CHAPTER-18

TECHNICAL EFFICIENCY BANKS: AN EMPIRICAL ANALYSIS

[Link] Haralayya
Post Doctoral Fellowship Research Scholar,
Srinivas University, Mangalore, India.
bhadrappabhavimani@[Link]
Orcid id-0000-0003-3214-7261

2.P. S. Aithal,
Professor, College of Management and Commerce,
Srinivas University, Mangalore, India.
psaithal@[Link]
Orcid id-0000-0002-4691-8736

ABSTRACT
This study examines the technical efficiency of banking sector and its affecting factors in India
using a panel data during 2005–2020. It used log-linear regression model under a stochastic
frontier production function approach. It considers 47 scheduled banks (18-public sector, 13-
private sector and 16-foreign sector). The technical efficiency is estimated as assuming that
return-on-investment and return-on-advances of banks are the important outputs. Fixed assets,
total assets, total employees, total deposits, return on equity and capital adequacy rate are vital
inputs to increase the performance and efficiency of banks. The empirical results show that
return-on-investment of banks increases as increase in fixed assets, total assets, total employees,
total deposits, total foreign currency assets, return on equity and cost of funds. Return-on-
advances of banks is likely to increase as increase in total employees, total deposits, ratio of non-
interest income to total assets, cost of funds and capital adequacy rate. The estimated technical
efficiency of selected banks show that there is significant variation in technical efficiency across
banks. Indian bank and Indian Overseas Bank have highest technical efficiency among the public
sector banks in India. Syndicate bank and UCO banks have a lowest technical efficiency in
Indian public sector banks. Nainital bank, Lakshmi Vilas Bank, Kotak Mahindra Bank, ICICI
Banks and HDFC Banks have highest technical efficiency among the private sector banks. The
technical efficiency of other banks in private sector is seemed in efficient. Bank of America,
Bank of Bahrain & Kuwait, Federal Bank, Mashreq Bank, Mizuho Bank and MUFG Bank have
the better technical efficiency among the foreign sector banks. Technical efficiency of banks is
positively associated with fixed assets, total foreign currency assets, ratio of demand-saving

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deposits, ratio of non-interest income to total assets, capital adequacy rate and investment deposit
ratio. Thus, Indian banks should focus on abovementioned variables to increase their technical
efficiency.

Keywords: Technical Efficiency; Banking Sector; Return-on-investment, Return-on-Advances;

India.

18.1 INTRODUCTION
Banking industry has a significant role to increase the socio-economic development of nation
(Hamid et al., 2017). Financial and banking institutions provide several facilities like loans to
individual and business community. These institutions are also accepting the deposits from
individual and business community, and provide them interest (as an income) on their deposits.
Furthermore, banking institutions provides the loans to the all sectors such as agriculture,
industry and services in a country. Also, banking institutions facilitates several other policies
implementing by governments for common citizens in a country. As banking sector provides the
short-term and long-term loans to public and accepts the deposit from the common citizen in a
country (Kumari, 2019; Hafsal et al., 2020). Accordingly, banking industry has an effective
contribution to maintain the economic development of a country (Singh and Fida, 2015; Hamid
et al., 2017; Tanwar et al., 2020). In India, financial sector is well developed and it has an
important contribution to increase socio-economic activities of people (Gupta et al., 2008). As
banking sector of India has significant size, thus, it has a vital impact on Indian economy (Singh
and Malik, 2018). As India has a largest working population, thus, the demand of banking
services is increased in India (Tanwar et al., 2020). There are many other reasons such as
technological interference, mobile banking, online banking which also increased the demand of
banking services in India (Tanwar et al., 2020). Subsequently, Indian banking sector is one
among the most growing business countries (Singh and Malik, 2018).

At present Government of India has converted or most public sector banks in private sector or
merged with other banks due to several reasons such as rising non-performing asset, decreasing
technical efficiency of public sector bank, decreasing employees and others. Public sectors banks
are unbale to maintain financial activities in rural area. Therefore, profit of public sector banks is

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decreased over period of time. The performance of foreign bank, private sector bank and foreign
bank for the 2019 and 2020 is given in Table 1. It infers that public sector banks have the larger
contribution in investment amount, government securities, advances, fixed assets, total assts,
income on investment, Total of Deposits, Total of Borrowings, Total of Loans and Advances,
and Total Employees in all scheduled commercial banks. Thus, it shows that public sector banks
have an effective contribution to maintain the financial activities in India. However, public sector
banks have larger amount of non-performing assets among the private and foreign sector banks
which increase the additional burden on public sector bank to sustain their financial activities.

Table 18.1: Brief summary of public, private and foreign bank in India in 2019 and 2020
All Scheduled Private Sector Public Sector
Banks Foreign Banks
Commercial Banks Banks Banks
Year 2019 2020 2019 2020 2019 2020 2019 2020
4322463. 4689841. 38343 43127 12220 12930 270203 294063
Investments
57 57 2.68 6.74 44.98 31.17 3.24 6.33
4188559. 4559520. 36806 40800 11965 12759 260902 285069
Investments in India
33 33 9.21 4.67 12.85 25.63 4.59 2.70
133904.2 130321.2 15363. 23272. 25532. 17105. 93008.6 89943.6
Investments outside India
4 4 47 07 13 54 5 3
13803. 21561. 18699. 9239.5 30970.4 37399.2
Government securities 63472.94 68200.67
06 96 45 1 4 0
9676182. 1030191 39672 42807 33273 36251 589266 615811
Advances
55 4.47 5.90 1.95 28.07 54.47 7.34 1.98
8979406. 9522611. 39672 42807 31628 34641 536040 553983
Advances in India
24 80 5.90 1.95 12.72 31.86 6.38 1.92
149136.9 150727.8 4425.6 4128.7 36141. 38242. 107318. 106506.
Fixed Assets
3 4 7 8 69 63 44 67
1660104 1801487 10563 12653 52979 58321 101632 107830
Total Assets
5.12 4.90 74.71 04.23 36.79 39.13 25.99 18.05
298355.3 306840.3 21697. 27339. 81220. 82899. 194496. 195100.
Income on investments
9 5 47 88 11 25 36 25
Net profit (loss) on sale of 1322.6 4282.1 12691. 24746.9
14161.96 38990.68 96.86 9741.30
investments 6 7 07 0
Net profit (loss) on - - -
-2257.60 -830.02 279.10 41.71 -122.50
revaluation of investments 174.13 986.61 2125.18

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Net profit (loss) on sale of
577.79 388.09 53.70 310.10 -22.32 28.83 549.28 53.55
land and other assets
300269.8 259888.6 1241.5 1879.4 68084. 83651. 230619. 173739.
NPA
7 3 8 5 01 42 53 17
- -
- 14507. 16180. 27621. 19111.
Net Profit 10910.69 66608.0 26015.0
23397.39 83 37 01 37
1 0
1288593 1397400 58123 68428 37693 41579 848621 904841
Total of Deposits
8.19 9.11 4.71 8.47 11.22 58.50 4.55 9.34
1703402. 1680750. 15121 12796 76920 82064 761612. 702133.
Total of Borrowings
22 00 6.27 8.62 6.52 3.74 21 38
9708749. 1034104 39662 42797 33260 36239 592660 619851
Total of Loans and Advances
42 6.89 7.77 2.35 51.65 82.05 8.77 6.42
47770 55468
Total Employees 1364285 1466213 23218 23582 807577 790687
9 5
Source: RBI (Government of India).

As banking sectors have a greater contribution to sustain the money flow in country, thus, it
greatly contributes towards socio-economic development of people. Accordingly, there is
essential to measure the performance of banking sector to resolve the existing issues of this
sector in a nation. Performance of banking sector can be observed through efficiency,
profitability and competition (Kumari, 2019). Measurement of technical efficiency of banking
sector is essential to increase their productivity and profitability. Measurement of technical
efficiency of a banking industry is also useful to increase its the performance in future. As
efficiency measure the contribution of various inputs in output in banking industries. It also
estimates the efficiency of system whether available inputs have appropriate contribution to
achieve maximum output in banking industry (Singh and Gupta, 2013; Singh and Malik, 2018).

The performance of private and foreign banks is increasing in India (Singh and Gupta, 2013).
Performance based assessment of banking industry is useful for policy makers to take a further
policy action in banking sector (Gupta et al., 2008). Performance of a banking industry can be
estimated through productivity and efficiency (Gupta et al., 2008). Productivity is associated
with marginal contribution of inputs in output in a specific bank (Gupta et al., 2008). Efficiency
is a best measurement of performance and productivity of banking sector (Singh and Fida, 2015;

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Singh and Malik, 2018). Efficiency shows the ratio of output and input of any production unit in
a country. It is also conducive to increase the further growth of banking sector (Gupta et al.,
2008). Since, there is a high uncertainly in activities of banking sector due to several reasons.
Hence, the performance of banking sector must be measured at regular basis.

In India, several studies have estimated the technical efficiency of public, private and foreign
sector banks in different aspects using stochastic frontier production function model and data
envelopment analysis (Singh and Malik, 2018). Previous studies have analysis the variation on
technical efficiency of banks in different time span (Singh and Malik, 2018). Most studied
argued that overall technical efficiency of public sector bank are found lower as compared to
private sector banks (Singh and Malik, 2018). However, the technical efficiency of few public
sector like SBI, UCO and Punjab National Bank are appeared higher among the other public
sector bank (Gupta et al., 2008; Singh and Malik, 2018). Few studied have noticed that private
sector banks have higher productivity as compared to public sector bank (Narwal and Pathneja,
2015). Based on aforesaid literature, it can be argued that most studied have estimated the
technical efficiency of banking sector in India. However, previous studied could make the cross
comparison of technical efficiency among the public, private and foreign sector banks in India.
Therefore, the present study tries to make the comparison in technical efficiency of public sector,
private sector and foreign sector in India during 2005-2020.

The present study is an attempt to assess the answers on following research questions:
 How technical efficiency of Indian banking sector is varied over period of time?
 What are major variables which have significant influence of technical efficiency of banking
sectors in India?
 How and why technical efficiency is varied across public, private and foreign banks in
India?
 Which banks have higher technical efficiency among the public, private and foreign sector
banks in India?
 How banking sector can increase the technical efficiency in India?
 With regards to aforementioned research questions, the present study is achieved following
objectives:

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 To examine the technical efficiency of public, private and foreign sectors banks in India.
 To assess the technical efficiency affecting factors of public, private and foreign sectors
banks in Indian banking sector.

18.2 REVIEW OF LITERATURE

Technical efficiency of banking sector is estimated by several researchers in different economies
using various methods (Zhao et al., 2021). For instance, De (2004) have examined the technical
efficiency of banking industry in India using a stochastic frontier production function model.
This study claimed that efficiency of banking industry could not improve after liberalization in
India. While foreign banks have higher efficiency as compared to Indian banking industry.
Furthermore, this study indicates that more that 70% of banks have efficiency and 14 banks out
of 18 banks have the efficiency, thus, results show that Indian banks have high diversity in
technical efficiency across public, private and foreign banks in India. Gupta et al. (2008)
estimated the productivity efficiency of banking sector in India using non-parametric frontier
method. It infers that SBI and its groups have highest efficiency among the other private and
public sector banks in India. It also shows that productive efficiency of the banking sector is
increased during 1999-2003.

Singh and Gupta (2013) provided the comparison on technical efficiency of top banks in India
using data envelopment analysis. It reported that level of input and output variables in efficiency
measurement have changed significantly during this period and banks could improve their
efficiency. It suggested that advance, investment are the important output variables, whereas
operating cost, fixed assets and capital are the crucial input. Roy (2014) have estimated the
efficiency of Indian banking sector using Data Envelopment Analysis. This study claimed that
inappropriate size allocation is responsible for inefficiency of Indian banking sector. Narwal and
Pathneja (2015) have assessed the productivity and profitability of banking system in India using
a data enveloped data analysis. This study used Total factor productivity, efficiency change,
technological change, and return on average assets as dependent variables. Spread to total
average assets, diversification, and share of bank in total deposits as independent variables. The
empirical findings of this study clearly indicate that that private sector banks have more
productivity than public sector bank.

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Kumar and Gulati (2018) have examined the technical efficiency of 27 public sector banks in
India using data envelopment analysis. It included cross-sectional data of 27 public sector banks
for a financial year (i.e., 2004 – 2005). The empirical results show that only seven banks are
seemed efficient. Accordingly, it indicates that most public sector banks do not have perfect
efficiency. This study is also claimed that exposure to off-balance sheet activities, staff
productivity, market share and size are appeared most important variables that have significant
impact on technical efficiency of banking sector in India. Singh and Malik (2018) estimated the
technical efficiency and its affecting factors of public and private sector bank in India using a
data envelopment analysis. The results of the study claimed that there is a significant variation in
technical efficiency of public and private sector in Indian banking system. UCO, SBI and Punjab
National Bank have the better technical efficiency among the public sector banks and Jammu &
Kashmir and Nainital Bank are seemed most leading bank among the private sector bank in
India. Also, profitability, bank size and gross domestic product and productivity of employees
are seemed most influencing of technical efficiency of banking sector in India. Deb (2019) have
examined the impact of bank size on efficiency of commercial banks in India using a Data
Envelopment Analysis. It observed that total assets and number of branches have a positive
impact on efficiency of commercial banks in India. Tanwar et al. (2020) have estimate the
overall efficiency of banking industry in India using a data envelopment analysis and provide the
comparison of efficiency among the public, private and foreign banks. It observed that most
banks have low efficiency, there is significant variation in technical efficiency across banks. This
study argued that performance of banks depends upon input-output variable.

18.3 RESEARCH METHODS AND MATERIAL

18.3.1 Selection of Banks
This study compiles the panel data of concerned variables for selected banks in public, private
and foreign sector. For this, it considered the data for respective variables during 2005 – 2020.
Thus, this study includes only those banks which have the data for useful variables. Accordingly,
it compromises 47 banks (18 – public sector, 13 – private sector and 16 – foreign sector) in India.
The list of selected banks is given in Table 2. The required data for selected banks is derived
from the official website of Reserve Banks of India (Government of India).

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 Table 18.2: List of selected banks in public, private and foreign sector
Public Sector Private Sector Foreign Sector
Axis Bank Limited, City Bank of America National
Allahabad Bank, Andhra
Union Bank Limited, DCB Association, Bank of
Bank, Bank of Baroda, Bank
Bank Limited, Federal Bank Bahrain & Kuwait B.S.C.,
of India, Bank of Maharashtra,
Ltd, HDFC Bank Ltd., Bank of Ceylon, Bank of
Canara Bank, Central Bank of
ICICI Bank Limited, Nova Scotia, Barclays Bank
India, Corporation Bank,
IndusInd Bank Ltd., Jammu PlC, BNP Paribas, Citibank
Indian Bank, Indian Overseas
& Kashmir Bank Ltd., N.A., CTBC Bank Co. Ltd.,
Bank, Oriental Bank of
Karnataka Bank Ltd., Kotak DBS Bank India Ltd.,
Commerce, Punjab And Sind
Mahindra Bank Ltd., Deutsche Bank Ag, Mashreq
Bank, Punjab National Bank,
Lakshmi Vilas Bank Ltd., Bank PSC, Mizuho Bank
State Bank of India, Syndicate
Nainital Bank Ltd., Ltd., MUFG Bank Ltd.,
Bank, UCO Bank, Union Bank
Tamandu Mercantile Bank Shinhan Bank, Standard
of India, United Bank of India
Ltd., Yes Bank Ltd. Chartered Bank

18.3.2 Measurement of Technical Efficiency

Data Envelopment Analysis (DAE) and stochastic frontier production approach (SFPA) are the
main methods which can be used to examine the technical efficiency of a production units of
different sectors (De, 2004; Gupta et al., 2008; Singh and Gupta, 2013; Singh and Gupta, 2013;
Singh et al., 2017; Singh et al., 2018; Singh et al., 2019; Kumari, 2019; Singh et al., 2019a;
Tanwar et al., 2020; Zhao et al., 2021). Technical efficiency can be measured in two ways i.e.,
input-oriented and output oriented (Singh and Gupta, 2013). Input-oriented efficiency is useful to
reduce quantity of inputs to produce goods and services, while, output-oriented efficiency is
useful to increase the output as using the available inputs in production activities (Singh and
Gupta, 2013; Singh et al., 2018). Technical efficiency is useful to assess the ability of a
production unit to use minimum quantity of inputs to obtain maximum output (Singh et al.,
2019). Aforesaid techniques can be used in parametric and non-parametric conditions (Singh and
Malik, 2018). Accordingly, the technique requires minimum assumptions (Singh and Malik,
2018). Data envelopment analysis is a mathematical technique to examine the performance of a

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set of peer entities which is useful to converts various inputs into output (Singh and Malik, 2018;
Tanwar et al., 2020). Data envelopment approach is also useful to make a decision to achieve
optimal ratio between input and output (Singh and Malik, 2018). Singh and Gupta (2013); Singh
and Malik (2018) have claimed that data envelopment analysis is relatively more important to
estimate the efficiency of banking sector. Hence, aforesaid methods do not any assumptions to
analysis the data.

As stochastic frontier production approach is helpful to estimate the technical efficiency and
regression coefficients of independent variables (inputs) with dependent variables (output)
(Singh et al., 2017; Singh et al., 2019; Singh et al., 2019a; Singh et al., 2020). Thus, stochastic
frontier production function approach is used to estimate the technical efficiency of banking
sector in India (Roy, 2014). Previous studies also used this technique to examine the technical
efficiency of banking sector in different countries. The stochastic production function approach
is developed as (Singh et al., 2019):
Yi = f (Xi, β) exp (e)i (1)
Yi = f (Xi, β) exp (vi - ui) (2)
Here, Yi is the dependent variable (output) of ith entity of a production unit, X is vector of inputs;
β is the vector of regression coefficient of associated inputs (Singh et al., 2018; Singh et al.,
2019). e is the random error tern that is combination of vi and ui. In the abovementioned
equation, ui is one-sided inefficiency, vi and ui are normally distributed for different entities
(Singh et al., 2019).
As per the aforementioned estimation, technical efficiency (TE) is measured as:
(TE)i = exp (-u)i (3)
Here, TEi is technical efficiency of ith entities and ui is calculated from equation (2). The value of
TE lie between 0 to 1 (Singh et al., 2018; Singh et al., 2019). If the value of TE is 1 for a specific
firm, then it infers that the firm is technically efficient (Singh et al., 2019a). Furthermore, 1 – TE
measure the efficiency gap actual production and optimal possible production that may be obtain
through maintain the inputs and outputs in production entities (Singh et al., 2018; Singh et al.,
2019).

18.3.3 Explanation of Variables

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As stochastic frontier production function approach and data envelopment analysis techniques
are effective to measure the efficiency of multiple inputs and multiple outputs in production units
(Singh et al., 2018). Previous studies have used different inputs such as net worth, interest
expenses, borrowings, operating expenses, number of employees, number of bank branch,
capital-fixed asset, net fixed asset, equity and net performing asset (Mukherjee et al., 2002;
Sathya, 2003; Das and Ghosh, 2009; Jagwani, 2012; Singh and Gupta, 2013). Accordingly, prior
studies have used different variables like deposits, interest income, net profits, advances, non-
interest income, interest payments, loans and advances and investment as output (Mukherjee et
al., 2002; Sathya, 2003; Das and Ghosh, 2009; Jagwani, 2012; Singh and Gupta, 2013).
Furthermore, Golany and Storbeck (1999) have examined the operational efficiency in USA
using data envelopment analysis. This study is used labour and marketing as input variables, and
loans, deposits, number of accounts per customer and satisfaction as output variables. Ho and
Zhu (2004) have examined the performance of commercial bank in Taiwan. This study is
considered assets, employees, branches and capital stock as inputs, while sales and deposits are
used as output variables. Howland and Rowse (2006) have estimate the efficiency of banking
sector in Canada using DAE method. This study is considered non sales, sales FTE, loans,
deposits, average number of product and customer loyalty as inputs and output variables. Singh
and Gupta (2013) have used various inputs such as capital, fixed assets, interest expenses, total
borrowing, total deposits, total liabilities and operating cost, while, advances, investments, net
profit and total revenue are used as output variables to estimate the efficiency of 5 public sector
bank, 5 private and 5 foreign banks in India.
Kordrostami et al. (2016) have used different variables as inputs (i.e., employees and expenses)
and outputs (i.e., deposits and loans) to assess the performance of banking system in Iran. Desta
(2016) have examined the performance of African banks using different input and output
variables such as: interest expense, non-interest expense, transaction deposit, non-transaction
deposit, gross loan, earning assets, interest income and non-interest income. Singh and Malik
(2018) have considered net fixed assets, number of full-time staff and loanable fund as inputs
variables, while, non-interest income and net interest income as output variables to examine the
technical efficiency of Indian banking sector. Further, this study is used ratio of net NPA to
advance, return on assets, business per employee, real gross domestic product and total asset in
regression analysis. Ofori-Sasu et al. (2019) have also estimate the technical efficiency of

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banking sector in Ghana. This study is used total cost and total deposits as input variables, and
total loans and other earnings are used as output variables. Wanke (2019) have assessed the
efficiency of banking sector. This study is used net loans, total earning assets, non-earning assets,
loss provisional costs as inputs, and net interest margin, equity and income as output variables.
Zhao et al. (2019) have assessed the efficiency of banking sector in China using input (i.e.,
interest payments, employees‟ salaries, fixed assets) and output (i.e., net interest margin, equity
and income) variables. Deb (2019) have used number of employees, equity capital and deposits
as inputs, advances, investments and non-interest income as outputs to examine the technical
efficiency of commercial banks in India. Aforementioned literature clearly indicates that there is
no uniformity in selection of input and output variables in analysing the technical efficiency and
its affecting factors in Indian banking sector.

18.3.4 Empirical Model for Addressing the Technical Efficiency Affecting Factors

Previous studies have used different indicators such as net profit, net return on assets, business
per employees, operating profit per employee and capital adequacy to estimate the performance
of the banking sector in India (Roy, 2014; Singh and Malik, 2018). Singh and Fida (2015) have
used bank size, capital adequacy ratio, operating profit, total assets and profitability are used to
estimate the technical efficiency of banking sector in Oman. Gupta et al. (2008) have used
business per employees as a proxy for productivity, capital adequacy ratio as a proxy for
regulatory, net NPA per net advances as proxy for asset quality, operating profit per total assets
as proxy for profitability and total asset of the bank a proxy for size of bank to estimate the
performance of banking sector in India. It seemed that prior studies have different variables to
examine the technical efficiency of banking sectors. Therefore, in this study 36 most
relevant variables of selected banks are used as dependent and independent variables to estimate
the technical efficiency and it's affecting factors in Indian banking sector. However, all variables
could not use in empirical models due to existence of high correlation among the variables.
Therefore, these variables are also segregated in input and output variables as per the existing
studies (Refer to Table: 3).
Table 18.3: List of inputs and output variables
Inputs Outputs

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 Variables Unit Variables Unit
Investments in Crore Advances in Crore
Fixed Assets in Crore Income on investments in Crore
Total Assets in Crore Interest Earned Total in Crore
NPA in Crore Net NPAs in current year in Crore
Total Employees Number Total of Deposits in Crore
Ratio of interest income to total
Total of Borrowings in Crore in %
assets
Total of Investments (at book Ratio of net interest income to
in Crore in %
value) total assets (net interest margin)
Ratio of non-interest income to
Total of Foreign Currency Assets in Crore in %
total assets
Total of Loans and Advances in Crore Return on assets in %
Cash - Deposit Ratio in % Return on equity in %
Credit - Deposit Ratio in % Return on advances in %
Investment - Deposit Ratio in % Return on investments in %
Return on advances adjusted to
Ratio of deposits to total liabilities in % in %
cost of funds
Ratio of demand & savings bank Return on investments adjusted
in % in %
deposits to total deposits to cost of funds
in Rupees
Cost of deposits in % Business per employee
Lakh
in Rupees
Cost of borrowings in % Profit per employee
Lakh
Cost of funds in % Capital adequacy ratio in %
Ratio of net NPA to net advances in % Net Profit in Crore

As return on investments and return on advances are the most crucial variables to assess the
performance of banking industry. Thus, these variables are considered as dependent variables
(output) in regression models (Deb, 2019). Fixed assets, total assets, total employees, total
deposits, total of foreign currency assets, ration of deposits ratio to total liabilities, ratio of
demand & saving bank deposits to total deposits, ratio of non-interest income to total assets,
return on equity and cost of fund are considered as inputs variables to examine the technical
efficiency, and influence of these variables on return on investments and return on advances.
Log-linear empirical models for return on investments and return on advances function are used
in this study. Deb (2019) also used log-linear regression model to examine the technical
efficiency affecting factors in Indian commercial banks. Following empirical model is used for
return-on-investment function:

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ln (RetInv)it = α0 +α1 ln (FixAss)it+ α2 ln (TotAss)it +α3 ln (TotEmp)it +α4 ln (TotDep) +α5 ln
(TotForCurAss)it +α6 ln (RatDepTotLia)i +α7 ln (RatDemSavDep)it +α8 ln (RaNoInInToAss)it +α9
ln (RetEqu)it +α10 ln (CosFun)it + +α11 ln (logCaAdRa)it (vit- uit) (4)

Here, ln is natural logarithm of association variables; RetInv is return on investment; i is ith banks
(1, 2, 3, …., 47); t is time (2005 to 2020); α0 is constant term; α1, α2, . . ., α11 are regression
coefficient of associated variables; and vi and ui are the error-term; and explanation of variables
are given in Table 4. Following empirical model is used for return-on-investment function:
ln(RetAdv)it = β0 +β1 ln(FixAss)it+β2 ln(TotAss)it +β3 ln(TotEmp)it +β4 ln(TotDep) +β5
ln(TotForCurAss)it +β6 ln(RatDepTotLia)it +β7 ln(RatDemSavDep)it +β8 ln(RaNoInInToAss)it +β9
ln(RetEqu)it +β10 ln(CosFun)it + β11 ln(logCaAdRa)it (vit- uit) (5)
Here, RetAdv is return on advances; is constant coefficient; β1, β2, . . ., β11 are the regression
coefficient of corresponding variables in equation (5). Summary of remaining variables is given
in Table 4.

Table 18.4: Summary of output and input variables

RetInv: Return on Investment
RetAdv: Return on advances
FixAss: Fixed Assets
TotAss: Total Assets
TotEmp: Total Employees
TotDep: Total of Deposits
TotForCurAss: Total of Foreign Currency Assets
RatDepTotLia: Ratio of deposits to total liabilities
RatDemSavDep: Ratio of demand & savings bank deposits to total deposits
RaNoInInToAss: Ratio of non-interest income to total assets
RetEqu: Return on equity
CosFun: Cost of funds
CaAdRa: Capital adequacy ratio

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As this is also assess the technical efficiency of banking sector affecting factors. Therefore,
technical efficiency of return on investment and return on advances are used as dependent
variables. Following empirical model is used for technical efficiency of return-on-investment
function:
(TE_RetInv)it= €0 +€1 ln(FixAss)it +€2 ln(TotAss)it+€3 ln(TotEmp)it+€4 (TotDep)it +€5
ln(TotForCurAss)it +€6 ln(RatDepTotLia)it +€7 ln(RatDemSavDep)it +€8 ln(RaNoInInToAss)it +€9
ln(RetEqu)it +€10 ln(CosFun)it +€11 ln(CaAdRa)it +€12 ln(PrPeEm)it +€13 ln(RetAdv)it +€14
ln(CosDep)it +€15 ln(RatIntIncTotAss)it +€16 ln(InvDepRat)it +€17 ln(IntEarTot)it +εit (6)

Here, TE_RetInv is estimated technical efficiency of return-on-investment of ith banks; €0 is the

constant coefficient; €1…€17 are the regression coefficients of related independent variables; and
εit is error-error term in equation (6). The ln is natural logarithm and explanation of remaining
variables is given in Table 5. Following empirical model is used for return-on-advances function:
(TE_RetAdv)it =θ0 +θ1 ln(FixAss)it +θ2 ln(TotAss)it+θ3 ln(TotEmp)it+θ4 (TotDep)it +θ5
ln(TotForCurAss)it +θ6 ln(RatDepTotLia)it +θ7 ln(RatDemSavDep)it +θ8 ln(RaNoInInToAss)it +θ9
ln(RetEqu)it +θ10 ln(CosFun)it +θ11 ln(CaAdRa)it +θ12 ln(PrPeEm)it +θ13 ln(RetAdv)it +θ14
ln(CosDep)it +θ15 ln(RatIntIncTotAss)it +θ16 ln(InvDepRat)it +θ17 ln(IntEarTot)it +λit (7)
Here, TE_RetAdv is estimated technical efficiency of return on advances of ith banks; θ0 is the
constant coefficient; θ1…θ17 are the regression coefficients of related independent variables; and
λit is error-error term in equation (7).

Table 18.5: Technical efficiency of banking sector affecting variables

TE_RetInv: Technical efficiency of return on investment
TE_RetAdv: Technical efficiency of return on advances
FixAss: Fixed Assets
TotAss: Total Assets
TotEmp: Total Employees
TotDep: Total of Deposits
TotForCurAss: Total of Foreign Currency Assets
RatDepTotLia: Ratio of deposits to total liabilities
RatDemSavDep: Ratio of demand & savings bank deposits to total deposits

BANKS AND FINANCIAL INSTITUTIONS ISBN:978-93-94676-00-8 Page 320

RaNoInInToAss: Ratio of net interest income to total assets (Net Interest Margin)
RetEqu: Return on equity
CosFun: Cost of funds
CaAdRa: Capital adequacy ratio
PrPeEm: Profit per employee
RetAdv: Return of advances
CosDep: Cost of deposits
RatIntIncTotAss: Ratio of interest income to total assets
InvDepRat: Investment - Deposit Ratio
IntEarTot: Interest Earned Total

18.4 RESULTS AND DISCUSSION

18.4.1 Association of Inputs with Return on Investment and Return on Advances
The regression coefficient of return on investment and return on advances with different input is
presented in Table 6. The regression coefficient of selected variables with output are estimated
using Time-varying decay model. Furthermore, technical efficiency if return-on-investment and
return-on-advances of banks are also estimated under stochastic frontier production function
model. The regression coefficient of return-on-investment with fixed assets, total deposits, total
foreign currency assets, return-on-equity and cost of fund are seemed positive. Hence, the
estimated indicate that banking sector must focus on aforementioned variables to increase the
return-on-investment. The regression coefficient of return-on-advances with total employees,
total deposits, ratio of non-interest income to total assets, return on equity and cost of funds are
found positive and statistically significant. Accordingly, the estimates infer that return on
advances for a bank will be improved as increase the role of abovementioned activities.
Table 18.6: Association of explanatory variables with performance of banks
Return on Investment Return on Advances
Number of obs 731 731
Number of groups 47 47
Wald chi2(11) 110.63 638.11
Prob > chi2 0.000 0.000

BANKS AND FINANCIAL INSTITUTIONS ISBN:978-93-94676-00-8 Page 321

Log likelihood 235.71024 328.46285
Variables Reg. Coef. Std. Err. P>|z| Reg. Coef. Std. Err. P>|z|
ln(FixAss) 0.01700 0.011 0.141 0.009 0.013 0.459
ln(TotAss) -0.3962 0.126 0.002 -0.400 0.111 0.000
ln(TotEmp) -0.0010 0.014 0.953 0.033 0.021 0.105
ln(TotDep) 0.3655 0.123 0.003 0.399 0.106 0.000
ln(TotForCurAss) 0.0111 0.007 0.095 -0.019 0.008 0.016
ln(RatDepTotLia) -0.3793 0.133 0.004 -0.510 0.116 0.000
ln(RatDemSavDep) 0.0210 0.014 0.141 -0.024 0.018 0.183
ln(RaNoInInToAss) 0.0190 0.013 0.139 0.092 0.014 0.000
ln(RetEqu) 0.0289 0.009 0.001 0.036 0.008 0.000
ln(CosFun) 0.1098 0.020 0.000 0.409 0.020 0.000
ln(CaAdRa) 0.0250 0.024 0.307 0.033 0.024 0.179
Cons. Coef. 3.5523 0.631 0.000 3.825 0.567 0.000
/mu -0.0720 0.351 0.837 0.270 0.095 0.004
/eta 0.0070 0.006 0.240 -0.003 0.011 0.765
/lnsigma2 -3.2310 0.469 0.000 -3.416 0.155 0.000
/ilgtgamma -1.1760 1.980 0.553 -0.532 0.431 0.217
sigma2 0.040 0.033
gamma 0.236 0.370
sigma_u2 0.009 0.012
sigma_v2 0.030 0.021

18.4.2 Technical Efficiency of Public, Private and Foreign Sector Banks

The mean value of technical efficiency of return on investment and return on advances of public
sector, private and public sector banks is given in Figure 1. It is appeared that the mean values of
technical efficiency for public sector banks varied between 0.83 to 0.98 during 2005 to 2020.
Thus, the estimates indicate that there exists a high variation in technical efficiency among the
public sector bank. Indian Overseas Banks and Indian bank have 0.98% technical efficiency for
return on investment. Public sector banks have a large size in term of total assets; thus, these

BANKS AND FINANCIAL INSTITUTIONS ISBN:978-93-94676-00-8 Page 322

banks have higher technical efficiency (Deb, 2019). Thus, these banks are efficient to get better
return on investment. The technical efficiency is found 83%, 88% and 89% for Corporation
Bank, Syndicate Bank and UCO banks respectively. Hence, these banks have potential to boost
return on investment. As per estimates, public sector banks could not improve return on
advances, as the technical efficiency for these banks are below 0.78%. Therefore, public sector
banks have greater possibilities to improve return on advance through adopting a specific policy.
As per the estimated technical efficiency of return on investment for private sector, it is seemed
that Nainital bank, Lakshmi Vilas Banks, HDFC Banks and ICICI Banks have highest technical
efficiency (0.98%). Thus, here it can be concluded that these banks are able to maintain return on
investment. City Union Bank, DCB banks and Tamilnad Mercantile Banks have lowest technical
efficiency. Therefore, these banks could not improve technical efficiency, accordingly, there is
greater scope to increase return on investment. The values of technical efficiency lie between
0.81 to 0.99%, thus, these banks have high diversity in technical efficiency. The results also
show that Nainital Banks have highest efficiency (i.e., 99%) for return on advances. Other
private sector banks have technical efficiency below 0.88% for return on advances. Therefore, it
is suggested that all private sector banks are potential to increase return on advances.

Figure 18.1: Technical efficiency of public, private and foreign sector banks

BANKS AND FINANCIAL INSTITUTIONS ISBN:978-93-94676-00-8 Page 323

 M EA N_ 2005 - 2 0 2 0
TE_Return on Investment TE_Return on advances
U n i t e d B a n k o f In d i a 0.92 0.75
U n i o n B a n k o f In d i a 0.91 0.72
UCO Bank 0.89 0.74
S yn d i c a t e B a n k 0.88 0.74
S t a t e B a n k o f In d i a 0.93 0.68
Punj ab Nat i onal Bank 0.97 0.73
P u n j a b An d S i n d B a n k 0.97 0.79
Or i ent al Bank of Commer ce 0.97 0.76
In d i a n O v e r s e a s B a n k 0.98 0.75
In d i a n B a n k 0.98 0.77
Cor por at i on Bank 0.83 0.73
C e n t r a l B a n k O f In d i a 0.91 0.75
Canara Bank 0.90 0.71
Bank of M ahar as htr a 0.95 0.76
B a n k o f In d i a 0.95 0.69
Bank of Bar oda 0.97 0.71
An d h r a B a n k 0.94 0.78
Al l a h a b a d B a n k 0.93 0.74
Y e s B a n k Lt d . 0.92 0.71
Tami l nad Mercant i l e Bank … 0.88 0.81
N a i n i t a l B a n k Lt d 0.99 0.99
La k s h m i V i l a s B a n k Lt d 0.98 0.77
K o t a k M a h i n d r a B a n k Lt d . 0.98 0.85
Ka r n a t a k a Ba n k Lt d 0.97 0.80
J a m m u & K a s h m i r B a n k Lt d 0.96 0.88
In d u s i n d B a n k Lt d 0.97 0.80
IC IC I B a n k Li m i t e d 0.98 0.69
H D F C B a n k Lt d . 0.98 0.82
D C B B a n k Li m i t e d 0.88 0.81
C i t y U n i o n B a n k Li m i t e d 0.81 0.87
Ax i s B a n k Li m i t e d 0.95 0.73
Standard Chartered Bank 0.92 0.85
Shinhan Bank 0.93 0.78
M U F G B a n k Lt d 0.98 0.72
M i z u h o B a n k Lt d 0.98 0.78
Mashreq Bank PSC 0.99 0.68
F e d e r a l B a n k Lt d 0.98 0.81
D e u t s c h e B a n k Ag 0.93 0.87
D B S B a n k In d i a Lt d . 0.87 0.63
C T B C B a n k C o . , Lt d . 0.85 0.87
C i t i b a n k N . A. 0.88 0.94
BNP Paribas 0.94 0.69
B a r c l a ys B a n k P l c 0.96 0.85
Bank of Nova Scot i a 0.95 0.57
B a n k o f C e yl o n 0.95 0.95
Bank of Bahr ai n & Kuwai t … 0.98 0.87
B a n k o f Am e r i c a N . A. 0.97 0.73

BANKS AND FINANCIAL INSTITUTIONS ISBN:978-93-94676-00-8 Page 324

The technical efficiency of return on investment for foreign sector banks lie between 0.85 to
0.99, thus, the estimates show that there is high variation in performance of foreign sector bank
in India. Mshreq bank has highest technical efficiency (i.e., 99%) of return on investment. While,
technical efficiency of MUFG Bank, MIZUHO bank, Bank of Bahrain & Kuwait B.S.C. are
0.98%, therefore, these banks have better efficiency to maintain return on investment. CTBC
Bank have a lowest technical efficiency among the foreign sector banks in India. Technical
efficiency of return on advances is found highest for Bank of Ceylon and lowest for Bank of
Nova Scotia is seemed 0.57%. Most foreign banks have less than 0.87% technical efficiency,
thus, these banks have potential to increase investment on advances.

18.4.3. Factors Affecting Technical Efficiency of Banks

The regression coefficient of technical efficiency of return on investment and return on advances
of banks is given in Table 7. The regression coefficient of technical efficiency of return on
investment of banks with fixed assets, ratio of demand & saving banks deposits to total deposits,
ratio of net interest income to total assets, capital adequacy ratio, return on advances and
Investment - Deposit Ratio are appeared positive and statistically significant. Hence, these
variables are found most influencing factor of technical efficiency of investment on return of
banks. Furthermore, the impact of total assets, total employees, ratio of deposits to total
liabilities, cost of funds, profit per employee, cost of deposits, ratio of non-interest income to
total assets and Interest Earned Total are seemed positive on return on investment of technical
efficiency of banks in India. Deb (2019) also reported positive impact of total assets on
efficiency of commercial bank in India. The technical efficiency of return on advances are
positively associated with fixed assets, ratio of deposits to total liabilities, ratio of demand &
savings bank deposits to total deposit and return on advances. Therefore, these variables are
found most crucial factors to increase the technical efficiency of return on advances of banks in
India. Some other variables such as total assets and total employees have a positive impact on
technical efficiency of return on advances of banks in India. However, their regression

BANKS AND FINANCIAL INSTITUTIONS ISBN:978-93-94676-00-8 Page 325

coefficients of these variables with technical efficiency of return on advances are not seemed
statistically significant.

Table 18.7: Technical efficiency of banks affecting factors

Return on Investment Return on advances
Number of obs. 710 730
F – Value 3.91 50.96
Prob > F 0.000 0.000
R-squared 0.877 0.5489
Adj. R-squared 0.833 0.5381
Variables Reg. Coef. Std. Err. P>|t| Reg. Coef. Std. Err. P>|t|
ln(FixAss) 0.0092 0.0030 0.002 0.0056 0.00 0.090
ln(TotAss) 0.0235 0.0334 0.482 0.0330 0.04 0.390
ln(TotEmp) 0.0005 0.0059 0.939 0.0093 0.01 0.160
ln(TotDep) -0.0270 0.0318 0.396 -0.0583 0.04 0.110
ln(TotForCurAss) -0.0035 0.0017 0.043 -0.0006 0.00 0.740
ln(RatDepTotLia) 0.0179 0.0353 0.611 0.0827 0.04 0.040
ln(RatDemSavDep) 0.0074 0.0038 0.049 0.0401 0.00 0.000
ln(RaNoInInToAss) 0.0067 0.0036 0.064 -0.0213 0.00 0.000
ln(RetEqu) -0.0035 0.0043 0.415 -0.0184 0.00 0.000
ln(CosFun) 0.0087 0.0097 0.373 -0.0150 0.01 0.160
ln(CaAdRa) 0.0133 0.0066 0.045 -0.0113 0.01 0.130
ln(PrPeEm) 0.0034 0.0043 0.435 0.0173 0.00 0.000
ln(RetAdv) -0.0292 0.0125 0.019 0.2701 0.01 0.000
ln(CosDep) 0.0001 0.0040 0.986 -0.0084 0.00 0.060
ln(RatIntIncTotAss) 0.0071 0.0163 0.664 -0.1301 0.02 0.000
ln(InvDepRat) 0.0127 0.0069 0.066 -0.0288 0.01 0.000
ln(IntEarTot) 0.0014 0.0054 0.794 -0.0061 0.01 0.310
Cons. Coef. 0.7754 0.1781 0 0.3264 0.20 0.110

BANKS AND FINANCIAL INSTITUTIONS ISBN:978-93-94676-00-8 Page 326

18.5 CONCLUSION AND POLICY IMPLICATIONS

The main aim of this study is to estimate the technical efficiency of 18-public sector, 16-foreign
sector and 13-private sector banks in India during 2005 – 2020. It used log-linear regression
model under stochastic production function approach. Thereupon, it examines the technical
efficiency affecting factors using panel data during 2005 – 2020. Return on investment and
return on advances are considered as outputs in order to estimate the technical efficiency of
banks. The regression coefficient of return-on-investment with fixed assets, total deposits, total
foreign currency assets, return-on-equity and cost of fund are seemed positive and statistically
significant. The regression coefficient of return-on-advances with total employees, total deposits,
ratio of non-interest income to total assets, return on equity and cost of funds are found positive
and statistically significant. Hence, aforesaid variables are effective to increase the performance
of public, private and foreign sector banks in India.

The estimates indicate that there exists a high variation in technical efficiency among the public
sector bank. Indian Overseas Banks and Indian bank have 0.98% technical efficiency for return
on investment. Thus, these banks are efficient to get better return on investment. The technical
efficiency is found 83%, 88% and 89% for Corporation Bank, Syndicate Bank and UCO banks
respectively. Hence, these banks have potential to boost return on investment. As the technical
efficiency of return on advances for public sector banks are below 0.78%. Thus, public sector
banks have greater possibilities to improve return on advance through adopting a specific policy.
Nainital bank, Lakshmi Vilas Banks, HDFC Banks and ICICI Banks have highest technical
efficiency (0.98%) among the private sector banks. City Union Bank, DCB banks and Tamilnad
Mercantile Banks have lowest technical efficiency. Other private sector banks have technical
efficiency below 0.88% for return on advances. Therefore, it is suggested that all private sector
banks are potential to increase return on advances. The technical efficiency of return on
investment for foreign sector banks lie between 0.85 to 0.99, thus, the estimates show that there
is high variation in performance of foreign sector banks. Technical efficiency of MUFG Bank,
MIZUHO bank, Bank of Bahrain & Kuwait B.S.C. are 0.98%, therefore, these banks have better
efficiency to maintain return on investment. CTBC Bank have a lowest technical efficiency
among the foreign sector banks. Moreover, technical efficiency of return on advances is found

BANKS AND FINANCIAL INSTITUTIONS ISBN:978-93-94676-00-8 Page 327

 highest for Bank of Ceylon and lowest for Bank of Nova Scotia is seemed 0.57%. Most foreign
banks have less than 0.87% technical efficiency, thus, these banks have potential to increase
investment on advances.

Fixed assets, ratio of demand & saving banks deposits to total deposits, ratio of net interest
income to total assets, capital adequacy ratio, return on advances and Investment - Deposit Ratio
are found most influencing factor of technical efficiency of investment on return of banks. Fixed
assets, ratio of deposits to total liabilities and ratio of demand & savings bank deposits to total
deposit found most crucial factors to increase the technical efficiency of return on advances of
banks in India. As Indian public sector banks provide the financial facilities most citizens of
India, thus, Indian government should give more priority to increase the technical efficiency of
public sector banks in India. There is essential to monitor the performance of those banks which
have lower technical efficiency by Reserve Bank of India (Singh and Malik, 2018). It would be
useful to increase the performance of banking sector in India.

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31. Bhadrappa Haralayya . "Customer Satisfaction at M/s Sindol Bajaj Bidar" Iconic Research And Engineering
Journals, Volume 4 ,Issue 12, June 2021, Page 157-169
32. Bhadrappa Haralayya . "Ratio Analysis at NSSK, Bidar" Iconic Research And Engineering Journals,
Volume 4, Issue 12,June 2021, Page 170-182
33. Bhadrappa Haralayya . "Financial Statement Analysis of Shri Ram City Union Finance" Iconic Research
And Engineering Journals, Volume 4, Issue 12,June 2021, Page 183-196
34. Bhadrappa Haralayya . "Employee Job Satisfaction at Big Bazaar" Iconic Research And Engineering
Journals, Volume 4, Issue 12, June 2021, Page 197-206
35. Bhadrappa Haralayya . "Effect of Branding on Consumer Buying Behaviour at Vijay Bharat Motors Pvt
Ltd, Bidar" Iconic Research And Engineering Journals, Volume 4, Issue 12, June 2021, Page 207-222

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36. Bhadrappa Haralayya . "Study on Customer Perceptions Guru Basava Motors, Bidar" Iconic Research And
Engineering Journals, Volume 4, Issue 12,June 2021, Page 223-231
37. Bhadrappa Haralayya . "Study on Loans and Advances for DCC Bank Main Branch Nayakaman, Bidar"
Iconic Research And Engineering Journals, Volume 4, Issue 12, June 2021, Page 232-242
38. Bhadrappa Haralayya . "Work Life Balance of Employees at Karanja Industries Pvt Ltd, Bidar" Iconic
Research And Engineering Journals, Volume 4, Issue 12, June 2021, Page 243-254
39. Bhadrappa Haralayya . "Working Capital Management at TVS Motors, Bidar" Iconic Research And
Engineering Journals, Volume 4, Issue 12, June 2021, Page 255-265
40. Haralayya, Dr. Bhadrappa, Testing Weak Form Efficiency of Indian Stock Market – An Empirical Study on
NSE (April 30, 2021). Emerging Global Strategies for Indian Industry (ISBN: 978-81-910118-7-6), 2021,
41. Bhadrappa Haralayya . "Advertising Effectiveness With Reference to Big Bazaar" Iconic Research And
Engineering Journals, Volume 5, Issue 1, July 2021, Page 101-110
42. Bhadrappa Haralayya . "Analysis of Non Performing Asset on Urban Cooperative Bank in India" Iconic
Research And Engineering Journals, Volume 5, Issue 1,July 2021, Page 111-121
43. Bhadrappa Haralayya . "Ration Analysis With Reference to DCC Bank" Iconic Research And Engineering
Journals, Volume 5, Issue 1, July 2021, Page 122-130
44. Bhadrappa Haralayya . "Consumer Buying Behavior With Reference to Bajaj Auto Ltd" Iconic Research
And Engineering Journals, Volume 5, Issue 1, July 2021, Page 131-140
45. Bhadrappa Haralayya . "Sales Promotion With Reference to Yamaha Motor" Iconic Research And
Engineering Journals, Volume 5, Issue 1, July 2021, Page 141-149
46. Bhadrappa Haralayya . "Financial Statement Analysis Using Common Size on Mahindra Sindol Motors"
Iconic Research And Engineering Journals, Volume 5, Issue 1, July 2021 , Page 150-159
47. Bhadrappa Haralayya . "Loans And Advances with Reference to PKGB Bank" Iconic Research And
Engineering Journals, Volume 5, Issue 1, July 2021, Page 160-170
48. Bhadrappa Haralayya . "Study on Trend Analysis at John Deere" Iconic Research And Engineering
Journals, Volume 5, Issue 1, July 2021, Page 171-181
49. Haralayya B, Aithal PS. Study on Cost Efficiency in Indian and Other Countries Experience. Journal of
Advanced Research in HR and Organizational Management 2021; 8(1&2): 23-30.
50. Haralayya B, Aithal PS. Study on Theoretical Foundations of Bank Efficiency. . Journal of Advanced
Research in Operational and Marketing Management 2021; 4(2): 12-23.
51. Haralayya B, Aithal PS. Study on Profitability Efficiency in Indian and Other Countries Experience. Journal
of Advanced Research in Quality Control and Management 2021; 6(2): 1-10.
52. S. Vinoth, Hari Leela Vemula, Bhadrappa Haralayya, Pradeep Mamgain, Mohammed Faez Hasan, Mohd
Naved, Application of cloud computing in banking and e-commerce and related security threats, Materials

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 Today: Proceedings, 2021,ISSN 2214-7853,
[Link]
1071285).
53. Haralayya B, Jeelan BV, Vibhute NS. Capital Structure and Factors Affecting Capital Structure. J Adv Res
Eco Busi Mgmt 2021; 4(2): 4-35.
54. Vibhute NS, Haralayya B, Jeelan BV. Performance Evaluation of Selected Banks using Ratio Analysis. J
Adv Res Eco Busi Mgmt 2021; 4(2): 36-44
55. Jeelan BV, Haralayya B, Vibhute NS. A Study on Empirical Analysis of Relationship between FPI and
NIFTY Returns. J Adv Res Acct Fin Mgmt 2021; 3(2): 3-22
56. Jeelan BV, Haralayya B, Vibhute NS. A Study on Performance Evaluation of Initial Public Offering (IPO).
J Adv Res Pub Poli Admn 2021; 3(2): 12-26.
57. Basha VJ, Haralayya B, Vibhute NS. Analysis of Segment Reporting with Reference to Selected Software
Companies. J Adv Res Entrep Innov SMES Mgmt 2021; 4(2): 9-26.
58. Jeelan BV, Haralayya B, Vibhute NS. Co-Movement and Integration among Stock Markets: A Study of 10
Countries. J Adv Res Acct Fin Mgmt 2021; 3(2): 23-38.
59. Jeelan BV, Haralayya B, Vibhute NS. A Comparative Study on Selected Foreign Currencies. J Adv Res
Eco Busi Mgmt 2021; 4(2): 45-5
60. Bhadrappa Haralayya . "A Study on Customer Satisfaction at TVS Vanish Motors Bidar" Iconic Research
And Engineering Journals Volume 5 Issue 9 2022 Page 117-127
61. Bhadrappa Haralayya . "Consumer Buying Behavior at Kailash Motors Bidar" Iconic Research And
Engineering Journals Volume 5 Issue 9 2022 Page 128-137
62. Bhadrappa Haralayya . "Credit Risk of Canara Bank Bidar" Iconic Research And Engineering Journals
Volume 5 Issue 9 2022 Page 138-149
63. Bhadrappa Haralayya . "Effect of Branding on Consumer Buying Behaviour in Bharat Ford Bidar" Iconic
Research And Engineering Journals Volume 5 Issue 9 2022 Page 150-159
64. Bhadrappa Haralayya . "Employee Engagement at Kharanja Industry Pvt Ltd Humanbad" Iconic Research
And Engineering Journals Volume 5 Issue 9 2022 Page 160-170
65. Bhadrappa Haralayya . "Employee Performance Appraisal at Sri Veerabhadreshwar Motors Bidar" Iconic
Research And Engineering Journals Volume 5 Issue 9 2022 Page 171-183
66. Bhadrappa Haralayya . "Employees Traning and Development at Mgssk Ltd Bhalki" Iconic Research And
Engineering Journals Volume 5 Issue 9 2022 Page 184-196
67. Bhadrappa Haralayya . "Impact of Financial Statement Analysis on Financial Performance in Lahoti Motors
Bidar" Iconic Research And Engineering Journals Volume 5 Issue 9 2022 Page 197-206
68. Bhadrappa Haralayya . "Impact of Ratio Analysis on Financial Performance in Royal Enfield (Bhavani

BANKS AND FINANCIAL INSTITUTIONS ISBN:978-93-94676-00-8 Page 332

 Motors) Bidar" Iconic Research And Engineering Journals Volume 5 Issue 9 2022 Page 207-222
69. Bhadrappa Haralayya . "Sales Promotion at Keshva Enterprise Bidar" Iconic Research And Engineering
Journals Volume 5 Issue 9 2022 Page 223-232
70. Bhadrappa Haralayya . "The Impact of Safety and Health Measures of Employees at KJD Pharma Bidar"
Iconic Research And Engineering Journals Volume 5 Issue 9 2022 Page 233-242
71. Bhadrappa Haralayya . "Comparative Analysis of Mutual Funds in Geojit Financial Services Ltd Gulbarga"
Iconic Research And Engineering Journals Volume 5 Issue 9 2022 Page 243-251
72. Bhadrappa Haralayya . "Cost Analysis at MGSSK Bhalki" Iconic Research And Engineering Journals
Volume 5 Issue 9 2022 Page 252-258
73. Bhadrappa Haralayya . "Employee Compensation Management at Vani Organic Pvt Ltd Bidar" Iconic
Research And Engineering Journals Volume 5 Issue 9 2022 Page 259-266
74. Bhadrappa Haralayya . "Employees Performance Appraisal of Chettinad Cement Gulbarga" Iconic
Research And Engineering Journals Volume 5 Issue 9 2022 Page 267-277
75. Bhadrappa Haralayya . "Ratio Analysis in Muthoot Finance Ltd Aurad" Iconic Research And Engineering
Journals Volume 5 Issue 9 2022 Page 278-284
76. Bhadrappa Haralayya . "Study on Promotion Mix Strategy Towards Big Bazaar Bidar" Iconic Research
And Engineering Journals Volume 5 Issue 9 2022 Page 285-291
77. Bhadrappa Haralayya . "Study on Sales Promotion Techniques Used by VKG Bajaj at Kalaburagi" Iconic
Research And Engineering Journals Volume 5 Issue 9 2022 Page 292-298
78. Bhadrappa Haralayya . "Working Capital Management in Hyundai Showroom Bidar" Iconic Research And
Engineering Journals Volume 5 Issue 9 2022 Page 299-308
79. Bhadrappa Haralayya "Study on Performance Evaluation of Mutual Funds" Iconic Research And
Engineering Journals Volume 5 Issue 10 2022 Page 29-36
80. Bhadrappa Haralayya . "The Performance of Mutual Fund Schemes in The Framework of Risk and Return"
Iconic Research And Engineering Journals Volume 5 Issue 10 2022 Page 37-44
81. Bhadrappa Haralayya . "Risk And Return Analysis of Mutual Funds with Reference to Banks" Iconic
Research And Engineering Journals Volume 5 Issue 10 2022 Page 45-55
82. Bhadrappa Haralayya . "Comparative Study on Performance Evaluation of Mutual Funds with Reference to
Banking Funds" Iconic Research And Engineering Journals Volume 5 Issue 10 2022 Page 56-64

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