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Bank of Maharashtra Directors Report, Bank of Mah Reports by Directors
Bank of Maharashtra
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Download Annual Report PDF Format 2013 | 2012 | 2011 | 2010
Directors Report Year End : Mar '13    Mar 12
The Directors have great pleasure in presenting before you the Annual
 Report of the Bank along with the audited Balance Sheet, Profit & Loss
 Account and the Report on Business and Operations for the year ended
 March 31, 2013.
 1.1 Business
 Total business of your Bank stood at Rs. 1,70,734 crore as on
 31.03.2013, as compared to Rs. 1,33,508 crore a year ago, registering a
 year-on-year growth of 27.88 per cent.
 1.2 Deposits
 Total deposits of the Bank stood at Rs. 94,337 crore, up by 23.27 per
 cent over the level of Rs. 76,529 crore as at the end of March 2012.
 Current & Savings Bank (CASA) deposits increased by 21.64 per cent and
 stood at Rs. 38,476 crore as on 31.03.2013. Share of CASA deposits in
 total deposits of your Bank stood at 40.79 per cent as on 31.03.2013
 which is one of the highest among Public Sector Banks.
 1.3 Credit Deployment
 The Bank has put in place a lending policy in conformity with the
 guidelines issued by RBI and also the lending norms of the Government
 of India. It emphasizes on qualitative credit growth and ensures
 compliance with regulatory requirements as well as the prudential
 exposure limits.
 Gross advances of the Bank increased from Rs. 56,979 crore as on
 31.3.2012 to Rs.76,397 crore as on 31.3.2013 with growth of 34.08 per
 cent. Passionate service orientation coupled with speedier sanctions
 and customer centric approach enabled the Bank in registering a robust
 credit growth much above the banking industry average during the year
 With a higher Credit growth, the Credit deposit ratio (CDR) as on
 31.3.2013 stood at 80.98 per cent as against 74.45 per cent as on
 Several steps have been taken for improving credit delivery mechanism
 whereby the turnaround time is brought down without compromising the
 overall quality of credit.
 The Mid corporate vertical which has been created over two years ago,
 has been functioning successfully and contributing to the robust credit
 growth of the Bank. During the year 2012-13, the credit under this
 segment has increased from Rs. 7963 crore to Rs. 11472 crore
 registering growth of 44%. Mid corporate shall continue to be one of
 the thrust areas for the Bank in future for increasing yield on
 advances and dispersion of credit risk.
 1.3.1 Sectoral Deployment of Credit
 While financing to various segments of the economy, the Bank has
 endeavoured to maintain a diversified credit portfolio, with a view to
 ensuring credit dispersion across sectors. The Bank has continued its
 efforts to support core, manufacturing and priority sectors, as well as
 infrastructure projects, which serve to drive economic growth This
 focus of the Bank will continue in future, in line with the national
 economic growth priorities.
 Industry wise credit deployment as on 31.03.2013 is as under:
                          Outstanding    Percen-   Outstand-    Percen-
 Sr.                      as on          tage to   ing as on    tage to
 No.  Credit deployed     31.03.2013     total     31.03.2012   total
                          Rs. in crore   credit    Rs. in crore credit
                                         outstan-               outstan-
                                         ding                   ding
 1    Industry               41,307.25     54.49%     31,603.21   55.46%
      Of which
 i.   Infrastructure         12,223.59     16.13%      7,755.14   13.61%
 ii.  Chemicals, Dyes,
      Paints etc              1,387.15      1.83%      1,704.72    2.99%
 iii. Petroleum               1,552.71      2.05%        769.86    1.35%
 iv.  Iron & Steel            1,640.21      2.16%      1,082.72    1.90%
 v.   NBFCs & Trading        12,671.06     16.72%     13,070.08   22.94%
 vi.  Engineering             2,496.14      3.29%      1,768.28    3.10%
 vii. Construction              318.29      0.42%        337.78    0.59%
 viii.Other Industries         9018.10     11.90%      5,114.63    8.98%
 2     Agriculture            7,378.35      9.73%      6,089.23   10.69%
 3     MSME                  16,788.21     22.15%      8,630.81   15.15%
 4     Housing                6,578.23      8.68%      5,056.34    8.87%
 5     Education                551.59      0.73%        489.28    0.86%
 6     Exports                1,886.06      2.49%        873.04    1.53%
 7     Commercial Real Estate 3,551.63      4.69%        927.41    1.63%
 1.3.2 Credit Administration and Monitoring
 For the view point of keeping a close track of advance portfolio, Bank
 has put in place systems whereby, early warning signals are captured
 from the Core Banking Solutions (CBS), on daily basis - for close
 monitoring of stressed accounts on near real time basis.
 System generated SMS alerts are sent to the customers to pre-empt
 delinquency. An integrated web-based reporting has been introduced in
 the Bank to enable instant communication between branches/Zones/ Head
 Office for effective monitoring of credit portfolio.
 The credit quality of borrowal accounts is further monitored through
 periodical asset performance review, credit audits & stock audits.
 Timely rescheduling of repayment terms is undertaken in deserving
 1.4 Asset Performance
 During the Financial Year (FY) 2012-13, total cash recovery in NPAs was
 Rs. 411.23 crore (last year Rs. 379.45 crore). Of this, recovery in
 Ledger balance was Rs. 198.73 crore (Rs. 248.91 crore), recovery in
 written off accounts was Rs. 156.77 crore (Rs. 96.01 crore) and
 recovery in cases of unapplied interest was Rs. 55.73 crore (Rs. 34.53
 crore). This was besides up gradation of NPAs to the tune of Rs. 105.19
 crore (Rs. 109.02 crore).
 This year''s achievement was possible due to intensive follow up adopted
 by the branches with the defaulting borrowers through letters, notices,
 recovery camps, Lok Adalatas, actions under SARFAESI and through DRTs.
 To address and improve recovery in small sized NPAs having ledger
 balances upto Rs. 10.00 lakh, the Bank established additional 5 Micro
 Asset Recovery Cells (MARCs) at Zonal offices, thereby making total 25
 MARCs. The recovery performance through this vertical was encouraging
 with MARCs recovering Rs. 210.53 crore (Rs. 244.75 crore). The share of
 recovery of MARCs in total cash recovery of the bank was 51.20% (64.50
 per cent).
 The Bank continued during this FY a special ''One Time Settlement''
 (OTS) scheme for recovery in NPA accounts having ledger balance up to
 Rs. 5.00 lakh. The total recovery in NPAs under this scheme was Rs.
 66.73 crore as against Rs. 59.54 crore in the previous year.
 The Gross NPA ratio of the Bank has improved to 1.49 per cent during
 the financial year from 2.28 per cent as of 31.03.2012. Similarly the
 ratio of Net NPAs stood at 0.52 per cent as on 31.03.2013 as against
 0.84 per cent a year ago. The NPA ratios of the Bank are much better
 than not only of the peer Banks but also of many large Banks.
 1.5 Foreign Exchange Business and Export Finance
 During the year 2012-13, the Bank has achieved merchant turnover of
 Rs.30,437 crore (Rs. 25,430 crore) and an inter-bank turnover of Rs.
 4,14,162 crore (Rs. 1,58,986 crore) and earned Forex profit of Rs.
 60.41 crore (Rs.43.75 crore). The outstanding export credit as on 31st
 March 2013 was Rs.1908.31 crore as against Rs. 873.04 crore as on 31st
 March 2012. The Treasury & International Banking Branch at Mumbai (A-
 Category branch) and 33 B-Category branches across the country cater to
 the International business needs of the customers of the Bank. In order
 to provide prompt service to Non Resident Indian (NRI) Clients, Bank
 has a NRI Cell at Deccan Gymkhana Branch, Pune which provides online
 remittance facilities for it''s NRI customers.
 1.6 Investments
 The net investments of the Bank stood at Rs. 31,430.31crore as on
 31.03.2013 as compared to Rs. 26,031.36 crore as on 31.03.2012.
 Investments under Held to Maturity (HTM) category consist of 81.75 per
 cent while Available for Sale (AFS) comprised 16.99 per cent of total
 investment portfolio as on 31.03.2013. The net interest income from
 investment activity increased to Rs. 2,231.28 crore from Rs. 1,708.57
 crore during the last year, a growth of 30.59 per cent.
 1.7 Borrowings
 The borrowings of the Bank as on 31.03.2013 stood at Rs. 12,877.49
 crore, including refinance availed from RBI, NABARD and SIDBI to the
 extent of Rs. 4,213.62 crore. The total borrowings as at 31.03.2012
 were Rs. 6,944.75 crore.
 1.8 Merchant Banking
 The Bank handled 122 issues of Commercial Paper amounting to Rs.
 19,509 crore for its clients as an issuing and paying agent during the
 year and earned a commission income of Rs. 18.97 lakh.
 1.9 Depository Services
 The Bank is Depository Participant (DP) of Central Depository Services
 of India Ltd. (CDSL) since September 1999. Account level queries
 related to Demat account balances etc. are available at the 131
 identified branches of the Bank. All the branches of the Bank can open
 Demat account through the Demat Cell of Mumbai. The Bank also provides
 free EASI facility (through CDSL) to view account position through
 internet. Query compliance facility is available at Maha Seva (Customer
 Care Centre). The Bank has added tie up with two Share Broking
 Companies i.e. Reliance Securities Ltd and Ventura Securities Ltd for
 Maha-e-trade (Online Share Trading) Services for its customers along
 with existing Religare Securities Ltd.
 In order to add new customers in its fold under Demat, Bank is offering
 waiver in annual maintenance charges for the Demat Accounts opened
 under Rajiv Gandhi Equity Scheme for three years.
 1.10 Bancassurance
 All the branches of the Bank are authorized to sell life and non-life
 insurance products of Life Insurance Corporation of India and United
 India Insurance Co. Ltd. under corporate agency arrangements,
 respectively.  The Bank has sold 65,350 Non-life Insurance Policies and
 34,463 Life Insurance policies during the year 2012-13. The LIC
 accredited 232 branches of the Bank as Bima Bank, besides 22 Zones
 which were declared as BIMA banks. The Bank collected highest per
 outlet FPI.
 The Bank offers three group insurance schemes namely ''Maha Suraksha
 Deposit Scheme'' a life insurance cover of Rs. 1 lakh for deposit
 account holders; ''Maha Grih Suraksha'' a mortgage redemption
 insurance scheme for those, who are availing Home Loans and ''Maha
 Swasthya Yojana Scheme'', a Family Floater Mediclaim Policy for its
 The Bank earned a commission of Rs. 6.58 crore for life insurance, 
 showing growth of 59 per cent and Rs. 3.75 crore for non-life insurance
 business during the year 2012-13.
 1.11 Mutual Fund Activity
 The Bank has a tie-up with 25 AMCs (Asset Management Companies) for
 selling Mutual Fund products. The mutual fund business mobilized by the
 Bank earned commission income of Rs. 41.30 lakh during the year.
 1.12 Government Business
 During the year 2012-13, 4,54,493 challans of Direct Taxes were
 collected, similarly 3,38.495 challans of Indirect taxes were collected
 by the branches. Total commission to the tune of Rs. 3.20 crore was
 received on Tax collection business.
 The Bank has started processing and crediting monthly pension payments
 of more than 1,10,000 Central Government, Defence, Railway and Telecom
 pensioners at Central Pension Processing Cell (CPPC), Pune. The
 processing and payment for new PPOs/ corrigendum PPOs Master Data base
 for Central Government pensioners etc are being handled by CPPC. This
 facilitates faster and accurate payment of pension as well as quick
 settlement of funds by RBI. Timely complaint redressal system has also
 been established for pension complaints.
 The unique facility of Direct & Indirect Taxes & VAT collection of
 Maharashtra is provided by the Bank, at the branch counter in all
 branches through Maha e-seva services. E-payment of Taxes facility
 available for net banking customers is also available for Direct /
 Indirect TSxes / VAT payments (for Govt, of Maharashtra).
 The tax payment facility has been introduced for e-payment of custom
 duty & the Maharashtra State taxes are collected through integration in
 Govt. Revenue Accounting System (GRAS), both online and across the
 counters. The Bank has added Karnataka and Delhi states for collection
 of state Government commercial taxes. Bank is offering its services in
 VAT Collection in U.P in all branches.
 1.13 Non Interest Income
 The non-interest income stood at Rs. 912.00 crore for the year ended
 31.03.2013 as against Rs. 640.67 crore for the year ended 31.03.2012.
 Non-interest income (other than profit from sale of investment),
 increased by Rs. 139.50 crore in the FY 2012-13, showing a growth of
 22.19% over previous year. The Bank has received higher non interest
 income from recovery in written off accounts, forex business and other
 miscellaneous income.
 1.14 Income, Expenditure and Profitability
 The total income of the Bank grew from Rs. 7,854.63 crore to Rs.
 10,525.43 crore indicating a growth of 34.00 per cent during the year
 The detailed income/ expenditure components are as under:
                                                        (Rs. in crore)
 Particulars                          2012-13    2011-12     Variation
                                                            (per cent)
 Interest / discount on
 advances / bills                    7,298.50   5,490.63      32.93
 Income on investments               2,231.28   1,708.57      30.59 
 Interest on interbank lending
 & other Interest                       83.65      14.76     466.73
 Total interest income               9,613.43   7,213.96      33.26
 Non-interest income                   912.00     640.67      42.35
 Total Income                       10,525.43   7,854.63      34.00
 Interest on deposits                5,879.25   4,293.81      36.92
 Interest on borrowings                700.83     403.07      73.87
 Interest expenditure                6,580.08   4,696.88      40.09
 Staff expenses                      1,187.82   1,113.02       6.72
 Non staff expenses                    608.82     529.50      14.98
 Total Non interest expenses         1,796.64   1,642.52       9.38
 Total Expenses                      8,376.73   6,339.39      32.14
 Operating Profit                    2,148.70   1,515.24      41.81
 Provisions and Contingencies        1,389.18   1,084.41      28.10
 Net Profit                            759.52     430.83      76.29
 1.15 Financial ratios
 Particulars                                   2012-13      2011-12
 EPS (Rs.)                                       11.88         7.59
 Cost to Income Ratio (per cent)                 45.54        52.02
 Return on assets (per cent)                      0.74         0.55
 Return on equity (per cent)                     17.32        14.15
 Book value per share (Rs.)                      67.10        54.06
 Profit per Branch (Rs. in lakh)                 43.95        27.11
 Profit per employee (Rs. in lakh)                5.59         3.12
 Business per Branch (Rs. in crore)              98.80        84.02
 Business per employee (Rs. in crore)            12.56         9.67 
 Interest Income as per cent to Average
 Working Funds                                    9.33         9.22 
 Non Interest income as per cent to
 Average Working Funds                            0.88         0.82
 Net Interest Margin (per cent)                   3.10         3.22
 Operating Profit as per cent to Average
 Working Funds                                    2.08         1.94 
 Staff Expenses as a per cent to Average
 Working Funds                                    1.15         1.42
 Dividend (per cent)                             23.00        22.00
 Net worth (Rs. Crore)                        5,026.57     3,775.42
 CRAR (%) (Basel II)                             12.59        12.43
 Of which, Tier I CRAR (%) (Basel II)             7.57         8.31
 1.16 Capital from Government of India
 During the year, the Bank received equity share capital amounting to
 Rs. 406.00 crore (including share premium of Rs. 334.12 crore) from
 Government of India (GOI) through allotment of shares on preferential
 basis. With capital infusion, the share holding of GOI in equity share
 capital increased to 81.24 per cent as on 31.03.2013.
 During the year, the Bank also raised Lower Tier II bonds amounting to
 ; Rs. 1000.00 crore @ 9.00 per cent p.a. to augment Tier II capital and
 1.17 Networth
 The Bank''s Net worth increased from 7 3,775.42 crore as on 31.03.2012
 to Rs. 5,026.57 crore as on 31.03.2013.
 1.18 Capital Adequacy Ratio
 The Capital Adequacy Ratio of the Bank stood at 12.59 per cent as on
 31.03.2013, against the minimum 9 per cent prescribed by RBI in terms
 of Basel II norms. The Tier I capital adequacy ratio stood at 7.57 per
 cent under Basel II.
 1.19 Dividend
 The Board of Directors have proposed a dividend of 23 per cent for the
 year ended 31.03.2013.
 2.1 Branch Expansion
 During the year, the Bank opened 139 new branches, the largest number
 of branches opened by the Bank in a financial year since inception. As
 on 31.03.2013, the total branch network comprised of 1728 branches
 spread over 29 states and 2 union territories. The branch network
 includes specialized branches in the areas of foreign exchange,
 government business, treasury & international banking, industrial
 finance, small-scale industry and hi-tech agriculture, pension payment,
 pension processing, retail credit, Self Help Groups and asset recovery.
 Area wise classification of branches as on 31.03.2013 is given in the
 table below:
 No. Classification          As on 31.03.12    As on 31.03.13
 1   Rural                         546              591
 2   Semi-Urban                    301              357
 3   Urban                         319              344
 4   Metropolitan                  423              436  
     Total                        1589             1728
 2.2 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 253 probationary officers. The Bank
 also recruited 329 Clerks during the year.
 Inter scale promotions of officers were carried out for promotions to
 Scales MMGS II and above. Total 550 officers were promoted to higher
 scales in the year 2012-13.
 To recognize outstanding performance in Banking activities and to
 motivate others to perform better, various schemes like Better Managed
 Branch/ Region trophy, cash incentives to all staff of Best Performing
 Branches etc. are in vogue in the Bank. The excellent performing branch
 in disbursement of advances to SC/ST community is awarded a Rolling
 Trophy in name of Bharat Ratna Dr. Babasaheb Ambedkar.
 During the year, 946 employees ceased to be in service on account of
 retirement, resignation, termination and death.
 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 endeavoured to promote a healthy industrial relations
 climate through fair, transparent and firm handling of industry related
 The Bank has been complying with the reservation policy of Government
 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 Officer at Head Office and has set up SC/ST Cells at each of
 its 34 Zonal Offices for the purpose. 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. Similar
 meetings were also held at Zonal level.
 The number of employees belonging to different categories is as under:
 Sr. Category of Employees      No of      Percentage
 No.                            Employees  to total
 1.  Women                         3378      24.85
 2.  Physically Challenged          181       1.33
 3.  SC Employees                  2680      19.72
 4.  ST Employees                  1010       7.45
 5.  OBC Employees                 1210       8.90
 Rosters have been maintained as per Government guidelines and are
 regularly inspected/ checked.
 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.
 The training programmes were also held on thrust areas like financing
 SMEs, retail lending, agriculture finance and rural development.
 The Bank has an apex Training College at Pune with three training
 establishments operating under it, one each at Mumbai, Nagpur and Pune.
 Information Technology Training Institute and Computer Labs train the
 Officers and staff to utilize information technology for effective
 customer service and efficient back office functions.
 The highlights of training activity during the year are as under:
 - 383 training programs were conducted during the year out of which 144
 were for officers, 178 for clerks and 61 for substaff.
 - Total of 7739 staff members participated in various training
 programs, consisting of 4054 officers, 2736 clerks and 949 sub staff.
 - A total of 1233 SCs, 428 STs and 1557 women employees were trained
 during the year.
 - During the year, 1605 employees were trained in Information
 - 285 employees were deputed to different external training
 - 14 Executives were deputed to Training Institutes outside India for
 International Exposure.
 - 6 programmes for pre-promotional training to SC/ST employees were
 conducted during May-June 2012. Total 158 candidates attended the
 - 4 programs on pre-retirement counselling were conducted for the
 employees retiring during the year. Besides lecture on investment
 planning, health check up of participants were also arranged.
 - Training through Video Conference was conducted on credit appraisal,
 alternate business channel products, and marketing and tax payments. In
 total 272 employees participated in these training programmes.
 2.3 Technology Initiatives
 The year 2012-2013 has been a momentous one for the Bank. The Bank has
 been actively participating for successfully implementing the
 technology initiatives such as Aadhaar Enabled Payment System, Aadhaar
 Payment Bridge System, Rupay Kisan Card, Interbank Mobile Payment
 System (IMPS), IT enabled Financial Inclusion and also implementing
 technology for participating in the Direct Benefit Transfer initiatives
 launched by the Government of India. During the year, Bank expanded its
 ATM Network from 502 to 692 ATMs, registering an increase of more than
 37 per cent. Bank has been in the forefront of Technology in Business &
 related activities.
 Bank has its own Corporate Network MAHANET with all Branches,
 Zonal Offices, Training Colleges / Centers and Head Office
 interconnected and working under Core Banking Platform. Its robust &
 secure Network Technology Architecture ensures seamless services to the
 customers. With a view to further enhancing the availability &
 reliability of the network, during the year Bank initiated the process
 of migration of the network to highly redundant and reliable Multi
 Protocol Label Switching (MPLS) - VPN (Virtual Private Network) based
 architecture. With this, Bank is sure that the Bank''s new network is
 scalable so as to serve customers even better and introduce more
 customer centric applications. The migration process is underway. As a
 part of this process, the Bank has also pioneered in implementing niche
 network technologies such as 3G, CDMA, etc as back up communication
 media to ensure high availability to the branches.
 A state-of-art Tier III Data Centre and Disaster Recovery (DR) Centre
 has been set up. The implementation of Near DR Site has also been
 successfully completed, which would ensure to achieve the Bank''s Zero
 Data Loss Objective, in the event of any untoward incident. The Bank is
 one of the few Public Sector Banks to implement Near DR Site over last
 two years. The efficacy of Near Site is tested twice a year during DR
 Drills conducted by the Bank.
 With the rising popularity of the ATM/Debit cards, the Bank intends to
 expand its ATM Network. In this direction, during the year 2012- 13,
 Bank expanded its ATM Network from 502 to 692, registering an increase
 of more than 37 per cent. In the ensuing year, it is proposed to
 increase the ATM base further.
 With a view to provide integrated technology services under one roof,
 Bank has implemented one more ATM Gallery at Shivaji Nagar, Pune.  The
 gallery embraces the new technology and provides ATMs, Cheque Deposit
 Machine, Coin Vending Machine and Self Updating Passbook Printer.
 Bank has collaborated with VISA for International Debit Cards and with
 NPCI for Rupay Debit Cards. Bank has also been the first Bank to launch
 Rupay Kisan Debit Card - a Government of India initiative.
 The payment and settlement systems viz., RTGS and NEFT are running on
 robust platform facilitating straight-through-processing (STP) model.
 In order to promote e-transactions & popularize the usage of NEFT
 Transactions, Bank waived service charges on NEFT transactions up to
 Rs. 1.00 lakh.
 The Bank is also taking special efforts to encourage transactions
 through alternate channels such as ATM, RTGS / NEFT, Internet Banking,
 Mobile Banking, ECS etc. More than 30 per cent transactions are carried
 out by customers through these alternate channels. Bank is constantly
 pursuing efforts to enhance usage of these channels through various
 incentive schemes which have been implemented during the year.
 Various facilities are provided through our Internet Banking platform
 for facilitating online payment of taxes, utility bill payments, online
 shopping / e-commerce, railway reservation, LIC premium payment, etc
 and facility for viewing tax credit statement 26AS and Demat account
 with the Bank.
 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, the feature of One Time Password (OTP)
 has been implemented for beneficiary registration and online merchant
 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
 In order to strengthen the ISMS framework further, Bank had gone for
 ISO 27001:2005 Certification for its IT division including Data Centre,
 Disaster Recovery Centre and CBS Project Office. Bank has ensured
 continuation of the ISO 27001:2005 certification for the year 2012-13.
 Bank has set up 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 which are
 under implementation are Anti-Phishing, Anti-Trojan services.
 As a part of Customer Initiatives, during this year Bank implemented
 many online facilities to customers for opening of savings bank
 accounts and also accounts under New Pension Scheme. Bank also provided
 facility for submitting applications online for various credit
 facilities including Housing, Education, Vehicle, MSME and any other
 Loan product (Generic application to accommodate any other credit
 facility requirement of the customer).
 In order to spread cyber security awareness amongst the customers, and
 encourage safe online banking, Bank is proud to state that special
 training programs on Cyber Security & IT Act were conducted for our
 customers in Delhi & Jaipur Zones. In this training, valuable input on
 security check-points while operating Internet Banking facility &
 related IT Act provisions was imparted by practicing cyber security
 professionals. The trainings were well received & appreciated by the
 customers. Based on the feedback received, it is proposed to conduct
 such training programs at other locations as well during this year.
 Cheque Truncation System (CTS) has been successfully implemented in all
 the 15 centres under Southern Grid covering major centres like Chennai,
 Bangalooru, Coimbatore, Chandigarh, Puducherry, Cochin and
 Bank has successfully implemented the technology for Aadhaar Seeding of
 the CBS accounts and Aadhaar Payment Bridge System. The remittances for
 direct benefit transfer (DBT) under various GOI schemes such as
 Annashree, Janani Suraksha Yojana, Student Scholarships etc.  are
 regularly being received and seamlessly credited to the accounts of the
 beneficiaries. The technology infrastructure is set up for the
 implementation of Direct Benefit Transfer (DBT) program of Government
 of India and the Aadhaar Enabled Payment System.
 The Video Conferencing infrastructure was augmented during the year.
 The infrastructure is extensively used by functional departments Rs. in
 Head Office for interacting with Zonal Offices that has facilitated
 speedy decisions by the management and also reduced operational costs.
 Bank has also established connectivity with NIBM & successfully
 conducted training program on Risk Management in which officials from
 various Zones participated from across the country. Video Conferencing
 facility is provided at one branch in each District Centre covering 227
 Bank has installed Self Update Pass Book Printing machines and Cheque
 Deposit Machines at select branches. Bank has commenced issuance of bar
 coded passbooks to customers which can be used in the Self Update Pass
 Book Printing machines.
 Bank has centralized some of its back office functions relating to the
 statements and returns thereby enabling the branch personnel to
 concentrate more on business development and customer service.
 All the branches of Maharashtra Gramin Bank, the Regional Rural Bank
 sponsored by the Bank are working under CBS since 2011 & are
 implementing various initiatives to be in tune to meet the demands of
 customers and business development.
 Bank proposes to take up following new IT Initiatives during 2013-14.
 - Branch Transformation Initiatives with focus on greater productivity,
 better customer experience across delivery channels, improved sales
 performance, HR initiatives for talent management & succession planning
 and better capital efficiency.
 - Implementation of Automated Data Flow (ADF) as mandated by Reserve
 Bank of India.
 - Substantially increase the ATM base & work towards Procurement of
 Bank''s Own ATM Switch and Payment Gateway.
 - Implement Two Factor Biometric Authentication for Branch Staff &
 Biometric Authentication for Customer payments.
 Integrated/versatile Mobile Banking application that can work with
 variety of mobile phones and provide secure transactions.
 2.4 Customer Centric Initiatives taken by the Bank
 The Bank has pursued high standards of customer service to ensure
 customer satisfaction throughout the year.
 As member of the Banking Codes and Standards Board of India (BCSBI),
 Bank has adopted the Code of Bank''s Commitment to Customers and
 Bank''s Code of Commitment to SMEs. Duly documented policies approved by
 the Board on Deposits, Collection of Cheques/ instruments,
 Redressal of Grievances, Compensation and Operational
 Procedure for settlement of claims of Deceased Depositors are in
 place. These policies are displayed on Bank''s website.
 The Committee of the Board on Customer Service meets periodically to
 monitor the quality of customer service, redressal of customer
 grievances to ensure customer satisfaction. The Standing Committee on
 Customer Service at Head Office and Zonal Level Customer Service
 Committees at all the Zonal offices also meet regularly to address and
 review various customer related matters to take steps for improvement
 on an ongoing basis.
 Customer Service Committees at all the branches are formed and a cross
 section of customers representing depositors, Corporates, businessmen,
 senior citizens are invited to attend the Customer Service meetings at
 Branch/Zonal/Head Office level, to have feedback and suggestions on
 schemes, products and services. Full-fledged grievances redressal
 machinery is in place to respond promptly to customer grievances.
 Complaint Management Cells are operative at Head Office and all Zonal
 Offices of the Bank. The Committee of the Board on Customer Service and
 Standing Committee on Customer Service at Head Office monitor the
 progress of redressal of customer grievances regularly.
 The Bank has implemented all major recommendations of Goiporia
 Committee, Dr.S.S.Tarapore Committee and Damodaran Committee relating
 to customer service.
 The Bank has in place internet based mechanism for lodging the
 complaint or to give suggestions/ feedback on services by the customers
 and for providing acknowledgement and status of their feedback/
 Bank has printed folder called 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.
 Standardized Public Grievances Redressal System:
 Bank is in process of implementing Standardized Public Grievances
 Redressal System (SPGRS) introduced by GOI, MOF, Department of
 Financial Services, New Delhi on 11.06.2012 I T Department and Planning
 Department in Head Office are developing In House software for
 Integrated Public Grievances System.
 Installation of Kiosk Machine for online registration of complaints:
 Kiosk Machine arrangement has been made at Head Office to enable the
 customers to register on line complaints/suggestions, and its operation
 has started w.e.f. 14.03.2013.
 2.5 KYC/AML
 The Bank has Board approved KYC-AML-CFT Policy in place. The said
 Policy is the foundation on which the Bank''s 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 Bank''s web
 site for the benefit of customers. Regular training sessions are
 conducted on KYC-AML-CFT guidelines at the Bank''s training
 establishments to sensitize the employees.
 2.6 Risk Management
 Banks are faced with a variety of risks while conducting day to day
 banking operations. Bank has its Risk Management Frame work in
 accordance with the RBI Guidelines and benchmarks itself against the
 industry best practices. This enables the Bank to identify measure,
 monitor and manage risk efficiently.
 The Board of Directors of the Bank reviews all Risk Management Policies
 and Strategies and establishes control systems in line with the
 Bank''s aggregate Risk Appetite. The Board of Directors is supported
 by the Risk Management Committee of the Board (RMC) and RMC is
 supported by 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). These Committees are headed by Chairman and Managing Director
 and Executive Director and General Managers are the members of the
 Risk Management Policies
 Bank has put in place various Board approved Risk Management Policies
 viz. (i) Credit Risk Management Policy, (ii) Market Risk Management
 Policy, (iii) Asset Liability Management, (iv) Operational Risk
 Management Policy, (v) Stress Testing Policy, (vi) Outsourcing Policy,
 (vii) Business Continuity Planning Policy, (viii) Disclosure Policy,
 (ix) Utilisation of Credit Risk Mitigation Techniques and Collateral
 Management Policy and (x) Internal Capital Adequacy Assessment Process
 Credit Risk Management
 Credit risk is the possibility of a loss being incurred as the result
 of a borrower or counterparty failing to meet its financial obligations
 or as a result of deterioration in the credit quality of the borrower
 or counterparty. The Credit Risk Management process forms an integral
 part of overall risk management of the Bank. The Bank has constituted
 Credit Risk Management Committee (CRMC) which reviews the policies,
 procedures and systems relating to credit administration and
 monitoring, at periodic intervals.
 The Bank has put in place comprehensive Lending Policy, Loan Review
 Policy and Credit Risk Management Policy for credit risk management.
 The policies prescribe various guidelines, procedures, standards and
 prudential / exposure norms.
 To evaluate the risk perception in a lending proposition, the Bank has
 put in place an in-house developed Credit Risk Rating Framework (CRRF)
 for rating of existing as well as entry level borrowers in various
 asset classes, as desired under Basel II. In house developed rating
 model is also in use to rate Non-SLR Investments. The Bank utilizes
 industry risk rating from reputed credit rating agency and incorporates
 the industry risk score in the Credit Risk Rating Models. These models
 are periodically validated by independent experts to ensure the
 efficacy and relevance.
 The Bank has prescribed threshold ratings for entry level exposures
 with a view to building up credit portfolio within the risk appetite
 and achieves the profit plan. With a view to separating the Credit Risk
 '' Management function from credit sanctioning, Credit Approval Grids
 are set up at various levels and at Treasury & International Banking
 Division (TIBD), Mumbai, which assess the risk perception through a
 committee approach.
 The Bank has undertaken migration analysis of credit risk rating of
 borrowers over a time horizon and probability of default has been
 estimated in line with Basel II requirements. To achieve risk-retum
 trade off, risk based pricing framework has been implemented and
 reviewed periodically.
 The Bank undertakes following studies periodically to assess Credit
 - Compliance to Prudential Norms as per Lending Policy Credit
 Portfolio Review
 - Assessment of Credit Concentration Risk
 - Quick Mortality of Loans and Advances
 - Country Risk Management
 - Aggregate exposure on other banks
 - Stress Test Report
 Findings of these studies are placed before the Credit Risk Management
 Committee (CRMC), Risk Management Committee (RMC) and the Board on
 periodical basis.
 Market Risk Management
 Market Risk is the risk to the Bank resulting from adverse movements in
 market prices due to changes in interest rates, foreign exchange rates
 and equity price. The changes impact the Bank''s earnings and capital
 and can have ramifications on the Bank''s liquidity and profitability.
 Bank has its separate Market Risk Management Committee which reviews
 MRM Policy on regular basis and reports modifications, if any, to the
 Risk Management Committee & the Board for approval. The Bank''s MRM
 Policy aims to set out the broad processes i.e. by which the Bank will
 identify risks in the areas of Interest Rate Risk, Forex Risk, Equity
 Price Risk and Options Risk. Reporting framework has been prescribed
 for internal reporting, Regulatory reporting and Pillar III
 Interest Rate Risk Management
 Interest rate risk is the risk where changes in market interest rates
 affect a bank''s financial position. Changes in interest rates impact
 a bank''s eiarnings (i.e. reported profits) through changes in its Net
 Interest Income (Nil) and also impact a bank''s Market Value of Equity
 (MVE) or Net Worth through changes in the economic value of its rate
 sensitive assets, liabilities and off-balance sheet positions. The
 interest rate risk, when viewed from these two perspectives, is known
 as ''earnings perspective'' and ''economic value perspective'',
 Accordingly, Bank uses the following tools to manage interest rate
 - Traditional Gap Analysis (TGA) which is undertaken through the
 preparation of Interest Rate Sensitive Gap Reports on a monthly basis.
 - Earning at Risk is based on Calculation of impact on Nil due to 1%
 change in interest rates. It also takes into account Basis Risk,
 Embedded Option Risk, Yield Cure Risk, Net Interest Position Risk,
 Price Risk and Reinvestment Risk.
 - Duration Gap Analysis (DGA) which focuses on the bank''s exposure to
 interest rate risk in banking book (IRRBB) in terms of sensitivity of
 Market Value of its Equity (MVE) to interest rate movements.
 - Considering the interest rate risk in the portfolio, the Bank has set
 upper limits of Modified Duration for AFS HFT category and also the
 upper limit for total investment portfolio.
 - Value at Risk (VaR) for treasury positions is calculated for 1 Day,
 10 Days and 30 Days for 99% Confidence Level.
 The Bank has constituted Asset Liability Management Committee (ALCO)
 which meets at regular intervals to review the interest rate scenarios,
 liquidity positions in the banking book etc. The ALCO manages and
 supervises Liquidity Risk through review of rates of interest on
 deposits / advances. ALCO also monitors adherence to various risk
 limits and determines the business strategy in light of prevailing
 interest rate scenario and liquidity position in the market with a view
 to optimizing profit and overall balance sheet management while
 managing interest rate risk.
 The ALM Policy, which is reviewed annually and approved by the Board,
 prescribes the parameters for management of Liquidity Risk, Interest
 Rate Risk, Basel III Compliance and lays down Strategies for Asset
 Liability Pricing, Profit Planning and Growth Projections, Funding and
 Capital Planning and Regulatory Reporting Framework.
 Investment Risk is managed through the prescriptions made in the
 Investment Management Policy & Investment Risk Management Policy.
 Management of Foreign Exchange Risk, prudential limits for open foreign
 exchange position, aggregate gap position, Daylight limit, Overnight
 limit, Net open overnight position, Stop loss limit, Limit for
 undertaking swaps/investment/ borrowing overseas, interbank exposure
 limits etc. have been put in place. These limits are monitored
 The ''Liquidity Risk'' is measured and managed through ''Gap analysis'' for
 maturity mismatches by reviewing structural liquidity position on daily
 basis and short term dynamic liquidity on fortnightly basis. Bank is
 conducting behavioral studies in GAP analysis. Stress testing is
 undertaken periodically.
 Operational Risk Management
 Operational risk is the risk of loss resulting from inadequate or
 failed internal processes, people or systems or from external events.
 Bank''s primary aim is the early identification, recording,
 assessment, monitoring, prevention and mitigation of operational risks,
 as well as timely and meaningful management reporting.
 The Operational Risk Management Committee (ORMC) meets regularly to
 review the matters related to operational risk. Under the Operational
 Risk Management Framework and ORM Policy, Bank is identifying,
 measuring, monitoring and controlling/mitigating operational risks by
 analyzing historical loss data, Risk and Control Self-Assessment
 Surveys (RCSAs) and Key Risk Indicators (KRIs). The Bank has put in
 place policy on Business Continuity Planning. A policy on outsourcing
 is also formulated which facilitates use of expertise available in the
 market with adequate safeguards against risk associated with
 Under the Risk based supervision, Risk Profile Template covering five
 business risks and two control risks are prepared on quarterly basis
 and submitted to RBI.
 Rating of the branches is being done under Risk-based Internal Audit
 (RBIA) and the position is reviewed every quarter.
 Implementation of Basel II
 The Bank is Basel II compliant in terms of the New Capital Adequacy
 Framework (Basel II) guidelines issued by RBI. Bank has adopted
 Standardized Approach for Credit Risk, Standardized Measurement
 Approach for Market Risk and Basic Indicator Approach for Operational
 Risk as per RBI guidelines for capital adequacy computation. External
 credit ratings from approved rating agencies are used for risk
 weighting of corporate exposures as required under Basel II. Bank has
 also put in place a Policy on Disclosure, Policy on Utilization of
 Credit Risk Mitigation Techniques & Collateral Management and Policy on
 Stress Testing approved by the Board.
 The Bank has evolved Board approved internal Capital Adequacy
 Assessment Process (ICAAP) which covers identification and measurement
 of risks other than Pillar 1 risks (i.e. Credit Risk, Market Risk &
 Operational Risk), to meet the requirements of Pillar 2 of Basel II
 norms. The Bank has adhered to disclosure norms as stipulated in the
 guidelines of RBI to meet Pillar 3 requirements of Basel II. The
 year-end disclosures as on March 31, 2013 are part of the Annual Report
 and also displayed on the Bank''s website.
 In-house software - Credit Information and Monitoring System (CIMS)
 is used for computation of Capital Adequacy under Basel II framework,
 in line with RBI Master Circular on implementation of New Capital
 Adequacy Framework dated 02.07.2012. CIMS is used for generating credit
 risk statements for Standardised Approach under Basel II, statement of
 un-availed portion of credit facilities and capital adequacy report in
 Extensible Business Reporting Language (XBRL) format.
 For implementation of the advanced approaches under the Basel II
 framework and industry best practices in risk management, the Bank has
 appointed consultants for Credit, Market and Operational Risk.
 The Bank will enhance its Risk and Capital Management capabilities by
 migrating to the Advanced Approaches of the Basel II framework.
 Advanced approaches include Foundation and Advanced Internal Ratings
 Based Approach (''FIRBA'' & ''AIRBA'') for Credit Risk, Standardized and
 Advanced Measurement Approach (''TSA'' & ''AMA'') for Operational Risk and
 Internal Models Approach (''IMA'') for Market Risk.
 Improvement in awareness of Basel II norms amongst the employees is
 ensured through training. Knowledge and skill levels of risk management
 team at Head Office are constantly upgraded through exposure to
 external trainings, workshops and seminars.
 Implementation of Basel ill
 RBI has issued Guidelines on Implementation of Basel III Capital
 Regulations in India on 2nd May, 2012. These Guidelines will become
 effective from April 1, 2013 in a phased manner.
 Basel III guidelines of RBI have also introduced (i) a minimum Leverage
 Ratio of 4.5 per cent as an additional standard of riskiness of a
 Bank''s balance sheet, (ii) Liquidity standards by way of two liquidity
 ratios namely Liquidity Coverage Ratio (LCR) and Net Stable Funding
 Ratio (NSFR). During the parallel run between January, 2013 and
 January, 2017, banks will strive to maintain a minimum Leverage Ratio
 of 4.5 per cent. The regulatory leverage ratio requirements would be
 prescribed by RBI after a parallel becomes effective from Jan. 1, 2018.
 Bank is having adequate MIS for implementation of the Basel III
 guidelines issued by RBI and reporting/ disclosures will be done as per
 periodicity prescribed.
 2.7 Internal Control Systems Inspection & Concurrent Audit:
 The Inspection and Audit system & various measures of internal control
 are adopted by the Bank to ensure identification /assessment and
 mitigations of operational risks.
 Internal Audit of branches:-
 Inspection of more than 63 per cent of total branches was conducted so
 as to cover more than 62 per cent of the business of the bank while
 complying with the Jilani Committee recommendations. Complying with the
 RBI Guidelines, the Bank has also started Risk Based Internal Audit of
 the branches w.e.f. 01.01.2013 on standalone basis as against the
 conventional internal inspection and RBIA being done on parallel basis
 During the year, the Bank has implemented some strategic decisions so
 as to strengthen the internal control system such as,
 - On the spot rectification of atleast 51 per cent irregularities
 during the course inspection itself in the branches.
 - Implementation of Document mechanization system.
 - Initiating the process of Web Based application system so as to
 improve Branch Inspection, Concurrent Audit system and Off-site
 The Bank is prepared to implement Seth Committee Recommendations so as
 to strengthen the Internal Audit System.
 During the year, the Bank also organized conference of all Inspecting
 Officials and Heads of Inspection Cells so as to update them on
 policies, procedures, business environment, opportunities and
 challenges for banks, emerging areas of risks and their role in
 alerting the Top Management of existing and impending risks at branches
 and offices.
 Surprise inspection:
 Surprise inspection of 91 branches, focusing mainly on high risk areas
 was also carried out in pursuance of Ghosh Committee recommendations.
 Concurrent Audit:
 The Bank also ensured concurrent audit of its branches and departments
 which covered business of 51 per cent of aggregate deposit and 74.29
 per cent of total advances in addition to business covered in RBIA.
 Income & Expenditure Audit:
 Income & Expenditure Audit for the period from October 2011 to
 September 2012 was carried out at 995 branches to identify and recover
 income leakage, if any. Half yearly expenses audit of all the Zonal
 offices was carried out during the year.
 Management audit:
 For assessing their effectiveness of Zonal Offices and different
 departments in the Head Office in terms of supervision and control,
 Management Audit of 17 Zonal offices and 14 departments at Head Office
 was carried out during the year.
 RBI Inspection under Section 35 of the Banking Regulation Act:
 The Bank was also subject to RBI inspection under Sec.35 of the Banking
 Regulation Act. Besides that two branches were also inspected during
 the year.
 Bank has also reviewed the AML parameters as per IBA guidelines and
 Prevention of Anti Money Laundering Act. In order to improve the
 efficacy of the AML system, it is proposed to have centralized AML
 2.8 Vigilance
 Vigilance activity in the Bank is an integral part of the managerial
 function. Its objective is to enhance the level of managerial
 efficiency, effectiveness and to ensure a proper climate for an
 efficient administration, where officials can perform the duties
 without any fear or favour. ''Vigilance'' in the Bank is maintaining
 a proper balance between flexibility and accountability.
 Preventive Vigilance is the most important aspect of vigilance. With a
 view to improve functioning at all levels, the Bank has taken several
 necessary steps.
 ''Fraud Risk Management Policy'' on prevention, detection,
 classification and reporting of frauds including action to be taken,
 has been adopted by the Bank and circulated for the guidance and use of
 the branches and field functionaries.
 ''Vigilance Manual'' has been issued by the bank and various aspects
 of vigilance and other related issues have been dwelt upon for
 information and necessary action of the field functionaries.
 the case study ''Shadow of Excellence Antecedents of a Pvt.  Ltd.
 Company'' was awarded at the hands of Shri Pradeep Kumar, Hon.  Chief
 Vigilance Commissioner to the General Manager & Chief Vigilance Officer
 and his team.
 On 28th August 2012, the Vigilance Study Circle (Mumbai Chapter) has
 given 2nd prize for best case study submitted by the Bank in respect of
 obtaining of Visa by fraudulent means. The case study was titled as
 A Case Study of Good Purpose but with Fraudulent Intentions.
 2.9 Compliance
 The Bank has put in place a Compliance Policy, based on the guidelines
 of Reserve Bank of India. The Compliance Department, headed by the
 Chief Compliance Officer monitors the compliance functions. It ensures
 the implementation of the statutory/regulatory guidelines coming into
 force from time to time. The status of compliance is placed for review
 to the Top Management / Audit Committee of the Board periodically. To
 improve the awareness on the compliance functions in the Bank, sessions
 are appropriately included in various training programmes arranged for
 the officers /staff members.
 2.10 Marketing & Publicity
 Bank in association with Indian Banks'' Association conducted
 BANCON-2012 at Pune. Event was widely publicized throughout the
 country. Bank also sponsored many programs like supply of Fans water
 purifiers etc to Rural Govt. Primary Schools Drinking water tanks
 to Zilla Parishd Satara under rural publicity and Water Tanker to
 Nagar Parishad Shrirampur, Pune Festival, Music Festival
 etc for publicizing Bank''s brand image and various Bank''s products.
 2.1.1 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 at the website and has
 been updated from time to time. The Bank has also adopted a Citizen
 Charter of RBI on exchange of notes and coins.
 3.1 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 & Small Enterprises, Retail Traders, Professional & Self
 Employed, Women Entrepreneurs and entrepreneurs from economically
 weaker sections.
 The outstanding advances under Priority Sector as of 31st March 2013
 aggregate to Rs. 24719.36 crore, constituting 43.20 per cent of the
 Adjusted Net Bank Credit.
 The rise in Priority Sector Advances in absolute terms is Rs. 5520.36
 crore over previous year March 2012, resulting into growth of 28.75 per
 cent on y-o-y basis.
 3.2 Agriculture
 The Bank disbursed Rs. 3237.88 crore for agriculture and allied
 activities during the year 2012-13. The total outstanding advances to
 agriculture sector have shown a growth of 30.93 per cent on y-o-y
 basis, to reach a level of Rs. 7972 50 crore as on 31.03.2013.
 The Bank undertook awareness/sensitization programmes for all the
 branches for increasing advances to agriculture by providing hassle
 free credit to farmers.
 3.2.1 Mahabank Kisan Credit Card (MKCC)
 This scheme gained popularity especially in rural areas where it is
 being propagated successfully and vigorously. The Bank has issued total
 3,83,180 Kisan Credit Cards to farmers. Credit flow to MKCC
 beneficiaries has increased to Rs. 3,019.42 crore as on 31.03.2013,
 resulting into growth of 47.63 per cent on y-o-y basis.
 3.3 Micro and Small Enterprises (MSE)
 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 during the year.
 The Bank has adopted Simplified Loan Application for MSEs 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 it is
 displayed on the Bank''s website.
 The Bank''s lending to Micro and Small Enterprises which was at the
 level of Rs. 8,630.82 crore as at 31.03.2012, increased to Rs.
 11,288.91 crore as at 31.03.2013, which translates into a y-o-y growth
 of 30.80 per cent.
 3.3.1 Maha-Entrepreneur
 Under the scheme, the Bank is providing for supporting SMEs in rural
 areas finance up to Rs. 100.00 lakh to Micro and Small Enterprises
 without Collateral Security and/ or Third Party Guarantee.
 Accounts under the scheme are covered under Credit Guarantee Fund
 Scheme for Micro, Small and Medium Enterprises of Government of India.
 The Bank is bearing the entire guarantee fee and 50 per cent of annual
 service fee, which is to be paid to the Trust under CGTMSE.  The Bank
 sanctioned loans of Rs. 764.35 crore to 9,534 borrowers under this
 scheme up to March 2013. During the current FY, coverage under Credit
 Guarantee Fund Scheme has increased by 64.97 per cent.
 4.1 Credit Flow to Retail Sector
 The Bank is providing retail loans to salaried persons, professionals,
 businessmen and pensioners for purchase of consumer durables, two/ four
 wheeler vehicles and also for other personal needs.
 4.1.1 Centralized processing of retail loans
 The Bank has opened 15 Retail Assets Branches and 18 Retail Processing
 Centers covering all the Zones for hassle free and quality disbursement
 of retail loans.
 4.1.2 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., With a view to meet the requirement of our customers, Bank has
 launched a new Retail Loan product Mahabank Gold Loan Scheme
 w.e.f. 01.11.2010.
 4.1.3 Mahabank Top-Up Loan Scheme
 In order to extend additional credit support to our regular housing
 loan borrowers, Bank has launched another new Retail Loan product
 Mahabank Top-Up loan scheme w.e.f. 01.11.2010.
 4.2 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 Bank''s lending to housing sector has grown by 34.05 percent during
 the year to reach the level of Rs. 6,578.24 crore as at 31.03.2013 The
 Bank is also implementing Golden Jubilee Rural Housing Scheme of the
 Government of India in rural areas having population not exceeding
 50,000. Bank has launched online facility for applying for housing loan
 during the year, which has evoked good response.
 4.2.1 One per cent Interest Subvention on Housing Loan up to Rs.15.00
 As per GOI guidelines, Bank has provided 1 per cent interest subvention
 to borrowers, who availed housing loans upto Rs. 15.00 lakh, with cost
 of project upto Rs. 25.00 lakh. During the year 2012-13, 4262 number of
 borrowers benefited under the scheme to the extent of Rs. 5.28 crore.
 4.3 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 of March 2013, the Bank had lent Rs.551.59
 crore to 27,149 students. The Bank has provided the facility of
 submission of application for education loan through web-access (on
 line) also.
 4.4 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 Goregaon, Mumbai.
 As on 31.03.2013, there were 95,819 SHGs formed by the Bank, out of
 which 93,266 SHGs have been linked with the bank credit, with
 outstanding of Rs.169.89 crore as on March 2013.
 4.5 Assistance to SC/ST beneficiaries:
 The Bank has been actively extending finance to SC/ST beneficiaries
 through various schemes. Total finance as on 31.03.2013 to SC/ST
 beneficiaries stood at Rs.1,160.67 crore, constituting 24.73 per cent of
 advances to weaker sections.
 4.6 Advances to Minority Community
 A special cell has been set up at Head Office to review & ensure smooth
 flow of Credit to minority community. As of March 2013, the outstanding
 advances to minority communities were at Rs.1871.39 crore to 66,719
 4.7 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. The
 Service has been initially introduced in Mumbai and Pune on Pilot basis
 in thte current year.
 4.8 BOM SBI International Credit Card
 Bank is offering Co-branded International Credit Card to its customer
 under tie-up arrangement with SBI Cards. The card is offered in two
 variants viz. Platinum and gold card. As on 31st March 2013, the
 outstanding number of Cards issued to its customer is 16603.
 4.9 Retail Sale of Gold Coins
 Bank has introduced retail Sale of Gold Coin on 16.09.2012 on its
 Foundation Day and has sold 58.47 kg of Gold Coins in FY. The Gold Coin
 is procured from MKS mint (Switzerland) S.A and is of 999.9 per cent
 purity and comes Certipack with international assay certification.
 Bank has Introduced Gold Coin in 2 gm, 5 gm, 8 gm, and 10 gm with deity
 and without deity & bar for 20 gm, 50 gm standard. The pricing is kept
 competitive with other banks.
 Bank has introduced Maha Swarna RD scheme for one year term with
 monthly installment not less than Rs. 600 p.m. and customers get a
 concession of Rs. 35 per gm on the purchase of Gold Coin out of the
 maturity proceed. All branches are authorised to open Mahaswarna RD
 4.10 National Pension System (Swavlamban)
 Bank is registered with NSDL as POP for National Pension System.  1618
 branches (i.e. branches excluding branches like Service branch, Asset
 Recovery) are registered with NSDL as POP SP. Online facility to open
 NPS A/c is provided.
 Our Bank is registered as aggregator with PFRDA for NPS Lite Scheme &
 Pune Main Branch is registered with NSDL as NPS Lite oversight office
 (NLOO). 1615 branches are registered as collection centres in March
 2013. Bank is creating awareness on NPS among various customers.
 4.11 Tie Up
 4.11.1 Empanelment as lead Generation agent for SHCIL.
 Bank has entered into tie up arrangement with Stock Holding Corporation
 of India Ltd (SHCIL) in Maharashtra wherein Bank is empanelled with
 SHCIL as the lead generation agent. The bank role is to popularize
 e-stamping system across Maharashtra and provide information to
 customers and guide customers to SHCIL office for their e-stamp
 4.11.2 ''Remit India'' by ''Times of money''
 Bank has tie up with timesofmoney for introducing remit India an online
 platform for remittance of funds by NRI customers.
 4.11.3 Payment Gateway of I8IBO, ATOM, Times of Money
 Bank has tie up with IBIBO, ATOM and timesofmoney for facilitating
 e-commerce and utility bill payment facility to its internet banking
 4.11.4 ECS Mandate and Direct Debit System
 Bank has tied up with Bajaj Finance Ltd. for ECS Mandate verification
 of Fresh Mandate and Direct debit system of POC''s.
 4.11.5 Online Fee Collection
 Bank has entered into tie up with various Institutions during the year
 where bank is getting commission on collection of fees for Institute
 from Branches. The Bank is collecting online fee collection for Mumbai
 University from the students appearing for external educational
 programme. The Mumbai University selected Bank from the group of 5
 Bank contributed Rs. 251 Lakh towards Chief Minister''s Relief Fund for
 drought relief to the state of Maharashtra to help Government
 initiatives for agriculture and water projects.
 The Rural Development Centres at Hadapsar and Bhigwan in Eune District
 of Maharashtra have been undertaking various rural developmental
 activities for the benefit of farmers viz. Lab to Land Project, Re
 development of Saline Soils, Soil Testing etc. Bank has established
 Soil Testing Lab (STL) through MARDEF Trust at RDC Bhigwan in
 association with RCF Ltd., Mumbai. In the lab samples of soil & water
 are tested and counseling is done. Farmers from the districts of Pune,
 Ahmednagar, Solapur and Satara are taking benefit 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, e.g. Dairy,
 Goat rearing, best practices in farming, application of fertilizers,
 agriculture credit schemes, etc. MARDEF Trust has implemented 105
 training programmes for farmers at RDC Bhigwan & Hadapsar and has
 benefited 3463 farmers from April 2011 to March, 2013.
 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 9449 educated unemployed youth, with a
 settlement rate of 71 per cent.
 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 GMVBVM also helps SHGs in marketing products of
 SHGs through outlets established in Pune City under the name SAVITRI.
 The GMVBVM guides and actively helps SHGs for selection and purchase of
 raw materials and quality production.
 The Bank has opened FLCC centers in Six Lead Districts namely Pune,
 Nasik, Aurangabad, Satara, Jalna & Thane for creating awareness about
 banking schemes.
 As a part of corporate social responsibility, Bank has implemented
 Financial Inclusion Plan for extending banking services in service area
 villages with population below 2000 for the period 2013-2016 with
 approval of Board. During last year as per extension of Swabhiman, Bank
 has covered 569 villages with population between 1600 to 2000 for FI
 purpose. During 2012-13, total enrolments made are 1.64 lakh; 1.24 lakh
 accounts have been opened by BCAs and 11.93 lakh Basic Savings Deposit
 Bank accounts have been opened by the branches.
 Bank has helped various NGOs during the year extending financial
 support to acquire necessary inputs for carrying their activities.
 These include the following:
 - Fixing of artificial limbs to the needy patients.
 - Diesel Generator set for the school meant for physically challenged
 - Building / classroom / Kindergarten equipments for the needy,
 mentally retarded and cerebral palsy children, cancer patients and Old
 age home.
 - Conducting cancer detection camps in slums for the needy.
 Bank awarded Mahabank meritorious scholarships to 309 meritorious
 students, district wise, all over India wherever Bank has existing
 branch network.
 Bank contributed Rs. 15,000 each for 551 Government aided primary
 schools for improving the basic facilities such as water purifier for
 drinking water, Electric fans and construction of toilets for improving
 Moreover Bank has always stood for the cause of society by ,
 contributing at large for improving medical facilities, vocational
 training, basic amenities etc. Bank is also helping emerging sports
 persons at budding stage by sponsorships and providing financial
 assistance to bring the glory to the Nation and contributing to social
 6.1 Lead Bank Scheme
 Bank has Lead Bank responsibility in eight districts of Maharashtra
 State viz. Aurangabad, Jalna, Nasik, Mumbai City, Mumbai suburb, Pune,
 Satara & Thane. The responsibility of working as lead bank in the
 districts of Mumbai and Mumbai Suburb Districts was given to bank
 during the last financial year. The achievement of Annual Credit Plan
 in the districts where bank was working as lead bank was 144 per cent
 of the targets allotted to the districts as of March 2013.
 6.2 State Level Bankers'' Committee
 Bank is the Convener of State Level bankers'' Committee (SLBC) for the
 State of Maharashtra. Quarterly meetings are held regularly to oversee
 the implementation of State Annual Credit Plan, Priority Sector
 lending, financial inclusion and Government Sponsored Schemes in the
 State. In addition to four quarterly meetings, a special SLBC meeting
 was convened, the focus of which was kept on lending to agriculture and
 particularly for crops. The same was chaired by the Chief Minister of
 Maharashtra. The Chairman, SLBC took two exclusive meetings of Lead
 District Managers to boost up lending during Kharif season and to
 review other important issues. As a result, banks in Maharashtra
 achieved 102 per cent of crop loan targets showing 31 per cent rise on
 y-o-y basis.
 As SLBC Convener, state specific financial inclusion Plan (Swabhiman)
 was drawn for 4292 unbanked villages (having population over 2000) in
 the State of Maharashtra for extending banking seivices. The banks in
 the state achieved 100 per cent coverage of the allotted villages for
 providing banking services through brick & mortar branches, appointment
 of Business correspondents and kiosk type models. Additional 2852
 villages with population between 1600 to 2000, were allotted to banks
 in Maharashtra for providing ICT based doorstep banking services.
 As conveners of SLBC, Bank is also coordinating with all member banks
 in implementing Direct Benefit Transfer. As Convener, bank has taken
 special emphasis on opening of accounts and seeding of Aadhaar numbers
 of the beneficiaries. The meetings were called with District collectors
 and with member banks apart from regularly writing to all the concerned
 about the progress of the scheme and its importance. Bank  has also
 taken the lead in monitoring the progress for making available the
 delivery channels such as opening of branches, installation of ATMs and
 providing the services of Business correspondent.
 6.3 Registrar for Aadhaar (UIDAI)
 The Bank is non-state Registrar for enrolment of Aadhaar (A 12 digit
 unique identification number to resident of India) for the Unique
 Identification Authority of India (UIDAI).
 Bank has completed the enrolment process on pilot basis at Pune, Mumbai
 and Thane for issuance of Aadhaar successfully with enrolment of 56,781
 residents. Bank has further accelerated the process and has appointed
 enrolment agencies for issuance of Aadhaar in 10 clusters. These
 agencies have completed more than one lakh Aadhaar enrolments.
 The functionality of linking of Aadhaar number to bank account number
 is also made available by Bank to open Aadhaar Enabled Bank Accounts
 (AEBA). This will enable the account holders to receive Government
 funds / benefits directly to their bank accounts. Bank has seeded
 around 7 lakhs Aadhar numbers to their accounts.
 6.4 Financial Inclusion plan - Swabhiman
 * Swabhiman movement facilitates opening of bank accounts, provide need
 based credit, remittance facilities and help to promote financial
 literacy in rural India using various models and technologies including
 branchless models through Business Correspondents (BC) / Customer
 Service Providers (CSPs).
 Bank has been implementing IT enabled financial inclusion for providing
 branchless banking in all the unbanked villages allotted to our bank.
 Bank has covered 1215 villages (phase-l) under Swabhiman through 1133
 Customer Service Providers (CSPs) and 569 villages having population
 below 2000 (phase-ll). During year 2012-13 bank has enrolled 1,64,694
 customers through BC agents & at the end of March 2013 we are having
 19,54,047 no frill accounts with balance of Rs. 1,07,72,94,420/- Govt.
 of India has decided to implement the scheme of Direct Cash Transfer of
 subsidies in 34 notified schemes, directly to the Bank account of the
 beneficiary in 43 districts. Out of these 43 districts we are operating
 in 33 districts with 395 branches. For implementing the same, all the
 beneficiaries of the scheme should have bank accounts and their
 accounts are required to be seeded with Aadhaar Numbers of the
 beneficiaries. The account opening is in progress in all the 395
 branches. Every effort has been made for creating awareness among the
 people; sign boards are displayed at prominent places, pamphlets were
 distributed, Davandis (Munadi) are made in villages on weekly bazaar
 days, and advertisements have been given in local news papers.  Branch
 staff has been sensitized for implementation of the project as well as
 for linking of Aadhaar number to beneficiaries'' accounts & opening of
 accounts of Aadhaar enrollees who have given consent to open the
 account with our bank.
 As on 31st March 2013 our bank has 41,21,253 accounts with 4,83,239
 accounts seeded with Aadhaar number in 33 DCT districts, through 395
 branches under one family one account.
 7.1 Performance of Regional Rural Bank
 Maharashtra Gramin Bank (MGB) is a Regional Rural Bank sponsored by our
 Bank having its Head Office at Nanded, Maharashtra state. Total no of
 branches as on 31.3.2013 stood at 351 in its area of operation covering
 16 out of 33 districts of Maharashtra State.
 During the year 2012-13, as per GOI policy, MGB has received
 recapitalization support of Rs. 13.32 crore for improving Capital to
 Risk Asset Ratio (CRAR) from all stake holder in the proportion of
 their share holding of 50:35.15 i.e. Government of India, Bank of
 Maharashtra and Government of Maharashtra respectively. Thus total
 amount of recapitalisation received during the last three years (i.e.
 from 2010-11 onwards) stands at Rs. 104.00 crore from all stake
 All 351 branches & controlling offices are now under CBS. During this
 year, MGB opened 12 new branches and plans to open further more.
 Under Financial Inclusion programme, all 355 allotted villages are
 covered under ICT based model. Integration with service provider has
 been completed and the BC has started operations for MGB by appointing
 BCAs and opening of accounts. MGB has also finalised commercial tie- up
 at a total project cost of Rs. 608.75 lakh with Technical service
 provider for providing back end technical services to implement
 financial inclusion.
 As per RBI guidelines, MGB has prepared a financial inclusion plan for
 providing banking services in villages with less than 2,000 population
 in the next three years i.e., 2013 to 2016. MGB is ready with the NEFT
 functionality for general public for all its branches since Nov. 2011.
 During this year 2012-13, MGB has grown by 19.12 per cent in total
 deposits and 38.09 per cent in advances. It has achieved all the five
 SOI targets for the year 2012-13. The position of targets and
 achievement are as under -
 Parameter                                      As of       As of
                                                31.03.2012  31.03.2013
 Performance of RRBs
 Deposit Growth in per cent                        16.51%     19.12%
 Advance Growth in per cent                        25.86%     38.09%
 Branches under CBS (Nos.)                           339        351
 Profit per employee (Rs. in Lakh)                  1.25       2.13
 No. of loss making branches
 (being 12 months old or more)                        38         18
 7.2 The Maharashtra Executor & Trustee Company Pvt. Ltd. (METCO)
 The 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 1-Tax Returns for individuals
 The Company is located at Pune having its branch units at Pune, Vashi-
 Mumbai, Thane and Nagpur.
 During 2012-13, company could get new assignments for management of
 additional 11 Trusts bringing total 1034 Public & Private Trusts under
 our fold for management. During the year, additional 32 WILLS were
 added making total 1080 WILLS in our custody for execution.
 At present, the Company manages properties both movable and immovable
 of 121 clients under the Power of Attorney. The Company also acts as
 the Trustees in respect of 146 policies under Married Women''s Property
 Act and as Court appointed Guardian of minor''s property in 6 cases.
 During the year 2012-13, the Bank has made various remarkable
 achievements in the field of Official Language implementation.
 The Third Sub-Committee of Committee of Parliament on Official Language
 inspected our Jabalpur Zonal Office on 14.09.2012 and Solapur Zonal
 Office on 29 01.2013 for the implementation of Official Language Policy
 of Government of India and also for progressive use of Hindi. It is
 noteworthy to mention that Hon''ble Members of the Committee expressed
 their satisfaction for the initiatives taken by our Bank in respect of
 progressive use of Hindi.
 Town Official Language Implementation Committee (TOLIC), Mumbai was
 awarded 2nd Prize for better use of Hindi for the year 2011-12 by
 Government of India, Ministry of Home Affairs, Rajbhasha Vibhag. Bank
 is the Convener of the committee.
 Zonal Office, Amravati was awarded 2nd Prize for better use of Hindi by
 the TOLIC, Amravati.
 Raopura Baroda branch of Ahmedabad Zone, was awarded 2nd Prize in
 Branch Category for better use of Hindi by the TOLIC, Baroda State
 Level seminar in Hindi on Risk Management was arranged by Bank on 8th
 January 2013 at Head Office for executives and senior officers of Banks
 and Financial Institutions. Mr. K.C. Mishra, Ex General Manager,
 Reserve Bank of India, delivered an effective lecture on the subject in
 Dr. M.L. Gupta, Deputy Director, Regional Implementation Office,
 Department of Official Language, Ministry of Home Affairs visited Head
 Office on 20th July 2012 and inspected the progressive use of Hindi at
 Head Office. He expressed pleasure at the implementation of O.L.
 Policy of Government of India in Bank and the initiatives taken by the 
 Hindi Kavi Sammelan was arranged at our Head Office on the occasion of
 Hindi Day, in the presence of our Chairman & Managing Director, which
 was attended by a large number of staff,
 The Bank is the convener for Town Official Language Implementation
 Committee (TOLIC) in Pune, Mumbai and Solapur. Bi-Annual Meetings of
 these committees were held as per schedule.
 The Bank is also a Convener of State Level Bankers Committee
 (Rajbhasha) for the state of Maharashtra. Annual Meeting of the
 committee for the year was held as per schedule and prizes were awarded
 to the member Banks and Financial Institutions.
 Various schemes of the Bank were displayed in Hindi on the screen at
 Reception of Head Office on continuous basis. Various schemes for the
 use of customers were also displayed on the screens at branches.
 A seminar in Hindi was arranged by TOLIC Pune for the executives of the
 Member Banks and Financial Institutions of Pune City. Our Bank is the
 convener of this Committee.
 An elocution competition in Hindi was arranged by Jaipur Zonal Office
 at Tilak Teachers'' Training School, where about 125 trainee teachers
 have participated in the competition.
 Hindi Typing Competition in Unicode was arranged by Hyderabad Zonal
 Office under the auspices of TOLIC Hyderabad.
 The Directors confirm that in the preparation of the annual accounts
 for the year ended 31.03.2013:
 - 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 2012-13, the following changes took place in the Board
 of Directors.
 - Shri V.P. Bhardwaj ceased to be the Director w.e.f. 20th July 2012.
 - Shri A.K. Pandit resigned from the Directorship w.e.f. 17th July
 - Shri Ateesh Singh was appointed as Director w.e.f. 20th July 2012.
 - Dr. Rajkumar Agrawal was elected as Director w.e.f. 28th December
 The Board of Directors place on record their sincere appreciation for
 the valuable contribution made by the outgoing Directors.
 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
 Pune                                                   (Narendra Singh)
 Date: 14.06.2013                        Chairman and Managing Director
Source : Dion Global Solutions Limited
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