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Title of the Research Investigation

Effectiveness of Warehouse Receipt (WHR) Finance:A comparative study of selective Banks(State Bank of India & IDBI Bank Ltd)

OUTLINE OF PROPOSED RESEARCH INVESTIGATION FOR Ph.D. DEGREE

Revised Synopsis for Ph.D. Research

Name of Scholar: Arvind Kumar Yadav

Provisional Registration number: Ph.D./2013-14/1321

VIVEKANANDA GLOBAL UNIVERSITY, JAIPUR

Synopsis for Ph.D. ResearchArvind Kumar Yadav

Faculty/Department/Subject: Management (Banking & Finance)

Objective and Scope of the Research Investigation:

a) Understanding of Warehouse Receipt (WHR) finance.b) Percentage utilization / access of Warehouse Receipt finance with comparison to

other priority sector financing scheme/ products/ techniques.c) Comparative evaluation of Warehouse Receipt finance utilization in selective banks

i.e. State Bank of India and IDBI Bank Ltd.d) Effectiveness of Warehouse Receipt finance in selective banks in the state of

Rajasthan.

Keywords

Warehouse Receipt (WHR) Finance, Collateral Managers, State Bank of India and IDBI Bank

Ltd.

Background of the Warehouse Receipt and its financing

Ware Housing fiancé is my area of interest since I am working banking industry & handling advances portfolio of agriculture and allied activities. I did my graduation in agriculture science and post graduation in Economics.

I have visited the all mandi yards nearby to Jaipur region i.e. Kukarkheda Mandi Jaipur, Chandpole Mandi Jaipur, Chomu Mandi Jaipur, Newai Mandi Tonk, Tonk Mandi, Kairthal Mandi Alwar, Chaksu Mandi Jaipur, Alwar Mandi, Kherli Mandi Alwar, Bhartpur Mandi. These mandies covers all kind of trading of agro-commodities like food grains, cereals, coarse grains, pulses and spices.

I have interacted with all kind of borrowers like traders, manufactures /processors, farmers and collateral managers for agro-commodities on existing Ware house receipt financing products.

I practically experienced the difficulties faced by clients while avail-ment of loan against agro-commodities.

Ware house receipt financing offers liquidity support to the farmers for stocking of agricultural commodities during the harvest season as it enables them to avoid any distress sale and gain from any price rise in future. Similarly, processors can stock in the Agri commodities when the prices are relatively lower during the harvest season and gain from the price rise in future or process it later.

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A form of inventory financing in which loans are made to farmer, traders, manufacturers and processors on the basis of goods or commodities held in trust as collateral for the loans. The goods may be held in public warehouses approved by the lender, or may be held in field warehouses located in the borrower's facilities but controlled by an independent third party (Collateral Manager). A financial institution engaged in warehouse financing will usually designate a collateral manager for private warehouses, who issues a warehouse receipt to the borrower that certifies the quantity and quality of the stored goods or commodities.

Warehouse receipt financing is the tool for farmers to avoid the distress sale of post harvest produce, for traders to store the commodities at lower prices at the time of harvesting season to sale the commodities with better margins in future and for manufacturer / processors to procure the ample amount of raw material in harvesting season in order to make continue/ uninterrupted supply of raw material during the complete year operations of unit.

Warehouse financing offers a number of benefits to the borrower. It leverages the use of raw material as the primary collateral, while additional financing can be synchronized with the build-up of the stock. Warehouse financing also enables borrowers to obtain financing on more favorable terms than short-term working capital or loans, while the repayment schedule can be coordinated with the actual usage of raw material.

Warehousing capacity available in India in public, cooperative and private sector is about 108.75 million metric ton (MT) against total food grain production of approx 250 million MT in year 2012-13 in India.

The market potential for warehouse receipt financing in India was estimated at Rs.19000 crore, however achievement of same is far below the estimates.

Traditional methods of warehouse receipt: - Finance is being provided to borrowers against the physical warehouse receipt issued by state / central warehousing agencies (Central warehousing corporation / state warehousing corporations) and collateral managers (NCDEX, N-Spot, NCMSL, National bulk handing corporations, star agri-warehousing, Dr. Amin warehousing, LTC warehousing corporation).

Nature of Receipt1. WHRs issued by the CWC, SWC and Bank’s empanelled Collateral Managers in the case of

private Godowns, shall be accepted. The WHRs should be Clean and be endorsed in favour of the Bank.

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2. Multiple endorsements of WHRs will be accepted only from warehouses / cold storages accredited / licensed by the Warehouse Development & Regulation Authority (WDRA).

3. Electronic Holding Certificate issued by NSPOT against the physical deposit of commodities at accredited/ designated warehouse.

4. WHR issued by Pvt. Warehouse/ Cold Storage owners who have entered into corporate tie up with the Bank and acting as BC/BF for the Bank provided, they have a foolproof physical/ electronic system with no possibility of issuing duplicate WHR and there is no possibility of tampering (viz. Affixing hologram etc.)

Hypothesis: - Present Warehouse Receipt financing techniques are not effective in Banks.

Proposed Methodology: Type of research will be exploratory kind of research.

A purposeful investigation of a problem research helps in finding out causes and clues for making sound and effective decisions by applying scientific methods / analytical tools. The objective of exploratory research is the development of hypothesis rather than their testing.

Both primary and secondary data will be collected &used for drawing conclusions for the study.

Primary data: - interview of official of bank branches with non probability sampling techniques i.e. random sampling without replacement, judgmental sampling, snow ball sampling, quota sampling and convenience sampling. Target sample population will be 200 numbers (sample size 50 of each group numbers) will comprise bank officials, farmers, traders, manufactures / processors. Sample size of 50 numbers of each group will sufficiently represent the particular population. It covers cultivators/ farmers, traders and manufactures / processors of various agro commodities like food grains, cereals, coarse grains, pulses and spices (Total sample size will be 200 numbers).

Secondary data:- Annual reports and web site of selected banks, State level lead bankers committee reports, National Bank for Agriculture and Rural Development (NABARD) reports /publications, Reserve Bank of India (RBI) reports, Warehousing Development Regulatory Authority (WDRA) reports, Planning Commission of India’s website sites and district wise credit plans of state government.

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Importance of Proposed Research Investigation/ Expected outcome:

Target client are not getting sufficient and timely funds against the stocking of agro commodities.

There is ample gap to cover the financing against the ware housing receipts. Lending institutions

in India have not been paying required attention to these products of priority sector lending. The

WHR finance was supposed to provide better prospects and opportunities to borrowers and

lenders; however the situation is not up-to the expected requirements. Some of the prominent

issues identified by various studies are lack of awareness among the peoples, un-availability of

timely funds and improper deployment of funds, mismatch between requirement of industry and

lending by banks.

However, Warehouse receipt finance could be very easy and faster credit delivery technique to

augment the priority sector lending portfolio in the banks to increase profitability of banking

business, customer base and meet targets of regulatory authority.

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Review of the work related to the field of Research- already done on the subject -Present and Past Status:

Warehouse receipt finance has been practiced in the physical form but presently it is also being issued in electronic form by various collateral managers. As per latest development it will be used as negotiable instrument in accordance of guidelines of warehouse development regulatory act (WDRA).

1. Rangaswami N. (2013), Performance of Agri - Warehousing in Maharashtra and Market Potential for Negotiable Warehouse Receipts Finance in India, INDIAN JOURNAL OF MARKETING VOLUME 43, December. Wrote as below:

“The present study has critically analyzed the economic performance of Maharashtra State Warehousing Corporation by using the tabular analysis method. The study found that net profit before tax had continuously increased from Rs. 1754.20 lakhs to Rs. 3526.03 lakhs (50.24% increase) during the last six years (2005-2010). The capacity utilization percent ranged between 74 to 79%. The financial analysis ratios, that is, gross profit to turnover was 32.63%, net profit to total turnover (27.99 %) and net profit after tax to total turnover (18.46%) was positive, return on capital employed was 10.32%, and current ratio was 1.42: 1. All these economic performance indicators and financial ratios highlight the incredible economic performance and positive growth of agri- warehousing in Maharashtra. On the other hand, the warehouses are still facing a lot of constraints in their warehousing operations. The market potential for warehouse receipt financing in India was estimated at Rs.19000 crore, and also, negotiable warehouse receipt financing is facing quite a few challenges in India. Hence, the present study has suggested that training and awareness programs should be conducted for farmers, warehouse managers, and support staff; modern warehouses are the need of the hour; warehouses should complete accreditation, registration, and certification; high margins and stamp duty on warehouse receipt finance may be reduced for farmers and other depositors. Also, additional 35 million MT storage capacities may be created at the all India level by promoting private sector participation through various public – private partnership measures.”

2. Mehanta Devajit (2012), Review of warehouse receipt as an instrument for financing in India, INTERNATIONAL JOURNAL OF SCIENTIFIC & TECHNOLOGY RESEARCH VOLUME 1, ISSUE 9, OCTOBER 2012 ISSN 2277-8616. Wrote as below:

“One of the important aspects of the Indian commodity derivative market is the introduction of warehouse receipts (WRS) as an alternative solution for market participants to access short-term finance. The concepts of the WRS system is based on warehouse receipts which can be used as collateral for accessing finance. The system is made more sophisticated by adopting measures such as grading of commodities according to their quality, rating warehouses according to their size, reputation and integrity etc. In India receipts issued by Central / State Warehouses are accepted as collateral by banks however those issued by private warehouses are not. Since farmers / traders will not deposit their goods with a warehouse whose receipts are not financed by banks viability of the private warehouse is at stake. Hence there is scope for expanding the

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warehousing infrastructure and also WRS system by making it mandatory for the banks to endorse private WRS. “

3. Ranade A. , Patil N.B. (2006), Transaction cost of lending in rural Finance , INSTITUTE OF FIANNCIAL MANAGEMENT AND RESEARCH , Working paper series August 2006. Wrote as below:

“Warehouse Finance: - Warehouse finance clearly represents an opportunity to give farmer access to cheap finance on a post-harvest basis as well as allow him the opportunity to not be subjected to distress sale situations. This has enormous benefits for the small farmer because the large farmer is often able to hoard the commodity in case he has higher price expectations. It is the small farmer that needs to sell as soon as the crop is harvested. The warehouse receipt needs to be made a negotiable instrument. In the current form, banks are reluctant to lend to the small farmer, and when they do, lend at high interest rates. However, if the goods are sold forward on a futures exchange such as NCDEX where the goods are deposited in a warehouse (an electronic warehouse receipt is issued) and graded appropriately. As the goods are certified, there is no question on the grade and quality of the good. As it is sold in the futures market, the value ofthe future proceeds is fixed. The bank now does not carry any risk on such loans and can lend at a lower interest rates. Clearly, the farmer’s holding power now increases, as he does not have to resort to distress sale any longer.”

4. As per World Bank Report: How warehouse receipts help commodity trading and financing by panos Varangis and Doland Larson: wrote as below:-

The lack of access to credit is a severe constraint for many farmers. Warehouse receipts are an important and effective tool for creating liquidity and easing access to credit. Such schemes also offer additional benefits such as smoothing the supply and prices in the market, improving grower incomes, and reducing food losses. The paper describes the steps of interaction involved in a warehouse receipt system, sets out the essential questions to be asked regarding the critical conditions for its success and illustrates the roles of the key actors in setting up and running such a system.

A warehouse receipt system can: Improve farm income and smooth domestic prices by providing an instrument to farmers

to spread sales throughout the crop year. Mobilize credit to agriculture by creating secure collateral for banks. Help create cash and forward markets and thus enhance price discovery and competition. Provide a way to gradually reduce the role of government in agricultural

commercialization. Combine with price hedging instruments to predetermine the cost of future purchases of

sales.

5. As per Report of working group on warehousing development and regulation for the development the twelfth plan period (2012-17) by planning commission October 2011 (Govt. of India):- wrote as below

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Latest development: -

a) Electronic Warehouse Receipts :- Warehouse receipts are being issued in electronic from instead of physical and made available online access to all parties i.e. borrower, collateral managers, banks etc. presently few agencies have started this on pilot basis. (N-Spot and LTC warehousing corporation in collaboration with IDBI Bank)

b) Negotiable Warehouse Receipts (NWR): - First time in the country, Government of India has introduced a negotiable warehouse receipt system in the country. The Warehousing (Development and Regulation) Act, 2007 had been made effective from 25th October, 2010. As per the provisions of the Act, the Warehousing Development and Regulatory Authority was set up by the Government on 26th October, 2010. The negotiable warehouse receipt system has been formally launched by Prof. K. V. Thomas, Hon’ble Minister of State (Independent Charge), for Consumer Affairs, Food and Public Distribution on 26.04.2011 at New Delhi.

c) Regulation of warehousing business:- The WDRA Act provides that no person shall commence or carry on the business of warehousing for issuing negotiable warehouse receipts unless he has obtained a registration certificate from the WDRA after fulfilling the prescribed norms in respect of the concerned warehouse or warehouses.

d) Warehouse to be declared as mandi.

e) Integration of Primary Agriculture Cooperative Societies (PACS) with Negotiable Ware house Receipt System to be done.

f) Post-Harvest Management Loan: The pledge finance and crop loans should be treated at par as both are classified as direct agriculture loan and sanctioned to the same categories of loanees i.e. farmers. There is no economic reason for a higher interest rate for produce pledge loan particularly when pledged loans guaranteed by commodities are more secure than the crop loan. Pledge loans will help the farmers through better price discovery and the volume of loan to the farm sector will almost double. Financing at reduced interest rate is desirable for minimizing intermediation, providing for pan-India market and to free the farmers from the clutches of money lenders and also empower them to quote their own price for sale of their goods.

g) Procurement of food grains to be done through negotiable warehouse receipts.

h) Targets for lending against negotiable warehouse receipts for Banks: Loans to farmers against Negotiable Warehouse Receipts (NWRs) issued by registered warehouses

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are treated as priority sector lending by the banks. The Boards of Public Sector Banks may prescribe targets for sanctioning of loans against NWRs.

6. Reports of the working group on warehouse receipts & commodity future by Reserve Bank India

dated April 2005:-

Improving access to finance through Warehouse Receipts:- Forward Markets Commission and the World Bank instituted a consultancy assignment on Warehouse Receipts in the year 2000.

a) Warehouse Receipts exist and are feasible.b) There is scope for massive expansion in their use, with correspondingly large benefits,

deriving from: Increased liquidity in rural areas; Lower costs of financing; Shorter and more efficient supply chains; Enhanced rewards for grading and quality; Development of other productivity-enhancing agricultural services; Better price-risk management.

c) All this will result in higher returns to farmers, better service to consumers (involving lower prices, better quality and greater variety) and macro-economic benefits through a more healthy trade balance in agricultural commodities.

d) There are major obstacles to capturing benefits, including Aspects of policy and legal frameworks; Lack of warehouse operators enjoying the fiduciary trust of depositors and banks.

If banks wish to finance against Warehouse Receipts, they are either limited to sites operated by the small number of existing operators whom they trust, or they must incur high costs in screening out suitable operators.

e) Overcoming these constraints requires simultaneous action in the following areas: Policy and legal reform, with particular focus on sales taxation; Creation of a rigorous regulatory framework; Institution of electronic warehouse receipt system with central registry.

7. As per Eastern African Grain Council (2011), Structured Trading System Hand book, June. Wrote as below:

“The lack of access to credit is a severe constraint for many farmers. Warehouse receipts are an important and effective tool for creating liquidity and easing access to agriculture credit. The financial institutions participate in Warehouse Receipt System by issuing credit against the warehouse receipts.”

Warehouse Receipt Financing: The warehouse receipt system avails a low risk financing method. Where the system is well organized and efficient, the banks are able to offer loans with

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lower interest rates and the farmers can build up credit worthiness. If the owner of the commodity in a warehouse needs cash but does not want to sell the commodity immediately, he can use the warehouse receipt to a participating bank and apply for a loan. The bank rather than demanding for collateral in the form of a title deed to land or property will use the stored commodity as security. The bank will have rights to the commodity till the loan is paid and will in the event the prices fall below set bottom market prices, request the loanee to dispose of the commodity to avoid undue losses.

8. Ramchandran G., Coulter J. (2000), A strategy for the Development of warehouse receipts system for agriculture in India Department of Consumer Affairs, Ministry of Consumer Affairs, Food and Public Distribution, GOI report, October. Wrote as below:

“India can use warehouse receipts to make it more attractive for banks to lend to the agricultural sector, to reduce the cost of public support for agricultural marketing, to reduce transaction costs and to improve price-risk management. Warehouse receipts can also play an important part in new policies which would make Indian agriculture more responsive to market opportunities and more competitive in relation to world markets. The potential net benefits to the economy are very large. The current state of the warehousing industry is reviewed. Outside of the ports, the Central and the State Governments dominate the warehousing industry, both as client and as service provider. Warehousing facilities owned by the central and the state Governments account for 65.9 million tons of warehousing capacity. About 46 million tons of capacity is owned or leased by the Food Corporation of India and the State Food and Civil Supplies Corporations. The storage capacity that can be made available by state-owned warehousing corporations is 19.7 million tons. Notably, banks and insurance companies are the "implicit stakeholders" of more that 36 percent of this capacity.”

9. News: (2005), Warehouse receipt finance may get legal support: ECONOMIC TIMES (ET), December 9. Wrote as below:MUMBAI: The first major step towards popularizing warehouse receipts financing in India has been taken. The government has introduced a legislation aimed at providing a legal backing for warehouse receipts and for a regulatory structure for warehousing in the country. The Warehouse (Development and Regulation) Bill, once approved by Parliament, will make warehouse receipts a negotiable instrument, a development which could change the face of the farm sector.

10. News: (2011), Welcome Receipt: ECONOMIC TIMES (ET), May 20. Wrote as below:

The government's move to finally provide legal backing to warehouse receipts will ensure farmers a better deal for their produce and is welcome. These receipts are issued by accredited warehouses to farmers or traders, acknowledging the quantity and quality of produce deposited with them. Recognising this document as a negotiable instrument that can be used as collateral to support borrowing or accepted for delivery against a futures contract, will enhance the bargaining power of farmers.

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11. News: (2011), Bank Support crucial for success of warehouse receipt: ECONOMIC TIMES (ET), May 27. Wrote as below:

“Shyamal Gupta, Chief Business Officer, NCMSL-- The overall efficiency of the commodity market , particularly agribusiness, will be greatly enhanced when producers and commercial entities are able to convert inventories of agricultural raw material, intermediate products or finished products into readily tradable products . Some international collateral managers prefer to issue their own, non-negotiable receipts.”

12. News: (2014), Sohan lal Commodity acquires NBFC, to enter agri- financing: The Hindu Business line, February 23. Wrote as below:

“New Delhi, Feb. 23: Sohan Lal Commodity Management (SLCM), an agri-commodity warehousing management company, is foraying into the area of agricultural financing. This diversification is being done through a Chennai-based non-banking finance company — B.P. Jain Finance & Investments, which has been recently acquired by SLCM. Delhi-headquartered SLCM is pumping in Rs. 50 crore capital into B.P. Jain Finance, which will use the funds to provide financing of warehousing receipts, Sandeep Sabharwal, CEO, SLCM told Business Line here. For agricultural financing, the new product to be called 'Kisan Dhan' is likely to be rolled out in the market from April 1 this year, he said. "Providing warehousing receipt finance will be complementary to what we already do (warehousing management services)". Several high profile equity funds such as Nexus Venture Partners, Everstone Capital Venture, Mayfield Venture Partners and ICICI Bank's EIF Fund are currently invested in SLCM. Sabharwal said the Chennai–based subsidiary will look to build a book of Rs. 400 crore (for warehouse receipt financing and other agri-financing) during 2014-15. SLCM also plans to expand into overseas markets by setting up presence in Myanmar and Malawi in the coming months, Sabharwal said”

Research Gaps identified in the proposed field of investigation - Based on review:

Present methods of warehouse receipts finance are not catering the needs of borrowers.

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The above literature survey reveals that some research has been done on applying various quality

models of financing against Warehouse receipts to commodities. The research gaps emanating

from literature survey are as under:

Most of the products of warehouse financing / modus operandi do not reflect the full

range of interested stakeholders and are not closely linked to the timely availability of

credit hence, identification of common minimum quality items suitable to all stakeholders

will help to design the system and thereby improve customer satisfaction.

Lack of awareness among the grass-root level customers and there are non- uniform

complex, non-transparent models of financing to cater the need of different category of

customers, there is a need to modify these models as per the current conditions or

requirement of clientele, taking into account input and output parameters along with the

process parameters of lending institutions.

The inter dependability of critical dimensions / parameters of warehouse financing against other priority sector financial product has not been researched.

There is lack of studies which focuses on the above gap, there is need of an study which can

focus on overall integrated prospective of different stakeholders, one that can help in measuring

excellence and identifying a path for achieving excellence in Warehouse receipts financing

(WHR finance).

Chapter wise details of Proposed Research Investigation Ph.D. Thesis:

Chapter 1: Research Methodology:

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Phase I: There will be an in depth literature survey of the topic. Literature survey is an ongoing

activity and it will span over all the phases of the Ph.D. program.

Phase II: Necessary data collection and experts opinions will be undertaken in this stage. Both

primary and secondary data will be collected regarding various quality parameters from different

stakeholders. The data will be collected through personal interview and questionnaire of different

/ various stakeholders and prominent experts of this field. Target sample population (sample size

50 numbers) will comprise bank officials, farmers, traders, manufactures / processors. Overall the

study will be exploratory in nature.

Sampling techniques:- Random sampling without replacement, judgmental sampling, snow ball

sampling, quota sampling and convenience sampling. Target sample population size will be 200

numbers (sample size 50 of each group numbers) will comprise bank officials, farmers, traders,

manufactures / processors. Sample size of 50 numbers of each group will sufficiently represent

the particular population. It covers cultivators/ farmers, traders and manufactures / processors of

various agro commodities like food grains, cereals, coarse grains, pulses and spices.

Phase III: The survey responses will be analyzed from various perspectives. Mathematical

techniques i.e. ratios, percentage with suitability of objective of research, will be used for user

segmentation and analysis of behavior.

Phase IV: The results thus obtained throughout our research will be compiled into a thesis with

supportive data analysis and other details. .

Chapter 2: Warehouse Receipt (WHR) Financing

a) Definition of warehouse receipt (WHR) finance and details background and history

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b) Existing products /models of WHR financing.

c) Commodities covered under WHR finance.

d) Type of WHR issued by government and private warehouses.

e) Latest development in WHR financing.

Chapter 3: Introduction of State bank of India and IDBI bank Ltd.

a) Introduction of state bank of India.

b) Introduction of IDBI bank ltd.

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c) Network / penetration of IDBI and SBI in Mandies.

d) WHR financing by State Bank of India

e) WHR financing by IDBI Bank Ltd.

Chapter 4: Analytical study of WHR techniques compare to others.

a) Comparison of WHR product / model of financing with other products of priority sector

lending.

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b) Analysis of parameters which play important role in WHR finance. (Using various

mathematical /statistical techniques like ANOVA test, Chi-Square test and Z-test)

c) Percentage coverage of WHR financing against total food grain production and

commodities stored in warehouses.

d) Comparative analysis of WHR financing by state bank of India and IDBI Bank ltd.

e) Awareness about WHR finance among the clients/ borrowers / farmers.

Chapter 5: Findings, conclusions and suggestions.

Expected outcome:

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a. Critical parameters of enhancement of credit delivery under Warehouse Receipt financing.

b. Integrated model / products for achieving excellence in Warehouse receipt financing to

augment the priority sector lending.

Limitations: - Two selective banks, territory of Jaipur Region and with time span of 5 years.

Expected duration of the investigation:

Sr. Particulars Expected time

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No.

1. Phase-I Up-to 6 months

2. Phase-II Above 6 to 12 months

3. Phase-III Above 12 to 18 months

4. Phase-IV Above 18 to 24 months

Facilities available for the investigation at scholar end and facilities required on campus:

Requirement of database i.e. delnet, Ebsca, Capial market and NCAER etc.

Bibliography: References

Various research Journals, reports & papers:

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Rangaswami N. (2013), Performance of Agri - Warehousing in Maharashtra and Market Potential for Negotiable Warehouse Receipts Finance in India, INDIAN JOURNAL OF MARKETING VOLUME 43, December.

Mehanta Devajit (2012), Review of warehouse receipt as an instrument for financing in India, INTERNATIONAL JOURNAL OF SCIENTIFIC & TECHNOLOGY RESEARCH VOLUME 1, ISSUE 9, OCTOBER 2012 ISSN 2277-8616.

Ranade A. , Patil N.B. (2006), Transaction cost of lending in rural Finance , INSTITUTE OF FIANNCIAL MANAGEMENT AND RESEARCH , Working paper series August 2006

Ramchandran G., Coulter J. (2000), A strategy for the Development of warehouse receipts system for agriculture in India Department of Consumer Affairs, Ministry of Consumer Affairs, Food and Public Distribution, GOI report, October.

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Singh S. B., Banking reforms and globalization in India (2007), A P H Publishing Corporation, New Delhi.

Singh Sultan, Banking Sector Reforms in India (2007), Kanishaka publication, New Delhi.

Indian Institute of Banking & Finance, Rural Banking (2013), TAT Mc Graw Hill Publication, Pune.

Coulter Johnathan, Shephard Andrew, Inventory credit: an approach to developing agriculture market (1995), FAO natural Resource Institute, Rome.

Sharma Manoranjan, Dynamics of Indian banking: View & Vistas,(2008) ATLANTIC pulisher and distributers, New Dlhi

Niranjana. S, and Anbumani, V. 2002. Social Objectives and Priority Sector Lending, Banking and Financial Sector Reforms in India, Deep and Deep Publications.

COMMITTEE ON PUBLIC UNDERTAKINGS. TENTH LOK SABHA, (19th) Report. Industrial Development Bank of India (IDBI), Ministry of Finance, Department of Economic Affairs, LSS, New Delhi 1993.

Dinesh C. Agricultural finance by a commercial banks, (1970) Vaikunth Mehta National Insti. of Cooperative Management, New Delhi.

Chawala, A.S. Nationalization and Growth of Indian Banking, (1979) Deep and Deep Publication, New Delhi.

Nand Kishore Jha, Bank finance & Green Revolution in India, Amar Prakashan, New Delhi, 1985.

American Bankers Association, A banker's guide to warehouse receipt financing, Volume 5, Issue, The University of Michigan. (1966)

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List of Websites:-

www.rbi.org (Reserve Bank of India)

www.idbi.com (IDBI Bank Ltd)

www.sbi.co.in (State Bank of India)

www.wdra.nic.in (Warehousing Development and Regulatory Authority, Govt. of India)

https://www. nabard .org (National Bank for Agriculture and Rural Development)

http://cewacor.nic.in (Central Warehousing Corporation)

www.krishi. rajasthan .gov.in (Department of Agriculture, Govt. of Rajasthan)

http://agricoop.nic.in (Department of Agriculture, Govt. of India)

www. planningcommission .nic.in (Planning commission of India, Govt. of India)

www.fciweb.nic.in (Food Corporation of India)

www.agmarknet.nic.in (Agriculture Marketing Information Network)

www. nhb.gov.in (National Horticulture Board)

www. hortnet.gov.in (National Horticulture Mission)

www. hau .ernet.in (Haryana Agriculture University)

www.raubikaner.org (Rajasthan Agriculture University)

www.ccs niam .gov.in (National Institute of Agriculture Marketing, Jaipur)

www.icar.org.in (Indian Council of Agriculture and Research, New Delhi)

NAME AND SIGNATURE OF SCHOLAR (Arvind Kumar Yadav)DATE: April 30, 2014.

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http://www.icar.org.in/

http://www.ccsniam.gov.in/

http://www.raubikaner.org/

http://www.hau.ernet.in/

http://www.hortnet.gov.in/

http://www.nhb.gov.in/

http://www.agmarknet.nic.in/

http://www.fciweb.nic.in/

http://www.planningcommission.nic.in/

http://agricoop.nic.in/

http://www.krishi.rajasthan.gov.in/

http://cewacor.nic.in/

https://www.nabard.org/

http://www.wdra.nic.in/

http://www.sbi.co.in/

http://www.idbi.com/

http://www.rbi.org/

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