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SENSEX NIFTY India | Notes to Account > Banks - Private Sector > Notes to Account from South Indian Bank - BSE: 532218, NSE: SOUTHBANK

South Indian Bank

BSE: 532218|NSE: SOUTHBANK|ISIN: INE683A01023|SECTOR: Banks - Private Sector
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Mar 16
Notes to Accounts Year End : Mar '17

1. Changes in Classification:

2. Pursuant to RBI Circular FMRD.DIRD.10/14.03.002/2015-16 dated May 19, 2016, as amended, the Bank has with effect from November 26, 2016 considered its repo/reverse repo transactions under Liquidity Adjustment Facility (LAF) and Marginal Standing Facility (MSF) of RBI as Borrowings/Lendings, as the case may be. Hitherto, the repo/reverse repo transactions were included under Investments. Figures for the previous year have been regrouped/reclassified to conform to current year''s classification. The above regrouping/reclassification has no impact on the profit of the Bank for the year ended March 31, 2017 or the previous year.

3. The Board of Directors has proposed a dividend of Rs.0.40 per Equity share (40%) [(Previous year Rs.0.50 per Equity Share) (50%)] for the year ended March 31, 2017, subject to the approval of the shareholders at the ensuing Annual General Meeting. In terms of revised Accounting Standard (AS) 4 ''Contingencies and Events occurring after Balance Sheet date'' as notified by the Ministry of Corporate Affairs through amendments to Companies (Accounting Standards) Amendment Rules, 2016, dated March 30, 2016, proposed dividend including dividend distribution tax of Rs.86.82 Crore is not recognized as liability as on March 31, 2017. Accordingly the liability has not been reckoned in capital funds for computing capital adequacy ratio as at March 31, 2017. Capital adequacy ratio after considering the impact of proposed dividend is 12.16% as at March 31, 2017.

4. Disclosures as per RBI''s Master Circular on Disclosure in Financial Statements

Amounts in Notes forming part of the financial statements for the year ended 31st March, 2017 are denominated in Rupees Crore (unless specified otherwise) to conform to extant RBI guidelines.

5. Capital Adequacy Ratio:

The Bank computes Capital Adequacy Ratio as per RBI guidelines. As per Basel III guidelines, the Bank is required to maintain a minimum Capital to Risk Weighted Assets Ratio (CRAR) of 9% {11.5% including Capital Conservation Buffer (CCB)}, with minimum Common Equity Tier I (CET1) of 5.5% (8% including CCB) as on 31st March, 2019. These guidelines on Basel III have been implemented on 1st April, 2013 in a phased manner. The minimum capital required to be maintained by the Bank for the year ended 31st March, 2017 is 10.25% with minimum Common Equity Tier 1 (CET1) of 6.75% (including CCB of 1.25%). The Capital adequacy Ratio of the Bank calculated as per Basel III Capital Regulations is set out below:

In accordance with RBI Guidelines, banks are required to make Pillar 3 disclosures under Basel III Capital Regulations. The Bank has made these disclosures which are available on its website at the following link :- Pillar 3 disclosures have not been subjected to audit.

6. Capital Infusion:

During the year ended March 31, 2017, the Bank allotted 18,18,866 Equity Shares (Previous Year: 1,57,005 Equity Shares) aggregating to face value Rs.0.18 Crore (Previous Year: Rs.0.01 Crore) in respect of stock options exercised.

Accordingly, share capital increased by Rs.0.18 Crore (previous year: Rs.0.01 Crore) and share premium increased by Rs.3.60 Crore (Previous Year: Rs.0.32 Crore).

The Bank, vide its Letter of Offer dated February 20, 2017 offered up to 45,07,09,302 Equity Shares of Face Value of Rs.1/- each at a price of Rs.14/- per Equity Share (including Share Premium of Rs.13/- per Equity Share) for an amount aggregating to Rs.630.99 Crore to the existing Equity Shareholders of the Bank on rights basis in the ratio of One Equity Share for every Three Equity Shares held by the Equity Shareholders on the record date i.e. February 17, 2017. The Company has allotted 45,07,08,052 Equity Shares on 27th March, 2017, the remaining 1250 Equity Shares being kept in abeyance.

Accordingly, share capital increased by Rs.45.07 Crore (Previous Year: Rs. Nil) and share premium increased by Rs.585.92 Crore (Previous Year: Rs. Nil).

7. Investments under SLR HTM (excluding specified investments as per RBI norms) account for 19.92%(Previous Year 20.40%) of demand and time liabilities as at the end of March 2017 as against permitted ceiling of 20.50% (Previous Year 21.50%) stipulated by RBI.

8. In respect of securities held under HTM category premium of Rs.28.78 Crore (Previous Year: Rs.18.88 Crore) has been amortized during the year and debited under interest received on Government securities.

9. Profit on sale of securities from HTM category amounting to Rs.79.55 Crore (Previous Year: Rs.50 Crore) has been taken to Profit and Loss Account. During the year, the Bank had appropriated Rs.39.55 Crore (Previous Year Rs.24.53 Crore), net of taxes and transfer to statutory reserve to the Capital Reserve, being the gain on sale of HTM Investments in accordance with RBI guidelines.

10. Sale and transfers to/from HTM Category:

During the years ended March 31, 2017 and March 31, 2016, the Bank has not sold and transferred securities to or from HTM category exceeding 5% of the book value of investments held in HTM category at the beginning of the year. The 5% threshold referred to above does not include one-time transfer of securities to/from HTM category with the approval of Board of Directors permitted to be undertaken by banks as per the extant RBI guidelines, sale of securities under pre-announced Open Market Operation (OMO) auction to the RBI and sale of securities or transfer to AFS/HFT consequent to the reduction of ceiling on SLR securities under HTM.

11. Derivatives:

The bank uses forward exchange contracts to hedge against its foreign currency exposures relating to the underlying transactions and firm commitments. The bank has not entered into any derivative instruments for trading/speculative purposes either in Foreign Exchange or domestic treasury operations. Bank does not have any Forward Rate Agreement or Interest Rate Swaps. Hence disclosure relating to derivatives is not applicable to the bank for the years ended 31st March, 2017 and 31st March, 2016.

The notional principal amount of foreign exchange contracts classified as trading on March 31, 2017 amounted to Rs.2389.34 Crore (Previous Year Rs.4,705.11 Crore). For these trading contracts, on March 31, 2017, marked to market position was asset of Rs.12.09 Crore (Previous Year Rs. 46.80 Crore) and liability of Rs.28.07 Crore (Previous Year Rs.46.76 Crore). The notional principal amount of foreign exchange contracts classified as hedging on March 31, 2017 amounted to Rs.1902.01 Crore (Previous Year Rs.1,444.51 Crore).

With effect from 01.04.2016, in respect of accounting of swap cost pertaining to FCNR Deposits/Overseas Borrowings, Bank has adopted amortization method over the period of swap tenure, as against the mark-to-market method. This change in policy does not have any financial impact over the full period of the swap. The impact of the change in the policy as described above is reduction in profit after tax by Rs.7.98 Crore for the Year ended 31st March, 2017. Had this policy been adopted in the previous year, the reported after tax profit number for the Year ended 31st March, 2016, would have been lower Rs.1.64 Crore.

12. Details of Single Borrower Limit (SGL), Group Borrower Limit (GBL) exceeded by the Bank:

During the years ended 31st March, 2017 and 31st March, 2016, the bank''s credit exposure to single borrower and group borrowers was within the prudential exposure limit prescribed by RBI

During the year ended 31st March, 2017, bank has invested an amount of Rs.1057.15 Crore in the Security Receipt issued by an ARC. As per RBI Master circular on Exposure Norms - DBR.No.Dir.BC.12/13.03.00/2015-16 Dated July 01, 2015 - Banks''/ FIs'' investments in debentures/bonds/security receipts/pass-through certificates (PTCs) issued by an SC/RC as compensation consequent upon sale of financial assets will constitute exposure on the SC/RC. In view of the extraordinary nature of the event, banks/FIs will be allowed, in the initial years, to exceed the prudential exposure ceiling on a case-to-case basis.

The above investment exceeds the prudential exposure ceiling, for which the bank has sought approval from RBI for such exceeding.

13. Penalties levied by the Reserve Bank of India

The penalty imposed by RBI during the year ended March 31, 2017 was Rs.1,17,193/- (Previous year Rs.32,400/-)

Due to oversight, there was a single incident of SGL bouncing on 27th October, 2016. Based on the bank''s explanation/ representation, RBI has taken a lenient view and has waived imposition of any monetary penalty in this regard. Disclosure of the above fact is made in accordance with the letter issued by RBI vide letter no.: PD0.NDS.Bounce/08.03.000/949/2016-17 dated 21st November, 2016.

14. Overseas Assets, NPAs and Revenue - Nil

15. Off-balance Sheet SPVs sponsored - Nil

16. Drawdown from Reserves

The Bank has not undertaken any drawdown from reserves during the years ended March 31, 2017 and March 31, 2016, except:

17. towards share issue expenses of Rs. 4.73 Crore, incurred for the equity raised through the Right Issue during the year ended March 31, 2017, which have been adjusted against the share premium account in terms of Section 52 of the Companies Act, 2013.

18. Rs. Nil (Previous Year Rs. 10.05 Crore) from Investment Reserve Account in accordance with RBI guidelines on ''Prudential Norms for Classification, Valuation and Operation of Investment Portfolio by banks''.

19. Rs.76.05 Crore (Previous Year: Nil) from Revenue and Other Reserves being unamortized balance of loss pertaining to advances sold to ARC, as permitted by RBI vide Circular: DBR.No.BP.BC.102/21.04.048/2015-16 dated June 13, 2016.

20. Rs. 57.82 Crore (Previous year Rs. Nil) from revenue and other reserves being unamortized amount of a fraud case as permitted by the RBI in accordance with DBR No.BP.BC.92/21.04.048/2015-16 dated April 18, 2016 (Refer note C.13 of Schedule 18).

21. Disclosures on Remuneration

22. Information relating to the composition and mandate of the Nomination & Remuneration Committee.


The Nomination & Remuneration committee of the Board consists of three members of which one member from Risk

Management Committee of the Board facilitate effective governance of compensation.

The roles and responsibilities of the Nomination & Remuneration Committee inter-alia includes the following:

23- Scrutinizing the declarations received from persons to be appointed as Directors as well as from the existing Directors seeking re-appointment and make references to the appropriate authority/persons to ensure compliance with the requirements indicated by Reserve Bank of India vide their directive dated May 23, 201 1 on Fit & Proper Criteria of the Banks.

24- To devise a Succession Planning Policy for the Board and Senior Management.

25- To formulate a Nomination policy of the Board to guide the Board in relation to appointment/re-appointment/removal of Directors.

26- To identify persons who are qualified to become Directors/KMPs and who may be appointed in senior management as defined in the Succession Policy in accordance with the criteria laid down and to recommend to the Board their appointment and/or removal.

27- To formulate the criteria for evaluation of Independent Directors and the Board/Committees.

28- To devise a policy on Board diversity.

29- To carry out any other function as is mandated by the Board from time to time and/or enforced by any statutory notification, amendment or modification, as may be applicable.

30- To perform such other functions as may be necessary or appropriate for the performance of its duties.

31- To oversee the framing, review and implementation of Bank''s overall compensation structure and related polices on remuneration packages payable to the WTDs/MD & CEO and other staff including performance linked incentives, perquisites, Stock option scheme etc. with a view to attracting, motivating and retaining employees and review compensation levels vis-a-vis other Banks and the industry in general.

32- The Committee shall work in close coordination with the Risk Management Committee of the Bank, in order to achieve effective alignment between remuneration and risks. The Committee will also ensure that the cost/income ratio of the Bank supports the remuneration package consistent with maintenance of sound capital adequacy ratio.

33- With respect to the Performance Linked Incentive Schemes, the Committee is empowered to:

34. Draw up terms and conditions and approve the changes, if any, to the Performance Linked Incentive schemes;

35. Moderate the scheme on an ongoing basis depending upon the circumstances and link the same with the recommendations of Audit Committee;

36. Coordinate the progress of growth of business vis-a-vis the business parameters laid down by the Board and Audit Committee and effect such improvements in the scheme as considered necessary;

37. On completion of the year, finalize the criteria of allotment of marks to ensure objectivity/equity.

38- The Committee shall also function as the Compensation Committee as prescribed under the SEBI (Share Based Employee Benefits) Regulations, 2014 and is empowered to formulate detailed terms and conditions of the Scheme, administer, supervise the same and to allot shares in compliance with the guidelines and other applicable laws.

39- To obtain necessary clearances and approvals from regulatory authorities, appoint Merchant Bankers and do such other things as may be necessary in respect of the Employees Stock Option Scheme.

40- To oversee the administration of Employee benefits, such as, Provident Fund, Pension Fund, Gratuity, Compensation for absence on Privilege/Sick/Casual Leave etc., which are recognized in accordance with Accounting Standard-15 (revised) specified in the Companies (Accounting Standards) Rules, 2006.

41- The Committee may suggest amendments to any stock option plans or incentive plans, provided that all amendments to such plans shall be subject to consideration and approval of the Board.

42- Any other matters regarding remuneration to WTDs/MD & CEO and other staffs of the Bank as and when permitted by the Board.

43- To conduct the annual review of the Compensation Policy.

44- To fulfill such other powers and duties as may be delegated to it by the Board.

45. Information relating to the design and structure of remuneration processes and the key features and objectives of remuneration policy.

The Bank has formed the compensation policy based on the Reserve Bank of India guidelines vide its Circular No. DBOD. No.BC.72/29.67.001/2011-12 dated January 13, 2012.

The fixed remuneration and other allowances including retirement benefits of all subordinate, clerical and officers up to the rank of General Manager (Scale VII) is governed by the industry level wage settlement under Indian Banks Association (IBA) pattern. In respect of officers above the cadre of General Manager, the remuneration is fixed by Board / Committee.

Further, the compensation structure for the Whole Time Directors (WTDs)/Managing Director & Chief Executive Officers (MD & CEO) of the bank are subject to approval of Reserve Bank of India in terms of Section 35 B of the Banking Regulation Act, 1949. The payment of compensation also requires approval of the shareholders of the Bank in the General Meeting pursuant to clause 95 of Articles of Association of the Bank read with Section 197 of the Companies Act, 2013.

46. Description of the ways in which current and future risks are taken into account in the remuneration processes. It should include the nature and type of the key measures used to take account of these risks.

The Board of Directors through the NRC shall exercise oversight and effective governance over the framing and implementation of the Compensation Policy. Human Resource Management under the guidance of MD & CEO shall administer the compensation and Benefit structure in line with the best suited practices and statutory requirements as applicable.

47. Description of the ways in which the bank seeks to link performance during a performance measurement period with levels of remuneration. The factors taken in to account for the annual review and revision in the variable pay and performance bonus are:

48- The performance of the Bank

49- The performance of the business unit

50- Individual performance of the employee

51- Other risk perceptions and economic considerations.

52. Qualitative Disclosure around LCR

The Bank measures and monitors the LCR in line with the Reserve Bank of India''s circular dated June 9, 2014 on Basel III Framework on Liquidity Standards - Liquidity Coverage Ratio (LCR), Liquidity Risk Monitoring Tools and LCR Disclosure Standards. The LCR guidelines aim to ensure that a bank maintains an adequate level of unencumbered High Quality Liquid Assets (HQLAs) that can be converted into cash to meet its liquidity needs for a 30 calendar day time horizon under a significantly severe liquidity stress scenario. At a minimum, the stock of liquid assets should enable the bank to survive until day 30 of the stress scenario, by which time it is assumed that appropriate corrective actions can be taken. Banks are required to maintain High Quality Liquid Assets of a minimum of 100% of its Net Cash Outflows by January 1, 2019. However, with a view to providing transition time, the guidelines mandate a minimum requirement of 80% w.e.f. January 1, 2017 and a step up of 10% every year to reach the minimum requirement of 100% by January 1, 2019. The adequacy in the LCR maintenance is an outcome of a conscious strategy of the Bank towards complying with LCR mandate ahead of the stipulated time lines. The quarterly daily average LCR of the bank for the quarter ended March 2017 is 227.81%.

The Bank has been maintaining HQLA primarily in the form of SLR investments over and above mandatory requirement, regulatory dispensation allowed up to 2% of NDTL in the form of borrowing limit available through Marginal Standing Facility (MSF) and 5% of NDTL as Facility to Avail Liquidity for Liquidity Coverage Ratio (FALLCR). From February 2016 onwards, RBI has allowed Banks to reckon an additional 3% of NDTL as FALLCR. This has been further increased by 1% by RBI from July 2016 onwards thereby increasing the total FALLCR to 9%.

The principal components of the estimated cash out flows which could arise in next 30 days are retail deposits (56.82%) and unsecured wholesale funding (23.89%). The bank intends to fund the short term cash outflows from extremely liquid Government securities and funding for estimated cash outflows considered in LCR computation substantially flows from this source. The bank is managing its liquidity from the centralized fund management cell attached to Treasury Department, Mumbai.

53. Transfers to Depositor Education and Awareness Fund (DEAF):

In accordance with the guidelines issued by the RBI, the Bank transfers the amount to the credit of any account which has not been operated upon for a period of ten years or any deposits or any amount remaining unclaimed for more than ten years to DEAF.

54. Intra-Group Exposure - Nil.

55. Inter-bank participation with risk sharing

The aggregate amount of participation purchased by the Bank, shown as advances as per regulatory guidelines, outstanding as of March 31, 2017 was Rs.600 Crore (Previous Year: Rs.689 Crore).

56. Disclosures on Change in Ownership outside SDR Scheme (accounts which are currently under the stand-still period)

There are no accounts where the bank has decided to affect the change of ownership outside SDR Scheme and which are currently under stand-still period (Previous Year: Nil).

57. Disclosures on Change in Ownership of Projects Under Implementation (accounts which are currently under the stand-still period)

There are no accounts where the bank has decided to affect the change of ownership of projects under implementation (Previous Year: Nil).

58. Disclosures on the Scheme for Sustainable Structuring of Stressed Assets (S4A), as on 31 March, 2017

There were no accounts during the year where S4A has been applied.

59: Other Disclosures

60. Fixed Assets

a) Premises of the Bank were revalued as on April 1, 2016 in accordance with the policy formulated by the Bank based on RBI guidelines by professionally qualified independent valuers empanelled by the Bank using the indices based on current market price. The written down value of the premises has been increased from Rs.276.76 Crore to Rs.390.50 Crore and the resultant appreciation in the value amounting to Rs.113.74 Crore has been credited to revaluation reserve during the year.

61. Employee Benefits

62. Provident Fund

Employees, who have not opted for pension plan are eligible to get benefits from provident fund, which is a defined contribution plan. Aggregate contributions along with interest thereon are paid on retirement, death, incapacitation or termination of employment. Both the employee and the Bank contribute a specified percentage of the salary to the South Indian Bank Employees'' Provident Fund. The Bank has no obligation other than the monthly contribution.

The Bank recognized Rs.0.19 Crore (Previous Year: Rs.0.31 Crore) for provident fund contribution in the Profit and Loss Account.

63. New Pension Scheme

As per the industry level settlement dated 27th April, 2010, employees who joined the services of the Bank on or after 1st April, 2010 are not eligible for the existing pension scheme whereas they will be eligible for Defined Contributory Pension Scheme (DCPS) in line with the New Pension Scheme introduced for employees of Central Government. Employee shall contribute 10% of their Basic Pay and Dearness Allowance towards DCPS and the Bank will also make a matching contribution. There is no separate Provident Fund for employees joining on or after 01.04.2010.

The Bank recognized Rs.14.67 Crore (Previous Year: Rs.13.74 Crore) for DCPS contribution in the Profit and Loss Account.

The employee benefits on account of pension, gratuity and leave have been ascertained on actuarial valuation in accordance with Accounting Standard - 15 prescribed under Section 133 of the Companies Act, 2013.

The following table as furnished by Actuary sets out the funded status of gratuity/pension plan and the amount recognized in the Bank''s financial statements as at March 31, 2017.

64. Discount rate is based on the prevailing market yields of Indian Government securities as at the balance sheet date for the estimated term of obligations.

65. Expected rate of return on plan assets is based on the average long term rate of return expected on investments of the funds during the estimated term of the obligations.

66. The estimates of future salary increases, considered in actuarial valuation, taken in to account the inflation, seniority, promotion and other relevant factors.

67. Compensation for absence on Privilege/Sick/Casual Leave

The charge on account of compensation for privilege/sick/casual leave has been actuarially determined and an amount of Rs.25.94 Crore (Previous year Rs.25.27 Crore) has been debited to Profit and Loss Account.

The above information is as certified by actuary and relied upon by the auditor.

68. Small and Micro Industries

Under the Micro, Small and Medium Enterprises Development Act, 2006, certain disclosures are required to be made relating to Micro, Small and Medium Enterprises. There have been no reported cases of delays in payments to micro and small enterprises or of interest payments due to delays in such payments. The above is based on the information available with the Bank which has been relied upon by the auditors.

69. Segment reporting

Business Segments have been identified and reported taking into account, the target customer profile, the nature of product and services, the differing risks and returns, the organization structure, the internal business reporting system and guidelines issued by RBI vide notification dated April 18, 2007. The Bank operates in the following business segments;

70. Treasury:

The treasury segment primarily consists of interest earnings on investments portfolio of the bank, gains or losses on investment operations and earnings from foreign exchange business. The principal expenses of the segment consist of interest expense on funds borrowed and other expenses.

71. Corporate/Wholesale Banking:

The Corporate/Wholesale Banking segment provides loans to corporate segment identified on the basis of RBI guidelines. Revenues of this segment consist of interest earned on Loans made to corporate customers and the charges/fees earned from other banking services. The principal expenses of the segment consist of interest expense on funds borrowed and other expenses.

72. Retail banking:

The Retail Banking segment provides loans to non-corporate customers identified on the basis of RBI guidelines. Revenues of this segment consist of interest earned on loans made to non-corporate customers and the charges/fees earned from other banking services. The principal expenses of the segment consist of interest expense on funds borrowed and other expenses.

73. Other Banking Operations:

This segment includes income from para banking activities such as debit cards, third party product distribution and associated costs.

Geographic segment

The Bank operations are predominantly confined within one geographical segment (India) and accordingly this is considered as the only secondary segment.

The Bank''s pending litigations comprise of claims against the Bank by the clients and proceedings pending with Income Tax authorities/Service Tax Authorities. The Bank has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed the contingent liabilities wherever applicable, in its financial statements. The Management believes that the possibility of outflow of resources embodying economic benefits in these cases is possible but not probable and hence no provision is required in these cases. However, a contingent liability has been disclosed with respect to these cases.

74. Provision for long term contracts

The Bank has a process whereby periodically all long term contracts (including derivative contracts) are assessed for material foreseeable losses. At the year end, the bank has reviewed and recorded adequate provision as required under any Law/ Accounting Standards for material foreseeable losses on such long term contracts (including derivative contracts) in the books of account and disclosed the same under the relevant notes in the financial statements.

75. Corporate social responsibility

Operating expenses include Rs.4.03 Crore (Previous Year Rs.2.30 Crore) for the year ended March 31, 2017 towards Corporate Social Responsibility (CSR), in accordance with the Companies Act, 2013.

The Bank has spent 0.70% of its average net profit for the last three financial years as part of its CSR for the year ended March 31, 2017. As a responsible Bank, it has approached the mandatory requirements of CSR spend positively by utilizing the reporting year to lay a foundation on which to build and scale future projects and partnerships. The Bank is currently in the process of evaluating strategic avenues for CSR expenditure in order to deliver maximum impact. In the years to come, the Bank will further strengthen its processes as per requirement.

76. Investor education and protection fund

There has been no delay in transferring amounts, required to be transferred to the Investor Education and Protection Fund by the Bank.

77. Provisioning pertaining to fraud accounts

The Bank has reported 10 cases as fraud during the Financial Year ended March 31, 2017 amounting to Rs.314.03 Crore and has provided for the same in full except the following:

During the Year ended 31st March, 2017, bank identified a Non-Performing Advance as a fraud case. The net book value of Rs.115.64 Crore has been decided to be amortized over a period of four quarters beginning December 31, 2016. Accordingly, the Bank has charged Rs.57.82 Crore during the year ended 31st March, 2017 and unamortized amount of Rs.57.82 Crore has been drawn from Revenue and other reserves and will be charged to profit and loss account during the next two quarters in equal installments as permitted by the RBI in accordance with DBR No.BP.BC.92/21.04.048/2015-16 dated April 18, 2016.

Bank does not have any unamortized loss on fraud accounts as on March 31, 2017 except as disclosed above.

78. Disclosure of Specified Bank Notes (SBNs)

As per the clarification from RBI, the provisions of the MCA Notification dated 30th March, 2017 requiring companies to disclose details of the SBNs held and transacted during the notified period is not applicable to Banks.

79. Figures of the previous year have been regrouped to conform to the current year presentation wherever necessary.

Source : Dion Global Solutions Limited
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