Jammu and Kashmir Bank Directors Report, JK Bank Reports by Directors

Directors Report	Year End : Mar '13 � Mar 12

1. 1.1. The Board of Directors have pleasure in presenting the 75th Annual Report of your Bank, together with the audited Balance Sheet, Profit and Loss Account and the report on business and operations for the year ended 31st March, 2013. 1.2. The Bank has delivered a strong performance in FY 2012-13. The Bank''s strategy of consolidation, re-engineering, re-pricing and re-organisation has resulted in productive and efficient growth, robust balance sheet, reality asset book and substantial provisions. Financial highlights for the year under review are presented below: 2. Performance at a Glance 2.1 The aggregate business of the Bank crossed yet another milestone mark and stood at Rs. 1,03,421.03 Crores at the end of FY 2012-13. The total business of the Bank increased by Rs. 16,996.71 Crores from the previous year''s figure of Rs. 86,424.32 Crores, registering a growth of 19.67%. 2.2 The total deposits of the Bank have grown by Rs. 10,873.72 Crores from Rs. 53,346.90 Crores, as on 31st March, 2012, to Rs. 46,220.62 Crores, as on 31st March, 2013, registering a growth of 20.38%. CASA deposits of the Bank at Rs. 25,191 Crores constituted 39.23% of total deposits of the Bank. 2.3 Cost of deposits for current FY stood at 6.87%. 2.4 The Bank continued its prudent approach in expanding quality credit assets in line with its policy on Credit Risk Management. The net advances of the Bank increased by Rs. 6,122.99 Crores from Rs. 33,077.42 Crores, as on 31st March, 2012, to Rs. 39,200.41 Crores, as on 31st March, 2013, a growth of 18.51%. 2.5 Yield on advances for the current FY improved to 12.59%, compared to 12.12% for FY 2011-12. 2.6 Priority sector advances (Gross) stood at Rs. 11,591.58 Crores, as on 31st March, 2013. 3. The Bank''s performance in the recovery of NPAs during the year continued to be good. The Bank effected cumulative cash recovery; upgradation of NPAs and technical write-off of Rs. 327.83 Crores, compared to Rs. 316.91 Crores in the previous year. 4. Investment portfolio of the bank increased by Rs. 4,116.74 Crores from Rs. 21,624.32 Crores, as on 31st March, 2012, to Rs. 25,741.06 Crores, as on 31st March, 2013. 5. Insurance Business 5.1. The Bank''s income reached Rs. 37.41 Crores from the Insurance Business. In life insurance, the Bank mobilised business of Rs. 63.44 Crores and in non-life segment, business of Rs. 92.88 Crores was mobilised during the year. 6. Income Analysis 6.1. Interest income of the Bank recorded a growth of Rs. 1,301.22 Crores and increased from Rs. 4,835.58 Crores in FY 2011-12 to Rs. 6,136.80 Crores in FY 2012-13. Interest expenses increased from Rs. 2,997.22 Crores to Rs. 3,820.76 Crores during the year. The Net Interest Income increased from Rs. 1,838.36 Crores to Rs. 2,316.04 Crores on YoY basis. 6.2.The Net Income from operations [Interest Spread plus Non-interest Income] has increased to Rs. 2,799.77 Crores in FY 2012-13 from Rs. 2,172.48 Cr in FY 2011-12, growing by 28.87%. 6.3.The Operating Expenses exhibited an increase of Rs. 186.86 Crores during FY 2012-13 and stood at Rs. 989.01 Crores, as compared to Rs. 802.15 Crores in FY 2011-12. 6.4.The Cost to Income ratio (Operating Expenses to Net Operating Income) has come down from 36.92% in FY 2011-12 to 35.33% in FY 2012-13. 7. Gross Profit 7.1. The Gross Profit for FY 2012-13 stood at Rs. 1,810.76 Crores, as compared to Rs. 1,370.33 Crores in FY 2011-12, registering a growth of 32.14%. 8. Provisions 8.1. The Provision for Loan Losses, Provision on Standard Assets, Taxation and others aggregated to Rs. 755.66 Crores in FY 2012-13, as compared to Rs. 567.08 Crores in FY 2011-12. 9. Net Profit and Dividend 9.1. The Bank registered highest ever Net Profit of Rs. 1055.10 Crores for FY 2012-13, as compared to Rs. 803.25 Crores for FY 2011-12, up by an impressive 31.35%. 9.2.The Board of Directors has recommended a record dividend of 500% for FY 2012-13. 9.3.In terms of extant guidelines, the Bank will pay the dividend distribution tax for FY 2012-13. Accordingly, the total outflow on account of dividend for FY 2012-13 will be Rs. 283.58 Crores, including the dividend distribution tax. 10. Net Worth and CRAR 10.1. The Net Worth of the Bank increased to Rs. 4,846.69 Crores, as on 31st March, 2013, from Rs.4093.18 Crores on 31st March, 2012. 10.2. The Capital to Risk Adjusted Assets Ratio (CRAR) under BASEL-I stood at 12.34%, as on 31st March, 2013, which is much above the norm of 9% stipulated by the Reserve Bank of India. The Tier-I component of CRAR stood at 10.44%, as on 31st March, 2013. 10.3. The Bank has implemented new capital adequacy framework w.e.f. 31st March, 2009. Under new norms, the Bank''s CRAR (BASEL-II) works out to 12.83%, which is higher than the CRAR as computed under BASEL-I norms. The advantage has stemmed mainly from higher rated Investment/Credit portfolio. The Tier-I component of CRAR under new norms is 10.86% under BASEL-I. 10.4.The Return on Average Net Worth, Earnings per Share and Book Value per Share for the FY 2012-13 stood at 23.56%, Rs. 217.64 and Rs. 1,003.49, as against 21.22%, Rs. 165.69 and Rs. 844.34, respectively, for the previous year. 11. Branch Network During FY 2012-13, 70 new branches were established and 12 Extension Counters were upgraded into full-fledged Branches, thereby taking the number of branches to 685, as on 31st March, 2013, spread over 20 states and one union territory. The area-wise breakup of the branch network (excluding extension counters/mobile branches and Service branches), as at the end of FY 2012-13 is as under: Area Branches Metro 39 Urban 178 Semi-Urban 136 Rural 332 TOTAL 685 12. IT initiatives during FY 2012-13 Technology has played a pivotal role in the growth of the Bank. T&ISD department has always been at the forefront in delivering solutions in line with the changing business needs of the organisation. As a matter of policy, the Bank has always provided industry best solutions, so as to align the technology with business goals. The details of various technology initiatives taken during FY 2012-13 are enumerated below: - Mobile Banking introduced with the following features: i) Intra Bank Fund Transfer ii) Inter Bank Fund Transfer (IMPS) iii) Balance Inquiry iv) Statement Request v) Cheque Stop Request vi) Cheque Book Inquiry - Cheque Truncation System (CTS) was deployed at Hyderabad, Thiruvanthapuram, Kochi, Mysore, Kolkata, Chandigarh and Coimbatore. - 105 new ATMS were commissioned during the year, taking the total number of ATMS to 613. - The network of all the outside state branches was migrated to MPLS with higher bandwidth and inbuilt redundancy. - System Level Asset Classification was upgraded to include all the accounts, as against the ceiling of sanction limit of Rs. 50 lacs in the first phase. - Supporting the Organisations branch expansion plans, 77 new Sols were opened on CBS, taking the total Sol count to 748, which includes Branches, Offices and Extension counters. All the network-related infrastructures have been provided at all the branches opened during the financial year. - The three-way Disaster Recovery (DR) project has been completed and two successful DR drills conducted on the new set up. During the financial year, DR for SWIFT and ITMS has been put in place. The DR setup for CTS is under implementation. - MIS/ADF solution was implemented and parallel runs were conducted for Financial Consolidator. - Clearing House at Kargil made functional. - In order to facilitate issuance of eBRC in our Bank, which has replaced the system of uploading eBRC, an in-house Web- Application has been developed. This has ensured compliance to RBI directives in this regard. - As a part of compliance to the mandate on LTS/TVS from NPCI, necessary customisation stands implemented on ATM Switch. This feature will reduce customer complaints on account of failed transactions. - Implemented the IT Governance framework, as prescribed by RBI. Independent functions for assurance and security were put in place. 13. Advertising and Publicity Continuing with its proactive approval of brand positioning within the wider public consciousness and memory, the Bank maintained its brand primacy during the year. The Bank''s products, services, functioning and achievements were effectively advertised and communicated to the respective target audience, which includes customers, stakeholders and general public through properly packaged messages, using wider and relevant media. The Bank also entered into the virtual space of social media networking to further supplement its online processes of image building and publicity. 14. Corporate Social Resp onsibility-CSR J&K Bank believes in putting people before profits. The Corporate Social Responsibility (CSR) of the Bank is aligned with its vision statement of empowering people through servant leadership. It recognises obligations towards society and aims at maximising both business and social performance. J&K Bank treats contributions to CSR as an earning, rather than expenditure. From matters of health to heritage, education to entrepreneurship, poverty alleviation to paucity augmentation - our CSR policy covers it all. The aim is to instil a sense of relief and protection among the vulnerable sections of society, besides providing opportunities for the survival, sustenance and empowerment of people. The approach adopted in conceiving, handling and implementing CSR initiatives is simple, yet professional. At times, it is massive yet methodical. Taking a long-term view of its CSR initiatives, J&K Bank employs organised and innovative interventions to ensure maximisation of both social and economic returns. Thus, capitalising on the expertise of the professionals and organisations pursuing various causes of societal concern continue to be our guiding force in the implementation and execution of our CSR initiatives. 15. Major CSR Initiatives taken by the Bank Education continued to receive top priority. To a school of remote Kaprin village in Shopian district, the Bank provided 23 computers for establishing a computer lab that caters to the students from the nearby areas, in addition to the students of that school. Likewise computers and other learning aids were donated to dozens of schools. The Bank further expanded its programme of sponsoring education of children by partnering with a local NGO for professionally managing education of 20 children coming from socially and economically disadvantaged backgrounds, under the organisation''s scientifically oriented Remote Child Sponsorship Programme. This is in addition to the collaboration that the Bank already has with two more such organisations pursuing the cause of education/ rehabilitation of specially abled children. In the health segment, the Bank made reasonable monetary contributions for various health projects undertaken by reputed not-for-profit organisations, like Indian Red Cross Society, Cancer Society of Kashmir and so on. The Bank also participated in the programmes (of Aditya-Jyoti and CENQUIN, two reputed NGOs) meant for rehabilitation of various slum dwellers and other initiatives outside J&K to empower the poor people. The Bank provided financial assistance to the Hemophilia Society, Delhi, for the treatment of hemophilia patients from Tullwari, a remote village along LoC, which was adopted by the Bank in 2011. The bank kick-started its Platinum Jubilee celebrations on 21st March, 2013, the day observed as the World Arbor Day. It started the celebrations by a massive, week-long plantation drive, in which 75,000 saplings of various species were planted throughout the state of Jammu and Kashmir. The highly acclaimed CSR programme of the Bank to develop and maintain parks for providing means of entertainment to the people of the state, was taken further by dedicating one more such park, Rani Bagh, to the people of South Kashmir. Notably, with Ranibagh, the number of parks developed and maintained by J&K Bank has moved up to nine. The Bank played a lead role in providing relief and rehabilitation in Frislan, a village near the world famous tourist resort of Pahalgam. More than thirty houses were destroyed in a devastating fire in Frislan, leaving victims homeless and in a state of despair. 16. Lead Bank Responsibility The J&K Bank is the only private sector bank in the country assigned with the responsibility of convening State Level Bankers'' Committee meetings. The Bank continued to discharge its lead bank responsibility in 12 out of 22 districts of J&K State satisfactorily. The State Annual Credit Plan for the FY 2012-13 was launched in time and its implementation was monitored on quarterly intervals in State Level Bankers'' Committee meetings. During FY 2012-13, out of the total ACP target of Rs. 6,094.50 Crores for the state, banks operating in the state disbursed credit of Rs. 4,918.14 Crores, registering an achievement of 81%. Out of the total priority sector credit of Rs. 4,918.14 Crores disbursed by all banks in the State upto 31st March, 2013, J&K Bank alone has disbursed Rs. 3,225.67 Crores against the target of Rs. 3,123.22 Crores, thereby achieving 103% of its annual ACP target, which accounts for a lion''s share of 66% of the total flow of credit to priority sector by all banks in the state. During FY 2012-13, following meetings were conducted: - Four quarterly State Level Bankers Committee (SLBC) meetings, viz. 85th, 86th, 87th and 88th to review performance under ACP. - Two meetings conducted, one on 25th August, 2012, and the other on 28th March, 2013 of the Steering Sub-Committee of J&K SLBC to monitor flow of credit to the Agriculture Sector - A meeting of the sub-committee of State Level Inter-Institutional Committee (SLIIC) to discuss rehabilitation of sick MSME units in J&K State held on 3rd August, 2012. - A Meeting of the Sub-group of J&K SLBC constituted to prepare a Workable Action Plan for enhancing C.D.Ratio of J&K State held on 12th April, 2012 (to comply with the directive of Governor, RBI, given in the Special SLBC meeting). - The bi-annual meeting of Chairman, J&K Bank, with all the Lead District Managers of J&K state at Srinagar, as per GoI, MoF Directive. - The State Level Steering Committee (SLSC) on RSETIs held on 15th July, 2012, at Srinagar. - The district level and block level meetings, such as DCC/ DLRC/ BLBC and other relative meetings under Lead Bank Scheme held during FY 2011-12, as per schedule in all districts. Implementation of Financial Inclusion Plan (FIP) - The target of providing Information and Technology Communication (ICT)-based banking services in 795 identified unbanked villages (having population over 2,000) was almost accomplished, leaving only nine villages uncovered due to lack of connectivity and other infrastructural deficiencies at these places. - The Roadmap for coverage of 5,582 villages (having population below 2,000) during FY 2012- 13, 2013-14, 2014-15 and beyond 2015, was formulated as per regulatory requirements of RBI, which were allocated to five participating banks, viz. J&K Bank (3,271 villages), SBI (753 villages), Punjab National Bank (294 villages), J&K Grameen Bank (1,026 villages) and EDB (238 villages). Its implementation is being vigorously monitored by Lead Bank Department and over 90% of the target (1,314 villages) set for FY 2012-13 has been already accomplished up to 31st March, 2013. Responsibility of setting up of RSETIs in J&K State: In terms of Ministry of Rural Development guidelines, Government of India, setting up the Rural Self Employment Training Institutes (RSETIs) in all the districts of J&K state was assigned by Lead Bank Department/J&K SLBC to two Banks, viz. J&K Bank and SBI. Accordingly, J&K Bank has already set up 12 RSETIs in its allocated 12 lead districts of Srinagar, Ganderbal, Budgam, Baramulla, Bandipora, Kupwara, Anantnag, Kulgam, Pulwama, Shopian, Poonch and Rajouri. State Bank of India has set up nine RSETIs up to the end of March, 2013 in districts of Jammu, Samba, Kathua, Udhampur, Reasi, Doda, Ramban, Kishtwar and Leh. Responsibility of setting up of FLCs in J&K State: In terms of RBI guidelines, target of setting of Financial Literacy Centres (FLCs) in all the districts of the state has been fully accomplished with J&K Bank operationalising 12 FLCs in its 12 allocated lead districts and SBI operationalising 10 FLCs in its 10 allocated lead districts. 100% coverage of farmers under KCC Scheme: The initiative of 100% coverage of farmers under KCC Scheme was launched in J&K state in terms of GoI, MoF directives. Its implementation is being vigorously pursued with all the stakeholders including banks, Agriculture Department, Lead District Managers and so on. The timelines for covering total 12.84 lacs farming families in J&K State has been extended by GoI to 30th June, 2013. Up to the end of March, 2013, 50% of the target has already been achieved. 17. Regional Rural Bank sponsored by J&K Bank: The J&K Grameen Bank has come into existence on 30th June, 2009, with the issuance of statutory notification by GoI, MoF, Department of Financial Services under sub-section (1) of section 23 (A) of the Regional Rural Banks Act, 1976 vide F. No. 1/4/2006- RRB providing for amalgamation of Kamraz Rural Bank and Jammu Rural Bank into a single new Regional Rural Bank under the name of J&K Grameen Bank with its Head Office at Jammu and has commenced business from 01.07.2009. Business The business of the bank increased from Rs. 2,553.09 Crores to Rs. 3,024.16 Crores during FY 2012-13, registering a growth rate of 18.45%. Deposits The deposits of the Bank have increased from Rs. 1,875.21 Crores to Rs. 2,165.22 Crores during FY 2012-13, thereby registering a growth rate of 15.46%. Advances The gross advances of the Bank, as on 31st March, 2013, stood at Rs. 858.94 Crores, as against Rs. 677.88 Crores on the corresponding date of the previous year, recording a growth of 26.70%. CD Ratio The CD Ratio of the Bank has increased by 3.52% from 36.14%, as on 31st March, 2012, to 39.66% as on 31st March, 2013. Priority Sector Advances The priority sector advances of the Bank, as on 31st March, 2013, stood at Rs. 600.50 Crores, as against Rs. 460.56 Crores on the corresponding date of the previous year, recording a growth of 30.38%. Portion of advances to the priority sector accounts for 69.91% of total advances, much above the benchmark of 60%. NPA Position The gross NPAs of the Bank, as on 31st March, 2013, stood at Rs. 58.50 Crores, accounting for 6.81% of gross advances. The Net NPA, as on 31st March, 2013, stood at Rs. 15.61 Crores, which accounts for 1.91% of net advances. Profitability The bank has shown operating profit of Rs. 21.50 Crores, as on 31st March, 2013. (Pre-audit figures) CBS/ Computerisation The Bank has achieved 100% CBS rollover of its branch network. Capital to Risk-weighted Asset Ratio The CRAR position of J&K Grameen Bank, as on 31st March, 2013, is 11.64%, much above the mandatory requirement of 9%. Business per Employee Business per employee, as on 31st March, 2013, stood as Rs. 3.36 Crores. Profit per Employee Profit per employee, as on 31st March, 2013, stood as Rs. 2.39 lacs. Business per Branch Business per branch, as on 31st March, 2013, stood at Rs. 15.04 Crores. Profit per Branch Profit per branch, as on 31st March, 2013, stood at Rs.10.69 lacs. 18. Financial Inclusion The objective of financial inclusion is to reach out to the large hitherto unbanked population and extend financial services to unlock its growth potential. The Bank formulated FIP envisaging reaching out to and providing banking outlets for delivery of basic banking services in 1,260 identified unbanked villages, comprising 535 SLBC-allocated above-2,000 population villages and 725 other unbanked villages, under a self-set target to be completed by the end of March, 2012 and 2013, respectively. Apart from above, SLBC has also allocated 1,093 villages in the population range of above 1,000 and less than 2,000 to be provided with BC coverage by the end of March, 2013. Out of 2,353 (1,260 1,093) identified and allocated villages, Financial Inclusion Department has rolled out 1,928 villages to BCs for extending ICT-enabled financial services through the operation of smart cards. SLBC has also allocated 2,178 villages in the population range of below 1,000 to be provided with BC coverage by the end of March, 2016. The FIP rollout is based on a mix of branch network and BC model on engagement of CSCs by delivery of services through smart cards. The Bank has already submitted Board-approved FIP to RBI for 3,271 below-2,000 population villages to be covered from April, 2013 to March, 2016. FIP Achievements/ Progress as on 31st March, 2013 - 1,928 identified unbanked villages have been provided with Business Correspondents (BCs), with coverage comprising 420 self-set target villages, 527 above-2,000 population villages and 981 below-2,000 population villages. - 629 Village Level Entrepreneurs (VLEs) of CSCs have been engaged as BCs and are linked to 351 base branches/business units for providing ICT-enabled financial services. - 9.09 lac accounts have been opened in 1,928 villages, comprising 4.61 lac no-frills/saving bank deposits accounts and 4.48 lac other accounts. - Household coverage has reached 54.60% in 1,928 rolled out villages. - 1.53 lac Smart Cards have been delivered to concerned business units for being enabled for operations - Point of Transaction (PoT) devices have been deployed at BCs and business units as terminals to facilitate smart card transactions. RBI adopted model Villages (Progress/ Achievements) - 15 model villages selected by RBI for 100% financial inclusion in the state have been allocated to J&K Bank, which are operational and transactions are taking place through the operation of smart cards. - 4,819 smart cards have been issued in 15 RBI-selected villages. 1. EBT/ISSS/ NOAP/ MGNREGA The Bank has initiated the process of bringing ISSS/ MGNREGA account holders in the ambit of EBT under e-governance programme and provided them facility of availing ICT-enabled financial services. Enrolment process for delivery of banking services to ISSS/ NOAP/ MGNREGA beneficiaries through the micro products under financial inclusion is underway. 2. Financial Literacy cum Credit counselling centres In compliance to RBI Directive, J&K SLBC has assigned setting up of FLCs in 12 lead districts of the state. The Bank has appointed financial literacy facilitators and all the FLCs have been made operational in the allocated lead districts of the bank in the state. 357 outdoor financial literacy camps have been conducted in the lead districts and 41,779 persons have attended the camps. 19. Corporate Governance J&K Bank has established a tradition of exemplary practices in corporate governance. It encompasses not only regulatory and legal requirements, but also several voluntary practices, aimed at a high level of business ethics, effective supervision and enhancement of stakeholder value. Several matters have been voluntarily included in the statement on corporate governance annexed to this report, besides certificate from the Central Statutory Auditors regarding compliance of conditions of Corporate Governance as stipulated in Clause 49 of the Listing Agreement. 20. Board of Directors - Mr. Mohammad Iqbal Khanday, Principal Secretary to Govt. Finance Department, was nominated by the Government of J&K as Director on the Board of the Bank with effect from 8th July, 2012 and was recalled by the State Government of J&K with effect from 23rd April, 2013. - Mr. M. I. Shahdad and Mr. Vikrant Kuthiala, were reappointed as Directors at the last Annual General Meeting of the Shareholders of the Bank held on 14.07.2012. - With a view to broad-basing the Board, Mr. Nihal C. Garware, an eminent personality, was re- appointed as Additional Director of the Bank w.e.f 16.07.2012. The Bank has gained immensely from his guidance and wide ranging experience and expertise. - Mr. A. M. Matto and Prof. Nisar Ali retire by rotation at the ensuing Annual General Meeting, in accordance with Article 76 of the Articles of Association of the Bank and provisions of Companies Act, 1956, and are eligible for reappointment. 21. Name of the Board of Directors of the Bank 1. Mr. Mushtaq Ahmad Chairman & CEO 2. Mr. Hari Narayan Iyer Director 3. Mr. M. I. Shahdad Director 4. Mr. Vikrant Kuthiala Director 5. Prof. Nisar Ali Director 6. Mr. A. M. Matto Director 7. Mr. R. K. Gupta Director 8. Mr. Nihal C. Garware Director 22. Directors Responsibility Statement The Board of Directors hereby confirms that: 1. In the preparation of the annual accounts, the applicable accounting standards have been followed, along with proper explanation relating to material departures. 2. We have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent to give a true and fair view of the state of affairs of the Company at the end of the financial year and the profit/loss for the period under report. 3. We have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956, for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities. 4. We have prepared the annual accounts on a going concern basis. 23. Particulars of Employees Particulars of employees as per section 217(2a) of the companies act, 1956, read with the companies (particulars of employees) rules, 1975, for the year ended 31st March, 2013, are as under: 1. Employed throughout the financial year and in receipt of remuneration aggregating Rs. 60,00,000/- or more per annum S.No Name of Designation / Remuneration Nature of Employee Nature of Duties received employment (Rs. In lacs) 1. Mr. Mushtaq Chairman & Chief 60 In whole time Ahmad Executive Officer employment of the Bank Name of Employee Qualification Experience Date of Age of Last employment in year commence ment employee held before the of (years) joining the employment Company Mr Mushtaq Ahmad B.A: CAIIB-I 40 years 06-10-2010 63 J&K Bank Ltd. 2. Employed for part of the financial year and in receipt of remuneration aggregating Rs. 5,00,000/- or more per month - nil. 24. Acknowledgements a. The Directors thank the valued customers, shareholders, well- wishers and correspondents of the Bank in India and abroad for their goodwill, patronage and support. b. The Directors acknowledge with gratitude the valuable and timely advice, guidance and support received from Government of India, Government of Jammu & Kashmir, Reserve Bank of India, Securities and Exchange Board of India (SEBI), Insurance Regulatory Developmental Authority (IRDA), NABARD, SIDBI, IBA, FIMMDA, FEDAI, Stock Exchanges, Dept. of Company Affairs, Registrar of Companies, Comptroller & Auditor General, Financial Institutions and the Central Statutory Auditors of the Bank in the functioning of the Bank. c. The Directors place on record their deep appreciation of the valuable contribution of the members of the staff at all levels for the progress of the Bank during the year and look forward to their continued cooperation in realisation of the corporate goals in the years ahead. For and on behalf of the Board of Directors Mushtaq Ahmad Chairman & CEO Place: Srinagar (J&K) Date: 15th May, 2013

Source : Dion Global Solutions Limited

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