Punjab National Bank Directors Report, PNB Reports by Directors

Punjab National Bank

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Directors Report Year End : Mar '15    « Mar 14
Dear Members,
 The Financial year 2015 was a challenging year for Punjab National
 Bank. Amid the challenges, your Bank made significant achievements and
 aligned its business strategy to the macroeconomic scenario of the
 country. The core strategy of the Bank was ''Profitable Growth from the
 grass-roots'' by garnering low cost deposits on the liability side and
 extending qualitative credit on the assets side. Due to this strategy,
 the Bank stands tall amongst its competitors in terms of Domestic
 Business, Domestic Deposits, Domestic Advances, CASA Deposits and
 Operating Profit during FY''15.
 During FY''15, the Bank has crossed several milestones i.e., Rs. 8.80 lakh
 crore Global Business, Rs. 6.00 lakh crore Global Assets, Rs. 5 lakh crore
 Global Deposits, Rs. 1.80 lakh crore CASA Deposits and Rs. 1 lakh crore
 Overseas Business. The Bank''s Global Business reached close to Rs. 8.82
 lakh crore as at end of March''15 reflecting a growth of 10.1% on yearly
 basis.  The Bank''s International business crossed the landmark of Rs.
 1,00,000 crore and reached Rs. 1,00,785 crore while recording a robust
 YoY growth of 37.2%. While the Global Deposits of the Bank at Rs. 5.01
 lakh crore grew by 11.1%, Net Advances recorded growth of 9.0% to reach
 Rs. 3.81 lakh crore as on 31st March 2015.
 In terms of Bottom-line parameters, the Bank''s Operating Profit
 increased from Rs. 1 1384 crore as at 31st March''14 to Rs. 1 1955 crore as
 at 31st March''15. However due to higher provisions, the Net Profit
 stood at Rs. 3062 crore. In terms of key ratios, Net Interest Margin at
 over 3% for the Financial Year ended March''15 remained one of the
 highest amongst nationalized banks. Further, the CRAR of the Bank at
 12.21% stood above the stipulated level.
 To summarize, Financial Year 2014-15 was a year in which we focused on
 further strengthening our businesses, bottom line parameters, network,
 technological capabilities and operating parameters. With continued
 improvements in its key financial parameters, vast network, large
 customer base and a healthy capital position, the Bank has created a
 platform for achieving and sustaining robust growth in the future.
 In this backdrop, your Directors take pleasure in placing the Bank''s
 Annual Report for 2014-15 along with its audited annual financial
                                               ( Rs. crore)
 Particulars            31st Mar''14    31st Mar''15     Growth (%)
 Total Business          800666          881913         10.1
 Deposits                451397          501379         11.1
 Advances                349269          380534          9.0
                                                  < Rs. crore)
                            Mar''14        Mar''15         (%)
                            11384          11955         5.0
 Operating Profit
                             8042           8893        10.6
                             3343           3062        -8.4
 Net Profit
 Particulars                 2013-14         2014-15
 Cost of Funds               5.20              5.14
 Yield on Funds              8.31              8.00
 Return on Equity            9.69              8.12
 Net Interest Margin         3.44              3.15
 Return on Assets            0.64              0.53
 Cost to Income Ratio       45.06             46.74
 Operating Expenses to 
 Average Working Funds       1.79              1.81
 Operating Profit to 
 Average Working Funds       2.19              2.06
 Earnings per share (Rs)*   18.78             16.91
 Book value per share 
 (Rs)*                     190.50            203.24
 Provision Coverage Ratio   59.07             58.21
 CRAR - Basel III           11.52             12.21
 * Face Value of share after splitting is Rs. 2/-
 - Towards bringing efficiency in pension disbursement, the Bank
 introduced a new facility i.e. Digital life certificate.  Further, the
 Bank started working in coordination with the Government to be in pilot
 run of e-PPOs (Electronic Pension Payment Orders). In order to avoid
 delay in submission of Life Certificates by Pensioners in November
 every year, the Bank initiated the process of sending SMS reminders to
 pensioners to submit Life Certificate and taking lead in developing
 life certificate schemes.
 - A new system driven Preventive Monitoring System (Early Warning)
 was operationalised in the Bank w.e.f. July 201 4 for better monitoring
 of borrowers'' financial health and taking timely action for
 reduction/containment of NPAs.
 - The Bank was under parallel run for adoption of Foundation Internal
 Rating Based Approach (FIRB) for Credit Risk and The Standardized
 Approach (TSA) for Operational Risk. The Bank also submitted formal
 Letter of Intent for adoption of Advanced Measurement Approach (AMA)
 for Operational Risk and Internal Models Approach (IMA) for Market
 - The Bank initiated the concept of designating certain major cities
 as Pragati cities where all branches were opened under Pragati Model.
 Presently three cities namely Bhopal, Noida and Patiala have attained
 Pragati City status.
 - Moving towards digitalization, the Bank developed another platform
 for redemption of card loyalty points earned on usage of debit cards
 known as PNB Rewardz Mobile App. With the help of this Mobile App,
 customers can register for PNB Rewards, check their reward points,
 redeem online and get alerts for deals & discounts.
 - The Bank put in place a proper marketing structure and separate
 vertical based on Feet on Street concept to acquire fresh business.
 This would facilitate the effective publicity of products of the Bank.
 The Board of Directors in its meeting held on 8th May 2015 recommended
 dividend of Rs. 3.30 per equity share of Rs. 2 each (i.e. 165%) for FY''15.
 16. Right To Information Act
 The Right to Information Act was implemented by the Bank.  The relevant
 information as per Right to Information Act was posted on the Bank''s
 website ( During FY''15, the Bank received 7517
 applications and provided requisite information to 5388 applicants and
 2121 applications were found exempted under the provisions of the Act.
 224 applications were outstanding as on 31.03.2015 for disposal within
 the prescribed timeframe.
 17. Implementation of Official Language Policy
 The Bank has always been leading in the area of i mplementation of
 Official Language as in other areas of the Bank. The Bank achieved
 almost all the targets in all parameters fixed by the Govt. of India,
 Ministry of Home Affairs, Department of Official Language for the year
 2014-15. All the bilingual CBS and HRMS computers were under Hindi
 Interface. By adopting this bilingual system, implementation of
 Rajbhasha increased a lot. In addition, the Bank used Unicode fonts for
 Hindi correspondence etc. at all levels.
 During FY''15, the Bank was awarded with 34 awards for its excellent
 performance in the use of Hindi which includes some of very significant
 awards namely Indira Gandhi Rajbhasha Shield - a top most award scheme
 of Govt. of India, RBI Rajbhasha Shield and other Regional level awards
 of Ministry of Home Affairs. In addition, Town Official Language
 Implementation Committees situated in different locations of the
 country and other Non-Govt. Organizations also awarded the Bank
 offices. The Bank successfully convened the Town Official Language
 Implementation Committees constituted by Govt. of India in Delhi,
 Bharatpur, Kanpur, Chandigarh, Dharamshala, Sriganganagar,
 Bulandshahar, Dehradun, Gorakhpur, Kurukshetra, Rohtak, Muzaffarnagar
 and Hoshiarpur.
 The third sub-committee of Committee of Parliament on Official Language
 visited the Ernakulum Circle Branch Office- Kottayam of the Bank on
 19th January, 2015 and Draft & Evidence Committee of Parliament on
 Official Language inspected Delhi Bank Narakas Members on 1st April,
 2015, convenor of Delhi TOLIC being Punjab National Bank. The Committee
 not only expressed satisfaction but also appreciated the efforts made
 by the Bank for progressive use of Hindi.
 The Bank celebrates ''Hindi Maah'' in the month of September every year.
 Various competitions were organised at all India, local and Circle
 levels in which staff members of all cadres participate
 enthusiastically. The winners are awarded with prizes in the Rajbhasha
 Function. Bank has its own Lala Lajpat Rai Rajbhasha Shield Yojana for
 its various HO Divisions and Circle Offices, Training Centres, Zonal
 Audit Offices, etc.  Under the scheme, every year offices were awarded
 with prizes for doing excellent work in the area of Rajbhasha
 implementation. This year also, the Bank organised Hindi Maah & other
 programmes/competitions and awards & prizes were given. Fifth
 collection of articles received in the competitions on creative writing
 is going to be published.  Under Moulik Hindi Pustak Lekhan Yojana of
 the Bank, cash incentives were awarded to the staff members for writing
 original books in Hindi on Banking and Non-banking subjects.  All the
 staff members including the employees retired from the Bank''s services,
 participated under this scheme.
 18. Customer Care
 The Bank continues to lay greater emphasis on providing prompt and
 efficient service to its customers. With a view to achieve this end,
 the Bank has established Customer Care Centre at each Circle Office and
 Head Office. Customer Care Centre at Head Office is headed by a General
 Manager, who is assisted by a Deputy General Manager, two Chief
 Managers and several other officers. Every endeavour is made to redress
 the complaints within the timeframe fixed under the Grievance Redressal
 Policy formulated by the Bank and complainant is invariably apprised of
 the response of the Bank. In the Bank, systems and procedures are
 reviewed at regular intervals to remove systemic deficiency, if any,
 which help in further improving the customer service.
 Due to constant efforts made by the Bank to improve the customer
 service, the number of complaints received during FY''15 came down from
 38,869 in FY''14 to 29,759. Out of total number of 29,951 complaints,
 192 complaints were outstanding as on 01.04.2014 and 29759 complaints
 were received during FY''15. The number of complaints redressed was
 29,778 as at 31st March 2015. 1 73 complaints were pending as on
 31.03.2015, which stood resolved.
 The number of unimplemented awards as at 01.04.2014 was 4. The awards
 passed by Banking Ombudsman during FY''15 were 7 while the awards
 implemented during same period were 10. One award remained
 unimplemented as at 31st March 2015, in respect of which appeal was
 filed with the Appellate Authority.
 Initiatives undertaken during the year for improvement in customer
 - The Bank constituted a team of officials at Customer Care Centre at
 Head Office to pay incognito visit to branches in Delhi NCR area to
 assess their standard of service.  Deficiencies pointed out by the
 visiting officials are being shared with the concerned branch and the
 Circle Office for taking corrective steps for removal of the same.
 Similar system was introduced in other Circle Offices of the Bank on
 pan India basis. This helped in further improvement in customer
 - The Bank established state-of-the-art Contact Centres at Gurgaon
 and Noida to provide tele-banking services to its customers on 24 x 7 x
 365 basis through two renowned Service Providers viz., (i) M/s Aegis
 Limited and (ii) M/s Mphasis Limited. In addition to above two Primary
 Sites, the Bank established two Secondary Contact Centres at Mangalore
 and Bhopal to provide tele-banking services to its customers in
 regional languages also.
 - The Bank publishes a monthly magazine titled Customer Speak in
 which gist of the selected complaints made by the customers is
 published and the action taken and resolution provided to the
 complainant is also mentioned. Besides, the Bank''s guidelines on
 important issues pertaining to customer service are highlighted for the
 benefit of the field staff.
 - Theme Based Meetings were conducted in all branches on a common
 date at monthly intervals to bring about awareness of the Bank''s
 products and schemes and for improving knowledge and skills of the
 field staff.
 19. PNB''s Subsidiaries and Regional Rural Banks
 a. PNB Housing Finance Limited (PNBHFL)
 FY''15 was a year of high growth once again under all the parameters.
 The Company achieved good growth in fresh loans, outstanding loan book,
 profitability and it further reduced Non-Performing loans. The
 Company''s Total Loans sanctioned during the year were Rs.15,076 crore
 showing YoY growth of 71% in FY''15. During the year, the total loan
 disbursements was Rs. 9440 crore showing YoY growth of 72% in FY''15. The
 Loans outstanding as on 31st March 2015 was Rs. 16,819 crore registering
 the growth of 59% over FY''14.
 The Company''s Gross Non-Performing Assets stood at 0.20% while Net
 Non-Performing Assets stood at 0.07% which was lowest in the Industry.
 Profit before Tax stood at Rs. 295.46 crore, showing YoY growth of 68%
 over FY''14. The Profit after Tax reached at Rs. 196.11 crore showing YoY
 growth of 54% over FY''14.
 The Company faced tough competition in the market, with regard to
 declining margins and takeover of portfolio by the competitors. This
 challenge was met with efficient funds management and improved service
 to the customers. The Company improved the borrowing mix during the
 year, which has enabled it not only to reduce borrowing cost but also
 better net interest margin as compared to last year.  Public deposits
 of the Company grew by over 186% at Rs. 4897 crore. The deposits
 contributed over 28% of the loan assets as compared to 16% a year ago.
 The Company introduced online state-of-art Enterprise System Solution.
 The Company will soon introduce web enabled services for its customers
 and business associates. During the year, the Company opened six new
 branches taking the total network to 38 branches. These branches were
 supported by 15 zonal and regional underwriting hubs. The hub structure
 scalable up to 60-65 branches would enable future growth of business.
 By 31st March 2015, the Company was 5th largest Housing Finance Company
 and 2nd largest deposit taking Housing Finance Company.
 b. PND Gilts Limited
 During FY''15, Indian financial markets continued to be guided by a host
 of varying factors, like commitment to inflation management, reasonable
 stability on currency front, current account deficit under control and
 on fiscal consolidation path.  Further, fast changing geo-political
 landscape, weakening commodity prices including plummeting crude
 prices, weakening Euro Zone economy, signs of strengthening US economy,
 growth slowdown in China and positive macro economic developments in
 India were shaping the contours of Indian financial markets. In the
 wake of these developments, a revised liquidity management framework
 was introduced to manage liquidity condition on an ongoing basis while
 the statutory liquidity ratio (SLR) was reduced to 21.5% of NDTL.  In
 tune with the falling retail inflation, RBI also cut the repo rate by
 50 bps to 7.50%. As a result of all these factors, the yield on ten
 year Sovereign benchmark paper declined to the level of 7.74% as on
 31st March 2015.
 Against the above developments, PNB Gilts Ltd. fulfilled all its
 obligations as a primary dealer in both the Primary and Secondary
 markets. Profit before Tax (PBT) amounted to Rs. 134 crore as against Rs.
 91 crore in FY''14 The increase in profit was due to the company''s extra
 vigilance on market movement with a suitable trading strategy within
 the risk parameters set by the Board to keep the market risk under
 check. The trading income amounted to Rs. 76 crore during FY''15 as
 against Rs. 31 crore in FY''14. Further the total outright turnover
 increased to Rs. 4.71 lakh crore as against Rs. 3.08 lakh crore in FY''14.
 This is the highest turnover achieved by the company since inception.
 The Total Net worth of the company stood at Rs. 718.06 crore as on 31st
 March 2015.
 c. Punjab National Bank International Limited (PNBIL)
 During FY''15, Total Business of PNBIL increased from 18 million (as
 on 31st March 2014) to $ 2975.1 7 million (as on 31st March 2015),
 registering a YoY growth of 5.58%.
 Deposits increased to 21 million (2014: 31 million), while
 Advances increased to 54 million (2014: 87 million), registering
 YoY growth of 6.74% and 4.50%, respectively. The major growth under
 deposits came in retail deposits, which grew from 3 million to 2
 million. Operating Profit went up from  million to  million,
 registering growth of 52%. Total Comprehensive Income attributable to
 equity shareholders was $ 9.91 million (2014: .63 million). Offering
 basic banking products and relationship banking continues to be the
 strong selling point for the Bank. The Indian Rupee (INR) Remittance
 scheme of the Bank stabilized and gained popularity among the ethnic
 population. The Bank built a strong brand image in the UK market.
 Cash ISA product launched by PNBIL with variants of Variable Rate Cash
 ISA and Fixed Rate Cash ISA, has gained popularity and the Company
 attracted over USD 100 million deposits under the scheme. Helpline
 service established by the Bank during previous year has stabilized and
 contributed in improving the customer service. The Bank switched over
 from Maestro Card to contact-less Master card. Debit card holders of
 PNBIL have the option to withdraw money from any ATM having Master Card
 logo. PNBIL is the first Indian Bank to issue contactless debit card
 and few among the local banks to do so. Strategic integration, parental
 support, continuous innovation, customer centric approach, niche
 positioning and competitive advantage in its targeted customer base are
 the key strengths the Bank is enjoying in UK. The Bank has in place
 well defined and clearly laid down policies on Risk Management, Audit
 and Compliance. The Bank has its own dedicated treasury at London and a
 back office in India.  The Bank complies with all regulatory and
 capital adequacy guidelines of Prudential Regulation Authority of UK.
 d. Punjab National Bank Investment Services Limited (PNBISL)
 PNB Investment Services Ltd. (PNBISL) is a wholly owned subsidiary of
 Punjab National Bank. It is engaged in providing Merchant Banking and
 other Corporate Advisory services in the streams of Financial
 Appraisal/Techno-Economic viability Study, Debt Syndication and
 undertaking Corporate Debt Restructuring (CDR) besides providing
 Trusteeship services to various Corporate Clients.
 The Company is having Corporate Office at Mumbai and registered office
 at Delhi. At both these offices all gamut of services are being
 rendered. The Company is also having three other Representative Offices
 at Chennai, Hyderabad and Ahmedabad. Besides generating business leads
 for Mumbai and Delhi Offices, these Representative Offices also
 undertake Security Trustee and Loan Syndication activities.  Chennai
 Representative Office is also equipped to handle conducting of
 Techno-economic viability studies.
 In the financial year ended on 31st March 2015, the overall performance
 of the Company was good. During the year ended March 2015, the Company
 earned total fee based business income of Rs. 11.13 crore as against last
 year corresponding fee of Rs. 8.08 crore registering YoY growth of about
 38%.  Total Income of the Company increased from Rs. 11.15 crore to Rs.
 14.53 crore at a growth rate of 30%. Profit before tax, during this
 period, improved from Rs. 8.06 crore to Rs. 10.70 crore, registering YoY
 growth of 33%.
 During the period, the Company under Merchant Banking stream filed
 Draft Red Herring Prospectus (DRHP) for one of reputed company engaged
 in Infrastructure development for its proposed Initial Public Offer
 (IPO). The Company was also in process of conducting due diligence for
 filing DRHP in another Merchant Banking assignment of a reputed company
 engaged in Automobile components for its proposed IPO. During the
 period, the ambit of CDR Advisory Services was increased to cover
 bilateral restructurings apart from restructuring under CDRa EG aegis.
 The Company is now planning to further expand the scope of the services
 to include debt resolution through take-out financing, refinancing
 options and providing corporate advisory services to arrange finance
 for big Infrastructure Projects, which could not achieve commercial
 operation as envisaged at the time of their financial closure.
 Further, the Company was also planning to take steps for providing
 corporate advisory services to the lenders and borrowers through
 rectification route under JLF mechanism, where the private
 equity/strategic capital is to be arranged.
 With slew of reform and forward looking Central budget coupled with
 supporting Monetary policy, of the Regulator Bank, there is a positive
 outlook in financial and Stock Markets.  PNBISL is confident to get
 benefit of the positive sentiments and hopeful to do better in FY''16.
 The Company was also in process of strengthening its team through
 recruitment of some senior officials under Merchant Banking and
 Restructuring segments and is confident to get many more Merchant
 Banking assignments to broaden its visibility in the financial market.
 The Company aims to blossom into an Investment Bank by offering the
 entire gamut of investment banking and corporate advisory services like
 venture capital advisory, project advisory, buy and sell-side advisory,
 accessing financial markets to raise capital and restructuring
 e. Regional Rural Banks
 As on 31st March 2015, five RRBs, sponsored by Punjab National Bank,
 were operating in five States, namely, Bihar, Haryana, Himachal
 Pradesh, Punjab and Uttar Pradesh covering 74 districts with a network
 of 2144 branches.
 The aggregate paid-up capital of these Regional Rural Banks stood at Rs.
 199.30 crore. Central Government, State Governments and PNB contributed
 in paid-up capital of these RRBs in the ratio of 50: 15: 35
 respectively. The Bank''s contribution towards capital of these RRBs was
 Rs. 69.76 crore.  The combined net worth of PNB sponsored RRBs as on
 March 2015 was Rs. 2809.85 crore.
 During FY''15, the Aggregate Business of all RRBs increased from Rs. 40531
 crore to Rs. 45630 crore showing a growth of Rs. 5099 crore (12.58%). The
 Aggregate Deposits and Aggregate Advances as on 31.03.2015 stood at Rs.
 29194 crore (YoY 14.01%) and Rs. 16436 crore (YoY 10.13%), respectively.
 The Aggregate Net Profit of the RRBs as on 31.03.2015 stood at Rs. 331.25
 crore (YoY 9.05%). All the sponsored RRBs are in Profit.
 The Gross NPAs of the RRBs stood at Rs. 692 crore (4.21% of Total
 Advances) during the period. Further, Net NPAs stood at Rs. 338 crore
 (i.e. 2.15% of Net Advances) as on 31.03.2015.
 During the year, 217 new branches were opened by RRBs, taking the Total
 Network of branches to 2144 with all being on CBS and total numbers of
 employees stood at 8675.
 Progress in opening of accounts under Pradhan Mantri Jan Dhan Yojana
 (PMJDY) as on 31.03.15 was 23,88,792 accounts, out of which RuPay debit
 cards were issued in 5,34,122 accounts. Balance outstanding in these
 accounts stood at Rs. 354.9 crore. The survey of allotted wards & Sub
 Service Areas (SSAs) was completed by all RRBs in time.
 The RRBs sponsored by the Bank actively participated in economic
 development of the areas of their presence. With the implementation of
 Core Banking Solution (CBS), rural customers also received the benefits
 of latest technology, thus providing services to the rural poor under
 Financial Inclusion Plan at their doorsteps.
 RRBs also opened NRE/NRO accounts. The facility of NEFT, RuPay ATM
 cards & KCC cards, KIOSK banking solution (KBS) under Financial
 Inclusion Plan, Aadhaar Payment Bridge System (ABPS) under DBT, etc.,
 were also being provided to customers in all the RRBs. The Bank
 achieved all the SOI targets given by the Ministry of Finance, Govt. of
 India, DFS to the Bank for March 2015.
 Performance of RRBs as on 31.03.2015
                                       (Amt. In Rs. Crore)
 No.  Performance of RRBs            Mar''14     Mar''15      YoY
                                   (Audited)   (Audited)   growth%
 1 Aggregate deposits                25607       29194      14.01
 2 Aggregate Advances                14924       16436      10.13
 3 Aggregate Net Profit                304         331       9.05
 4 Branches under CBS                 100%        100%         -
 5 Profit Per Employee (Rs lakh)       3.98       4.04       1.52
 No. of Loss Making                      41         93         -
 Branches (being 12 month
 old or more)
 20. Awards and Accolades
 During Financial Year 2015, in recognition of its performance and
 initiatives, PNB received various awards, some of which are: -
 - BFSI Awards for Bank with leading Financial Inclusion Initiatives
 2015 by ABP News.
 - IBA Banking Technology awards 2014-15 for the Bank with Best Risk
 Management Initiatives by Indian Banks'' Association.
 - Corporate Vigilance Excellence Award 2014-15 by Institute of Public
 Enterprises, Hyderabad.
 - IBA Banking Technology Awards 2014-15 for the bank with Best
 Training and Human Resources, e-Learning initiatives (PSU) -Second
 Runners Up by Indian Banks'' Association.
 - Skoch Renaissanace Award for people management: Skill Development &
 Employment generation - Certificate for Commendable Contribution.
 - MSME Banking Excellence Awards 2014- Best Bank for Financial
 inclusion -Runners Up by Chambers of Indian Micro Small and Medium
 - Banking Frontiers: Inspiring Work Place by Banking Frontiers
 - Golden Peacock Business Excellence Award 2014 by Institute of
 - Golden Peacock Innovative Product/Service Award 2014 by Institute
 of Directors.
 - Pradhan Mantri Jan Dhan Yojana Awards for Excellence by Federation
 of Trade Services.
 - PSU Awards - Financial Inclusion and Payment Systems Award by Elets
 Technomedia Pvt. Ltd.
 21. Board of Directors
 As on 31.03.2015, there were 8 Directors on the Board of the Bank
 including 3 whole time Directors i.e. Managing Director & Chief
 Executive Officer and two Executive Directors. During FY''15, the
 following changes took place in the composition of Board of Directors:
 - Shri K. R. Kamath demitted the office of Chairman & Managing
 Director of the Bank w.e.f. 28.10.2014 on completion of his tenure of
 five years on 27.10.2014.
 - Shri Rajesh Aggarwal was appointed in place of Shri Anurag Jain as
 Government of India Nominee Director on the Board of the Bank w.e.f.
 - Shri Gauri Shankar, Executive Director entrusted with additional
 Charge of the Managing Director & Chief Executive Officer of the Bank
 for a period of three months, assumed charge of the office w.e.f.
 - Shri B.B. Chaudhry, Shri M.A. Antulay, Shri M.N. Gopinath and Shri
 D.K. Singla, Directors completed their tenure on the Board of the Bank
 during FY''15.
 - Dr. Sunil Gupta and Smt. Aradhana Misra, Directors resigned from
 the Board of the Bank during FY''15.
 The Board wishes to place on record its appreciation for the valuable
 contribution made by Shri K.R. Kamath, CMD, Shri Anurag Jain, Shri B.B.
 Chaudhry, Shri M.A. Antulay, Smt.  Aradhana Misra, Dr. Sunil Gupta,
 Shri M.N. Gopinath and Shri D.K. Singla, Directors.
 22. Directors'' Responsibility Statement
 The Directors confirm that in the preparation of the annual accounts
 for the year ended March 31, 2015: -
 - The applicable Accounting Standards 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, were consistently applied;
 - Internal financial controls have been laid down by the Bank for
 ensuring orderly conduct of business;
 - 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 of the profit of the Bank for the year
 ended March 31, 2015;
 - Proper and sufficient care was taken for the maintenance of
 adequate accounting records in accordance with the provisions of
 applicable laws governing banks in India, and
 - The accounts have been prepared on the principle of going concern
 23. Acknowledgement
 The Board expressed thanks to the Government of India, Reserve Bank of
 India, Securities and Exchange Board of India, Stock Exchanges, Bank''s
 customers, Public and the shareholders for valuable support, continued
 patronage and confidence reposed in the Bank.
 The Board wishes to place on record its appreciation for the valuable
 contribution made by the staff of the Bank at all levels and look
 forward to their continued involvement in achieving the future goals.
 For and on behalf of Board of Directors
 (Gauri Shankar)
 Managing Director & CEO
Source : Dion Global Solutions Limited
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