The Indian Financial System: Markets, Institutions and Services, 5/e is a comprehensive text that encompasses new developments in the financial system and discusses various components such as financial markets and institutions, instruments, agencies and regulations in an analytical and critical manner.
The book is divided into four sections, each constituting the various topics under the umbrella of financial systems. It details the relationship between financial system and economic growth, historical perspective of the Indian financial system, objectives of financial sector reforms, elements of financial markets, new financial instruments such as floating rate bonds, zero coupon bonds, securitized paper, etc., management of non-performing assets by banks, factoring and forfaiting, housing finance and leasing and hire purchase to name a few.
Indian Financial System My Khan Free Download Pdf
The tenth edition of Financial Management is a comprehensive and up-to-date text that presents the central themes and concerns of corporate financial management. It presents an analytical approach to corporate finance decision-making. It is the most contemporary Indian book available. It helps readers develop a thorough understanding of the theories and concepts in a systematic way.
Recently there is increased consciousness to adopt and report sustainability issues in financial institutions (Khan et al. 2009). Islam et al. (2016) noted that banks have exhibited conscious efforts to comply with environment related regulations and disclosure of environment management policy to incorporate environmental considerations in banking operations. The disclosure of environmental management policy is an integral part of sustainability reporting (Lock & Seele 2015). Banks are increasingly engaged in implementation of environment management system as it leads to reduced resource consumption and costs optimisation (Sahoo & Nayak 2007; Jizi 2014; Ihlen et al. 2014; Chaklader & Gulati 2015). Jeucken (2001) stressed on the disclosure of both qualitative and quantitative data on environmental care practices undertaken by banks in their nonfinancial reporting.
In sustainability reporting literature, social conduct of the financial institutions is most commonly measured through the extent of disclosure of various sustainability indicators in nonfinancial reporting i.e. community development programs, health care programs and training and development programs (Frost et al. 2005; Raman 2006; Murthy 2008; Belal 2008; Adams et al. 2008; Kopnina 2017). Banks are increasingly reporting financial literacy and financial inclusion initiatives as part of their nonfinancial disclosure to communicate socially responsible business conduct to various stakeholders (Kamath 2007; Sarma & Pais 2011). The disclosure of policies related to business ethics/values and human rights is an important tool to upturn transparency and sustainability performance of banking institutions (Jeucken 2001; Scholtens 2009). Islam et al. (2016) emphasised that implementation of anti-corruption and decent labour practices is essential to improve sustainability performance of financial institutions. Khan et al. (2009) noted that sustainability practices like environment management system, community development initiatives, business ethics, human rights and environmental policy are the basic content of global frameworks on sustainability such as GRI, UNGC principles etc.
The Indian banking system is broadly classified into five categories- public sector banks (PSBs), private sector banks, foreign banks, regional rural banks (RRBs) and co-operative banks enshrined in the second schedule of Reserve Bank of India Act, 1934. There are 21 PSBs, 21 private sector banks, 43 foreign banks, 56 RRBs, 1589 urban cooperative banks and 93,550 rural cooperative banks (RBI 2017). In FY 2017, total banking sector assets in India aggregate to US$ 2.202 trillion and have increased at a CAGR of 8.83% between FY 2013 to 2017. The PSBs and private sector banks in India account for more than 90% of the total banking assets (RBI 2017). The PSBs occupy most dominant position in commercial banking in India. In term of total banking system assets, PSBs account for more than 70% (US$ 1.52 trillion) of the total banking assets, thereby leaving comparatively smaller share for private sector banks and foreign banks (RBI 2017). Traditionally, the burden of social development has largely been shouldered by PSBs and they have been in the forefront of channelizing financial resources from remote areas as well as expanding the outreach of banking services in the remotest part of the country (Chaudhary & Sharma 2011). Both PSBs and private sector banks have played a crucial role in meeting the resources required for a rapidly growing Indian economy and have been the main source of credit for various sectors of the economy (Kumar et al. 2016).
The first set is grouped as environmental indicators, which reflects how the banks take care of environmental issues. It includes environment policy, environmental management system, the disclosure of qualitative data about environmental care, and the disclosure of quantitative data about environment care (Jeucken, 2001; Scholtens 2009; Jizi 2014; Ihlen et al. 2014; Lock & Seele 2015; Islam et al. 2016). The second set is grouped as the social development conduct of the bank, which reflects on the broad areas of banks socially responsible practices and involves community development programs, health care program, training & education program, and financial literacy and access of financial services to deprived section of the society (Frost et al. 2005; Raman 2006; Belal 2008; Kamath 2007; Sarma & Pais 2011; Kopnina 2017). The third set is grouped as the internal socio-environmental conduct of banks, which reflects the various policies of banks related to business ethics/values, anti-corruption, human rights and labour practices (Jeucken 2001; Scholtens 2009; Islam et al. 2016). Further, this study identifies sustainability disclosure by banks, who specifically embrace environmental and social indicators provided in prominent sustainability-related disclosure frameworks such as GRI G4 guidelines along with specific financial service sector indicators, and NVGs on social environmental and economic responsibilities of business. However, it must be noted that certain indicators of GRI G4 guidelines were not included as it seemed impractical keeping in mind the nature of banking operations. Each bank was given a score of either 1 (present) or 0 (absent) for each indicator on the basis of whether the practices are undertaken by the bank or not and subsequently whether the bank discloses the same.
As mentioned in the previous section, we identified broad areas of sustainability disclosure to investigate the extent to which banks report sustainability issues in their nonfinancial report. Table 1 shows the nonfinancial disclosure of banks in India with respect to three critical issues of sustainability. The total number of PSBs and private sector banks disclosing information was counted for each of the sustainability indicators provided in Table 1. It was found that both PSBs and private sector banks in India are actively engaged in addressing social dimension of sustainability as almost all banks disclosed information about community development program, financial literacy, and information about financial inclusion. However, the environmental consideration practices were limited to the statement of the policy towards environment protection. Among the PSBs 95.2% of the total PSBs have established environment policy, but when it comes to the disclosure of quantitative data with respect to environmental care practices only 38.1% PSBs disclosed the concerned information. In case of private sector banks 52.4% have disclosed any kind of environment policy and when it comes to disclosure of quantitative data about environmental care practices, only 28.6% private sector banks have disclosed the same. Establishment of an environmental management system in the banks were quite low among both the PSBs and private sector banks. The performance of PSBs was far better than private sector banks in case of disclosure of internal socio-environment conduct indicators. All PSBs have disclosed policies related to human rights, anti-corruption, labour practices and business ethics/values except for one (Indian overseas bank). The policy related to human rights and business ethics/values is disclosed by 52.4% private sector banks, 66.7% private sector banks disclosed the policy related to anti corruption and labour practices. The reason for better performance of PSBs with regards to the disclosure of internal socio-environmental conduct and social development indicator was the higher adoption rate of NVGs by the PSBs as compared to the private sector banks. 2ff7e9595c
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