Working Capital Management at TVS Motors, Bidar

Abstract

The working capital management is concerned with the problems that arise in attempting to manage the current assets, the current liabilities and the interrelationship between them. The current assets are those assets which are in the ordinary course of the business can be converted in to cash within a year without undergoing a diminution in value. The current assets are cash in hand, cash at bank, sundry debtors, bills receivable, stock, prepaid expenses etc. The current liabilities are those liabilities which are paid in the ordinary course of the business within a year out of the current assets or earning of the firm. The current liabilities are sundry creditors, bills payable, and bank overdraft. Outstanding expenses etc. The goal of the working capital management is to manage the firm's current assets and current liabilities in such a way of working capital is maintained. The basic ingredient of the theory of working capital management includes the optimum level of the current assets, the trade-off between profitability and risk which is associated with the level of the current assets and current liabilities, financing-mix strategies

Full text

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IRE 1702800 ICONIC RESEARCH AND ENGINEERING JOURNALS 255
Working Capital Management at TVS Motors, Bidar
BHADRAPPA HARALAYYA
HOD and Associate Professor, Department of MBA, Lingaraj Appa Engineering College, Bidar
Abstract- The working capital management is
concerned with the problems that arise in attempting
to manage the current assets, the current liabilities
and the interrelationship between them. The current
assets are those assets which are in the ordinary
course of the business can be converted in to cash
within a year without undergoing a diminution in
value. The current assets are cash in hand, cash at
bank, sundry debtors, bills receivable, stock, prepaid
expenses etc. The current liabilities are those
liabilities which are paid in the ordinary course of the
business within a year out of the current assets or
earning of the firm. The current liabilities are sundry
creditors, bills payable, and bank overdraft.
Outstanding expenses etc. The goal of the working
capital management is to manage the firm’s current
assets and current liabilities in such a way of working
capital is maintained. The basic ingredient of the
theory of working capital management includes the
optimum level of the current assets, the trade-off
between profitability and risk which is associated
with the level of the current assets and current
liabilities, financing-mix strategies
I. INTRODUCTION
The extension in offers of this industry is proof of its
high improvement. In 1971 arrangements were around
0.1 million units for every year. In any case, in 1998
this figure had climb to 3 million units for every year.
So additionally points of confinement of age in like
manner extended from around 0.2 million units of
yearly breaking point in the seventies to more than 4
million units in the late nineties. The Two wheeler
industry was start in India tasks inside the system of
the national mechanical approach as embrace by the
Industrial Policy Resolution of 1956. This decision
divided the entire mechanical section into three social
events of which one contained by wanders whose
change was the more specific commitment of the State
another joined those organizations in both the State
and the private division could take an intrigue and the
last game plan of endeavors that could be made by
more exclusively under private movement inside the
guidelines and targets lay out by the Five-Year Plans.
1.1 WORKING CAPITAL MANAGEMENT
MEANING OF WORKING CAPITAL:
Funds which are needed for short term purposes are
known as working capital. In simple words, working
capital refers to that part of firm’s capital, which is
required for financing short term or current assets such
as cash, marketable securities, debtors and inventories.
Funds thus vested in current assets keep revolving fast
and are being constantly converted into cash and this
cash flow out again in exchange for other current
assets. Hence, it is also known as revolving,
circulating capital or short-term capital.
DEFINITION OF WORKING CAPITAL:
According to Shubin, working capital is the amount of
funds necessary to cover the cost of operating the
enterprise.”
According to Genestenberg. Circulating capital means
current assets of a company that are changed in the
ordinary course of business from one form to another.
As for example. From cash to investors, investors to
receivables, receivable into cash.”
DIFFERENT TYPES OF WORKING CAPITAL
1. Gross working capital:
Gross working capital refers to the total investments in
the current assets such as cash in hand, inventories,
accounts receivable, etc. it is also known as total
current assets.
2. Net working capital:
Net working capital means net current assets i.e., the
excess of current assets over liabilities. It is for this
reason that networking capital is also known as net
current assets. Also working capital is generally, used
for net working capital

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3. Negative working capital
Negative working capital or working capital deficit
means the excess of current liabilities over the current
assets. Negative working capital is an indication of
some crisis to the firm.
4. Permanent or fixed working capital
Permanent or fixed working capital refers to the
amount of investments in current assets required
throughout the year for carrying out the business
operation. It is the amount of working capital which
remains in the business permanently. This is also
known as core current assets.
5. Temporary working capital
Temporary, variable or fluctuating working capital
refers to the amount of working capital which goes on
fluctuating or changing from time to time with the
change in the change in the volume of business
activities. It is the additional working capital which is
required for financing he increase in additional
working capital which is required for financing the
increase in the volume of business operations at
different times during the operating year. Some returns
can be expected on the temporary working capital
during the off season when it is not required by the
firm.
In other words any amount over and above the
permanent level of working capital is called as
temporary working capital.
COMPONENTS OF WORKING CAPITA:
Current Assets
Current assets are those assets, which in the normal
course of business convertible into cash within a short
period of time i.e., an accounting year (or operating
cycle). Components of Current Assets:
• Stock of materials in trade and in transit
• Stores and spare parts
• Sundry debtors
• Bills of exchange
• Loans and advances
• Deposits
• Cash and bank balance
• Prepaid expenses
• Outstanding incomes.
Current Liabilities
Current liabilities include all the obligations of the
concern that are maturing within an accounting year.
Components of current liabilities are-
• Sundry creditors
• Loans from bank and others
• Provisions for taxation, divided
• Liabilities towards gratuity,
• Outstanding expenses
• Incomes received in advance
II. LITERETURE REVIEW
1. Nufazil Altaf And Farooq Ahmed Shah (2018):
found that how does working capital management
affect the profitability of india companies, the purpose
of this paper is to examine the relationship between
working capital management (WCM) and firm
profitability for a sample of 437 nonfinancial Indian
companies. the study based on secondary financial
data obtained from capital database pertaining to a
period of ten years this study employer’s two-step
generalized methods of moments (GMM) technique to
arrives at results. the result of the study confirms the
inverted U-shape relationship between WCM and firm
profitability.in addition complete its CCC on an
average by 63 days.
2. Mr Shivakumar And Dr N Babitha Thimmaiah
(2016):
in their paper titled working capital management its
impact on liquidity and profitability a study of coal
india ltd makes an attempt to give a conceptual insight
on working capital management and assess its impact
on liquidity and profitability of coal india ltd the
liquidity and profitability trade of has becomes an
important aspect for all the organization the attempt
also has been made to test the liquidity and
profitability position by using correlation and
spearman’s rank method the correlation speart man
ranking method indicates weak correlation and
negative relationship between liquidity and
profitability the total’s test has also been applied to test
the liquidity performance.
3. Mukti R Barot (2016):
In this study the researcher tried to carry out a
comparative analysis on working capital management

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of reymond and vardhman textile limited the aim of
this study is to analyse which companies performance
is better than other company for this analysis
researcher have use only of secondary data of ten years
2006-2015 for data analysis researcher have selected
the technique of ratio analysis.
4. Apurba Kumar Sharma (2015):
examined the efficiency of working capital
management of some select proprietary tea estates
registered under tea board on india, operation in
Jordan district of assume during 200809 to 2012-
13.instead of calculating common method of analysing
different working capital management ratio three
index value performance index, utilization index and
efficiency index have been to working capital
requirement of a firm where as operating cash flows
and sales growth are positively related to working
capital to recruitment.
5. Hina Agha (2014):
reviewed the impact of working capital management
of profitability the main purpose of the study is to
empirically test the impact of working capital
management on profitability, keeping in mind this
objective he studied the glaxo-smith –line
pharmaceutical company registered in Karachi stock
exchange for the period of 1996-2011.the
interpretation of the result is that by increasing the
debtor’s turnover, inventory turnover by decreasing
creditor’s turnover ratio’s the company can increase its
profitability but there is no significant effect of
increasing or decreasing the current ratio on
profitability therefor the result of the research indicate
that through proper working capital management, the
company can increase its profitability.
6. Madhavi K. (2014):
makes an empirical study of the co-relation between
liquidity position and profitability of the paper mills in
Andhra Pradesh.it has been observed that inefficient
working capital management makes a negative impact
on profitability and liquidity position of the paper
mills.
7. Gurumurthy N.And Reddy Jayachandra K.(2014):
have conducted a study on the working capital
management of four pharmaceutical companies
APSPDCL,APEPDCL,APNPDCL and APCPDCL
and have come to the conclusion that the existing
system of working capital management was not up to
the mark needed to be improved.
8. Joseph Jisha (2014):
closely examines the study of working capital
management in also Leyland and point out that the
liquidity and profitability position of the company is
not satisfactory and needed to be strengthened in order
to be able to meet its obligation In time.
9. Rahman Mohammad M,(2011):
focuses on the co-relation between working capital
and profitability.an effective working capital
management has a positive impact on profitability of
firms.from the study it is seen that In the texile
industry profitability and working capital management
position are found to be up to the mark.
10. Uyar Ali (2009):
examines the relationship of cash conversion cycle
with firm size and profitability of the corporations
listed in the Istanbul stock exchange (ISE) for the year
2007.
To set industry benchmark for cash conversion cycle
(CCC) of merchandising and manufacturing
companies.
III. RESEARCH DESIGN
3.1 STATEMENT OF THE PROBLEM
Management of the working capital is an important
function of finance department of corporate
organization. While managing current assets two
important factors that are considered is liquidity and
profitability. The excess working capital results in
deterioration in profits and inadequate working capital
results in liquidity risk. So, this study is undertaken to
know “The management of working capital in TVS
MOTORS, BIDAR.
3.2 NEED OF THE STUDY
To fulfil its endeavour to maximize the shareholders
wealth, firm has to earn sufficiently return from its
operation, which needs a successful sales activity. The
firm has to invest sufficient funds in current assets to
succeed in sales, as the sales do not convert into cash
instantaneously because of time gap between the sales

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of goods and actual receipt in cash. The working
capital need arises for the following purposes;
• For purchasing of raw material, components and
spare parts.
• For paying wages and salaries.
• To incur day-to-day expanses and overhead costs
like fuel, power and office expenses, etc.
• 3.3 OBJECTIVES OF THE STUDY
• To understand how investment in current assets
effect the organisation profitability.
• To determine the proportion of long-term funds
and short-term funds to finance current assets.
• The different components of current assets and
liabilities and the extent of funds tied up in each.
• To identify the financial strengths & weakness of
the company.
• Evaluating company`s performance relating to
financial statement analysis.
• To know the liquidity position of the company with
the help of current ratio.
3.4 SCOPE OF THE STUDY
For the sake of convenience of the study, the scope of
the project is restricted as followed-
• All the aspect of working capital.
• Cash management.
• Debtors management.
• Creditors management
• Inventory management.
• Ratio analysis.
3.5 RESEARCH METHODOLOGY
Primary Data:
The information is collected through the primary
sources like:
• Talking with the employees of the department.
• Getting information by observations e.g. in
manufacturing processes.
• Discussion with the head of the department.
Secondary Data:
This study is based on facts and figures for which
secondary sources are also used for collecting the data
and information for this project. The secondary
sources of data consists of-
A. Published Annual Reports of Sai advantium
Limited.
B. Theoretical base regarding working capital
management’s in various books available in
library.
IV. ANALYSIS AND INTERPRETATION OF
DATA
1. GROSS WORKING CAPITAL POSITION OF 3
YEARS
(Rs. in Lacs)
YEAR
GROSS WORKING
CAPITAL
2008-09
6773.26
2009-10
8946.47
2010-11
11863.79
(Source: Annual Report of the Company)
Analysis:
As we can see in the table, which is earns highest the
gross working Capital is 11863.79 in the year 2010-11
Interpretation:
The above the graph shows that the gross working
capital position is last three years. The gross working
capital position is high during the year 2010-11
(11863.79) And low during the year 2008-09
(6773.26)
2. NET WORKING CAPITAL POSITION OF 3
YEARS
(Rs. in Lacs)
Year
A
Current
assets
B
Current
liabilities
C
Net
working
capital
D=B-C

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2008-
09
6773.26
2893.31
3879.95
2009-
10
8946.47
2996.05
5950.42
010-
11
11863.79
4125.65
7738.13
(Source: Annual Report of the Company)
Analysis:
The above the table shows that net working capital is
high during the year 2010-11 (7738.13) and low net
working capital during the year 2008-09 (3879.95).
Interpretation:
Here the graph explains Any company should have a
sufficient net working capital in order to meet the
claims of the creditors and the day to day needs of
business. The greater is the amount of net working
capital the greater must be liquidity of the firm.
Therefore, Net Working Capital is a measurement of
liquidity; inadequate working capital is the first sign
of financial problem of a firm.
3. WORKING CAPITAL TURNOVER RATIO IN 3
YEARS
Working capital turnover ratio
=Sales
Net working capital
(Rs. in Lacs)
Years
Particulars
2008-09
2009-10
2010-11
Sales
10728.36
14606.68
18444.05
Net
Working
capital
3879.95
5950.42
7738.13
Ratio
2.76
2.45
2.38
(Source: Annual Report of the Company)
Analysis:
The above the table shows that the working capital
turnover ratio is high during the year 2008-09 (2.76)
and low during the year 2010-11 (2.38).
Interpretation:
From the graph Higher working capital turnover
indicates the efficiency of the management & Lower
working capital turnover ratio indicates the
inefficiency of the management.
High working capital turnover ratio means over
trading. And low working capital turnover ratio means
under trading. Both are not good for organisation. So
it should be not high or very low. It should be just
normal.
4. INVENTORY TURNOVER RATIO OF 3
YEARS
Inventory turnover ratio = Sales
Average inventory
(Rs. in Lacs)
Years
Particulars
2008-09
2009-10
2010-11
Sales
10728.36
14606.68
18444.05
Average
inventory
804.19
1505.14
2065.54
Ratio
13.34
9.70
8.93
(Source: Annual Report of the Company)

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Analysis:
The table shows that inventory turnover ratio is high
during the year 2008-09 (13.34) and low during the
year 2010-11 (8.93).
Interpretation:
From the graph represents that, if the actual ratio is
more than 8 times it indicates that more sales are
effected and effective inventory management.
5. CURRENT ASSETS TURNOVER RATIO OF 3
YEARS
Current assets turnover ratio = Sales
Current assets
(Rs. in Lacs)
Years
Particulars
2008-09
2009-10
2010-11
Sales
10728.36
14606.68
18444.05
Current
assets
6773.26
8946.47
11863.79
Ratio
1.58
1.63
1.55
(Source: Annual report of the company)
Analysis:
The above table shows that current assets turnover
ratio high during the year 2009-10 (1.63) and low
during the year 2010-11 (1.55).
Interpretation:
from the above graph represents that the current assets
turnover ratio indicates utilization of current assets
increase in ratio speaks of proper investment in current
assets. But decrease in ratio speaks that unwise or
improper investment in current assets.
6. CURRENT RATIO OF 3 YEARS
Current ratio = Current assets
Current liabilities
(Rs. in Lacs)
Years
Particulars
2008-09
2009-10
2010-11
Current
assets
6773.26
8946.47
11863.79
Current
liabilities
2893.31
2996.05
4125.65
Ratio
2.34
2.99
2.88
(Source: Annual Report of the Company)
Analysis:
Compare the ideal ratio i.e., 2:1 and actual current
ratio. The above the table shows that high ratio during
the year 2009-10 (2.99) and low during the year 2008-
09 (2.34).
Interpretation:
If current ratio is less than the standard ratio of 2:1, it
indicates that the concern does not enjoy the sufficient
liquidity and shortage of working capital. If current
ratio is more than the ideal ratio it indicates the
sufficient liquidity.
7. ACID TEST RATIO OR QUICK RATIO OF 3
YEARS
Acid test ratio = Quick assets
Quick liabilities

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(Rs. in Lacs)
(Source: Annual Report of the Company)
Analysis:
The above table shows that acid test ratio is high
during the year 2009-10 (2.36) and low during the year
2008-09 (1.95).
Interpretation:
In the graph The Standard ratio is 1:1. If the actual
quick ratio is equal or more than standard ratio, it
indicates the sufficient liquidity. And if the actual
quick ratio is less than ideal quick ratio it indicates that
concern is not liquid.
8. CASH POSITION RATIO OF 3 YEARS
Cash position ratio = Cash
Current liabilities
(Rs. in Lacs)
Years
Particulars
2008-09
2009-10
2010-11
Cash
2063.43
2002.28
1856.21
Current
liabilities
2893.31
2996.05
4125.65
Cash
position
ratio
0.71
0.67
0.45
Analysis:
The above the table shows that highest during the year
2008-09 (0.71) and above the graph shows the lowest
during the year 2010-11 (0.45).
Interpretation:
From the graph it shows that the Cash position ratio is
expresses relationship between cash and current
liabilities. The standard ratio 1:2. it is exhibits to be
satisfactory with means cash is to be not equal to
current liabilities.
9. DEBT TO EQUITY RATIO OF 3 YEARS
Debt equity ratio
=Long term debt
Owners’ equity (shareholders funds)
(Rs. in Lacs)
(Source: Annual Report of the Company)
Years
Particulars
2008-09
2009-10
2010-11
Quick
assets
5650.98
7058.47
9620.70
Quick
liabilities
2893.31
2996.05
4125.65
Acid test
ratio
1.95
2.36
2.33
Years
Particulars
2008-09
2009-10
2010-11
Long term
debt
4623.16
5794.46
6523.17
Equity
11360.62
12362.26
14439.86
Ratio
0.41
0.47
0.45

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Analysis:
The above the table shows that debt to equity ratio high
during the year 2009-10 (0.47) and low during the year
2008-09 (0.41).
Interpretation:
From the graph it represents If the debt ratio is less
than 2 times of equity indicates that the financial
structure of the concern is sound. On other hand, if the
debt is more than 2 times of the equity, it indicates that
the financial structure is week.
10. CURRENT ASSETS TO FIXED ASSETS
RATIO OF 3 YEARS
Current assets to fixed assets = Current assets
Fixed asset
(Rs. in Lacs)
(Source: Annual Report of the Company)
Analysis:
The above the table shows that current assets to fixed
assets ratio is high during the year 2010-11 (0.85) and
low during the year 2008-09 (0.55).
Interpretation:
From the graph it shows that the Current Assets to
Fixed Assets Ratio of 3 years. The value of the assets
which is increases in the year of 2010-11
V. FINDINGS
• The company current assets are higher than the
current liabilities & the ratio is also above the
standard position of 2:1. It indicate sufficient
liquidity.
• It is found that company Quick ratio is sound for
all three years as it was always above the standard
ratio of 1:1. It indicates sufficient liquidity.
• It is found that company debt equity ratio is lower
than the owners equity fund & the ratio is not
above the standard position 2:1. In indicates that
the financial structure of t he concern is sound.
• It is found that company inventory turnover ratio
is high reflects faster movement of stock for all
three years as it was always above the standard
ratio of 8 times.
• Even though the company tried to show a positive
recovery in working capital still it is not sustaining
on the same trend.
• It is found from the study that cash flow of the
company has ups and downs which finally do not
supporting the net working capital
• It is observed from the study of working capital
turnover ratio high for all the years it indicates
efficiency of the management and it is no any
standard ratio.
VI. SUGGESTIONS
• Company is reducing its credit basis sales so they
can maintain its cash transaction more.
• Companies try to avoid more use of creditors fund
so that it will be advisable to the company can issue
more equity shares and to increase their net
working capital.
• Company has tried to maintain standard working
capital policy. So that it helps to the company in
utilizing the working capital for all the purpose.
• Company has to maintain strict policy towards
debtors. This will lead to avoid bad debts and
maintains the expenditure.
• The company should take effective steps to
increase the sales, for reducing wastages on
Transportation expenses.
• Company tries to utilize its working capital
properly. So that it will help in avoiding both under
trading and over trading
years
Particulars
2008-09
2009-10
2010-11
Current
assets
6773.26
8946.47
11863.79
Fixed
assets
12319.39
12713.86
13996.55
Ratio
0.55
0.70
0.85

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CONCLUSION
The present study reveals the following important
outcomes:
• Sai Life Insurance Ltd is playing very important
role in augmenting socio-economic development
of the share members.
• The majority of farmers are satisfied for price and
the payment of the bills.
• Much growth opportunities are kept open for
utilizing by-products in an effective manner.
• Shareholders are satisfied with the performance of
the company.
• The management provides an opportunity for their
growth and welfare of its employees.
• Central and State Government have to come
forward to assist the industry with promising
policies.
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no 305-314, Available at :
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[11] BHADRAPPA HARALAYYA, P.S.AITHAL,
ANALYSIS OF BANK PRODUCTIVITY
USING PANEL CAUSALITY TEST, Journal of
Huazhong University of Science and
Technology, Volume 50, Issue 6, June-2021 ,
Page no: 1 – 16, Available at:
https://app.box.com/s/o71lh776opeypauvzucp9e
sntjwur9zf
[12] BHADRAPPA HARALAYYA, P.S.AITHAL,
INTER BANK ANALYSIS OF COST
EFFICIENCY USING MEAN, International
Journal of Innovative Research in Science,
Engineering and Technology (IJIRSET),
Volume 10, Issue 6, June-2021 ,Page no: 6391-
6397, Available at:
http://www.ijirset.com/upload/2021/june/97_IN
TER_NC1.pdf
[13] BHADRAPPA HARALAYYA, P.S.AITHAL ,
ANALYSIS OF TOTAL FACTOR
PRODUCTIVITYAND PROFITABILITY
MATRIX OF BANKS BY HMTFP AND
FPTFP, Science, Technology and Development
Journal, Volume 10, Issue 6, June-2021, Page
no: 190-203, Available at:
http://journalstd.com/gallery/23-june2021.pdf
[14] BHADRAPPA HARALAYYA, P.S.AITHAL ,
ANALYSIS OF BANKS TOTAL FACTOR
PRODUCTIVITY BY AGGREGATE LEVEL,
Journal of Xi'an University of Architecture &
Technology, Volume 13, Issue 6, June- 2021
,Page no: 296-314, available at:
https://www.xajzkjdx.cn/gallery/28-
june2021.pdf
[15] Bhadrappa Haralayya, P S Aithal, "ANALYSIS
OF BANKS TOTAL FACTOR
PRODUCTIVITY BY DISAGGREGATE
LEVEL", International Journal of Creative
Research Thoughts (IJCRT), Volume.9, Issue 6,
June 2021, pp.b488-b502, Available at
:http://www.ijcrt.org/papers/IJCRT2106187.pdf
[16] Haralayya B. Importance of CRM in Banking
and Financial Sectors Journal of Advanced
Research in Quality Control and Management
2021, 6(1): 8-9
[17] Haralayya B. How Digital Banking has Brought
Innovative Products and Services to India.
Journal of Advanced Research in Quality Control
and Management 2021; 6(1): 16-18
[18] Haralayya B. Top 5 Priorities That will Shape
The Future of Retail Banking Industry in India.
Journal of Advanced Research in HR and
Organizational Management 2021; 8(1&2): 17-
18.
[19] Haralayya B. Millennials and Mobile-Savvy
Consumers are Driving a Huge Shift in The
Retail Banking Industry. Journal of Advanced
Research in Operational and Marketing
Management 2021; 4(1): 17-19
[20] Haralayya B. Core Banking Technology and Its
Top 6 Implementation Challenges. Journal of
Advanced Research in Operational and
Marketing Management 2021; 4(1): 25-27
[21] Nitesh S Vibhute ; Dr. Chandrakant B. Jewargi ;
Dr. Bhadrappa Haralayya . "Study on Non-
Performing Assets of Public Sector Banks"
Iconic Research And Engineering Journals
Volume 4, Issue, 12 June 2021, Page 52-61
Available at
https://irejournals.com/formatedpaper/1702767.
pdf
[22] Haralayya, Dr. Bhadrappa and Saini, Shrawan
Kumar, An Overview on Productive Efficiency
of Banks & Financial Institution (2018).
International Journal of Research, Volume 05
Issue 12, April 2018, Available at SSRN:
https://ssrn.com/abstract=3837503
[23] Haralayya, Dr. Bhadrappa, Review on the
Productive Efficiency of Banks in Developing
Country (2018). Journal for Studies in
Management and Planning, Volume 04 Issue 05,
April 2018, Available at SSRN:
https://ssrn.com/abstract=3837496
[24] Basha, Jeelan and Haralayya, Dr. Bhadrappa,
Performance Analysis of Financial Ratios -
Indian Public Non-Life Insurance Sector (April
30, 2021). Available at SSRN:
https://ssrn.com/abstract=3837465.
[25] Haralayya, Dr. Bhadrappa, The Productive
Efficiency of Banks in Developing Country With
Special Reference to Banks & Financial
Institution (april 30, 2019). Available at SSRN:

© JUN 2021 | IRE Journals | Volume 4 Issue 12 | ISSN: 2456-8880
IRE 1702800 ICONIC RESEARCH AND ENGINEERING JOURNALS 265
https://ssrn.com/abstract=3844432 or
http://dx.doi.org/10.2139/ssrn.3844432
[26] Haralayya, Dr. Bhadrappa, Study on
Performance of Foreign Banks in India (APRIL
2, 2016). Available at SSRN:
https://ssrn.com/abstract=3844403 or
http://dx.doi.org/10.2139/ssrn.3844403
[27] Haralayya, Dr. Bhadrappa, E-Finance and the
Financial Services Industry (MARCH 28, 2014).
Available at SSRN:
https://ssrn.com/abstract=3844405 or
http://dx.doi.org/10.2139/ssrn.3844405
[28] Haralayya, Dr. Bhadrappa, E-payment - An
Overview (MARCH 28, 2014). Available at
SSRN: https://ssrn.com/abstract=3844409 or
http://dx.doi.org/10.2139/ssrn.3844409.