Final OCP Report

1 Comparative Analysis on Retail Credit in Context of Prime Bank Limited

A COMPARATIVE ANALYSIS ON RETAIL CREDIT IN CONTEXT OF PRIME BANK LIMITED, BANGLADESH.

(THIS OCP REPORT IS SUBMITTED FOR THE PARTIAL FULFILMENT OF THE DEGREE OF MASTERS OF BUSINESS

ADMINISTRATION WITH MAJOR IN MARKETING)

Supervised By:

Md Hafij Ullah Assistant Professor

Department of Business Administration

Prepared by:

MD. SAIFUL MOWLA RIZVI BHUIYAN

Metric No#R101133

Program: Masters of Business Administration (MBA)

Major: Marketing

Trimester: Autumn-2010

Submission Date: January 5, 2011

_______________________ Signature of Supervisor

Department of Business Administration

Faculty of Business Studies

INTERNATIONAL ISLAMIC UNIVERSITY CHITTAGONG


1.0: INTRODUCTION

Banking system occupies an important place in a nation’s economy. A banking institution is

indispensable in a modern society. It plays a pivotal role in the economic development of a

country. The banking sector channels resources through deposit mobilization and providing

credit for different business ventures.

At new millennium the definitions of banking has been changed. Now banks are performing

more vital role in the society in than before. Due to globalization and technical innovation

banking business has become very competitive. The share of deposits of nationalized

commercial banks in total deposits which was 89% in 1980 gradually declined over the years

to reach the level of 36% in 2009. Simultaneously, private commercial banks which were

responsible for only 18% of deposits in 1985 this share increased gradually over the years to

constitute about two third of the total deposits.

When I was assigned to prepare an OCP Report on my own interest I have chosen this sector

because of its crucial role in development of our economy. I became more involve through

my OCP on Prime Bank Limited. I have found that although there are many studies involving

individual banking activities there are few study about the comparative study among the

banks. It is now time to start a review among the forth generations banks and their

competitive position. In my report I intend to make a comparative study among the forth

generation banks banking activities.

1.1 Origin of the Report

OCP report is the ending of perfect synchronization among academic and practical practice

throughout the session. This report includes evaluation of the performance of PCB and its

risk management.

Education is not presently restricted to paperback. Learning is the instrument to recognize the

actual globe and certain understanding for the betterment of the world as well as business.

Consequently, an occasion is presented by International Islamic University Chittagong

(IIUC) for its impending business alumnae to get three months realistic understanding and

known as “Internship Program” or “OCP Program”. For the contest of this program, I was

placed in a Bank namely, “Prime Bank Limited (PBL)”.


1.2 Objectives of the Study

The main objective of this study is to explore the Comparative Analysis on retail credit in

context of Prime Bank Limited Bangladesh.

Specific objectives are

To analyze the current retail credit product Portfolio

To analyze the credit assessment, approval and disbursement procedure

To find out the trend of credit disbursement in term of retail credit

To find out the Comparison between PBL’s Retail Credit Disbursement And

Recovery%

To know the current position of PBL in comparison with four other similar second

generation private commercial banks based on retail credit.

1.3 Scope of the Study

The report intends to assess the position of Retail Credit finance and Retail Credit

promotional facilities, its procedure, types, problems etc. This study covers the period since

incorporation of the Bank.

The report is prepared with a view to provide a brief but complete idea about' consumer

Credit Scheme. The readers will also understand the Retail Credit procedures and

performance of Prime Bank Limited. Problems and prospects of Retail Credit have been

identified from the view of the bankers. Some finding and recommendation have been

mentioned in the report.

1.4 Methodology

Basically secondary data was used in the research. Secondary data was collected from annual

report and publication of the prime bank, Statistical book, literatures, books and international

publications and websites. It is a descriptive research and it is also known as desk research.

1.4.1 Research Design

The research design is descriptive research from the view point of function and nature of

data. From the view point of research place, it is a desk as well as a field research and finally

from the viewpoint of objective it is a Basic research.


1.4.2 Data Collection

The financial figures were collected from the Prime Bank Limited Laldighi Branch database

as well as from the periodical financial statements of the Bank. Among secondary data

sources the most remarkable is the annual report of the bank.

1.4.2.1 Primary data

I have collected primary data by interviewing employees of prime Bank Ltd. Primary data

were derived throughout the employees of the organization. Clarifications of issues came

from different concerned officials of prime Bank Ltd. I have collected primary data in the

following way

Face to face dialogue with employees

Informal conference and conversation.

1.4.2.2 Secondary data

I have used diffident types of secondary data in my research. Sources of secondary data are as

follows:

Annual reports

Prospectus

Publications

CIB reports

The Bank's internal records.

1.4.3 Data Analysis

The collected data have then processed analyzed and the findings thereof have laid the basis

of procedure analysis, comparison on the basis of internal and external different criteria.

1.5 Limitations of the Study

I have obtained enthusiastic co-operation of the employees of Prime Bank Limited. Several

limitations have taken in my project. Among them the following worth mentioning:

Time constrains: The time frame for the preparation of the report was not sufficient.

Inexperience: During the OCP session, in many part of my inquiry, my performance

was stuck by some lacking in experience.

Lack of information due to confidential reason: The survey on retail credit was

conducted in commercial banks. But the response was not inspiring, on the pretext of

confidentially. For having inadequate data, extensive statistical analysis e.g.

hypothesis testing, inferences, time series analysis etc. was not possible.


2.1: A BRIEF PROFILE OF PRIME BANK

Prime Bank Limited, a scheduled bank, was incorporated under the Companies Act 1994, and

started its operation on April 17, 1995 with the target of playing the vital role in the socio-

economic development of the country as well as earning profit. It was registered as a banking

company under the Bank Company Act 1991 from the Bangladesh Bank on February 12,

1995. The bank started making profit from the year of its inception. The first Managing

Director, Mr. Lutfar Rahman Sarkar, Ex-Governor, Bangladesh Bank, provided required

leadership for a newly established bank.

Prime Bank Limited is a second - generation private commercial bank has been working for

stimulating trade and commerce, accelerating the pace of industrialization, boosting up

export, creating employment opportunity, alleviating poverty, raising standard of living of the

people etc and thereby contributing to the sustainable development of the country. At present,

the bank has a network of 84 (Eighty Four) branches with around 1500 employees stationed

in both rural and urban areas of the country. Since inception, the Bank has been making

significant profit every year and positioning itself as second highest profit-making bank in the

country for last five consecutive years. This has been possible due to significant growth of the

bank. This has also been possible due to minimize the risks of the bank successfully.

The bank serves its customers with the following motto— ‘A Bank with a difference’.

2.2 Mission of Prime Bank Limited

To build Prime bank limited into an efficient, market driven, customer focused

institution with good corporate governance structure.

Continuous improvement in our business policies, procedure and efficiency through

integration of technology at all levels.

2.3 Vision of Prime Bank Limited

To be the best Private Commercial Bank in Bangladesh in terms of efficiency, Capital

adequacy, asset quality, sound management, customer service, profitability, technology

application and having strong Liquidity.

2.4 Awards & Achievement of PBL

In last 15 years, PBL has become as a top tier bank of Bangladesh by providing

superior service quality, portraying powerful brand image, building strong corporate

governance and a culture committed to excellence. In recognition of PBL’s

performance, accountability, transparency and good governance, the bank was

awarded four times in a row as best bank in Bangladesh for its published accounts and

reports by ICAB (Institute of Chartered Accountants of Bangladesh).


PBL also honored by SAFA (South Asian Federation of Accountants) Bronze award

in region for its published accounts in 2007. For the first time any Bangladeshi bank

has achieved this feat.

2.5 Long term & Short term Rating of PBL

Credit Rating of Prime Bank Limited by CRISL:

Table 2.1: Credit Rating

Long Term Short Term

Surveillance Rating 2008 AA ST-1

Surveillance Rating 2008 AA ST-1

Out Look Stable

Date of Declaration June 16, 2009

2.6 Strategic Priority

To have sustained growth, broaden and improved range of products and services in all areas of

banking activities with the aim to add increased value to shareholders investment and offer

highest possible benefits to the customers.

2.7 Products and Services

The bank serves its huge clientele with a variety of services apart from the traditional ones.

Its continual improvement and introduction of new products and services has given it an edge

over the competitors.

2.7.1 Depository Services

The bank provides the following depository services and collects a huge amount of its

deposits. The services are:-

1. Contributory Savings Scheme

2. Monthly Benefit Deposit Scheme

3. Special Deposit Scheme

4. Education Saving Scheme

5. Fixed Deposit Receipt

6. Savings Deposit Account

7. Short Term Deposit Account

8. PBL- Insured Fixed Deposit

Scheme

9. Prime Bank Money Scheme

10. Multi currency Account

11. Foreign Currency Deposit Account

12. Non Resident Taka amount

13. NFCD ( Non Resident Foreign

Currency) Account

14. Non resident Investors Account


2.7.2 Loan Services Loans and advances have primarily been divided into two major groups:

Fixed term loan

These are the loans made by the Bank with fixed repayment schedules. Fixed term

loans are categorized into three based upon its tenure which is defined as follows:

Short term : up to 12 months

Medium term : More than 12 and up to 36 months

Long term : More than 36 months

Continuing Loans

These are the loans having no fixed repayment schedule but have an expiry date at

which it is renewable on satisfactory performance of the customer.

Furthermore all categories of loans are accommodated under the 7 prime sectors

which are as under:

a. Agriculture

b. Term Loan to Large & Medium Scale Industry

c. Term Loans to Small and Medium Enterprise(SME)

d. Working Capital

e. Export Credit

f. Commercial Lending

g. Others

2.7.3 Other Services

The bank firmly believes that technology based product and services will play significant role

in the performance of the bank as people are getting more conscious about their service they

receive from a bank. For delivering faster service the bank has introduced online banking

service. The bank has introduced other products and services to serve the ever-changing

market. These are:

SWIFT services

L/C Delivery Services

Locker Services

Merchant Banking Services

ATM services


3.0 Review of the Literature on Retail Credit

Today’s banking industry is experiencing renewed interest in retail credit as one of the

strategic key tools of risk diversification. Retail credit lending is one kind of services that

banks provide to individuals with a cluster of products through branches, internet and other

channels (Clark et al., 2007).

According to Gopinath (2005), retail credit is, however, quite broad in nature - it refers to the

different retail credit products that commercial banks provide to individual customers. Retail

credit is becoming an increasingly complex concept to define. The operation of providing

retail credit is called retail lending or retail credit financing. While” pure” retail credit is

generally conceived to be the provision of mass market lending services to private

individuals, it has been expanded over the years to include in many cases services provided to

small- and medium sized business people. Again, retail or consumer credit refers to the debts

(credits) of consumers involved in procuring consumer goods for the consumption of

themselves and their families (Westerfield, 1998).Stiroh (2004) has described retail lending

as “hotter than Vindaloo”, considering the fact that, “Vindaloo” the Indian-English

innovative curry available in the restaurants of London is very hot and spicy. It seems that,

retail lending is perceived to be the in-thing in today’s world of banking. He has also

mentioned that today's retail lending sector is characterized by three basic characteristics:

multiple products (home loan, car loan, vacation loan, travel loan etc), multiple channels of

distribution (call centre, branch, internet and multiple customer groups (consumer, small and

corporate business people for daily needs).

3.1 Market for Retail Lending

According to the statistics and market research papers available, the retail lending market in

Bangladesh has a size of BDT 160 billion whereas loan outstanding as of September 30, 2009

as per Scheduled Bank Statistics of Bangladesh Bank is around BDT 48 billion (Categorized

under: Advances for professional services, Flat purchase, Consumer Goods, purchase through

credit cards, educational expenses etc). This indicates that only 30% of the market has been

realized by the financial institutions. So the remaining 70% of the market holds true potential

for the loan giving institutions.


4.0 RETAIL CREDIT PRACTICE IN PRIME BANK LTD

The Prime Bank Limited started to provide retail credit informally from the year 1999 as a part of

its core business. It was then one of the negligible parts of total credit and advance and was

provided to few number of individuals under the name of “Others” sector. From 2005, PBL

started to expand its retail credit activities far more than the previous years as a part of risk

diversification strategy. Since then, retail credit has been targeted for significant further growth.

The Loans and Advances cover following core areas: Corporate Loan, House Loan, SME,

Retail Credit and Credit Card.

4.1 Background of Retail Credit

Retail Banking is a fast moving sector by virtue of product and service differentiation,

customer acquisition and retention, and the integration of wealth management and aggressive

sales proposition. Today, banks make much of their profits from retail banking. Growth in

profit from retail lending is much higher than those from the more volatile business of

corporate and wholesale banking. Recently in Bangladesh, some private and foreign

commercial banks are aggressively moving ahead into retail banking products and services.

Success and growth of Retail banking depends on some pillars. Direct sales team is one of

most inevitable pillars for the success of retail banking which ensures management of retail

bank business more structured way. The direct sale team plays a major role in business

growth of bank by generating sales lead and making countless relationship contact with the

customers.

4.2 Market Share of Retail Loan / Retail Credit

Retail Loan as a percentage of overall loan shows an upward trend from year 2005

and it continues till date.

FCBs were the pioneer in Retail Lending, PCBs are becoming aggressive and we see

gradual increase of market share of PCBs in RL market

Prime Bank is also gradually having a bigger bite in the RL market along with other

PCBs

4.3 Retail Credit Scheme

Retail Credit Scheme is generally known as Consumer Credit Scheme (CCS). Consumer

Credit is the combination of two words- Consumer and Credit. Consumer means one who


consumes or it also means one who uses article produced. Credit comes from the Latin word

Credo meaning I believe. When one borrows money, the loan is based upon confidence in the

future solvency of the person and in his repaying the loan as per agreement. Consumer Credit

Scheme is a new concept in Bangladesh and it proves the consumers equity participation.

First, Islami Bank Bangladesh Ltd. and then Prime Bank Ltd. introduced this scheme for

developing the standard of living of fixed income group and middle class people. Under

consumer Credit Scheme the credit is provided for household durables and utility products

goods like Car, Pick-up, Motor Cycle, Personal Computer, Televisions, and Refrigerator

water Cooler, Furniture and Fixture, Crockery and Cutlery, Sewing Machine, Air Conditioner

etc.

4.3.1 Objectives of Consumer Credit Scheme

Every scheme is covered through some objectives, which is prepared in line with the

corporate goal, mission and vision. The objectives of introducing consumer credit scheme by

banks are considered to be as follows-

To bring our credit services to a wide range of customers.

To provide financial assistance to the limited income group towards buying utility

products.

To help the professionals in raising their standard of living. To participate in the

socioeconomic development of the country. To fulfill the dream whatever they want

to buy, can afford.

To sell our services to a wide range of customers and increase our Consumer Credit

Scheme portfolio.

To provide financial assistance to the limited income group for buying household

durables and utility products.

To provide investment facility to the depositors of the bank. To develop small

capitalist or industrialist.

To build up strong communication to a wider range of customer through provide loan.

To enhance job opportunities through credit facilities.

4.4 Promotional Activities

For promotional activities, PBL has recruited

Around eighty number of Direct Sales Agents (DST) who reaches from door to door

to aware people about PBL retail credit.

Paper advertisement and TV advertisement is regularly published.

PBL sometimes arranges retail loan fair.


5.0 THE CONSUMER LOAN PRODUCT PORTFOLIO OF PRIME BANK LIMITED

The Consumer Loan Products are as follows:

1. Personal Loan (Secured)

2. Personal Loan (Unsecured)

5.1. Personal Loan (Secured)

Eligible: Any person having a CD/SB/STD Account.

Margin: Best effort basis. Accrued interest to be serviced quarterly.

Limit: As per delegation of power circulated from time to time.

Security: Lien on FDR and any other savings instruments duly discharged with letter

of authority to Ancash in case of default.

Rate of Interest: In case of FDR: 2-3% above FDR interest rate. In case of other

deposit- 14% p.a with quarterly interest.

Period: Maximum 12(twelve) months (renewable as applicable)

5.2. Personal Loan (Unsecured)

Household Durable Loan

Car Loan

Doctors Loan

Advance Against Salary

Any Purpose Loan

Education Loan

Travel Loan

Marriage Loan

CNG Conversion Loan

Hospitalization Loan


5.2.1 Household Durable Loan

Under This head, Loans will be sanctioned against guarantee of third parties acceptable to the

bank or pledge of FDR. Saving instrument of Banks and assignment of salary where

applicable.

The loan limit, down payment, risk fund, service charge and period of loans are given

below:

Table 5.1: Features of Household Durable Loan

Sanctioning Authority

Name of the Item Loan

Limit

Down

Payment

Risk

Fund

Service

Charge

Period

of Loan

Retail

Banking

HO/Branch

Head

Office

Credit

Motor Cycle Tk. 1 Lac

10% 1% 1% 2 years Full Limit

PC/ Laptop Tk. 1

Lac


Photocopier/Fax Tk. 1 Lac


Other Item/

Furniture

Tk. 5

Lac

10% 1% 1% 3-4

years

3 Lac Full

Limit

Interest Rate: 17%

Repayment method: Monthly equal installment

Disbursement mode: Pay order directly issued in the name of respective company of

purchase.

Other Charges: 1% on the loan amount or Tk. 1000 whichever is

higher+15%VAT

Penalty Charge: 2% of the installment overdue

Stamp Charge: Tk. 475

Early Settlement: At any time with no penalty charge

Criteria for application: Any Bangladeshi citizen of 25-60 years at the time of maturity

of loan.

Monthly Income: Tk. 15,000 for salaried individuals

Tk. 20,000 for businessman

Security:

Two Personal gaurantee

Undated cheques


5.2.2 Car Loan

For purchasing of non-commercial, new and reconditioned vehicles, this loan is given for

personal use of the individual. Instead of down payment, the Customer shall have option to

avail loan against their FDR or any other savings instruments up to 90% of the loan amount.


below:

Table 5.2: Features of Car Loan


Name of the Item Loan

Limit

Down

Payment

Risk

Fund

Service

Charge

Ternor Retail

Banking

HO/Branch

Head

Office

Credit

New Vehicle Tk 20

Lac

10% Nil 1% 5 Years Tk. 10 Lac Tk 20 Lac

Recondition

Vehicle

Tk 20

Lac

10% Nil 1% 5 Years Tk. 10 Lac Tk 20 Lac

Bus/Truck for

Corporate bodies

for own use only

Tk 20

Lac

10% Nil 1% 5 Years Any Limits would be

approved by EC/ Board

Interest Rate: 15%


Disbursement mode: Pay order directly issued in the name of respective car

company.


higher+15%VAT





of loan.


Tk. 40,000 for businessman Security:

Two Personal guarantee

Undated cheques

Registration of the Vehicle in the name of the bank.


5.2.3 Doctors Loan

Any Bangladeshi citizen who is a graduate in Medical science/ Dentist/ Eye/ Allopathic/

General Practitioners desiring to setup chamber, medical store with necessary medical

equipments and to become self- employed have the opportunity to take this loan.


below:

Table5.3: Features of Doctors Loan


Loan

Limit

Down

Payment

Risk

Fund

Service

Charge

Period

of Loan

Retail

Banking

HO/Branch

Head

Office

Credit

General

Practitioner

MBBS/BDS

Tk. 5

Lac

10% Nil 1% 4 Years Tk. 3 Lac Full Limit

Specialized

Doctor

Tk. 10

Lac

10% Nil 1% 5 Years Tk. 5 Lac Full Limit

Interest Rate: 17%


Disbursement mode: Clients’ savings account or sometimes cash disbursement.


higher+15%VAT

Penalty Charge : 2% of the installment overdue

Stamp Charge : Tk. 470

Early Settlement : At any time with no penalty charge


of loan.

Income Tk. 15,000 for salaried individuals

Income Tk. 25,000 for businessman

Security:


Undated cheques

The ownership of Medical equipments to be purchased must be hypothecated to the

bank under hire purchase mood.


5.2.4 Advance against Salary

To meet the financial needs for any acceptable purpose, this loan can be given.


below:

Table 5.4: Features of Advance against Salary


Load

Limit

Down

Payment

Risk

Fund

Service

Charge

Period

of Loan

Retail

Banking

HO/Branch

Head

Office

Credit

Salaried Person Tk. 3

Lac

Nil 0 1% 2 Years Tk. 1.50

Lac

Full Limit

Note: Risk Fund is nil who has salary account with us.

Interest Rate: 17%




higher+15%VAT





of loan.

5.2.5 Any purpose Loan


below:

Table 5.5: Any Purpose Loan


Load

Limit

Down

Payment

Risk

Fund

Service

Charge

Period of

Loan

Retail Banking

HO/Branch

Head Office

Credit

Tk. 3 Lac Nil 1% 1% 3 Years Full Limit


Interest Rate: 17%





higher+15%VAT





of loan.



Security:


Undated cheques

Lien on Service benefit of the concerned employee from the employer

5.2.6 Education Loan

For educational purposes like study in abroad or within the country, this loan is given.

Table 5.6: Features Education Loan


Name of the Item Load

Limit

Down

Payment

Risk

Fund

Service

Charge

Period

of Loan

Retail

Banking

HO/Branch

Head

Office

Credit

Salaried Person/

Businessman

Tk. 3

Lac

10% 1% 1% 2 Years Tk. 1.50

Lac

Full Limit


Interest Rate: 17%




higher+15%VAT





of loan.



Security:


Undated cheques


5.2.7 Travel Loan

To meet the financial needs for travel purpose, this loan can be given. Features of this loan are

following:

Table 5.7: Features of Travel Loan



Limit

Down

Payment

Risk

Fund

Service

Charge

Period

of Loan

Retail

Banking

HO/Branch

Head

Office

Credit

Salaried Person/

Businessman

Tk. 2

Lac

10% 1% 1% 3 Years Tk. 1.50

Lac

Full Limit

Interest Rate: 17%




higher+15%VAT





of loan.

Monthly Income: Tk. 12,000 for salaried individuals and Tk. 25,000 for

businessmen(For rented people)

Tk. 10,000 for salaried individuals and Tk. 15,000 for

businessmen( for those who are residing in his/her own or family

residence)

Tk. 10,000 for Govt., Semi-Govt and autonomous bodies

employees.

Security:


Undated cheques


5.2.8 Marriage Loan The loan limit, down payment, risk fund, service charge and period of loans are given

below:

Table 5.8: Features of Marriage Loan



Limit

Down

Payment

Risk

Fund

Service

Charge

Period

of Loan

Retail

Banking

HO/Branch

Head

Office

Credit

Salaried Person/

Businessman

Tk. 3

Lac

10% 1% 1% 3 Years Tk. 1.50

Lac

Full Limit

Interest Rate: 17%


Disbursement mode: Clients’ savings account or sometimes cash disbursement


higher+15%VAT





of loan.



Security:


Undated cheques


5.2.9 CNG Conversion Loan

The loan limit, down payment, risk fund (nil), service charge and period of loans are given

below:

Table 5.9: CNG Conversion Loan


Name of the

Item

Load

Limit

Down

Payment

Risk

Fund

Service

Charge

Period

of

Loan

Retail

Banking

HO/Branch

Head

Office

Credit

Owner/ Valid

user of the

vehicles

Tk. 60

Thousand

10% 5% loan

amount

Tk.

1000 or

1%

1.5

years

Full Limit

Corporate

Bodies

Tk. 1 Lac 10% 5% Loan

Amount

Tk.

1000 or

1%

1.5

years

Full Limit

Interest Rate: 17%


Disbursement mode: In the form of pay-order





of loan.



Security:

One or Two Personal gaurantee

Undated cheques


5.2.10 Hospitalization Loan

Table 5.10: Hospitalization Loan

Name of the Loan Loan Limit Branch Head Office

Hospitalization Loan Tk. 5 Lac Tk. 3 Lac Full Limit

Interest Rate: 15%


Disbursement mode: Clients’ savings account .In case of salaried individuals,

sometimes cash disbursement may happen.





of loan.



Security:

Personal guarantee from an individual having means, standing and social status

acceptable to the bank and another from his/her family

24 (twenty four) post dated cheques

Letter of Assurance from the Employer / Authority.

For any retail loan application, Tk. 50 is taken as a fee.

5.3 Documents Required

To apply for any of the above retail loan of PBL, a client needs his/her photographs, copy of

passport/ID card, last one year’s bank statement, copy of TIN, trade license(for businessmen),

personal net worth statement etc.

One of the special criteria of retail credit or consumer credit is that, it is an unsecured loan as

there is no requirement for collateral except letter of guarantee.

Besides these, following legal documents are needed to get any retail credit from PBL.

Duly filled in loan application form with terms and condition signed

Demand Promissory Note

Letter of Set-Off

Irrevocable Letter of Authority to repossess the vehicle(for car loan)

Ownership transfer form signed by customer(for car loan)

Letter of Introduction(for salaried person) and

Letter of offer with full terms and conditions stated therein and duly accepted.


6.0 CREDIT ASSESSMENT, APPROVAL AND DISBURSEMENT PROCEDURE

6.1 Credit Assessment

The prior condition for any credit disbursement is to critically assess and approve the credit

proposal that is the client selection and assessment. In case of retail credit it should be done

more crucially as retail lending is one of the types of unsecured individual lending without

collateral. The primary factor determining the quality of the Bank’s credit portfolio is the

ability of each borrower to honor, on timely basis, all credit commitments made to the Bank

that is, repayment of loan installment on time.

In PBL, more emphasis is given on repayment potential of loans out of funds generated from

borrower’s business (cash flow) instead of realization potential of underlying securities while

assessing a retail credit proposal. Following are the steps that are maintained in PBL for

assessing any retail credit proposal.

6.1.1 Application

The first stage of retail credit assessment and approval process is a client application that

contains the following information:

Telephone and address / contact details

Employment/business details

Income Details

Income and Expenditure Statement

Personal Net worth Statement

Residence details

Credit references and guarantors details

Basically, branches receive the client application with other required papers necessary for

different retail loans.

6.1.2 Contact Point Verification (CPV)

Verification is a key part of application process. Contact point verification is done for all

applicants except for the High Net Worth individuals or the clients having good account


relationship with Bank. The objective of this process is to check the declared/undeclared

information of the applicants. CPV includes:

Applicant’s Residence, business/office address, phone, status varification

Guarantors Information Verification

Bank statement and other income documents verification.

In most of the times, CPV is done by branch managers. CPV is done by third party agency

also to enable the client selection of better accounts for accelerated processing and quick

rejection of those having negative/inadequate information. Retail credit officers then verify

data collected by third part.

6.1.3 Guarantee

One of the fundamental perquisites for securing retail credit is to obtain guarantee acceptable

to the bank by way of social status and perceived creditworthiness. Retail credit officers at

branch level check the guarantors’ information very carefully. In case of guarantors,

following are the rules that are maintained:

Existing guarantor of any other loan of the bank will not be accepted as other

guarantor for other loans.

Any existing borrowers will not be taken into account as a guarantor for any other

loan.

Guarantee from the Chairman, Managing Director and Directors of Corporate facility

clients and obtaining will be allowed after the prior approval of Head Office.

All guarantors will be verified whether they have any relationship with banks earlier

with either positive or negative status.

6.1.4 Checking against Bank’s Database

All approved applicants are checked against Bank’s database to identify whether the

applicant is enjoying any other loan in other accounts part from the declared loans. Whether

the client has any other loan with any other bank is also important to know for client

selection. In this case, CIB (Credit Information Bureau) are sent in a specific form to

Bangladesh Bank.


Within the time of the CIB returned back to the branch, the retail credit officers of the branch

make a credit proposal for further assessment and approval. CIB reports are requested for any

amount equivalent to Tk. 50,000 and above that. After returning the CIB information, the

credit proposal along with documents is sent to Retail Credit Head Office (RHO).Up to this

point at branch level, almost seven to ten days are required for processing.

6.1.5 Assessment Method

Assessment of credit proposal and credit approval are done in Head office of retail

The assessment method can be divided in two steps.

The first step is known as “Credit Scoring” which is done to predict the creditworthiness of

applications. A prior designed excel sheet is there to score in point values of some important

aspects of clients such as occupation, residence status, income details etc. The total of these

point values in 100 points represents the repayment probability of that particular client. The

higher the value, the probability of getting approval for credit is higher.

The second step is known as “Judgmental Decision”. Application meeting the minimum cut-

off score and meeting other criteria is further reviewed for judgmental decision. After credit-

scoring method is completed, all the credit proposals are presented in the board meeting for

approval. The judgmental approval involves the assessment of an applicant’s character,

capacity and collateral.

6.2 Credit Approval Process

There is a credit approval authority to finally decide whether the retail loan should be

sanctioned or not. The authority includes

The Board of Directors

The Executive Committee of the Board

The Managing Director

The Deputy Managing Director

Retail Credit Committee

After presenting the credit proposals, the authority critically analyze the aspects and after

that, the authority finally decides about the retail credit sanction. The members of the

authority have some individual delegation power of retail credit, which is limited by Tk.

amount. Up to this point, three to four days are required for processing.


The Success of any credit largely depends on its efficient administration. A bank has to

undertake different policy prescription to manage the credit in line of the set objectives.

Banks always monitor the performance of the loan so that the rate of default is less. This

chapter concentrates on the various aspects of consumer credit provided by Bank. Consumer

credit scheme is small and medium term loan. This credit is sanctioned for one to five year’s

period.

For the small size and three years period of loan, every branch of the Bank has the authority

to sanction the loan. But the branches have some loan limit to provide the scheme in different

goods. The Bank maintains some policies and guidelines to sanction the credit.

Every branch of the Bank has a credit committee in order to facilitate quick sanction of loan

under the scheme. The credit committee is constituted of in each of the designated branches

with the following Executive/Officer:

At first, the sanctioning of loan, the customer will approach to Consumer Credit In-Charge

for getting the loan Under Consumer Credit Scheme. If the Consumer Credit Scheme in-

charge thinks that he or she is eligible for the credit then they get the opportunity for

application of loan.

After that, the Consumer Credit Scheme in-charge presents the application to Credit

Committee of the respective branch. If the committee approves that the customer is eligible

for the loan then the customer will submit the necessary documents to that Committee. After

submission of the documents the credit committee will examine the documents and consumer

credit scheme in change will go for physical inspection, as to whether the information is

wrong or right that he or she is written on the application form. If all the information is

correct then the credit committee sanctions the loan under this scheme. But if the loan amount

exceeds the loan then the credit committee sends the necessary documents and information to

Credit Committee Branch Manager 2nd

Officer

Credit In Charge

CCS In Charge


the Consumer Credit Division, at the Head Office of the bank. Then the credit division

decides that the will be sanctioned or not.

The sanctioning mechanism is shown in the following diagram:

Customer → CCS in-charge→ Credit Committee→ Head Office (if branch credit limit

exceeds)

6.3 Credit Disbursement

After the credit proposal has been approved, the credit officers of Retail Head Office check

whether all the security components are collected properly. If all requirements are there,

documentation and arrangements are prepared for credit sanction. A sanction advice for every

particular retail credit is sent to the branches for final disbursement. This branch level

disbursement is called “Decentralized Disbursement System”

Branches, after getting the sanction advice, make a signing event with agreed terms and

conditions between bank and individual client. After that, credit is disbursed to the client’s

savings account. The total process requires fifteen, in special cases, twenty days from

receiving client’s application up to disbursement.

Without completion of any of these steps including credit assessment, approval and proper

documentation, no retail credit will be disbursed .The total process started from application

received at branch level up to credit disbursement can be shown in a diagram which is common

for all Private Commercial Banks who offer retail credit. This diagram along with the whole

process is approved by Bangladesh Bank in a guideline named” Prudential Regulations for

Consumer Financing, 2004”.


Chart 6.1 Process Flow Chart of Retail Loan Processing of Prime Bank Limited


6.4 Follow Up, Monitoring and Supervision

The credit under the scheme is fully supervised and the success of the scheme will depend on

the porter and persistent supervision, follow up persuasion and monitoring of the credits by

the branches. CCS unit shall monitor and supervise the CCS loan portfolio of all the

branches.

Branches shall maintain proper records of the applicants received, loans sanctioned,

disbursed and recovery made thereon. Branches shall send the statements of CCS loan and

the overdue list to the CCS Unit within the first week of every month. The CCS unit shall

properly utilize the MIS (Management Information System) available in the existing

computer program for consumer Credit Scheme of the bank to closely monitor and supervise

the scheme.

6.5 Steps Taken In Case Of Default Installment

Before disbursement of loan, the customer will deposit crossed cheque covering the total

number of monthly installments in favor of the bank which will have to be presented for

collection of the due dates. Installments will be paid then within 7th day of each month. If

one installment is not paid then it has become overdue. Actions are taken on the basis of

default installment.

Steps taken are described below:

If one month installment is due then concerned officer will call a phone to the

client.

In case of installment due for two months letter is given to the client and phone is

also called;

In case of three months phone and letter to client as well as visit is done;

If installment is not given within four months then letter is given to the guarantor;

If installment is not given within five months then legal notice is send to the

client;

In spite of all these steps if installment is not given then case is sued against the

client.

In case of installment due for six months the loan is treated as classified loan.


7.0 PORTFOLIO OF RETAIL CREDIT DISBURSED

7.1 Retail Credit Portfolio

Table 7.1: Contribution to Total Credit of PBL

(Taka in Crore)

PARTICULARS 2009 2008 2007

Total Credit 8866 7057 5381

Total Retail Credit 662 451 274

Contribution to Total Credit 7.46% 6.39% 5.09%

Chart 7.1: Retail Credit Disbursement of PBL

Findings

From the annual reports of PBL, some facts and figures are found regarding retail

credit. According to these annual reports, in 2007, the total amount of credit disbursed

was Tk. 5381 Cr. in which consumer credit counted with a 5.09% of that amount.

In 2008, the credit portfolio was maintained by PBL of Tk 7057 Cr. in which,

consumer credit scheme (CCS) accounted for only 6.39% of total credit disbursed in

different sectors.

5381

7057

8866

274 451 662

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

10000

2007 2008 2009

Taka

in C

rore

Total Credit Total Retail Credit


In 2009, though 7.4% of total credit was invested in terms of retail credit, PBL

continued its spotlight on retail credit. In view of the growth potentials, separate

division was created at the beginning of the year 2009 for managing the retail

business following credit portfolio was standing with PBL with different lending

sectors.

7.2 Growth Rate

Table 7.2: Growth Rate of PBL in last 3 years

(Taka in Crore)

Particulars 2009 2008 2007 2006

Total Retail Credit 662 451 274 200

Growth Rate 46.78% 64.59% 37%

Chart 7.2: Growth Rate of Retail Credit of PBL in last 3 years

Findings

In 2007 total disbursement was 274 crore which increased from 200crore, the growth

rate was 37%.

In 2008 total disbursement was 451 crore which increased from 274crore, the growth

rate was 64.59%. In this year, a number of products were developed and existing

products were re-launched with better pricing structure and repayment period. And

the made their sales team very effective and provide huge investment on

advertisement.

In 2009 total disbursement was 662 crore which increased from 451 crore, the growth

rate was 46.78%.

37%

64.59%

46.78%

0%

20%

40%

60%

80%

2007 2008 2009

Growth Rate


7.3 Income Generation by Retail Credit

Table 7.3: Total Credit Disbursement of PBL in term of interest income

(Taka in Crore)

Particulars 2009 2008 2007

Interest Income from Total Credit 1085 909 717

Interest Income from Retail Credit 83 52 25

Contribution in Retail Credit 7.65% 5.57% 3.48%

Chart 7.3: Credit Disbursement of PBL in last 3 years

Findings:

As per the above percentages of retail credit or Consumer Credit Scheme (CCS) in

total credit portfolio, the main income that this sector generates it the interest income.

In 2007, the total interest revenue generated by different credit sectors was Tk 717 Cr.

in which, CCS alone was responsible for income of Tk. 25 Cr. 3.84% income is

generated in 2007

Again, in 2008, the total interest revenue from different sector was Tk. 909 Cr.

wherein, Tk. 52 Cr. was gained by CCS. 5.57% income is generated in 2008 though in

2008 disbursement growth was highest.

In the year 2009, total interest revenue earned was Tk.1085 Cr. and Tk. 83 Cr. was

from CCS. 7.65% income is generated in 2009. Growth rate was not more than

previous year in 2009 but income generation rate was highest.

717909

1085

25

52

83

0

200

400

600

800

1000

1200

1400

2007 2008 2009

Taka

in C

rore

Interest Income from Total Credit Interest Income from Retail Credit


8.0 COMPARISON BETWEEN PBL’S CCS DISBURSEMENT AND RECOVERY%

8.1 Year Wise Disbursement Amount and Recovery Percentage of

CCS Loans of Prime Bank Limited: (Last 5 years)

Table 8.1: Retail Credit Disbursement of PBL

(Taka in Crore)

Year Total Disbursement Amount Recovery %

2005 182 93.02%

2006 219 95.75%

2007 274 96.55%

2008 451 95.80%

2009 662 97.30%

Chart 8.1: Retail Credit Disbursement of PBL in last Five years

Findings:

From the graph above we can see that the trend of the disbursement amount of CCS

Loan is increasing year to year. This indicates the healthier position of the Bank in the

commercial market.

In 2008, the disbursement is increased much more than the previous year at a highest

rate (64.59%) in last five years, because of the very effective sales team and huge

advertisement campaign.

And in 2009 the disbursement amount was increased in a highest amount.

182219

274

451

662

0

100

200

300

400

500

600

700

2005 2006 2007 2008 2009

Taka

in C

rore

Disbursment Amount


Chart 8.2: Retail Credit Recovery of PBL in last 5 years

Findings:

From the above graph we can see that the trend of the recovery% of CCS Loan is

increasing in 2005-2007. This at a first glance indicates the good position of the Bank

in the commercial market.

But in 2008 recovery% was fall. It is because in 2008, PBL changed their retail credit

policy which attracts more customers. So in 2008 the growth of disbursement was

increased vey much that is 64.59%. PBL disbursed huge loan but they could not

recover well. 2008 PBL faced a problem in recovery percentage because they apply

new procedure of loan disbursement. This affected in their recovery rate because of

lack of attention in this sector. But in 2009 they overcome this problem nicely.

In 2009 the disbursement amount of PBL was increasing at a good amount as well as

they recovery % was also satisfactory.

93.02%

95.75%

96.55%

95.80%

97.30%

90.00%

91.00%

92.00%

93.00%

94.00%

95.00%

96.00%

97.00%

98.00%

2005 2006 2007 2008 2009

Recovery %


9.0 COMPARATIVE ANALYSIS WITH OTHER BANKS

For the comparative Analysis of Prime Bank Limited (PBL) with the other Commercial Bank

I have chose four other Banks. They are:

1. Dhaka Bank (DBL)

2. BRAC Bank

3. Hong Kong and Shanghai Banking Corporation (HSBC)

4. Standard Chartered Bank Limited (SCB)

9.1 The Disbursement Amount and Recovery% of five Different

Bank including Prime Bank Limited (PBL) at Year 2007:

Table 9.1: The Disbursement Amount and Recovery% in 2007

(Taka in Crore)

Diff. Bank PBL DBL BRAC HSBC SCB

Disbursement amount 274 210 370 355 300

Recovery % 96.55% 96.00% 98.75% 97.50% 97%

Chart 9.1: Retail Credit Disbursement of Five Banks in 2007

274

210

370355

300

0

50

100

150

200

250

300

350

400

PBL DBL BRAC HSBC SCB

Tk in

Cro

re

Disbursement Amount


Chart 9.2: Recovery % of five Banks in 2007

Findings

The total disbursement amount of PBL & DBL is Low. Because they have started

their CCS from after the others.

At 2007, the highest amount of disbursement was done by HSBC and Medium

amount of disbursement was done by BRAC and SCB. BRAC has introduced

Consumer Credit Scheme in a new way. They promote their different scheme in news

paper TV media etc. This reflects in their disbursement.

Recovery % of BRAC, SCB and HSBC is good. But comparatively DBL and PBL

was not good.

So, in 2007 the performance of PBL was not satisfactory from the point of

disbursement as well as recovery



Table 9.2: The Disbursement Amount and Recovery% 2008

(Taka in Crore)



Recovery % 96.10% 95.50% 99.5% 98.20% 97.5%

96.55%

96.00%

98.75%

97.50%

97%

94.50%

95.00%

95.50%

96.00%

96.50%

97.00%

97.50%

98.00%

98.50%

99.00%


Recovery %


Chart 9.3: Retail Credit Disbursement of Five Banks in 2008

Chart 9.4: Recovery % of five Banks in 2008

Findings

At 2008, the highest amount of disbursement was done by BRAC and lowest amount

of disbursement was done by DBL. HSBC is not very far from BRAC.

Recovery % of BRAC is the Best and SCB & HSBC is good. But comparatively DBL

and PBL is not good.

In 2008 PBL’s disbursement was increased much more than previous year. And PBL

come to a strong position than previous year. But they did not focused on recovery so

the recovery was reduced in this year

So, in 2008 the performance of PBL was satisfactory in term of disbursement

451

330

490440

410

0

100

200

300

400

500

600


Tk in

Cro

re

Disbursement Amount

96.10%95.50%

99.50%

98.20%97.50%

93.00%

94.00%

95.00%

96.00%

97.00%

98.00%

99.00%

100.00%


Recovery %




Table 9.3: The Disbursement Amount and Recovery% in 2009

(Taka in Crore)

Diff. Bank PBL DBL BRAC HSBC SCB


Recovery % 96.80% 95.50% 99.50% 98% 97.5%

Chart 9.5: Retail Credit Disbursement of Five Bank in 2009

662

560

620

660

610

500

520

540

560

580

600

620

640

660

680


Taka

in C

rore

Disbursement Amount


Chart 9.6: Retail Credit Recovery% of five Banks in 2009

Findings

At 2009, the highest amount of disbursement was done by PBL and lowest amount of

disbursement was done by DBL. BRAC is as usual in the highest position. HSBC is

not very far from BRAC. SCB is almost as previous year.

It’s also the highest amount disbursed by PBL. In this year PBL gave attention in

recovery sector that’s why their recovery % was increased than the previous year

Recovery % of BRAC is the Best and PBL, SCB and HSBC is good. But

comparatively DBL is not good.

So, in 2009 the performance of PBL was good.

9.4 Overall Findings on Comparative Analysis

Among the five Commercial Banks, BRAC is in the superior position, both in terms

of disbursement amount and recovery % of the CCS Loan. BRAC is in a supiror

position because they started retail credit earlier than the other banks.

PBL and HSBC are almost running in the same speed, both in terms of disbursement

amount and recovery % of the CCS Loan. Their position is very satisfactory in the

Commercial Market. Though PBL’s Recovery% is not satisfactory.

Though DBL had just started their CCS from year 2003, their position is not very

good in comparison to these other banks.

The position of SCB is satisfactory for CCS Loan. Because the trend of both

disbursement amount and recovery % is decreasing each year. So they should

concentrate more in this sector.

So, from the overall scenario we can understand that the position of Consumer Credit

Scheme (CCS) of Prime Bank Limited is enhancing in comparison to the other

Commercial Banks.

96.55%

95.50%

99.50%

98%97.50%

93.00%

94.00%

95.00%

96.00%

97.00%

98.00%

99.00%

100.00%


Recovery %


10.0 PROBLEMS AND PROSPECTS OF RETAIL CREDIT OPERATION

10.1 Problem

From the above description and comparative analysis with Four other banks, following

problems are found in Prime Bank Retail Credit, which is given below:

Less diversified target client segments

PBL currently is allowing retail credit disbursement to a few individuals who are

businessmen. Again, salaried individuals are getting preference in terms of retail credit.

Though the numbers of fixed income earning people are increasing day by day, there is an

existing large segment of business people of different types in Bangladesh who needs retail

loan frequently rather than salaried individuals. Also, the self-professionals related to the

legal activities and media are not there in the target clients segment. This narrow focus on

target clients is reducing the market share of PBL in retail lending.

Lengthy Assessment Procedure

For the compliance of prudential guidelines of Bangladesh Bank, 2004, PBL asks for CIB

report for an amount of TK. 50,000 and more. As it takes six to seven days for CIB to be

returned back to the branches, almost 15-20 working days are needed by PBL to disburse

retail credit.

Now days, people are too busy to spend longer time for having a smaller amount of loan for

their personal need. For this longer assessment process that is widening the time interval

between a loan application reception and loan disbursement has resulted less number of

clients and has also affected the interest income.

Decentralized Disbursement System

The retail credit disbursement process of Prime Bank is decentralized which is also a barrier

for it to take steps for more expansion in retail credit. As the credits sanctioned are disbursed

from branch level, most of the employees of credit department in branches are engaged with

disbursement related activities in most of the times which hampers the branch activities to

attend more clients.


10.2 Prospects

From the above study and competitive analysis on Prime Bank, the prospects that are found

are following:

Diversified Product Portfolio

PBL currently has diversified product portfolio. From the above comparison, it can be easily

observed that, the other immediate major competitors like HSBC and SCB have only three to

four types of product and with these products, they are trying to capture middle-class, upper

middle class and upper class people’s personal credit need. But Prime Bank has separate cells

for separate client segments which is one of the important aspects of PBL. This is one of the

crucial prospects for PBL to proceed with retail credit further.

Lower interest rate and related cost

It can be said confidently from the above comparison that, PBL has the lowest interest rate in

terms of all retail credit products among its competitors which is an opportunity for it to

attract new clients.

Again, in terms of processing fee, stamp charge and early settlement cost, wherein its other

competitors are taking higher amount and charges for early settlement, PBL charges the

lowest amount and allows its client for early settlement at free of cost, which is convenient

for clients.

Lower credit amount and credit cycle

In some retail products, PBL offers different lowest amount and time interval as a minimum

which is also a convenience for the clients of a developing country like Bangladesh. In

Bangladesh, most of the fixed income earning people have income range within Tk. 20,000-

35,000.For them to avail an amount of retail credit for more than Tk. 10,000-12,000 to fulfill

personal needs is almost impossible. Lower tenor of credit lessens the burden from clients

and inspires them to take more credit which is currently offered by PBL.

Protection against defaulter

As PBL asks for CIB for any amount of TK. 50,000 and above, it protects PBL of holding

default clients and secures the income generated by retail credit.


11.0 RECOMMENDATIONS

There are some charges for the loan disbursement like Risk fund that should be

reduced & definitely refundable after the repayment of the installments.

Rate of interest should be reduced.

Instead of 2 peoples security 3 people security would more secured the loan recovery.

There should be special incentives for those of the regular payer.

Loan disbursement procedure should be within 2 day after the application of the CCS.

Recovery of the loan by the monthly installment should be done through the

automated adjusted installment software by the banks.

Interest rate differential should be there to encourage a group of people.

The equal monthly installment chart should be enrolled to the brochure according to

the various loan amounts.

Individually every branch should be provided a target for selling the CCS loan & the

top most sellers would be rewarded by the monetary benefits that would encourage

the employers.

Workshop on CCS loan should be arranged for initiating new ideas between the

concerned officer & Retail credit division to initiate new concepts & ideas to compete

with other banks.

At least 2 loans fair should be arranged to sell the large amount of loans & the special

waiver should be offered at that time.

Various festivals loan (Eid, Puja) should be provided for the different people.

During the period of festival loans loan-processing fees should be nil & interest rate

waiver should be offered to sell the large amount.

Proper communication through the publicity should be there to encourage all kind of

CCS facilities.

Total marketing team should be prompt enough to initiate the large number of

customers every month.


12.0 CONCLUSION

Bank is a functional institution that relates to money matter. For a country, it keeps an

important factor. As an intermediary between the supplier and demand, Prime Bank Ltd.

plays a deep role.

From the aforesaid topic & my point of origin to work in Prime Bank Limited, I can say that I

really enjoyed my OCP period at Prime Bank Limited, Laldighi East Branch’s General

Banking Department, Retail Credit Department, Foreign Exchange Department form the very

first day. I am confident that this OCP program at Prime Bank Limited, Laldighi East Branch,

Chittagong will definitely help me to realize my further career in the job market. “A

COMPARATIVE ANALYSIS ON PRIME BANK RETAIL CREDIT” is not so sufficient to

measure and express perfectly within this short time of my OCP period. But it is a great

opportunity for me to get use to with the operational environment of micro credit of Prime

Bank Limited. I have tried my soul to incorporate the research report with necessary relevant

information in my OCP report. Though there are some lacking in the operational activities of

CCS loan facilities but overall performance of consumer credit scheme are formidable to

fight with other private sector banks.

To ensure promising future it should develop its wide areas to socio-economic development

of the society. We pray and hope that Prime Bank Limited will provide various kinds of

service and schemes to welfare of the society.


13.0 REFERENCES

Bangladesh Bank (2004).Prudential Regulations for Consumer Financing.

Clark, T., Dick, A., Hirtle, B., Stiroh, K., & Williams, R.(2007).The Role of retail in

U.S Banking Industry.Journal of Econmic Policy Review, 1-18.

Gopinath, S. (2005, May).Retail Banking-Opportunities and Challenges. Paper

presented at the IBA-banking Frontier International Conference, Mumbai, India.

Math, B. (2005, December).Future Growth Drivers-Retail versus Corporate. Papers

presented at a seminar at MDI, India.

Ministry of Finance. (2006).The Activities of Banks and Financial Institutions, 2005-

2006. Publication No. 329 EX-1400, Dhaka, Bangladesh Government Press.

Stiroh, J.(2004).Diversification in Banking. Journal of Money, Credit and Banking,

39(1), 49-81.

Westerfield, R.B. (1998) Effect of Consumer Credit on the Business Cycle. Journals

of the American Academy of Political and Social Science, 196, 99-110.

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