Note: Death will be given on maximum 5 accounts of the highest denomination, if

the Account Holder has more than one account.

8. AMOUNT OF DEATH HELP:

The company shall pay to the nominee(s) of the deceased Account Holder the

total deposit amount along with the accrued interest of that stage credited in the

Account of the deceased Account holder, after calculating/appropriating the

amount of secured loan and loss of interest (if nay), as per the rules of the

Company, and in case the

death of the Account Holder occurs after depositing 12 months installments, but

before completion of 36 months installments, an amount equivalent to 80% of 25

days installments (0.80 X denomination X 25) would be payable, every month for

a period of 36 months.

9. DOUBLE NOMINEE SYSTEM:

Para Banking Page 33

Page 34: Para Banking

An Account Holder, if so desires can appoint two nominees defining the

proportion in which the account is to be given to each nominee. However, this

declaration must be made at the time of opening the Account only.

10. TRANSFER:

An Account Holder can transfer the Account to any person, subject to the

approval of the Company, on payment of Rs.10/- as transfer fee. However, the

nominee(s) of the Account Holder (transferor) shall cease to be entitled for the

death help facility from the date of application for transfer. Further, the

nominee(s) appointed by the new Account Holder shall be entitled for death help

only after 12 months and after 12 months installments have been paid from the

date of the transfer. In any case, death would be given as per the rules of the

Company only once on an Account.

11.CHILDREN WELFARE PLAN:

Every Account Holder can avail the benefit of enrolling one of his/her children

under the “Children Welfare Plan”. Under this Plan, an annual fee of Rs.20/- is

taken from every member by Sahara Welfare Society. An examination of the

children enrolled under this plan, is conducted, either in Hindi or in English

medium, twice in a year i.e. January and July, which is divided into five groups.

The best 25 children of each group are awarded Brilliancy Certificate /

Appreciation Certificate. A camp for the recipients of Brilliancy Certificate is

organized every year for ten days, from 18th May to 27th May. The detailed

information is available at the Company’s Branch Offices/its Agent’s Branch

Offices.

12. GENERAL RULES:

Para Banking Page 34

Page 35: Para Banking

(a) The Company may at any time after, vary, add to or delete from these terms and

conditions on account of Government Policy in this regard or Reserve Bank

Regulations as applicable from time to time or otherwise by notifying on

Company’s/its Agent’s notice board or by publication in the news papers.

(b) The Company reserves the right to settle the Account with applicable rate of

interest for the completed tenure of the Account even before the completion of the

declared tenure.

(c) Deposits are accepted on the understanding that the Account Holder assumes full

responsibility for genuineness, validity and correctness of all signatures and

endorsement appearing thereon and their sources of fund.

13. ARBITRATION:

If any dispute arises between the Company and Account Holder, regarding the

account then such dispute shall be resolved only by the arbitration.

Company under the provisions of the “Indian Arbitration & Conciliation Act

1996” shall refer such dispute to sole arbitrator appointed by the Company, who may

be Branch Worker or Sector Worker or Chartered Accountant of Advocate. Award

given by such sole arbitrator shall be final and binding on the parties or persons

claiming under them. Arbitration proceeding and proceeding arising out of such

Award shall be subject to jurisdiction of court only of the place where the registered

office of the Company is situated.

I hereby declare that all declaration made by me are correct and I have been explained

every thing related to the above Account in the language known to me and also I

declare that I am not suffering and have not suffered from any chronic/fatal disease in

the last 3 years. Also I agree to abide by the rules and regulations of the Company and

I shall never request anything against the terms, tenure and conditions of the scheme

in the letter and spirit. I also certify that all the information / personal particulars given

here by me are ture to the best of my knowledge and belief.

Para Banking Page 35

Page 36: Para Banking

SAHARA SUPER

DENO DEPOSIT AMOUNT -25 DAYS Deposit Amount – 30,31 Days

Deposit Bonus Total Deposit Bonus Total

10 9000 518 9518 10950 630 11580

15 13500 776 14276 16425 944 17369

20 18000 1035 19035 211900 1259 23159

25 22500 1294 23794 27375 1574 28949

50 45000 2588 47588 54750 3148 57898

Para Banking Page 36

Page 37: Para Banking

100 90000 5175 95175 109500 6296 115796

170 153000 8798 161798 186150 10704 196854

(Source : Sahara India Pariwar)

SAHARA SWARN YOJANA and SAHARA RAJAT

YOJANA

Terms and Conditions

Eligibility

Booking amount in Sahara Swarn Yogana Rs 1,00,000 lump sum or undertake to pay in

installments of Rs 10,0000 per month for 10 months payable on or before 115 th of every

month and in Sahara Rajat Yojana Rs 10,000 in lump sum. The person is eligible for

draw by paying first installment. The regular installment amount should be paid on or

before 15th of every month, failing which his/her name shall not be included in that

months draw and for the defaulted month there will be no extra draw benefit.

Default can be regularized, to become eligible for draw benefit for draw benefit by

payment of Rs 150 for every defaulted instalment amount.

Para Banking Page 37

Page 38: Para Banking

In Sahara Swarn Yogana first, second third monthly prizes and first bumper prizes can

not be allowed to win more than once . In Sahara Rajat Yogana first bumper prize can not

be allowed to win more than once. In the same draw one couple shall not be allowed to

win more than one prize. Higher valued prize shall be allowed in case one wins more

than once in the same draw, but all are entitled to win any number of times in different

draws(except the above mentioned prize)

Schedule of Draw

The draw will be held on every 25th day of the following month.

The draw result shall be telecast on 26th day of every month in Sahara Samay National

News Channel. The draw shall also reach within 10 days of draw to all their Branches

and winners shall always be intimated directly by post.

Other Terms

In case of transfer coupon holders may have to give a benefit up to 10% - 25% or

whatever amount is negotiated of the benefit amount to the house buyer and company at

its discretion may allow the existing coupon holder to remain enjoying the draw till the

years the coupon holder remained with company ( i.e. the number of draws he/she has

already enjoyed). Means if a coupon holder has enjoyed 48 draws then he/she shall

remain in the draw for 48 future draws. But this discretionary consideration can only be

Para Banking Page 38

Page 39: Para Banking

done after the full Coupon (advance) amount remained with the company for minimum

36 months.

SAHARA SWARN YOJANA

Advance PAYMENT 1,00,000/-

Year Payable Benefit % Credit Value adjustable

Against the

Property/Product

1 8.00% 1,08,000

2 8.00% 1,16,600

3 8.75% 1,28,600

4 8.75/% 139,900

5 9.00% 1,53,900

6 9.50% 1,72,400

Para Banking Page 39

Page 40: Para Banking

7 10.00% 1,94,900

8 10.00% 2,14,400

9 10.00% 2,35,800

10 10.00% 2,59,400

(Source : Sahara India Pariwar)

SAHARA SWARN YOJANA

Advance PAYMENT 70,000/-

Year Payable Benefit % Credit Value adjustable

Against the

Property/Product

1 8.00% 75,600

2 8.00% 81,620

3 8.75% 90,020

4 8.75/% 97,930

5 9.00% 1,07,730

Para Banking Page 40

Page 41: Para Banking

6 9.50% 1,20,680

7 10.00% 1.36,430

8 10.00% 1,50,080

9 10.00% 1,65,060

10 10.00% 1,81,580

(Source : Sahara India Pariwar)

SAHARA RAJAT YOJANA

Advance payment 10,000/-

Year Payable Benefit % Credit Value adjustable

Against the

Property/Product

1 8.00% 10,800

2 8.00% 11,660

3 8.75% 12,860

4 8.75/% 13,990

5 9.00% 15,390

Para Banking Page 41

Page 42: Para Banking

6 9.50% 17,240

7 10.00% 19,490

8 10.00% 21,440

9 10.00% 23,580

10 10.00% 25,940

(Source : Sahara India Pariwar)

Advance payment 7,000/-

Year Payable Benefit % Credit Value adjustable

Against the

Property/Product

1 8.00% 7,560

2 8.00% 8,162

3 8.75% 9,002

4 8.75/% 9,763

5 9.00% 10,773

6 9.50% 12,068

7 10.00% 13,643

8 10.00% 15,008

9 10.00% 16,506

10 10.00% 18,158

(Source : Sahara India Pariwar)

Para Banking Page 42

Page 43: Para Banking

Accidental Death Benefit

If Accidental Death Occurs Insurance Compensation

IN SWARN IN RAJAT

After 1 year upto 2 years 2,00,000 50,000

After 2 year upto 3 years 3,00,000 1,00,000

After 3 year upto 4 years 4,00,000 1,50,000

After 4 year upto 10 years 5,00,000 2,00,000

SAHARA MINOR

w.e.f. 16-08-03

Denomination : Minimum Rs 50/- Mode : Daily

Pre Maturity : 12 Months @ 2.5% Duration : 24 Months @ 3.5% a.c.

Deno Pre-Stage Maturity Bonus : @ 1.354%

Deposit – 25 Days Deposit 30-31 Days

Deposit Bonus Total Deposit Bonus Total

50 15000 203 15203 18250 247 18497

60 18000 244 18244 21900 297 22197

70 21000 284 21284 25550 346 25896

75 22500 305 22805 17375 371 27746

100 30000 406 30406 36500 494 36994

200 60000 812 60812 73000 988 73988

Para Banking Page 43

Page 44: Para Banking

300 90000 1219 91219 109500 1483 110983

(Source : Sahara India Pariwar)

SAHARA FIXED – 15(months)

PRE-MATURITY/MATURITY CHART w.e.f. 16-8-03

Interest @ 7%(a.c.)

Principle Amount 1000 5000 10000 15000 20000 25000 50000 100000

Pre-Maturity 12

Months

1070 5350 10700 16050 21400 26750 53500 107000

Maturity 15 Months

Bonus 8.872%

1089 5444 10887 16331 21775 27218 54436 108876

Para Banking Page 44

Page 45: Para Banking

(Source : Sahara India Pariwar)

Account Opening : Min 500/- & Max 70,000/-

Pre stage Maturity After 12 Months

Death help Facility – 3% of F.D. Amount after 12 Months(13 + 12 Months)

Maximum period of 26 months only.

Secured Loan Facility – After 6 months 75% of F.D. amount @ 1.10% p.m.(m.c.)

Child Welfare Plan.

Double Nominee System.

SAHARA FIXED – 30(months)

Interest @ 7.25%(a.c.)

Principle Amount 1000 5000 10000 15000 20000 25000 50000 100000

Maturity 30 Months

Bonus 19.195%

1192 5960 11920 17879 23839 29799 59598 119195

(Source : Sahara India Pariwar)

Account Opening : Min 500/- & Max 60,000/-

Para Banking Page 45

Page 46: Para Banking

Death help Facility – 3% of F.D. Amount after 12 Months(13 + 12 Months)

Maximum period of 41 months only.

Secured Loan Facility – After 6 months 75% of F.D. amount @ 1.10% p.m.(m.c.)

Child Welfare Plan.

Double Nominee System.

SAHARA FIXED – 48(months)

Interest @ 8%(a.c.)

Principle Amount 1000 5000 10000 15000 20000 25000 50000 100000

Maturity 48 Months

Bonus 36.049%

1360 6802 13605 20407 27210 34012 68024 136049

Para Banking Page 46

Page 47: Para Banking

(Source : Sahara India Pariwar)

Account Opening : Min 500/- & Max 45,000/-

Death help Facility – 3% of F.D. Amount after 12 Months(13 + 12 Months)

Maximum period of 59 months only.

Secured Loan Facility – After 6 months 75% & after 24 months 100% of F.D.

amount @ 1.10% p.m.(m.c.)

Child Welfare Plan.

Double Nominee System.

SAHARA FIXED – 64(months)

Interest @ 8.25%(a.c.)

Principle Amount 1000 5000 10000 15000 20000 25000 50000 100000

Maturity 64 Months

Bonus 52.729%

1527 7636 15273 22909 30546 38182 76364 152729

Para Banking Page 47

Page 48: Para Banking

(Source : Sahara India Pariwar)

Account Opening : Min 500/- & Max 40,000/-

Death help Facility – 3% of F.D. Amount after 12 Months(13 + 12 Months)

Maximum period of 75 months only.

Secured Loan Facility – After 6 months 75% & after 24 montths 100% of F.D.

amount @ 1.10% p.m.(m.c.)

Child Welfare Plan.

Double Nominee System.

SAHARA M.I.S

(Monthly Installment Scheme)

MONTHLY INCOME/MATURITY CHART w.e.f. 16-8-03

Interest @8.25% p.a.

Principle

Amount

Monthly

Icome @

0.6875%

Maturity

Bonus 12% on

Face Vallue

Total Income

Earning in 72

Months

Maturity - 72

Months with

12% Bonus

6000 41.21 720 3690 6720

9000 61.87 1080 5535 10080

Para Banking Page 48

Page 49: Para Banking

12000 82.50 1440 7380 13440

15000 103.12 1800 9225 16800

18000 123.75 2160 11070 20160

21000 144.37 2520 12915 23520

24000 165.00 2880 14760 16880

27000 185.62 3240 16605 30240

30000 206.25 3600 18450 33600

51000 350.62 6120 31365 57120

147000 1010.62 17640 90405 164640

Monthly Income Scheme.

Double Nominee System.

Account Opening : Minimum 6,000/- & Maximum 60,000/- at a time.

Maturity after 72 Months with 12% Bonus.

Child Welfare Plan.

Para Banking Page 49

Page 50: Para Banking

Comparitive Chart

Type of

Investment

Deposit

Amount

(In Rs)

Bank Sbi Bank ICICI Post Office Sahara India

@% Matu

Amt

@% Matu.

Amt

@ % Matu

Amt

@ % Matu

Amt

Monthly

Income

Scheme (6

yrs)

120,000 6.5

P.A

650/-

Momthly

- - 8.0

P.A.

800/-

Monthly

+ 10%

Bonus

on

Maturity

10.5

P.A.

1050/-

Monthly

Fix

Deposit(12

50,000 5.75

PA

52,875 6.75

P.A.

53,375 6.25 53,125 8.75

P.A.

54,375

Para Banking Page 50

Page 51: Para Banking

months)

Fix

Deposit (3

yrs)

50,000 133

Month

11.1

Yrs

59,973 7.0

P.A.

61,252 7.25

P.A.

61,682 9.25

P.A.

62,438)In

21/2 Yrs)

Fix

Deposit

(Double)

50,000 6.5

P.A.

1,00,000 123

Month

10.3

Yrs

1,00,000 103

Month

8.7

Yrs

1,00,000 81

Month

6.9

Yrs

1,00,000

Recuring

Deposit (5

yrs)

- Deposit

for 60

months

7.5

P.A.

Deposit

for 60

Months

9.5

P.A.

Deposit

only 48

months

&

Maturity

after 60

Months

OTHER SECTORS IN SAHARA

Finanaced by Sahara ParaBanking

HOUSING

Perhaps, India No.1 Housing Company with 7000 acres of company owned land and

Rs.13000 crore projects widespread in 16 cities. These include residential and

commercial complexes, mini and mega townships.

Para Banking Page 51

Page 52: Para Banking

One of the largest

Infrastructure & Housing

companies in India.

Sahara India Housing is their

highly ambitious venture and

promises to grow into a

powerful organization

creating new dimensions in

real estate industry all over

India. Their activities are in

progress on around 7000 acres of Company owned land and projects worth Rs. 13000

Crores. Their projects include Residential & Commercial Complexes, Mini and Mega

townships.

AVIATION

Experience a new High

Sahara Airlines, launched on 3rd

December 1993, has ever since

recorded an impressive

performance. Their fleet includes

Advanced Aviation Technology.

Boeings 737-700, 737-800s & 737-

Para Banking Page 52

Page 53: Para Banking

400s offerings approximately 6000 seats daily, connecting 16 tourist and business

destinations. Their 4 helicopters provide efficient charter services from Delhi & Mumbai.

Soon shall induct 12 more Aircraft & 3 Helicopters.

They, themselves undertake major Aircraft Maintenance work life “C” Check, “D”

Check, Mode-s installation, Wheel & Brake Assembly Maintenance, Seat Configuration

Modification etc. even for other Airlines, including major International Carriers, Like

Lufthansa, providing Quality Management based on ISO 9000

Awards

The airline has honored with the prestigious “Pacific Area Travel Writers

Association” Award for 1997 for the best Domestic Airline for International

standards of service in Indian skies at ITB Berlin on 10th March, 1998.

Sahara Airlines won the “World Travel Market” 1997 Global Award for its

quality of service within the Indian Airline Industry

.

For “cuisine on demand” service, Sahara Airlines has won the Award of

Merit at the 34th Annual conference of International Food Service Association.

San Antonio, Texas, USA.

Following upon this Sahara Airlines again won the “Diamond Award” at the 14th

Annual on Board Awards held at Orlando, USA on 12th November, 1999.

PRINT PRODUCTION

Para Banking Page 53

Page 54: Para Banking

One of the largest and fully integrated Pre-Press, On-Press and Post-Press print

Production facilities in India.

A complete and latest pre-Press, On-Press & Post Press set up under one roof

SATELLITE TV CHANNEL

SAHARA TV

Sahara TV embarks towards achieving their spirited goals through electronic

broadcasting- an emotional objective for Sahara India Pariwar. The wholesome channel

will have an extensive spread across 66 countries reaching out to 30 million houses. Their

foray into television marks the beginning of globally extensive mass communication

Para Banking Page 54

Page 55: Para Banking

objectives of Sahara India Pariwar. The most distinctive aspect of their channel would be

to aspire to fulfill the ever increasing demand for quality entertainment.

Sahara TV, under its credo will forever

be interactive with and responsible to

its viewers by being whole heartedly

responsive towards their needs and

choices. With a team of highly

accomplished professionals, Sahara

TV takes committed strides towards

establishing meaningful and qualitative

broadcasting standards.

Conclusion

It can safely be concluded that in an economy where about 80% of the population is rural,

such a system of banking is neccesery to foster “the saving habit” to generate a better

ecomimic growth

As seen before in case of Sahara India Pariwar whose huge base in parabanking had led

the company in diversifying into various fields such as Housing, Aviation, Television,

Print., which in turn helps our economic growth.

Para Banking Page 55

Page 56: Para Banking

It will have mobilized deposits worth more than Rs 33,000 crores by the end of 2003

Bibliography

Reference has been taken from the following sources for the completion of this project:

Farique Azad Khan (Executive Worker Sahara India Pariwar)

Deepak Upadhaya (Sr Manager Sahara India Pariwar)

Vandesh Awasya (Sr Manager Sahara India Pariwar)

Mumbai Sector Office :

Sahara India Pariwar, Wilson House, Nagardas Road, Andheri (E),

Mumbai 400069

Para Banking Page 56

Page 57: Para Banking

Mumbai Corporate Office:

CTS-40 & 44, S.V. Road, Goregoan (West),

Mumbai - 400 104, India

Websites

http://www.rbi.org.in

http://www.saharaindiapariwar.org

.

Para Banking Page 57