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Axis Bank Directors Report, Axis Bank Reports by Directors
Axis Bank
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Download Annual Report PDF Format 2013 | 2012 | 2011 | 2010
Directors Report Year End : Mar '13    Mar 12
The Board of Directors is pleased to present the Nineteenth Annual
 Report of the Bank together with the Audited Statement of Accounts,
 Auditors'' Report and the report on business and operations of the Bank
 for the financial year ended 31st March 2013.
 The financial highlights for the year under review are presented below:
                                                        (Rs. in crores)
 PARTICULARS                              2012-13     2011-12     GROWTH
 Deposits                              252,613.59  220,104.30     14.77%
 Out of which
 - Savings Bank Deposits                63,777.73   51,667.96     23.44%
 - Current Account Deposits             48,322.10   39,754.07     21.55% 
 Advances                              196,965.96  169,759.54     16.03% 
 Out of which
 - Retail Advances                      53,959.79   37,570.33     43.62%
 - Non-retail Advances                 143,006.17  132,189.21      8.18%
 Total Assets/Liabilities              340,560.66  285,627.79     19.23%
 Net Interest Income                     9,666.26    8,017.75     20.56%
 Other Income                            6,551.11    5,420.22     20.86% 
 Out of which
 - Trading Profit (1)                      754.60      361.56    108.71%
 - Fee and other income                  5,796.51    5,058.66     14.59% 
 Operating Expenses (excluding 
 depreciation)                           6,562.51    5,664.86     15.85% 
 Profit before Depreciation,
 Provisions and Tax                      9,654.86    7,773.11     24.21% 
 Depreciation                              351.73      342.24      2.77%
 Provision for Tax                       2,373.26    2,045.63     16.02%
 Other Provisions and Write offs         1,750.44    1,143.03     53.14%
 Net Profit                              5,179.43    4,242.21     22.09%
 Transfer to Statutory Reserve           1,294.86    1,060.55     22.09%
 Transfer to Investment Reserve             53.46           -         -
 Transfer to Capital Reserve               141.46       51.90    172.56%
 Transfer to Reserve Fund                    2.61           -         -
 Proposed Dividend                         987.24      770.08     28.20%
 Surplus carried over to Balance Sheet   2,699.80    2,359.68     14.41%
 (1) Excluding Merchant Exchange Profit
 KEY PERFORMANCE INDICATORS                  2012-13             2011-12
 Interest Income as a percentage
 of working funds*                              8.90%               8.71%
 Non-Interest Income as a percentage 
 of working funds*                              2.15%               2.15%
 Net Interest Margin                            3.53%               3.59%
 Return on Average Net Worth                    20.51%             21.22%
 Operating Profit as a percentage 
 of working funds*                               3.05%              2.94%
 Return on Average Assets                        1.70%              1.68%
 Profit per employee**                  Rs.14.58 lacs      Rs.14.34 lacs
 Business (Deposits less inter-
 bank deposits   Advances) 
 per employee**                       Rs.12.15 crores    Rs.12.76 crores
 Net non-performing assets as a 
 percentage of net customer 
 assets***                                       0.32%              0.25%
 - Working funds represent average total assets.
 ** Productivity ratios are based on average number of employees for the
 *** Customer assets include advances and credit substitutes.
 Previous year figures have been re-grouped wherever necessary.
 The Bank continued to grow steadily, both in business and earnings, in
 an increasingly competitive financial market and reported a net profit
 of Rs.5,179.43 crores for the year ended 31st March 2013, registering a
 growth of 22.09% over the net profit of Rs.4,242.21 crores last year.
 The strong performance in earnings resulted from the robust growth
 across all segments.  During the year, the Bank''s total income
 increased by 23.05% to reach Rs.33,733.68 crores, compared to
 Rs.27,414.86 crores last year. Operating revenue during this period
 increased by 20.68% to Rs.16,217.37 crores while operating profit
 increased by 25.20% to Rs.9,303.13 crores. The growth in earnings may
 be attributed to the performance of the Bank''s core income streams: net
 interest income (NII), fee and other income. NII increased by 20.56% to
 Rs.9,666.26 crores from Rs.8,017.75 crores last year. Fee, trading and
 other income increased by 20.86% to Rs.6,551.11 crores from Rs.5,420.22
 crores last year. The increase in earnings was partly offset by an
 increase in operating expenses by 15.10% to Rs.6,914.24 crores.
 During the year under review, the growth in NII is attributable to an
 expansion in the balance sheet size and healthy low- cost Current
 Account and Savings Bank (CASA) deposits. During the year, the total
 earning assets on a daily average basis increased by 22.64% to
 Rs.273,738 crores, compared to Rs.223,206 crores last year. A steady
 growth of low-cost CASA deposits, which on a daily average basis
 increased to Rs.80,941 crores from Rs.70,845 crores, helped in
 containing the cost of funds, which had risen over the period due to
 the hardening of interest rates on term deposits. Overall, the daily
 average cost of funds in the year increased to 6.55% from 6.28% last
 year. During the year, the cost of deposits increased to 6.73% from
 6.47% last year primarily due to an increase in cost of term deposits
 by 18 basis points (from 8.92% to 9.10%). During the same period, the
 yield on earning assets increased by 9 basis points to 9.75% from 9.66%
 last year.
 Other income comprising fees, trading profit and miscellaneous income
 increased by 20.86% to Rs.6,551.11 crores in 2012-13 from Rs.5,420.22
 crores last year and constituted 40.40% of the operating revenue of the
 Bank. Fee income constituted 34.04% of the operating revenue of the
 Bank and increased by 16.80% to Rs.5,520.93 crores from Rs.4,726.94
 crores last year. The Bank earns fee income from a diverse set of
 products and businesses such as client-based merchant foreign exchange
 trade, transaction banking (including cash management services),
 syndication and placement fees, processing fees from loans and
 commission on non-funded products (such as letters of credit and bank
 guarantees), inter-change fees on ATM-sharing arrangements and fee
 income from the distribution of third-party personal investment
 products. During the year, proprietary trading profits increased by
 108.71% to Rs.754.60 crores from Rs.361.56 crores last year.
 Miscellaneous income decreased by 16.92% to Rs.275.58 crores from
 Rs.331.72 crores last year mainly due to lower recoveries of
 loans/investments written-off in earlier years. During the year, such
 recoveries accounted for Rs.268.51 crores.
 As a result, the operating revenue of the Bank increased by 20.68% to
 Rs.16,217.37 crores from Rs.13,437.97 crores last year The core income
 streams (NII, fee and miscellaneous income) now constitute 95.35% of
 the operating revenue, reflecting the sustainability of the Bank''s
 earnings. Operating expenses increased by 15.10% to Rs.6,914.24 crores
 from Rs.6,007.10 crores last year, largely as a result of the growth of
 the Bank''s network and other infrastructure required for supporting the
 existing and new businesses. The Cost to Income ratio of the Bank was
 42.63% compared to 44.70% last year.
 During the year, the operating profit of the Bank increased by 2 5.20%
 to Rs.9,303.13 crores from Rs.7,430.87 crores last year.  During this
 period, the Bank created total provisions (excluding provisions for
 tax) of Rs.1,750.44 crores compared to Rs.1,143.03 crores last year.
 The Bank provided Rs.1,179.22 crores towards non-performing assets
 compared to Rs.860.43 crores last year and Rs.196.68 crores towards
 provision for standard assets compared to Rs.150.30 crores last year.
 The Bank also provided Rs.103.95 crores compared to Rs.88.86 crores
 last year against restructured assets. The Bank has also created a
 contingent provision of Rs.375 crores against advances and other
 exposures as a prudent measure. During 2012- 13, the Bank restructured
 loans of Rs.2,110.09 crores. The ratio of Gross NPAs to gross customer
 assets was 1.06% compared to 0.94% last year and Net NPA ratio (Net
 NPAs as percentage of net customer assets) was 0.32% compared to 0.25%
 last year With higher levels of provisions built over and above
 regulatory norms during the year, the Bank has maintained its provision
 coverage to 79.15% (after considering prudential write-offs).
 The healthy growth in business and revenue has been reflected in a set
 of financial parameters and ratios during the year Basic Earnings Per
 Share (EPS) was Rs.119.67 compared to Rs.102.94 last year, while the
 Diluted Earnings Per Share was Rs.118.85 compared to Rs.102.20 last
 year. Return on Equity (RoE) was 20.51% compared to 21.22% last year
 and Book Value Per Share increased from Rs.551.99 to Rs.707.50. Return
 on Assets (RoA) is 1.70% compared to 1.68% last year. The net interest
 margin (NIM) for the year was 3.53% compared to 3.59% last year.
 The Bank displayed healthy growth in several key balance sheet
 parameters for the year ended 31st March 2013. The balance sheet size
 increased by 19.23% to Rs.340,561 crores on 31st March 2013 from
 Rs.285,628 crores on 31st March 2012. As on 31st March 2013, the total
 deposits of the Bank stood at Rs.252,614 crores against Rs.220,104
 crores last year, increasing by 14.77% over last year. Savings Bank
 deposits increased by 23.44% to Rs.63,778 crores, while Current Account
 deposits increased by 21.55% to Rs.48,322 crores. Low-cost demand
 deposits: Current Accounts and Savings Bank (CASA) deposits were
 Rs.112,100 crores as on 31st March 2013 as compared to Rs.91,422 crores
 last year, rising 22.62% over the year. As on 31st March 2013, CASA
 deposits constituted 44.38% of total deposits as compared to 41.54%
 last year. On a daily average basis, Savings Bank deposits increased by
 20.26% to Rs.52,243 crores, while Current Account deposits increased by
 4.73% to Rs.28,698 crores. The percentage share of CASA in total
 deposits, on a daily average basis, was 36.28% compared to 37.65% last
 year. In order to broaden the term deposit base, the Bank continued to
 focus on increasing the share of retail term deposits in total term
 deposits. As on 31st March 2013, the retail term deposits grew 24.37%
 and stood at Rs.59,531 crores, constituting 42.37% of the total term
 deposits compared to 37.20% last year. Total advances of the Bank were
 Rs.196,966 crores as on 31st March 2013, increasing by 16.03% from
 Rs.169,760 crores as on 31st March 2012. Of this, corporate advances
 (comprising large, infrastructure and mid-corporate accounts) increased
 7.89% to Rs.98,239 crores and SME loans increased 25.75% to Rs.29,922
 crores. Agricultural lending (including micro finance) stood at
 Rs.14,845 crores, decreasing 14.39% over the last year. Retail loans
 increased by 43.62% to Rs.53,960 crores. The percentage share of retail
 loans to total advances has increased to 27.40% from 22.13% last year.
 The retail loan portfolio continues to be focused on secured products.
 However, a diversification into multi- product portfolio continued
 during the year. Secured loans accounted for 87.14% of the total retail
 loans. The total investments of the Bank increased by 22.05% to Rs.1
 13,737 crores and investments in government and approved securities,
 held mainly for SLR requirement, increased by 23.89% to Rs.72,518
 crores. Other investments, including corporate debt securities,
 increased by 18.93% to Rs.41,219 crores. As on 31st March 2013, the
 total assets of the Bank''s overseas branches stood at Rs.37,152 crores,
 constituting 10.91% of the Bank''s total assets.
 The Bank continued to enlarge its distribution network by widening its
 geographical reach, which is seen to be critical for tapping low-cost
 CASA deposits, lending to retail, agriculture and SME segments and the
 distribution of third- party products. During the year under review,
 the Bank added 325 new branches, taking the total number of branches
 and extension counters (ECs) to 1,947, of which 883 branches/ECs are in
 semi-urban and rural areas and 1,064 branches are in metropolitan and
 urban areas.  The Bank is present in all the States and Union
 Territories (except Lakshadweep), covering a total of 1,263 centres.
 The Bank also increased its ATM network to 1 1,245, as compared to
 9,924 ATMs last year. Apart from this, the Bank has an overseas
 presence in the form of branches at Singapore, Hong Kong, DIFC (Dubai
 International Financial Centre) and Colombo and representative offices
 at Shanghai, Dubai and Abu Dhabi.
 During the year under review, the Bank raised capital in the form of
 equity and debt to support future growth. It raised Tier I capital in
 the form of equity capital through a Qualified Institutional Placement
 (QIP) and a preferential allotment of equity shares to the promoters of
 the Bank.  The Bank mobilised an aggregate of Rs.5,537.47 crores
 through this offering, by issuing 34,000,000 equity shares through a
 QIP offering and 5,837,945 shares to promoters (Life Insurance
 Corporation of India, General Insurance Corporation of India, New India
 Assurance Company Limited, National Insurance Company Limited and
 United India Insurance Company Limited) in order to maintain their
 percentage shareholding of the Bank''s promoters at the pre-QIP offering
 levels. The equity shares offered under the QIP offering and
 preferential allotment were both priced at Rs.1,390 per share.
 During the year, the Bank also raised capital of Rs.2,500 crores by way
 of sub-ordinated bonds (unsecured redeemable non- convertible
 debentures) qualifying as Tier II capital. These measures have
 significantly strengthened the capital position of the Bank,
 particularly core Tier I capital, providing adequate support for future
 growth. The Bank is well capitalised with an overall capital adequacy
 ratio (CAR) of 17.00% at the end of the year, well above the benchmark
 requirement of 9% stipulated by Reserve Bank of India (RBI). Of this,
 Tier I CAR was 12.23% against 9.45% last year, while the Tier II CAR
 was at 4.77% against 4.21% last year. During the year, a total of
 2,822,571 equity shares were allotted to employees of the
 Bank/subsidiary companies pursuant to exercise of options under its
 Employee Stock Option Scheme. The paid-up capital of the Bank rose to
 Rs.467.95 crores, as compared to Rs.413.20 crores last year. The
 shareholding pattern of the Bank as of 31st March 2013 was as under:
 No.       Name of Shareholders                             % of Paid-up
 i.        Administrator of the Specified Undertaking 
           of the Unit Trust of India (SUUTI)                    20.78
 ii.       Life Insurance Corporation of India (LIC) (1)          9.26
 iii.      General Insurance Corporation and four PSU
           insurance companies                                    3.84
 iv.       Overseas investors (including FIIs/OCBs/NRIs)         41.13
 v.        Foreign Direct Investment (GDR issue)                  8.16
 vi.       Other Indian financial institutions/mutual 
           funds/banks                                            4.50
 vii.      Others                                                12.33
           Total                                                100.00
 (1) As per Benpos dated 31st March 2013, save and except 44,445,460
 shares equivalent to 9.26% of the total paid-up capital of the Bank
 held by LIC, all other holdings are not considered for arriving at the
 Promoter''s shareholding
 The Bank''s shares are listed on the NSE and the BSE. The GDRs issued by
 the Bank are listed on the London Stock Exchange (LSE). The Bonds
 issued by the Bank under the MTN programme are listed on the Singapore
 Stock Exchange. The listing fees relating to all stock exchanges for
 the current year have been paid.
 The Diluted Earnings Per Share (EPS) for 2012-13 rose to Rs.118.85 from
 Rs.102.20 last year. In view of the overall performance of the Bank and
 the objective of rewarding shareholders with cash dividends while
 retaining capital to maintain a healthy capital adequacy ratio to
 support future growth, the Board of Directors has recommended a higher
 dividend of Rs.18.00 per equity share, compared to Rs.16.00 per equity
 share declared last year. This dividend shall be subject to tax on
 dividend to be paid by the Bank. This increase reflects our confidence
 in the Bank''s ability to consistently grow earnings over time.
 During the year, some changes in the composition of the Board of
 Directors have taken place. The term of Dr. Adarsh Kishore as
 non-executive Chairman of the Bank ended on 7th March 2013. Dr. Sanjiv
 Misra, former Secretary, Department of Expenditure, Ministry of
 Finance, Government of India, former member of Finance Commission and
 nominee of the Administrator of the Specified Undertaking of the Unit
 Trust of India (SUUTI) was appointed as the non-executive Chairman with
 effect from 8th March 2013. Reserve Bank of India vide its letter dated
 6th March 2013 has granted approval for the appointment of Dr. Sanjiv
 Misra as the Chairman of the Bank.
 Shri Somnath Sengupta and Shri V. Srinivasan who were inducted in the
 Board, took charge as the Executive Directors of the Bank with effect
 from 15th October 2012. Smt. Ireena Vittal, Independent Strategic
 Advisor was appointed as an Additional Independent Director of the Bank
 with effect from 3rd November 2012. Shri Rohit Bhagat, former Chairman,
 Asia Pacific, BlackRock Inc. was appointed as an Additional Independent
 Director of the Bank with effect from 16th January 2013. Smt. Rama
 Bijapurkar ceased to be a director with effect from 17th January 2013
 on completion of her term of eight years pursuant to provisions of
 section 10A(2A)(i) of the Banking Regulation Act, 1949. The Board of
 Directors places on record its deep appreciation and gratitude to Dr.
 Adarsh Kishore for his valuable contribution as Chairman of the Bank.
 The Board also places on record its appreciation to Smt. Rama
 Bijapurkar for the valuable services rendered by her during her tenure
 as Director of the Bank.
 In accordance with the provisions of the Companies Act, 1956 and the
 Articles of Association of the Bank, Shri S. B. Mathur, Shri Prasad R.
 Menon and Shri R. N. Bhattacharyya retire by rotation at the Nineteenth
 Annual General Meeting and, being eligible, offer themselves for
 re-appointment as Directors of the Bank.
 As on 31st March 2013, the Bank has seven subsidiaries: Axis Capital
 Ltd. (formerly Axis Securities and Sales Ltd.), Axis Finance Private
 Ltd. (formerly Enam Finance Private Ltd.), Axis Private Equity Ltd.,
 Axis Trustee Services Ltd., Axis Asset Management Company Ltd., Axis
 Mutual Fund Trustee Ltd., and Axis U.K. Ltd.
 Axis Capital Ltd. was primarily in the business of marketing of credit
 cards and retail asset products and also provides retail broking
 services. Pursuant to receipt of regulatory approvals to the Revised
 Scheme of Arrangement, certain businesses of Enam Securities Private
 Ltd. were demerged into Axis Capital Ltd., with effect from 20th
 October 2012. Consequently, Axis Capital Ltd. now also provides
 services relating to investment banking, equity capital markets,
 institutional stock broking, mergers and acquisition, etc. During the
 year, the Bank also acquired the entire share capital of Axis Finance
 Private Ltd., a wholly owned subsidiary of Axis Capital Ltd., and
 pursuant to such acquisition, Axis Finance Private Ltd. has become a
 direct subsidiary of the Bank. Axis Finance Private Ltd., is a NBFC and
 carries on the activities of loan against shares, margin funding, IPO
 financing etc.  Axis Private Equity Ltd. primarily carries on the
 activities of managing equity investments and provides venture capital
 support to businesses. Axis Trustee Services Ltd. is engaged in
 trusteeship activities (e.g. acting as debenture trustee and as trustee
 to various securitisation trusts). Axis Asset Management Company Ltd.
 undertakes the activities of managing the mutual fund business. Axis
 Mutual Fund Trustee Ltd. was formed to act as the trustee for the
 mutual fund business. Axis U.K. Ltd. had filed an application with the
 Financial Services Authority (FSA), UK for a banking license and to
 create the necessary infrastructure for banking business. Till the 31st
 March 2013, pending receipt of the approval, it did not commence
 operations. Approval has been received from the FSA on the 19th April,
 2013 to commence banking operations and subsequently, the name of the
 Company has been changed to Axis Bank UK Ltd.
 In terms of the General Circular No. 2/2011 dated 8th February 2011
 issued by the Ministry of Corporate Affairs, Government of India, the
 copies of Directors'' Reports, Auditors'' Reports and the financial
 statements of the seven subsidiaries have not been attached to the
 accounts of the Bank for the financial year ended 31st March 2013. Any
 shareholder who may be interested in obtaining a copy of the aforesaid
 documents may write to the Company Secretary at the Registered Office
 of the Bank. These documents will also be available for examination by
 shareholders of the Bank at its Registered Office.  The documents
 related to individual subsidiaries will similarly be available for
 examination at the respective registered offices of the companies. In
 line with the Accounting Standard 21 (AS 21) issued by the Institute of
 Chartered Accountants of India, the consolidated financial results of
 the Bank along with its subsidiaries for the year ended 31st March 2013
 are enclosed as an Annexure to this report.
 The Bank has instituted an Employee Stock Option Scheme to enable its
 employees and the employees of its subsidiaries including Whole-time
 Directors, to participate in the future growth and financial success of
 the Bank. Under the Scheme 40,517,400 options can be granted to
 employees. The employee stock option scheme is in accordance with the
 Securities and Exchange Board of India (Employee Stock Option and
 Employee Stock Purchase Scheme) Guidelines, 1999. The eligibility and
 number of options to be granted to an employee is determined on the
 basis of the employee''s work performance and is approved by the Board
 of Directors.
 Over the period February 2001 to June 2010, the Bank''s shareholders
 approved plans for the issuance of stock options to employees on five
 occasions. Under the first two plans and upto the grant made on 29th
 April 2004, the option conversion price was set at the average daily
 high-low price of the Bank''s equity shares traded during the 52 weeks
 preceding the date of grant at the Stock Exchange which has had the
 maximum trading volume of the Bank''s equity share during that period.
 Under the third plan and with effect from the grant made by the Bank on
 10th June 2005, the pricing formula has been changed to the closing
 price on the day previous to the grant date. The Remuneration and
 Nomination Committee granted options under these plans on twelve
 occasions: 1,1 18,925 during 2000-01, 1,779,700 during 2001-02,
 2,774,450 during 2003-04, 3,809,830 during 2004-05, 5,708,240 during
 2005-06, 4,695,860 during 2006-07, 6,729,340 during 2007-08, 2,677,355
 during 2008- 09, 4,413,990 during 2009-10, 2,915,200 during 2010-11,
 3,268,700 during 2011-12 and 2,516,000 during 2012-13. The options
 granted, which are non-transferable, vest at rates of 30%, 30% and 40%
 on each of three successive anniversaries following the grant, subject
 to standard vesting conditions, and must be exercised within three
 years of the date of vesting. As of 31st March 2013, 27,190,658 options
 had been exercised and 10,865,025 options were in force.
 Other statutory disclosures as required by the revised SEBI guidelines
 on ESOPs are given in the Annexure to this report.
 The Bank is committed to achieve the highest standards of corporate
 governance, and it aspires to benchmark itself with international best
 practices in this regard. The corporate governance practices followed
 by the Bank are enclosed as an Annexure to this report.
 The Bank has adopted a major part of the recommendations contained in
 the Corporate Governance Voluntary Guidelines 2009 issued by the
 Ministry of Corporate Affairs and is examining the possibility of
 implementing the remaining recommendations.
 The Board of Directors hereby declares and confirms that:
 - The applicable accounting standards have been followed in the
 preparation of the annual accounts and proper explanations have been
 furnished, relating to material departures.
 - Accounting policies have been selected and applied consistently and
 reasonably, and prudent judgements and estimates have been made so as
 to give a true and fair view of the state of affairs of the Bank and of
 the Profit and Loss of the Bank for the financial year ended 31st March
 - Proper and sufficient care has been taken for the maintenance of
 adequate accounting records, in accordance with the provisions of the
 Companies (Amendment) Act, 2000, for safeguarding the assets of the
 Bank, and for preventing and detecting fraud and other irregularities.
 - The annual accounts have been prepared on a going concern basis.
 - The Bank has in place a system to ensure compliance of all laws
 applicable to the Bank.
 Considering the nature of activities of the Bank, the provisions of
 Section 217(1)(e) of the Companies Act, 1956 relating to conservation
 of energy and technology absorption do not apply to the Bank. The Bank
 is, however, constantly pursuing its goal of technological upgradation
 in a cost-effective manner for delivering quality customer service.
 The statement containing particulars of employees as required under
 Section 217(2A) of the Companies Act, 1956 and the rules hereunder is
 given in an Annexure appended hereto and forms part of this report. In
 terms of Section 219(1)(iv) of the Act, the Report and Accounts are
 being sent to the shareholders excluding the aforesaid Annexure. Any
 shareholder interested in obtaining a copy of the Annexure may write to
 the Company Secretary at the Registered Office of the Bank.
 The Securities and Exchange Board of India (SEBI) through its circular
 CIR/CFD/DIL/8/2012 dated 13th August 2012 has mandated the inclusion of
 Business Responsibility (BR) Report as part of the Annual Report for
 top 100 listed entities based on market capitalisation at Bombay Stock
 Exchange (BSE) and National Stock Exchange (NSE) as on 31st March 2012.
 The Business Responsibility Report of the Bank has been enclosed as an
 Annexure to this report.
 M/s Deloitte Haskins & Sells, Chartered Accountants, Statutory Auditors
 of the Bank will retire on the conclusion of the Nineteenth Annual
 General Meeting and are eligible for re-appointment, subject to the
 approval of Reserve Bank of India and the shareholders. As recommended
 by the Audit Committee of the Board, the Board of Directors has
 proposed the appointment of M/s Deloitte Haskins & Sells, Chartered
 Accountants as Statutory Auditors for the financial year 2013-14. The
 shareholders are requested to consider their appointment on the
 remuneration to be decided by the Audit Committee of the Board.
 The Board of Directors places on record its gratitude to the Reserve
 Bank of India, other government and regulatory authorities, financial
 institutions and correspondent banks for their strong support and
 guidance. The Board acknowledges the support of the shareholders and
 also places on record its sincere thanks to its valued clients and
 customers for their continued patronage.  The Board also expresses its
 deep sense of appreciation to all employees of the Bank for their
 strong work ethic, excellent performance, professionalism, teamwork,
 commitment and initiative, which has led to the Bank making commendable
 progress in today''s challenging environment.
                           For and on behalf of the Board of Directors 
 Place : Mumbai                             Sanjiv Misra
 Date : 24th April, 2013                      Chairman
Source : Dion Global Solutions Limited
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