A Study on Asset Liability Management in Yes Bank
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A study on asset liability management in yes bank
Asset & Liability Management is a dynamic process of planning, Organizing &
Controlling of Assets & Liabilities and their volume, mixes, maturities, yields and
costs in order to maintain liquidity and NIINet Interest Income.
ALM is continuously arranging and rearing the assets and liabilities of the bank
without infringing the liquidity and safety of the bank and with the purpose of
maximizing the banks profit. The process of ALM depends upon the availability,
accuracy, adequacy data and understanding the balance sheet.
ALM is a risk management technique which is designed to earn an adequate return
while maintaining a comfortable surplus of assets beyond liabilities. It takes in to
consideration interest rates, earning power and degree of willingness to take on debt.
It is also called Surplus Management.
In today Banking Industry the responsibility of Assets and Liability Management is to
manage the financial risk which arises due to:
Mismatch between Assets and Liabilities
Interest Rate Risk
Liquidity Risk
Forex risk
Asset ManagementBanks follows Asset management tool for proper control over
the composition of banks assets to provide adequate liquidity and earnings and meet
other goals of the bank. It says how liquid are the assets of the Bank.
Liability ManagementBanks follows Liability management tool for proper control
over the composition of bank liabilities to provide adequate liquidity and to meet
other goals. It says how easily can the bank generate loans from market.
The objective of the ALM is to manage:
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Mismatch between Assets & Liabilities -
Asset-Liability mismatches can occur in different areas. A bank could have substantial
short-term liabilities (such as deposits), long-term assets (such as fixed rate
mortgages), these can be measured by the duration gap. This measure sometimes alsocalled a maturity mismatch. A bank could have all of its liabilities as floating interest
rate bonds, but assets as fixed rate instruments.
To measure the direction and extent between AssetLiability by using GAP
Analysis. This GAP Analysis derives the difference between the amounts of RSA
Rate Sensitive Asset and RSLRate Sensitive Liabilities.
Mismatches can be Positive or Negative.
+ve mismatch - excess liquidity can be deployed in money market instruments,
creating new assets & investment swaps etc.
-ve mismatch - it can be finance from market borrowings, Bills rediscounting, Repos
& deployment of foreign currency converted into rupee.
Interest Rate Risk
Banks follow this method to know what is the impact on a banks future earnings andthe market value of its equity due to changes in interest rates by RBI or changes in the
Market interest rates.
Liquidity Risk
Banks follow this method to know whether they are having sufficient assets to meet
the liabilities at a given time.
Forex Risk -
Banks follow this method to know the impact or to know the risk in foreign exchange
assets and liabilities due to changes in exchange rates among Multi-currencies.
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COMPONENTS OF ASSETS & LIABILITIES IN BANKS
BALANCE SHEET & MANAGEMENT:
Bank Liabilities:-
The sources of fund for lending and investments activities constitute liabilities side of
balance sheet.
Capital
Reserves and Surplus
Deposits
Borrowings
Other Liabilities and Provisions
Contingent Liabilities
Banks Assets:-
Funds mobilized by bank through various sources.
Cash and Bank balances with RBI
Balances with other banks
Money at Call & Short notice
Investments
Advances
Fixed Assets
Other AssetsBanking business involves the identifying, measuring, accepting and managing the
risk. One of the most important risk-management functions in banking is Assets
Liability Management.
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7th October 1999, Risk management to manage Interest rate risk, Liquidity risk,
Foreign exchange risk & Operational risk.
December 2000, Capital Adequacy Guidelines to manage credit and market risk.
-ve Gap in bucket rates i.e. 114 days and 1528 days should not exceed 20% of thecash flows.
Initially Gap Analysis to apply in the first stage of implementation & to indicate the
financing gaps.
Disclosure to Balance sheet on maturity pattern on Deposits, Borrowings, Investments
& Advances w.e.f 31.03.01
Purpose of Assets Liability Management in Banks:
An effective Asset Liability Management Technique aims to manage the volume, mix,
maturity, rate sensitivity, quality and liquidity of assets and liabilities as a whole so as
to attain a predetermined acceptable risk/reward ratio.
Review the interest rate structure and compare the same to the interest/product pricing
of both assets and liabilities.
Examine the loan and investment portfolios in the light of the foreign exchange risk
and liquidity risk that might arise.
Examine the credit risk and contingency risk that may originate either due to rate
fluctuations or otherwise and assess the quality of assets.
Review, the actual performance against the projections made and analyse the reasons
for any effect on spreads.
Aim is to stabilize the short-term profits, long-term earnings and Long-term substance
of the bank. The parameters that are selected for the purpose of stabilizing asset
liability management of banks are:
Net Interest Income (NII)
Net Interest Margin (NIM)
Economic Equity Ratio (EER)
Managing the banks response to changing interest rates
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Banks int. revenues Bank int. costs Mkt value of bank assets Mkt value of bank
libilitys
Banks Net Interest Margin Banks Net worth (equity)
Banks investment value, profitability, and riskCOMPANY
PROFILE
INTRODUCTION:
YES BANK is an outcome of the professional entrepreneurship of its Founder, Rana
kapoor and the support of his highly competent top management team. Rana Kapoor
has proven track record as a professional entrepreneur in successfully establishing and
managing Rabo India Finance private Limited, a Joint venture with Rabo Bank,
Netherlands. YES BANK has received the only Greenfield license awarded by the
RBI in the last 14 years.
YES BANK won the prestigious Emerging Markets Sustainable Bank of the Year
Award at the Financial Times /IFC, Washington Sustainable Banking Awards held on
June 3, 2008 in London. YES BANK was the only Indian Bank to have won this
award out of 182 entries from 129 institutions across 54 countries.
YES BANK was awarded the Financial Insights Innovation Award (FIIA) for the
Most Innovative e-Payments solution on February 29, 2008, in Singapore. YES
BANK was the only Indian Bank to receive this accolade from amongst 150
nominations across Asia pacific.
YES BANK has been ranked overall #1 amongst 56 banks on the key parameter of
Credit Quality and overall THIRD among New Private Sectors Banks, in the Financial
ExpressE&Y Survey of Indias Best Banks of 2007, announced on March 31, 2008.The Bank also has been ranked #1 on Growth in its category (overall#1 on Growth).
YES BANK has also been ranked SECOND among Medium Size Banks and the
Fastes Growing Bank in its category, at the Business TodayKPMG Survey of
Indias Best Banks of 2007.
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Earlier, YES BANK was ranked # 2 among NEW Private Sector Banks, at the
Financial Awards for Indias Best Bank for 2006, and ranked # 3 the Business world
survey of Indias Best Listed Public and Private Banks for 2006, while emerging #1
on Growth, Efficiency and Safety. The Bank has also been selected as a FoundingMember of the Community of Global Growth Companies at the World Economic
Forum, Davos. Further, the Bank has been included as Chairmans Circle member of
the US-India Business Council (USIBC). YES BANK us the first and only Indian
signatory to the Carbon Disclosure Project (CDP) to address the highly pertinent issue
of Climate Change.
The Bank completed it maiden IPO of 70 million shares in July 2005 raising INR
3,150 million of capital at a price of INR 45 per share. The additional shares offered
represented 25.93% of the Banks paid-up capital. The paid-up capital of the Bank
currently stands at INR 2,967 million
The total net worth of the Bank as at June 30, 2008 is INR 13,742 million.
Key Highlights & Milestones:
Nov 03 Incorporation of YES BANK Limited.
June 05 Maiden Public offering of equity shares by the Bank.
Nov 05 Rana Kapoor, MD & CEO adjudged Start-up Entrepreneur of the
Year at the E & Y Entrepreneur Award 2005.
Sept 06 Foreign currency loan agreement with Wachovia Bank, N.A.
Dec 05 Ranked No.3 in the Business world survey of Indias Best Listed
Banks, including public and private banks.
Feb 07 Won the RASBIC Award for Innovative recruitment and staffing
Programme and the Global HR Excellence Award for Innovative
HR Practices at the Asia Pacific HRM Congress 2007.
Apr 07 Launch of Demat Account Services.
June07 Launch of Business BankingFinancial Advisory division to
provide complete end-to-end financial advisory services to
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Emerging Corporates and Business Bankingcustomers
Aug 07 Launch of YESInternational Banking.
Sep 07 Received licenses to open 57 new branches nationally and 125
offsite ATMs in Mumbai & NCR Taking the total licensednetwork to 117 branches and 200 offsite ATMs.
Jan 08 60 Operational branches across 52 locations nationally and 75
offsite ATMs in Mumbai and NCR.
Feb 08 YES BANK was ranked as the Top Deal Maker in the Life
Sciences sector by Merger market, a leading global news serice.
YES Bank was also ranked 8th overall by value of deals.
Apr 08 67 Operational branches across 57 locations nationally and 75
offsite ATMs & 2 National Operations Centers in Mumbai &
NCR.
June 08 Awarded the Emerging markets Sustainable Bank of the year
Award at the Financial Times/ IFC, Washington Sustainable Banking Awards.
July 08 101 operational branches across 82 locations nationally, 81 offsite
ATM and 2 National Operations Centres.BUSINESS STRATEGY:
Knowledge Banking & Responsible Banking
Knowledge Banking: One of the strengths and differentiating features of YES BANK
is its Knowledge Banking approach. The Bank has identified certain focus sectors
based on the following parameters:
Potential to add value in providing banking products
Recognition and appreciation fo knowledge as a differentiator
Growth potential of the sector
Opportunities for banking products and competitor activity
Indias competitive position internationally, in the sector.
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The ability of a bank to fulfill its obligations and after doing so having enough cash
left to do its normal daily banking business. Control over a banks liabilities (Usually
through changes in interest rates offered) to provide the bank with adequate liquidity
and meet other goals.Liquidity management helps the bank in case of process of generating funds to meet
contractual or relationship obligations in all times. It demonstrates the whether the
bank is safe or not and whether the bank is capable of repaying its borrowings.
It enables the bank to meet its loan commitments, whether formal or informal.
It enables the bank to avoid the unprofitable sale of assets.
It demonstrates the bank when to lower the size of the default-risk premium the need
to pay for the funds.
The objective of the Liquidity Management in bank is to meet its fund requirements
and to acquire funds and use them profitably, especially to meet loan demand and
focuses on a expansion of banks asset.
Liquidity Management Measures:
Cashflow approach: Compare Cash Inflows and Outflows for a shorter period say
30 to 45 days, which provides cashflow measure of bank liquidity.By observing net cash flows on a day by day basis we can find the liquidity risk.
Largeliability dependence: Need to calculate LLDLarge Liability Dependence.
This ratio demonstrates the extent to which money supports the banks basic earning
assets.
LLD = Large liabilitiesTemporary investments
Earning assetsTemporary investments
Temporary investmentsInterest bearing balances which are due from depository
institutions, Security purchased, etc.
Liquidity risk is financial risk arise due to uncertain liquidity. If credit ratings fall then
a bank might lose its liquidity, liquidity risk take place due to unexpected cash
outflows.
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Liquidity risk refers to the risk that the institution might not be able to generate
sufficient cash flow to meet its financial obligations.
Liquidity management helps the organization to accommodate the decreases in
Liabilities and the increase funds in Assets. It plays a very important role in allorganizations to compensate for expected and unexpected fluctuations in the Balance
Sheet and to provide funds for the growth.
Liquidity of an institution depends on the institutionshort term need for cash, cash
in hand, available lines of credit, the liquidity of the institutions assets, the institutions
reputation in the marketplace, credit rating
Banks need to maintain liquidity to meet its deposit withdrawal and to fund loan
demands.
The difference between loans and deposits determine banks liquidity needs. It
represents the ability to decreases in liability and to fund increases in assets.
It demonstrates the market place that the bank is safe and to know whether they are in
position of repaying its borrowings.
It enables bank to meet its prior loan commitments, whether formal or informal.
It helps to smooth the maturity profile and to avoid bunching of debt services.2005-2006
2006-2007
2007-2008
2008-2009
(Rs. In thousands)
(Rs. In thousands)
(Rs. In thousands)
(Rs. In thousands)
Financing Gap
Loans - Deposits
979,445
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(5,032,852)
(19,306,562)
(38,428,884)
Loans & Advances7,609,790
24,070,924
62,897,348
94,302,704
Deposits
6,630,345
29,103,776
82,203,910
132,731,588
This formula says about the Gap between the Loans and Deposits. By observing the
above calculation we can understand that in the beginning there were less deposits and
more loans and later stages deposits are more than loans and advance. It seems than
bank has more liquidity, bank can use these additional deposits to fund more loans toSMEs and other Big organizations and bank has more liquidity but at the same time
they have more risk.
Financing Requirement
Financing Gap + Liquid Assets
9,616,108
22,744,010
60,287,993
79,445,528
Financing Gap
979,445
(5,032,852)
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(19,306,562)
(38,428,884)
Liquid Assets
8,636,66327,776,862
79,594,555
117,874,412
cash&bal. with RBI
413,366
881,734
3,897,645
9,592,359
Balance with banks, Money at call & Short notice
116,930
1,274,077
9,030,755
6,683,301Advances
7,609,790
24,070,924
62,897,348
94,301,704
other assets
496,577
1,550,127
3,768,807
7,297,048
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2005-2006
2006-2007
2007-2008
2008-2009(Rs. In thousands)
(Rs. In thousands)
(Rs. In thousands)
(Rs. In thousands)
Loans / Deposits
1.14772157
0.8270722
0.765138155
0.710469191
Loans & Advances
7,609,790
24,070,924
62,897,34894,301,704
Deposits
6,630,345
29,103,776
82,203,910
132,731,588
2005-2006
2006-2007
2007-2008
2008-2009
(Rs. In thousands)
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(Rs. In thousands)
(Rs. In thousands)
(Rs. In thousands)
Volatile Liabilities / Tot. Assets0.83022641
0.8624181
0.929116044
0.922336067
Volatile Liabilities
10,611,729
35,898,621
103,163,928
156,634,970
Total Assets
12,781,729
41,625,543
111,034,492169,824,184
volatile liabilities
Deposits
6,630,345
29,103,776
82,203,919
132,731,588
Borrowings
3,697,411
4,647,633
8,673,249
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9,862,091
Other liabilities and provisions
283,973
2,147,21212,286,760
14,041,291
2005-2006
2006-2007
2007-2008
2008-2009
(Rs. In thousands)
(Rs. In thousands)
(Rs. In thousands)
(Rs. In thousands)
Liquid assets / Total Assets
0.67570381
0.66730330.716845311
0.694096737
Liquid assets
8,636,663
27,776,862
79,594,555
117,874,412
Total Assets
12,781,729
41,625,543
111,034,492
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169,824,184
Assets can be sold and payback the debts in case of Liquidity Position. The greater
the liquid assets ratio the less liquidity. The liquidity position of YES Bank is good.
ASSET MANAGEMENT:
Control of the composition of a banks assets to provide adequate liquidity and
earnings and meet other goals.
Many banks tend to have little influence over the size of their total assets. Liquid
assets enable a bank to provide funds to satisfy increased demand for loans. But
banks, which rely solely on asset management, concentrate on adjusting the price and
availability of credit and the level of liquid assets.
Asset Management includes
Treasury bills, Federal agency securities, repurchase agreements, bankers
acceptances, negotiable certificates of deposits and Commercial paper.
Asset management is an attempt to earn the highest possible return on assets while
minimizing the risk. By doing:-
To get borrowers with low default risk, paying high interest rates
Buy securities with high return, low risk.
Diversify
Manage liquidity
Assets Quality
Rs. In Crores
Rs. In Crores
Rs. In Crores
Loans / Total Assets
INR 24,070,924.00
INR 62,879,348.00
INR 94,302,704.00
INR 41,625,543.00
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INR 111,034,492.00
INR 169,824,184.00
Loans / Total Assets
617203.17951612290.974
2418018.051
( Rs. In Thousands)
(Rs. In Thousands)
(Rs. In Thousands)
Non-performing loans / Total Loans
Nil
Nil
INR 126,699.00
Nil
Nil
INR 94,302,704.00
Non-perform loans/Total loans
Nil
Nil
0.001343535
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Reserve for NPL
Nil
NilINR 24,370.00
Non-Performing Loans
Nil
Nil
INR 126,699.00
Reserve for NPL / NPL
Nil
Nil
0.192345638
(Rs. In Thousands)
(Rs. In Thousands)
(Rs. In Thousands)
Interest Earning assets
INR 39,728,622.00
INR 106,556,989.00
INR 161,515,426.00
Total assets
INR 41,625,543.00
INR 111,034,492.00
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INR 169,824,184.00
Int earning assets/Total assets
0.954428919
0.9596746660.951074353
Non-Int Earning AssetsINR 1,896,921.00
INR 4,477,503.00
INR 8,308,758.00
Total Assets
INR 41,625,543.00
INR 111,034,492.00
INR 169,824,184.00
Non-Int.Earg Asts / Total Assets
0.045571081
0.040325334
0.048925647
INTEREST RATE RISK MANAGEMENT:
Interest rate risk is the risk borne by an interest-bearing asset, which takes place due to
changes in the interest rates. In general, as rates rise, the price of fixed rate bond will
fall, and vice versa.
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299,787
1,901,800
5,876,094
13,108,257Intrest Expended
118,489
997,390
9,741,086
4,162,566
Net Interest Income
Interest Earned - Interest Expended
181,298
904,410
(3,864,992)
8,945,691
Interest Earned
Interest/discount on advances/bills231,147
1,361,194
4,226,396
9,303,666
Income on investments
62,430
475,269
1,510,449
3,668,225
Int. on balances with RBI
5,236
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45,213
105,639
105,232
Other974
20,124
33,610
31,134
299,787
1,901,800
5,876,094
13,108,257
Interest Expended
Int. on deposits
88,994
850,838
3,293,037
8,540,083
Int. on RBI borrowings
29,495
188,852
669,435
594,801
Others-
7,462
200,094
606,202
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118,489
1,047,152
4,162,566
9,741,086
Interest rates paid on liabilities is lesser than interest rates earned on assets.
Interest rates on Interest earning assets and bearing liabilities will not move at the
same speed as market interest rates.
The greater the potential earningsthe greater is the amount of risk for bank.
When ever the market interest rise the bank income will decline.
As per ALM technique, NIINet Interest Income of the Bank is the early stages is at
decreasing stage and became negative, but at the end it recovered and becamepositive. The contribution from Interest/discount on advances/bills is more in
converting the Negative NII to Positive NII
Gap Analysis
RSARSL
1,347,606
5,095,036
43,948,283
52,694,030
RSA - Rate sensitive Assets
11,675,362
38,846,445
134,825,451
195,287,709Money at call
116,930
1,274,077
9,030,755
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6,683,301
Advances
7,609,790
24,070,92462,897,348
94,301,704
Investments
3,948,642
13,501,444
62,897,348
94,302,704
RSL - Rate sensitive Liabilities
10,327,756
33,751,409
90,877,168
142,593,679
Deposits6,630,345
29,103,776
82,203,919
132,731,588
Borrowings
3,697,411
4,647,633
8,673,249
9,862,091
Positive Gapwhich indicates a bank has more rate sensitive assets than liabilities,
and increase in rates increases NII.
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Negative Gapwhich indicates a bank has more rate sensitive liabilities than assets,
and increases in rates decreases NII.
The size of the GAP determines the size of change in Interest Rate that would drive
Net worth to zero or vice versa.MANAGEMENT FO EXCHANGE RATE RISK:
Foreign exchange riskRisk arising out of adverse exchange rate movements during
a period in which it has open position in an individual foreign currency.
Transaction exposure:- Change in the foreign exchange rate between the time the
transaction is executed and the time it is settled.
ForwardsAgreement to buy or sell forex for a predetermined amount, at a
predetermined rate on a predetermined date.
Open position: - The extent to which outstanding contracts to purchase a currency
exceed liabilities plus outstanding contracts to sell the currency & vice versa.
Overnight position: - A limit on the maximum open position lift overnight, in all
major currencies.
Daylight position:- A limit on maximum open position in all major currencies at
any point of time during day. Such limits are generally larger than overnight positions.
LIMITATIONS:
I have done project on ALM in YES BANK Ltd. Begumpetthis branch deals with
only Retail Banking & Wealth Management. Only current assets but not all assets of
bank.
I have collected the Information from Bank Annual Reports & Quarterly reports and
some information from the website of Bank.
No information available on the Bank Assets Management & Bank Liability
Management.
I have collected Annual reports only for last five years because it incorporated in the
year 2004.
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I have collected information by discussion with 34 employees of the bank and
known about their experience with the Bank.
Observations:
Not the value of assets might fall or that the value of liabilities might rise. It was thatcapital might be depleted by narrowing of the difference between assets and liabilities.
Percentage changes in assets or liabilities can result into large percentage changes in
capital.
The assets & liabilities change only slightly, but those slight changes dramatically
reduce the companys capital
ALM can manage both risks and increase economic value.
ALM Promotes identification and control of risks
ALM Improves capital and liquidity management
ALM Enhance internal and external communication
SUGGESTIONS:
Bank has to manage its debt in order to raise the required amount or resources subject
to the lowest possible medium / long term cost and consistent with a prudent degree of
risk.
To Increase short term deposit.
To reduce the interest rate on Long term loans
To open new branches
To Go for Advertisements - there are very less advertisements and they are
advertising only in Business News channels, so I suggest them to advertise in the
regional channels as well and to look for IMC tools in case of advertising.
CONCLUSION:
The operating income and cost of sales has been increase by 833.06 crs & 107.82 crs
in the year 2008-2009 due to increase in the interest rate and continuous increase in
the Interest Income from 926.06-2008 to 1,492.14-2009.
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The net income interest has been increased in the year 2008-2009 by Rs.511.18 crs to
Income tax paid by Yes bank and in the year 2008-2009 is Rs. 162.07 crs net surplus
Rs. 243.60 crs has been increased due to decrease in the expenditure Rs. 107.82 crs of
the yes bank.By increasing the reserve size, the opportunity cost will increase and the interest
margin will also increase.
Asset and Liability Management not only debt collection and controlling overdraft.
Managing assets and liabilities means influencing the financial position of the bank. It
improves operations as resources are released from Non-performing assets are not
committed to settled unnecessary liabilities.
Abbreviations:
ALMAssets Liabilities Management
NIINet Interest Income
NIMNet Interest Margin
RSARate Sensitive Assets
RSLRate Sensitive Liabilities
VaRValue at Risk
EEREconomic Equity Ratio
SLPStructural Liquidity Profile
IRSInterest Rate Sensitivity
MAPMaturity and Position
SLRStatutory Liquidity Ratio
IRRInterest Rate Risk
CRRCredit Reserve Ratio
IMC toolsIntegrated Marketing Communication tools