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Annual Report 2009-10
THE SARASWAT CO-OPERATIVE BANK LIMITED(A SCHEDULED BANK)
l REGISTERED OFFICE : Madhukosh, S.V.Sovani Path,
Girgaum, Mumbai 400 004.
l CORPORATE CENTER : Saraswat Bank Bhavan,
Plot No. 953, Appasaheb Marathe Marg,
Prabhadevi, Mumbai 400 025.
Website : www.saraswatbank.com
l DATE OF ESTABLISHMENT : September 14, 1918.
l NO. AND DATE OF RBI LICENSE : ACD-MH-220-P, dated 27.08.1980.
l AUDIT CLASSIFICATION : A (Since 1933, i.e. the year in whichwe were registered as a Bank).
CONTENTS :
1. Notice ......................................................................................................................................................................2
2. Board of Directors, Auditors, Legal Advisors and Bankers ......................................................................................3
3. Performance Highlights ...........................................................................................................................................4
4. Report of the Board of Directors..............................................................................................................................5
5. Concise Report of the Board of Directors in Marathi .............................................................................................34
6. Statutory Auditors Report .....................................................................................................................................51
7. Balance Sheet as at 31st March, 2010 .................................................................................................................52
8. ProtandLossAccountfortheyearended31stMarch,2010..............................................................................54
9. Schedules forming part of Accounts for the year ended 31st March, 2010 ...........................................................56
10. Notes to Accounts for the year ended 31st March, 2010 ......................................................................................62
11. Cash Flow Statement ............................................................................................................................................72
12. Amendment to Bye-law .........................................................................................................................................73
13. Progress at a Glance.............................................................................................................................................74
14. Involvement of Small Man .....................................................................................................................................76
15. Report of the Board of Directors of Saraswat Infotech Ltd. ..................................................................................77
16. Statutory Auditors Report of Saraswat Infotech Ltd. ............................................................................................80
17. Balance Sheet of Saraswat Infotech Ltd. as at 31st March, 2010.........................................................................83
18. ProtandLossAccountofSaraswatInfotechLtd.fortheyearended31stMarch,2010.....................................84
19. Schedules forming part of Accounts for the year ended 31st March, 2010 of Saraswat Infotech Ltd. .................85
20. Cash Flow Statement (AS3) of Saraswat Infotech Ltd. ........................................................................................92
21. BalanceSheetAbstractandGeneralBusinessProleofSaraswatInfotechLtd.................................................93
22. Attendance Slip ....................................................................................................................................................95
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Annual Report 2009-10
The Ninety-second Annual General Meeting of the Members of
The Saraswat Co- operative Bank Ltd., will be held on Saturday,
25th September, 2010 at 4.00 p.m. at Yogi Sabhagruha, Near
Dadar Central Railway Station, Behind Swami Narayan Mandir,
Dadar (East), Mumbai 400014 to transact the following
business concerning the Bank: -
1. To consider and approve the Annual Accounts, which consist
of the Report of the Board of Directors, the Report of the
Statutory Auditors, the Balance Sheet and the Prot and
Loss Account, for the year ended 31st March, 2010.
2. To appropriate net prot and declare dividend as
recommended by the Board of Directors for the year ended
31st March, 2010.
3. To appoint Statutory Auditors for the nancial year
2010-11 and to authorize the Board of Directors to x
their remuneration. The Board of Directors recommendsM/s Kulkarni & Khanolkar, Chartered Accountants, 13/14,
Bell Building, Sir P.M. Road, Fort, Mumbai - 400 001; for
appointment as Statutory Auditors.
NOTICE
4. To approve amendment to Byelaw No.34
5. To place for consideration and adoption, the Annual Report
and Audited Accounts of Saraswat Infotech Ltd. (Banks
wholly-owned subsidiary company, registered underCompanies Act, 1956), which consist of the Report of the
Board of Directors, the Report of the Statutory Auditors, the
BalanceSheetandtheProtandLossAccount,fortheyea
ended 31st March, 2010.
6. To grant Leave of Absence to the members of the Bank
other than to those whose names appear in the Attendance
Register of this 92nd Annual General Meeting.
By Order of the Board of Directors
sd/-S.K.Banerj
Managing Director
Mumbai : 28th August, 2010
NOTE : The printed Annual Report of the Bank consisting of the Report of the Board of Directors, the Report of the Statutory Auditors,
theBalanceSheetandtheProtandLossAccountfortheyearended31stMarch2010isenclosedtothisnotice.
The printed Annual Report consisting of the Report of the Board of Directors, the Report of the Statutory Auditors, the Balance Sheet
andtheProtandLossAccountfortheyearended31stMarch2010ofSaraswatInfotechLtd.,Bankswholly-ownedsubsidiary,is
enclosed to this notice.
If there is no quorum for the Meeting at the appointed time, in terms of Bye-law No. 48 the Meeting shall stand adjourned to 5.00
p.m., on the same day and the Agenda of the Meeting shall be transacted at the same venue irrespective of the Rule of Quorum.
Dividend, when declared, will be paid on or after 1st October, 2010, to those shareholders whose shares are fully paid as on
31st March, 2010 and whose names are on the record of the Bank as on 6th September, 2010 .
If any member desires to have information in connection with the Accounts, he/she is requested to address a letter to the Managing
DirectoroftheBank,toreachhisofceatTheSaraswatCo-operativeBankLtd.,SaraswatBankBhavan,PlotNo.953,Appasaheb
Marathe Marg, Prabhadevi, Mumbai 400 025, not later than 20th September, 2010, so that the required information may be made
available at the Annual General Meeting.
TO SERVE YOU BETTER:
1. Shareholders are hereby requested to kindly verify their name and address on the Annual Report sent to them. Change in
address, if any, may kindly be intimated by post or by e-mail to Share Department of the Bank for updating Banks records.
E-mail address of the Share Department is incharge_sharedepartment@saraswatbank.com
2. Shareholders are requested to avail of nomination facility by submitting prescribed Nomination Form, as required under Section36 of the Multi-State Co-operative Societies Act, 2002 and Bye-law No. 19.
3. Shareholders having Current / Savings Bank / Cash Credit accounts with the Bank and desirous of crediting their dividends to
their accounts are once again requested to record their standing instructions with the Share Department.
Unclaimed Dividend
Notice is hereby given that dividend for the year ended March 31, 2007 (86th Dividend) if not drawn on or before 31st
October, 2010, will be forfeited by the Bank and credited to Reserve Fund in terms of Bye-law No. 68A.
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Annual Report 2009-10
BOARD OF DIRECTORS
(As on 28.8.2010)
Shri E. K. Thakur,B.A. (Hons.), C.A.I.I.B.
Chairman
Shri K. V. Rangnekar, M.A.Vice- Chairman
DIRECTORS
Shri M. K. Mantri,M.A. Shri S.S. Sanzgiri,B.A.
Late Shri. R.K.Patkar,B.A. (Hons.), B.Com.
(upto July 22, 2010)
Shri A.A. Pandit,B.Com., F.C.A., D.B.F.
Dr. Subhash V. Bhende,M.A., Ph.D. Shri S. S. Shirodkar,Dip. (Indl. Electr.), PGDM
Shri A.V. Dubhashi,B.Com., A.C.A. Shri S. V. Saudagar,B. Com., F.C.A., D.I.S.A.
Shri S.V. Deshpande,B. Com., LL.B. Dr. (Mrs.) Anuradha P. Samant,M.B.B.S.
Shri S. D. Panse,B. Com., F.C.A. Shri M. V. Desai,B.Com.
Shri H. M. Rathi,B. Com.
Shri S. K. Banerji,B. Sc. (Hons.), D.B.M., LL. M., FIIBF.Managing Director
ADVISOR TO THE BOARD
Shri N. R. Warerkar,B. Com., C.A.I.I.B.
STATUTORY AUDITORS
M/s M. P. Chitale & Co., Chartered Accountants
LEGAL ADVISORS
Dr. B.R.Naik, LL.M., Ph.D. M/s Little and Company
Shri A.V.Sabnis, LL.B.Shri K.M.Naik, B.A., LL.B.
Govind Desai AssociatesShri Shekhar Naphade, B.A., LL.B.
ADVISOR FOR PROJECTS
Shri S. N. Sawaikar, M.Com., DMA, C.A.I.I.B.
BANKERS
State Bank of India,
Bank of India,
HDFC Bank Ltd.,
Maharashtra State Co-operative Bank Ltd.
Wells Fargo Bank N.A.,
Standard Chartered Bank Ltd.,
ICICI Bank Ltd.,
WHOLLY-OWNED SUBSIDIARY
SARASWAT INFOTECH LIMITED
Shri E. K. Thakur, B.A. (Hons.), C.A.I.I.B.
Chairman
Shri S. K. Sakhalkar,M.Com., PGD (I.R.) PGD (Comp. Sc.)Managing Director & Chief Executive Ofcer
Shri D. M. Chandgadkar,M.Com., LL.B., C.A.I.I.B., A.C.S.Chief Domain Ofcer
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Annual Report 2009-10
PERFORMANCE HIGHLIGHTS
Table A (` in Crore)
Particulars FOR THE YEAR ENDED
31-Mar-09 31-Mar-10 % Change
Total Income 1,499.92 1,458.20 -2.78%
TotalExpenditure 1,174.56 1,242.36 5.77%
GrossProt 325.36 215.84 -33.66%
Less: Provisions 9.75 36.68 276.21%
NetProtBeforeTaxandExceptionalItems 315.61 179.16 -43.23%
Less:IncomeTax 74.32 40.00 -46.18%
NetProtafterTaxandbeforeExceptionalitems 241.29 139.16 -42.33%
Less:ExceptionalItems 30.50 19.49 -36.10%
NetProt 210.79 119.67 -43.23%
AT THE YEAR END
Own Funds 1,174.21 1,270.37 8.19%Share Capital 77.50 86.23 11.26%
Reserves and Surplus 1,096.71 1,184.14 7.97%
Deposits 12,918.85 14,266.73 10.43%
Current 916.22 1,244.30 35.81%
Savings 2,302.13 3,003.37 30.46%
Term 9,700.50 10,019.06 3.28%
Advances 8,110.41 9,250.35 14.06%
Secured 7,995.04 9,151.61 14.47%
Unsecured 115.37 98.74 -14.41%
Priority Sector 4,940.81 5,300.48 7.28%
% to Advances 60.92% 57.30%
Small Scale Industries 2,454.11 2,946.54 20.07%
Small Businessmen and Traders 556.78 689.47 23.83%
Other Priority Sectors 1,929.92 1,664.47 -13.75%
Working Capital 15,622.82 17,071.06 9.27%
Investments 4,791.51 5,321.39 11.06%
Borrowings and Renance 664.00 562.00 -15.36%
Net NPAs (%) 0.00 0.00 0.00
Capital Adequacy (%) 10.92 14.63 Number of Members
Regular * 1,29,741 1,34,417
Nominal 4,67,644 4,94,292
Number of Branch Licences 175 200
Number of Employees 2,904 2,911
*Shareholdersholdingftysharesandabove
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Annual Report 2009-10
Dear Members,
Your Directors have great pleasure to present the
Ninetysecond Annual Report on the business and
the operations of your Bank together with the Audited
Accounts for the year ended 31st March, 2010. During
the year under Report, uncertainty and stress in the
world economy lessened, even as sporadic events
like the Dubai crisis in the midst of the year and the
Greekscaldecitcrisistowardstheend,gavesome
destabilising moments. We would therefore like to
rstbriefyouontheglobaleconomicscenariothat
prevailed during the period under Report.
1. THE GLOBAL ECONOMY:
Theglobalnancialcrisis,whichcommencedduring
September 2008, has subsided to a large extent.
The year 2009-10 was largely a year of recovery for
the global economy. This rebound in world growth
was on account of extraordinary policy stimulus
bothscalaswellasmonetary.However,if private
sectordemanddoesnotpickup,theeffectsofscal
stimulus will wane, resulting in lower growth.
Impact on India:
The Indian economy bounced back impressively,
on the back of strong domestic demand combinedwith active monetary management by policy makers.
The GDP growth for FY 2009-10 stood at 7.4 per
cent, up from 6.7 per cent in FY 2008-09. A resurging
manufacturing sector led to the Index of Industrial
Production (IIP), registering a double-digit growth
at10.4percent.Despiteadecientmonsoon,the
agricultural sector grew by 0.2 per cent. However
decline in the growth of Community, Social and
Personal services moderated the pace of growth.
Price situation:
The key concern during the year remained in the
formoftherunawayination,whichshotupto9.9
per cent inMarch 2010.The ination was largely
driven by supply side pressures, which had led to a
spurt in the food prices. Since the policy challenge
fortheRBIwastoanchorinationaryexpectations,
without harming the recovery, a calibrated approach
REPORT OF THE BOARD OF DIRECTORS
to monetary unwinding was adopted. The Reserve
Bank of India (RBI) raised key policy rates of Reverse
Repo, Repo and Cash Reserve Ratio (CRR) during
the last quarter of FY 2009-10. The RBI places
greaterimportanceon themanagementofinationthan on growth and therefore, it appears that RBI
will continue to adopt tight monetary policy to anchor
inationarypressures.
Large divergence between ination as measured
by wholesale and consumer price indices was a
majorfeatureofinationtrendsinIndiainFY2009-
10. Since November 2009, relative price variability
has declined, indicating that ination has become
increasingly generalised. Economists have also
realised that when inationary pressures aredominated by adverse supply shocks, monetary
policy could be a less effective tool in containing
inationarypressures.
Fiscal Situation:
On the scal front, the expansionary policy of the
Government led toanelevatedlevelofscaldecit
Thecombinedscaldecitwentupfrom8.5percentof
GDP in FY 2008-09 to 9.7 per cent of GDP in FY 2009-
10. In FY 2010-11, good monsoon, pick-up in private
consumption and additional revenue from the auctionof 3-G and Broadband spectrum in the Telecom sector
will signicantly ease the pressure on Government
nances,therebyarrestingthescalslide.
Monetary and Liquidity Conditions:
On the monetary front, the money supply (M3),
increased by 16.9 per cent during FY 2009-10 as
against 19.1 per cent in FY 2008-09. The Bank
deposit and Bank credit during FY 2009-10 increased
by 17 per cent and 16.7 per cent respectively,
which was lower than the corresponding precedingyears gures of 19.9 per cent and 17.5 per cent
respectively. There was a surfeit of liquidity in the
system throughout the year on the back of lower
credit off-take and robust deposit growth. Mirroring
easy liquidity conditions, average call money rate
stayed in the range of 3.15 per cent to 3.50 per cent
during the year.
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Annual Report 2009-10
Financial Markets:
Overall, nancial markets remained orderly. With
the revival of foreign institutional investment, equity
marketsgained strength and the BSEstock index
nearly doubled from 9,709 as on 31st March, 2009
to 17,528 as on 31st March, 2010. As regards debtmarkets,long-termyieldshardenedsignicantlyfrom
7.01 per cent to 7.84 per cent, while short-term rates
remained low. The Rupee strengthened against the
US Dollar to close at ` 44.90 by 31st March, 2010
(an appreciation of 11.87 per cent) on the back of
increaseinFIIinowsandcontinuedinowofforeign
directinvestment.Indiasforeignexchangereserves
increased by USD 27.1 billion to reach USD 279.10
billion at the end of March, 2010.
Overall Assessment:Going forward, the fundamentals of the Indian
economy remained strong. The monetary and
exit measures initiated by the policy makers will
result in interest rates moving upwards, thereby
attracting higher capital inows as interest rate
differentials widen. In such a scenario, the monetary
management in FY 2010-11 will largely tilt towards
reiningofinationarypressureswhile,atthesame
time remaining supportive of economic growth.
It should however be noted that inspite of strong
recovery across the globe, there are signicant
risks on the global front viz. sizeable increase in
scaldecits,worseningDebt-GDPratiosandrising
unemployment in developed countries, which may
indirectly impact the Indian economy.
Measures taken by RBI:
Since the outbreakof the global nancial crisis in
September 2008, the RBI followed an accommodative
monetary policy. The nancial year began with
RBI announcing a 25 basis points reduction in the
repo and reverse repo rates in its Annual Policy
statement. The focus remained on providing ample
rupee liquidity, ensuring comfortable Dollar liquidity
andmaintainingcontinuedcreditowtoproductive
sectors. In the course of FY 2009-10, this stance was
principally geared towards supporting early recovery
of the growth momentum.
Theprocessofshiftfromtheexpansionarymonetary
stancetotheexitstrategybeganon27.10.2009with
the Statutory Liquidity Ratio (SLR) of scheduled
commercial banks being restored to the pre-crisis
level of 25 per cent. As we entered the calendar year
2010, the RBI announced a total 100 bps hike in theCash Reserve Ratio (CRR), signalling beginning of
windingupoftheexpansionarypolicy.
The RBI also announced a 100 bps hike in the
repo and 125 bps hike in reverse repo starting
from March 2010 till July 2010, in order to curb
inationary pressures. It is apparent that RBI has
given precedence to price stability than growth in the
near term.
2. MAJOR DEVELOPMENTS IN BANKING AND
FINANCIAL SECTOR IN INDIA:
l The Indian economic and nancial system
enduredtheshockoftheglobalnancialcrisis
reasonably well. The nature of the impact
remained minimal during FY 2009-10 as the
Indian economy continued to grow steadily.
l RBI increased the provisioning requirement for
advances to the Commercial Real Estate (CRE)
sectorclassiedasStandardassetsfrom0.40
per cent to 1.00 per cent.
l Exportcreditrenancefacilitywasreducedfrom50percentto15percentandspecialrenance
facility for banks was discontinued.
l RBI stipulated that the Banks should achieve a
minimum NPA provision coverage ratio of 70 per
cent by end-September 2010.
l Branch Authorisation Scheme for opening
branches in Tier 3 to Tier 6 centres has been
liberalized (i.e. with population upto 50,000) for
the commercial banks.
l In pursuance of the recommendation of the RBI
Working Group set-up to review BPLR system,
BPLR has been replaced by Base Rate from
July 2010. The switch over to the new base-
ratesystem isexpected tohelp in improving
and enhancing the visibility of transmission of
monetary policy signals to the credit market.
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Annual Report 2009-10
l In order to allow basic banking services to
percolate down to the grass root levels of the
society, RBI has permitted commercial banks
to appoint additional entities as Business
Correspondents (BC) and collect reasonable
service charges from the customer in a
transparent manner for delivering the servicesthrough BCs.
l RBI is also considering giving some additional
banking licenses to private sector players,
including Non Banking Finance Companies, if
they meet RBIs eligibility criteria. A discussion
paper has been placed in public domain in this
regard.
3. THE URBAN CO-OPERATIVE BANKING
SECTOR:
Indias Urban Co-operative Banking Sector constitutesapproximately seven per cent of the banking
sectors total assets. However, considering the large
concentration of Urban Co-operative Banks (UCBs) in
ve Statessuch asMaharashtra,Gujrat, Karnataka,
Tamil Nadu and Andhra Pradesh, the importance
of these institutions in these States is even greater.
The RBI has been ne tuning its controls on the
co-operative banking sector slowly, in order to improve
the quality of supervision and regulation of this sector.
Followingaresomesuchspecicmeasuresundertaken
by RBI during the year 2009-10 for strengthening the
Urban Co-operative Banking Sector.
l Guidelines have been introduced to UCBs on
internal controls, risk management systems,
ALM and disclosure norms.
l RBI increased the provisioning requirement for
UCBs on advances to the Commercial Real
Estate (CRE) sector classied as Standard
assets to 1.00 per cent.
l RBI has decided to apply duration based capitalcharge for market risks in respect of systemically
important large UCBs w.e.f. 1st April, 2010.
l RBI has decided to permit extension of area
of operation to well- functioning Primary UCBs
which are located in the States that have signed
MoUs with the RBI.
l UCBs have been permitted to declare dividends
on shares without prior approval of the RBI,
subject to certain conditions.
l From April 2010, UCBs will have to calculate
interest on balances in savings bank accounts
on a daily product basis. This will lead to higher
interest payout on saving accounts.
l UCBs have been advised to discontinue all
bilateral clearing arrangements arising out of
normal banking transactions.
l RBI also released the Report of the working
group on Umbrella Organisation and Constitution
of Revival Fund for UCBs, during the year under
Report.
l The Future: It must be admitted on all hands that
the prudential and other calculated measurestaken by RBI for the UCB sector over the last 4-5
years have accelerated the strengthening of the
sector. RBI policy measures such as the issuance
of Vision Document, signing of MOUs with State
Governments, formation of TAFCUBs and having
regular consultations with the leaders of the UCB
sector and the Governments controlling them have
created a greater sense of responsibility in the
sector and a stage is now set where irreparable
UCBshavetoexitthesector,astheRBIhasgiven
clear signals that only responsible players in the
sector, compliant of the regulatory regime will be
supportedandencouragedtogrowandexpand.
Your Bank, therefore, feels that it will legitimately
benetfromthenewregulatoryregime.
4. COVER PAGE:
The cover page celebrates the completion of a
ve-yearcompactamongstthefourmajorpillarsof
themagnicentedice ofyourBank,viz., (1) The
Board of Directors, (2) The Central Management
Committee (CENMAC) and all executives,
(3) The Ofcers Association and all ofcers and
(4) The Employees Union and all non-management
employees. We may add that Dr. Adarkar Mission-I
was conceived and announced by present Chairman
of your Bank Shri E. K. Thakur, on Tuesday,
15th March, 2005, which was the eighth day after
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Annual Report 2009-10
demise of Dr. S. P. Adarkar. The business of the Bank
on 31st March, 2004 was of the order of 6,670 crore.
Dr. Adarkar Mission-I envisaged attaining the goal
of total business of the Bank of` 10,000 crore plus
by 31st March, 2006. The Dr. Adarkar Mission-II of
` 25,000 crore plus was announced on behalf ofthe Board, by Shri E. K. Thakur immediately after
successful completion of Dr. Adarkar Mission-I and it
is to be achieved by 31st March, 2011.
The above Missions, i.e., Dr. Adarkar Mission-I of
` 10,000 crore plus and Dr. Adarkar Mission-II of
` 25,000 crore plus constituted a clarion call by your
Bankonall its employees and fulllmentof these
Missions called for a leap of faith on the part of all
employees. The members of management and
staff at all levels responded to this call of duty mostwholeheartedly.
All the four major pillars of your Bank, have worked
faithfully and ceaselessly to achieve these Missions.
What is important and noteworthy is the fact that the
two representative organizations in the Bank, i.e.,
theOfcersAssociationandtheEmployeesUnion
have shown wisdom and maturity in realizing and
accepting the fact that destiny of employees is closely
intertwined with the progress of the Bank. Therefore
the leadership of these two bodies has continuallyexhortedtheirmemberstoputintheirbesteffortsin
the pursuance of cause of Dr. Adarkar Missions.
The pictorial design in the cover page depicts the
fact that INTEGRITY of the Bank and its personnel
constitute the foundation of the Bank, the PROGRESS
of the Bank has been possible because it is supported
fully and well by the four pillars. TRUST of the public
at large, which the Bank enjoys and which is the
productofefcientanddelightfulSERVICEoffered
at the Banks branches gives the real protection
to the Bank in an otherwise competitive cut-throat
banking space.
5. CHAIRMANS SPEECH 2009 IN RETROSPECT:
WhiledeliveringhisspeechattheNinety-rstAnnual
General Meeting on 25th July, 2009, the Chairman of
your Bank, Shri E. K. Thakur, had dwelt on the global
nancialdevelopments,theIndianscenarioandyour
Banks position in wake of the same. Your Bank had,
at that point of time, achieved a business milestone of
`21,000crore.Whileprovidingguidanceforthenext
year, the Chairman, in view of the impact of strong
recessionary trends in the economy; had anticipateda steep deceleration in the prot projections for
FY 2009-10. At the same time, the Chairman had
pencilled out three priorities for your Bank viz.,
emphasis on (1) CASA deposits, (2) Credit Marketing
and (3) Strong NPA recoveries.
The following were the results of the guidelines:
l Emphasis on CASA deposits: High CASA
provides competitive advantage as it helps
lowering cost of funds and in turn, it helps
reducing the lending rates and thus remainingcompetitive. Many Indian Banks and UCBs
have a CASA level well above 40 per cent,
which gives them a competitive advantage
over your Bank. During the nancial year
2009-10, your Banks focus on this area
helped in increasing the CASA deposits from
` 3,218.35 crore to ` 4,247.67 crore i.e. an
increase of 31.98 per cent on a y-o-y basis.
Resultantly, the ratio of CASA deposits to total
deposits increased from 24.91 per cent as on
31st March, 2009 to 29.77 per cent during theyear, which constitutes the highest ever increase
inCASAinanysinglenancialyear.
l Credit Marketing: During the year, credit
demand in the market declined steeply,
impacting both, Banks topline and bottomline.
Your Bank also was not an exception to this
rule. Concerted efforts were made to increase
the credit portfolio of your Bank. The following
table shows the results.
Table No. 1 (` in crore)
Advances as on 31.03.2009 (A) 8110.41
Total Advances sanctioned during FY 2009-10 5763.54
Total advances disbursed during FY 2009-10 (B) 2921.06
Total repayments/ recoveries during FY 2009-10 (C) 1781.12
Net additional advances disbursed during FY 2009-10 (D) 1139.94
Advances as on 31.03.2010 (A+D) 9250.35
Advances pending disbursement as on 31.03.2010 2842.48
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Annual Report 2009-10
Thus, with sustained marketing efforts, the advances
portfolio increased from ` 8,110.41 crore as on
31st March, 2009 to ` 9,250.35 crore as on
31st March, 2010 i.e. a rise of 14.06 per cent.
l NPA recoveries:Sustained and energetic efforts
taken by your Bank to reduce the gross NPAs bore
fruit with recoveries in gross NPAs to the tune of
` 110.72 crore. Your Bank has been able to bring
down its Gross NPA level from 4.50 per cent to
3.92 per cent. This is despite the fact that there
were fresh NPAs during the year 2009-10 of
` 107.84 crore.
Thenancialyear2009-10turnedoutaverydifcult
yearfortheentirenancialsector,aswellasforyour
Bank. With very tepid demand for credit throughout
the year, some growth in credit was achieved only
during the last months of the year. Resultantly, a
very large chunk of surplus funds of your Bank had
to be invested mainly in mutual funds at a very low
return; thus affecting income, as the monies were
earlier contracted as deposits by your Bank at rates
much higher than the rate of return from the mutual
funds.Thisresultedinmarkeddecelerationinprot,
both in percentage and absolute terms, unwitnessed
anytime before in the history of your Bank. True to
our predictions the nancial year turned out to be
anannushorribilisintermsofnancialresults.We,however found saving grace in the fact that our staff
at all levels worked with indefatigable spirit to meet
the challenges of the times, the Bank registered
substantial growth in CASA deposits, restructured its
depositportfolioandexcelledinimplementationofthe
hard-won MHADA tenement lottery project. What is
most satisfying is the fact that your Banks Business
Model passed the toughest test of all times and it fully
proved your Banks endurance and resilience in the
most trying times, thus allowing us to post a decent
prot.ItisclearthatyourBankhasthestrengthandthe wherewithal to strive to achieve all its goals in the
midst of such trying and tumultuous times.
6. MAJOR ACHIEVEMENTS DURING FY 2009-10:
As you are aware, this year has proved to be a
daunting year for your Bank. However, inspite of the
challenges posed, your Bank marched forward in
pursuance of our goal under Dr. Adarkar Mission-II,
of achieving a business goal of ` 25,000 crore by
March 31, 2011. The progress is as follows:
(A) Total business of the Bank (i.e. deposits plus
advances) grew to ` 23,517.08 crore as on
31st March, 2010 from ` 21,029.26 crore as on
31st March, 2009 i.e. a growth of ` 2,487.82
crore in absolute terms and of 11.83 per cent,
on a y-o-y basis.
(B) The deposits grew from ` 12,918.85 crore as on
31st March, 2009 to ` 14,266.73 crore as on
31st March, 2010 i.e. a rise of 10.43 per cent,
while advances increased from ` 8,110.41 crore
as on 31st March, 2009 to ` 9,250.35 crore as
on 31st March, 2010 i.e. a rise of 14.06 per cent.
(C) Within the overall deposits, your Bank has
successfully increased the low-cost deposit
base. The CASA deposits increased by 31.98
per cent on a y-o-y basis i.e. a rise of` 1,029.32
crore in absolute terms. The ratio of CASA
deposits to total deposits thus increased from
24.91 per cent as on 31st March, 2009 to 29.77
per cent as on 31st March, 2010.
(D) On the backdrop of the scenario depicted
hereinabove,theprotoftheBank(beforetax
and exceptional items) has decelerated from
` 315.61 crore in FY 2008-09 to ` 179.16 crore
inFY2009-10.Thenetprotaftertaxalsoslid
lower at ` 119.67 crore in FY 2009-10 vis--vis
`210.79crorefortheprecedingnancialyear.
(E) The foreign exchange turnover of your Bank
remained above ` 50,000 crore for second
successive year in spite of global nancia
turmoil,whichhadaffectedcountrysexports.
(F) The number of branch licences of your bank
reached the magical gure of 200.Accepting
that these were tough times, no new mergers
have been carried out during nancial year
2009-10. The 200th branch of your Bank was
opened at Dindoshi , Goregoan (E), Mumbai, on
16th March, 2010 on the auspicious occasion of
Gudhi Padva at the hands of Smt. Mrinal Gore,
the well-known socialist leader.
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(G) A total of twenty-eight new branches were
opened during the year. Of these, four new
branches were opened at Mangalore on a
single day and two branches were opened at
Bengaluru on a single day, strengthening Banks
base in the Southern region.
(H) RBI allowed your Bank to raise Long Term
Subordinated Deposits (LTSD) of ` 300 crore
to strengthen the capital adequacy. Your Bank
accordingly completed issuance of` 300 crore
LTSD by March, 2010. In pursuance of the
instructions from RBI, LTSD issue carried stiff
conditions. LTSD investments are not protected
by deposit insurance, no loans can be availed
against such deposits and they cannot be
withdrawn before their long maturity. And yet
depositors entrusted their funds of the order of` 300 crore to your Bank, to support the Banks
TierII capital, which demonstrates the deep
and abiding trust the members of public have
in your Bank and in the brand Saraswat Bank.
(I) Your Banks capital adequacy ratio has always
been well above the RBI stipulation of 9 per
cent. With the issuance of LTSD this year, and
mainly placing market value on the capital asset
of new Corporate Center The Saraswat Bank
Bhavan at Prabhadevi, Mumbai, your Bankhas further strengthened its capital base and
reserves. The Capital Adequacy Ratio (CRAR),
which stood at 10.92 per cent as on 31st March,
2009 has moved up to 14.63 per cent as on
31st March, 2010 which in effect has enabled us
to emerge stronger from the recession.
7. HIGHLIGHT OF THE YEAR MHADA PROJECT:
Another feather in the cap for your Bank was the
bagging of the prestigious MHADA project, through
stiff bidding competition with major commercialbanks in Mumbai city. Your Bank was selected as the
exclusiveco-ordinatingagencyforMHADAtenement
lottery project that commenced in January, 2010.
The MHADA project was a challenge in itself, which
your Bank met in the most professional manner.
Under the MHADA project, the entire process of
sale and receipt of MHADA application forms and
further processing right upto the stage of giving
nalpossession letter to thesuccessful bidder i.e.
the allottee was handled by your Bank through its
seventy-veselectbranchesinandaroundMumbai.
(Your Bank has nearly 100 branches in Mumbai now.)Your Bank received accolades from all sections of
the society for handling the project awlessly and
alsoforsurpassingtheexpectationsofthepeople.
In order to enable more people to bid for the MHADA
tenements, your Bank designed a Special Loan
Scheme - SHUBH LAABH for covering the Earnest
Money Deposit (EMD) required for bidding. This
loanwasavailableatalltheseventy-vedesignated
branches. In all 1,73,600 bidders availed of your Banks
loan facility under SHUBH LAABH scheme.
Under the MHADA project, we sold 5,02,940
applicationformsthroughourseventy-vebranches
designated in and around Mumbai city. This helped
us reach a very large number of families in the
city. The successful execution of MHADA project
helped in making the Brand Saraswat Bank known
across various sections of the society, giving
boost to the image of your Bank. The smooth and
successful handling of this tedious and cumbersome
responsibility in the most efcient and effective
manner, the team work and espirit the corps
demonstrated during this massive project has helped
your Bank earn a place of honour in the league of
professional Banks in the metropolis. We record
our deep gratitude to all the authorities of MHADA
for reposing their faith inusand for extending us
excellentunderstandingandco-operationtoenable
usfulllourresponsibilityundertheproject.
8. OUR MISSION:
As you are aware, your Bank has announced four
ightsforachievingthebusinesslevelof` 1,00,000
crore plus by the year 2021. These include
l Dr. Adarkar Mission-I to reach a business level of
` 10,000 crore by March 2006
l Dr. Adarkar Mission-II to reach a business level of
` 25,000 crore by March 2011
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l Dr. Adarkar Mission-III to reach a business level of
` 50,000 crore by March 2016
l Dr. Adarkar Mission-IV to reach a business level
of` 1,00,000 crore by March 2021
Your Bank has been successful so far in achieving the
goals denedunder theseMissions,whileensuringthe highest level of business ethics and professional
integrity.YourBankachievedandexcelledDr.Adarkar
Mission-I of 10,000croreintimeandisnowdenitely
set toachieve Dr.AdarkarMission-II by exceeding
` 25,000 crore by March 2011, as planned.
In the previous years Annual Report, your Board of
Directorshadexplainedthestrategiesformarching
towards this goal. Emphasis was laid on acquiring
top-class human resources, branch expansion
through strengthening branch network in adjoining
States, formation of Strategic Business Units (SBUs),
upgradation of technology and further Brand building.
Your Bank is proud to inform you that the above-
mentioned plans were largely accomplished
successfully during FY 2009-10. Besides, to bring
fresh vigour, your Bank undertook recruitment
of professionals from management campuses
and added lateral recruits - a blend of youth and
experience. In the coming months, your Bank
will continue to open new branches in States of
Maharashtra and Karnataka and will expand into
Gujarat viz. Ahmedabad, Baroda as well.
With these measures, your Bank is marching
aheadrmlyonthepathtowardscompletionof the
Dr. Adarkar Mission-II well ahead of the stipulated
timeframe.
9. YEAR OF AUSTERITY:
Table No 2: (` in lac)
Expense 2008-2009
(A)
% to net income
(B)
2009-2010
(C)
% to net income
(D)
Change in %
to net income
Electricity 718.31 1.22 770.73 1.54 0.32
Advertising 821.20 1.39 364.98 0.73 -0.66
Postage & Telegram 262.94 0.45 216.20 0.43 -0.02
Telephone&Telex 162.26 0.28 163.23 0.33 0.05
Printing & Stationery 324.64 0.55 364.85 0.73 0.18
Maintenance 236.98 0.40 68.21 0.14 -0.26
Travelling & Conveyance 113.93 0.19 105.13 0.21 0.02Security Service charges 370.44 0.63 432.42 0.86 0.23
Sundries 1636.14 2.78 1703.29 3.40 0.62
Note:TheriseinElectricityexpenses,Printing&stationeryexpensesandsecurityservicechargesismainlyonaccountoftwenty-eigh
new branches opened during the year. However, it must be noted that the increase is much less than proportionate which manifests the
cost control. Of the total increase of` 67.15 lac in Sundries, ` 49.04 lac was on account of increase in medical aid paid to the increased
numberofpensionersoftheBankandremainingwasattributabletovariousexpensesincurredontheMHADAproject.Asshowninthe
early paragraphs of this Report, the net income has fallen steeply during the year. However column (D) evidences the tight leash on
expensesexertedbytheIncomeandCostCouncilofyourBankduringthenancialyear,earninglatterthesobriquetAusterityYear
in a true sense.
As declared in the Directors Report for the FY 2008-
09,thenancialyear2009-10wasdedicatedbythe
Bank to the practice of Austerity, with a view to
minimizeexpenditureandmaximizeoutcomes.Cost-
controlintandemwithefcientuseofresourcesand
increase in productivity will determine the winners
and laggards in the future.
Fromthetraditionalequation,revenue=cost+prot
equation i.e. wherein customers are charged to cover
the costs incurred and the prots expected, most
bankshavealreadymovedintotheprot=revenue
cost equation. This has been reected in the fact
that with cost of services staying nearly equal across
banks, only banks with better cost control can aspire
for higher prots.The new paradigmin the coming
yearswillbecost=revenueprot,asthisequation
focusses on costs and grants them the centrality they
deserve.
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The various measures taken during FY 2009-10
haveresultedincontrolofexpenditureasshownin
the Table no. 2 on previous page.
10. SARASWAT BANK BHAVAN
(CORPORATE CENTER):
We are happy to inform our members that your
Banks Corporate Center Saraswat Bank Bhavan
atPrabhadevihasbecomeoperational.Theedice
boasts of the state of art technology as well as a
thoroughly professional and pleasant ambience. It
is a matter of immense pride for Saraswat Bank to
make its corporate presence so strongly felt in the
heart of Mumbai i.e. Prabhadevi, Mumbais new
downtown and to leave an indelible mark on the
visitors and onlookers. The Bank has taken pains
to ensure that the latest amenities are available for
the convenience of the staff working at the premises.
TheOccupationCerticate(OC) forSaraswatBank
Bhavan has already been received, which currently
allows us to use six out of seven oors and two
basements; pending erection of the third lift (capsule
lift).
Brand Saraswat Bank:
The Saraswat Bank sports a new logo, which
represents a change in the outlook of the Bank asalso the zeal to embrace the changing organizational
ethics with open arms and improvise its functions,
systems and procedures to suit modern day
banking. The new logo has indeed been accepted
andappreciatedasanexcellenttoolforourbrand
positioning and image building of the Bank. It has
also radically changed the opinion of a very large
segment of people who earlier considered every co-
operativeBanktobeanobsoletenancialinstitution
with a status- quoist and stagnant image.
The new branches of Saraswat Bank, opened after
the launch of the new logo, are a delight to visit and
see, in terms of ambience, systems as well as the
services offered, which are in tune with our mantra
of delighting our customers and amazing our
competitors.
Thefunctioningofthecorporateofceandsevera
of the Banks departments from the corporate centre
Saraswat Bank Bhavan at Prabhadevi will, in the
above backdrop, provide a tremendous advantage to
your Bank. With Saraswat Bank Bhavan, your Bank
has transitioned from an old-generation Bank andhave indeed arrived as a modern 21st century Bank.
This provides boost to the Brand Saraswat Bank.
11. HUMAN RESOURCES DEVELOPMENT (HRD):
Behind the success of the Bank is its most important
asset - the human capital. It is the people who make
an organization. The quality of human resources
determine the quality of the service at the Bank. We
had elaborated in detail the main tenets on which the
Banks HRD Philosophy is based, in the last years
Annual Report.
The Bank does everything possible to build a sense
of belonging in the employees, where they are trained
and a strong sense of commitment to their work is
developed, with opportunities to discover and use
their potential to the fullest, in a healthy motivating
work environment. The top management pays special
attention to the needs, facilities and infrastructure for
the emotional and intellectual development of all its
personnel.
The unmatched growth of the Bank since last ten
years was possible only because the vision of
the top management was fully supported by the
total conviction, commitment and capabilities of
employees of your Bank at all levels.
Training:
Enhancing the capabilities and knowledge level of the
human resources is accorded the highest priority by
your Bank. Your Bank therefore follows a systematic
approach to training. Training needs of employees
are taken care of, on a continuous basis, right from
recruitment and throughout the working life of the
employee with your Bank.
During FY 2009-10, your Bank provided training to
1,800 employees. Apart from the same, induction
training was provided to newly recruited employees.
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Special two day training programme was conducted
on Managerial Effectiveness for the employees
within the management cadre, who were promoted
to higher ranks.
Special refresher programmes were arranged for
staff of erstwhile banks merged in to your Bank in the
recent past.
In order to inculcate learning culture in the
organization, on-line tests on Product knowledge
were developed and conducted for employees in
branches and departments. Practice study material
was developed and made available to employees to
help them prepare for banking related professional
examinations.
Recruitment :
With growing business development and openingof branches this year, investment in human capital
assumed great importance. During the year, total
431 employees were recruited for manning additional
positions and for strengthening our marketing and
operations. Of these, 87 are in Management cadre
and 344 in Non-Management cadre. With this
recruitment, your Bank now employs a total of 2,911
persons in the Bank.
Promotional Exercises :
In order to cater to the growing expanse of your
Bank and the need for managerial positions in the
wake of the same, the Bank conducted promotional
exercises to various cadres. A total of sixty-eight
employees were promoted to various cadres during
the year. All promoted personnel have been suitably
placed in various branches / departments including
in existingbranchesof themergedbanksandthe
newly opened branches.
The Branch Expansion HRD Support :
Identication and selection of right personnel for
new branches with competencies and capabilities
to take up the challenges and with capacity to
effectively shoulder the responsibilities in future
has become key responsibility of the HR function
of the Bank. New branches have been provided
with the employees who have air for marketing
alongwithadequateknowledgeandexperienceof
banking operations and branch management. A new
cadre of Marketing and Operation Personnel has
been created to provide thrust for marketing efforts
at the branches. All new recruitments, excepting
of professionally qualied persons are made as
marketing & operational personnel. A blend of lateral
recruits,qualiedfreshersandinternalexperienced
staff has been provided to the new branches.
Industrial Relations:
The Bank has always respected the rights, role and
existence of theemployees organizations. Mutua
Trust, Respect and Acceptance are underlying
principles of every relationship. Along with the Board
ofDirectorsandExecutives,theOfcersAssociation
and the Employees Unions are the pillars of our Bank
on which the stability, sustainability and development
of the organization rests. The Bank pays special
attention to the well being of its employees, by giving
them pay scales, benets and service conditions,
which are comparable to the industry. At the same
time, theBankexpectsexcellent performanceand
contribution, which will take the Bank ahead in the
competition. Satised, motivated and committed
workforce is behind success of your Bank. There
is cordial and ongoing dialogue with employees
organizations on all issues raised by them. The
Union and the Association have always responded
favourably on issues raised by management with
them. The employees organizations have shown
complete commitment to ensure that Bank marches
onitswell-denedpathofprogress.
Madhusatva:
During FY 2007-08, a new fortnightly house
magazine titled Madhusatva was launched as a
mouthpiece of our Human Resources Department.
The rst issue of Madhusatva was published on
14th October, 2007 and was released in the Branch
Managers Conference of the Bank. The magazine
waslaunchedinthecontextofthefelt-needtocreate
greater awareness about the functioning of your Bank
amongst the large number of employees of the seven
merged banks, who were absorbed in your Bank as
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also newly recruited staff so as to help their faster and
better assimilation and integration in the Bank. The
fortnightly magazine depicts a pictorial and narrative
account of all important happenings in the Bank
and conveys to all employees our ideas, initiatives
and the progress being made in the direction of ourMission. It also aims at imparting our values to our
new employees. This magazine reaches the home
of every employee every fortnight. This initiative has
now reached its Fiftieth issue of publication and has
been successful in creating greater bonding amongst
existingemployeesaswellincreatingunderstanding
about the culture and priorities of the Bank amongst
new employees and the employees of the merged
banks. Shri Sunil Manjrekar, a Chief Manager in the
Bankand President of the OfcersAssociationof
the Bank is functioning successfully as the Editor ofMadhusatva.
12. BPR INITIATIVE
In the last years Annual Report, we had stressed on
the need of organizations to look at their business
processes from a clean slate perspective. From our
organizational point of view, we had detailed few BPR
initiatives as below :
Formation of Retail Asset and Small Business
Enterprises Centres (RASECs), Setting up of SME focussed branches,
Setting up of Clearing Processing Clusters
(CPCs),
Setting up of Centralised Deposit Service Centre
(CDSC) .
In further pursuance of our laid down initiatives, the
below mentioned steps have been undertaken during
FY 2009-10:
Opening of one Retail Asset and Small Business
Enterprises Centre (RASEC) for Gandhakosh,
at Matunga.
Opening of four SMEfocussed branches viz.
SME Vikhroli, SME Panjim, SME Pune and
SME Vile Parle.
Three more SMEs are proposed to be set up, two in
Mumbai and one in Aurangabad during FY 2010-11.
A separate Credit Processing Centre will also be set
up for our merged banks unit i.e. Gandhakosh.
Creation of Strategic Business Units (SBUs):
As you are aware, your Bank has been growing at
a fast pace. Within a three years time-frame, the
number of branch licences have nearly doubled
(from 105 as on March 2007 to 220 as on the date
of Report).
As the organization grows, the need to segregate
different business units, within the overall corporate
identity becomes imperative. These units should
be ideally managed as self-contained planning
units for which discrete business strategies can be
developed. The key philosophy behind the formation
of Strategic Business Units (SBUs) is to gain
competitive advantage by segmenting the activities
of the Bank in a strategic manner and thus allocating
the resources competitively.
During the year under consideration, your Bank
undertook major restructuring exercise in terms
of formation of four Strategic Business Units viz.
Wholesale Banking, Retail Banking, Treasury and
Gandhakosh. Gandhakosh refers to the Strategic
Business Unit for Merged Banks. All the four SBUs
are headed by a top ofcial of the level of Chief
General Manager or above, who all are designated
asChiefExecutiveOfcersoftheirrespectiveSBUs.
Each CEO has been assigned Key Result Areas for
the individual SBU, with adequate delegated powers
13. EVALUATION OF MERGERS A PROGRESS
CARD:
In the last years Annual Report, we had highlighted
the inorganic growth, the Bank had achieved through
the merger initiatives. In order to further enhance the
business development opportunities arising out of
the mergers of seven UCBs into your Bank, detailed
in the last years Report, your Board of Directors
hasdenedandcreatedaStrategicBusinessUnit
(SBU) during 2009-10, by grouping together the
Zones of the seven merged banks. This SBU of
merged Banks is named as GANDHAKOSH. The
SBU Gandhakosh is expected to function as a
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Annual Report 2009-10
Bank within the Bank. Its head has been granted
thestatusofChiefExecutiveOfceroftheSBUfor
the purpose. The goals dened for Gandhakosh
include (A) Reaching a business level of ` 15,000
crore by 31st March, 2016, (B) Reducing the Gross
NPAs of the aggregated seven merged banks from
their original level of` 276.41 crore to ` 75 crore by31st March, 2016 (C) Returning to Saraswat Bank its
cost of acquisition of seven UCBs i.e. ` 279.00 crore,
(D) Building Gandhakosh into a professionally
managed entity that can compete with the best banks
in India in termsofbusiness per employee; prot
per employee; customer acquisition and highest
standards of customer service. With this initiative, it
isexpectedthatyourBankwouldbeabletoreach
out to varied cross sections by opening branches in
newareas,acrossmanymoreStatesandexplore
the vast potential of untapped business with more
focussed approach.
GANDHAKOSH, (SBUMerged Banks) was
commissioned on 17th August, 2009. Soon after the
acquisition of these seven UCBs and subsequent
formation of Gandhakosh, your Bank has acted
quickly to encash the various opportunities arising out
of the mergers and the results are very encouraging.
Thefollowingtableencapsulatesthebusinessprole
of Gandhakosh:
Table No 3: Business Prole of Gandhakosh : (` in crore)
Name of the
merged bank
Date of
merger
Business
on the dateof merger
Total business as
on 31.03.2010(of the Branches of
the merged banks)
Gross
NPAs onthe date of
merger
Gross
NPAs as on31.03.10
Aggregate
Recoveriestill 31.03.10
Operating Prot
earned fromthe date of the
merger
MMCB 20.03.2006 292.55 1,069.94 66.54 29.05 37.49 43.54
Mandvi 30.03.2007 885.33 1,343.56 40.38 16.25 24.13 58.19
AKJSB and MRSB 30.06.2007 253.57 300.47 73.82 35.68 38.14 0.27
NPCB 21.12.2007 207.95 243.98 56.24 36.05 20.19 9.79
SICB 01.09.2008 167.21 269.52 13.43 9.63 3.80 1.27
KMCB 06.03.2009 88.17 110.22 26.00 17.60 8.40 -0.19
TOTAL 1,894.78 3,337.69* 276.41 144.26 132.15 112.87**
*Wemustseethisbusinessinthecontextofthefactthatmanybranchesoftheoriginalmergedbankshave
beenclosedandshiftedtonewlocationsrecently,wheretheyarendingtheirfeetandmanyothersare
closed and are in the process of shifting.
**Theoperatingprotearnedtillnowofover ` 112 crore proves that we lived upto our promise of creating
Wealth out of Waste for your Bank. It may also be observed that under our special nurture the loss making
UCBshavereturnedtoprot,exceptingtheKMCB,whichstillshowsanominalloss.
The graphical presentation of total business and
gross NPAs for seven merged banks as on 31st
March, 2010 is given in the following two graphs i.e.GRAPH-I and GRAPH-II.
From the GRAPH-I, we can see that your Bank has
been successful not only in retaining the business
of these merged banks, but has been further able to
grow it. The total business of these merged banks
has increased from ` 1,894.78 crore as on date of
mergers to ` 3,337.69 crore as on 31st March, 2010.
i.e. by ` 1,442.91 crore in absolute terms. It needs to
benotedthatoutofninety-sixlicencesandbranches
of GANDHAKOSH only forty-three branches are fully
functional. Others are (a) very recently opened, (b)
closed and in the process of shifting and (c) being
closed for shifting and relocation.
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Annual Report 2009-10
0.00
200.00
400.00
600.00
800.00
1000.00
1200.00
1400.00
1600.00
Graph-I GROWTH IN TOTAL BUSINESS
TotalBusiness(
incrore)
MMCB Mandvi NPCB SICB KMCB
292.55
1069.94
885.33
1343.56
253.57
300.47
207.95243.98
167.21
269.52
88.17110.22
AKJSB& MRSB
As on merger date As on 31st March, 2010
One of the crucial aspects of the merger of these
seven banks into your Bank remains in the form of
the gross NPAs of these banks, which are transferred
to our books. As you are aware, the gross NPAs of all
the seven merged banks at the time of merger stood
at ` 276.41 crore. Most of these merged banks had
become sick because they had failed to recover their
0
10
20
30
40
50
60
70
80
POSITION OF GROSS NPAS
OF SEVEN MERGED BANKS
Gross
NPAs(
incrore)
MMCB Mandvi NPCB SICB KMCB
66.54
29.05
40.38
16.25
73.82
35.68
56.24
36.05
13.439.63
26.00
17.60
AKJSB& MRSB
As on merger date As on 31st March, 2010
Graph-II
0.00
1.00
0.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
(`inc
rore)
MMCB Mandvi NPCB SICB KMCB
1.26
6.77
2.32
7.15
2.57
0.96
4.00
1.17
1.76
3.25
1.16
2.30
AKJSB& MRSB
As on merger date As on 31st March, 2010
Graph-III PRODUCTIVITY PER EMPLOYEE
NPAs.Inthiscontext,ourbringingdownthegross
NPAs of these seven banks from aggregate ` 276.41
crore to ` 144.26 crore and thus making a total
recovery of` 132.15 crore as on 31st March, 2010
speaks volumesfor the skillsandefciency ofthe
recovery apparatus of your Bank. This is inspite of
the fact that NPAs of these merged banks are ridden
with problems such as of improper documentation,
inadequate realizable value of securities, litigation in
respect of some of the properties given as security,
absconding borrowers etc.
Productivity Per Employee of Merged Banks:
The GRAPH-III shows changes in the Productivity
per Employee of the merged banks as on the date
of merger and as on 31st March, 2010 i.e. under our
special nurture.
In case of the two earlier banks viz. MMCB and
Mandvi, the productivity has improved dramatically.
In case of erstwhile Maratha Mandir Bank, the
productivity per employee (PPE) has improved from
` 1.26 crore (as on date of merger i.e. 20.03.2006) to
` 6.77 crore as on 31st March, 2010. Similarly, in the
case of erstwhile Mandvi Co-operative Bank Ltd., the
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Annual Report 2009-10
productivity ratio per employee has improved from
` 2.32 crore to ` 7.15 crore. This level of productivity is
in line with the per employee productivity of Saraswat
Bank employees at the time of these mergers.
(It may be noted that your own legacy Saraswat
Bank achieved a PPE of seven crore after eighty-
sevenyearsofitsexistence).Weseeasimilartrend
of increasing productivity in case of other acquired
banks also.
Conclusion:
It will thus be clear that the strategy of your Bank
(A) to treat each of the loss making seven merged
banks as an independent Zone right from the date
of merger, (B) to bring all the seven Zones underthe SBU called Gandhakosh-to facilitate paying
focussed attention to each of the erstwhile merged
banks, to each of their branches and to every
employee adopted from the merged banks and (C) to
provide for their special nurture - has paid miraculous
dividends so far. Almost all erstwhile seven banks
have been turned around and the productivity per
employeeandprotperemployeehavebeengoing
up.WehaveaddedtoyourBanksbusiness,prots
and branches through these mergers. Employees
adopted from these banks are getting increasingly
assimilated into the staff of your Bank, owing to the
laid down policies of their integration as also owing
to on-the-job training and in-house training imparted
at your Banks Learning Center. HRD policies have
been put in place for continued motivation and
special nurture of these adopted employees. Your
Board of Directors have, therefore, considerable
satisfaction concerning the success of its initiative tosecure inorganic growth through mergers, while at
the same time having supported 7,70,882 hapless
depositors of these seven merged banks, in their
hourofnancialcrisis.
14. BRANCH EXPANSION:
Your Banks Dr. Adarkar MissionII has a goal of
opening 250 branches and achieving a business level of
` 25,000 crore by March 2011. In our last years
Annual Report, we initiated the famed Ashwamedhprogramme, wherein we decided to follow the mantra
ofopeningonebranchineveryfteendays.Thesaid
programme was followed diligently and your Bank
moved on from 175 branches as on 31st March, 2009
to 200 as on 31st March, 2010.
TohaveapanIndiapresence,amixofrural,semi-
urban and metro cities have been identied for
opening new branches keeping in view factors such
aspopulation,culturalmix,existingbankingdensity
and business potential. The regulators also appreciate
such an inclusive approach. Currently, cluster-based
expansionisunderwayincitieslikeMumbai,Pune,
Nagpur, Konkan region of Maharashtra and States of
Karnataka, Gujarat and Delhi.
The Bank was founded in 1918 by public-spirited
individuals hailing from a part of the then Ratnagiri
District, which is now known as the Sindhudurg
District. In consonance with our special attachment
with the Konkan region, during 2009-11, the entire
Konkan belt from Panvel to Sawantwadi was covered
by opening eleven new branches, making a total
of fteen branches. Branches have been opened
at Kudal, Sawantwadi, Alibaug, Panvel-I, Panvel-
II, Pen, Mahad, Vaibhavwadi, Ratnagiri, Lanja and
Rajapur in addition to our branches at Vengurla,
Malvan, Kankavli and Chiplun.
The following Table-No.4 shows the work undertaken
by our Administration Department in pursuance of
our expansion programme under the project titled
Ashwamedh-during FY 2009-10.
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Table No 4:
DETAILS OF THE TWENTY EIGHT BRANCHES OPENED FROM 01.04.2009 TO 31.03.2010
Sr. No. Name of Branch Location Date of
Opening/
Relocation/
Shifting1 SME - Vikhroli Prabhat Bhavan, Block "B",
First Floor, 96, L.B.S Marg,
Opp. CIPLA, Vikhroli (West),
Mumbai - 400 083.
27-04-2009
2 Ratnagiri Benjamin Enclave, 1st Floor,
Opp. Central Bus Stand,
Ratnagiri-Kolhapur Highway,
Ratnagiri - 415 612.
28-04-2009
3 SME - Panjim Tristar Building, 2nd Floor,
13B,ECComplex,PattoPlaza,
Panjim, Goa - 403 001.
09-05-2009
4 Koramangala-Bengaluru with ATM Sogo Properties, Site No. 47,
100 ft. Road, 4th Block, Ward No. 68,
Koramangala, Bengaluru - 560 034.
08-06-2009
5 Gadkari Chowk with ATM Shivsena Bhavan, Ram Ganesh
Gadkari Chowk, 177, N. C.Kelkar,
Dadar. Mumbai - 400 028.
19-06-2009
6 SME - Pune C/2, Kohinoor Estate Co-op Housing
Society. Plot No. 12, Mula Road,
Sangamwadi, Near Kamalnayan Bajaj
Garden, Pune - 411 003.
10-07-2009
7 SME - Vile Parle with ATM Bholanath C.H.S. Ltd.,Subhash Road, Vile Parle (East),
Mumbai - 400 057.
23-07-2009
8 Talegaon with ATM Shop No. 33 to 39. P. L. Khandge
Plaza, Talegaon chakan Road,
Talegaon, Dist. Pune - 410 507.
31-08-2009
9 M.G.Road - Mangalore with ATM Shop No. 1 to 7. Manasa Tower,
Ground Floor, Kodialballi,
Mangalore - 575 003.
19-09-2009
10 Chilimbi - Mangalore with ATM Shop No. 1 and 2, Manasa Residency,
Ground Floor, Chilimbi, Near Sony
World, Mangalore - 575 006.
19-09-2009
11 Mannagudda - Mangalore with ATM Shop No. 1,2,3 and 4. Durga
Apartment. Mannagudda,
Mangalore - 575 003.
19-09-2009
12 Bhavanthi Street - Mangalore with ATM Shop No. 17,18,19 and 35, Ground
Floor, Venkatramana Arcade,
Bhavanthi Street,
Mangalore - 575 001.
19-09-2009
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Sr. No. Name of Branch Location Date of
Opening/
Relocation/
Shifting
13 M. C. C. H. Society, Panvel with ATM 48, Hara Madhav Niwas, M.C.C.H
Society, Panvel 410 206.25-09-2009
14 S. N. Road, Panvel with ATM Shree Balaji Apartment,
Swami Nityanand Road,
Near Garden Hotel,
Panvel 410 206.
25-09-2009
15 Vaibhavwadi 253, Ground Floor, Near Vaibhavwadi
Bus Stand, Taluka - Vaibhavwadi,
Dist. - Sindhudurg.
17-11-2009
16 Gangapur - Nashik with ATM Gadakh Sadan, Ground Floor,
Near Pumping Bus Stand,
Gangapur Raod, Nashik - 422 005.
25-11-2009
17 Jalgaon Mangal Jeevan Building,Ground Floor, 27, Gandhi Nagar,
Near S. T. Stand, Jalgaon - 425 001.
10-12-2009
18 Pen Centre Point, Shop No. 62 64 &
53 - 56, Pen Municipal Corporation,
Chinchpada,NexttoPenSTDepot.,
Pen, Dist. Raigad - 402 107.
05-01-2010
19 Mahad with ATM 1st Floor, Mahad Trade Centre, Opp.
LocalPostOfce,M.C.Road,Near
Shivaji Chowk, Mahad - 403 201.
16-01-2010
20 Chakan 2/3, Shubhmangal Plaza,
Near Kohinoor Centre,Pune - Nashik Highway, Talegaon
Chowk, Taluka - Khed, Chakan.
25-01-2010
21 Baner Road, Pune with ATM 1,2and3,DaulatComplex,Survey
No. 314, Baner Road, Pune - 411 045.25-01-2010
22 Karad with ATM 1-4, Manorath Plaza,
Plot No. 507, Shaniwarpeth,
Taluka - Karad, Dist. Satara - 415 110.
10-02-2010
23 Sanvordem with ATM Meghkunj, Opp. Police station,
Sanguem Road,
Curchorem - Sanvordem, Goa.
25-02-2010
24 Sion (W) with ATM Ganesh Bhuvan,
Opp Municipal School,
Swami Vallabhadas Road,
Sion (W), Mumbai - 400 022.
12-03-2010
25 Lower Parel Shop No. 14, Ground Floor,
Orbit Eternia, N.M.Joshi Marg,
Lower Parel, Mumbai - 400 013.
14-03-2010
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Sr. No. Name of Branch Location Date of
Opening/
Relocation/
Shifting
26 Malleshwaram, Bengaluru with ATM 52/2, 8th Main, 16th Cross,
Malleshwaram, Bengaluru - 560 055.14-03-2010
27 Jayanagar, Bengaluru Sri Venkateshwara Arcade,
33rd Cross, 4th T Block, Jayanagar
Extension,Bengaluru-560004.
14-03-2010
28 Nagari Niwara with ATM Shop no. 27, Plot no. 28, Junction of
D. P. Road No. 1 & 2, Nagari Niwara
Housing Project, Goregaon (East),
Mumbai - 400 063.
16-03-2010
INVESTMENT IN NEW BRANCHES:
Two of our members have raised concerns about
theaggressivepaceofBranchExpansionundertheAshwamedh programme. They would like to know
whether the Bank will be in a position to bear the
brunt of additional expenses on account of large
number of these new branches. The query is natural
because over the previous eighty-seven years, your
Bankhadopenedonlyseventy-veBranches,which
averaged to much less than one branch per year.
In this connection, we have to inform members that
we plan our business strategies after considerable
researchofthenancialandbankingmarket.Asof
now, 98% of Indians do not avail of a stock market
product, 80% of the population do not avail of any
insurance product and 60% of our populace do
not avail of any banking facilities. Hence, there is
enormousscopeforbanksandnancialinstitutions
to grow. The RBI has also proposed to issue licenses
to new private banks. Foreign banks are eager to
enter the Indian banking space. Small Indian banks,
like your Bank, if they fail to reach a reasonably large
size, (this size is known as the critical mass) whereby
they will remain visible and effective players in thebanking space, they will be atrophied and will have
toexitthemarket.Itisacallofsurvival,therefore,we
make every endeavour to grow in size - otherwise
we will be left behind, stagnate and perish. Even
otherwise,ourexpensesgrowyearafteryear.Hence
our business and income must also grow every year.
We have also to provide for the rainy day say a
bad economic cycle, such as the one we witnessed
overthelasttwoyears.Itisinthiscontext,wehave
a well-considered business strategy to seek organic
and inorganic growth.
We assure our members that we are pursuing branch
expansionandgrowthcautiously.Weopenedthirty-
one new branches till 31st March, 2010 after the
RBI opened fresh licences post-Madhavpura, in the
year 2007. Some of these newly opened branches
arealreadyinprotandmostothersareprogressing
quickly towards viability and here on, they will prove
to be the building blocks of growth for your bank. On
overallbasis,togetherwearemakingasmallnetproof` 2.29 crore from these thirty-one new branches.
Thissmallnetprotfromthesethirty-onebranchesis
expectedtogrowto` 50 crore by 31st March, 2015.
We may also add for the information of the members
that these 31 new branches have contributed a total
business of` 1,187 crore to the aggregate business
of`23,517.08croreforthenancialyear2009-10.
15. RISK MANAGEMENT:
The main function of the Risk Management
Department of your Bank is to identify, control,mitigate and monitor the risk which is intrinsic in all
the activities of the Bank.
Credit Risk:
In order to mitigate the Credit Risk, your Bank has
commenced a study of the portfolio concentration
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across the various industry sectors in addition to the
usual risk mitigating measures like Loan Review
Mechanisms, obtaining credit reports of the borrowers
from CIBIL, etc. Continuous attention is also provided
for improving the quality of the transaction risk
management by updating the systems covering thecredit appraisal and post approval processes.
A special cell is in operation to monitor the Special
Mention Accounts i.e. accounts showing signs of
incipient sickness to prevent deterioration in the credit
quality of the asset by identifying the problems at an
early stage and put in place appropriate measures to
prevent further deterioration in quality.
Operational Risk:
In addition to the adherence to the Know Your
Customer (KYC) norms stipulated by the Reserve
Bank of India, your Bank has initiated the following:
l Anti Money Laundering (AML):
AML software has been put in place in all the branches
of your Bank. Your bank is taking every possible step
to ensure that the accounts maintained in the Bank
are not utilized for conducting Money Laundering
activities.Similarly,yourBankidentiesthehighvalue
cash transactions, which are screened for verifying
their genuineness. All suspicious transactions, which
give rise to a reasonable ground of suspicion, are
reported under Suspicious Transaction Report (STR)
to FIU-IND.
l CustomerIdenticationProcess(CIP):
The module ensures that a person with doubtful
background cannot open an account with your
Bank. Whenever any new account is opened, the
system veries whether the name appears in the
negative list e.g. Fraudster List, UN Terrorist List
and Defaulters List etc. and it generates alerts. The
system support is backed by the massive suspicious
transactions monitoring awareness campaign, which
was launched by your Bank amongst your Banks
employees.
Withthethreatofnancialterrorismloomingonthe
banking industry, these efforts serve to safeguard
your Bank from getting used as a channel to route
suspiciousmonetarytransactions.Thisexercisealso
enhances the image of your Bank with the counter-
parties, especially, your Banks foreign banking
correspondents who are keen to deal only with Banks
that have implemented such anti-money launderingmeasures and have a robust risk management
system.
Market Risk:
To manage the Liquidity and the Interest Rate risk,
the asset-liability mismatches are monitored by
preparing the Asset Liability Statement on a regular
basis, which enables the senior management to take
appropriate measures.
The RBI has made it mandatory for UCBs to calculatethe duration based Capital Charge on the Market Risk
in line with the Basel-II requirements with effect from
1st April, 2010.
Your Bank places great emphasis on compliance
with the on-going requirements as per RBI Directives
as also meeting the fast changing needs of the
economic environment. Your Bank has put in place a
set of best practices in risk management appropriate
to the size and nature of the Banks business portfolio
and these are being reviewed from time to time bysenior management as also the Board of Directors.
Your Bank is proud to possess a highly talented and
energetic risk management team in the department.
The Risk Management Department was adjudged as
the best Department of the Bank by a team of visiting
Inspectors from RBI, during their inspection of the
Bank for FY 2009-10.
16. AUDIT & INSPECTION
Your Bank is on a fast growth trajectory, having nearly220 branch licences spread across various States.
The activities performed at various branches are
monitored through your Banks Audit & Inspection
department. The Audit Department is presently
manned with well-trained personnel with good
bankingexperience.
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Your Bank has introduced ONLINE AUDIT
system, where paperless audit is conducted using
computers.YourBankisapioneerinthisexercise,
where all required data is provided to auditors online,
which enables auditors to conduct smooth audit,
without even logging into CORE banking system.It also ensures 100 per cent coverage of audit
scope. Online audit has enabled us to effectively
control entire audit activity and has also enabled us
to analyze the performance of auditors, which is of
prime importance.
The scope of concurrent and internal audit covers all
areas of branch operations including house keeping.
All branches are subject to audit rating allotted by
the Department. The rating is done based on various
parameters that consists various aspects of branch
operations such as house keeping, achievement of
targets, branch ambiance, customer service etc.
Information Systems Auditing is an emerging auditing
area and therefore, your Bank has been carrying out
IS Audit in view of core banking scenario. Additionally,
veyearsago,BankspresentChairmanShriE.K.
Thakur has introduced Self- Audit for the branches.
Inthisexercise,BranchManagersconductauditof
their own branches based on a template provided by
the Audit Department and they become self aware
ofhousekeepingdecienciesthusfacilitatingearlyplugging of the loopholes and ensuring readiness for
any other form of Audit at the Branch.
17. VIGILANCE:
Your Bank has always given due importance
and weightage to Vigilance function. The Chief
VigilanceOfceratthehelmofthedepartmenthas
active participation in the Accounts, Audits and NPA
Committee of the Board, which meets every month to
discuss progress and issues of Audits, Accounts and
NPA having impact and implications on the health ofthe Bank.
The Vigilance departments core function is to furnish
to the Board of Directors and RBI full information
about the incidences of frauds, action taken by the
Bank to prevent the frauds and further development
inexistingfrauds,intheirreturnsonfrauds.Besides
this. Vigilance department submits monthly report
to RBI on detection of counterfeit banknotes at the
branches of the Bank and reports incidents, if any,
to police authorities. Your Bank has well laid down
reporting systems in place for following up Vigilance
matters.Your Bank uses Vigilance function as a mechanism
to prevent, detect and punish malade actions
and misuse of discretion and delegated authority.
Vigilance makes a systematic effort to prevent
occurrence of frauds. The Vigilance department thus
performs four critical functions:
a) Preventive Vigilance (alertness and avoidance
of fraud).
b) Detective Vigilance (investigation of fraud/
corrupt act).
c) Punitive Vigilance (recommendation to punish
the guilty).
d) Corrective Vigilance (to plug loopholes and
lacunas in the systems and procedures).
18. MULTIPLE DELIVERY CHANNELS:
a) Visa Debit Card - Your Bank launched its
prestigious product VISA Debit Card during
2007-08. After ironing out the initial teething
troubles, the project has been operationalised
from February 2009. As on date, your Bank
has issued more than 1,86,000 cards to the
customers. The transactions with the VISA Debit
Cards are on the rise both on domestic outlets
as well as at the international outlets. These
cards have enabled our customers to access all
VISA enabled ATMs as well as transact on POS
terminals for their purchases in India & abroad.
During the current year, we plan to provide
Online VISA Debit card transactions with 3DSecure solutions (as per the requirement of RBI)
which will help the customers in carrying out
online transactions for payment of Bills, booking
tickets etc. Bank plans to launch premium Visa
Gold / Platinum Debit Card for our Elite Account
Holders in the current year.
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b) ATM - During the year, your Bank has added 28
new ATMs making the total number of ATMs to
90. The Bank has plans to increase the number
of ATMs at various locations along with the
opening of the Branches.
Our ATM cards can be used on ATMs of BANCSconsortium. We have requested RBI to admit us
as a member of NFS the National Switch so
that our ATM cards can be used at over 60,000
ATMs of all banks in India. Your Bank is in the
process of bringing in the necessary technology
for the purpose.
c) Mobile Banking - Your Bank offers mobile
banking facilities to customers with various
attractive features. We are also planning to
launch full-edged Online Payment Facilities
through Mobile Banking in the current year,
subject to RBI clearance.
d) Internet Banking - Your Bank has provided
Internet Banking facility to the customers with
various options including option of funds transfer
in the linked account and requests for issue of
Cheque Book. Other attractive features will also
be introduced in the said delivery channels in
the current year.
e) RTGS/ NEFT - Your Bank is active on the
RTGS / NEFT platform since its inception. Your
Bankhas beenconstantly urging our existing
as well as new clientele to move on to the
electronic platform for funds transfer instead
of cheques to ensure speedy availability of
funds. Your Bank is happy to inform you that
the RTGS/ NEFT transactions have increased
by 11.5 per cent on a y-o-y basis, the tota
volume for FY 2009-10 being of the order of
` 2,20,520 crore.
f) Customer Service Survey - The Bank has beenconducting Customer Service Survey through
in-house staff members and contacting the
walk-in customers to have their feedback and
suggestions. However, the Board of Directors
decidedtohaveanexhaustivesurveythrough
awell-known international agency in the eld
through which the Bank can get an overall view of
the customers feelings and needs. This Survey
was conducted by M/s Synovate India Pvt. Ltd.,
which is a subsidiary company of Aegis, a global
media communication and marketing group witha presence in sixty countries, which is in the
business of customer satisfaction and loyalty
surveys.
The survey, which was completed during the
yearunderReport,providedexcellent insights
into the improvements required in our customer
focus. The recommendations in the survey are
underimplementation.Theaimofthisexercise
is to offer world-class service and facilities to all
our customers.19. FINANCIAL PERFORMANCE:
The Table No. 5, No. 6 and No. 7 give your Banks
nancialperformanceduring theFY2009-10asa
snapshot:
Table No 5:
Business Growth: (` in crore)
Particulars 31-Mar-09 31-Mar-10 % Growth
Deposits (i+ii) 12,918.85 14,266.73 10.43%
(a) Current 916.22 1,244.30 35.81%(b) Savings 2,302.13 3,003.37 30.46%
(i) Low-Cost Deposits (a)+(b) 3,218.35 4,247.67 31.98%
(ii) Term 9,700.50 10,019.06 3.28%
Advances 8,110.41 9,250.35 14.06%
Investments 4,791.51 5,321.39 11.06%
Total Business Turnover( Deposits +Advances) 21,029.26 23,517.08 11.83%
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Table No 6:
Operating Results: (` in crore)
Particulars 31-Mar-09 31-Mar-10 %Change
Interest Income 1,270.45 1,286.70 1.28
InterestExpenses 911.08 957.89 5.14Net Interest Income 359.37 328.81 -8.50
Non-Interest Income 229.47 171.50 -25.26
Total Operating Income 588.84 500.31 -15.03
OperatingExpenses 263.48 284.47 7.97
GrossProt 325.36 215.84 -33.66
Provisions 9.75 36.68 276.21
ProtBeforeTaxandExceptionalitems 315.61 179.16 -43.23
Incometax 74.32 40.00 -46.18
ProtAfterTaxandbeforeExceptionalItems 241.29 139.16 -42.33
ExceptionalItems 30.50 19.49 -36.10Net Prot After Tax and Exceptional Items 210.79 119.67 -43.23
Table No 7:
Key Indicators of Performance:
Particulars 31-Mar-09 31-Mar-10
1. Return On Avg.Assets (%) 1.46 0.74
2. Non Interest Income to Total
Income (%) 15.30 11.76
3. Cost to Income (%) 44.75 56.86
4. Net Interest Margin (%) 2.99 2.61
5. Average yield on advances (%) 11.75 11.476. Average yield on investments (%) 7.52 6.83
7. Average cost of deposits (%) 7.39 7.12
Notes:
l Returnonaverageassetsistheratioofnetprotaftertax
to the average assets.
l Non-Interest income represents income from commission,
exchange,tradinginGovt.securitiesetc.
l Cost represents operating expenses, while the income
represents net interest income and the non-interest
income.
l Net Interest Margin (NIM) is the ratio of Net interest incometo average earning assets.
Some of the key indicators as above do not show
improvement over the last year. The main reasons
were (1) the non-availability of good lending
opportunities in the backdrop of the slow economic
growth during the year, (2) our conscious decision
toweedoutandexitfromcertainadvances,which
had shown sure signs of impairment in the wake
of severe global recession, such as the diamond
advances. The resulting surplus funds therefore had
to be deployed in mutual funds, bank deposits and
securities where the average returns were very low
vis--vis the return on advances (i.e. 6.83 % vis--
vis 11.47%)-resulting in our experiencing a large
negativespreadforthersttimeinthelastninety-
two years of our working.
Segment wise Performance:
Retail segment:
Retail loans:
The department has been taking various steps in
last few years, to achieve the goal set for developing
a healthy portfolio of Retail Loans in our Advances
and has taken an aggressive stand on marketing our
competitive products such as Vastu Siddhi Home
Loan, Super Fast Car Loan, Saraswati Education
Loan and our specially designed product for Medi