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Final report

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A Research Report on "Relevance of Plastic Money over Paper Money in INDIA ( Selected Cities)". Selected Cities were Surat and Agra. Researcher Gautam Chopra.

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Final report

  1. 1. A Research Report On “A study of the relevance of Plastic Money over Paper Money in Selected Cities” Submitted to the RNBGU for partial fulfilment of the Bachelor of Business Administration Submitted To: Submitted By: Ms. Sharda Vyas Gautam Chopra Assistant Professor ENR: RNBGU201500049 School of Commerce & Management RNB Global University, Bikaner JULY 2017
  2. 2. ii ACKNOWLEDGEMENT I hereby convey my deep acknowledgement to all those who made it possible for me to complete this project, by extending their support and continuous cooperation. I extend my sincere gratitude towards RNBGU, Bikaner for providing practical ways of learning. I would also like to acknowledge the consistent encouragement to Ms. Sharda Vyas (Assistant Professor), Dr. Manjoo Saraswat (Deputy Registrar) & Dr. Ajoy Kumar Mitra (Professor) RNB Global University whose constant guidance, heartfelt support, suggestion and consideration helped me in the successful completion of this project. Finally, I would like to thank my friends Renu Sharma, Saurabh Chopra & Mahendra Singh Chauhan students of RNB Global University without whom this discretion work would not have been successfully completed.
  3. 3. iii CERTIFICATE OF ORIGINALITY This is to certify that the project titled “A study on the relevance of Plastic Money over Paper Money in India” is an original work of the Student and is being submitted in partial fulfilment for the award of the “BBA (Finance & Accounts)” of RNB Global University. This report has not been submitted earlier either to this University or to any other University/Institution for the fulfilment of the course of study. Signature of Student Signature of Supervisor ………………………. ……………………….....
  4. 4. iv CERTIFICATE OF INTERNAL (UNIVERSITY) RESEARCH GUIDE Enrolment No: RNBGU201500049 This is to certify that Mr/Ms…………………………………………………………………….of ……………………….(program name) has completed this research project under my supervision in partial fulfilment for the award of the Bachelor’s Degree in Business Administration from RNB Global University, Bikaner. Course Name: Summer Internship Project Course Code : 11012300 SIGNATURE OF INTERNAL RESEARCH GUIDE SIGNATURE OF STUDENT PLACE: RNB GLOBAL UNIVERSITY, BIKANER DATE:
  5. 5. v A RESEARCH PROPOSAL For “A study of the relevance of Plastic Money over Paper Money in Selected Cities” Submitted by: Gautam Chopra BBA (Finance & Accounts) Submitted To: Prof. Nitin Pathak (SOCM) Enrolment number: RNBGU201500049
  6. 6. vi Structured Abstract Purpose/Objective: i. Statement of Research Objective Need of the study is to get to know about the comparative analysis of plastic money in the two selected cities. There are many challenges in the market of plastic money which is required to be studied. This study is concerned with the Four perks of Plastic Money i.e. Convenience, Budgeting, the float, Security. a) Primary objective To know the perception of people towards plastic money. b) Secondary objectives • To know the usage of plastic money in the daily life of consumers in selected cities (Surat & Agra) of India. • To know the perception of people in Surat & Agra in relevance to the Role of Plastic money to crab black money from the economy. • To find out which is the most reliable source of payment for people in the two selected cities. Introduction: This research is about the details of Plastic Money and Paper Money. Also, about their use in India. Method: The researcher is planning to conduct a survey for collection of primary data from respondents towards their preference between plastic money and paper money. And secondary data will be collected past data from websites and will analyse them through help of correlation statistical tool for getting an outcome of a research.
  7. 7. vii Background/Introduction: Plastic Money is very recent trend which is replacing paper money. The term coined with a view to make ease for customer in their daily increasing number of transactions. It includes debit cards, credit cards, smart cards, etc. This study will try to typically focus on credit cards and debit cards to find out their effectiveness in real life and consumer perceive them. Also, the researcher would try to find out the specific sectors where consumer willing to spend through these cards. Research Design and Methodology: Research Design Research Method: To conduct any research, various strategies are available based on different requirements of the study. The researcher would use survey strategy to conduct its research because it will give more reliable outcomes to researcher. Data Collection and analysis: The researcher would like to opt for quantitative data structure as they talked about survey method to carry out research. And close ended questionnaire will give quantitative data only. He will collect data from primary as well as secondary data both. Primary data will be collected from respondents through questionnaires and secondary data will be collected through various website. Sampling or Source of data This is crucial part of any research which defines the sampling portion in brief with context to research. Research will have both, primary data and secondary data. For primary data, research would collect data samples from various respondents in the form of questionnaires. Respondents would be contacted through help of friends, personal approach. The researcher will collect this primary data from investors within a time frame of 5-7 days approx. In number, near to 200 respondents as it is for plastic money, researcher will use Systematic random method of sampling, where he’ll approach to different kind of respondents. And as research also carries secondary data, it will be collected through various website useful for research.
  8. 8. viii Materials and equipment/resources To carry out a particular research, it requires various materials and equipment. In this research, it will require materials for both, primary and secondary collection of data. For primary data, it will require questionnaire tool to conduct survey. Questionnaire will be framed with the help of literature review by keeping in mind, all the factors mentioned there related with research topic. And after questionnaire, it will require approx. 50 people, who will give their opinion about questions been asked. Questionnaire will be circulated through the researcher himself by face to face interaction with the respondents. These all are resources and equipment’s that will be required by researcher to carry out his research. Geographical Boundaries The research will be conducted within India. The place of research will be any two from the following cities Surat, Agra, Vrindavan as these are the centre of attraction for the tourist so more and more responses will be gathered. Research procedure Procedure, in short is the entire recipe, how research part will be done by researcher. As stated above, it will consist of both, primary as well as secondary data. Procedure for primary research will be first to read thoroughly the literature review of this research. After understanding the thoughts put under literature review part, researcher will form a questionnaire on the basis of literature review only. The questionnaire will carry all the relevant doubts that came under review part. All the questions will be close ended for ease of answerability of respondents. Questionnaire will help me to carry out research in more feasible manner and result will be more reliable. After completion of questionnaire, researcher will seek to get the questionnaire filled by estimated respondents. For this, researcher will use systematic random sampling. Once respondents have filled up questionnaire, it will be converted into graphical manner for pictorial representation and for better analysis. The analysis will be done accordingly as per the charts and graph. Time Plan The research will be conducted and completed within the period of 2 months of May and June (2017).
  9. 9. ix Executive Summary In recent times, the growth in usage rate of Plastic Money especially Credit Cards & debit Cards have been phenomenally high. There are Billions of credit cards in circulation today; these little plastic cards have become a way of life today and even a status symbol for the educated population of the country. Even India itself holds 800 million (approx.) credit & debit cards as per RBI. Plastic Money is designed for cashless payments and getting cash from one's bank account with ATMs all over the world. It is the most convenient way to carry money. It is safer to carry than to carry the paper notes. ATM around the world accept plastic card and dispense required amount of money. Plastic card can also be used for payment for most good and services although there may be a lower and upper limit of transaction. Bank charges on plastic transactions can often work out less than commissions on purchases of traveler's cheques Spending patterns of people now-a-days is slowly and gradually changing and they have started preferring credit cards/ debit cards as a mode of payment in routine life as well as while travelling also. This growing trend will surely bring our economy to a point where paper money will be totally replaced by plastic money. Plastic Money business is definitely going big time. But this is true that a decade back in a country where people have hardly heard about plastic money are holding nearly 800 million cards and this growth is attracting more and more international financial institution to our country. This research was started with the primary objective of knowing the perception of people about Plastic Money, do they have started using it in their daily routine or not, and what is the level of trust they have on Cards as safe means of transaction. During this research, I have visited two cities (Surat & Agra) for filling these questionnaires there in each city. I almost surveyed 100 people and after the whole research in the analysis result showed that people have started using Plastic Money with the trend but still a lot of people still prefer to use Paper Money instead of using Credit Cards or Debit Cards for payment.
  10. 10. x
  11. 11. xi LIST OF FIGURES Fig. No. Title Pg. No. Fig. 1. Gender (Surat & Agra) 7 Fig. 2. Age Group (Surat) 8 Fig. 3. Age Group (Agra) 9 Fig. 4. Profession (Surat) 10 Fig. 5. Profession (Agra) 11 Fig. 6. Annual Income (Surat) 12 Fig. 7. Annual Income (Agra) 13 Fig. 8. Marital Status (Surat) 14 Fig. 9. Marital Status (Agra) 15 Fig. 10. Plastic Money (Surat) 16 Fig. 11. Plastic Money (Agra) 17 Fig. 12. Convenience Of Respondent While Paying In Routine Life (Surat & Agra) 18 Fig. 13. Respondent’s preference to carry while travelling (Surat & Agra) 19
  12. 12. xii Fig. 14. Credit card is expensive or not? (Surat) 20 Fig. 15. Credit card is expensive or not? (Agra) 21 Fig. 16. Plastic money is safest mode of transaction or not? (Surat) 22 Fig. 17. Plastic money is safest mode of transaction or not? (Agra) 23 Fig. 18. Reason for not preferring plastic money (Surat) 24 Fig. 19. Reason for not preferring plastic money (Agra) 25 Fig. 20. Reason for not preferring paper money (Surat) 26 Fig. 21. Reason for not preferring paper money (Agra) 27 Fig. 22. Which has more life? (Surat) 28 Fig. 23. Which has more life? (Agra) 29 Fig. 24. Do You Think Plastic Money Will Penetrate More In Future? (Surat) 30 Fig. 25 Do You Think Plastic Money Will Penetrate More In Future? (Agra) 31 Fig. 26. More & more transactions through credit card & debit card will help to crab black money circulation in economy? (Surat) 32 Fig. 27. More & more transactions through credit card & debit card will help to crab black money circulation in economy? (Agra) 33 Fig. 28. Respondents Action, If They Were The Finance Minister Of Country (Surat) 34 Fig. 29. Respondents Action, If They Were The Finance Minister Of Country (Agra) 35
  13. 13. xiii LIST OF ABBREVIATIONS S. No. ABBREVIATIONS FULL FORM 1. SBI STATE BANK OF INDIA 2. RBI RESERVE BANK OF INDIA 3. US UNITED STATES
  14. 14. 1 I. INTRODUCTION TO THE INDUSTRY i. Banking Industry The Banking Industry in India has a tremendous canvas of history, which covers the conventional banking practices from the rule of Britishers to the changes time frame, nationalization to privatization of banks and now expanding numbers of foreign banks in India. Along these lines, managing an account in India has been through a long adventure. Banking industry in India has additionally accomplished another revolution with the evolving times. The utilization of innovation has acquired a transformation the working style of the banks. The main basic aspect of banking i.e. trusts and the certainty of the general population on the establishment continue as before. Most of the banks are yet fruitful with regards to the confidence of the shareholders and also different stake holders. In any case, with the changing progression banking business brings new sort of challenging exposure. ii. Historical Background The First Indian Bank was The Bank of Hindustan which was set up in 1870. Later, under the Presidency Bank's act 1876 three presidency Banks i.e. Bank of Bombay, Bank of Calcutta and Bank of Madras were set up, which laid foundation for modern banking in India. In year 1921, all presidency banks were amalgamated to form one single Bank which was Imperial Bank of India. Imperial bank carried out limited number of central banking functions prior to establishment of RBI. It was engaged in all types of commercial banking business but it was not engaged in foreign exchange. In 1934, RBI Act was passed & Reserve Bank of India (RBI) was constituted as an apex body without major government ownership. Banking Regulations Act was passed in 1949. This regulation brought RBI under government control. Under the act, RBI got wide ranging powers for supervision & control of banks. The Act also vested licensing powers & the authority to conduct inspections in RBI. In 1955, RBI acquired control of the Imperial Bank of India, which
  15. 15. 2 was renamed as State Bank of India. In 1959, SBI took over control of eight private banks floated in the erstwhile princely states, making them as its 100% subsidiaries. Banking industry is the back bone for growth of any economy. The journey of Indian Banking Industry has faced many waves of economic crisis. Recently, we have seen the European crisis & economic crisis of US in 2008-09 and. The general scenario of the world economy is very critical. It is the banking rules and regulation framework of India which has prevented it from the world economic crisis. iii. History of Plastic Money According to MasterCard, The first bank card, named "Charg-It," was introduced in 1946 by John Biggins, a banker in Brooklyn. When a customer used it for a purchase, the bill was forwarded to Biggins' bank. The bank reimbursed the merchant and obtained payment from the customer. The catches: Purchases could only be made locally, and Charg-It cardholders had to have an account at Biggins' bank. In 1951, the first bank credit card appeared in New York's Franklin National Bank for loan customers. It also could be used only by the bank's account holders. According to a representative from Diners Club, the story began in 1949 when a man named Frank McNamara had a business dinner in New York's Major's Cabin Grill. When the bill arrived, Frank realized he'd forgotten his wallet. He managed to find his way out of the pickle, but he decided there should be an alternative to cash. McNamara and his partner, Ralph Schneider, returned to Major's Cabin Grill in February of 1950 and paid the bill with a small, cardboard card. Coined the Diners Club Card and used mainly for travel and entertainment purposes, it claims the title of the first credit card in widespread use. Citibank and HSBC were the pioneers in the Indian credit card market in the 1980s. Over the next two decades, the number of players increased to more than ten in 2000. The credit card market in India registered a healthy annual growth rate of over 25% during 1987-2001.
  16. 16. 3 iv. General Banking Scenario The general banking scenario in India has become very dynamic now-a-days. Before pre-liberalization era, the picture of Indian Banking was completely different as the Government of India initiated measures to play an active role in the economic life of the nation, and the Industrial Policy Resolution adopted by the government in 1948 envisaged a mixed economy. This resulted into greater involvement of the state in different segments of the economy including banking and finance. The Reserve Bank of India was nationalized on January1, 1949 under the terms of the Reserve Bank of India (Transfer to Public Ownership) Act, 1948. In 1949, the Banking Regulation Act was enacted which empowered the Reserve Bank of India (RBI) "to regulate, control, and inspect the banks in India." The Banking Regulation Act also provided that no new bank or branch of an existing bank could be opened without a license from the RBI, and no two banks could have common directors by the 1960s, the Indian banking industry had become an important tool to facilitate the speed of development of the Indian economy. The Government of India issued an ordinance and nationalized the 14 largest commercial banks with effect from the midnight of July 19, 1969. A second dose of nationalization of 6 more commercial banks followed in 1980. The stated reason for the nationalization was to give the government more control of credit delivery. With the second dose of nationalization, the Government of India controlled around 91% of the banking business of India. Later, in the year 1993, the government merged New Bank of India with Punjab National Bank. It was the only merger between nationalized banks and resulted in the reduction of the number of nationalized banks from 20 to 19. After this, until the 1990s, the nationalized banks grew at a pace of around 4%, closer to the average growth rate of the Indian economy. In the early 1990s, the then Narasimha Rao government embarked on a policy of liberalization, licensing a small number of private banks. The next stage for the Indian banking has been set up with the proposed relaxation in the norms for Foreign Direct Investment, where all Foreign Investors in banks may be given voting rights which could exceed the present cap of 10%, at present it has gone up to 74% with some restrictions. The new policy shook the Banking sector in India completely. Bankers, till this time, were used to the 4-6-4 method (Borrow at 4%; Lend at 6%; Go home at 4) of
  17. 17. 4 functioning. The new wave ushered in a modern outlook and tech-savvy methods of working for traditional banks. All this led to the retail boom in India. People not just demanded more from their banks but also received more. v. Structure of banking Industry in India Banking Industry in India functions under the sunshade of Reserve Bank of India - the regulatory, central bank. Banking Industry mainly consists of: 1) Commercial Banks 2) Co-operative Banks The commercial banking structure in India consists of: Scheduled Commercial Banks Unscheduled Bank. Scheduled commercial Banks constitute those banks which have been included in the Second Schedule of Reserve Bank of India (RBI) Act, 1934.RBI in turn includes only those banks in this schedule which satisfy the criteria laid down vide section 42 (60) of the Act. Some co-operative banks are scheduled commercial banks although not all co-operative banks are. Being a part of the second schedule confers some benefits to the bank in terms of access to accommodation by RBI during the times of liquidity constraints. At the same time, however, this status also subjects the bank certain conditions and obligation towards the reserve regulations of RBI. For assessment of performance of banks, the Reserve Bank of India categories them as public-sector banks, old private sector banks, new private sector banks and foreign banks.
  18. 18. 5 II. INTRODUCTION OF THE COMPANY Major Banks Issuing Credit Card in India • State Bank of India • Bank of Baroda • ICICI • HDFC • IDBI • Citibank i. State Bank of India (SBI) ➢ State Bank of India (SBI) is a multinational banking and financial services company based in India. It is a government-owned corporation with its headquarters in Mumbai, Maharashtra. As of December 2012, it had assets of US$501 billion and 15,003 branches, including 157 foreign offices, making it the largest banking and financial services company in India by assets. ➢ The bank traces its ancestry to British India, through the Imperial Bank of India, to the founding in 1806 of the Bank of Calcutta, making it the oldest commercial bank in the Indian Subcontinent. Bank of Madras merged into the other two presidency banks— Bank of Calcutta and Bank of Bombay—to form the Imperial Bank of India, which in turn became the State Bank of India. Government of India nationalized the Imperial Bank of India in 1955, with Reserve Bank of India taking a 60% stake, and renamed it the State Bank of India. In 2008, the government took over the stake held by the Reserve Bank of India. SBI was ranked 285th in the Fortune Global 500 rankings of the world's biggest corporations for the year 2012.
  19. 19. 6 ➢ SBI provides a range of banking products through its network of branches in India and overseas, including products aimed at non-resident Indians(NRIs). SBI has 14 regional hubs and 57 Zonal Offices that are located at important cities throughout the country. ➢ SBI is a regional banking behemoth and has 20% market share in deposits and loans among Indian commercial banks. ➢ The State Bank of India was named the 29th most reputed company in the world according to Forbes 2009 rankings and was the only bank featured in the "top 10 brands of India" list in an annual survey conducted by Brand Finance and The Economic Times in 2010. ii. Bank of Baroda ➢ Bank of Baroda (BoB) is an Indian state-owned banking and financial services company headquartered in Baroda, or Vadodara. It offers a range of banking products and financial services to corporate and retail customers through its branches and through its specialized subsidiaries and affiliates in the areas of retail banking, investment banking, credit cards, and asset management. Its total global business was 8,021 billion as of 31 March 2013, making it the second largest Bank in India after State Bank of India. In addition to its headquarters in its home state of Gujarat, it has a corporate headquarters in the Bandra Kurla Complex in Mumbai. Based on 2012 data, it is ranked 715 on Forbes Global 2000 list. BoB has total assets more than 3.58 trillion (short scale), 3,583 billion (long scale), a network of 4283 branches (out of which 4172 branches are in India) and offices, and over 2000 ATMs. ➢ The bank was founded by the Maharaja of Baroda, H. H. Sir Sayajirao Gaekwad III on 20 July 1908 in the Princely State of Baroda, in Gujarat. The bank, along with 13 other major commercial banks of India, was nationalised on 19 July 1969, by the Government of India
  20. 20. 7 and has been designated as a profit-making public-sector undertaking (PSU). iii. Industrial credit and Investment Corporation of India (ICICI) ➢ ICICI Bank is an Indian multinational bank and financial services company headquartered in Mumbai. Based on 2013 information, it is the second largest bank in India by assets and third largest by market capitalization. It offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialized subsidiaries in the areas of investment banking, life and non-life insurance, venture capital and asset management. The Bank has a network of 3,350 branches and 10,486 ATM's in India, and has a presence in 19 countries. ➢ ICICI Bank is one of the Big Four banks of India, along with State Bank of India, Punjab National Bank and Canara Bank. ➢ The bank has subsidiaries in the United Kingdom, Russia, and Canada; branches in United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre; and representative offices in United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. The company's UK subsidiary has established branches in Belgium and Germany. ➢ In March 2013, Operation Red Spider showing high-ranking officials and some employees of ICICI Bank involved in money laundering. After a government inquiry, ICICI Bank suspended 18 employees and faced penalties from the Reserve Bank of India in relation to the activity.
  21. 21. 8 iv. Housing Development Finance Corporation ➢ HDFC Bank Limited is an Indian financial services company based in Maharashtra that was incorporated in August 1994. HDFC Bank is the fifth largest bank in India by assets and the largest bank by market capitalization as of 1 November 2012. The bank was promoted by the Housing Development Finance Corporation, a premier housing finance company (set up in 1977) of India. As on August 2013, HDFC Bank has 3,119 branches and 11,088 ATMs, in 1,891 cities in India, and all branches of the bank are linked on an online real-time basis. As of December 2012, the bank had balance sheet size of Rs. 3837 billion. For the fiscal year 2011-12, the bank has reported net profit of Rs. 5167.07 core (US$790 million), up 31.6% from the previous fiscal. ➢ On 14 March 2013, an online magazine named Cobrapost.com released video footage from Operation Red Spider showing high ranking officials and some employees of HDFC bank willing to turn black money into white which is violation of Money Laundering Control Act. Following this the government of India and RBI have ordered an inquiry. The enquiry confirmed violation of KYC (Know Your Customer) norms by HDFC Bank. A penalty of Rs 45 million was imposed on the bank by RBI. v. Citibank ➢ Citibank is the consumer banking division of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York, Citibank India is an Indian private sector bank headquartered in Mumbai, Maharashtra. It is a subsidiary of Citigroup, a multinational financial services corporation from Manhattan, US. ➢ Established in 1902 in Calcutta (Kolkata), Citibank has a long history in India. Currently it is the largest foreign direct investor in financial
  22. 22. 9 services in India with a total capital commitment of approximately US$ 4 Billion in its onshore banking and financial services business and its principal and alternate investment programs. ➢ It operates 41 full-service Citibank branches in 40 cities and over 700 ATMs across the country.
  23. 23. 10 III. REVIEW OF LITERATURE The problem that we cannot keep the huge amount of cash with us gave birth to the concept of Plastic cards which known as plastic money accepted worldwide and we can keep the huge amount with us while going to anywhere in the world. The plastic money makes the society as cashless societies. As the usage of plastic cards are increasing the number of supplier are also increased which offering the different features. Some suppliers (Bankers) are charging the hidden charges and high interest rate. The agent who convince the people to get the credit card by offering the wonderful packages but in reality, agent is hidden some important fact which was disclose after the receiving of the bill. Citibank and HSBC were the pioneers in the Indian credit card market in the 1980s. Over the next two decades, the number of players increased to more than ten in 2000. The credit card market in India registered a healthy annual growth rate of over 25% during 1987-2001. As we know that there are some drawbacks of plastic money like still old people are not use to it but still there are several benefits also offered to us by credit cards or debit card usage as they give a positive signal of corruption free economy, an economy with very less or no black money. Here, is a list of views of following people By: Alvares, Cliford The article reports on the plan of the Indian government to introduce plastic currency that will have enhanced security features to counter the growing problem of counterfeiting in the country. (Sep2012) Reports on the use of polymers for currency as an alternative to paper money. Conversion of all of Australia's circulating notes; Marketing of the polymer bank note
  24. 24. 11 substrate by Securency Pty Ltd.; Use of the polymer for commemorative issues; Advantages offered by plastic bills. (Dec99) The article offers tips on the use of credit and debit cards overseas. One should use credit or debit card to make purchases and debit card to get cash when one needs it. Both Visa and MasterCard charge currency-conversion fees on credit-card purchases. One can minimize fees by using the right card. HSBC, Washington Mutual and most credit unions don't add a surcharge. Withdrawing cash from an overseas ATM not part of one's bank network could cost $5 or more on top of the conversion fee. INSET: CREDIT CARDS. (9 Jun2006) By: Goldwasser, Joan Presents highlights of the report `Plastic Cards in Japan,' by Steve Worthington and Ronald Brown. Focuses on the development of a `smart' card in Japan, which looks like plastic credit cards but contain a microchip; Sophisticated and diverse applications for the card; Future forecast for the cards in the world market. (May/Jun91) The article reports that paying cash is better for the environment than using a credit card. Credit cards, made of plastic, take decades to decompose, the computers that effect credit card transactions consume large amounts of energy, and most people in the U.S. still receive paper credit card statements. Bills, however, are made largely of materials like cotton, which creates less carbon emissions than paper when harvested. Also, bills stay in circulation for up to five years. (12/1/2008) By: Stone, Daniel This article discusses the competitive advantage held by conventional credit card issuers and what steps they can take to maintain their market share against online upstarts that offer lower interest rates. The article describes the fierce competition online to offer low interest rates and attract credit card applicants. The article states that incumbent credit card companies need to establish strong online presences and cut costs. The article suggests cutting costs by offering online account services and distributing advertising and customer acquisition costs over numbers of new accounts. (2000)
  25. 25. 12 By: D'Silva, Vijay, Stephenson, Jack, Waitman, Robert M. The article offers pieces of advice on credit card use for college students in the U.S. from the Certified Public Accountants (CPAs). According to various surveys, reliance on credit card spending presents problems to college students. CPAs addressed the credit crisis through financial literacy and education programs for college students. One form is through accounting programs on college campuses with interaction to CPA firms Increased awareness could be achieves through AICPA websites and financial literacy workshops. (Sep2008) By: Khurana, Sunayna1, Singh, S. P. IUP Journal of Bank Management; Feb2011, Vol. 10 Issue 1, p71-87, 17p, 31 Charts The article offers information regarding the increasing trend of using debit cards instead of cash amongst youth of the U.S. It states that spenders between 18-25 years of age prefer to swipe their debit cards even for petty expenses. It states that convenience and speed of such transactions are the factors responsible for the trend, however, those who don't keep a track of their bank balances face financial crisis. (6/17/2007) By: SHEPHERD, LEAH CARLSON, In today's busy world, nobody has the time to withdraw money from the bank account for shopping. Everybody is interested in carrying the plastic money (credit card and debit card) in their wallet for shopping as it gives convenience, safety, easiness and even style. This study is carried out to identify customer preferences and expectations from credit/debit card services. The main objective is to identify the factors that influence the choice of credit cards, customer satisfaction, and consumer behavior regarding the credit card in Tier-III cities. Primary data was collected from 200 respondents by the questionnaire method. Results show that the choice of credit card depends upon income, gender and profession of the respondent. Customer satisfaction depends upon income, frequency of usage in a month and amount of usage per month. (Feb2011).
  26. 26. 13 IV. RESEARCH DESIGN AND METHODOLOGY: i. Statement of Research Objective Need of the study is to get to know about the comparative analysis of plastic money in the two selected cities. There are many challenges in the market of plastic money which is required to be studied. This study is concerned with the Four perks of Plastic Money i.e. Convenience, Budgeting, the float, Security. a) Primary objective To know the perception of people towards plastic money. b) Secondary objectives • To know the usage of plastic money in the daily life of consumers in selected cities (Surat & Agra). • To know the perception of people in Surat & Agra in relevance to the Role of Plastic money to crab black money from the economy. • To find out which is the most reliable source of payment for people in the two selected cities.
  27. 27. 14 ii. Sampling Designing 1. Area/ Location of which sample has been taken Surat, Gujarat Agra, Uttar Pradesh 2. Sampling Size Surat = 100 respondents (approx.) Agra = 100 respondents (approx.) Total sample size = 200 (approx.) 3. Sampling Unit • All individuals who were eligible to use and who have plastic money. • All individuals above 18 years of age. iii. Mode of Data Collection 1. Primary Data Source The Primary Data include both quantitative & qualitative data. Data are generated through scheduling questionnaires (Attached in Annexure) as a research instruments. 2. Secondary Data Source The Secondary Data source includes online articles, reports, internet, etc.
  28. 28. 15 iv. Description of statistical tools for analysis of Data collected Questionnaire was used for doing this survey. In which 200 copies of Approved Questionnaire were made and were used as research instrument. The research will be exploratory followed by descriptive because the entire project is based on scheduling questionnaire and analysis so that the detailed description will be there in the project, so this will be descriptive design. The nature of the study is statistical pertaining actual environmental conditions (field conditions) and to give more convenience to respondent in answering the questions. Another reason for choosing this type of data is, qualitative research provides insights and understanding of problem setting while quantitative research seeks to quantify the data and typically applies some form of statistical analysis. v. Sampling Technique The sampling technique used was Non-probability convenience sampling and random sampling.
  29. 29. 16 V. DATA ANALYSIS & FINDINGS Basic Information about respondents: 1. Gender (No. of respondents) Interpretation: The survey conducted on plastic money, where majority (From the respondents) of the 152 males are using plastic money which comes to 75%. And 51 females are using plastic money which comes to 25% of the total survey in both cities. That means in Surat almost 65% male of majority male are using plastic money and 35% of female are using plastic money. That means in Agra almost 84% male of majority male are using plastic money and 16% of female are using plastic money. 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Surat Agra 68 84 35 16 FIG. 1. GENDER (SURAT & AGRA) Male Female
  30. 30. 17 2. Age: Interpretation: The survey conducted in Surat shows the majority ratio of plastic money usage by people of 25-35 which is 48% of the total sample of Surat which shows that working men has given their acceptance to plastic money. And then comes 28% ratio as the people in the age group of 35-50. Then 13% people from the age group of 18-25. At last only 11% people participated in the survey were from the age group of Above 50. FIG. 2.
  31. 31. 18 Interpretation: The survey conducted in Surat shows the majority ratio of plastic money usage by people of 25-35 which is 58% of the total sample of Surat which shows that working men has given their acceptance to plastic money. And then comes 18% ratio as the people in the age group of 18-25. Then 16% people from the age group of 35-50. At last only 6% people participated in the survey were from the age group of Above 50. FIG. 3.
  32. 32. 19 3. Profession: Interpretation: The survey conducted in Surat on the plastic money, where majority were from Businessperson from their occupation and second were the person from service background who generally prefer plastic money instead of paper money due to convenience. Out of people who were surveyed 12% are the student 41% are from business background 37% people are from service background and 9% people are the other who use plastic money. Student 12% Business 41% Service 37% Doctor 1% Unemployed 1% Housewife 7% Lawyer 1% Other 9% FIG. 4. PROFESSION (SURAT)
  33. 33. 20 Interpretation: The survey conducted in Agra on the plastic money, where majority of people were from service background and second were the person from Business background who generally prefer plastic money instead of paper money due to new laws and policies of government. Out of people who were surveyed 21% are the student 32% are from business background 36% people are from service background and 5% of them are housewife and 6% are the people from other background. FIG. 5.
  34. 34. 21 4. Annual Income Interpretation: The survey conducted on “Plastic Money and Paper Money” in Surat was then bifurcated in the area of annual income. The people who were surveyed were from the annual income as, 16.5% people were having less than 1, 80,000 income, 33% people were having 1, 80, 000 – 3lacs income. 32% people were having 3-5lacs and last remaining 20% were having an annual income above 5lacs. 17 34 32 20 0 5 10 15 20 25 30 35 40 0-Rs.1,80,000 Rs.1.80,000-Rs.3,00,000Rs.3,00,000-Rs.5,00,000 ABOVE Rs.5,00,000 FIG. 6. ANNUAL INCOME ( SURAT) 0-Rs.1,80,000 Rs.1.80,000-Rs.3,00,000 Rs.3,00,000-Rs.5,00,000 ABOVE Rs.5,00,000
  35. 35. 22 Interpretation: The survey conducted on “Plastic Money and Paper Money” in Agra was then bifurcated around annual income. The people who were surveyed were from the annual income as, 26.5% people were having less than 1, 80,000 income, 30.6% people were having 1, 80, 000 – 3lacs income. 25.5% people were having 3-5lacs and last remaining 17.3% were having an annual income above 5lacs. 26 30 25 17 0 5 10 15 20 25 30 35 FIG. 7. ANNUAL INCOME ( AGRA) 0-Rs.1,80,000 Rs.1.80,000-Rs.3,00,000 Rs.3,00,000-Rs.5,00,000 ABOVE Rs.5,00,000
  36. 36. 23 5. Marital Status Interpretation: The survey conducted in Surat on “Plastic Money and Paper Money” where the percentage I got after the analysis of data was that 74% of the respondents who answered were married and rest 26% or respondents were single. 26% 74% FIG. 8. MARITAL STATUS (SURAT) Single Married
  37. 37. 24 Interpretation: The survey conducted in Agra on “Plastic Money and Paper Money” where the percentage I got after the analysis of data was that 66% of the respondents who answered were married and rest 34% or respondents were single. 34% 66% FIG. 9. MARITAL STATUS (AGRA) Single Married
  38. 38. 25 IV. FINDINGS 1. Types of Plastic Money used by people and rate of its usage. Interpretation: The survey conducted on the plastic money, where I asked the question that do you have any idea about the plastic money and which? The entire respondents are having idea about the plastic money and I live at the age of plastic money, and according to the survey people are now much aware about the plastic money and their usage. Most popular among the ATM, Debit, Credit, & other Specific Outlet Card is the Credit Card in Surat. 61 31 53 8 0 10 20 30 40 50 60 70 CREDIT CARD DEBIT CARD ATM CARD SPECIFIC OUTLET CARD FIG. 10. Q1. PLASTIC MONEY (SURAT) CREDIT CARD DEBIT CARD ATM CARD SPECIFIC OUTLET CARD
  39. 39. 26 Interpretation: The survey conducted on the plastic money, where I asked the question that do you have any idea about the plastic money and which? The entire respondents are having idea about the plastic money and I live at the age of plastic money, and according to the survey people are now much aware about the plastic money and their usage. Most popular among the ATM, Debit, Credit, & other Specific Outlet Card is the Credit Card in Agra. 47 41 27 20 0 5 10 15 20 25 30 35 40 45 50 CREDIT CARD DEBIT CARD ATM CARD SPECIFIC OUTLET CARD FIG. 11. Q1. PLASTIC MONEY (AGRA) CREDIT CARD DEBIT CARD ATM CARD SPECIFIC OUTLET CARD
  40. 40. 27 2. Convenience of respondents while paying in routine life Interpretation: As per the survey on ―paper money and plastic money in Surat, when it was surveyed on the topic as the most convenient way to pay, people still prefer paper money i.e., cash over the plastic money 43.68% are preferred to pay the bill by cash. Other 22.33% are preferred to pay the bill is through card and there are the people who prefer both way for the convenient payment which is 33.98%. As per the survey on ―paper money and plastic money in Agra, when it was surveyed on the topic as the most convenient way to pay, people still prefer paper money i.e., cash over the plastic money 54% are preferred to pay the bill by cash. Other 27% are preferred to pay the bill is through card and there are the people who prefer both way for the convenient payment which is 19%. Overall still people prefer Paper Money for payments in their routine life. 43.68% 54.00% 22.33% 27.00% 33.98% 19.00% 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% SURAT AGRA FIG. 12. CONVINIENCE OF RESPONDENTS WHILE PAYING (SURAT & AGRA) CASH CARD BOTH CASH & CARD
  41. 41. 28 3. Convenience of respondents for payment while traveling Interpretation: As per the survey on “paper money and plastic money” in Surat, when it was surveyed on the topic as the most convenient way to pay while travelling, people still prefer paper money i.e., cash over the plastic money in 63.68% are preferred to pay the bill by cash. Other 22.68% are preferred to pay the bill is through card and there are the people who prefer both way for the convenient payment which is 1.34%. As survey conducted in Agra, when it was surveyed on the topic as the most convenient way to pay while travelling, people still prefer paper money i.e., cash over the plastic money in 74% are preferred to pay the bill by cash. Other 23% are preferred to pay the bill is through card and there are the people who prefer both way for the convenient payment which is 3%. 63.68% 74.00% 22.68% 23.00% 1.34% 3.00% 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 80.00% SURAT AGRA FIG. 13. RESPONDENT’S PREFERENCE TO CARRY WHILE TRAVELLING (SURAT & AGRA) CASH CARD TRAVELLERS CHEQUE
  42. 42. 29 4. As per people is credit card expensive due to various charges charged on it Interpretation The survey conducted on the plastic money and paper money where we have surveyed that do you fine credit card to be an expensive as compare to other so nearly 65% respondents are saying yes for the same and remaining 35% saying no for the same. 65% 35% FIG. 14. CREDIT CARD IS EXPENSIVE OR NOT? (SURAT) YES NO
  43. 43. 30 Interpretation The survey conducted on the plastic money and paper money where we have surveyed that do you fine credit card to be an expensive as compare to other so nearly 80% respondents are saying yes for the same and remaining 20% saying no for the same. FIG. 15.
  44. 44. 31 5. Do you find credit card to be the safest mode of transaction? Interpretation: The survey conducted on the plastic money and paper money in Surat where 72% respondents are saying yes that plastic money is better mode of transaction compared to other mode and only 20% are saying no that plastic money/card is not safest mode of the transaction and remaining 8% people are confused. The people are now being getting more aware for plastic money and its usefulness and hence they have started preferring plastic money. 75 21 7 0 10 20 30 40 50 60 70 80 YES NO NO COMMENTS FIG. 16. Q5. PLASTIC MONEY IS SAFEST MODE OF TRANSACTION OR NOT? (SURAT) YES NO NO COMMENTS
  45. 45. 32 Interpretation: The survey conducted on the plastic money and paper money in Agra where 54% respondents are saying yes that plastic money is better mode of transaction compared to other mode and only 42% are saying no that plastic money/card is not safest mode of the transaction and remaining 4% people are confused. The people are now being getting more aware for plastic money and its usefulness and hence they have started preferring plastic money. 54 42 4 0 10 20 30 40 50 60 YES NO NO COMMENTS FIG. 17. Q5. PLASTIC MONEY IS SAFEST MODE OF TRANSACTION OR NOT? (AGRA) YES NO NO COMMENTS
  46. 46. 33 6. Reason for not preferring Plastic Money Interpretation The survey conducted on plastic money and paper money in Surat, where 48% respondents are not using plastic money because they are afraid of Malpractices by outlet owners. And 22% respondents are having doubt because of their instable income and the 19% are having lack of knowledge about the plastic money and remaining 11% were not preferring it because of Lack of Trust Misuse by other. 6, 22% 5, 19% 13, 48% 3, 11% FIG. 18. REASON FOR NOT PREFFERING PLASTIC MONEY (SURAT) INSTABLE INCOME LACK OF KNOWLEDGE MALPRACTICES BY OUTLET OWNERS LACK OF TRUST MISUSE BY OTHER
  47. 47. 34 Interpretation The survey conducted on plastic money and paper money in Agra, where 58% respondents are not using plastic money because they are afraid of Malpractices by outlet owners. And 19% respondents are having doubt because of their instable income and the 16% are having lack of knowledge about the plastic money and remaining 7% were not preferring it because of Lack of Trust Misuse by other. 8, 19% 7, 16% 3, 7% 25, 58% FIG. 19. REASON FOR NOT PREFFERING PLASTIC MONEY (AGRA) INSTABLE INCOME LACK OF KNOWLEDGE MALPRACTICES BY OUTLET OWNERS LACK OF TRUST MISUSE BY OTHER
  48. 48. 35 7. Reason for not preferring paper money Interpretation The survey conducted on plastic money and paper money in Surat, where 22% respondents are having fear of theft while making payment through paper money. And 6% respondents are having doubt that there is chance of duplicity of paper money and the majority of 72% are having fear and wear of the paper money that’s why now a days plastic money’s use is increasing day by day. 18, 22% 5, 6% 59, 72% FIG. 20. REASON FOR NOT PREFFERING PAPER MONEY (SURAT) FEAR OF THEFT INCREASING DUPLICITY WEAR & TEAR
  49. 49. 36 Interpretation The survey conducted on plastic money and paper money in Surat, where 39% respondents are having fear of theft while making payment through paper money. And 44% respondents are having doubt that there is chance of duplicity of paper money and remaining 17% are having fear and wear of the paper money that’s why now a day’s plastic money’s use is increasing day by day. 23, 39% 26, 44% 10, 17% FIG. 21. REASON FOR NOT PREFFERING PAPER MONEY (AGRA) FEAR OF THEFT INCREASING DUPLICITY WEAR & TEAR
  50. 50. 37 8. Which has more life Interpretation As per the survey in Surat as they were preferring Plastic Money 82% of the respondents were preferring Paper Money. And remaining 18% prefer Plastic Money. PLASTIC MONEY 18% PAPER MONEY 82% FIG. 22. WHICH HAS MORE LIFE? (SURAT) PLASTIC MONEY PAPER MONEY
  51. 51. 38 Interpretation As per the survey in Agra as they were preferring Plastic Money 73% of the respondents were preferring Paper Money. And remaining 27% prefer Plastic Money. PLASTIC MONEY 27% PAPER MONEY 73% FIG. 23. WHICH HAS MORE LIFE? (AGRA) PLASTIC MONEY PAPER MONEY
  52. 52. 39 9. Will Plastic Money will penetrate more in society in future. Interpretation We live at the age of plastic money. People are now getting aware about the plastic money and their usage. Majority of the people in Surat agreed that plastic money usage will be more in the future. As we survey and find the result that 84% respondents are agree on the statement and the remaining 16% are disagreed on the statement. 84% 16% FIG. 24. Do you think Plastic Money will peneterate more in future? (SURAT) AGREE DISAGREE
  53. 53. 40 Interpretation We live at the age of plastic money. People are now getting aware about the plastic money and their usage. Majority of the people in Agra agreed that plastic money usage will be more in the future. As we survey and find the result that 82% respondents are agree on the statement and the remaining 18% are disagreed on the statement. 82% 18% FIG. 25. Do you think Plastic Money will peneterate more in future? (AGRA) AGREE DISAGREE
  54. 54. 41 10. More & More circulation of plastic money will help to crab the black money from our economy Interpretation Proceeded by the increasing use of plastic money i.e. through cards. The circulation of money increases in the market. So, with the increasing cash liquidity in the market there is a major possibility of the black money circulation in the market. As a result, we get that 77.6% respondent are saying yes for the statement, 22.3% respondents are saying no for the same statement. 80 23 0 10 20 30 40 50 60 70 80 90 YES NO FIG. 26. MORE & MORE TRANSACTIONS TRHROUGH CREDIT CARD & DEBIT CARD WILL HELP TO CRAB BLACK MONEY CIRCULATION IN ECONOMY? ( SURAT) YES NO
  55. 55. 42 Interpretation Proceeded by the increasing use of plastic money i.e. through cards. The circulation of money increases in the market. So with the increasing cash liquidity in the market there is a major possibility of the black money circulation in the market. As a result we get that 66% respondent are saying yes for the statement, 30% respondents are saying no for the same statement and remaining 4% gave no comments to the statement. 66 30 4 0 10 20 30 40 50 60 70 YES NO NO COMMENTS FIG. 27. MORE & MORE TRANSACTIONS TRHROUGH CREDIT CARD & DEBIT CARD WILL HELP TO CRAB BLACK MONEY CIRCULATION IN ECONOMY? ( AGRA) YES NO NO COMMENTS
  56. 56. 43 11. Respondents action, if they were the finance minister of country Interpretation As per the Survey on Plastic Money vs. Private Money in Surat, a majority of 49% people want to have both in equal proportion plastic money and paper money in economy. 41% people want only plastic money in economy. Remaining 10% of people still wants whole economy to be using paper money only. 9 43 51 0 10 20 30 40 50 60 PAPER MONEY PLASTIC MONEY BOTH IN EQUAL PROPORTION FIG. 28. Respondents action, if they were the finance minister of country (SURAT) PAPER MONEY PLASTIC MONEY BOTH IN EQUAL PROPORTION
  57. 57. 44 Interpretation As per the Survey on Plastic Money vs. Private Money in Agra, a majority of 51% people want to have an economy with only plastic money. 31% people want both Paper & Plastic money in economy. Remaining 18% of people still wants whole economy to be using paper money only. 18 51 31 0 10 20 30 40 50 60 PAPER MONEY PLASTIC MONEY BOTH IN EQUAL PROPORTION FIG. 29. Respondents action, if they were the finance minister of country (AGRA) PAPER MONEY PLASTIC MONEY BOTH IN EQUAL PROPORTION
  58. 58. 45 Views of Respondents on Future of Cash & Card (Surat)
  59. 59. 46 VIEWS OF RESPONDENTS ON FUTURE OF CASH & CARD (AGRA) • PLASTIC MONEY WILL BE CIRCULATED WITH MORE FACILITIES • GOOD • ONLY CARD WILL CIRCULATE & CASH WILL DISAAPEAR LIKE FOREIGN COUNTRIES • CARD IS BETTER • CARD IS MORE FAVOUURABLE- 11 • NIL • CARD HAVING BRIGHT FUTURE • NO COMMENTS-2 • BRIGHT FUTURE OF CARD • LESS CASH MORE CARDS-2 • INCREASE IN USED OF CARD-2 • MORE USEDOF CARDS- 7 • CAN’T SAY • CASH WILL BE USED BY EVERY PERSON & THE CASH WILL INCREASE, CARD WILL ALSO INCREASE BUT ONLY IN MIDDLE CLASS & UPPER-CLASS SOCIETY • BOTH WILL BE USED-8 • CASH IS MORE RELIABLE SO PEOPLE WILL USE MORE CASH THAN CARD-4 • NO CASH ONLY CARD & CHEQUE-4 • CASH WILL NOT BE USED AS MUCH AS CARD-3 • CASH WILL BE USED IN LESS AMOUNT • MODI IS GOING TO LOOSE (SAURABH GOYAL)
  60. 60. 47 VI. KEY FINDINGS i. Major Findings • Still majority of people thinks that Paper Money has more life. • India alone holds 800 million card holders. • Even after a lot of practices of government still the preference is given to paper money as compared to plastic money. OBJECTIVES QUESTIONS RELATED AREA COVERED FINDINGS To know the perception of the people towards Plastic Money & Paper Money Q4, Q5, Q6, Q7, Q8, Q9, Views of Respondents Expensive because of charges, Safety, Reasons for their preference to any of the two, More Life People think that credit cards are expensive, Paper Money has more Life. But still they have a hope that cars will flourish more in future. To know the usage of Plastic Money in daily life of consumer in selected cities. Q2, Q3 Travelling, Daily routine life Either it is their daily routine or travelling, more preference is given to Paper Money. To know the perception of people in Surat & Agra in relevance to the Role of Plastic money to crab black money from the economy Q10 Direct Question People have some high expectations that more and more usage of plastic money will curb the problem of “Black Money in India”. To find out which is the most reliable source of payment for people in the two selected cities. Q5 Safety According to people, Plastic Money is the safest mode of transaction.
  61. 61. 48 ii. Limitations • Increasing the sample size would have resulted in more accurate findings. • Lack of Time. • Reluctance of generally female respondents. iii. Suggestions • For healthy existence in competitive card market bank should concentrate on customer satisfaction • Public banks should tie up with technologically strong institutions, which will go a long way in providing economies of scale.
  62. 62. 49 VII. CONCLUSION From the above analysis, we can conclude that the use of plastic money is increasing day by day. But still Paper money has been given more preference by people. Plastic money is helpful in different situations in life and people are getting more and more aware of its merits and demerits but in the research, work I have come across more of the benefits of using plastic money rather than its demerits because credit cards can help a person during emergencies and in other difficult situations of life which acts as an asset to its holder. Therefore, it is fair to say that the growth of use of plastic money in India is definitely a boon as it has given people a whole new dimension to carry out transactions and made life a lot easier. Apart from that the good thing is that people think that plastic money is more safe and convenient to use. The study also highlights the role of these cards as electronic payment tool to be used by customer. Some plans made by various banks and institutions are also summarized in a way that it depicts the picture of its growth and prospects of India.
  63. 63. 50 VIII. REFERENCES BOOKS: • Plastic Money - An Introduction by Mrudula E • The Past, Present and Future of Plastic Money by J.B. Forrest • Paper Or Plastic:Money Management and Credit Card Education by Nathan B.Hogan LINKS: http://indianexpress.com/article/news-archive/web/46-indian-credit-card-users-worry- about-frauds/ http://ijmms.in/sites/ijms/index.php/ijmms/article/view/138/143 http://www.mbaskool.com/ http://www.studymode.com/ http://business-finance.blurtit.com/ https://www.slideshare.net/indernegi921/plastic-money-33457540 http://en.wikipedia.org/ https://www.statista.com/statistics/279257/number-of-credit-cards-in-circulation- worldwide/ https://www.slideshare.net/hemanthcrpatna/analysis-and-optimization-of-maintenances- management-of-instruments https://www.scribd.com/doc/8351190/Impact-of-Plastic-Money-on-Paper-Money https://rbi.org.in/scripts/ATMView.aspx?atmid=51 https://www.quora.com/How-many-Credit-Card-Debit-Card-Net-banking-account-holders- are-there-in-India https://cashcofinancial.com/2016/01/the-history-of-plastic-money/ https://www.google.co.in/search?q=when+was+credit+card+introduced+in+India&oq=whe n+was+credit+card+introduced+in+India&aqs=chrome..69i57.13935j0j7&sourceid=chrome &ie=UTF-8 http://www.worldatlas.com/articles/which-are-the-world-s-most-cashless-countries.html http://www.creditcards.com/credit-card-news/credit-cards-history-1264.php http://www.icmrindia.org/casestudies/catalogue/IT%20and%20Systems/Plastic%20Money- IT%20and%20Systems-Case%20Studies.htm
  64. 64. 51 APPENDIX 1: APPROVED QUESTIONNAIRE
  65. 65. 52
  66. 66. 53 APPENDIX 2: On Sight Photographs & Ticket AGRA:
  67. 67. 54 SURAT:

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