Sarswat Bank AR High 2010107

7/29/2019 Sarswat Bank AR High 2010107

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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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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 [email protected]

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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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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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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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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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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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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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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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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10


(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



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11


l Dr. Adarkar Mission-III to reach a business level of


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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12


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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13


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


14/96

14


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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15


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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16


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)


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


Graph-II

0.00

1.00

0.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

(`inc

rore)


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


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


17/96

17


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,


19-09-2009

12 Bhavanthi Street - Mangalore with ATM Shop No. 17,18,19 and 35, Ground

Floor, Venkatramana Arcade,

Bhavanthi Street,


19-09-2009


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19



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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20



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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21


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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22


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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23


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

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