case study of national bank

Findings from Case Study 3—National Bank (NB)

• First Online: 07 July 2017

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• Hany Elbardan 3 &
• Ahmed Othman Rashwan Kholeif 4  

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These chapters presented the analysis and descriptions of each of the four cases of the empirical fieldwork answering the research questions. Prior to introducing the analysis of each case study, an overview of the organisation, the interviewees’ positions and analysis of documents were discussed. Two cases were conducted in international organisations, where one is a bank and the other is a manufacturing company. The other two cases were conducted in national organisations, where one is a bank and the other is a manufacturing company. The within-case analysis was used to investigate each case study independently to get familiar with each of the studied organisations’ particular experience. The analysis showed that each organisation provided different views of the phenomena under investigation. Each organisation responded differently; while there were some similarities between the international organisations and between the national ones, there were more similarities between organisations from the same sector. The proposed conceptual framework is proven to be valid in interpreting the IAF adaptations. The structure of the data analysis presentation was based on the main constructs of the conceptual research framework. To offer a rigorous examination of the findings, the next chapter offers a cross-case comparison, analysis and discussion to identify similarities and differences on the issues and to extract the most significant patterns, key themes and concepts.

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DiMaggio, P. J. & Powell, W. W. (1991). The iron cage revisited: Institutional isomorphism and collective rationality. In W. W. Powell & P. J. DiMaggio (Eds.), The new institutionalism in organizational analysis , Chicago: University of Chicago Press Originally published (1983), American Sociological Review , (vol. 38, pp. 147–160).

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Meyer, J. W., & Rowan, B. (1977). Institutionalised organisations: Formal structure as myth and ceremony. American Journal of Sociology, 83 (2), 340–363.

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Selznick, P. (1996). Institutionalism “old” and “new”. Administrative Science Quarterly , 41 (2, 40th Anniversary Issue): pp. 270–277.

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College of Business Administration, American University of the Middle East, Egaila, Kuwait

Hany Elbardan

Business School, Edge Hill University, Ormskirk, UK

Ahmed Othman Rashwan Kholeif

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Elbardan, H., Kholeif, A.O. (2017). Findings from Case Study 3—National Bank (NB). In: Enterprise Resource Planning, Corporate Governance and Internal Auditing. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-54990-3_8

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Published : 07 July 2017

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Case Study - First National Bankers Bank

Company profile:.

First National Bankers Bank ( FNBB ), headquartered in Baton Rouge, Louisiana, was chartered in 1984 as the first of its kind in the United States. It is, in essence, a bank set up by, and for the purpose of providing services to, community banks.   FNBB commenced operations with 28 shareholder institutions of its bank-owned cooperative to provide correspondent banking services to its members. This paved the way for the phenomenal growth that FNBB would experience over the next two decades. Today, with assets of approximately $1 billion, FNBB delivers banking services to over 700 community banks throughout the Southeast of the country.

Prior to implementing ReconArt™ the bank used an internally IT-developed program, performing only the transaction matching and account reconciliation of its own account with the central bank (Federal Reserve Bank, or “Fed”). At that time, there were three stand-alone bankers banks under one holding company, FNBB Inc. (Louisiana Bankers Bank, Mississippi Bankers Bank, and Alabama Bankers Bank) each requiring separate Microsoft Access-based databases. All other reconciliation processes were done manually in Excel spreadsheets, with a heavy reliance on IT personnel when a mismatched item occurred.

Once FNBB decided to consolidate the three banks into one growing and merged Bankers Bank, the need for a more automated and scalable solution became apparent. A more sophisticated solution was required which would allow for the straightforward management of increased volumes combined with greatly reduced reliance on IT resources.

Evaluation:

Cognizant of its continuing growth and the knowledge that it was shortly going to consolidate the operations of three separate banks into one, FNBB was looking to implement an automated reconciliation and matching product . Its goals were to find a software solution that:

• Would provide a user-friendly interface that the Bank’s Operations team could manage without IT staff involvement.
• Could be hosted externally in the Cloud and delivered as a Software-as-a-Service.
• Could be implemented rapidly to handle a higher volume of data coming from the merging process.
• Would deliver operational efficiencies and allow more reconciliation activities to become automated without increasing headcount.

The bank conducted a proof-of-concept (POC) demonstration with its own data to validate that ReconArt™ could meet these needs.

With these criteria fully evaluated and met, FNBB selected ReconArt as its partner of choice. The bank opted for the ReconArt.net™ software-as-a-service . The reconciliation software solution was fully live within six weeks of project start. It was very easy for users to adapt to ReconArt™. They quickly discovered a solution that was very easy to operate and user-friendly.

ReconArt™ was deployed initially for the FNBB’s daily Fed reconciliation, a crucial control for all banks. Subsequently, FNBB’s primary correspondent bank account reconciliation has been added. As part of the daily matching of data, ReconArt™ also pulls data from FNBB’s core banking system – Fidelity Information Systems (FIS) Bankway.

FNBB has gained multiple advantages from the deployment of the ReconArt™ solution. The bank only expects these to increase over time as additional activities are brought onto the platform. Furthermore, by leveraging ReconArt™’s powerful analytics, the easy fine-tuning of the match and other rules yields ever better gains. To date, these combined benefits include:

• Automation of key reconciliations in Finance Division, which were previously Excel based.
• Time savings in several different areas – minimized IT support, 75-80% time saved in Fed reconciliations, speed up audit at month and year-end.
• Elimination of manual and semi-manual spreadsheet-based processes.
• Immediate identification of exceptions and their related risk.
• Board reporting of key metrics at month end to maximize efficiency, all achieved now at a press of a button.

Furthermore FNBB today enjoys a platform upon which to bring additional reconciliations rapidly and easily at any time. ReconArt™ allows for immediate access to all reconciliation information including source files, matching data, exception resolution, reconciliation statement production and sign-off, and management reports – all stored in one centralized, online, web-based environment.

After we saw ReconArt’s proof-of-concept demonstration we thought it was a great system; we were impressed with what we saw. We needed to adopt a solution very quickly and we felt like ReconArt’s team was going to be able to implement the product in the short time frame that we were looking at – and they did! We appreciate the fact that ReconArt™ is always kept up to date, and that customer-led enhancements are included in the system regularly. ReconArt™ is processing all transactions that we are performing in a timely fashion – if anything, it is only getting quicker as we continue to grow. Brandy Wheeler, Vice President, Operations Manager, First National Bankers Bank.

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A case study on Punjab national bank scam and its effect in India Economy

Punjab national bank is a nationalized and public sector bank in India. It has coverage all over the world. This was a financial fraud case which is popularly known as the Nirav Modi scam . The fraud relates to the letter of undertaking worth ₹11,000 crores issued by the Punjab National Bank at its Brady House branch in Fort, Mumbai, making Punjab National Bank liable for the amount. The fraud was allegedly organized by Nirav Modi who was a jeweller designer. Nirav his wife Ami Modi, his brother Nehal Modi and his uncle Mehul  Choksi all are partners of Diamonds jewellery.

Along with Punjab national bank officials and employees. Nirav Modi, in order to import diamonds from foreign countries, he approached Punjab national banks for the buyer’s credit. As per the RBI guidelines, the banks should ask for collateral securities. But two employees of PNB manipulated the data and without taking any collateral securities issued which is the Letter of Undertaking issued by the Indian bank which is used by the importer to import goods from the foreign countries by getting a loan from the Indian banks present in the foreign countries. In case if the importer fails to repay the loan amount to the foreign bank, then the Indian bank that has issued the LOU will be held responsible for the payment. The loans 

were taken in 8 different ways during the period of six years starting from the year 2011 to 2017. The foreign banks which were involved are Indian overseas banks such as Allahabad Bank and Axis Bank. The banking system of any transaction with a foreign bank is done through the SWIFT system. 

In this case, SWIFT was not directly linked with the Core banking system. The employees of the PNB took advantage and issued a false LOU copy to the overseas bank. This was evenly going through until January 2018 when the companies of Nirav Modi again approached the PNB for buyer’s credit. The officer in charge asked for collateral security against the buyer’s credit. The company refused to give any collateral security and thus disclosed that they have been taking the credit for the past 6 years without any collateral security Nirav  Modi and his family flee to a foreign country in early 2018 days before the news of the scam broke in light. In March 2019, Nirav was arrested in central  London by the UK authorities. 

The economy in India is suffering losses of more than 11,000 crores due to this financial bank fraud. This fraud has not only adversely affected the bank but also affected the people of the Indian citizen. 

Indian Experience on Punjab National Bank Scam 

PNB India’s second largest public sector bank released a disaster on 14 February 2018 by revealing a scam of Rs.11,000 crore directed by one of the richest diamond businessmen, Nirav Modi. He is 85th on Forbes’s 2017 list of  India’s richest people. Nirav Modi had directed and executed the scam with the support of the Deputy Manager of the PNB Mumbai branch named Gokul Nath Shetty and clerk Manoj Karat. Nirav Modi and his Uncle Mehul Choksi schemed with these two bank employers. They had facilitated the issuance of unauthorized  Letters of Undertaking to Modi and his company without following the procedure. The LOU is an instrument used to meet the short-term credit requirements of a customer of the bank. Under the LOU ban, PNB has not followed the prescribed procedure for the issuance of LOU to its customer. The post-scam has impacted the shares of PNB by evaporating the market capitalization value. PNB Market  Capitalization from April 2016 to April 2019 due to the entire banking sector.  The scam shows the disappointment of PNB and regulatory bodies in strongly managing the risk of such a scam occurring.

How does the offender got caught? 

The two employees of PNB were sending unauthorised letters of undertaking.  This was until one of the employees was retired and a new employee joined in his place. In January when Nirav Modi’s firm asked for a fresh set of guarantees,  the new employee demanded collateral. The representatives from Firestar responded by saying that they had never been asked for a guarantee in the past.  This triggered an investigation which came to the truth of the fraudulent letter of undertaking coming to the light of the investigation.  

Legal angle 

Financial fraud is essentially defined as any dishonest act by which a  certain person gains or the explicit intent to gain an advantage over another person. Fraud is not described or discussed in The Indian Penal Code,  there are certain sections dealing with the constituents of fraud. This includes cheating, concealment, forgery counterfeiting and breach of trust. 

Fugitive Economic Offenders Act, 2018 

This Act was introduced by the parliament on 21st April 2018 with the intention of punishing economic offenders for any offences involving corruption and fraud.  The Act recognises the necessity to serve justice to the economic offenders, who flee the country to evade punishment for their illegal financial activities. The Act was enacted to prevent the economic offenders of the Nirav Modi case from escaping the country. Courts are empowered under this Act to confiscate all assets and properties of the offenders who are charged an amount of Rs.100 or more under which the offender who have committed an offence and those who try to evade the charges by wilfully remaining outside the jurisdiction of the Indian judiciary,  the fugitive economic offender’s property of such person owned and other valuable assets are seized with authority. 

Effect on Indian Economy Due to PNB Scam  

According to the article which had published on 26 February 2018, bank fraud has not only affected the banking sector but also has affected the economic system. 

The following impact of the PNB scam by Nirav Modi on the Indian economy.

• The Jewellery sector and banks sector were under pressure. 
• The probability of shifting the diamond business from India to Belgium and  Israel has increased.
• Decrease the chances of getting loans or credit for businessmen from Indian banks.

The Punjab national bank scam adversely affected on all sector banking industry, its shareholders, employees of PNB citizens with the government of  India, etc. Foreign Institutional investor confidence and trust in the public is finished due to this fraud. The image and values of the Indian public bank sector and diamond business have been denigrated. Global credit rating agencies are reviewing the ratings of Punjab national bank for a possible downgrade in light of the massive fraud in the bank which came to light. These effects are so harmful to the Indian economy. 

The Impact Of GDPR And CCPA On Digital Marketing Strategies

Conclusion 

This Scam was the biggest fraud that impacted the Punjab National Bank and the companies of Nirav Modi but also impacted the entire banking sector of the Indian whole economy. Therefore, to overcome this type of fraudulent behaviour Punjab National Bank has strengthened the practice of underwriting credit. The Indian economy is suffering due to this bank scam because of poor management of the bank. The Government of India should make such policies to over the financial system in India. people are aware now due to such fraud occurs in this case.  

Written By:- By Swastika Debbarma 

LLM Student, School of Law 

Lovely Professional University Punjab  

References   

https://en.m.wikipedia.org/wiki/Punjab_National_Bank_Scam http://asr.academicssocialresearch.co.in/index.php/ASR/article/view  

https://taxguru.in/corporate-law/application-procedure-fugitive-economic offenders-act-2018.html

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National Bank

The objective of the fund is to provide its shareholders with long term growth through investing in portfolio of global real estate securities. The features of the funds are as follows: Well diversified Global Real Estate Securities Monthly liquidity Two different classes of shares All Investments are Shari-compliant Solutions I have chosen to answer question 1 and 2 and the detailed solution are stout below: (1) How N.

B. can raise the funds in a Shari-compliant way.

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In order to obtain financing for the open-ended fund at hand, N.B. may form a Shari-compliant elective investment undertaking (CIA) in the form of Real Estate Investment Trust (REID). REID will enable the fund to actively purchase, develop, sell, rent and manage real estate assets as stipulated by the Central Bank of Bahrain.

(Central Bank of Bahrain) Based on the investment requirements of the funds as stated in N.B. fund website, N.B. can make the fund either “Expert” or “Exempt” given that the minimum investment is $250,000 (above the minimum $100,000 for exempt and well above the $10,000 for expert).

Opting for exempt CIA will reduce the legal requirements to the minimum.

Central Bank of Bahrain) According to the CB, the initial capital required should comprise of: At least two real estate properties constituting 80% of the initial investment At most 20% of the initial Investment should be Invested in development and other actively. Additionally, the CB requires that the amount of equity capital be at least 40% of the total value. All of the legal requirements as stated above require N.B. to provide substantial funding at the onset of the Joint venture.

There are many options available: N.

B. may elect to form a separate SSP to raise levered capital required as equity in he CIA. N.B. May invest in the CIA formation from unrestricted investments.

N.B. Can raise equity of unrestricted investment account holders using Muskrat instruments under the banks name. I opt for the second option, given that the fund type is an open-type fund and N.B.

can subsequently raise capital as needed without limitations as to the number of shares.

Further, in order to comply with Shari, N.B. must ensure that: The fund does not disburse or receive fixed payments based on principal (interest). All payments and receipts should be be either in the form of profit shares – or striations thereof; or fee based flows. Profit sharing ratios and fee structures should be according to contractual agreements made before the formation of the fund to avoid gharry.

The agreement should include no clause limiting the exposure of the bank to losses in contradiction to the stipulations of Shari without adequate Justification (e. . Limiting the exposure to loss for Arab al meal in a Muhammad contract without a valid justification which may be, for instance, gross misconduct by the midrib in breach of the contract resulting in the loss). To sum up, I suggest that N.B. raises funds through equity of unrestricted investment account holders using Muskrat instrument under the name of the Bank to purchase the assets needed to set up a collective investment undertaking according to the stipulations of the CB.

2) How N.B. can raise Shari-compliant funds in excess of initial capital for financing of specific real estate projects. After formation of the fund, N.B.

will have to enter into joint venture agreements with real estate developers. This will require further financing as the portfolio will require investments for developing real estate assets in arioso countries in excess of the initial investment amount. Islamic finance provides many options for raising capital for such purposes, but two option are the most used: Muskrat and Muhammad.

Muskrat, basically, is a partnership where all parties provide finance and share profits according to predetermined arrangements. Management arrangements may differ according to the stipulation of contracts so does the management fees. Muhammad is a special type of partnership that involves a financier (Arab al meal) and an entrepreneur (midrib) whereby the undertaking is financed by the Arab al meal in turn for a profit or loss share and the midrib provides the actual work and technical expertise and receives a share of the profit.

It is worth mentioning that the Midrib does not share losses. The solution to Nab’s case is a two-tier financing agreement. There will be a Muhammad contract with the developer whereby the bank is Arab al meal and the developer is the midrib. There will also be a Muhammad contract between the bank and the bank and investors whereby the bank is the midrib and the investors are ABA al meal. The reason why Muskrat was not used is that, in common with investment funds, the manager does not share losses with investors.

The common practice is to charge fixed management and other fees and charge commission on profits which is compatible with the Islamic instrument of Muhammad. This strategy better matches the inflows and outflows for N.B. as they will only act as intermediaries between investors and developers and will minimize exposure to loss. The income for the fund will be in the form of: Fee income from investors Share of profit from the sale or rent of properties less developers share

This kind of arrangement is common with Islamic banks when finance is not readily available internally Malden) However, the bank can also limit its risk exposure by taking a deposit from the developer in the form of Muskrat contract whereby the bank will be able to share some of the risk with the developers.

This sharing of risk will solve the agency Muskrat partnerships that for their own interest, thus increasing efficiencies in their part of the Job as their net compensation will not contain a fixed minimum but can also extend to loss to a certain extent depending on the amount of the Muskrat contract.

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Case Study: National Bank for Agriculture and Rural Development (NABARD)

This report evaluates National Bank for Agriculture and Rural Development’s (NABARD) social entrepreneurship activities.

The study uses multiple frameworks to assess NABARD, which reveal that it provided 45% of ground level credit in 1992. The paper states that NABARD’s deep relationship with the Indian government is a challenge as it raises issues of vested and often conflicting interest, bureaucracy and less timely decision and actions, NABARD’s vast network creates issues of distance such as promptness, communication and mutual understanding.

NABARD has disbursed funds and provided refinancing to financial institutions and infrastructure projects. It has helped farmers access credit and security through Kisan Credit Cards issued through the rural banking network. It has also aided the formation of farmers' clubs that help farmers get access to credit, technology and extension services. The paper recommends that NABARD scale out, increasing its regional and international alliances. It also recommends that NABARD:

• Increase its depth of outreach;
• Increase transparency in its operations and connections with government;
• Cover its costs and plan better for the future.

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TD courts international students amid Ottawa's cap on study permits

Bank added the most new customers since 2017 last year

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Toronto-Dominion Bank still sees foreign students as an important source of growth even as Prime Minister Justin Trudeau’s government has ushered in new caps on study permits in a bid to ease rental-housing demand.

TD courts international students amid Ottawa's cap on study permits Back to video

Canada’s federal government said in January it will cap the number of international student permits at about 360,000 this year, down 35 per cent from 2023, a limit set to stay in place for two years.

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The change could crimp momentum in personal-banking account growth for Canadian lenders, several of which saw a surge in new customers in fiscal 2023. Toronto-Dominion said in its annual report it added the most new customers since 2017, while rival Canadian Imperial Bank of Commerce said it attracted 650,000 new clients last year, with both banks pointing to immigration as a factor.

“Newcomers to Canada, including international students, are a material and critical segment for all of the banks,” Sona Mehta, executive vice president of Toronto-Dominion’s Canadian personal-banking division, said in an interview. While there will be “ebbs and flows” owing to the government policy, the bank will keep investing to win business in the area, she said.

To that end, it’s still striking partnerships to help woo foreign students, including a referral agreement with India’s HDFC Bank, announced last month. And in a new pact announced Wednesday, Toronto-Dominion will work with online study-abroad platform ApplyBoard to help win potential customers from countries including China, India, Pakistan, Vietnam and the Philippines.

To be approved for a Canadian study permit, international students need to show they have at least $20,635 in a guaranteed investment certificate account — similar to a certificate of deposit in the U.S. — which serves as proof of financial support to maintain travel, living and study expenses. The partnership with ApplyBoard, a startup based in Kitchener, Ont., will use secure technology to help students prove they meet those requirements and help funnel potential clients into Toronto-Dominion accounts before they arrive in Canada.

“We continue to see strong growth for the bank” in the business of serving foreign students, Mehta said.

Toronto-Dominion’s competitors are also targeting the market for newcomers and students, with Royal Bank of Canada striking a cooperation pact with India’s ICICI Bank Ltd. in 2022. And CIBC has deals with the discount program Student Price Card Ltd. and an exclusive banking deal with Toronto’s Pearson International Airport, the country’s biggest international arrivals hub.

“It’s a tremendous growth channel,” Jeff Smith, senior vice president of client segmentation at CIBC, said in an interview last fall. Newcomers and students accounted for more than a third of the bank’s new customers last year, he said, adding that they “represent a real opportunity for us to deliver advice as well as start long-term relationships with new clients that ultimately have a high propensity to turn into affluent clients.”

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Howard levitt: even google, once a leader among the woke, is waking up, why the smart money is buying single-family homes, posthaste: canadian dollar could throw wrench into bank of canada rate cuts, why canadian mortgage rates may be stealthily heading higher.

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