In Partial Fulfilment of

POST GRADUATE DIPLOMA PROGRAMME

INTERNATIONAL SCHOOL OF BUSINESS & MEDIA, PUNE

SUMMER INTERNSHIP PROJECT

On
Chasing the Cash: Process Optimisation & Collection Efficiency in FMCG Co.

Under Guidance of: -

Dr. Madan Survase

Submitted by: -
Ms. Ayushi Ramesh Bhiwapurkar
Roll No: - MNP20242021
Specialization: Finance & Marketing
Batch: - 2024 - 26

1
CERTIFICATE

2
 DECLARATION

This is to certify that Ms. Ayushi Ramesh Bhiwapurkar bearing Roll no. MNP20242021
has satisfactorily completed her dissertation entitled “Chasing the Cash: Process
optimisation & collection efficiency in FMCG Co.” under the guidance of Dr. Madan
Survase within the allotted time period.

This work is original and represents the outcome of my independent research and sincere
efforts. It has been completed in accordance with academic standards and under the guidance
provided. I further declare that it has not been submitted, either wholly or in part, to this or
any other university or institution for the award of any degree, diploma, or other academic
qualification.

Signature of Guide Signature of Student

Dr. Madan Survase Ms. Ayushi Ramesh Bhiwapurkar

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 ACKNOWLEDGEMENT

I am pleased to acknowledge the opportunity to undertake my Summer Internship at RSPL –

Hygiene Care Division, an experience that has significantly contributed to my professional
and personal development. The exposure to real-world business operations and industry
practices has been both insightful and rewarding.

I express my sincere gratitude to CA Tanya Arora, Global Controller at RSPL – Hygiene

Care Division, for her invaluable guidance, support, and supervision throughout the course of
my internship. Her expertise, constructive feedback, and willingness to mentor were
instrumental in helping me navigate the project successfully and gain meaningful insights
into the hygiene care sector.

I am equally thankful to Dr. Pramod Kumar, President of ISB&M, Pune, for facilitating
this internship opportunity and enabling a platform for experiential learning. I would also like
to extend my appreciation to Dr. Madan Survase for his academic support and guidance,
which helped align my project objectives with the broader learning goals of the program.

I am grateful to the entire team at RSPL – Hygiene Care Division for their cooperation and
for creating a conducive learning environment. This internship has been a valuable step in my
journey towards professional growth, and I am confident that the knowledge and skills
acquired during this period will serve as a strong foundation for my future endeavours.

Signature of Student
Ms. Ayushi Ramesh Bhiwapurkar

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 CONTENTS

Sr. No. Particular Page no.

1 Declaration I

2 Acknowledgement II

3 Contents IV

4 List of the Tables V

5 List of the Figures VI

6 Executive Summary VII

Chapter 1 Introduction 1

Chapter 2 Company Profile & Details 3

Chapter 3 Internship 5
Project/Assignment(s)
details
Chapter 4 Learning Outcomes and 7
Recommendations
Appendix 11

References 12

LIST OF THE TABLES

Sr. No. Particular Page no.

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 LIST OF THE FIGURES

Sr. No. Particular Page no.

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EXECUTIVE SUMMARY

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8
 CHAPTER 1
INTRODUCTION

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 CHAPTER 1
INTRODUCTION

This chapter is divided into four key sections, which include an introduction to the internship
and its relevance, the objectives of the internship, the duration and scope of the project, and
the methodology adopted for preparing this report.

1.1 Introduction to Internship & Its Relevance

I completed my internship at RSPL Group – Hygiene Care Division, where I worked in the
Finance & Accounts (F&A) Department across multiple functional areas. My internship
project, “Chasing the Cash: Process Optimisation & Collection Efficiency in an FMCG
Co.”, was structured around enhancing financial efficiency through hands-on involvement in
core finance operations.

During the internship, I worked on General Trade claims and incentive processing, which
involved releasing all types of claims and contributing to an ongoing automation project
aimed at streamlining these processes. In the Modern Trade segment, I handled posting of
debit and credit notes, performed reconciliation of various accounts, conducted ageing
analysis to track payment status, and was responsible for updating and clearing payment
records.

I also supported international finance operations by generating sales invoices for RSPL’s
business units in Dubai, Ethiopia, and Bangladesh. Additionally, I contributed to the audit
and tax reports of RSPL Bangladesh, and performed financial analysis related to marketing
provisions.

My exposure extended to system testing of internal reports such as ZSD023, and I

extensively used SAP as the primary ERP tool throughout the internship.

This hands-on experience has given me valuable insights into receivables management,
financial controls, compliance, and automation in the FMCG sector — reinforcing the
relevance of academic concepts in real business settings and equipping me with practical
skills essential for a finance professional.

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1.2 Objectives of Internship

The primary objective of the internship was to gain practical exposure to the financial
operations of a leading FMCG company and understand how finance functions contribute to
business efficiency and control. Through this internship at RSPL Group – Hygiene Care
Division, I aimed to apply classroom concepts to real-time financial processes and enhance
my understanding of receivables management, process automation, and reporting.

The specific objectives of the internship were as follows:

 To understand the end-to-end process of releasing trade claims and incentives in the
General Trade segment.
 To contribute to the automation project for incentive processing and reduce manual
intervention.
 To perform debit note and credit note postings, reconciliations, and ageing analysis in
the Modern Trade segment.
 To update and clear payments in SAP and ensure accurate financial records.
 To generate international sales invoices for RSPL’s operations in Dubai, Ethiopia,
and Bangladesh.
 To assist in the preparation of audit and tax reports for RSPL Bangladesh.
 To develop proficiency in using SAP and understand its application in day-to-day
financial operations.

These objectives were designed to provide holistic learning in core finance functions,
develop analytical thinking, and improve practical skills that align with long-term career
aspirations in the finance domain.

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1.3 Duration & Scope

The internship was conducted over a period of six months, from January 2025 to July 2025,
at the RSPL Group – Hygiene Care Division, located in Gurgaon, Haryana. The internship
provided hands-on experience in core finance operations, with exposure to both domestic and
international processes.

Scope of Work:

 General Trade: Involved in releasing all types of trade claims and incentives, along
with supporting an automation initiative to streamline this function.
 Modern Trade: Handled posting of debit notes and credit notes, reconciliation of key
accounts, ageing analysis to determine outstanding receivables, and clearing of
payments using SAP.
 International Finance: Generated sales invoices for RSPL’s overseas operations in
Dubai, Ethiopia, and Bangladesh, ensuring compliance with cross-border transaction
norms.
 Audit & Taxation: Supported the preparation of audit and tax reports for RSPL
Bangladesh, contributing to regulatory reporting and internal financial reviews.
 Marketing Finance: Analyzed provision-related files to ensure accuracy in financial
forecasting and reporting.
 System Testing: Conducted testing for internal SAP reports (e.g., ZSD023), helping
validate data accuracy and improve reporting reliability.

The scope was designed to offer broad exposure across finance sub-functions, enabling a
practical understanding of how finance supports operational and strategic goals in an FMCG
environment.

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1.4 Methodology of Report Preparation

The preparation of this report is based on the practical experience gained during the six-
months of internship at RSPL Group – Hygiene Care Division. A combination of primary
and secondary methods was used to collect and analyze data, ensuring a structured and
evidence-based approach to documenting the internship outcomes.

Primary data was gathered through direct interaction with the Finance and Accounts teams,
including discussions with supervisors and colleagues across different verticals such as
General Trade, Modern Trade, and International Business. These interactions provided
insights into existing processes, system workflows, and the challenges faced in daily
operations.

Secondary data included company documents, internal reports, financial records, marketing
files, and SAP-generated data. These were used to understand the structure of claim
processing, invoicing, ageing reports, reconciliations, and audit requirements.

Tools and systems such as Microsoft Excel and SAP played a central role in analyzing data,
testing reports (such as ZSD023), updating payments, and tracking receivables. The report
has also incorporated relevant theoretical concepts like the cash conversion cycle, ageing
analysis, and reconciliation frameworks to link practical work with academic understanding.

This structured methodology ensures that the report reflects a comprehensive overview of the
internship experience while aligning with the academic objectives of the PGDM program.

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 CHAPTER 2
COMPANY PROFILE & DETAILS

CHAPTER 2

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 COMPANY PROFILE & DETAILS

This chapter is divided into seven key sections, covering the company overview including its
history, vision, and mission; product and service portfolio; organizational structure; key
financial highlights; industry and sector analysis; identification of major competitors; and an
overview of the department where the internship was conducted, along with its role in the
organization and the tools and systems used.

2.1 Company Overview

Rohit Surfactants Private Limited (RSPL Group) is an Indian consumer goods company
headquartered in Kanpur, Uttar Pradesh. Best known for its flagship brand "Ghadi
Detergent," the company operates primarily in the home care and hygiene product segments.
Over the years, RSPL has expanded its portfolio and established a wide distribution network,
reaching both urban and rural markets. The Group has also diversified into personal care
through its Hygiene Care Division, with an aim to meet growing consumer needs in the fast-
moving consumer goods (FMCG) space.

I. Vision, Mission & Core Values

a. Vision - To be a respected and responsible FMCG brand
delivering value-driven products that improve the quality of
life for every Indian household.
b. Mission - To offer high-quality, cost-effective consumer goods
while maintaining financial discipline, strengthening market
presence, and constantly innovating in response to evolving
customer needs.
c. Core Values
 Ethical practices and transparency in all operations.
 Ensuring price accessibility without compromising
on quality.
 Focus on cost-effective manufacturing and sound
financial control.
 Commitment to meeting customer expectations.

II. History & Background

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RSPL Group was founded in 1988 by Muralidhar Gyanchandani in Kanpur, Uttar Pradesh,
with a vision to offer affordable and quality cleaning solutions to Indian households. The
company launched Ghadi Detergent as its flagship product, targeting value-conscious
customers in tier-2 and rural markets. With a strong grasp of local consumer behavior and
cost-efficient distribution, RSPL gradually built regional dominance, eventually expanding
nationally.

By the early 2000s, Ghadi had become one of India’s leading detergent brands. Capitalizing
on this momentum, RSPL diversified into the hygiene, personal care, and energy sectors,
launching products like dishwashing bars, handwashes, and air fresheners. A major milestone
was the creation of its Hygiene Care Division, marking its evolution into a broader FMCG
player.

Today, RSPL operates across India with multiple production units and thousands of
employees. Known for its disciplined financial approach, the company emphasizes working
capital control and efficient receivables management. It has successfully navigated market
challenges through conservative planning, efficient supply chains, and consistent
reinvestment in operations.

III. Current Activities

RSPL Group currently operates in the FMCG space with a focus on home care and hygiene
products, including Ghadi Detergent, Xpert Dishwash Bar, Venus Handwash, and Pro-ease
sanitary products etc. The company has manufacturing facilities across India and a robust
distribution network catering to both urban and rural markets. It continues to strengthen its
Hygiene Care Division and streamline supply chain operations. Financially, RSPL
emphasizes receivables management, collection efficiency, and working capital control,
aligning with its cost-effective and volume-driven business model in a competitive market.

IV. Product Line

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RSPL Group offers a diverse product portfolio primarily under the home and personal care
categories. Its flagship brand, Ghadi Detergent, leads the laundry care segment. The group
has expanded into dishwashing solutions (Xpert Dishwash Bar), personal hygiene (Venus
Handwash), and female hygiene products (Pro-ease sanitary pads). These products are
positioned to serve price-sensitive consumers across both rural and urban markets. The
company focuses on offering value-driven products while maintaining cost efficiency, which
supports its overall financial strategy of sustainable growth through scale and controlled
operating expenses.

V. Top Management

RSPL Group is led by a seasoned leadership team that blends entrepreneurial vision with
operational expertise. Mr. Muralidhar Gyanchandani, the founder, continues to play a
strategic role in guiding the company’s long-term direction. Key members of the top
management oversee critical functions such as finance, operations, and supply chain, with a
strong focus on cost control and working capital efficiency. The leadership emphasizes
value-driven growth, maintaining financial discipline, and expanding market reach while
ensuring that day-to-day decisions align with the company’s long-term financial and
operational objectives.

VI. Organisational Structure

RSPL Group follows a functional organizational structure, where departments such as

Production, Sales & Marketing, Finance, Human Resources, and Supply Chain operate under
clearly defined leadership. The Finance Department plays a crucial role in managing
budgeting, receivables, working capital, and cost controls. Each division is led by
experienced professionals who report to the senior management. Decision-making is
centralized for strategic matters but decentralized for operational efficiency. This structure
supports effective coordination across units, enabling RSPL to maintain agility while
ensuring financial accountability at every level of operations.

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2.2 Products / Services

RSPL Group’s Hygiene Care Division is part of a diversified FMCG conglomerate with a
strong presence in home care and personal hygiene. The product lineup spans multiple
categories designed for both urban and rural markets.

Product Categories & Offerings: -

 Laundry Care - Ghadi Detergent (powder and cake): Launched in 1987, Ghadi is
the company’s flagship product, capturing approximately 20% of the Indian detergent
market.
 Dishwashing - Xpert Dishwash Bar and Liquid: Positioned to offer effective grease
removal with lower water usage.
 Personal Hygiene & Bathing - Venus Creme Bar, Venus Toilet Soap, and Glori
Bathing Soap: Covering a range of fragrances and formulations for daily use.
 Feminine Hygiene - Pro-ease Sanitary Pads: Targeting women’s personal care,
focusing on comfort and hygiene.
 Mid-Premium Laundry - Uniwash Detergent and Glass detergent variants:
Positioned between economy and premium segments.
 Home Care - Air fresheners such as Venus Fresh, maintaining the hygiene care
portfolio depth.
 Diversified Products - RSPL also manufactures Red Chief leather footwear and
operates in the dairy segment—Namaste India Foods, offering pasteurized milk, curd,
butter, ghee, etc.

Overall, RSPL's products emphasize affordability, accessibility, and consistent quality,

aligning with its value-for-money proposition. The Hygiene Care Division complements the
broader FMCG portfolio by targeting essential household and personal hygiene needs across
socio-economic segments.

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2.3 Organizational Structure

RSPL Group is a large, diversified FMCG conglomerate with an estimated 25,000+

employees and operations spanning multiple business units and geographies. The Hygiene
Care Division, where the internship took place, reports to the central leadership team at the
corporate level.

Corporate Leadership:

 Muralidhar Gyanchandani – Chairman

 Bimal Kumar Gyanchandani – Vice Chairman
 Other Managing Directors and Executive Directors overseeing major verticals.

Division-Level Leadership:

 Mr. Manish Makhijani – CEO, Hygiene Care Division (appointed April 2025).
 Mr. Vishal Gupta – President, Hygiene Care, responsible for international business
and overall division strategy.
 Mr. Harkawal Singh – Vice President, Global Marketing for Hygiene Care.
 Mr. Vijay Mehta – Vice President, Sales for Hygiene Care.
 CA Anjani Jajodia – Assistant Vice President, Finance for Hygiene Care.

Functional Teams and Reporting Structure:

Within the Hygiene Care Division, the major functional teams include:

 Sales (Domestic & International)

 Marketing (Product Management & Brand Strategy)
 Finance & Accounts
 Operations & Supply Chain
 Human Resources
 IT & Systems (SAP, ERP support)

The Finance & Accounts team, where the internship was based, functions under the
division’s Finance leadership and works closely with all other functions for financial
reporting, process compliance, and system integration.

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2.4 Key Financials

RSPL Limited’s financial performance reflects its strong presence in the FMCG sector and
its ability to navigate macroeconomic challenges:

CRISIL Rating Highlights (Fiscal 2024):

 Rating: Reaffirmed at CRISIL AA / Stable (long term) and A1+ (short term),
signifying robust creditworthiness.
 Debt Reduction: Total debt stood at ₹1,181 crore as of March 31, 2024, down from
₹3,198 crore in March 2020.
 EBITDA Margin: Rose to 19.2% in FY 24, compared to 18.3% in FY 23, aided by
reduced raw-material costs.
 Leverage Metrics: Net-debt-to-EBITDA ratio at 0.05×; interest coverage of 9.0× in
FY 24.

Revenue & Profitability Trends:

 FY 23 (ended March 31, 2023):

o Revenue: ₹6,701 crore (5.5% growth over FY 22’s ₹6,351 crore)
o PAT: ₹562 crore (margin around 8.4%)
o Debt/Equity: 0.44×; Interest coverage: 8.9×
 FY 24 (March 2024):
o Revenue: ₹5,407 crore
o Net Profit: ₹555 crore (net margin around 10%)
o Operating Profit: ₹1,012 crore (operating margin around 18.7%)
o Net Worth: ₹4,190 crore
o Borrowings: ₹1,109 crore
o Debt/Equity: 0.3×

Return & Efficiency Metrics:

 FY 24 Return on Net Worth (RONW): approximately 13.2%; FY 23: 14.2%

 FY 24 Return on Capital Employed (ROCE): approximately 16.7%

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  Interest cost remained around 11–12% of EBITDA

RSPL enjoys a solid financial position marked by strong profitability and controlled leverage.
The slight dip in sales during FY 24 reflects broader market challenges, but consistent
EBITDA margins and disciplined debt management underline operational resilience. High
return ratios and robust credit metrics reinforce investor and lender confidence.

2.5 Industry & Sector overview

The Fast-Moving Consumer Goods (FMCG) sector plays a vital role in the Indian economy
by contributing significantly to employment generation, GDP, and overall consumer
satisfaction. The industry includes essential everyday products such as packaged foods,
beverages, personal hygiene items, and home care goods, all of which are sold at relatively
low prices and in high volumes. Over the past few years, the sector has experienced notable
growth due to factors like rising disposable incomes, rapid urbanization, and expanding
consumption in rural markets.

From a financial perspective, the FMCG sector operates on thin profit margins and depends
heavily on high-volume sales. This makes liquidity management and cash flow efficiency
crucial for sustaining day-to-day operations. A major financial challenge in this space is the
effective management of trade receivables. Since a large share of transactions is carried out
on credit—particularly with wholesalers, institutional buyers, and distributors—companies
must ensure timely collections to keep their working capital cycle under control and avoid
cash flow disruptions.

Delays in receivables directly impact the cash conversion cycle, forcing businesses to depend
more on short-term borrowings, which raises interest expenses and reduces profitability. In
addition, high inventory turnover and vast distribution networks add complexity to financial
planning. To overcome these challenges, many FMCG companies have started implementing
ERP systems, digital collection tools, and structured credit control practices. These efforts
not only improve collection efficiency but also help strengthen liquidity, reduce financing
costs, and support future investments and business expansion.

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 Figure: Growth of the FMCG Sector in India (2018–2024)

The above graph illustrates the annual growth rate of the Indian FMCG industry from 2018 to
2024. After a slight dip in 2020 due to the COVID-19 pandemic, the sector witnessed a
strong recovery driven by increased rural demand, rising disposable incomes, and expansion
in e-commerce. The growth rate steadily climbed, reaching an estimated 12.3% in 2024,
reflecting the sector’s resilience and adaptability in a dynamic market environment.

2.6 Key Competitors

The Indian FMCG industry consists of a wide range of companies that have built strong
brand reputations and enjoy a significant share in both urban and rural markets. Financially,
these companies manage large-scale operations with a close watch on receivables, cash
flows, and working capital efficiency. The following are some of the key firms shaping the
industry:

ii. Hindustan Unilever Limited (HUL)

HUL is among the most prominent FMCG firms in India, offering products across household
care, skincare, and food categories. The company is known for its extensive distribution
network and strong cash management practices. With clearly defined credit terms and regular
follow-ups, HUL ensures that customer dues are collected promptly. Its ability to maintain a
balanced working capital cycle allows it to minimize reliance on short-term loans.

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 iii. India Tobacco Company Limited (ITC)

ITC has diversified significantly into the FMCG segment over the last decade. Products like
Aashirvaad, Yippee!, and Savlon have gained strong market presence. From a financial
angle, ITC pays close attention to controlling inventory and receivables. The use of digital
systems across supply chains has helped the company shorten its cash conversion cycle,
thereby improving liquidity and overall efficiency.

iv. Nestlé India Limited (Nestlé India)

Nestlé India mainly operates in food and beverage categories. It enjoys strong brand loyalty
and a stable customer base. Its business model emphasizes quick turnaround times and low
exposure to long credit periods. These factors contribute to stronger cash flows and reduce
the chances of delayed payments, which are crucial in managing day-to-day financial
operations.

v. Godrej Consumer Products Limited (GCPL)

GCPL has a strong presence in personal and home care products with brands like Goodknight
and Cinthol. The company has made significant progress in managing its receivables by
investing in digital solutions and clearly defining credit guidelines. These efforts help it
maintain a steady cash flow and ensure that its funds are not tied up for long periods.

vi. Rohit Surfactants Private Limited (RSPL Group)

RSPL Group is known for Ghadi detergent and is expanding through its Hygiene Care
Division. In recent years, the company has recognized the need to improve its collection
efficiency. As part of my internship, I had the opportunity to work with the finance team to
study their receivables process. The aim was to identify the areas where collections were
getting delayed and suggest ways to reduce the number of days outstanding, thereby helping
the company maintain better control over its working capital.

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2.7 Department / Functional overview

Department Where Internship Was Done: -

The internship was conducted in the Finance & Accounts Department, specifically in the
Accounts Receivable vertical, under the Hygiene Care Division of RSPL Group. This
department is primarily responsible for overseeing the company’s incoming cash flow,
managing trade receivables, supporting financial reporting, and ensuring alignment between
financial operations and business activities.

Role of the Department in Overall Company Function: -

The Finance Department, particularly the Accounts Receivable (AR) function, plays a crucial role in
managing the company’s cash inflows and ensuring the financial health of the organization. In an
FMCG company like RSPL Group, where high sales volumes and credit-based transactions are
common, the AR team is responsible for ensuring that outstanding dues from customers,
distributors, and institutional buyers are collected on time.

The department monitors the ageing of receivables, identifies overdue accounts, and follows
up to minimize delays in collections. It also ensures proper recording of receivables, timely
generation of invoices, and reconciliation of accounts, which are critical for maintaining
accurate financial records and enabling efficient working capital management.

In addition, the Accounts Receivable function collaborates closely with the Sales, Supply
Chain, and Commercial teams to validate claims, process customer deductions, and ensure
that customer accounts reflect the correct financial position. The department plays a strategic
role in minimizing credit risk, optimizing the cash conversion cycle, and supporting liquidity
planning for operational and strategic decision-making.

By maintaining control over receivables, the department directly supports the company’s
ability to reinvest in growth, meet short-term obligations, and maintain financial flexibility in
a competitive FMCG environment.

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Key Tools, Software, or Systems Used: -
During the internship, a range of enterprise systems and digital tools were used to perform financial
tasks with precision and efficiency. These tools supported day-to-day operations related to
receivables management, invoicing, reconciliation, and reporting.

 SAP (Client 300 & 400):

o Client 300 was used for domestic financial transactions, including posting
debit and credit notes, clearing payments, and running reconciliation reports.

o Client 400 was used for managing international operations, such as generating
sales invoices and tracking receivables from overseas markets like Dubai,
Ethiopia, and Bangladesh.

 DMS (Document Management System): - Utilized for accessing, managing, and

storing important financial documents, claim records, and supporting files in a secure
and organized digital environment.

 Microsoft Excel: - Extensively used for data analysis, ageing schedules,

reconciliation logs, provision tracking, and summarizing financial data for reporting
and audit support.

These tools enabled a smooth, system-driven workflow that ensured data accuracy, improved
turnaround time, and enhanced visibility across various financial processes during the
internship.

Working in the Accounts Receivable function provided hands-on exposure to core financial
processes and highlighted the importance of accuracy, efficiency, and cross-functional
collaboration in managing the financial health of an FMCG organization like RSPL.

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 CHAPTER 3
INTERNSHIP PROJECT

CHAPTER 3

18
 METHODOLOGY
The chapter is categorised in ten parts which includes Research Designing, Sampling
Techniques, Sampling Method, Sampling Size, Data collection strategy, Data collection tool,
Type of data, Data analysis tools & techniques and Limitation of the study, etc.

3.1 Research Design

The research design adopted for this study is a blend of exploratory and descriptive research. Since
the objective is to assess and improve the accounts receivable process and collection efficiency
within RSPL Group’s Hygiene Care Division, this dual approach is most appropriate.

 The exploratory design helps uncover hidden challenges and root causes behind delayed
collections, disjointed processes, and manual inefficiencies. It allows a flexible investigation
into internal practices, stakeholder behavior, and systemic gaps.

 The descriptive design provides a structured framework to quantify and analyse financial
indicators, such as Days Sales Outstanding (DSO), average collection period, and aging of
receivables. This aspect supports measurement of performance, identification of patterns,
and comparison across customer segments and time periods.

Together, this research design enables a comprehensive understanding of both why collection
delays occur and how they can be resolved, aligning with the overarching goal of financial
optimization through process improvement.

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 CHAPTER 4
DATA ANALYSIS & DISCUSSION

20
 CHAPTER 4
DATA ANALYSIS & DISCUSSION
The chapter is categorised in,---

21
 CHAPTER 5 FINDINGS,
RECOMMENDATIONS
CONCLUSION & LEARNING OUTCOMES

CHAPTER 5

FINDINGS, RECOMMENDATIONS, CONCLUSION & LEARNING OUTCOMES

The chapter is categorised in four parts which includes findings, recommendations & learning
outcomes
5.1 Findings

22
Sssss
5.2 Recommendations
Sss
5.3 Conclusion sssss

5.4 Learning Outcomes

sssss

Appendix (If any)

1. Questionnaire format
2. Research instruments etc.

23
References (Use APA style)
1. Sarma, M., & Pais, J. (2011). Financial inclusion and development. Journal of
international development, 23(5), 613-628.
2. Demirgüç-Kunt, A., & Klapper, L. F. (2012). Measuring financial inclusion: The
global findex database. World bank policy research working paper, (6025).

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