Bank of Maharashtra Directors Report, Bank of Mah Reports by Directors

Bank of Maharashtra

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Directors Report Year End : Mar '16    « Mar 15
The Directors have pleasure in presenting the Annual Report of the
 Bank with the audited Balance Sheet, profit & Loss Account and the
 Report on Business and Operations for the year ended March 31, 2016.
 2.12 Non Interest Income
 2.13 Income, Expenditure and profitability
 The total income of the Bank grew from Rs. 13671.42 crore in FY 2014-15
 to Rs.14072.29 crore in FY 2015-16 (growth of 2.93%)
 The detailed income/expenditure components are asunder:
                                                         (Rs. in crore)
 Particulars                             2015-16   2014-15   Variation
                                                             (per cent)
 Interest / discount on                  9934.83   9820.78        1.16
 advances / bills
 Income on investments                   2735.20   2539.53        7.71
 Interest on interbank lending            382.95    305.13        25.5
 and other Interest
 Total interest income                  13052.98  12665.44        3.06
 Non-interest income                     1019.29   1005.98        1.32
 Total Income                           14072.27  13671.42        2.93
 Interest on deposits                    8421.88   8084.74        4.17
 Interest on borrowings                    54.88     79.92      -31.33
 Other interest expenditure               697.52    625.74       11.47
 Staff expenses                          1540.98   1633.21       -5.65
 Other operating expenses                1011.83    892.72       13.34
 Total Non-interest expenses             2552.81   2525.93        1.06
 Total Operating Expenses               11727.09  11316.33        3.63
 Operating profit                        2345.18   2355.09       -0.42
 Provisions and                          2244.49   1904.40       17.86
 Net profit                               100.69    450.69      -77.66
 2.14 Financial Ratios
 Particulars                                       2015-16     2014-15
 EPS (Rs.)                                            0.91        4.50
 Cost to Income Ratio (percent)                      52.12       51.75
 Return on assets (percent)                           0.07        0.33
 Return on equity (per cent)                          1.24        6.68
 Book value per share (Rs.)                          63.36       65.61
 profit per Branch ( Rs. in lakh)                     5.31       23.97
 profit per employee ( Rs. in lakh)                   0.73        3.18
 Business per Branch ( Rs. in crore)                132.05      118.79
 Business per employee ( Rs. in crore)               18.18       15.74
 Interest income as per cent to Average               8.71        9.21
 working funds
 Non Interest income as per cent to                   0.68        0.73
 average working funds
 Net Interest Margin (per cent)                       2.59        2.82
 Operating profit as per cent to average              1.56        1.71
 working Funds
 Staff expenses as a percent to average               1.03        1.19
 working funds
 Dividend (per cent)                                     0        8.00
 Net worth (Rs. Crore)                             7403.05     6975.77
 CRAR (%) (Basel II)                                 11.20       11.94
 Of which, Tier I CRAR (%) (Basel II)                 9.02        8.76
 2.15 Capital from Government of India
 The Bank issued 10,51,50,787 equity shares amounting to Rs. 394.00
 crore (including share premium) to GoI on preferential allotment basis.
 Consequent upon the capital raised during the year, as above, the share
 holding of GOI in equity share capital stood at 81.61%
 2.16 Networth
 The Bank''s Net worth increased from Rs.6975.77 crore as on 31.03.2015
 to Rs.7403.05 crore as on 31.03.2016.
 2.17 Capital Adequacy Ratio
 The Capital Adequacy ratio stood at 11.20% as on 31.03.2016, against
 the minimum of 9.63 %( Including CCB) prescribed by RBI in terms of
 Basel III norms. The Common Equity Tier 1 Ratio stood at 9.02%.
 2.18 Dividend
 The Board of Directors of the Bank has not recommended any dividend for
 the Financial year 2015-16.
 3 .1 Branch Expansion
 During the year, the Bank opened 15 new branches. As on 31.03.2016, the
 total branch network comprised of 1895 branches spread over 30 states
 and 4 union territories. The branch network includes specialized
 branches in the area of foreign exchange, Government business, Treasury
 and International Banking, Industrial Finance, Small Scale Industry and
 Hi-tech agriculture, Pension Payment, Self Help Groups etc.
 Area wise classification of branches as on 31.03.2016 is given in the
 table below:
 Sr.  Classification                  As on          As on
 No.                             31.03.2015     31.03.2016
 1    Rural                             657            658
 2    Semi-Urban                        433            434
 3    Urban                             364            366
 4    Metro                             426            437
                                     1880 #           1895
 # 36 Branches like Service /Retail Asset/Recovery Br''s are converted as
 a Back Office as per RBI Guidelines on 01.06.2014.
 3.2 Human Resources Management
 The Bank has put in place a comprehensive HRM Policy that provides the
 road map for acquiring appropriate & need based human resources, its
 development through training, job enrichment, reward and recognition
 for better performance, career progression, welfare and retention.
 During the year the Bank recruited 351 Probationary Officers, 113 Agril.
 Field Officers, 10 Rajbhasha Adhikari, 14 Law Officers, 1 Company
 Secretary & 34 Chartered Accountants in Officer Cadre and 61 Clerks & 36
 Armed Guards were also recruited.
 During the year, 1044 employees ceased to be in service on account of
 retirement, VRS, resignation, termination and death.
 Inter scale promotions of officers were carried out during 2015- 16.
 Following number of candidates were promoted.
 JMGS-I     MMGS-II    MMGS-    SMGS-    SMGS-V    SMGS- 
 TO         to MMGS    III TO   IV TO    TO        VI TO 
 196         485        166      39      20         4
 During the year 2015-16, 106 Substaff were promoted to Clerical cadre
 and 300 Clerks were promoted to Officer Cadre.
 To recognize outstanding performance in Banking activities and to
 motivate others to perform better, various schemes like Performance
 Linked incentives to all staff of Best Performing Branches etc. are in
 The top three branches in disbursement and recovery of advances to
 SC/ST community were awarded Rolling Trophy in name of Bharat Ratna Dr.
 Babasaheb Ambedkar.
 The Bank has been allocating up to 3 per cent of its net profit towards
 various schemes for the welfare of staff including retired staff. The
 welfare schemes are administered by a Central Welfare Committee
 consisting of management & employees representatives.
 The Bank has healthy industrial relations.
 The Bank has been complying with the reservation policy of Govt. of
 India. Special Cells at Head Office and all Zonal Offices are functioning
 to monitor the implementation of the reservation policies and to
 redress grievances of SC/ST/OBC & Physically challenged employees as
 well as ex-servicemen.  The Bank has designated Chief Liaison Officers
 at Head Office and has set up SC/ST Cells at all Zonal Offices. During
 the year periodical meetings were held with SC/ST/OBC Employees
 Association to discuss implementation of reservation policy and other
 constitutional safe guards and also to facilitate involvement in
 business growth.
 The number of employees belonging to different categories is as under:
 No  Category of Employees         No. of       Percentage
                                Employees         to total
 1.  Women                           3739            27.16
 2.  Physically Challenged            184             1.34
 3.  SC Employees                    2563            18.62
 4.  ST Employees                    1082             7.86
 5.  OBC Employees                   2116            15.37
 6.  General Employees               8004            58.15
     TOTAL employees                13765
     working in the Bank
 Rosters have been maintained as per Government guidelines and are
 regularly inspected/ checked.
 Compassionate Appointments - A Scheme for ''Compassionate Appointments''/
 Payment of Ex-gratia lumpsum amount to /of heirs of employees dying in
 harness or retiring due to incapacitation framed as per the directives
 of Government of India, has been implemented.
 The Contributory Group Insurance Mediclaim Policy for all employees
 including retired employees, has been renewed w.e.f. 1.4.2016 and the
 Sum insured is increased upto Rs.10.00 Lacs for existing employees.
 The reimbursement of examination fees & payment of cash incentive /
 Honorarium in respect of courses from Indian Institute of Banking &
 Finance, MBA from reputed Institutions & CFA has been widened by adding
 fve more courses in the list of courses for reimbursement of fees
 thereby making total 22 courses eligible for reimbursement of
 examination fees.
 A policy for granting special leave and 100% reimbursement of
 hospitalization expenses to officers when he meets with an accident /
 injury while on duty is in place.
 Policy for ''granting incentives, to officers posted & transferred in
 North eastern zones from other zones''framed as per the directives of
 Government of India.
 Training Activities:
 The Bank has a training system which facilitates attention to regular
 periodic assessment of skill gaps at various levels in relation to
 existing and emerging business opportunities. Skill building in credit,
 Forex, customer relationship management, marketing of products and
 services, credit monitoring and recovery, risk management, technology
 based banking, branch management, complying with statutory, legal and
 policy requirements and preventive vigilance received special attention
 during the year.
 Training programmes were also held on thrust areas like financing SMEs,
 retail lending, agriculture finance, soft skills and rural development.
 Cadre-wise Break up of Employees trained during the period 1.4.2015 to
 31.03.2016 are as under-
 Cadre            No. of Prog   Training   Employees
                                    Days     Trained
 Offcers                  129        547        4030
 Clerks                    64        208        1248
 S/staff                   37         74         692
 Total                    230        829        5970
 3.3 Technology Initiatives
 The Year 2014-2015 was a milestone year for the Bank as far as
 technology implementation & up-scaling was concerned.  The Year
 2015-2016 is being observed as Stabilization Year/Technology
 Augmentation Year for the various initiatives undertaken during the
 Year 2014-2015, in addition to new initiatives that have been taken up
 for implementation during the Year 2015-2016 and enumerated as under:
 1.  CBS Hardware Augmentation Project covering DC & DR was undertaken &
 successfully completed during the year to take care of increasing
 transactions load and to ensure smooth functioning of CBS system at
 field level.
 2.  E-Gadgets implemented in a big way during the year with
 commissioning of Self Update Pass Book Printers, Queue Management
 Solution & Bunch Note Acceptor Machines at various locations across the
 Bank. The same will be continued during next financial year to ensure
 fulfillment of customer requirements/satisfaction.
 3.  Latest ISO 27001:2013 Certification secured by the Bank for its four
 IT Divisions, thereby continuing the Quality ISMS (Information Security
 Management System) in our Bank.
 4.  ''Maha Mobile''New Gen Mobile Banking Application which was launched
 in January 2015 got stabilized during the year and was well received by
 our customers.  As on 31/03/2016, 112210 users are registered for this
 5.  ''Mahasecure''a Two Factor Authentication (2FA) Solution for Retail
 Users & active Corporate Users has been implemented as a part of the
 effort to respond to the ever evolving information security trends and
 the responsibility to enhance security features in the Internet Banking
 facility. One Time Password (OTP) for Fund Transfer is also implemented
 under Mahasecure Application. No phishing attacks have been reported
 after the implementation of this product.
 6.  IMPS-P2A (Immediate Payment System - Person to Account) & IMPS-P2P
 (Immediate Payment System - Person to Person) Fund Transfer facility
 made available under Internet Banking from 12/06/2015 & 23/12/2015
 respectively. Using this facility, customers can do inter- bank as well
 as intra-bank (24 x 7) fund transfer upto Rs.5,000/- in a day.
 Bank''s Own EFT Switch which was implemented Live from 08/05/2014, got
 fully stabilized during the year. As a result of the implementation of
 own EFT Switch, Bank is deriving significant advantages like reduced
 turn-around- time to introduce new ATM Product, Better customer
 experience, Reduced risk, Instant Hot-listing of a card through
 multiple channels, Value Added Services etc.
 Bank has collaborated with VISA for International Debit Cards and with
 NPCI for Rupay Debit Cards. Bank has commenced issue of Rupay Platinum
 Cards from 28/03/2016. As on 31/03/2016, the total card base of the
 Bank stood at 57.19 Lakhs.
 Various facilities are being provided through our Internet Banking
 platform for facilitating online payment of taxes, utility bill
 payments, online shopping / e-commerce, railway reservation, LIC
 premium payment, e-SBTR etc and facility for viewing tax credit
 statement 26AS and Demat account with the Bank.
 Bank has robust Information Security Management System (ISMS) framework
 in place. Its information security policy statement being: Bank of
 Maharashtra is committed to protect and safeguard the critical
 information of all stakeholders in order to ensure secure business
 operations. Bank has also implemented major security initiatives
 recommended by Gopalakrishna Committee for internal and external
 Bank has in place a captive Security Operations Centre (SOC) for
 monitoring Critical IT Infrastructure on 24 x 7 basis. The SOC shall
 enable the Bank to effectively address security threats by constant,
 proactive monitoring of security events and meet the compliance
 requirements. This has enabled the Bank to automate the vulnerability
 discovery process by constantly analyzing the logs generated by the
 core IT security and application infrastructure. The other services
 namely Anti- Phishing & Anti-Trojan services are also implemented.
 Bank is handling the e-Payments of State Government Taxes of
 Maharashtra, Karnataka, Tamil Nadu, Madhya Pradesh & Rajasthan States.
 Inward Clearing in Mumbai, Pune & Ahmedabad Centers is already
 outsourced. Now, we have started Outsourcing of Outward Clearing in
 Nagpur. On stabilization, it shall be extended further to Pune & Mumbai
 Centers, so as to move towards the goal of Centralized Clearing in
 Bank has implemented Scientific Transfer Pricing Mechanism / Fund
 Transfer Pricing during the year.
 In Year 2016-2017, Bank proposes to take up / implement the following
 IT Initiatives -
 1.  Risk Based Internal Audit Software.
 2.  e-TDS Software.
 3.  Unified Payments Interface (UPI) of NPCI.
 4.  Bharat Bill Payment System (BBPS) of NPCI.
 5.  Risk Based Supervision (RBS)
 6.  International Financial Reporting Standards (IFRS).
 7.  Rupay Platinum Cards.
 3.4 Customer Centric Initiatives taken by the Bank
 The Bank has pursued high standards of customer service to ensure
 customer satisfaction throughout the year by implementing all major
 recommendations of Goiporia Committee, Dr. S.S. Tarapore Committee and
 Damodaran Committee.
 As a member of Banking Codes and Standards Board of India (BCSBI), Bank
 has adopted Code of Bank''s Commitment to Customer and Bank''s Code of
 Commitment to MSMEs.
 Bank has printed folder called as My Folder containing all customer
 service policies, information on service charges, guidelines on
 Government Schematic Loans, Ombudsman and BCSBI Codes. The same is
 printed in Marathi, Hindi and English and supplied to all branches and
 Zones for making the same available to all customers on demand.
 Duly documented policies approved by the Board, on Deposits,
 Collection of Cheques, Redressal of Grievances, Compensation ,
 Operational Procedure for Settlement of Claims of Deceased Depositors
 and Customer Rights Policy are in place.
 Customer Service Committees are formed at all branches and their
 meetings are conducted regularly on monthly basis. The Standing
 Committee on Customer Service at Head Office and Zonal Level Customer
 Service Committees at Zones, meet regularly to address and review
 various customer related matters and to take steps, for an improvement,
 on an ongoing basis.
 The Committee of the Board on Customer Service meets on quarterly basis
 to monitor the quality of the customer service, redressal of customer
 grievances and to ensure customers satisfaction.
 Full-fedged grievances redressal machinery is in place to respond
 promptly to customer grievances. The Bank has started internet based
 mechanism, Standardized Public Grievances Redressal System (SPGRS) for
 lodging the complaints or to give suggestions / feedback on services by
 the customers and for providing acknowledgement and status of their
 feedback / complaints as per the directions of Government of India.
 Kiosk Machine has been installed at Head Office to enable the customer
 to register online complaints / suggestions and is in operation since
 3.5 KYC/ AML
 Know Your Customer (KYC) norms / Anti Money Laundering (AML) standards
 / Combating of Financing of Terrorism (CFT) and Obligation of Bank
 under Prevention of Money Laundering Act (PMLA) 2002.
 The Bank has Board approved KYC-AML-CFT Policy in place. The said
 Policy is the foundation on which the Banks implementation of KYC
 norms, AML standards and CFT measures is based. The full KYC compliance
 entails staff education as well as customer education for which the
 following measures are taken by the Bank.
 A comprehensive list of KYC documents is uploaded on the Banks web site
 for the benefit of customers. Regular training sessions are conducted on
 KYC-AML-CFT guidelines at the Banks training establishments to
 sensitize the employees.
 3.6 Risk Management
 Bank has its Risk Management Framework in accordance with RBI
 Guidelines and it benchmarks itself against industry best practices.
 This enables it to identify measure, monitor and manage risk
 It has put in place Risk Management Policies and Strategies and
 establishes control systems in line with Bank''s aggregate Risk
 Appetite. Bank has constituted Risk Management Committee at Board level
 to monitor risk at Bank level. Bank has also constituted sub-committees
 known as Credit Risk Management Committee (CRMC), Market Risk
 Management Committee (MRMC), Operational Risk Management Committee
 (ORMC) and Asset Liability Management Committee (ALCO) to monitor
 specific risk areas. These Committees are headed by Chairman and
 Managing Director.  Executive Directors and General Managers are
 members of the Committees.
 As per RBI guidelines on disclosure requirements under Basel III
 Capital Regulations, Bank has published Disclosures on quarterly and
 half yearly basis and put them on the Bank''s website.
 3.7 Inspection & Audit:
 The Inspection and Audit system and various measures of internal
 control are adopted by the Bank to ensure identification /assessment and
 mitigations of various risks.
 Internal Audit of branches
 As per Seth Committee guidelines the Bank is conducting Risk Based
 Internal Audit of branches. RBIA of 1139 Branches which were due for
 Audit during the year including Top 142 Branches in terms of Business,
 were conducted.
 The Bank has implemented Off-site monitoring system since 2015 to
 strengthen the internal control system in which reports on some
 important/ sensitive areas are extracted from the CBS system on
 daily/weekly/monthly basis so as to guide the branches to take timely
 action for rectification.
 The Bank proposes to procure and implement web based integrated audit
 software for conducting various types of audits.
 Surprise/Snap Inspection:-
 Surprise/Snap Inspection of 12 branches were undertaken during the
 year, focusing mainly on high risk areas in pursuance of Ghosh
 Committee Recommendations.
 Concurrent Audit:-
 As per approved Audit Plan for 2015-2016, 498 branches and two
 departments of the Bank are covered under Concurrent Audit. Bank''s
 75.78% total business is covered under concurrent Audit.
 Income and Expenditure Audit (I.and E. Audit)
 Income & Expenditure audit was carried out at 263 branches as per
 approved plan for the period 01.10.2014 to 30.09.2015 having total
 business above Rs. 25.00 crore and advances above Rs.5.00 crore.
 Expenses Audit of Zonal Office : -
 In order to have control over expenditure at Zonal offices a system has
 been put in place through half yearly Expenses Audit. The Audit is
 conducted once in half year i.e. March and September. The expenses
 audit of 33 Zones was conducted as of 30.09.15.
 Management audit:
 For assessing the effectiveness of Zonal Offices and HO Departments in
 terms of supervision, control, profitability and growth in business,
 Management Audit of 22 Zonal offices and 17 Departments at Head Office is
 carried out during the year 2015-16.
 RBI Inspection under Section 35 of the Banking regulation Act:-
 The Bank is subject to RBI inspection under Sec.35 of the Banking
 Regulation Act during the year. Besides that 1 branch was also
 inspected by RBI during the year.
 IBA has advised the Banks to implement 88 parameters so far for
 generation of AML alerts. Bank has implemented 43 parameters out of 49
 parameters as per IBA guidelines and the remaining 6 parameters are
 related to 3rd party products.  In addition to these the FEX
 centers/branches have been sensitized on the guidelines on Trade Based
 Money Laundering issued by FIU-IND to prevent fraud/money laundering.
 3.8 Vigilance:
 As per Central Vigilance Commission (CVC) guidelines, the Bank has
 adopted Integrity Pact & appointed Independent External Monitors
 (IEMs), for independent review of compliance of obligations by the
 parties under Integrity Pact. This system will ensure transparency,
 equity & competitiveness in large value procurements.
 To enlighten the participants on preventive vigilance aspects, a
 session on preventive vigilance is included in every training
 programme. During the accounting year 88 sessions on preventive
 vigilance were conducted by vigilance department, where in 2325
 employees from different cadres participated.
 As a part of preventive vigilance exercise Zones are undertaking
 vigilance inspection of Branches, which has helped in detecting the
 3.9 Compliance:
 The Bank has put in place a Compliance Policy, based on the guidelines
 of Reserve Bank of India. The Compliance Department is having a Chief
 Compliance Officer who monitors the compliance functions. It ensures the
 implementation of the statutory / regulatory guidelines coming into
 force from time to time. The issues relating to regulatory / statutory
 compliances are addressed appropriately. Submission of various
 regulatory returns is also monitored.
 3.10 Marketing & Publicity:
 With a view to publicize Bank''s various products and also brand image
 coupled with Corporate Social Responsibilities, Bank has sponsored
 various programs like sponsorship to Sharda Shakti, Pune for
 organizing Seminar on Women Health Challenges and Solution in Pune,
 Sponsorship to Nasik Kumbh Mela, Sponsorship to TERRE Policy centre for
 organizing Green Olympiad, Sponsorship to 14th Pune International Film
 Festival, Donations to National Sports Development Fund (NSDF), Old Age
 Home Chennai during Chennai Flood, Rotary Club Nigdi for the
 construction of water Tank in Nigade Village, Balewadi Stadium for
 providing 7 Water Coolers, Shrutakevali Education Trust for Bahubali
 Children''s Hospital, Shravanabelagola, Karnataka, Donation to Prakrit
 Bharati Academy Publishing 10 books on Indian Culture, Religions.
 3.11 Citizen''s Charter:
 The Bank has adopted the Charter since 2000–01, which details the
 duties and responsibilities of the Bank towards its customers. The
 charter is displayed at all the branches and Bank''s website. The Bank
 has also adopted a citizen''s charter of RBI on exchange of notes and
 4.1 Priority Sector Lending
 It has been the constant endeavor of the Bank to facilitate equitable
 and sustainable economic development by timely and hassle-free
 availability of credit for productive purposes to Small and Marginal
 Farmers, Micro and Small Enterprises, Retail Traders, Professional and
 Self Employed, Women Entrepreneurs and entrepreneurs from economically
 weaker sections.
 The outstanding advances under Priority Sector as of 31st March 2016,
 aggregates to Rs. 41,485 Crore constituting 39.82% of the Adjusted Net
 Bank Credit (ANBC). (Growth of Rs. 2,391 Crore, 6.12% over last year).
 4.2 Agriculture
 The Bank disbursed Rs.8179 Crore for agriculture and allied activities
 during the year 2015-16. The total outstanding advances to agriculture
 sector reached a level of Rs.17174 Crore as on 31.03.2016 (growth of
 10.65 per cent). Bank focused on growth of investment credit under
 Agriculture during the year 2015-16 and disbursed Rs.1648 Crore. Bank
 also entered into strategic tie-up arrangements with Tractor
 Manufacturers and Micro Irrigation Companies for promoting farm
 mechanization and micro irrigation activities during the year. Tie up
 arrangement is also made with three Collateral Manager to capture
 market for expanding loan against ware house receipts.
 The Bank undertook awareness/sensitization programmes for all the
 branches for increasing advances to agriculture by providing hassle
 free credit to farmers.
 4.2.1 Mahabank Kisan Credit Card (MKCC)
 This scheme has gained popularity especially in rural areas where it is
 being propagated successfully and vigorously. The Bank has issued total
 5,72,221 Kisan Credit Cards to farmers.  Credit flow to MKCC
 beneficiaries has reached to the level of 6691 Crore as on 31.03.2016
 (growth of 19.70 %).
 4.3 Micro, Small and Medium Enterprises (MSME)
 SMEs are recognized as a major growth engine for the Indian economy.
 They generate opportunities for direct and indirect employment by
 facilitating use of natural resources and local skills to stem the tide
 of migration to urban areas and promote low investment enterprises.
 Finance is made available to viable enterprises at an attractive and
 low rate of interest. On line enquiry portal is made available on the
 Bank''s website.
 Our Bank has adopted Simplified Loan Application for MSMEs for loans up
 to Rs. 1.00 Crore and the same is displayed on the Bank''s website. The
 Bank has also adopted Bank''s Code of Commitment to Micro and Small
 Enterprise and the same is displayed on the Bank''s website.
 The Bank''s lending to Micro, Small and Medium Enterprises (Priority  
 NP) which was at the level of Rs.20,657 Crore as at 31.03.2015,
 increased to Rs.22,334 Crore as at 31.03.2016.  Advances to Micro
 enterprises under priority are 7.79 % of ANBC against RBI target of
 7.00 % for March 2016.
 For promoting fnance under this category, Bank has entered into
 strategic tie up arrangements with Truck / Vehicle / Tractor /
 Passenger car manufacturers. Bank has also entered into a MOU with
 Bharatiya Yuva Shakti Trust and de-Asra foundation for Credit
 facilitation and hand holding of the Micro entrepreneurs especially
 under Women and SC/ST categories.
 Centralized Processing Cell set up last year at all Zonal Offices for
 speedy disposal of MSME proposals has been streamlined.
 Bank has launched a new product namely Mahabank MSME Credit   for
 financing to MSME borrowers during the FY 2015- 16 in addition to fve
 products introduced last year.
 4.3.1 MUDRA: With the introduction of Pradhan Mantri MUDRA Yojana
 (PMMY) which mainly consists of non-farm enterprises in manufacturing,
 trading and services whose credit needs are below Rs. 10.00 lakh. Bank
 is giving special attention to this segment. Loans given to this
 segment for income generation are known as MUDRA loans under Pradhan
 Mantri MUDRA Yojana (PMMY) and branded accordingly.
 Bank has disbursed Rs.1290.00 Crore under PMMY against the target of
 Rs.1155.00 Crore as on 31.03.2016. Bank achieved 111.69% of target
 allotted by Government under PMMY.
 Bank has launched MUDRA Card on 16.9.2015. MUDRA Card issued as a Rupay
 Debit Card which is hassle free flexible credit product that meets
 working capital needs of Micro & Small Entrepreneurs and cash can be
 withdrawn from any ATM or purchase from Merchandise using POS machine.
 Bank has issued 7537 MUDRA Cards as on 31.3.2016
 4.3.2 Coverage under CGTMSE Scheme
 Under Credit Guarantee Fund Scheme for Micro, Small and Medium
 Enterprises of Government of India credit facilities up to Rs.100.00
 lakh are covered, wherein no collateral security and third party
 guarantee are insisted by the Bank. For the accounts covered under this
 scheme, Bank is bearing 50% annual guarantee fee for loans above
 Rs.10.00 lakh and annual guarantee fee for loans below Rs.10.00 lakh is
 borne by borrower.  The Bank has sanctioned loans of Rs.2,005.54 Crore
 to 21,287 borrowers under this scheme up to March 2016. During the
 current FY, coverage under Credit Guarantee Fund Scheme has increased
 by 11.10%.
 5.1.  Credit Flow to Retail Sector
 The Bank is providing retail loans for salaried persons, professionals,
 businessmen and pensioners for purchase of housing properties/ plots,
 repair/ renovation of house, purchase of consumer durables, two/four
 wheeler vehicles, education and loan for other personal needs etc. The
 retail loan portfolio of the bank is Rs.12567.96 Crore.
 5.2.  Mahabank Gold Loan Scheme
 Gold ornaments are the traditional and inherited form of savings among
 the people in India. Being one of the most liquid and precious asset,
 it serves as a dependable and acceptable form of security to raise
 loans for meeting immediate financial needs for business, agricultural,
 consumption purposes such as marriage, medical, educational expenses
 etc. People borrow money by pledging Gold Ornaments at very high rate
 of interest. To tap the potential of gold loans as a lucrative asset
 and to meet the credit requirement of our customers. With a view to
 meet the credit requirement of our customers, Bank has launched a new
 retail loan product Mahabank Gold Loan Scheme w.e.f. 26.09.2014. The
 total portfolio of Gold Loan of our Bank as on 31.03.2016 is Rs. 31.86
 5.3.  Housing loan to public
 The Bank has in place Housing Loan Scheme to meet the needs of all
 economic segments including NRIs. Financing housing sector in rural and
 urban parts of India is a thrust area.  The housing loan portfolio of
 Bank is Rs. 10550.79 Crore as on 31.03.2016, which constitutes 83.94%
 of total retail portfolio of the Bank. The housing loan schemes of the
 Bank were revisited and revised schemes were launched like purchase /
 construction of new / existing house / fat, repairs / renovation /
 alteration of existing house / fat, purchase of plot and construction
 thereon.  The Bank has also launched Maha Combo Loan Scheme for
 purchase of house and a car taken together.
 5.3.2 Mahabank Top-Up Loan Scheme
 In order to extend additional credit support to our standard housing
 loan borrowers, Bank has launched Mahabank Top Up loan Scheme w.e.f.
 26.02.2016. Under this scheme credit is extended for repair /
 renovation / furnishing of house, children''s education, Marriage of
 Children, Medical treatment, buying a vehicle or hi-tech gadgets etc.
 5.4.  Model Educational Loan scheme
 With the objective of ensuring that all deserving students get
 opportunity to pursue higher education, the Bank implemented a Model
 Educational Loan Scheme as per IBA guidelines. As of March 2016, the
 Bank had lent Rs. 804.12 Crore to 30554 students. The Bank has provided
 the facility of submission of application for education loan through
 web-access (on line) also. Bank has also introduced a new feature
 called Pre Approved Education Loan, to its Model Education Loan
 Scheme to address the requirement of multiple sanction letters
 required by students applying for study at foreign universities. Bank
 also has Model Education Loan Scheme for as Skill Loan, where loans
 can be sanctioned for completion of short duration job oriented skill
 development programmes. A loan up to Rs.1.50 lakh can be sanctioned
 under the scheme.
 5.5.  Centralized Processing of loans
 Bank has established Centralized Processing Cells for retail /
 commercial advances at all its 33 Zones for hassle free & due diligence
 of loans with aim to improve turnaround time.
 5.6.  Micro Finance
 The Bank has always recognized the importance of credit to rural and
 urban poor for taking economic activity. The SHGs have proved to be
 effective instruments for empowerment of women Bank has specialized SHG
 branches in all six lead districts and at Goregaon, Mumbai.
 As on 31.03.2016, there were 139194 SHGs formed by the Bank, out of
 which 107286 SHGs have been linked with the bank credit with
 outstanding of Rs.154.62 Crore as on 31st March 2016.
 5.7.  Assistance to SC/ST beneficiaries:
 The Bank has been actively extending finance to SC/ST beneficiaries
 through various schemes. Total finance as on 31.03.2016 to SC/ST
 beneficiaries stood at Rs. 1728.34 Crore, constituting 15.73 per cent of
 advances to weaker sections.
 5.8.  Weaker Sector Advances:
 Bank is providing credit facilities to small / marginal farmers, share
 cropper, landless labor, SC /ST Beneficiaries, Self Help Groups, Joint
 Liability Groups, The total portfolio of weaker Sector advance of our
 Bank as on 31.03.2016 stood at Rs. 10,985 Crore constituting 10.55% of
 5.9.  Advances to Minority Community
 A special cell has been set up at Head Offce to review and ensure
 smooth flow of Credit to minority community. The branches were identified
 in minority concentrated districts and special targets were allotted to
 these branches for lending to minority communities. As of March 2016,
 advances to Minority community are at Rs. 3037.22 crore as against
 Rs.3264.25 Crore of previous year.
 5.10 Door Step Banking Services
 Bank has introduced Door Step Banking Services for its High End
 Customers and the services include Corporate and Retail Cash pickup and
 delivery & Cheque Collection Services, at Clients Doorstep.
 5.11 BOM SBI International Credit Card
 - The BOM-SBI card base is 45347 out of which 23542 cards are used and
 monthly spend is approximately Rs. 12.00 Cr.
 - The commission received from SBI Card is Rs. 66.00 Lakhs during the
 year 2015-16.
 5.13.1  ATMs
 - ATM site wise feasibility/viability study before relocation was
 advised and also to achieve more than 100 average daily hits per ATM.
 - Continuous follow up for relocation of Low hit Lobby ATMs (Total 405)
 has been made and relocation of 335 lobby ATMs is done by 31.03.2016 Of
 the remaining 70 ATMs relocations follow up is being made for early
 - Relocation of Onsite ATMs is geared up by empowering Zonal Offces by
 giving specifc guidelines and numbers of relocations
 - Zonal managers are empowered with necessary inputs to decide and
 shift low hit ATMs to suitable/viable locations. Analyzing the reasons
 for high number of hits on other bank ATM locations (Remote on us)
 advised zones to survey the area and relocate the low hit ATMs within
 the zone, additionally, Even if we have ATM in the vicinity.
 - ATMs are being branded with display of our products / services at
 prominent places like Malls, Marketing & Publicity point of view. Few
 such ATMs are being installed in the leading malls of Pune. Two ATMs
 with branding are made operational in two leading malls in the city of
 - 100% relocation of low hit lobby ATMs is completed in Twelve (12)
 Zones viz. Aurangabad, Delhi, Goa, Jalgaon, Indore, Jaipur, Solapur,
 Latur, MCZ, PCZ, Satara & PEZ.  Remaining Zones are followed up on
 daily basis.
 5.13.2 INTERNET /SMS/Phone Banking
 Bank could achieve an increase of 28% in Internet Banking, 31% in Phone
 Banking and 33% in SMS banking over the previous year.
 With continuous follow up and increase in net security through the
 Mahasecure for IBN users, substantial rise in users/online transactions
 is expected.
 - Maha Mobile functionality has been customized and simplified for
 increasing the enrolments.
 - A user manual on Internet Banking & New Maha Mobile functionality is
 prepared & sent to field staff for ready reference & marketing of the
 technology based products.
 - Bank has introduced a Incentive schemes for Branch staff & Cash Back
 Offer to customers for Downloading Maha Mobile App in the month of
 December 2015
 - Maha Mobile App has been increased by 15744 nos. in the month of
 December 2015.
 - Presently, there are 112210 Mobile Banking users.
 5.14 Tie Ups
 5.14.1 Payment Gateway Services:
 - Presently we are providing the facility of Payment Gateway to all our
 customers through our online aggregators.
 - We have made tie up arrangement with following aggregators.
 Sr Particular              Sr  Particular
 1  M/s Atom                7   M/s CC Avenues Technologies
 2  M/s BILL DESK           8   M/s Citrus Payment
                                Solutions Pvt Ltd
 3  M/s EBS solutions       9   M/s PayTm limited
 4  M/s Ibibo i.e. PAYU    10   M/s Techprocess payment
 5  M/s Times of Money     11   M/s SBI e pay Limited
 6  M/s Airpay             12   FSS Payment Solutions
 5.14.2 ''Remit2india''facility
 - Remit2India is a web-based, person to person money transfer system
 that allows individuals particularly our Non-Resident Depositors to
 remit foreign currency amount for credit to the Beneficiary account in
 - Although the income is very less in this product but this
 facility/Services which we may be useful to attract NRI customers.
 5.14.3 ECS Mandate and Direct Debit System
 - Bank has a tie up with M/s Bajaj Finance Limited (Auto Finance) for
 Centralized ECS mandate verification & centralized direct debit system
 where in bank is receiving commission of Rs.50,000/- per month for
 mandate verification & centralized direct debit.
 - Similarly, Bank has also a tie up with M/s Bajaj Finance Limited
 (Consumer Finance) & TVS at Banglore.
 5.14.4 Online Fee Collection
 - We have an arrangement in CBS for online fee Collection of different
 institutes; Organizations etc. wherein Bank will be receiving the
 - We have already started IBPS (Indian Banking Personal Selection)
 online fee collection, over the counter fee collection for Amravati
 collectorate etc.
 5.14.5 Online Trading
 - Bank has introduced Three Brokers under our Online Share Trading
 facility. i.e. M/s Religare Securities Limited, M/s Reliance Securities
 Ltd. & M/s Ventura Securities Limited for Online Share Trading.
 - Zones have been advised to open the maximum trading accounts.
 The Rural Development Centers at Hadapsar- Pune and Bhigwan in Pune
 District of Maharashtra have been undertaking various rural
 developmental activities for the benefit of farmers''viz. Vermi compost,
 Re-development of Saline Soils, Soil Testing etc. Bank has established
 Soil testing lab (STL) through MARDEF Trust at RDC Bhigwan. The Soil
 Testing Laboratory has analyzed 7418 Soil and Water samples in the year
 2015-16 and accordingly counseling is done.  Farmers from the districts
 of Pune, Ahmednagar, Solapur and Satara are taking beneft of the lab.
 A Trust viz. Mahabank Agricultural Research and Rural Development
 Foundation (MARDEF) established by the bank, undertakes various
 projects and village improvement programmes.  MARDEF is imparting
 training to farmers on various subjects in Agriculture. Trust has
 implemented 94 training programmes for farmers at RDC Bhigwan and
 Hadapsar and has benefited 2,363 farmers from April 2015 to March, 2016.
 The Bank has established Seven Mahabank Self Employment Training
 Institutes (MSETI) for providing training to rural youth and women to
 enable them to acquire skills for self-employment through small
 business enterprises. The Institute has centers located at Pune,
 Nagpur, Aurangabad, Amravati Jalna, Thane and Nasik. The Institute has
 so far imparted training to 21386 educated unemployed youths. The
 settlement rate is 56.00%.
 Gramin Mahila Va Balak Vikas Mandal (GMVBVM), an NGO formed by Bank of
 Maharashtra and National Institute of Bank Management is actively
 involved in formation, nurturing, training and ensuring linkage of SHGs
 to Bank Credit.
 The Bank has opened Financial Literacy Centers in Six Lead Districts
 namely Pune, Nasik, Aurangabad, Satara, Jalna and Thane for creating
 awareness about banking schemes.
 7.1 Lead Bank Scheme
 The Bank has Lead Bank responsibility in seven districts of Maharashtra
 State viz. Aurangabad, Jalna, Nasik, Palghar, Pune, Satara and Thane.
 Every year district credit plans for the districts are prepared and
 implemented with the cooperation of other banks as well as in
 coordination with District Collectors of respective Districts.
 7.2 State Level Bankers''Committee
 The Bank is the Convenor of State Level bankers''Committee (SLBC) for
 the State of Maharashtra and prepares State Annual Credit Plan. The
 plan for the year 2015-16 was for Rs. 1,86,620 /- crore which is
 highest in the country. The same was approved in a special meeting held
 under the Chairmanship of Hon''ble Chief Minister of Maharashtra. SLBC
 also ensures holding of quarterly meetings regularly to oversee the
 implementation of State Annual Credit Plans, priority sector lending
 and Govt.  sponsored schemes in the State. Apart from regular SLBC
 meetings, various other meetings are also organized by SLBC to
 coordinate between various member banks, State Government, Government
 Agencies, Reserve Bank of India, NABARD and the Central Government.
 SLBC coordinates a network of more than 15,000 bank branches in the
 In FY 2015-16, the State suffered due to continual draught in more than
 16000 villages and also onslaught of natural calamities, the brunt of
 which is mostly borne by Agriculture and related activities. SLBC has
 always been very proactive in such calamities by issuing necessary
 guidelines in respect of relief measures, organizing special meetings
 and guiding the members whenever necessary.
 As SLBC convener, Bank of Maharashtra coordinated implementation of
 Pradhan Mantri Jan Dhan Yojana (PMJDY) in the State of Maharashtra. A
 total of 136 lakh accounts were opened in the State and the State was
 declared as saturated for the purpose of opening of accounts. The
 process of opening of accounts is continued.
 S L B C Maharashtra received award for highest Adhar seeding of PMJDY
 accounts from Department of Financial Service, MOF New Delhi.
 Bank continued to actively participate in the Pradhan Mantri Jan Dhan
 Yojana (PMJDY) announced and launched by the Prime Minister of India.
 Survey of all allotted 3051 rural Sub Service Areas (SSAs) and 755
 urban wards were conducted for identification of households having no
 bank account. The Bank has engaged 2,974 Bank Mitrs through corporate
 BCs and under own BCA model in all the allotted SSAs. The Bank Mitrs
 are being paid monthly remuneration regularly and minimum remuneration
 is ensured by paying fixed monthly pay and variable commission.
 Total 32.18 lakh Savings Bank accounts have been opened by the Bank
 during the PMJDY campaign period and RuPay ATM Debit cards have been
 issued to all the accountholders. Savings accounts of all the identified
 uncovered households have been opened. The Bank has mobilized Rs.
 531.97 Crore in these accounts opened during the campaign period. The
 Bank also implemented Aadhaar based account opening using e-KYC.  The
 Bank is live on Aadhaar Enabled Payment System (On- us and Off-us) and
 RuPay card PIN Based transactions. The Bank has been processing the DBT
 (Direct Benefit Transfer) and DBTL (LPG Gas Subsidy) for the
 accountholders. Bank is having highest number of AEPS transactions in
 banking industry.
 The Bank has introduced micro insurance products for life (PMJJY).
 During this financial year 7,69,482 policies were issued under this
 scheme. Other accident micro insurance scheme launched (PMSBY ) was
 also launched and as many as 14,13,165 policies are issued under this
 group insurance scheme .Atal pension Yojana was also implemented with
 full vigour by our bank by issuing 43936 pension accounts under this
 scheme .
 The Bank has a full-fedged call centre with toll free number
 18001022636 for redressal of PMJDY grievances.
 The Financial Literacy Material has been prepared in vernacular
 languages and supplied to all Branches / Bank Mitrs for supplying the
 same to accountholders during FLC camps.  Financial literacy camps are
 organized different schools in districts of Maharashtra. All skilling
 centers /ITI are mapped under financial literacy project Bank has been
 awarded for excellent performance in the field of financial inclusion
 from prestigious institutes like IBA, DFS, and Economic Times.
 8.1 Performance of Regional Rural Bank
 Maharashtra Gramin Bank (MGB) is a Regional Rural Bank sponsored by the
 Bank, having its Head Office at Aurangabad, Maharashtra State. Total no
 of branches as on 31.3.2016 stood at 397 in its area of operation
 covering 17 out of 36 districts of Maharashtra State.
 All 397 branches and controlling offices are now under CBS.  MGB opened
 06 new branches during this year.
 Maharashtra Gramin Bank has crossed the benchmark of Rs.10000 Cr Total
 Business and Rs.100 Cr Operating profit by achieving Rs.10224 Cr Total
 Business and Rs.105 Cr Operating profit as on 31.03.2016 with a YOY
 growth rate of 22.30%
 The percentage of CASA to total deposit is 53.52 %.Operating profit of
 MGB is Rs. 105.20 Crore (growth of 15.01 %). During the year 2015-16,
 MGB has grown by 22.48 % in total deposits and 22.06 % in advances.
 Under Pradhan Mantri Jandhan Yojana surveys of all allotted 898 SSAs
 and 80 wards were conducted for identification of households having no
 bank account. The Bank has covered all allotted SSAs by engaging BCAs.
 Total 4.50 lakh accounts have been opened during the PMJDY campaign
 period and RuPay ATM debit cards have been issued to all the account
 holders.Maharashtra Gramin Bank has actively participated in the
 PMJJBY, PMSBY and APY as well as the PMMY scheme declared by GoI, DFS.
 Bank has achieved most of the Targets under MOU_DAP for the financial
 year 2015-16 in the major Key performance parameters.
                                      TARGET          ACTUAL
                                  FOR THE FY           AS ON 
                                     2015-16      31.03.2016
      Growth in Core Deposit
 1    (%)                             17.18%          22.48%
 2     Growth in Advances (%)         23.02%          22.06%
 3     Recovery % June 14                65%             67%
 4     NPA Level                Rs.195.00 Cr    Rs.153.99 Cr.
       Growth in Agriculture
 5     Advances                       19.67%          25.18%
 6     CD Ratio                       75.44%          71.61%
       Increase in No. of SHGs
 7     credit linked                    2500            5067 
       Increase in No. of KCC
 8     Cards                           35000          173483
 9     Net profit After Tax       Rs.45.50Cr     Rs.53.86 Cr.
 10    Per Branch profit       Rs.15.85 lacs    Rs.17.60 lacs
 11    Per Employee profit      Rs.4.19 lacs     Rs.4.67 lacs
 8.2 The Maharashtra Executor & Trustee Company Pvt.  Ltd.
 Maharashtra Executor & Trustee Company Pvt. Ltd. (METCO), the 100%
 subsidiary of Bank of Maharashtra was established in 1946 with an aim
 to provide services auxiliary to banking such as:
 -  Consultation, Drafting & Execution of will
 -  Consultation, Drafting and Management of Private Trusts / Public
 -  Management of investments & house properties as attorney
 -  Guardianship of minor''s property
 -  Consultation for sale/purchase of property
 -  Filing of I-Tax Returns for individuals
 The Company is located at Pune having its branch units at Pune,
 Vashi-Mumbai, Thane and Nagpur. It is managing about 1085 Public &
 Private Trusts. During the year, additional 37 Wills were added making
 total 1110 Wills in its custody for execution.
 At present, the Company manages properties both movable and immovable
 of 72 clients under the Power of Attorney. The Company also acts as the
 Trustees in respect of 170 policies under Married Women''s Property Act
 and as Court appointed Guardian of minor''s property in 6 cases.
 The net profit of METCO for F.Y. 2015-16 is Rs.41.01 lakh. It has for
 the frst time (Maiden) proposed Dividend of 10% for the year 2015-2016
 to its Shareholders.
 The Board of Directors has passed New Memorandum of Association and
 Article of Association paving way to the Company to undertake different
 types of other financial Services.
 During the year 2015-16, the Bank has achieved various remarkable
 achievements in the field of Official Language implementation:
 Mumbai based prestigious Institution in the feld of Hindi,
 ''Aashirvad''awarded following trophies in a grand function held on
 23.09.2015 to the Bank:
 ''RajbhashaGourav''Award to Bank''s General Manager (HRM and Rajbhasha)
 Shri Manoj Biswal.
 ''Special Award'' to Bank of Maharashtra for Better Hindi Implementation
 during the year 2014-15.
 On 07th October, 2015 Hindi day function was held in Head Offce, Pune.
 Shri S. Muhnot, Chairman & Managing Director of the Bank presided over
 the function. Dr. Sunil Deodhar, renowned Hindi litterateur & Programme
 Executive of Akashvani Pune was the Chief Guest. Shri Manoj Biswal,
 General Manager, HRM & Rajbhasha was also graced the Function, Bank''s
 Executives, Officers & Employees were also present.Bank''s Internal
 Rajbhasha Trophy Scheme winner Zonal Offces, Branches and Head Office
 Departments were awarded during the function.
 An All India Rajbhasha Seminar was organized in Bengaluru on 28th and
 29th December, 2015 for all Official Language Officers of the Bank. Shri
 S. Muhnot, Chairman & Managing Director of the Bank inaugurated the
 seminar. Shri Manoj Biswal, General Manager, HRM & Rajbhasha guided all
 the participants.
 Rajbhasha Vibhag, Head Office, Pune published a collection of story
 stories ''Anubhuti''written by bank''s own officers and employees.
 As per instructions issued by DFS, Ministry of Finance, Govt.  of India
 a bridge-building exercise between Hindi and other Regional Languages,
 our bank sponsored numerous Hindi and Regional language programmes in
 various Zones. Sponsored programmes include literary meets, dramas,
 folk music and cultural programme.
 Monthly Rajbhasha E-Patrika is being regularly published every month.
 As a new initiative Brail script of Rajbhasha E-Patrika is also
 published for the benefit of visually challenged employees of the Bank.
 During its visit on 17th September, 2015 to Lucknow, Committee of
 Parliamentary Committee on Official Language reviewed Official Language
 Implementation work of Bank''s Lucknow Zonal Offce. The honourable
 members of the Committee expressed their satisfaction regarding
 progressive use of Hindi and the implementation of new initiatives by
 the Bank.
 Department of Financial Services, Ministry of Finance, Government of
 India, New Delhi, India has organized All India Rajbhasha Seminar &
 Review Meeting in Jaipur in the third quarter of 2015-16 on 06th and
 07th November, 2015. Our Bank''s General Manager Human Resources
 Management and Rajbhasha, Shri Manoj Biswal represented the Bank in the
 programme and addressed the executives of all banks.
 Joint Director, Department of Financial Services, Ministry of Finance,
 Government of India, New Delhi, Jaipurhas inspected our Jaipur Zonal
 Offce on 05.11.2015. He appreciated Hindi work of Jaipur Zonal Office.
 Bank of Maharashtra is convener of Town Official Language Implementation
 Committees of Mumbai, Pune, Solapur, Latur & Jalgaon. All the five Town
 Official Language Implementation Committees convened by the Bank
 conducted various activities throughout the year and organized meetings
 as per schedule.
 Our bank was awarded first prize in C Region on 26th November, 2015 by
 Town official Language Implementation Committee (Bank), Kolkata.
 Our bank was awarded Second prize by Town official Language
 Implementation Committee (Bank), Nagpur.
 Proactive steps were taken in view of the security requirements at the
 branches and for Bank''s staff and also for provisioning of physical
 security infrastructure at all branches. This was done after analysis
 of the threat perception, current crime scenario, crime pattern, modus
 operandi of bank robberies, the breaches of security and fre incidents
 besides equipping and training the security personnel and other bank
 staff to counter any such eventuality.
 The Directors confirm that in the preparation of the annual accounts for
 the year ended 31.03.2016:
 - The applicable accounting standards of the Institute of Chartered
 Accountants of India, have been followed along with proper explanation
 relating to material departures, if any;
 - The accounting policies framed in accordance with the guidelines of
 the Reserve Bank of India, are consistently applied and proper
 disclosures are made for changes, if any;
 - Reasonable and prudent judgment and estimates were made so as to give
 a true and fair view of the state of affairs of the Bank at the end of
 the financial year and the profit of the Bank for the year.
 - Proper and sufficient care was taken for maintenance of adequate
 accounting records in accordance with the provisions of applicable laws
 governing banks, in India; and
 - The accounts have been prepared on a going concern basis.
 - During the year 2015-16, the following changes took place in the
 Board of Directors:
 Shri R. Thamodharan was elected as Shareholder Director of the Bank
 w.e.f 30.06.2015.
 Dr. Archana R. Dholakia was appointed as Part time Non Official Director
 of the Bank w.e.f 28.01.2016.
 The Board of Directors wishes to express sincere gratitude to the
 Government of India, the Reserve Bank of India, the Securities and
 Exchange Board of India, Insurance Regulatory and Development
 Authority, Indian Banks''Association and Stock Exchanges and CDSL for
 their valuable advice and support; to the customers and shareholders
 for their patronage; to the correspondents and associates for their co-
 operation and to all the members of staff of Mahabank Family for
 their unstinted commitment and contribution to the overall development
 of the Bank.
                         For and on behalf of the Board of Directors
 Place: Pune                                              (S. Muhnot)
 Date: 12 May, 2016                   Chairman and Managing Director
Source : Dion Global Solutions Limited
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