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Business process workflow is a design conceptualization to automate the sequence of activities to achieve a business goal with involved participants and a predefined set of rules. Regarding this, a formal business workflow model is a prime requisite to implement a consistent and rigorous business process. In this context, majority of the existing research works are formalized structural features and have not focused on functional and behavioral design aspects of business processes. To address this problem, this paper aims to propose a formal model of business process workflow called as business process workflow using typed attributed graph (BPWATG) enriched with structural, functional and behavioral characteristics of business processes.

Typed attributed graph (ATG) and first-order logic have been used to formalize proposed BPWATG to provide rigorous syntax and semantics towards business process workflows. This is an effort to execute a business workflow on an automated machine. Further, the proposed BPWATG is illustrated using a case study to show the expressiveness of proposed model. Besides, the proposed graph is initially validated using generic modelling environment (GME) case tool. Moreover, a comparative study is performed with existing formal approaches based on several crucial features to exhibit the effectiveness of proposed BPWATG.

The proposed model is capable of facilitating structural, functional and behavioral aspects of business process workflows using several crucial features such as dependency conceptualization, timer concepts, exception handling and deadlock detection. These features are used to handle real-world problems and ensure the consistency and correctness of business workflows.

BPWATG is proposed to formalize a business workflow that is required to make a model of business process machine-readable. Besides, formalizations of dependency conceptualization, exception handling, deadlock detection and time-out concepts are specified. Moreover, several non-functional properties (reusability, scalability, flexibility, dynamicity, reliability and robustness) are supported by the proposed model.

In recent years, the Indian banking sector is facing a major cause of concern in the form of Nonperforming Assets (NPA), and the priority sector lending (PSL) is generally recognized as the major factor contributing to it. Thus, the present study has been carried out with the objective of examining the relationship between priority sector lending and GDP growth. Thereafter, the role of PSL and certain other bank-specific, industry-specific and macroeconomic variables in determining NPA has been studied.

Taking a sample of 45 scheduled commercial banks, the study has been carried out for 14 years (2004–2018). Granger causality between PSL and GDP has been examined by applying the Dumitrescu-Hurlin test. For the purpose of investigating the impact of PSL and other determinants on NPA, both static and dynamic panel regression have been performed. Under the dynamic panel, system generalized methods of moments (S-GMM) approach has been followed.

The findings show that there exists a positive correlation and bidirectional causal relationship between PSL and GDP, which implies that PSL brings additional growth for the whole economy. In addition to it, PSL is found to be insignificant for the NPA ratio, and thus, it can be inferred that credit extended to government-specified sectors does not bring any major increase in the bad loan portfolio of banks.

The policymakers and bank management can take a cue from the findings of this study to decrease the exposure to loan nonrepayment issue. The priority sectors are in need of formal credit for their growth, and since the rising population of the country can find employment in these sectors, banks should meet their credit needs while securing their position with regard to the NPA problem.

The issue of NPA determinants, and in particular, the contribution of priority sector lending in it has not been much explored for Indian banking sector. Also, the present study adds to the literature by using the causality approach for examining the importance of directed credit schemes for economic growth.