Sarswat Bank AR High 2010107

Annual Report 2009-10
THE SARASWAT CO-OPERATIVE BANK LIMITED

(A SCHEDULED BANK)
REGISTERED OFFICE
: Madhukosh, S.V.Sovani Path,
Girgaum, Mumbai 400 004.
l
CORPORATE CENTER
:

l
Saraswat Bank Bhavan,

Plot No. 953, Appasaheb Marathe Marg,
Prabhadevi, Mumbai 400 025.
Website : www.saraswatbank.com
DATE OF ESTABLISHMENT
: September 14, 1918.
NO. AND DATE OF RBI LICENSE
: ACD-MH-220-P, dated 27.08.1980.
AUDIT CLASSIFICATION
: A (Since 1933, i.e. the year in which

we were registered as a Bank).
l
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.
Profit and Loss Account for the year ended 31st March, 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. Profit and Loss Account of Saraswat Infotech Ltd. for the year ended 31st March, 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. Balance Sheet Abstract and General Business Profile of Saraswat Infotech Ltd. ................................................93
22. Attendance Slip .....................................................................................................................................................95
1
NOTICE
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 Profit and
Loss Account, for the year ended 31st March, 2010.
2. To appropriate net profit and declare dividend as
recommended by the Board of Directors for the year ended
31st March, 2010.
3. To appoint Statutory Auditors for the financial year
2010-11 and to authorize the Board of Directors to fix
their remuneration. The Board of Directors recommends
M/s Kulkarni & Khanolkar, Chartered Accountants, 13/14,
Bell Building, Sir P.M. Road, Fort, Mumbai - 400 001; for
appointment as Statutory Auditors.
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 under
Companies Act, 1956), which consist of the Report of the
Board of Directors, the Report of the Statutory Auditors, the
Balance Sheet and the Profit and Loss Account, for the year
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.Banerji
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,
the Balance Sheet and the Profit and Loss Account for the year ended 31st March 2010 is enclosed to this notice.
The printed Annual Report consisting of the Report of the Board of Directors, the Report of the Statutory Auditors, the Balance Sheet
and the Profit and Loss Account for the year ended 31st March 2010 of Saraswat Infotech Ltd., Banks wholly-owned subsidiary, 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
Director of the Bank, to reach his office at The Saraswat Co-operative Bank Ltd., Saraswat Bank Bhavan, Plot No. 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 Section
36 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.
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.
Shri A.V.Sabnis, LL.B.
Shri K.M.Naik, B.A., LL.B.
M/s Little and Company

Govind Desai Associates
Shri 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,
Wells Fargo Bank N.A.,
Bank of India,
Standard Chartered Bank Ltd.,
HDFC Bank Ltd.,
ICICI Bank Ltd.,
Maharashtra State Co-operative 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 Officer
Shri D. M. Chandgadkar, M.Com., LL.B., C.A.I.I.B., A.C.S.

Chief Domain Officer
PERFORMANCE HIGHLIGHTS
Table A
Particulars
Total Income
Total Expenditure
Gross Profit
Less: Provisions
Net Profit Before Tax and Exceptional Items
Less: Income Tax
Net Profit after Tax and before Exceptional items
Less: Exceptional Items
Net Profit
Own Funds
FOR THE YEAR ENDED

31-Mar-09
31-Mar-10
1,499.92
1,458.20
% Change
-2.78%
1,174.56
1,242.36
5.77%
325.36
215.84
-33.66%
9.75
36.68
276.21%
315.61
179.16
-43.23%
74.32
40.00
-46.18%
241.29
139.16
-42.33%
30.50
19.49
-36.10%
210.79
119.67
-43.23%
AT THE YEAR END

1,174.21
1,270.37
8.19%
77.50
86.23
11.26%
1,096.71
1,184.14
7.97%
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%
115.37
98.74
-14.41%
Priority Sector
4,940.81
5,300.48
7.28%
% to Advances
60.92%
57.30%
2,454.11
2,946.54
20.07%
556.78
689.47
23.83%
1,929.92
1,664.47
-13.75%
15,622.82
17,071.06
9.27%
4,791.51
5,321.39
11.06%
664.00
562.00
-15.36%
0.00
0.00
0.00
10.92
14.63
Regular *
1,29,741
1,34,417
Nominal
4,67,644
4,94,292
175
200
2,904
2,911
Share Capital
Reserves and Surplus
Deposits
Unsecured
Small Scale Industries

Small Businessmen and Traders
Other Priority Sectors
Working Capital
Investments
Borrowings and Refinance
Net NPAs (%)
Capital Adequacy (%)
Number of Members
Number of Branch Licences

Number of Employees
* Shareholders holding fifty shares and above
4
(` in Crore)
REPORT OF THE BOARD OF DIRECTORS

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
Greek fiscal deficit crisis towards the end, gave some
destabilising moments. We would therefore like to
first brief you on the global economic scenario that
prevailed during the period under Report.
1. THE GLOBAL ECONOMY:
The global financial crisis, which commenced during
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
both fiscal as well as monetary. However, if private
sector demand does not pick up, the effects of fiscal
stimulus will wane, resulting in lower growth.
Impact on India:
The Indian economy bounced back impressively,
on the back of strong domestic demand combined
with 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
at 10.4 per cent. Despite a deficient monsoon, 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
form of the runaway inflation, which shot up to 9.9
per cent in March 2010. The inflation was largely
driven by supply side pressures, which had led to a
spurt in the food prices. Since the policy challenge
for the RBI was to anchor inflationary expectations,
without harming the recovery, a calibrated approach
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
greater importance on the management of inflation
than on growth and therefore, it appears that RBI
will continue to adopt tight monetary policy to anchor
inflationary pressures.
Large divergence between inflation as measured
by wholesale and consumer price indices was a
major feature of inflation trends in India in FY 200910. Since November 2009, relative price variability
has declined, indicating that inflation has become
increasingly generalised. Economists have also
realised that when inflationary pressures are
dominated by adverse supply shocks, monetary
policy could be a less effective tool in containing
inflationary pressures.
Fiscal Situation:
On the fiscal front, the expansionary policy of the
Government led to an elevated level of fiscal deficit.
The combined fiscal deficit went up from 8.5 per cent of
GDP in FY 2008-09 to 9.7 per cent of GDP in FY 200910. In FY 2010-11, good monsoon, pick-up in private
consumption and additional revenue from the auction
of 3-G and Broadband spectrum in the Telecom sector
will significantly ease the pressure on Government
finances, thereby arresting the fiscal slide.
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 preceding
years figures 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.
5
Financial Markets:
Overall, financial markets remained orderly. With
the revival of foreign institutional investment, equity
markets gained strength and the BSE stock index
nearly doubled from 9,709 as on 31st March, 2009
to 17,528 as on 31st March, 2010. As regards debt
markets, long-term yields hardened significantly from
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
increase in FII inflows and continued inflow of foreign
direct investment. Indias foreign exchange reserves
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 inflows as interest rate
differentials widen. In such a scenario, the monetary
management in FY 2010-11 will largely tilt towards
reining of inflationary pressures while, at the same
time remaining supportive of economic growth.
It should however be noted that inspite of strong
recovery across the globe, there are significant
risks on the global front viz. sizeable increase in
fiscal deficits, worsening Debt-GDP ratios and rising
unemployment in developed countries, which may
indirectly impact the Indian economy.
Measures taken by RBI:
Since the outbreak of the global financial crisis in
September 2008, the RBI followed an accommodative
monetary policy. The financial 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
and maintaining continued credit flow to productive
sectors. In the course of FY 2009-10, this stance was
principally geared towards supporting early recovery
of the growth momentum.
6
The process of shift from the expansionary monetary

stance to the exit strategy began on 27.10.2009 with
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 the
Cash Reserve Ratio (CRR), signalling beginning of
winding up of the expansionary policy.
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
inflationary 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 financial system

endured the shock of the global financial crisis
reasonably well. The nature of the impact
remained minimal during FY 2009-10 as the
Indian economy continued to grow steadily.
RBI increased the provisioning requirement for

advances to the Commercial Real Estate (CRE)
sector classified as Standard assets from 0.40
per cent to 1.00 per cent.
Export credit refinance facility was reduced from

50 per cent to 15 per cent and special refinance
facility for banks was discontinued.
RBI stipulated that the Banks should achieve a

minimum NPA provision coverage ratio of 70 per
cent by end-September 2010.
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.
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 baserate system is expected to help in improving
and enhancing the visibility of transmission of
monetary policy signals to the credit market.

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 services
through BCs.
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 constitutes
approximately seven per cent of the banking
sectors total assets. However, considering the large
concentration of Urban Co-operative Banks (UCBs) in
five States such as Maharashtra, Gujrat, Karnataka,
Tamil Nadu and Andhra Pradesh, the importance
of these institutions in these States is even greater.
The RBI has been fine tuning its controls on the
co-operative banking sector slowly, in order to improve
the quality of supervision and regulation of this sector.
Following are some such specific measures undertaken
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.
RBI increased the provisioning requirement for

UCBs on advances to the Commercial Real
Estate (CRE) sector classified as Standard
assets to 1.00 per cent.
RBI has decided to apply duration based capital

charge for market risks in respect of systemically
important large UCBs w.e.f. 1st April, 2010.
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.
UCBs have been permitted to declare dividends

on shares without prior approval of the RBI,
subject to certain conditions.
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.
UCBs have been advised to discontinue all

bilateral clearing arrangements arising out of
normal banking transactions.
RBI also released the Report of the working

group on Umbrella Organisation and Constitution
of Revival Fund for UCBs, during the year under
Report.
The Future: It must be admitted on all hands that

the prudential and other calculated measures
taken 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
UCBs have to exit the sector, as the RBI has given
clear signals that only responsible players in the
sector, compliant of the regulatory regime will be
supported and encouraged to grow and expand.
Your Bank, therefore, feels that it will legitimately
benefit from the new regulatory regime.
4. COVER PAGE:
The cover page celebrates the completion of a
five-year compact amongst the four major pillars of
the magnificent edifice of your Bank, viz., (1) The
Board of Directors, (2) The Central Management
Committee (CENMAC) and all executives,
(3) The Officers Association and all officers 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
7
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 of
the 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
Bank on all its employees and fulfillment of 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 most
wholeheartedly.
financial developments, the Indian scenario and your

Banks position in wake of the same. Your Bank had,
at that point of time, achieved a business milestone of
` 21,000 crore. While providing guidance for the next
year, the Chairman, in view of the impact of strong
recessionary trends in the economy; had anticipated
a steep deceleration in the profit 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 remaining
competitive. 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 financial 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 the
year, which constitutes the highest ever increase
in CASA in any single financial year.
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
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.,
the Officers Association and the Employees Union
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 continually
exhorted their members to put in their best efforts in
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
product of efficient and delightful SERVICE offered
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:
While delivering his speech at the Ninety-first Annual
General Meeting on 25th July, 2009, the Chairman of
your Bank, Shri E. K. Thakur, had dwelt on the global
8
(` in crore)
Advances as on 31.03.2009 (A)

Total Advances sanctioned during FY 2009-10
Total advances disbursed during FY 2009-10 (B)
Total repayments/ recoveries during FY 2009-10 (C)
Net additional advances disbursed during FY 2009-10 (D)
Advances ason 31.03.2010 (A+D)
Advances pending disbursement as on 31.03.2010
8110.41
5763.54
2921.06
1781.12
1139.94
9250.35
2842.48
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.
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.
The financial year 2009-10 turned out a very difficult

year for the entire financial sector, as well as for your
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. This resulted in marked deceleration in profit,
both in percentage and absolute terms, unwitnessed
anytime before in the history of your Bank. True to
our predictions the financial year turned out to be
an annus horribilis in terms of financial results. 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
deposit portfolio and excelled in implementation of the
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
profit. It is clear that your Bank has the strength and
the 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, the profit of the Bank (before tax
and exceptional items) has decelerated from
` 315.61 crore in FY 2008-09 to ` 179.16 crore
in FY 2009-10. The net profit after tax also slid
lower at ` 119.67 crore in FY 2009-10 vis--vis
` 210.79 crore for the preceding financial year.
(E) The foreign exchange turnover of your Bank
remained above ` 50,000 crore for second
successive year in spite of global financial
turmoil, which had affected countrys exports.
(F) The number of branch licences of your bank
reached the magical figure of 200. Accepting
that these were tough times, no new mergers
have been carried out during financial 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.
9
(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 Bank
has 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 commercial
banks in Mumbai city. Your Bank was selected as the
exclusive co-ordinating agency for MHADA tenement
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
10
sale and receipt of MHADA application forms and

further processing right upto the stage of giving
final possession letter to the successful bidder i.e.
the allottee was handled by your Bank through its
seventy-five select branches in and around Mumbai.
(Your Bank has nearly 100 branches in Mumbai now.)
Your Bank received accolades from all sections of
the society for handling the project flawlessly and
also for surpassing the expectations of the people.
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
loan was available at all the seventy-five designated
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
application forms through our seventy-five branches
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 efficient 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 in us and for extending us
excellent understanding and co-operation to enable
us fulfill our responsibility under the project.
8. OUR MISSION:
As you are aware, your Bank has announced four
flights for achieving the business level of ` 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
Dr. Adarkar Mission-II to reach a business level of


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

States, formation of Strategic Business Units (SBUs),

upgradation of technology and further Brand building.
Dr. Adarkar Mission-IV to reach a business level

of ` 1,00,000 crore by March 2021
Your Bank is proud to inform you that the abovementioned 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.
Your Bank has been successful so far in achieving the

goals defined under these Missions, while ensuring
the highest level of business ethics and professional
integrity. Your Bank achieved and excelled Dr. Adarkar
Mission-I of ` 10,000 crore in time and is now definitely
set to achieve Dr. Adarkar Mission-II by exceeding
` 25,000 crore by March 2011, as planned.
In the previous years Annual Report, your Board of
Directors had explained the strategies for marching
towards this goal. Emphasis was laid on acquiring
top-class human resources, branch expansion
through strengthening branch network in adjoining
With these measures, your Bank is marching

ahead firmly on the path towards completion of the
Dr. Adarkar Mission-II well ahead of the stipulated
timeframe.
9. YEAR OF AUSTERITY:
Table No 2:
Expense
Electricity
Advertising
Postage & Telegram
Telephone & Telex
Printing & Stationery
Maintenance
Travelling & Conveyance
Security Service charges
Sundries
(` in lac)
2008-2009
(A)
718.31
821.20
262.94
162.26
324.64
236.98
113.93
370.44
1636.14
% to net income
(B)
1.22
1.39
0.45
0.28
0.55
0.40
0.19
0.63
2.78
2009-2010
(C)
770.73
364.98
216.20
163.23
364.85
68.21
105.13
432.42
1703.29
% to net income Change in %

(D)
to net income
1.54
0.32
0.73
-0.66
0.43
-0.02
0.33
0.05
0.73
0.18
0.14
-0.26
0.21
0.02
0.86
0.23
3.40
0.62
Note: The rise in Electricity expenses, Printing & stationery expenses and security service charges is mainly on account of twenty-eight
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
number of pensioners of the Bank and remaining was attributable to various expenses incurred on the MHADA project. As shown in the
early paragraphs of this Report, the net income has fallen steeply during the year. However column (D) evidences the tight leash on
expenses exerted by the Income and Cost Council of your Bank during the financial year, earning latter the sobriquet Austerity Year
in a true sense.
As declared in the Directors Report for the FY 200809, the financial year 2009-10 was dedicated by the
Bank to the practice of Austerity, with a view to
minimize expenditure and maximize outcomes. Costcontrol in tandem with efficient use of resources and
increase in productivity will determine the winners
and laggards in the future.
From the traditional equation, revenue = cost + profit
equation i.e. wherein customers are charged to cover
the costs incurred and the profits expected, most

banks have already moved into the profit =revenue
cost equation. This has been reflected in the fact
that with cost of services staying nearly equal across
banks, only banks with better cost control can aspire
for higher profits. The new paradigm in the coming
years will be cost = revenueprofit, as this equation
focusses on costs and grants them the centrality they
deserve.
11
The various measures taken during FY 2009-10

have resulted in control of expenditure as shown in
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
at Prabhadevi has become operational. The edifice
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.
The Occupation Certificate(OC) for Saraswat Bank
Bhavan has already been received, which currently
allows us to use six out of seven floors 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 as
also 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
and appreciated as an excellent tool for our brand
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 cooperative Bank to be an obsolete financial institution
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.
12
The functioning of the corporate office and several

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 and
have 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.
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 opening
of 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 existing branches of the merged banks and the
newly opened branches.
The Branch Expansion HRD Support :
Identification 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 flair for marketing
along with adequate knowledge and experience of

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 qualified persons are made as
marketing & operational personnel. A blend of lateral
recruits, qualified freshers and internal experienced
staff has been provided to the new branches.
Industrial Relations:
The Bank has always respected the rights, role and
existence of the employees organizations. Mutual
Trust, Respect and Acceptance are underlying
principles of every relationship. Along with the Board
of Directors and Executives, the Officers Association
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, benefits and service conditions,
which are comparable to the industry. At the same
time, the Bank expects excellent performance and
contribution, which will take the Bank ahead in the
competition. Satisfied, 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
on its well-defined path of progress.
Madhusatva:
During FY 2007-08, a new fortnightly house
magazine titled Madhusatva was launched as a
mouthpiece of our Human Resources Department.
The first issue of Madhusatva was published on
14th October, 2007 and was released in the Branch
Managers Conference of the Bank. The magazine
was launched in the context of the felt-need to create
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
13
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 our
Mission. 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
existing employees as well in creating understanding
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
Bank and President of the Officers Association of
the Bank is functioning successfully as the Editor of
Madhusatva.
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.
14
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 official of the level of Chief
General Manager or above, who all are designated
as Chief Executive Officers of their respective SBUs.
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
has defined and created a Strategic Business Unit
(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
Bank within the Bank. Its head has been granted

the status of Chief Executive Officer of the SBU for
the purpose. The goals defined 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 by
31st 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 terms of business per employee; profit
per employee; customer acquisition and highest
standards of customer service. With this initiative, it
is expected that your Bank would be able to reach

out to varied cross sections by opening branches in
new areas, across many more States and explore
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.
The following table encapsulates the business profile
of Gandhakosh:
Table No 3: Business Profile of Gandhakosh :

Name of the
merged bank
(` in crore)
Date of
Business Total business as
Gross
Gross Aggregate
merger on the date
on 31.03.2010
NPAs on NPAs as on Recoveries
of merger (of the Branches of the date of
31.03.10 till 31.03.10
the merged banks)
merger
Operating Profit
earned from
the 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
3,337.69*
276.41
144.26
132.15
TOTAL
1,894.78
112.87**
*We must see this business in the context of the fact that many branches of the original merged banks have
been closed and shifted to new locations recently, where they are finding their feet and many others are
closed and are in the process of shifting.
**The operating profit earned till now of over ` 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
UCBs have returned to profit, excepting the KMCB, which still shows a nominal loss.
The graphical presentation of total business and
has increased from ` 1,894.78 crore as on date of
gross NPAs for seven merged banks as on 31st
mergers to ` 3,337.69 crore as on 31st March, 2010.
March, 2010 is given in the following two graphs i.e.
i.e. by ` 1,442.91 crore in absolute terms. It needs to
GRAPH-I and GRAPH-II.
be noted that out of ninety-six licences and branches,
From the GRAPH-I, we can see that your Bank has
of GANDHAKOSH only forty-three branches are fully
been successful not only in retaining the business
functional. Others are (a) very recently opened, (b)
of these merged banks, but has been further able to
closed and in the process of shifting and (c) being
grow it. The total business of these merged banks
closed for shifting and relocation.

15
Graph-I
1400.00
1343.56
1200.00
1069.94
1000.00
885.33
800.00
600.00
400.00
292.55
253.57
300.47
207.95
200.00
0.00
MMCB
Mandvi
AKJSB
& MRSB
As on merger date
269.52
167.21
NPCB
88.17 110.22
SICB
KMCB
As on 31st March, 2010
POSITION OF GROSS NPAS

OF SEVEN MERGED BANKS
Graph-II
80
70
243.98
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.
Graph-III
66.54
7.00
56.24
40.38
35.68
7.15
6.77
6.00
50
40
PRODUCTIVITY PER EMPLOYEE
8.00
73.82
60
30
Productivity Per Employee of Merged Banks:
(` in crore)
Total Business (` in crore)
1600.00
Gross NPAs (` in crore)
NPAs. In this context, our bringing down the gross

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 volumes for the skills and efficiency of the
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.
GROWTH IN TOTAL BUSINESS
36.05
29.05
26.00
5.00
4.00
4.00
3.25
3.00
2.57
2.32
20
17.60
16.25
13.43
9.63
10
0
MMCB
Mandvi
AKJSB
& MRSB
As on merger date
NPCB
SICB
1.26
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
16
1.76
0.96
1.00
KMCB
2.30
2.00
0.00
0.00
MMCB
Mandvi
AKJSB
& MRSB
As on merger date
1.17
NPCB
1.16
SICB
KMCB
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
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 eightyseven years of its existence). We see a similar trend
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 under
the 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
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 Ashwamedh
programme, wherein we decided to follow the mantra
of opening one branch in every fifteen days. The said
programme was followed diligently and your Bank
moved on from 175 branches as on 31st March, 2009
to 200 as on 31st March, 2010.
To have a panIndia presence, a mix of rural, semiurban and metro cities have been identified for
opening new branches keeping in view factors such
as population, cultural mix, existing banking density
and business potential. The regulators also appreciate
such an inclusive approach. Currently, cluster-based
expansion is underway in cities like Mumbai, Pune,
Nagpur, Konkan region of Maharashtra and States of
dividends so far. Almost all erstwhile seven banks
Karnataka, Gujarat and Delhi.
have been turned around and the productivity per
The Bank was founded in 1918 by public-spirited
employee and profit per employee have been going
individuals hailing from a part of the then Ratnagiri
up. We have added to your Banks business, profits
District, which is now known as the Sindhudurg
and branches through these mergers. Employees
District. In consonance with our special attachment
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 to
secure inorganic growth through mergers, while at
the same time having supported 7,70,882 hapless
depositors of these seven merged banks, in their
hour of financial crisis.
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 fifteen branches. Branches have been opened
at Kudal, Sawantwadi, Alibaug, Panvel-I, PanvelII, 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.
17
Table No 4:
DETAILS OF THE TWENTY EIGHT BRANCHES OPENED FROM 01.04.2009 TO 31.03.2010
Sr. No.
18
Name of Branch
SME - Vikhroli
Ratnagiri
Location
Date of
Opening/
Relocation/
Shifting
Prabhat Bhavan, Block "B",

First Floor, 96, L.B.S Marg,
Opp. CIPLA, Vikhroli (West),
Mumbai - 400 083.
27-04-2009
Benjamin Enclave, 1st Floor,

Opp. Central Bus Stand,
Ratnagiri-Kolhapur Highway,
Ratnagiri - 415 612.
28-04-2009
SME - Panjim
Tristar Building, 2nd Floor,

13 B, EC Complex, Patto Plaza,
Panjim, Goa - 403 001.
09-05-2009
Koramangala-Bengaluru with ATM
Sogo Properties, Site No. 47,

100 ft. Road, 4th Block, Ward No. 68,
Koramangala, Bengaluru - 560 034.
08-06-2009
Gadkari Chowk with ATM
Shivsena Bhavan, Ram Ganesh

Gadkari Chowk, 177, N. C.Kelkar,
Dadar. Mumbai - 400 028.
19-06-2009
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
SME - Vile Parle with ATM
Bholanath C.H.S. Ltd.,

Subhash Road, Vile Parle (East),
Mumbai - 400 057.
23-07-2009
Talegaon with ATM
Shop No. 33 to 39. P. L. Khandge

Plaza, Talegaon chakan Road,
Talegaon, Dist. Pune - 410 507.
31-08-2009
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
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, Next to Pen ST Depot.,
Pen, Dist. Raigad - 402 107.
05-01-2010
19
Mahad with ATM
1st Floor, Mahad Trade Centre, Opp.

Local Post Office, 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, 2 and 3, Daulat Complex, 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
Shop No. 14, Ground Floor,

Orbit Eternia, N.M.Joshi Marg,
Lower Parel, Mumbai - 400 013.
14-03-2010
25
Lower Parel
19
Sr. No.
Name of Branch
Location
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 - 560 004.
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
the aggressive pace of Branch Expansion under the
Ashwamedh 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
Bank had opened only seventy-five Branches, 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
research of the financial and banking market. As of
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
enormous scope for banks and financial institutions
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 the
banking space, they will be atrophied and will have
to exit the market. It is a call of survival, therefore, we
make every endeavour to grow in size - otherwise
we will be left behind, stagnate and perish. Even
otherwise, our expenses grow year after year. Hence
our business and income must also grow every year.
20
Date of
Opening/
Relocation/
Shifting
We have also to provide for the rainy day say a

bad economic cycle, such as the one we witnessed
over the last two years. It is in this context, we have
a well-considered business strategy to seek organic
and inorganic growth.
We assure our members that we are pursuing branch
expansion and growth cautiously. We opened thirtyone new branches till 31st March, 2010 after the
RBI opened fresh licences post-Madhavpura, in the
year 2007. Some of these newly opened branches
are already in profit and most others are progressing
quickly towards viability and here on, they will prove
to be the building blocks of growth for your bank. On
over all basis, together we are making a small net profit
of ` 2.29 crore from these thirty-one new branches.
This small net profit from these thirty-one branches is
expected to grow to ` 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 ` 23,517.08 crore for the financial year 2009-10.
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
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 the
credit 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, your Bank identifies the high value
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
Customer Identification Process (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 verifies 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.
With the threat of financial terrorism looming on the
banking industry, these efforts serve to safeguard
your Bank from getting used as a channel to route

suspicious monetary transactions. This exercise also
enhances the image of your Bank with the counterparties, especially, your Banks foreign banking
correspondents who are keen to deal only with Banks
that have implemented such anti-money laundering
measures 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 calculate
the 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 by
senior 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 nearly
220 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
banking experience.
21
Your Bank has introduced ONLINE AUDIT

system, where paperless audit is conducted using
computers. Your Bank is a pioneer in this exercise,
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,
five years ago, Banks present Chairman Shri E. K.
Thakur has introduced Self- Audit for the branches.
In this exercise, Branch Managers conduct audit of
their own branches based on a template provided by
the Audit Department and they become self aware
of housekeeping deficiencies thus facilitating early
plugging 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
Vigilance Officer at the helm of the department has
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 of
the 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
in existing frauds, in their returns on frauds. Besides
22
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 malafide 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 3D
Secure 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.
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 BANCS

consortium. 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.
funds. Your Bank is happy to

the RTGS/ NEFT transactions
by 11.5 per cent on a y-o-y
volume for FY 2009-10 being
` 2,20,520 crore.
f)
Customer Service Survey - The Bank has been

conducting 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
decided to have an exhaustive survey through
a well-known international agency in the field
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 with
a presence in sixty countries, which is in the
business of customer satisfaction and loyalty
surveys.
The survey, which was completed during the

year under Report, provided excellent insights
into the improvements required in our customer
focus. The recommendations in the survey are
under implementation. The aim of this exercise
is to offer world-class service and facilities to all
our customers.
c) Mobile Banking - Your Bank offers mobile

banking facilities to customers with various
attractive features. We are also planning to
launch full-fledged 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
Bank has been constantly 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
inform you that

have increased
basis, the total
of the order of
19. FINANCIAL PERFORMANCE:

The Table No. 5, No. 6 and No. 7 give your Banks
financial performance during the FY 2009-10 as a
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)
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%
21,029.26
23,517.08
11.83%
Low-Cost Deposits (a)+(b)
Total Business Turnover( Deposits +Advances)
23
Table No 6:
Operating Results:
(` in crore)
Particulars
31-Mar-09
31-Mar-10
%Change
1,270.45
1,286.70
1.28
Interest Expenses
911.08
957.89
5.14
Net 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
Operating Expenses
263.48
284.47
7.97
Gross Profit
325.36
215.84
-33.66
9.75
36.68
276.21
315.61
179.16
-43.23
74.32
40.00
-46.18
241.29
139.16
-42.33
30.50
19.49
-36.10
210.79
119.67
-43.23
Interest Income
Provisions
Profit Before Tax and Exceptional items
Income tax
Profit After Tax and before Exceptional Items
Exceptional Items
Net Profit After Tax and Exceptional Items
Table No 7:
Key Indicators of Performance:
Particulars
31-Mar-09 31-Mar-10
1. Return On Avg.Assets (%)

2. Non Interest
Income (%)
Income
to Total
1.46
0.74
15.30
11.76
44.75
56.86
2.99
2.61
11.75
11.47
6. Average yield on investments (%)
7.52
6.83
7. Average cost of deposits (%)
7.39
7.12
3. Cost to Income (%)

4. Net Interest Margin (%)
5. Average yield on advances (%)
to weed out and exit from certain advances, 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
negative spread for the first time in the last ninetytwo years of our working.
Segment wise Performance:
Notes:
Retail segment:
Return on average assets is the ratio of net profit after tax

to the average assets.
Retail loans:
Non-Interest income represents income from commission,

exchange, trading in Govt. securities etc.
Cost represents operating expenses, while the income

represents net interest income and the non-interest
income.
Net Interest Margin (NIM) is the ratio of Net interest income

to 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
24
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 Medical
Practitioners, i.e. Doctor Delite Loan Scheme etc.
Total disbursement level reached in retail loans,
during the year amounted to ` 1,118.41 crore, as
against disbursement of ` 383.15 crore effected
last year, which shows growth of 191.90 per cent
on y-o-y basis. The Retail Loan Portfolio of the

Bank, which was at ` 1,407.08 crore as on 31st
March, 2009, has increased to ` 2,150.63 crore as
on 31st March, 2010, showing annualized growth of
52.84 per cent. Some of this business was accrued
from MHADA projects. A new loan scheme called
Samruddhi Loan Scheme, with innovative features
was introduced during the year, which has received
positive response.
Various drives and campaigns were conducted
throughout the year to reach out to our existing as
well as new customers and to provide impetus to the
Retail Loan portfolio. The drives were focused on our
major products like Vastu Siddhi Home Loan, Super
fast Car Loan, Saraswati Education Loan and Doctor
Delite Loan. Out of the total retail loan portfolio, the
major business is contributed by (1) Vastu Siddhi
Home Loan considering the bigger ticket size and
primary requirement of eligible individuals and
(2) Car loans.
In the last Annual Report, your Bank had reported
about setting up of five Retail Asset and Small
Business Enterprises Centres (RASECS), at Thane,
Borivali, Dadar, Pune & Aurangabad. During the year
one more RASEC was opened at Matunga, Mumbai
to cater to the need of new branches. These six
RASECs collectively cater to the retail loans of 110
branches. In the year, 2009-10, retail loans worth
` 635.36 crore were processed, sanctioned and
disbursed to 8,691 applicants by these six RASECs.
The setting up of RASECs in the Bank has enabled
your Bank to garner retail loans in a more focussed
way with quicker turn around time and a thrust on
quality. As standards of processing the loans have
vastly improved, the Bank will be in a position to
arrest large NPAs from happening in this segment.
While increasing the retail loan portfolio, your Bank
has also taken steps to ensure developing healthy
portfolio with less delinquencies, by taking early steps
in case of all the loans showing signs of sickness.
Gross NPAs in retail loan portfolio stand at 3.20
per cent of the total outstanding loans for the year
ending 31st March, 2010. We are endeavouring

to bring this percentage down to 2 per cent of
outstanding retail loans during FY 2010-11.
The MHADA tenement lottery project which has been
covered earlier in this Report was also handled deftly
mainly by the Retail segment of the Bank. With the
economic recovery gaining momentum, your Bank
expects promising future for the Retail Loan segment
in the coming years.
Retail deposits:
Special emphasis was given during the year to
acquire new customers by making aggressive
marketing efforts. During the year total number
of 2,00,839 new CASA accounts were opened as
against 1,40,586 CASA accounts opened during the
last year, showing a y-o-y growth of 42.86 per cent.
This has resulted in increasing our CASA portfolio
from ` 3,218.35 crore to ` 4,247.67 crore, a growth
of 31.98 per cent. Percentage of CASA deposits too
has shown improvement from 24.91 per cent to 29.77
per cent during the year, resulting in reducing cost of
deposits of the Bank. Your Bank is aiming to reach
CASA deposits at 40 per cent of total deposits by
31st March, 2014.
Your Bank is proud to inform that during one of our
promotional drives, we opened a record 18,700
CUB accounts (minor accounts) on one single day,
demonstrating the marketing clout of your Bank.
Easy Pay Facility:
Your Bank had introduced Easy Pay facility since
September, 2003 for the convenience of our
customers. Under this facility our Bank manages
regular payment of monthly bills of customers. There
are various billers like gas, electricity, telephone
etc. to whom payment is made under Easy Pay. At
the moment this facility is offered to our Mumbai
and Pune customers absolutely free of cost. This
facility will be extended in a phased manner to over
100 branches during the course of the ensuing
financial year.
25
Wholesale Banking Business:

Your Banks commercial loan portfolio mainly
comprised loans to Small and Medium Enterprises
(SME), large industrial borrowers and businessmen.
During the year under Report, the portfolio increased
from ` 6,703 crore as of 31st March, 2009 to
` 7,108.00 crore as of 31st March, 2010 showing a
rise of ` 405.00 crore i.e. 6.04 per cent. The rise in
commercial advances was moderate as compared
with the previous years for two reasons (a) slow
economic growth affecting the manufacturing
sector and (b) your Banks continued stance of
reducing our exposure to the diamond industry in
view of global recessionary trends and to hold on
to the return on assets, in the difficult economic
environment. Our exposure to the diamond trade
was at 4.82 per cent of our total advances as on
31st March, 2009. During the year under Report, it
was consciously brought down to 2.12 per cent of
our total advances (exposure to the diamond Industry
was reduced from ` 391.20 crore to ` 196.21 crore).
This was done deftly sensing acute recession in
western markets where demand for luxury goods
steeply declined, resulting in stickiness and NPAs in
many of our diamond advances. During the financial
year 2009-10, your Bank added 311 new commercial
loan accounts, some of which have switched over to
us from other banks.
During the year, your Bank explored the avenue
of financing large industrial projects by joining the
syndication/consortium led by major PSU Banks/
Private sector Banks and sanctioned sizable
advances which we except to disburse over a period
of time as financial closures happen and as the
projects progress.
Your Bank has commenced travel related services

in the state of Karnataka at Bengalaru, Mangalore
(M. G. Road) and at Udupi, during the year.
During the year under Report, your Bank has entered
into strategic tie-up for inbound Money Transfer
Financial Services viz. Thomas Cook (I) Ltd. and UAE
Exchange & Financial Services Ltd. for MoneyGram
and Express money products respectively
and agreements were signed to effectuate the
arrangements. Express Money Service has been
rolled out at select 120 branches in May 2010 and
Money Gram Services will be rolled out by second
quarter of FY 2010-11.
Treasury Operations:
The primary responsibility of Treasury remains in the
form of maintenance of statutory obligations of Cash
Reserve Ratio (CRR) and Statutory Liquidity Ratio
(SLR). SLR maintenance is primarily in the form of
Government securities (G-sec).
The G-sec market remained particularly choppy
during the year and movement in the benchmark 10year security remained northwards for most part of
the year, excepting for few days at the start of the
year. The emergent pressures on the inflation front
and the large Government borrowing programme
took its toll on the G-sec yields. The yields opened for
the year at 7.01 per cent, moved up to sub 8 per cent
levels and finally closed the year ending 31st March,
2010 at 7.85 per cent. Bond yields are likely to stay
under pressure as fiscal deficit and inflation levels
are expected to remain at elevated levels during
FY 2010-11.
Your Banks Treasury earned a profit of ` 50.41 crore
from trading in securities, during the year under
Report.
Forex Business:
Distribution of Third Party Products:
Albeit there was disarray in the global markets,

your Bank maintained a decent foreign
exchange turnover of ` 50,903.30 crore as on
31st March, 2010. Total Merchant turnover stood at
` 9,784.92 crore, which constitutes diamond business
of ` 4,511.89 crore and non-diamond business of
` 5,273.03 crore.
a) Life Insurance:
26
Your Bank has a tie-up arrangement for life

insurance products with M/s HDFC Standard
Life Insurance Co. Ltd. for the last six years. Last
year MOU with the company was renewed. The
logged in premium for this year was ` 809.82
lac with 1,699 policies, which shows declining

trend as compared to last year due to bearish
market conditions. Bank has earned fee income
of ` 237.61 lac from the activity in FY 2009-10.
b) Non Life Insurance:

Your Bank has tie-up with M/s Bajaj Allianz

General Insurance Co. Ltd. for products such
as Fire Insurance, Burglary Insurance, Motor
Insurance, Marine Insurance, Health Insurance,
Travel Insurance etc. to our customers. Premium
mobilized under the tie-up was ` 718.06 lac
and the revenue earned from this activity of
` 106.79 lac in FY 2009-10.
c) TATA AIG MRTI and Personal Loan: Your

Bank has taken Group Insurance Policies from
M/s. TATA AIG Life Insurance Company Ltd. to
cover Housing Loans and Personal Loans. The
number of cases covered in Housing loan are
1,333 and premium mobilization of ` 342 lac.
The number of cases covered in Personal loan
is 539 and premium collected ` 9.80 lac and
overall revenue from the activity was of ` 60.61
lac in FY 2009-10.
d) Mutual Funds:

Your Bank has also tied up with all the leading

mutual fund houses to offer mutual fund
products from all our branches. During the year
Bank earned income of ` 65.34 lac from the said
activity by way of fee for marketing the product.
e) Demat:

Your Bank has tied up with NSDL and CDSL

(Central Depository Services Limited) as well.
Demat is already ISO certified with eleven of
its staff members duly certified to perform the
ISO audit. The number of Demat accounts
shows moderate increase because of closure
of accounts, which we had to resort to as the
accounts were non compliant of KYC and/
or PAN requirements. The number of Demat
accounts has increased from 86,874 as on 31st
March, 2009 to 88,363 as on 31st March, 2010.
20. OPERATIONAL PERFORMANCE:

Restructuring of Accounts:
In order to support the industry to overcome the impact
of the global recession, the RBI on 6th March, 2009,
issued guidelines to UCBs in respect of restructuring
of the accounts. Accordingly, in conformity with the RBI
guidelines, during the year, your Bank has restructured
sixty-five accounts and the amount outstanding was
` 370.12 crore. As specified in the RBI circular, fair
value of the loan account was computed as present
value of the cash flows of interest and principal
amount, before restructuring and after restructuring
and the diminution in value so calculated worked out to
` 0.44 crore. The required amount has been provided
under a separate head. All these accounts are closely
monitored by our SMA Cell in the Risk Management
Dept. It is our considered assessment that, these
accounts would fully revive during the ensuing year.
However, if the recessionary trend continues in the
economy, some of these accounts may slip into NPA
category.
Banks Relief to Industry:
When the recession was at its peak and demand in
the economy had dwindled, your Bank decided to do
handholding of our good but small borrowers. Your
Chairman announced in a Customers Conference
held at Pune in July 2009, a special line of credit
at 9% for borrowers who were facing headwinds of
recession. Under the scheme eighteen borrowers
were provided temporary credit at 9% aggregating
to ` 20.64 crore.
Movement of NPAs:
During the year under Report, which was characterised
by acute recession in the world economy, there was
an addition of ` 107.84 crore to the Gross NPAs, as
against the last year additions amounting to ` 110.95
crore. The NPA Management Dept of your Bank has
been able to recover/reduce the Gross NPAs by
` 110.72 crore to bring down the Gross NPA level
to 3.92 per cent from the last years level of 4.50
per cent, which constitutes an improvement. The
27
recoveries and provisions however helped the Bank

to maintain the Net NPA level to zero percent for the
sixth consecutive year.
Table No 8:
Movement of NPAs and Provision for the year
2009-2010.
(` in crore)
GROSS NPAs
365.26
Addition during the year.
107.84
Reduction during the year.
110.72
362.38
PROVISIONS:
370.24
Addition during the year.
35.57
Reduction during the year.
41.58
364.23
NET NPAs
0.00
0.00
It is worth mentioning that after the remnant Gross

NPAs of the order of ` 144.26 crore of the seven
merged banks (now Gandhakosh) are excluded
from the total Gross NPAs of ` 362.38 crore of your
Bank, ` 218.12 crore would be Gross NPAs of your
legacy Saraswat Bank, which stand at 2.36 per cent
of the total advances of your Bank. They include
some of the stubborn NPAs prior to April 2001. We
are endeavouring to bring your Banks Gross NPAs
down to around 1 per cent by FY 2013-14.
During the year under Report, your Bank could
recover ` 3.70 crore from the written-off accounts.
A special strategy has been worked out under a
project christened as Phoenix during the year
2010-11 to make aggressive recoveries from written
off accounts.
Capital Adequacy CRAR
Under the prudential regulatory regime, capital
adequacy has assumed utmost importance. Your
Bank has always maintained a Capital Adequacy
Ratio (CRAR) well above the stipulated nine per cent.
The CRAR of your Bank as on 31st March, 2010 stood
at a very comfortable level of 14.63 per cent.
28
Table No 9:
Capital Adequacy
Particulars
Capital-Tier I
a. Paid-up Capital
b. Reserves and surplus
Statutory Reserve
Other Reserves
Profit and Loss Account
Sub-Total
Gross Total capital funds (a+b)
Add: Share Collection account
Less: Intangible assets
A: Net Total Capital Funds
Capital-Tier II
Revaluation Reserve
General Provisions
Investment Fluctuation Reserve
Subordinated debts
B: Sub-Total
Total (A+B)
Risk Assets
Funded Risk Assets (i)
Non-funded Risk Assets (ii)
Total Risk Weighted Assets (i+ii)
Capital Adequacy Ratio
(` in crore)
31-Mar-10
85.44
305.58
436.11
121.73
863.42
948.86
22.14
163.17
807.83
147.19
44.76
56.54
300.00
548.49
1,356.32
8,632.66
636.42
9,269.08
14.63%
31-Mar-09
76.71
251.41
314.20
216.52
782.13
858.84
22.14
168.75
712.23
0.00
44.66
51.54
0.00
96.20
808.43
6,779.87
625.31
7,405.18
10.92%
Constraint of Capital:
From the financial year 2006-07, your Bank is
required to pay Income Tax, which in turn has
severely impacted the plough back of profits to
your Reserves. The Government of India and State
Governments support the sugar co-operatives,
handloom co-operatives, etc. with subsidies and
grants, running into thousands of crores of rupees.
The Government of India not only provides capital
to PSU Banks but it also recapitalizes them. The
Central Co-operative Banks (apex banks) in various
States, DCCBs and primary agricultural societies
(PACs) are also supported by governments with
capital. Recently, through Vaidyanathan Committee
a package of ` 15,000 crore was offered to these cooperatives because Government considers them its
responsibility.
Now, there is a proposal before Government of
India to recapitalize the Regional Rural Banks to
the tune of ` 2,200 crore. Thus massive support
running into several thousand of crores is given

through Governments coffers to government-run
co-operative institutions. This is done with tax payers
money. The UCBs, on the other hand, are being taxed
on their profits, depriving them of growth through
internal accruals. Not a single rupee has been
invested as capital, capital support or subsidy
either by the Central or State Government in
UCBs. UCBs are peoples banks, while PSU Banks,
State Co-operative banks, DCCBs and RRBs have a
Government stake. This proves that in our democracy,
only those financial institutions, which are promoted or
partnered by Government, are being supported with
taxpayers money by the Governments at the Centre
and States. With such policies, India has become a
Government democracy as against the dream held
out by the founding fathers of our Constitution of the
nation becoming a Peoples democracy.
Resultantly and more so because: (1) we can
not raise capital funds through capital market via
IPO route, though the book value of your Banks
shares far exceeds the face value, (2) we, being a
cooperative institution, can not charge any premium
based on book value and have to issue shares to a
new member at face value only, thus putting old and
loyal members to a disadvantage and (3) we have
to pay Income Tax on the same basis as only-forprofit organizations,your Bank like most UCBs has
become capital-starved and capital-hungry today.
In addition to these, if mergers are organized by
commercial banks, they get rebates under the Income
Tax Act. However for UCBs for availing the same
rebates, onerous conditions are imposed under the
Income Tax Act, thus denying the Income Tax benefit
to UCBs for mergers. Through regulatory exercise,
we are denied many streams of income, which are
available to commercial bankthus denying us the
level playing field.
Members have to take note that a growing bank
needs strong growth capital and members at their
levels are therefore requested to ventilate the above
issues at all legitimate forums to help support your
Board of Directors in their pursuit of justice and thus
support the cause of the co-operative movement.

Yours is a growing Bank and in order to have orderly
growth, some regulations and laws require urgent
amendment so that UCBs including your Bank do
not experience a constraint of capital on growth. This
constraint on capital is the greatest cause of concern
for your Board of Directors today.
21. APPROPRIATIONS:
Table No 10:
Transfer to
Reserve Fund(25%)
Contingency Reserve (10%)
(` in lac)
2009-2010 2008-2009
2,991.86 5,269.81
1,196.74
2,107.92
119.67
210.79
Proposed Dividend @ 20%
1,590.62
1,489.13
Provision for Ex-gratia payment to

employees @ 20%
1,631.10
1,597.50
0.00
6,500.00
Members Welfare Fund
50.00
50.00
Provision for Staff Welfare
10.00
10.00
Provision for Public Charitable &

Co-operative Purposes
50.00
210.79
IFR
1,000.00
500.00
Special Reserve
1,000.00
1,000.00
General Reserve
2,500.00
2,500.00
33.27
205.84
Provision for payment of contribution to

Education Fund of N.C.U.I (1%)
Building Fund
Balance to be carried forward to the

next year
Total
12,173.26 21,651.78
Dividend:
Your Board of Directors is pleased to recommend a
dividend of 20% for the year ended March 31, 2010.
Members Welfare Fund:
Your Board of Directors recommends ` 50 lac towards
this fund. The total amount in the fund after this
accretion will be ` 598.50 lac. During the year, 1,150
members availed of the medical reimbursement and
medical check-up facilities and fifty-six awards were
granted to meritorious children of the members.
Provision for Public Charitable and Co-operative
Purposes:
While an appropriation of one per cent of the net
profit is permitted under RBI Circular No UBD.
(PCB)./ BPD/ Cir 43 dated 11th April, 2005 for public,
29
charitable and co-operative purposes, your Board

recommends only ` 50.00 lac during this year owing
to decline in net profit as compared to last year.
Special Reserve:
In accordance with Section 36 (1) (viii) of the Income
Tax Act, 1961, the UCBs are eligible for a deduction in
respect of profits earned from the eligible businesses
e.g. profit earned from loans and advances granted
to industries, infrastructure, agriculture and housing.
20 per cent of such profits transferred to a Special
Reserve will be eligible for deduction from taxable
income. Your Board therefore recommends an
amount of ` 10.00 crore from the profits accrued from
the said eligible business, towards this Reserve.
22. AMENDMENT TO BANKS BYE-LAWS:
In the last Annual General Meeting of the Bank held
on 25th July, 2009, bye-law No. 34 was amended as
follows:
The loan shall be made only to members provided
that with special sanction of the Registrar, alongwith
members, the society may make loans to another
society and others.
The amended bye-law was then sent for registration
to the Central Registrar of Co-operative Societies,
New Delhi and he suggested that the Bank should
specify the word others, in the amended bye-law.
Your Board of Directors therefore approved that the
word others in the said amended bye-law shall mean
the following categories:
a) Individual/firms and companies who become
the borrower of the Bank by way of assignment
of their debts
b) Self Help Groups
c) Non- Government Organisations
The said bye-law then was sent for registration and
the Central Registrar while registering the same
put the condition vide his letter No. L-11016/6/85L&M dated 26th August, 2009 that the aforesaid
categories should be incorporated in bye-law No.34
30
vide an amendment in the Annual General Meeting

for the year 2009-2010. The amendment as stated
above will be moved under agenda item no. 4 in this
Annual General Meeting.
23. CORPORATE SOCIAL RESPONSIBILITY:
Corporate Social Responsibility has always been
an integral part of the vision and values of your
Bank and will always remain the cornerstone of
our core business values. Your Bank consciously
works for the Triple Win formula, - (1) a win for
our customers first, (2) a win for the Bank, and
(3) a win for the society. An essential component of
our corporate social philosophy, therefore, is to care
for the community. Your Bank also defines Corporate
Social Responsibility to include making socially
responsible products and making a commitment
to the community around it. During the year, the
following initiatives were taken in pursuance of our
social goal:
a) The Sindhudurg and Ratnagiri belt was subjected
to the fury of monsoon during the year under
Report due to its proximity to the coastal region.
During October 2009, torrential rains affected
the lives of a large number of people in the
Sindhudurg District. In order to provide respite
to these victims of rains/ floods, your Bank
introduced the Ativrushti Aapatti Nivaran Yojana
in the Sindhudurg District and surrounding areas.
Loans amounting from ` 25,000/- to ` 2,00,000/depending upon individual requirement were
extended to individuals and traders affected by
heavy rainfall/ floods. Under the loan scheme,
aggregate assistance of ` 22.91 lac was
extended to eighty-eight beneficiaries.
b) During November 2009, the Sindhudurg district
was affected by the Cyclone Phyan. To cater to
the needs of the cyclone affected people, your
Bank introduced the Phyan Cyclone Aapatti
Nivaran Yojana for individuals and traders of
the Sindhudurg and Ratnagiri belt. Under the
loan scheme, assistance of ` 15.18 lac was
extended to fifty-six beneficiaries.
c) Your Bank, as a part of social commitment,

donates every year a certain percentage of its
profits to the Public and Charitable institutions
pursuing a worthy cause in the fields of education,
medical and other social activities. During FY
2009-10 also, your Bank gave such donations
to various Public and Charitable Institutions. To
release such donations, your Bank arranged
a function Runanubandh Sohala on 23rd
February, 2010. Your Bank has also supported
numerous social, educational, medical, creative
causes by way of sponsorships during the year.
To honour such shareholders and to acknowledge

their contribution towards the Bank, your Bank
has announced a special recognition for the Ideal
Shareholder from the year 2009-10 onwards. In the
first year of inception of this award i.e. in FY 2009-10,
Shri Nitin Walke, a shareholder bearing No. 106301
on the Shareholders Roster and resident of the
Sindhudurg district, was honoured with the award of
Ideal Shareholder in recognition of his noteworthy
contribution towards propagating the brand
Saraswat Bank and furthering your Banks cause of
microfinance in the Sindhudurg belt.
Microfinance has come of age in India. Although it

is not a panacea for the poor, it has now developed
into an important delivery mechanism for reaching
the poor and achieving financial inclusion. Your Bank
has recently ventured into microfinance in Western
Maharashtra and also in the Sindhudurg District.
24. CORPORATE GOVERNANCE:
Your Bank launched a scheme for micro-finance for

self-help groups (Bachat Gat) so as to help them
raise the income levels and improve living standards
of their members. Your Bank aims at inculcating
the habit of saving amongst the members of these
groups. On the basis of this relationship, your Bank
caters to their borrowing needs. Your Bank extends
credit to the self-help groups, who are involved in
activities like selling fruits, vegetables, milk, fish,
etc., making of brooms, basket weaving, and other
bamboo products and any other activities viz.
plumbing, hairdressing, electrical work, flowers/
vegetable growing, spices and papad making etc.
Under this scheme, we extended financial assistance
of around ` 2 crore to around 1,600 beneficiaries. Till
date, there have been no major defaults in recoveries
of these loans, which vindicates our firm belief that
banking for the poor is not poor banking.
Composition of your Banks Board : The

composition of the Board is governed by the MultiState Co-operative Societies Act, 2002 and the byelaws of the Bank. As on 31st March, 2010, there
were fifteen Directors on your Board in addition to
the Managing Director. The Board includes eminent
persons with professional expertise and experience
in Banking, Finance and other fields. As against the
stipulation of RBI of having at least one Chartered
Accountant and one Banker on the Board of Urban
Co-operative Banks, your Bank has four Chartered
Accountants, two Bankers and one Economist as its
directors.
During the period under Report, twenty-eight
meetings of the Board of Directors were held.
No Director has borrowed any monies from your
Bank. This has been a healthy tradition in your Bank
and has been enshrined in Bye- law no. 55 many
years ago.
Working of Committees:
Ideal Shareholder:
The Board has constituted Committees of Directors

to take informed decisions in the best interest of the
Bank.
As you are aware, this year was the ninety-second

year of operation of your Bank. Whatever your Bank
has achieved in all these years would not have been
possible but for the unremitting support of all its
shareholders, some of whom selflessly devote many
of their waking moments for the progress of the Bank.
At the start of the year, three Committees of the

Board were in place viz. Audit and NPA Management
Committee, Merger Committee and Executive &
HR Committee of the Board. The following Table
No. 11 shows the number of meetings held during
FY 2009-10.
31
Table No. 11
Name of the Committee
Number of
meetings held
during
FY 2009-10
1. Audit and NPA Management Committee
11
2. Merger Committee
04
3. Executive and HR Committee
10
25. MEMBERSHIP:
1,34,417 members of your Bank hold fifty and above
fully paid shares. Number of nominal members of the
Bank stood at 4,94,292.
26. APPOINTMENT OF STATUTORY AUDITORS:
Your Board of Directors recommends the
appointment of M/s Kulkarni & Khanolkar, Chartered
Accountants as the Statutory Auditors of the Bank
for the FY 2010-11.
This information should be treated as a special notice
under section 71 (1) of Multi State Co-operative
Societies Act, 2002, as the present incumbent
M/s M. P. Chitale & Co. Chartered Accountants will
be completing their term at this Annual General
Meeting. The Board of Directors has obtained the
consent of M/s Kulkarni & Khanolkar, Chartered
Accountants for their appointment.
The necessary resolution in this regard will be moved
under agenda item No. 3 of this Annual General
Meeting.
27. THE FUTURE PREPARATION FOR

DR. ADARKAR MISSION-III of ` 50,000

CRORE PLUS BY 31ST MARCH, 2016:
During the ensuing year, the Bank is fully poised
to achieve Dr. Adarkar Mission-II of ` 25,000
crore plus by 31st March, 2011. There is great
satisfaction to your Board of Directors that we have
achieved these Missions without fail, as planned
although a severe recession interrupted our rate of
growth. It is, therefore, time for preparation for the
Dr. Adarkar Mission-III, which will be unveiled as
soon as we reach a business level of ` 25,000 crore
plus, under the current Mission. In this Mission-III,
we will work to achieve a total business level of
32
` 50,000 crore plus in five years, i.e., by 31st March,

2016, which means that your Bank has to achieve
a total additional business of ` 25,000 crore in
just five years and for achieving which it had till
now taken ninety-three years from 1918 to 2011.
The total number of branches during the period is
expected to go to a minimum of 400 and maximum of
500, depending upon the licensing and merger policy
of the Reserve Bank of India.
Our basic strategy will remain the same. We will
continue to focus on (i) building a performing
organization, (ii) building a learning organization and
(iii) building a customercentric organization. We will
usher in major changes in our recruitment, training,
placement as well as reward policies so as to secure
and retain the best talent, thus enabling your Bank to
render excellent customer service, which is our key
differentiator in the market place.
We have been urging the RBI to allow us to operate
on a panIndia basis and we expect the RBI to grant
our request soon. With this, your Bank will have a
presence in all major States of India.
Growing in five years from a business of ` 25,000
crore to ` 50,000 crore plus, is a level that will give
us the size of a small commercial bank. Excellent
corporate governance, cost efficiencies, strong
risk management systems, good asset quality,
investment in quality human resources, delightful
customer service, continual research and product
development and a strong Brand propelled by
aggressive marketing will be crucially important
areas for the Bank in the coming years and we have
been already focussing on these aspects. Your Bank
is thus confident of building a strong and winning
organization by customer focus, in the coming five
years, under Dr. Adarkar Mission-III.
28. DISCLOSURES:
As per the disclosure norms stipulated by the RBI,
we hereby declare that insurance premium to DICGC
has been paid upto 31st March, 2010 and there are
no arrears payable to DICGC.
29. SARASWAT INFOTECH LIMITED (SIL):

SIL, the wholly-owned subsidiary of your Bank
completed its fourth financial year on 31st March,
2010. Your Bank had originally invested ` 10 crore
as capital for SIL. During the current year, your Bank
has contributed additional ` 10 crore to SIL acquiring
shares under a rights issue at a premium of ` 9/- per
share. During the year, SIL has continued to provide
IT infrastructure and service to your Bank. Also, it has
successfully canvassed some business from other cooperative banks. Your Bank has received a dividend
of ` 2.08 crore from SIL for FY 2009-10. We enclose
herewith Directors Report alongwith Audited Profit &
Loss Account of the Company for the period ended
31st March, 2010 and Balance Sheet as at
31st March, 2010.
We may add that Shri A. V. Dubhashi, Director of
your Bank continued to be the Chairman of SIL upto
17th April, 2010, whereafter he resigned and Shri E.
K. Thakur, the Chairman of your Bank was elected
by the Board of Directors of SIL as Chairman.
Shri Manoj Kunkalienkar, MD & CEO and Shri Yusuf
Lanewala, Whole Time Director, resigned from the
services of the Company for personal reasons and
their resignations were accepted by the Board of
Directors of SIL as at the close of business on 31st
May, 2010. Shri S. K. Sakhalkar has been appointed
as MD & CEO of SIL with effect from 31st May, 2010.
30. OBITUARY:
We regret to inform that ex-Chairman and Senior
Director of your Bank, Shri Ravindra Kamalakant
Patkar passed away on 22nd July, 2010, at the
age of eighty-five. Late Shri Ravindra Patkar was a
member of the Board of Directors for a period of
around twenty-two years. He was also a member of
the Board of Directors of SIL. Apart from his valuable
contribution to your Bank, late Shri Patkar was a
renowned social worker. Shri Patkar is deeply missed
at the Board Meetings and is fondly remembered.

The Board offered its deepest condolences to
Smt. Patkar and family.
We also regret to record that during the year, some
of the shareholders, employees and ex-employees
passed away. The Board gratefully recalls their
valuable contribution to the Bank.
The Board of Directors offers its deepest
condolences to the families of the bereaved.
31. GRATITUDE:
Your Board wishes to thank all our shareholders for
the confidence and trust that they have reposed in
the Board of Directors of the Saraswat Co-operative
Bank Ltd.
We would also like to place on record the deep sense
of gratitude to the Reserve Bank of India, the office
of the Central Registrar of Co-operative Societies,
New Delhi, the office of the Commissioner for Cooperation and Registrar of Co-operative Societies,
Maharashtra State, Pune for valuable guidance,
support and co-operation. The Board is also grateful
to the Registrars of Co-operative Societies of the
States of Madhya Pradesh, Karnataka, Goa, Delhi
and Gujarat.
Your Board is proud to acknowledge the valuable
contribution made by employees of your Bank
at all levels. We look forward to their continued
commitment to achieve and surpass the ambitious
organizational goals that we have set in the form of
Dr. Adarkar Missions.
For and on behalf of the Board
Ekanath K. Thakur
Chairman
Mumbai: 28th August, 2010
33
Jeeef<e&ke DenJeeue 2009-10
efo meejmJele kees-Dee@hejsefJn yeBke efueefces[

92 Jee Jeeef<e&ke DenJeeueeee iees<eJeeje
ceeveveere meYeemeo,
Deeheuee yeBkesee 92 Jee Jeeef<e&ke DenJeeue meeoj kejleevee
mebeeueke ceb[Ueuee Deevebo nesle Deens.
1. peeieefleke DeLe&JeJemLee :
mehWyej 2008 ceOes meg Peeuesuee peeieefleke ceboereer leerelee
yeNeee DebMeer ee DeeefLe&ke Je<ee&le keceer Peeueer. ceboeree ojceeve
yeepeejeleerue ceeieCeer Jee{efJeCeemee"er Je lee ceeOeceeletve jespeieej
Je=Ooeree oj Jee{efJeCeemee"er, efJeefJeOe osMeebveer mejkeejer eflepeesjerletve
kesuesueer ve Yetlees ve YeefJe<eefle DeMeer Deeeceke iegbleJeCetke,
leeletve efvecee&Ce Peeuesueer Jee{erJe efJeeere let DeeefCe euebefyele
keceer Jeepeoj eecegUs 2009-10 ee Je<eea peeieefleke ceboer
yejereMeer Deeeskeeele Deeueer, hejbleg Deepener peeieefleke DeLe&JeJemLee
ceboerhetJe&keeU cnCepes DeeefLe&ke Je<e& 2007-08 Flekeer me#ece
Peeuesueer veener. vepeerkeee YeefJe<ekeeUele Keepeieer #es$eeleerue
ceeieCeer Jee{ueer veener lej DeeefLe&ke megOeejCesee Jesieeuee peeieefleke
mlejeJej KeerU yemeCeeeer Mekeelee Deens.
Yeejleere DeLe&JeJemLesJejerue heefjCeece :
ee meJe& peeieefleke he[Pe[erlener, Yeejleere DeLe&JeJemLesves Deeheueer
ueJeefekelee oeKeJetve efoueer. Je<e& 2009-10 ceOes keceer
heeTme nesTvener jeêre {esyeU Glheeoveele iesuee Je<eeaee
6.7 ee leguevesle 7.4 SJe{er Jee{ Peeueer.
megJeeleeree keeUele hejosMeeletve Yeejleele esCeejer DeeefLe&ke

iegbleJeCetke Je Deeheueer jeêre efveee&le eele Peeuesueer ue#eCeere
Ie ue#eele IesTve yeepeejele DeeefLe&ke Je=eree oj Je lejuelee
efketve jeneJeer cnCetve heeTues Geueueer. hejbleg veblejee keeUele
KeeeeVeebee efkebceleerle meeleleeves Peeuesuee Yejcemee" Jee{ercegUs
ceneieeF& efveoxMeebkeeves ceee& 2010 heele 9.90 eer heeleUer
lJejsves iee"ueer. Jee{lee ceneieeF& oj, yeepeejeleerue ceeieCeerleerue
Ie Je leecegUs Yeejleeee DeeefLe&ke efJekeeme ojeJej nesCeeje
otjieeceer heefjCeece JesUere DeesUKetve Yeejleere efjPeJn& yeBkesves
heg{ee keeUele DeeefLe&ke Je=eree Gefeuee keceer cenJe
osTve, ceneieeF& nee keUeree eMve Deens, Demee eeOeeveece
"jefJeuee Je efkebceleer efmLej jenleerue DeMeer OeesjCes DeeKeCeeme
megJeele kesueer. Je<ee&ee MesJeee efleceenerle efjJnme& jshees,
jshees Je jesKe jesKelee eceeCeeee (meerDeejDeej) ojele Jee{
kesueer. YeefJe<eelener ceneieeF& jesKeCeemee"er Yeejleere efjPeJn& yeBke
ke[ke heleOeesjCe DeJeuebyeerue Demes DeepeIe[eruee efomeles.
l
mejkeejves iesuee Je<ee&le yeepeejhes"sleerue ceeieCeeruee Je lee

ceeOeceeletve jeêre DeeefLe&ke Je=eree oj efkeJetve "sJeCeemee"er,
Deboepehe$ekeeletve cebpetj kesuesuee eeslmeenvehej efveOeer (Stimulus
Package) Je leeletve efvecee&Ce Peeuesuee Deefleeeb[ efJeeere
legeree OeesjCeeee heefjheeke cnCetve efJeeere legeree oj
ieleJe<eeaee 8.50 Jeve 2009-10 ceOes 9.70 Jej
heesneseuee. Deueerke[ee keeUele eebieueer hepe&veJe=er, Keepeieer
#es$eeleerue ceeieCeeree G"eJe Je sefuekee@ce #es$eeleerue 3peer Je
yee@[yeB[ mheske^ceee efueueeJeele efceUeuesuee cees"ee jkecescegUs
ee Je<ee&leerue efJeeere legerle Ie nesCeeeer Mekeelee Deens.
Mesleer, Geesie Je mesJee ner leerve eOeeve Glheeove #es$es Deensle.

leehewkeer Je<e& 2009-10 ceOes og<keeUeee heee&YetceerJejner
Meslekeer #es$eele 0.2 eer Jee{ Peeueer. ee DeeefLe&ke Je<ee&le
Deeweeseif eke Glheeoveevesner oesve Debkeer Deeke[e iee"le 10.40 eer
l
iesuee DeeefLe&ke Je<ee&le, Skeerke[s "sJeerleerue YejIeesme Jee{
heeleUer veeWoefJeueer. ner Jee{ eecegKeeves Deeweesefieke #es$eecegUs
DeeefCe leeeyejesyej kepe&hegjJe"eeleerue ceeieCeerleuee DeYeeJe,
Peeueer. hejbleg ee DeeefLe&ke Jee{eruee mesJee#es$eeleerue ceee&efole
eeeer eeerleer Deefleefje lejuelesceOes (efueefkeJeef[er) mebhetCe&
Jee{ercegUs ueieece yemeuee.
Je<e&Yej peeCeJeueer. leecegUse DeeblejyeBke "sJeeree mejemejer
Jeepeoj ne 3.15 les 3.50 ee ojceevee jeefnuee.
2009-10 ceOeerue ceneieeF& :
l
34
Yeejleere efjPeJn& yeBkesves peeieefleke DeeefLe&ke ceboeree
2009-10 ee ogmeNee meneceenerle hejosMeer
iegbleJeCegkeeree Jee{uesuee DeesIe DeeefCe Yeejleere DeLe&JeJemLesle hegveefJe&e megefJeOee Kebef[le kejCeele Deeueer.
Peeuesueer ceeHeke megOeejCee eeee heefjCeece nesTve, Yeejleere MesDej l Yeejleere efjPeJn& yeBkesves 30 mehWyej 2010 heele,
yeepeejeee efveoxMeebke peJeU peJeU ogheerves Jee{uee Je leee yeBkeebveer Deeheuee {esyeU Deveglheeefole kepee&eer lejleto keceerle
Deveg<ebieeves Yeejleere heeeee Decesefjkeve [e@uejee leguevesle, keceer 70 heele "sJeCeees yebOevekeejke kesues.
efJeefvecee oj 11.87 ves JeOeejuee DeeefCe Je<e&DeKesjerme
l Yeejleere efjPeJn& yeBkesee DeeosMeevegmeej, jeêreerke=le Je
` 44.90 eefle [e@uejJej efmLejeJeuee.
JeeJemeeefeke yeBkeebveer peguew 2010 heemetve kepeeJejerue Jeepeees
l
Yeejleere DeLe&JeJemLesee hejkeere iebieepeUerle, Decesefjkeve oj yeerheerSueDeejSsJepeer heeeeYetle Jeepeojeves (Base Rate)
[e@uej 27.01 Deypeebeer Je=er nesTve leer 31 ceee& 2010 jeyeefJeCeeme megJeele kesueer.
jespeer Decesefjkeve [e@uej 279.10 Deypeeheele heesneseueer.
l
veesJnWyej 2009 heemetve, IeeTke efkebcele efveoxMeebke
l DeLe&JeJemLesle Peheeeeves nesCeejer megOeejCee, Yeejleere
ne meehleeefnke keeueeJeOeerSsJepeer, ceeefmeke keeueeJeOeerves Ieesef<ele
efjPeJn& yeBkesves ceboeree keeUele efouesuee efJeefJeOe meJeueleer kejCeeme megJeele kesueer.
kee{tve IesCeees mebkesle Je Deeweesefieke Glheeoveele nesle Demeuesueer
Jee{, eeee heee&YetceerJej eslee Je<ee&le Jeepeojeee DeeuesKe l veJeeves yeBefkebie JeJemeee eeuet kejCeeee hejJeevee keener
efveJe[ke efyeiej yeBke efJeeere kebheveebmeefnle (NBFC) Keepeieer
e{lee jenerue, Demes Dehesef#ele Deens.
#es$eeleerue GeesiemebmLeebvee, meMele& osCeeee Yeejleere efjPeJn&
Yeejleere efjPeJn& yeBkesves eespeuesuee Gheeeeespevee :
yeBkesee ceeveme Deens.
l ceeieerue Je<ee&ee peeieefleke ceneceboeree heee&YetceerJej,
3. veeiejer menkeejer yeBefkebie #es$e :
mehWyej 2008 heemetve Yeejleere efjPeJn& yeBkesves JesUere "esme
heeTues Geueueer. Je<ee&ee megJeeleerueee peenerj Peeuesuee Yeejleeleerue SketCe yeBefkebie JeJemeeeeee 7 JeJemeee ne veeiejer
Jeeef<e&ke heleOeesjCeele, jshees Je efjJnme& jsheeses oj keceer kejCeele menkeejer yeBkeebee leeyeele Deens. leLeeefhe veeiejer menkeejer yeBke
Deeues. ee meJe& ieeseRee cetU GsMe, yeepeejele heee lemese eUJeU ceneje^, iegpejele, kevee&ke, leeceerUvee[t Je DeebOe
[e@uejeer eesie lejuelee jeKeCes Je Glheeove #es$eeuee JeepeJeer eosMe ee heeee jepeeble cegKele: meerefcele Demeueeves, 7 ner
kekesJeejer SketCe osMeeee veJns lej ee heee jepeebee efJeeere
ojele kepe&hegjJe"e GheueyOe keve osCes ne neslee.
JeJemLesee efJeeej keve ue#eele Iesleueer, lej veeiejer menkeejer
l
eueve HegieJeeeee ojele nesCeeNee JesieJeeve Jee{ercegUs yeBkeebes eesieoeve cenJeees Deens ns ue#eele esles. Yeejleere efjPeJn&
Yeejleere efjPeJn& yeBkesves Je<e& 2009-10 ee Debeflece yeBke ner ee #es$eeJejerue Deeheues efveeb$eCe DeefOekeeefOeke Jeeheke
efleceenerle, Goej DeeefLe&ke OeesjCeeheemetve Heejkele Iesleueer Je me#ece kejerle Deens. DeeefLe&ke Je<e& 2009-10ceOes ee
DeeefCe Jee{erJe Jeepeoj OeesjCe mJeerkeejCeeme DeejbYe kesuee. #es$eeee efJekeemeemee"er, Yeejleere efjPeJn& yeBkesves KeeueerueeceeCes
vepeerkeee YeefJe<eele efjPeJn& yeBke DeeefLe&ke Jee{erhes#ee efkebceleer Gheeeeespevee kesuee:
efmLej jeKeCeeJej Yej osF&ue Demes efomeles.
l
veeiejer menkeejer yeBkeebmee"er Debleie&le efveeb$eCe, peesKeerce
2. Yeejleeleerue yeBefkebie #es$eeleerue cenJeeee Ie[ecees[er : JeJemLeeheve, ceeueceee-oselee eebes JeJemLeeheve DeeefCe keener
l
Yeejleere efjPeJn& yeBkesves JeeJemeeefeke yeebOekeece #es$eeleerue cenJeeeer JeeJemeeefeke ceeefnleer peenerj kejCes, Fleeoer
eebieuee opee&ee kepeeJej (Standard Assets) eeheg{s kejCeele meboYee&leerue ceeie&oMe&ke leJes DeefOeke meKeesuelesves DeeKetve
esCeeNee lejlegoerle 0.40 Jeve 1.00 heele Jee{ kesueer. osCeele Deeueer.
l
efveee&le #es$eeee hegveefJe&e ceee&osle 50 Jeve 15eer l Yeejleere efjPeJn& yeBkesves keener ecegKe veeiejer menkeejer
keheele kejCeele Deeueer. lemese yeBkeebvee osCeele esCeejer efJeMes<e yeBkeebvee yeepeej peesKeceermee"er (Market Risk) Keeme Yeeb[Jeue
35
heee&hlelee 1 Sefeue 2010 heemetve ueeiet kesueer Deens.

l
pee jepe mejkeejebveer Yeejleere efjPeJn& yeBkesyejesyej

meecebpeme kejej kesuee Deens, lee jepeebleerue me#ece veeiejer
menkeejer yeBkeebvee efjPeJn& yeBkesves keee&#es$e efJemleejeme hejJeeveieer
osCeees "jefJeues Deens.
l
1 Sefeue 2010 heemetve, yeele Keeleeleerue "sJeeRJej

eefleefove heleerves Jeepe osCeees DeeosMe Yeejleere efjPeJn& yeBkesves
veeiejer menkeejer yeBkeebvee efoues Deensle.
Demes Yeekeerle Deeheuee DeOe#eere Yee<eCeele leebveer kesues nesles

Je ner meJe& DeeefLe&ke heefjefmLeleer ue#eele IesTve 1) eeuet Je
yeele Keeleeleerue (CASA) "sJeeRes mebkeueve, 2) opexoej
kepeees efJeheCeve (ceekexefbie) DeeefCe 3) Deveglheeefole kepeeeer
Jemegueer ee ef$emet$eeree keee&eceeJej Yej osCeees Ieesef<ele kesues
nesles. yeBkeseer keee&Jeener ee DeOe#eere ceeie&oMe&veevegmeej Je<e&Yej
eeueefJeCeele Deeueer Je leeletve yeBkesuee heg{s efJe<eo kesuesueer
cenJeeeer GheueyOeer eehle Peeueer.
eeuet Je yeele Keeleeleerue "sJeer (CASA) : ee DeeefLe&ke

l
keener DeeRee hetle&lesJej, veeiejer menkeejer yeBkeebvee, Je<ee&le Deeheuee yeBkesee eeuet Je yeele Keeleeleerue (keemee)
leebee YeeieYeeb[JeueeJej efjPeJn& yeBkesee hetJe&mebceleerefMeJeee "sJeer ` 4,247.67 keeseRheele heesneseuee. ieleJe<eea lee
ueeYeebMe Ieesef<ele kejCeeeer hejJeeveieer osCeele Deeueer Deens.
` 3,218.35 keeseRFlekeee neslee. cnCepese, keemee "sJeer
iesuee Je<eeaee SketCe "sJeeRee 24.91 Jeve 29.77
4. cegKehe= mebkeuhevee :
heele Jee{uee.
meeeseree heeeeJej (1) mebeeueke ceb[U, (2) keWefe
DeefOekeejer ceb[U (mesvece@ke) Je GeeefOekeejer, (3) DeefOekeejer kepeees efJeheCeve (ceekexefbie) : ee DeeefLe&ke Je<ee&le yeepeejhes"sle
kepee&uee Kethee keceer ceeieCeer DemeueecegUs, leeee SketCee
mebIevee Je meJe& DeefOekeejer DeeefCe (4) kece&eejer mebIevee
veHeeeJej heefjCeece Peeuee. Deeheueer yeBkemege leeuee DeheJeeo
Je meJe& kece&eejer ns meejmJele yeBkeses eej Yekekece mlebYe
veJnleer. kepe&JeJemeee Je=ermee"er Deeheuee yeBkesves eesie leer
GYes Deensle. leebeee menkeeee&letve, iesuee heee Je<eele,
OeesjCeelceke heeTues JesUesJesUer Geueueer, ns DeeheCeeme Keeueerue
[e@. Dee[ejkej efceMeve ee cenJeekeeb#eer Oeseevegmeej Je veJeveJeerve
lekeleeJeve keUsue efveeespeveye Gheeceebee ceeOeceeletve yeBkeseer Gejesej eieleer leee e. 1
(` keeseRceOes)
Peeueer Deens Je eenkeebee efJeeeme DeeefCe Gece eenke mesJee 31 ceee& 2009 jespeereer kepex: (De)
8,110.41
eeletvee JeeoU-JeeNeele Deecneuee $e eehle Peeues Deens. lee 2009-10 ee Je<ee&le cebpetj kesuesueer SketCe kepex:
5,763.54
DeeOeejeJeje meejmJele yeBkesee veJee yeB[ Deecner GYeejuee Deens, 2009-10 ee Je<eea efJeleefjle kesuesueer kepex: (ye)
2,921.06
1,781.12
Demes ee DenJeeueeee cegKehe= mebkeuhevesletve metefele kejCeele 2009-10 ee Je<ee&le Jemetue Peeuesueer kepex: (ke)
2009-10 ee Je<eea kepee&le Peeuesueer efveJJeU Jee{ [ (ye-ke) 1,139.94
Deeuesues Deens.
5. ieleJeeef<e&ke meJe&meeOeejCe
Yee<eCeeee ceeieesJee :
meYesleerue
DeOe#eebee
yeBkeses DeOe#e eer. SkeveeLe kes. "eketj eebveer ieleJe<eeaee

meJe&meeOeejCe meYesle Deeheuee Yee<eCeele, YeefJe<eeleerue
peeieefleke DeeefLe&ke Ie[ecees[er, Yeejleere DeLe&JeJemLee DeeefCe
leebee Deeheuee yeBkesJej Dehesef#ele heefjCeece eeyeue Yee<e
kesues nesles. leeJesUer Deeheuee yeBkesves ` 21,000 keeseRee
JeJemeeeeee hhee heej kesuee neslee. DeeefLe&ke ceboeree ee
keeUele SketCe yeepeej heefjefmLeleer ue#eele IesTve, 2009-10
ee DeeefLe&ke Je<ee&le yeBkesee veHeeeceOes cees"er Ie peeCeJesue
36
31 ceee& 2010 jespeereer kepex : (De[)

31 ceee& 2010 jespeer efJeleefjle ve Peeuesueer cebpetj kepex
9,250.35
2,842.48
Deeheuee Skeef$ele eelveebcegUs, ee DeeefLe&ke Je<ee&le SketCe

kepex ` 9,250.35 keeseReer Peeueer, peer ieleJe<eea
` 8,110.41 keeseReer nesleer. cnCepese SketCe kepee&eer Jee{
14.06 Peeueer. leLeeefhe SketCe cebpetj kesuesuee kepee&hewkeer
DeeefLe&ke ceboeree heee&YetceerJej, ` 2,842.48 keeserbeer kepex
efJeleefjle nesT Mekeueer veenerle. 2009-10 ee Je<e&Yejeojceeve
yejse Geespeke kepe& GeueCeehetJeea, ceboereer heefjefmLeleer keMeer
heg{s mejkeles Deens, les meeJe keceer nesles Deens kee, eeee
efeblesle nesles Demee Deeceee DevegYeJe Deens.
Je<eeaee ` 21,029.26 keeseRJeve SketCe JeJemeee

Jemegueer #es$eele kesuesuee meeleleeee, DeLeke eelveebcegUs ee ` 23,517.08 keeseRJej heesneseuee. JeJemeeeJe=erleerue ner
DeeefLe&ke Je<ee&le ` 110.72 keeseRee Deveglheeefole kepeeeer Jee{ 11.83 Flekeer Deens.
Jemegueer Peeueer DeeefCe {esyeU Deveglheeefole kepex SketCe kepee&ee l 31 ceee& 2009 jespeer yeBkesee SketCe "sJeer
ieleJe<eeaee 4.50 Jeve Deecner 3.92 Flekeer Keeueer ` 12,918.85 keeser neslee. lee 31 ceee& 2010 jespeer
DeeCet Mekeuees. DeeefLe&ke ceboereer heee&Yetceer ue#eele Ieslee, ner ` 14,266.73 keeser Flekeee Peeuee. cnCepese yeBkesee
Flekeer cees"er Jemegueer yeBkesuee DeefYeceeveemheo Jeeles.
"sJeerle 10.43 Jee{ Peeueer. 31 ceee& 2009 jespeer
2009-10 ns Je<e& mebhetCe& DeeefLe&ke #es$eeuee Je Deeheuee SketCe kepe&JeJemeee ` 8,110.41 keeser Flekee neslee, lees
yeBkesueener DeeJneveelceke iesues. peeieefleke ceboercegUs SketCe 31 ceee& 2010 jespeer ` 9,250.35 keeser Flekee Peeuee.
kepe& ceeieCeer Kethee Ieueer nesleer. pes kepe&efJelejCe Peeues, les cnCepese kepee&le 14.06 Jee{ Peeueer.
efveJJeU Deveglheeefole kepeeeer Jemegueer :
DeeefLe&ke Je<ee&ee MesJeee hheele Peeues. leecegUs yeBkeske[s

"sJeerheeves Demeuesueer mejemejer ` 1,000 keeseRhes#ee DeefOeke
Deefleefjkele jkekece, yeBkesme cegegDeue heb[eceOes iegbleJeeJeer
ueeieueer. hejbleg Deeheueeke[s efoues peeCeejs cegole "sJeeRJejerue
Jeepeoj, ns DeeheCeeme cegegDeue heb[eleerue iegbleJeCegkeerJejerue
efceUCeeNee hejleeJeehes#ee heeje peemle nesles. leecegUs,
Deeheuee vehee #ecelesJej eehetJeea keOeerner Peeuee veener SJe{e
efJehejerle heefjCeece Peeuee. ieleJe<eeaee Jeeef<e&ke meJe&meeOeejCe
meYesle DeOe#eere Yee<eCeele metleesJeee kesueevegmeej, ns DeeefLe&ke
Je<e& ee DeheJeeoelceke heefjefmLeleerle DeeheCeeme Kethee Ke[lej
iesues. hejbleg ee efmLeleerlener Deeceee meJe& kece&eeNeebveer efJeMes<e
cesnvele Iesleueer DeeefCe eeuet Je yeele Keeleebleerue (keemee)
"sJeer eelvehetJe&ke Jee{efJeuee. cne[e eespevee cees"ee efpeerves
jeyeefJeueer. Je<e&DeKesj, DeeheCe yeNeehewkeer vehee efceUJet Mekeuees
Je ee ke"erCe emebieelener Deeheuee yeBkesee Oeseeeleer heg{erue
Jeeeeue ke Mekeuees.
6. DeeefLe&ke Je<e& 2009-10 ceOeerue "Uke JewefMees:
DeeheCeeme %eele Deense keer, 2009-10 ns DeeefLe&ke Je<e&
meJe& yeBefkebie #es$eemee"er Kethee DeeJneveelceke iesues. ee Ke[lej
keeueKeb[elener Deeheuee yeBkesves [e@. Dee[ejkej efceMeve-II
Debleie&le ` 25,000 keeser JeJemeeeeee hhee ceee&-2011
heele heej kejCeemee"er, Deeheuee Gefeke[erue Jeeeeue
eMemJeerjerlee eeuet "sJeueer Deens.
Deeheuee yeBkesee eeuet Je yeele "sJeeRceOes (keemee "sJeer)

Je<e&DeKesjerme ` 1,029.32 keeseRveer, cnCepese 31.98
Jee{ Peeueer. ee "sJeeRveer eLecee ` 4,200 keeseRee hhee heej
kesuee. eeuet Je yeele "sJeeRes SketCe "sJeeRMeer eceeCe pes 31
ceee& 2009 jespeer 24.91 nesles, les 31 ceee& 2010
jespeer 29.77 heele Jee{ues.
l
31 ceee& 2010 jespeer mebheuesuee DeeefLe&ke Je<ee&le, yeBkesuee

kejhetJe& veHee ` 179.16 keeser Flekee Peeuee lej kejesej veHee
` 119.67 keeser Flekee Peeuee.
l
peeieefleke ceboeree heee&YetceerJej, efveee&le #es$eele Ie

Peeuesueer Demeleevee Deeheuee yeBkesves meueie ogmeNee Je<eea efJeosMe
efJeefvecee JeJemeeeeee ` 50,000 keeseRee hhee heej kesuee.
l
Deeheuee yeBkeseer 200 Jeer MeeKee efob[esMeer, ieesjsieeJe (het.)

esLes 16 ceee& 2010 jespeer ieg{erhee[Jeeee MegYecegntlee&Jej,
Leesj meceepeJeeoer veslee, DeeojCeere eerceleer ce=CeeueleeF& ieesjs
eebee nmles meg kejCeele Deeueer.
l
ee DeeefLe&ke Je<ee&le, SketCe 28 veJeerve MeeKee meg

kejCeele Deeuee. leehewkeer oef#eCe Yeejleele, ceWieueesj esLes eej
veJeerve MeeKee Skeee efoJeMeer keeee&efvJele kejCeele Deeuee
lemese yebieUg esLesner Skeee efoJeMeer oesve MeeKee meg
kejCeele Deeuee.
l
Yeeb[Jeue heee&hlelee me#ece kejCeemee"er, Deeheueeuee

l
31 ceee& 2010 jespeer yeBkesee SketCe JeJemeeeele ` 300 keeser oerIe& cegoleeree efJeMes<e "sJeer (LTSD) GYeejCeeme
("sJeer Je kepex) ` 2,487.82 keeseReer Jee{ nesTve ceeieerue efjPeJn& yeBkesves hejJeeveieer efoueer. ee "sJeeRvee Deeheuee eenkeebveer
37
YejIeesme eeflemeeo efouee DeeefCe DeeheCe ` 300 keeser ee

eespevesejs, hetJe&efveeesefpele cegoleerle pecee ke Mekeuees. ee oerIe&
cegoleeree "sJeeRvee Deveske peerue Deer Demeleele. leebvee efJecee
eespevee ueeiet vemeles. lee heee Je<eentve DeefOeke cegoleeree
Demeleele, lee "sJeeRJej kepe& Ieslee esle veener DeMee Deveske Deer
Demeleevee eenkeebveer ` 300 keeseRee "sJeer ee eespevesmee"er
Deeheuee yeBkeske[s megheto& kesuee. leeletve eenkeebee yeBkesJejerue
efJeeeme Je meejmJele yeBke yeB[eer Mekeleer efometve esles.
l
Deeheuee yeBkesves Yeeb[Jeue heee&hlelee eceeCe ns efjPeJn&

yeBkesves efveoxefMele kesuesuee 9 hes#ee meowJe peemlee jeKeues
Deens. 31 ceee& 2009 jespeer Demeuesuee 10.92 ee
leguevesle 31 ceee& 2010 jespeer Yeeb[Jeue heee&hleleses eceeCe
14.63 heele Jee{efJeCeele DeeheCe eMe efceUefJeues Deens.
7. DeefleefJeefMe eMe - cne[e ekeuhe :
cne[eves leebee efveeesefpele uee@jer eespevesDebleie&le kee{uesuee
efveefJeosle, eeJe<eea Se.[er.SHe.meer.yeBke, Deee.meer.Deee.meer.
Deee.yeBke, De@efkememe yeBke eebmeejKee ceeleyyej yeBkeebee mheOexle
efpeerves Yeeie IesTve, ner efveefJeoe efpebkeCeele Deeheuee yeBkesves
eMe efceUefJeues. ee efveefJeosDebleie&le, cne[eee Iejebmee"eres
Depe& efJeeer, mJeerkeej lemese leemeboYee&leerue OeveeosMeebee
mJeerkeej kejCeeheemetve les eMemJeer Depe&oejebvee Iejeee leeyee
osCeeheeleee meJe& DeeefLe&ke keee&Jeenermee"er, Deeheuee yeBkeseer
mecevJeeke yeBkej cnCetve Peeuesueer efveJe[ ner Deeheuee yeBkesmee"er
efveefelee DeefYeceeveeeer iees Deens. DeeheCe ne ekeuhe DeefleMee
eMemJeerheCes jeyeefJeuee DeeefCe meJe&meeOeejCe pevelesee Jee{erJe
Dehes#eehetleeaes Deecner ceevekejer "juees eeee Deecneuee meeLe&
DeefYeceeve Deens. ee ekeuheemee"er cegbyeF&leerue Deeheuee 75
MeeKeebeer efveJe[ DeeheCe kesueer nesleer. (Deepe Deeheuee cegbyeF&
heefjmejele megceejs 100 MeeKee Deensle.)
peemleerle peemle ueeskeebvee ee cne[eee mees[leerle Yeeie IesCes Mekee
JneJes cnCetve efveJeemeer Iejebee Depee&meesyele YejeJee ueeieCeeNee
Deveecele jkecesmee"er Deeheuee efveJe[ kesuesuee 75 MeeKeebceeHe&le
yeBkesves MegYe ueeYe kepe& eespevee peenerj kesueer. ee eespevesuee ve
Yetlees ve YeefJe<eleer Demee eeflemeeo efceUeuee. cne[eee Iejebee
uee@jermee"er SketCe 5,02,940 (heee ueeKe oesve npeej
38
veTMes eeUerme) Depe& Deeheuee yeBkesletve efJelejerle kejCeele

Deeues. ee Gheeceeejs Deeheueer yeBke cebgyeF&ee meJe& efJeYeeieeleerue
DeeefCe GlheVe ieebleerue meJe&meeOeejCe pevelesheele heesneset Mekeueer.
leecegUs, meceepeeleerue meJe& mlejebheele Deeheuee meejmJele yeBke
yeB[ heesneseuee Je leebvee Deeheuee Gece eenke mesJesee DevegYeJe
Deeuee.
8. Deeheues Oese :
Deeheuee yeBkesves 2021 meeueeheele ` 1,00,000
keeseRee JeJemeee kejCeeee [e@. Dee[ejkej efceMeve-IV
ne cenJeekeeb#eer mebkeuhe kesuee Deens. yeBkesves [e@. Dee[ejkej
efceMeve-Iee ` 10,000 keeseRee heefnuee hhee ceee&
2006 uee eMemJeerjerlee heej kesuee Je Deelee ` 25,000
keeseRee [e@. Dee[ejkej efceMeve - IIee hhee ceee& 2011
hetJeea iee"Ceemee"er, DeeheCe mebhetCe&heCes meppe Peeuees Deenesle.
2016 meeueeheele ` 50,000 keeseRee, [e@. Dee[ejkej
efceMeve-III ee hetleeamee"er, Deeheuee yeBkesves Deeleeheemetvee
efveeespeve met kesues Deens Je Jetnjevee DeeKeueer Deens.
leevegmeej ceneje^ lemese ueieleee ieesJee, kevee&ke, iegpejele
ee jepeebceOes yeBkesves MeeKee efJemleejCeeme megJeele kesueer
Deens. efjsue yeBefkebie, mecceerefuele yeBkeebmee"er iebOekees<e, kees<eeieej
efJeYeeie, nesuemesue yeBefkebie ee efJeYeeieebeer (SBUs) mLeehevee
kejCeele Deeueer Deens.
DeeeeJele leb$e%eeveeee Jeehej Je leeJej DeeOeeefjle mesJeebmee"er
DeefOeke iegbleJeCetke kejCeele Deeueer. leeeyejesyej Deeheuee
yeBkesee yeB[ee meJe&$e emeejner kejCeele Deeuee.
9. 2009-10 DeeefLe&ke keekemejeres Je<e&
eeJe<eeamege, Deeheuee yeBkesves Keee&ceOes eebieuee ekeejs
keekemej kesueer Deens. peeefnjele, heeue, ogmleer Je osKeYeeue,
eJeeme, otjOJeveer F. Jejerue Kee& efveeb$eCeele "sJeCeele eMe
efceUefJeues Deens. eemee"er GlheVe Je Kee& meefceleer yeBkesee
Keee&Jej efveeb$eCe "sJeles. eeejs Kee& keceerle keceer "sJetve,
yeBkeseer veHee #ecelee Jee{efJeCeeee eeeme kesuee peelees. Keeueerue
lekeleeJeve yeBkesves Keee&uee kemee ueieece ueeJeuee Deens les
mhe nesles. (ke=heee leee e. 2 hene)
leee e. 2
Kee&
2008-09
efJeegle
peeefnjele
heeue Je leej
otjOJeveer Je sueskeme
heeF& Je msMevejer
osKeYeeue
eJeeme
megj#ee mesJee
Flej
718.31
821.20
262.94
162.26
324.64
236.98
113.93
370.44
1,636.14
efveJJeU
GlhevveeMeer
kekesJeejer
1.22
1.39
0.45
0.28
0.55
0.40
0.19
0.63
2.78
2009-10
770.73
364.98
216.20
163.23
364.85
68.21
105.13
432.42
1,703.29
efveJJeU
GlhevveeMeer
kekesJeejer
1.54
0.73
0.43
0.33
0.73
0.14
0.21
0.86
3.40
(` ueeKeele)
efveJJeU GlhevveeMeer
kekesJeejerleerue
yeoue
0.32
-0.66
-0.02
0.05
0.18
-0.26
0.02
0.23
0.62
10. meejmJele yeBke YeJeve (Corporate Center) Je meejmJele 11. ceeveJemebmeeOeve efJekeeme :

yeBke yeB[ :
Deeheuee yeBkesee kece&eejer ne Deecner yeBkesee cetueeOeej ceevelees.
Deeheuee yeBkesee kee@heexjs meWjee YeJe Fceejleeres meejmJele eleske kece&eeNeeeer eesielee, leeves yeBkesmee"er kesuesuee
yeBke YeJevees yeebOekeece hetCe& Peeues Deens. Deeheuee yeBkeseer eesieoeveeletve DeeefCe KeelesOeejkeebeleer efouesuee eesKe mesJesletve
efJeue#eCe osKeCeer DeMeer Fceejle Deelee GYeer jeefnueer Deens. eleerle nesles. kece&eeNeebceOes Deeheguekeer efvecee&Ce kejCeemee"er
cegbyeF&leerue, eYeeosJeer ee ceOeJeleea Yeeieele Demeuesues, Deeheuee yeBke JeJemLeeheve meowJe lelhej Demeles. lemese kece&eeNeebvee eesie
yeBkeses ns efoceeKeoej mJehe efveefelee DeeheCeemee"er Yet<eCeeJen les eefMe#eCe osCes, leebee #ecelesee hetCe&heCes efJekeeme Ie[Jetve
Deens. meoj keeee&ueeele keece kejCeeNee kece&eeNeebvee meJe& DeeCeCes, leebeeleerue meghle iegCe DeesUKetve leebee yeBkesee
DeeJeMeke meeseer GheueyOe Demeleerue eeeer o#elee IesCeele Oesehetleeamee"er Jeehej keve IesCes F. ieeseRvee yeBkeses JeJemLeeheve
Deeueer Deens. ye=nvcegbyeF& ceneveiejheeefuekesves Fceejleeree leeyee hejJeevee cenJe osles. yeBefkebiemeejKee mesJee#es$eele, ceeveJemebmeeOeve efJekeeme
(Occupation Certificate) vegkeleee efouee Deens. ieCesMeelegLeea nee meJee&le cenJeeee efJeYeeie Demelees DeeefCe yeBkeses eMe
ojceeve yeBkeses meOee Deveske ef"keeCeer efJeKegjuesues efJeYeeie ee ee efJeYeeieeJeje DeJeuebyetve Demeles, eeeer peeCeerJe yeBkesee
JeJemLeeheveeuee hetCe&heCes Deens. yeBkesleerue ceeveJemebmeeOeve efJeYeeie
meejmJele yeBke YeJeveceOes mLeueebleefjle kejCeele esleerue.
meJe& cees"ee ceneveiejeble, Menjele lemese ueebyeee ef"keeCeermege kece&eeNeebmebyebOeele eefleyelee keeskeesjheCes heeUlees.
MeeKeeefJemleejeee keee&ece yeBkesves jeyeJeeJeeeme megJeele kesueer eefMe#eCe :
Deens. veJeerve keeee&efvJele kesuesuee MeeKee ee DeefleMee megboj yeBkesves Deeheuee ceeveJemebmeeOeve efJekeemeemee"er, eefMe#eCeeejs
Je Deeuneooeeke Demeleele. Debleie&le mepeeJe vegmeleere osKeCeer kece&eeNeebeer %eevemebheoe Jee{efJeCeeme Je leebvee DeefOeke
vemeles, lej eenkeebvee meJe& mesJeemegefJeOee efJeveemeeeeme hegjefJeuee keee&#ece kejCeeme vesnceere eeOeeve efoues Deens.
peeleerue eeeerner Keyejoejer Iesleuesueer Dee{Ules. eeceeieerue 2009-10 ee Je<ee&le Deeheuee eefMe#eCe efJeYeeieeves megceejs
JeeJemeeefeke leJe ns eenkeebvee meceeOeeve osCes Je mheOe&keebvee 1800 kece&eeNeebvee yeBefkebie efJe<eeeJej eefMe#eCe efoues. yeBkesleerue
Deeee&eefkele kejCes nse Deens. heefjCeeceer Deeheuee meejmJele veJeesefole kece&eejer Je mecceerefuele yeBkeebee kece&eeNeebvee yeBkesee
yeBke yeB[ meJe&$e lespeeves PeUeUleevee efomelees Deens.
keee&eCeeueeres, mebmke=leeres %eeve osCeemee"er efJeMes<e eefMe#eCe
39
keee&ece jeyeefJeues. kece&eeNeebvee yeBkesee efJeefJeOe eespeveebyeue

Je Gheeceebyeue DeefOekeeefOeke ceeefnleer JneJeer eemee"er Dee@ve
ueeF&ve eeeCeerejs kece&eeNeebeer %eeveueeuemee Je=eRiele kesueer
peeles. Deeheueer yeBke Ske keee&Meerue mebmLee, %eeveJeefOe&le mebmLee Je
eenke keWefle mebmLee cnCetve efJekeefmele kejCeemee"er eefMe#eCe
efJeYeeieeee ceesueeee menYeeie Deens.
kece&eejer Yejleer :
ee DeeefLe&ke Je<ee&le, yeBkesves SketCe 431 veJeesefoleebeer Yejleer
kesueer. leeceOes 87 DeefOekeejer DeeefCe 344 kece&eeNeebee
meceeJesMe Deens. 31 ceee& 2010 uee, SketCe kece&eejer
mebKee 2,911 Flekeer nesleer.
kece&eejer heoesVeleer :
yeBkesee Gejesej Jee{Ceeje JeJemeee Je leeDeveg<ebieeves
DeefOekeeNeebeer DeeJeMekelee heentve DenJeeue Je<ee&le yeBkesves
SketCe 68 kece&eeNeebvee efJeefJeOe heoebJej heoesVeleer efoueer.
yeBkesee Jee{lee JeJemeee DeeefCe ceeveJemebmeeOeve :
ojJe<eea yeBkesee Jee{Ceeje JeJemeee, YeejleYej veJeveJeerve MeeKee,
SketCe 250 MeeKeebes ceee& 2011 heelees Oese, leemee"er
ueeieCeeje keuheke, lelhej DeeefCe keee&#ece kece&eejerJeie& efveJe[Ces
ns ceeveJemebmeeOeve efJeYeeieees ecegKe keee& Deens. veJeerve MeeKesuee
ceekexefbieceOes efvehegCe, lemese yeBkesee meJe& keecekeepeebeer ceeefnleer
Demeuesuee DevegYeJeer kece&eeNeebeer DeeJeMekelee Demeles. leemee"er
ogmeNee yeBkesleerue DevegYeJeer kece&eejer efkebJee Deeheueee yeBkesleerue
eefMeef#ele Je efve<Ceele kece&eeNeebeer efveJe[ kesueer peeles.
Deeweesefieke mebyebOe : Deeheuee yeBkesle kece&eeNeebee oesve
eeefleefveefOeke mebIevee Deensle. 1) kece&eejer egefveeve DeeefCe
2) DeefOekeejer mebIevee. yeBkesee JeJemLeeheveeves vesnceere
leebee DeefmlelJeeee, nkekeeee eesie mevceeve kesuee Deens.
hejmhejebJejerue efJeeeme, Deeoj Je hejmhejebee mJeerkeej nse
yeBkesleerue Deeweesefieke mebyebOeeleerue ogJes Deensle. mebeeueke ceb[U,
GeeefOekeejer, DeefOekeejer mebIevee DeeefCe kece&eejer egefveeve ns
yeBkesee eMeees Je mLewee&es eej cenJeees DeeOeejmlebYe Deensle.
leebeeJeje ee yeBkeses Gejesej efceUCeejs eMe DeJeuebyetve
Deens. yeBefkebie #es$eele Dehesef#ele DeMee ekeejes Jesleve, mesJee Je
megefJeOee JeJemLeeheveeejs meJe& kece&eeNeebvee hegjefJeuee peeleele.
40
ceOegmeJe : ceeveJemebmeeOeve efJeYeeieees cegKehe$e cnCetve ceOegmeJe

ee heeef#ekeeeer megJeele 14 Dee@keesyej 2007 jespeer kejCeele
Deeueer. ee cegKehe$eeejs yeBkesves jeyeefJeuesuee mebkeuhevee Je ekeuhe,
yeBkeses veJeveJeerve ee@[kemed DeeefCe yeBkesle Ie[Ceejs meJe& keee&ece
ee mebyebOeereer ceeefnleer Je eeeefe$eebefkele Je=eeble efoues peeleele.
lemese yeBkesee keee&heleeryeue kece&eeNeebceOes peeie=leer efvecee&Ce
kesueer peeles. ns heeef#eke cegKehe$e eleske kece&eeNeeee Iejer
hee"efJeues peeles. yeBkesves veJeerve efveegkele kesuesues kece&eejer lemese
meele mecceerefuele yeBkeebes Meske[es kece&eejer ee meJeevee, efJeMes<elJes
Deeheuee yeBkesee keee&mebmke=leerMeer SkepeerJe kejCeees pes Gef
Je DeeJneve Deens les hesueCeemee"er, yeBkesee keee&eCeeueeree
lee kece&eeNeebvee heefjee keve osCeemee"er DeeefCe yeBkesee
mebeeueke ceb[Ueee Je eMeemeveeee keee&Jeenereer heejoMe&kelee
leebeeheele heesneefJeCeemee"er ceOegmeJe ves ceesueeeer keeceefiejer
yepeeJeueer Deens. ee heeef#ekeees Deepeheele 50 ntve DeefOeke
Debke efveIeeues Demetve ceOegmeJees mebheeoke cnCetve yeBkeses Ske
cegKe JeJemLeeheke eer. megveerue ceebpejskej ns ceesueees eesieoeve
osle Deensle.
12. JeeJemeeefeke keee&eCeeueer hegvej&evee
(BPR) :
Deeheuee yeBkesves 2006 meeueeheemetve JeeJemeeefeke keee&eCeeueer

hegvej&evee jeyeefJeCeeme megJeele kesueer. ee Gheecee Debleie&le ee
DeeefLe&ke Je<ee&le iebOekees<emee"er Ske mJeleb$e jemeske (Retail
Asset and Small Enterprises Centre) lemese efJeeesUer (he.),
efJeuesheeuex (het.), hegCes DeeefCe heCepeer ieesJee esLes ueIeg Je ceOece
JeeJemeeefekeebmee"er SmeSceF& keWefle (ueIeg-ceOece Geesie)
MeeKee keeee&efvJele kejCeele Deeuee.
eespeveeye JeJemeee efJeYeeie (SBU) :
yeBkesee megefveeesefpele JeeJemeeefeke keee&eCeeueer hegvej&eves
Debleie&le Je meMee JeJemeeeJee{ermee"er ee DeeefLe&ke Je<ee&le
Keeueerue SketCe eej eespeveeye JeJemeee efJeYeeieebeer (SBU)
mLeehevee kejCeele Deeueer.
1)
2)
3)
4)
mecceerefuele yeBkeebee iebOekees<e efJeYeeie (Gandhkosh SBU)

nesuemesue yeBefkebie (Wholesale Banking SBU)
efjsue yeBefkebie (Retail Banking SBU)
kees<eeieej efJeYeeie (Treasury SBU)
eleske Smeyeeret mee"er cegKe keee&keejer DeefOekeejer cnCetve

cegKe ceneJeJemLeeheke efkebJee leeJejerue heoeefOekeeNeebeer vesceCetke
kejCeele Deeueer Deens. ee DeeefLe&ke Je<ee&le cegbyeF&le oesve DeeefCe
Deewjbieeyeeo esLes Ske DeMeer leerve SmeSceF& keWs keeee&efvJele kejCeele
esCeej Deensle. lemese iebOekees<emee"er JesieJesieee efeeekees<eebeer
(Processing Cells) mLeehevee kejCeele esCeej Deens.
mecceerefuekejCeeletve, Deeheuee yeBkesle meceeefJe Peeuesuee meele

yeBkeebes mJeleb$e Peesve keve leeJej efJeMes<e ue#e "sJeCeemee"er
DeeheCe iebOekees<e ee eespeveeyeOo JeJemeee efJeYeeieeeer
(Sme.yeer.et.) megJeele 17 Dee@iem 2009 jespeer kesueer.
iebOekees<e cnCepese mecceerefuele yeBkeebee efJeMes<e efJeYeeie - yeBke
efJeefove o yeBke. iebOekees<eee cegKe keee&keejer DeefOekeejer
13. mecceerefuekejCeees cetueceeheve - eieleeree DeeuesKe : eebee kegMeue efveeb$eCeeKeeueer iebOekees<e Smeyeeretves Deeheueer
mecceerefuekejCeeee ceeOeceeletve DeeheCe yeBkesee meeOeuesuee Ieew[oew[ meg kesueer Deens.
heee&eer efJekeemeeyeue ceeieerue DenJeeueele efveoxMe kesuee neslee. iebOekees<ees Oese :
1600.00
1400.00
SketCe JeJemeee ( ` keeseRceOes)
31 ceee& 2016 heele

JeJemeeeees Gef hetCe& kejCes.
1343.56
15,000 keeseRee
800.00
31 ceee& 2016 heele meele mecceerefuele yeBkeebeer

SketCe {esyeU Deveglheeefole kepex ` 276.41 keeseRJeve
` 75 keeseRheele keceer kejCes.
600.00
1200.00
400.00
1069.94
1000.00
885.33
300.47
253.57
292.55
200.00
0.00
SceScemeeryeer
243.98
207.95
SkespesSmeyeer Sveheermeeryeer
Je SceDeejSmeyeer
ceeb[Jeer
mecceerefuekejCeeee efoJeMeer
80
70
{esyeU Deveglheeefole kepex (` keeseRceOes)
mecceerefuele yeBkeebeer SketCe JeJemeeeeleerue Jee{
meele yeBkee mecceerefuele kejCeeheeser meejmJele yeBkesves

mJele:ee iebieepeUerletve Kee& kesuesues ` 279.00 keeser
meejmJele yeBkesuee hejle kejCes.
269.52
167.21
SmeDeeemeeryeer
110.22
88.17
kesScemeeryeer
31 ceee&, 2010 jespeer
meele mecceerefuele yeBkeebeer {esyeU Deveglheeefole kepeeeer efmLeleer

73.82
66.54
60
56.24
50
40.38
40
30
35.68
36.05
29.05
20
26.00
17.60
16.25
13.43
9.63
10
0
SceScemeeryeer
ceeb[Jeer
Je SceDeejSmeyeer
SmeDeeemeeryeer
kesScemeeryeer
iebOekees<e ekeuheeejs Gelece eefle kece&eejer JeJemeee

DeeefCe eefle kece&eejer vehee, eenkeebee efJeeeme Je Glke= eenke
mesJee eeejs Ske DeeoMe& yeBke efJeYeeie efvecee&Ce kejCes.
l
iebOekees<e Gheeceeejs Deeheueeuee peemleerle peemle

jepeebceOes yeBkesee veJe-veJeerve MeeKee meg keve,
JeJemeeeeee efJehegue mebOeeRee ueeYe yeBkesuee efceUJetve oslee
esF&ue. megJeeleeruee iebOekees<eee SketCe 96 MeeKee neslee.
leeJej DeeOeeefjle efjPeJn& yeBkesves efouesues hejJeeves ue#eele Iesleues
lej lee MeeKeebeer mebKee 120 nesles. leehewkeer 43 MeeKee
DenJeeuekeeueerve Je<ee&le keee&jle neslee. Flej keener MeeKee
veJeeves mLeeefhele Peeuee Deensle Je keener MeeKee mLeueeblejeee
eefeesle Deensle. meJe& MeeKee meg PeeueeJej, DeeheCee meJeevee
iebOekees<ees Je heee&eeves ee meefcceueerkejCeeee ceeOeceeletve
GYes jeefnuesues JewYeJe ue#eele esF&ue.
iebOekees<e ee JeJemeeeeeer Peueke :
mecceerefuele yeBkeebee keener MeeKee yebo keve, lee Deve ef"keeCeer
41
mLeueebleefjle kejCeele Deeuee Deensle. efleLes ee MeeKee veJeeves

Deeheuee JeeJemeeefeke pece yemeefJeCeeee eelveele Deensle.
lemese keener yebo kesuesuee MeeKee Deve peeieer mLeueebleefjle
nesCeeee eefeesle Deensle. ee heee&YetceerJej iebOekees<e ee
Jejerue JeJemeeeeeer Jeeeeue Peeueer Deens. leeseeleerue meele
yeBkee mecceerefuele keve iebOekees<e ves Deepeleeieeele efceUefJeuesuee
` 112.87 keeseRee vehee cnCepese JesuLe DeeT Dee@he
Jesm ee Geereer Je OeesjCeeeer heefjhetCe&leee nese. ee DeMekele
Je leeseeleerue yeBkeebee MeeKeebvee heefjhekeJe JeeJemeeefeke vesle=lJe
osTve, leebvee me#ece kejCeemee"er kesuesues keewMeuehetCe& efJeMes<e
mebieesheve eeletve efometve esles. (ke=heee leee e. 3 hene)
DeeCeueer. kepee&mee"er Iesleuesuee omleSsJepeebceOeerue Deveske $eger,

hejeieboe kepe&oej, peeeke keeeosMeerj De[eCeer DemetvemegOoe ner
kepe&Jemegueer kejCeele Deeueer ns efJeMes<e.
mecceerefuele yeBkeebeer eeflekece&eejer Glheeokelee :
ee mecceerefuekejCeeejs meeceeJetve Iesleuesuee meJe& kece&eeNeebvee

yeBkesee keee&eCeeueerMeer mecejme nesCeemee"er, Deeheuee yeBkesves
eesie les ceeie&oMe&ve Je eefMe#eCe efoues. ee meJeeee heefjheeke
cnCepes ceje"e cebefoj kees-Dee@he. yeBke DeeefCe ceeb[Jeer kees-Dee@he.
yeBkesee eeflekece&eejer Glheeokelesle Peeuesueer Jee{. ceje"e cebefoj
kees-Dee@he. yeBkesee eeUerme Je<eeee DeefmlelJeeveblejner
mecceerefuekejCeeefoJeMeer cnCepes 20 ceee&, 2006 jespeer, lee
mecceerefuele yeBkeebee, mecceerefuekejCeeefoJeMeer Demeuesuee yeBkeseer eeflekece&eejer Glheeokelee ` 1.26 keeser Flekeere
` 1,894.78 keeseRee JeJemeee 31 ceee&, 2010 jespeer, nesleer. efJeueerveerkejCeeveblej iesuee eej Je<eele leer yeBke Deeheuee
` 3,337.69 keeseRheele Jee{uee. cnCepese mecceerefuele
8.00
mecceerefuele yeBkeebee kece&eeNeebeer eeflekece&eejer Glheeokelee
yeBkeebee JeJemeee DeeheCe kesJeU jeKeueee veener, lej lees
7.15
7.00
6.77
` 1,442.91 keeseRveer Jee{efJeuee. leesmegOoe peJeU peJeU
6.00
hetJee&eceeree meJe& yeBkee veheeele DeeCeCeeeer efkeceee kevee.
lekelee e. 3
mecceerefuele yeBkee
ceje"e cebefoj kees-Dee@he. yeBke efue.

ceeb[Jeer kees-Dee@he. yeBke efue.
DeCCeemeensye kejeUs menkeejer yeBke efue. Je
cegjIeejepeW menkeejer yeBke efue.
veeefMeke heerheume kees-Dee@he.yeBke efue.
meeTLe Fbef[eve kees-Dee@he. yeBke efue.
keesunehetj ceje"e kees-Dee@he. yeBke efue.
SketCe
42
5.00
( ` keeseRceOes)
meele mecceerefuele yeBkeebeer mecceerefuekejCeeefoJeMeer Demeuesueer

` 276.41 keeseReer Deveglheeefole kepex Jemegue kejCeeeer
yeeye Deeheuee yeBkesmee"er DeeJneveelceke nesleer. hetJee&eceeRee
lee mecceerefuele yeBkee, leebee Deveglheeefole kepeeeer
Jemegueer ke ve MekeueecegUs Deepeejer Peeuee neslee. ee
heee&YetceerJej Deeheuee kepe&Jemegueeree heefjecehetJe&ke Je
DeefJejle eelveebcegUs DeeheCe lee ` 276.41 keeseRletve
` 132.15 keeseReer Jemegueer keve ner Deveglheeefole kepex
31 ceee&, 2010 jespeer, ` 144.26 keeseRheele Keeueer
4.00
4.00
3.25
3.00
2.57
2.32
2.30
2.00
1.76
1.26
0.00
0.00
1.17
0.96
1.00
SceScemeeryeer
ceeb[Jeer
Je SceDeejSmeyeer
1.16
SmeDeeemeeryeer
kesScemeeryeer

(` keeseRceOes)
mebcceerefuekejCeeee mebcceerefuekejCe efoveer 31.03.2010 mebcceerefuekejCee efoveer 31.03.2010 mebcceerefuekejCe efoveeheemetve
efoveebke
JeJemeee
jespeer SketCe
{esyeU Deveglheeefole
jespeer {esyeU
31.03.2010
JeJemeee
kepex
Deveglheeefole kepex
heeleee vehee
20.03.2006
292.55
1,069.94
66.54
29.05
43.54
30.03.2007
885.33
1,343.56
40.38
16.25
58.19
30.06.2007
253.57
300.47
73.82
35.68
0.27
21.12.2007
01.09.2008
06.03.2009
207.95
167.21
88.17
1,894.78
243.98
269.52
110.22
3,337.69
56.24
13.43
26.00
276.41
36.05
9.63
17.60
144.26
9.79
1.27
-0.19
112.87
yeBkesee mebieesheveele Deeueer. Deeceee JeJemLeeheveeKeeueer

Je ceeie&oMe&veeKeeueer 31 ceee&, 2010 jespeer, ceje"e
cebefoj yeBkesee
kece&eeNeebeer eeflekece&eejer Glheeokelee
` 6.77 keeser Flekeer GbeeJeueer Deens. Deeheuee yeBkesle
Peeuesuee mecceerefuekejCeeefoJeMeer, cnCepese 31 ceee&, 2007
jespeer, ceeb[Jeer yeBkeseer eeflekece&eejer Glheeokelee ` 2.32 keeser
nesleer. leer Deeceee JeJemLeeheveeKeeueer Je ceeie&oMe&veeKeeueer
31 ceee&, 2010 jespeer, ` 7.15 keeser Flekeer GbeeJeueer Deens.
Deeheuee yeBkesle mecceerefuele Peeuesuee Flej yeBkeebee eeflekece&eejer
Glheeokeleslener DeMeere YejerJe Jee{ Peeuesueer Deens.
eeJeve ns efometve esles keer mecceerefuekejCeeejs yeBkesee
JeJemeeeele lej Jee{ Peeueere, hejbleg mecceerefuele Peeuesuee
yeBkeebes, efJeMes<ele: ceje"e cebefoj Je ceeb[Jeer yeBkeses kece&eejer,
meejmJele yeBkesee keee&eCeeueerMeer mecejme Peeues Je meejmJele
yeBkesee ke=eflemevcegKe, keee&#ece mebmke=leeres Jeejmeoej Peeues.
meele mecceerefuele yeBkeebee JeJemeeeeletve DeeheCe Deeleeheele
` 112.87 keeseRee veHee eehle kesuee. DeMee ekeejs
MeeKeeefJemleej, JeJemeeeefJemleej, veHee ee meJe&e yeeyeleerle
mecceerefuekejCeeee Deeceee eeesieeee yeBkesuee hegjshetj Heeeoee
nesle Deens. ee mecceerefuekejCeeee ceeOeceeletve 7,70,882

nleyeue "sJeeroejebee "sJeerner Deeheueer yeBke JeeeJet Mekeueer lees
Deevebo DeeieUee!
14. MeeKeeefJemleej :
ieleJe<eeaee Jeeef<e&ke DenJeeueele, eleske hebOejJe[eeuee Ske
MeeKee GIe[Ceees Gef veceto kesues nesles Je lee Gheeceeme
DeecesOe Demes veeJe osCeele Deeues. leevegmeej, DenJeeueJe<eea
DeeheCe eleske hebOejJe[eeuee Ske DeMee SketCe 28 MeeKee
GIe[uee. YeejleYej Deeheueer GheefmLeleer peeCeJetve osCeemee"er,
DeeheCe Deveske ceneveiejele DeeefCe ecegKe Menjele MeeKee
GIe[Ceees "jefJeues nesles. leeeceeCes DeeheCe veJeer efouueerveblej
yebieUg, cegbyeF&, hegCes DeeefCe heefjmej, veeiehetj, keeskeCe efJeYeeie
lemese kevee&ke DeeefCe iegpejele esLesner MeeKee efJemleej kejCeeme
megJeele kesueer Deens. Deepe Deeceee MeeKee Yeejleeee mene
jepeele keee&jle Deensle. Deecner efjPeJn& yeBkeske[s DeefKeue
Yeejleere JeJemeeeeee hejJeevee ceeefieleuee Deens Je lee ceeieCeeree
Deecner meeleleeves hee"hegjeJee kejerle Deenesle. Deecneuee Dehes#ee
DeMeer Deens keer, ne hejJeevee Deecneuee ueJekeje eehle nesF&ue
Je Deeceee MeeKeeefJemleej osMeYej Peeuesuee efomesue.
iesuee DeeefLe&ke Je<ee&le meg Peeuesuee veJeerve 28 MeeKeebee leheefMeue

leee e. 4
De. e.
MeeKeses veebJe
1.
Sme Sce F& - efJeeesUer
2.
jlveeefiejer
3.
Sme Sce F& - ieesJee
4.
keesjcebieuee, yebieUg
(SerSce men)
ie[kejer eewke
(SerSce men)
Sme Sce F& - hegCes
5.
6.
7.
Sme Sce F& - efJeuesheeuex

(SerSce men)
heee
MeeKee GodIeeve/
mLeueeblej efoveebke
eYeele YeJeve, yuee@ke yeer, heefnuee cepeuee, 96 Sue.yeer.Sme. ceeie&, efmehuee 27.04.2009
kebheveeree meceesj, efJeeesUer (he.) cegbyeF& - 400 083
yeWpeeefceve SvkeuesJn, heefnuee cepeuee, meWûe yeme mB[ meceesj,
28.04.2009
jlveeefiejer - keesunehetj ceneceeie&, jlveeefiejer - 415 612
êemej efyeu[eRie, ogmeje cepeuee, 13 yeer, Fmeer kee@chueskeme,
09.05.2009
heeess hueePee, heCepeer, ieesJee - 403 001
meesiees ee@heeape, meeF& veb. 47, 100 het jes[, 4 Lee yuee@ke,
08.06.2009
Jee@[& veb. 68, keesjcebieuee, yebieUg - 560 034
efMeJemesvee YeJeve, jece ieCesMe ie[kejer eewke, 177, ve. efeb. kesUkej ceeie&, 19.06.2009
oeoj, cegbyeF& - 400 028
meer/2, keesefnvetj Fms kees-Dee@he.new.mees. huee@ veb. 12, cegUe jes[,
10.07.2009
mebieceJee[er, keceueveeve yepeepe GeeveeMespeejer, hegCes-411 003
YeesueeveeLe kees-Dee@he.new.meesmeeeer, megYee<e jes[, efJeuesheeuex (het.),
23.07.2009
cebgbyeF& - 400 057
43
De. e.
MeeKeses veebJe
8.
leUsieeJe (SerSce men)
9.
Sce.peer. jes[, ceWieueesj

(SerSce men)
efeefuebyeer, ceWieueesj
(SerSce men)
cevveeieew[e, ceWieueesj
(SerSce men)
YeJebLeer mêr, ceWieueesj
(SerSce men)
Sce.meer.meer.Se. meesmeeeer,
heveJesue (SerSce men)
Sme.Sve. jes[, heveJesue
(SerSce men)
JewYeJeJee[er
iebieehetj (veeefMeke)
(SerSce men)
peUieebJe
10.
11.
12.
13.
14.
15.
16.
17.
18. hesCe
19. cene[ (SerSce men)
20. eekeCe
21. yeeCesj jes[, hegCes
(SerSce men)
22. keje[ (SerSce men)
23. meeJe[x (SerSce men)
24. meeeve (he.)
(SerSce men)
25. ueesDej hejsue
26. ceuuesejce, yebieUg
(SerSce men)
27. peeeveiej, yebieUg
28. veeiejer efveJeeje
(SerSce men)
44
heee
Mee@he veb. 33 les 39 heer.Sue. Keeb[ies hueePee, leUsieeJe eeekeCe jes[,
leUsieeJe, hegCes - 410 507
Mee@he veb. 1 les 7, cevemee e@Jej, leU cepeuee, kees[ereueyeuueer,
ceWieueesj - 575 003
Mee@he veb. 1 Je 2, cevemee jsefme[Wmeer, leUcepeuee, efeefuebyeer, meesveer Jeu[&
peJeU, ceWieueesj - 575 006
Mee@he veb. 1 les 4, ogiee& Dehee&ceW, cevveeieew[e, ceWieueesj - 575 003
Mee@he veb. 17, 18, 19 Je 35, leUcepeuee, JeWkejceCe Deekex[, YeJebLeer
mêr, ceWieueesj - 575 001
48, nj ceeOeJe efveJeeme, Sce.meer.meer.Se. meesmeeeer,
heveJesue - 410 206
eer yeeueepeer Dehee&ceW, mJeeceer efveleevebo jes[, iee[&ve ne@suepeJeU, heveJesue
- 410 206
253, JewYeJeJee[er yeme mB[ peJeU, lee. JewYeJeJee[er, efpe. efmebOegogie&
ie[eKe meove, leUcepeuee, hebefhebie yeme mB[peJeU, iebieehetj jes[,
veeefMeke - 422 005
cebieue peerJeve efyeu[eRie, leU cepeuee, 27, ieebOeer veiej, Sme.er. mB[
peJeU, peUieebJe - 425 001
meWj hee@F, Mee@he veb. 62-64 Je 53-56, hesCe cegefveefmeheue
kee@heexjsMeve, efebehee[e, hesCe Smeer [shees ceeies, hesCe - 402 107
1uee cepeuee, cene[ ^s[ meWj, heesm Dee@efheme meceesj, Sce.meer. jes[,
efMeJeepeer eewkeepeJeU, cene[ -403 201
2/3, MegYecebieue hueePee, keesefnvetj meWj peJeU, hegCes-veeefMeke ceneceeie&,
leUsieeJe eewke, lee. Kes[, eekeCe
1, 2 Je 3, oewuele kee@cueskeme, meJex veb. 314, yeeCesj jes[,
hegCes - 411 045
1-4, ceveesjLe hueePee, huee@ veb. 507, MeefveJeej hes", lee. keje[,
efpe. meeleeje - 415 110
cesIekegbpe, heesefueme msMeve meceesj, mebiece jes[, kegeexefjce - meeJe[x, ieesJee
ieCesMe YegJeve, cegefveefmeheue MeeUsmeceesj, mJeeceer JeuueYeoeme jes[,
meeeve (he.) cebgyeF& - 400 022
Mee@he veb. 14, leUcepeuee, Dee@yeea Fefve&ee, vee.ce. peesMeer ceeie&, ueesDej
hejsue, cegbyeF& - 400 013
52/2, 8 Jee cesve, 16 Jee ee@me, ceuuesejce,
yebieUg - 560 055
eer JeWkeseje Deekex[, 33 Jee ee@me, 4 Lee er yuee@ke, peeeveiej
SkemWMeve, yebieUg - 560 004
Mee@he veb. 27, huee@ veb. 28, [er.heer. jes[ pebkeMeve veb. 1 Je 2, veeiejer
efveJeeje newefmebie ekeuhe, ieesjsieeJe (het.), cegbyeF& - 400 063
MeeKee GodIeeve/
mLeueeblej efoveebke
31.08.2009
19.09.2009
19.09.2009
19.09.2009
19.09.2009
25.09.2009
25.09.2009
17.11.2009
25.11.2009
10.12.2009
05.01.2010
16.01.2010
25.01.2010
25.01.2010
10.02.2010
25.02.2010
12.03.2010
14.03.2010
14.03.2010
14.03.2010
16.03.2010
31 ceee&, 2015 heele ` 50 keeseRee vehee efveefelee

meejmJele yeBkesee DeecesOe ekeuheeDebleie&le, MeeKee efJemleejeee efceUJeleerue. ee leheMeerueeJeve DeeheCe Deeheuee ne MeeKee
ieleerceeve Gheece jeyeefJeuee peele Deens. ee MeeKeeefJemleejeheeseR efJemleej Deleble keeUpeerhetJe&ke kejerle Demeueees DeeheCeeme
esCeeje Deefleefjkele Kee&, yeBkesee DeeJeekeeeyeensj veener vee Demes mhe nesF&ue.
eMve meYeemeoebee ceveele esCes mJeeYeeefJekee Deens. keejCe 15. peesKeerce JeJemLeeheve :
megJeeleeree 87 Je<ee&le DeeheCe kesJeU 75 MeeKee meg kesuee, yeBkesleerue mebhetCe& JeJenejeleerue peesKeerce DeesUKetve, leeeesies
peees mejemejer eceeCe Je<ee&uee Ske MeeKeshes#eener keceer nesles. leeJej efveeb$eCe (Control) lemese osKejsKe (Monitoring) "sJetve,
meYeemeoebee ceeefnleermee"er Deecneuee eeyeeyele veceto kejeJesmes peesKeerce keceer kejCeees eelve eleske yeBkesuee meeleleeves kejeJes
Jeeles keer, SketCe DeeefLe&ke yeepeejhes" Je JeJemeeeeee GheueyOe ueeieleele. leevegmeej JesUesJesUer kepeeee Dee{eJee Iesleuee peelees,
efJehegue mebOeeRee MeesOe Je DeYeeme kevee DeeheCe Deeheueer kepeees cetueceeheve kesues peeless, kepe&cebpegjer veblejee eefeee
ner JeeJemeeefeke OeesjCes DeeKeueer Deensle. meeheefjefmLeleerlener eele JesUesJesUer megOeejCee keve peesKeerce Deeeskeeele jenerue
meeOeejCe 98 Yeejleere, MesDej yeepeej iegbleJeCetkeerheemetve eeeer Keyejoejer Iesleueer peeles. peer kepe& Keeleer DeMeeheCee /
Jebefele Deensle. 80 ueeskemebKee Depetvener Jeercee eespeveebheemetve DeepeejheCee oMe&efJeleele DeMee kepe&Keeleebeer JesUere mebhetCe&
otj Deens Je 60 pevelesves yeBkeeRie mesJeebee GheYeesiee Iesleuesuee Jemegueer JneJeer cnCetve eesie lee metevee kesuee peeleele. ner meJe&
veener. ee heefjefmLeleerle yeBkeebvee JeJemeee Je=Ooermee"er eeb[ JeeJe peyeeyeoejer Deeheuee yeBkesee peesefKece JeJemLeeheve efJeYeeieeJej
Deens. efjPeJn& yeBkesvesner Keepeieer yeBkeebvee veJeerve MeeKeebmee"er meesheefJeueer Demetve Deeheueer peyeeyeoejer lees efJeYeeie meceLe&heCes heej
hejJeeves osCeees efveeesefpele kesues Deens. efJeosMeer yeBkee Yeejleere hee[le Deens.
yeepeejhes" keeyeerpe kejCeemee"er Deelegj Deensle. ee heee&YetceerJej,
16. uesKeehejer#eCe Je leheemeCeer :
Deeheuee yeBkesmeejKee ueneve Yeejleere yeBkee pej ee mheOexleerue
me#ece eeflemheOeea cnCetve Deeheues Dehesef#ele DeefmlelJe efkeJet uesKeehejer#eCe efJeYeeieeleHex Deeheuee meJe& MeeKeebes lemese
Mekeuee veenerle, lej ee DeeJneveelceke mheOexle leebee Demle efJeYeeieebes uesKeehejer#eCe kesues peeles DeeefCe yeBkeses JeJenej
nesCeeeer Mekeelee Deens. cnCetve Deeheueeuee veJe-veJeerve MeeKee eesie ekeejs nesle Demeueeeer Kee$eer kesueer peeles. Deeheuee
Je JeJemeeeJe=Ooer eeejs Deeheuee efJemleej Je Jee{ kejCes Deleble yeBkesves Dee@veueeFve Dee@ef[ ner mebkeuhevee jeyeefJeueer Deens,
iejpeses Deens, DeveLee DeeheCe Flejebee leguevesle Kegpese peeejs uesKeehejer#eke mebieCekeeejs uesKeehejer#eCe ke Mekeleele.
jentve nUtnUt Demlebiele nesCeeee Oeeskee Deens. Deeheues Kee& Dee@veueeFve Dee@ef[cegUs uesKeehejer#eCe eebieuee ekeejs efveebef$ele
Je<ee&ieefCeke veenerlejer Jee{lee Demeleele Je leemee"er Deeheuee kejlee esles. MeeKeebes lemese efJeefJeOe efJeYeeieebes heefjhetCe& heleerves
meceeJeleea uesKeehejer#eCe (Concurrent Audit) kesues peeles. eleske
JeJemeee Je vehee DeeheCeebme Jee{efJeueee heenerpes.
MeeKesuee uesKeehejer#ekeebee DenJeeueeeceeCes esCeer eoeve kesueer
JeJemeeeeuee KeerU IeeueCeeNee DeheJeeoelceke iebYeerj
peeles.
heefjefmLeleermee"er efJeMes<e lejleto keve "sJeCeeeer DeeJeMekelee
Demeles, eeeer peeefCeJener iesuee oesve Je<eeee Ke[lej 17. o#elee efJeYeeie (Vigilance):
veJeerve MeeKeeefJemleejeceOeerue Deeheueer iegbleJeCetke :
DevegYeJeeletve DeeheCeeuee Peeueer Deens. Deveske veJeerve MeeKee

lelhejlesves DeuheeJeOeerlee JeJemeeeJe=Ooer kejerle Deensle.
ee MeeKeebeeejs Deepeleeieeele ` 1,187 keeseRee
veefJeve JeJemeee yeBkesves eehle kesuee. ee veJeerve 31
MeeKeebee ceeOeceeletve 31 ceee&, 2010 heele DeeheCe
` 2.29 keeseRee vehee efceUefJeuee Demetve ee 31 MeeKee
yeBkesves o#elee efJeYeeieeuee vesnceere cenJe efoues Deens. yeBkesle

keesCeleener iewjJeJenej nesT vees, cnCetve o#elee efJeYeeie meowJe
meleke& Demelees. ne efJeYeeie yeBkesleerue, keecekeepeeee heleerleerue
egkee MeesOeCes Je leemebyebOeer ke[ke Gheeeeespevee kejCes lemese
efouesuee DeefOekeejeee iewjJeehej nesle veener ns heenCes F. keeces
kejlees.
45
lemese leer kepex Deveglheeefole cnCetve peenerj kejCeehetJeeae, leebeer

efJepee [sefye kee[&, SerSce, ceesyeeF&ue yeBefkebie, Fbjves yeBefkebie, Jemegueer keve IesCeele Deeueer. GoenjCeeLe& efnjs JeeJemeeefekeebvee
DeejerpeerSme/SveF&SHeer DeMee Deveske leb$e%eeve DeeOeeefjle mesJee efouesueer kepex.
Deeheueer yeBke eenkeebvee hegjefJeles.
l yeBkeske[s "sJeerheeves Demeuesueer Deefleefjkele jkekece
Deeheueeuee mejkeejer kepe& jesKes/cegegDeue heb[eceOes iegbleJeeJeer
eenke mesJeses meJex#eCe :
Deeheuee mebeeueke ceb[Ueves, eenkeebee mecemee Je iejpee ueeieueer. peeejs ee iegbleJeCegkeerJejee hejleeJee ne kepee&Jejerue
peeCetve IesCeemee"er, lep%e mebmLeske[tve meJex#eCe keve IesCeees mejemejer efceUkeleerhes#ee Kethee keceer neslee. Jejerue leervener
"jefJeues Je leevegmeej cesmeme& efmeveesJes Fbef[ee ee. efueefces[ yeeyeeRcegUs veHeeele Ie Peeueer.
18. leb$e%eeveeJej DeeOeeefjle Flej mesJee :
ee DeeieCe mebmLeske[s ns meJe&s#eCeees keece meesheefJeCeele Deeues

nesles. leebveer Deeheuee DenJeeueele eenke mesJee megOeejCeemee"er
keener eebieuee metevee kesuee Deensle. leevegmeej lee meteveebee
DebceueyepeeJeCeerme yeBkesves megJeele kesueer Deens.
19. veHee efJeMues<eCe :
Yeeb[Jeue Je=erleerue ceee&oe :

2006-07 heemetve veeiejer menkeejer yeBkeebvee Deeekej ueeiet
kejCeele Deeuee. leecegUs veHeeeletve jeKeerJe efveOeer Jee{efJeCeeJej
leeee heefjCeece nesle Deens. keW Je jepemejkeejke[tve menkeejer
meeKej keejKeeves, jeêreerke=le yeBkee DeeefCe jepe Je efpeune menkeejer
yeBkeebvee DeeefLe&ke hee"yeU Demeles, Yeeb[Jeueer iegbleJeCetkener Demeles.
leee e. 5
(` ueeKeele)
leheMeerue
31.03.09 31.03.10 kekesJeejerleerue
hejbleg meceepeefnleeee GsMeeves, meeceeefpeke eUJeUeree Yeeie
yeoue
cnCetve GYee jeefnuesuee veeiejer menkeejer yeBkeebceOes cee$e
Jeepe efceUkele
1,270.45 1,286.70
1.28
keW mejkeej DeLeJee jepe mejkeejke[tve Yeeb[Jeue efkebJee
Jeepe Kee&
911.08
957.89
5.14
Devegoeve cnCetve Deepeleeieeele Skeener heeeeer iegbleJeCetke
efveJJeU Jeepe efceUkele
359.37
328.81
-8.50
Peeuesueer veener. Gue leebeeke[tve veHeeeJej Deeekej Jemegue
Jeepe Jeefleefje efceUkele
229.47
171.50
-25.26
kejCeees OeesjCe cee$e mejkeejves jeyeefJeues Deens.
SketCe Dee@hejsefbie efceUkele
588.84
500.31
-15.03
l veeiejer menkeejer yeBkee yeepeejeleerue leebeer Ge hele
Dee@hejsefbie Kee&
263.48
284.47
7.97
{esyeU veHee
325.36
215.84
-33.66
Demegvener, MesDej yeepeejeletve Deee.heer.Dees. ejs Yeeb[Jeue GYes
lejletoer
9.75
36.68
276.21
ke Mekele veenerle.
DeheJeeoelceke
315.61
179.16
-43.23
l me#ece veeiejer menkeejer yeBkeebee meceYeeieebvee yeepeejele
Keee&Jeefleefje kejhetJe&ke
ceeieCeer Je eeflee Demegvener, oMe&veer cetueehes#ee Deefleefje jkekece
veHee
Deekeeve, leebvee leebee meceYeeieebeer efJeeer kejlee esle veener.
kej
74.32
40.00
-46.18
DeheJeeoelceke
241.29
139.16
-42.33
l kesJeU veHee efceUkeleeree GsMeeves JeJemeee kejCeeNee
Keee&Jeefleefje kejesej
Flej mebmLeeee hebkeleerle, veeiejer menkeejer yeBkeebvee yemeJetve
veHee
leebee GlheVeeJej Deeekej ueeouee peele Deens. GlheVee Jejerue
DeheJeeoelceke Kee&
30.50
19.49
-36.10
Deeekej DeekeejCeer yeeyele veeiejer menkeejer yeBkee Je Jeeheejer/
DeheJeeoelceke Kee& Jepee
210.79
119.67
-43.23
keve kejesej veHee
Keepeieer yeBkee eeceOes keesCeleener Yeso kesuee peele veener, cee$e
l ee DeeefLe&ke Je<ee&le peeieefleke ceboercegUs kepe&JeJenejeuee Jeeheejer/ Keepeieer yeBkeebvee GheueyOe DemeCeejs GlheVeees efJeefJeOe
ceeieCeer veJnleer.
eesle, veeiejer menkeejer yeBkeebvee GheueyOe keve efoues peele veenerle.
l ee peeieefleke ceboercegUs pes JeJemeee De[eCeerle Deeues nesles l Keepeieer yeBkeebveer ogmejer yeBke mecceerefuele keve Iesleueer
leebvee efouesuee kepe&hegjJe"e les DeefOeke De[eCeerle esCeehetJeea lej mecceerefuele keve IesCeeNee lee Keepeieer yeBkeebvee Deeekejele
46
met efoueer peeles. hejbleg veeiejer menkeejer yeBkeebvee cee$e Flej yeBkee
mecceerefuele keve Iesleueeveblej DeMeeekeejeer Deeekejeletve met
efceUCeemee"er peeeke Deer Ieeleuee iesuee Deensle, peeeesies
veeiejer menkeejer yeBkee mecceerefuekejCeeveblej Deeekejeleerue ee
meJeueleer heemetve Jebefele nesle Deensle.
efJeosMe efJeefvecee JeJemeee : meueie ogmeNee Je<eeaner

Deeheuee yeBkesves ` 50,000 keeseRhes#ee peemle efJeosMe efJeefvecee
JeJemeee kesuee Deens. ee Je<eea yeBkesves yebieUg, ceWieueesj Je
Gef[heer esLetvener efJeosMe efJeefveceeeeer mesJee ieenkeebvee hegjefJeCeeme
megJeele kesueer Deens.
veeiejer menkeejer yeBkeebvee leebee YejIeesme DeeefLe&ke eieleermee"er kees<eeieej efJeYeeie : jesKe jesKelee eceeCe (CRR)
heee&hle Yeeb[Jeue DemeCes ns Deleble efveke[eres Deens heCe les DeeefCe JewOeeefveke lejuelee eceeCe (SLR) ns efjPeJn& yeBke Dee@he
GYes kejCes cee$e efpekeerjeres Peeues Deens. cnCetve meJe& GheueyOe Fbef[eeee ceeie&oMe&ke lelJeeeceeCes jeKeCeees keece kees<eeieej
Jeemeheer"ebJej ner mecemee ceeb[Ces iejpeses Peeues Deens.
efJeYeeie kejlees. eeJe<eea kees<eeieej efJeYeeieeves jesKesefJeeerJej
` 50.41 keeseRee vehee efceUefJeuee.
efJeefJeOe efJeYeeieebeer keeceefiejer :
efkejkeesU (Retail) kepex : Deeheueer yeBke Iej Kejsoermee"er,
Jeenveemee"er, GeefMe#eCeemee"er DeeefCe Jewekeere JeJemeeeemee"er
kepex efJeleefjle kejles. Deeheueer SketCe efjsue kepex 31 ceee&,
2009 jespeer ` 1,407.08 keeseReer nesleer. ee DeeefLe&ke Je<ee&le
leer ` 743.55 keeseRveer Jee{tve ` 2,150.63 keeseRJej
heesneseueer. cegbyeF&, hegCes Je Deewjbieeyeeo esLes SketCe mene jemeske
(RASEC) keeee&efvJele Deensle. leeejs eeJe<eea DeeheCe SketCe
` 635.36 keeseReer kepex cebpetj kesueer. efjsue kepee&ee
JeJemeee Jee{Jeleevee DeeheCe leer kepex Deveglheeefole nesCeej
veenerle eeeer o#elee Iesleueer Deens.
Flej kebheveebee Glheeoveees efJeheCeve (Third party

Products) : Deeheuee yeBkesves efJecee Glheeoveebee efJeeermee"er
Se[erShemeer m@C[[& ueeF&he FvMegjvme kebheveer, yepeepe
DeueeFvPe pevejue FvMegjvme kebheveer Je ee SDeeepeer, lemese
efJeefJeOe cegegDeue heb[ebMeer mecevJee kejej keve leebee
Glheeoveebeer efJeeer kesueer. ee Gheeceeejs Deeheuee yeBkesves
eeJe<eea ` 4.70 keeseRee vehee efceUefJeuee.
20. eJeleea veHee
(Operational Profit) :
Deveglheeefole kepex : ee DenJeeue Je<ee&le Deeheuee yeBkesee

efkejkeesU (Retail) "sJeer : ee DeeefLe&ke Je<ee&le efJeMes<e Jemegueer efJeYeeieeves ` 110.72 keeseRee Deveglheeefole kepee&eer
efJeheCeve (Marketing) ceesefncesejs 2,00,839 veJeerve keemee Jemegueer kesueer. leeejs Deveglheeefole kepee&es SketCe kepee&Meer
Keeleer GIe[Ceele Deeueer. leeleerue 18,700 ueneve cegueebeer eceeCe 3.92% heele keceer kejCeele DeeheCe eMemJeer Peeuees.
yeele Keeleer Skeee efoJeMeer cnCepes 14 veesJnWyej ee yeeueefoveer Yeeb[Jeue heee&hlelee : DeeheCe Deeheuee yeBkeses Yeeb[Jeue
GIe[Ceele Deeueer. iesuee Je<eea SketCe 1,40,586 heee&hlelee eceeCe ns efjPeJn& yeBkesves efveoxefMele kesuesuee efkeceeve
keemee Keeleer GIe[Ceele Deeueer nesleer. Deeheuee eenkeebee 9% hes#ee meowJe peemle jeKeuesues Deens. ee Je<eea ns eceeCe
meeseermee"er yeBkesves mehWyej 2003 meeueeheemetve leebee ie@me, 14.63% Deens. ee DeeefLe&ke Je<ee&le, efjPeJn& yeBkesves Yeeb[Jeue
Jeerpe, otjOJeveer Fleeoer ceeefmeke efyeueebee YejCee kejCeemee"er heee&hlelee eceeCe cepeyetle kejCeemee"er Deeheuee yeBkesuee
FPeer hes ner eespevee meg kesueer. meOee ner eespevee Deeheuee ` 300 keeseRee oerIe& cegoleeree efJeMes<e "sJeer (LTSD) IesCeeme
cegbyeF& Je hegCes esLeerue eenkeebmee"er hetCe&leee ceeshele efoueer peeles.
hejJeeveieer efoueer. lee "sJeer DeeheCe 31 ceee&, 2010 heele
Jeeheejer JeeJemeeefeke kepex : ueIeg Je ceOece lemese pecee ke Mekeuees.
cees"ee Geesieebvee ueeieCeeNee kepe&eefeesmee"er ee efJeYeeieeeer
21. veHeeees efJelejCe :
mLeehevee ee Je<ee&le kejCeele Deeueer. ee DeeefLe&ke Je<ee&le ne
JeJemeee ieleJe<eeahes#ee ` 405 keeseRveer Jee{tve ee Je<e&DeKesjerme ueeYeebMe : eeJe<eea YeeieOeejkeebvee 20 ueeYeebMe osCeeeer
` 7,108 keeseRhee&le heesneseuee.
efMeHeejme mebeeueke ceb[U kejerle Deens.
47
meYeemeo keueeCe efveOeer : ojJe<eeaeceeCes ee Je<eeaner mebeeueke 23. yeBkesves peesheemeuesueer meeceeefpeke yeebefOeuekeer :
ceb[U meYeemeo keueeCe efveOeermee"er ` 50 ueeKe Jeie& kejCeeeer meeceeefpeke meodmeodefJeJeske yeger Je meceepeeeleer Demeuesueer eefleyelee
efMeHeejme kejerle Deens.
ns Deeheuee yeBkesee keee&eCeeueeres cegKe leJe Deens.
efJeMes<e jeKeerJe efveOeer : Deeekej keeeeeee efMeHeejMeervegmeej, l efmebOegogie& Je jlveeefiejer efpeueebceOes Dee@keesyej ceefnveele
Ske efJeMes<e efveOeer GYeejCeele Deeuee Deens Je lee Debleie&le Peeuesuee DeefleJe=ercegUs eeb[ neveer Peeueer. leeeJesUer Deeheuee
` 10 keeser Jeie& kejCeele Deeues Deensle.
yeBkesves lelhejlesves DeefleJe=er Deeheeer efveJeejCe eespevee peenerj
leee e.6
De.e. leheMeerue
(` ueeKeebceOes)
2009-10 2008-09
jeKeerJe efveOeer (25)
2,991.86
5,269.81
Deekeefmcekelee efveOeer (10)
1,196.74
2,107.92
Mew#eefCeke efveOeer (N.C.U.I.) (1)
119.67
210.79
emleeefJele ueeYeebMe - 20
1,590.62
1,489.13
kece&eeNeebmee"er meevegen
Devegoeveekeefjlee kesuesueer lejleto - 20
1,631.10
1,597.50
Fceejle efveOeer
0.00
6,500.00
meYeemeo keueeCe efveOeer
50.00
50.00
kece&eejer keueeCe efveOeer
10.00
10.00
meeJe&peefveke Oecee&oee Je menkeejer

keeee&keefjlee
50.00
210.79
10
iegbleJeCetke efJe<eeke peesKeerce efveOeer
1,000.00
500.00
11
efJeMes<e jeKeerJe efveOeer
1,000.00
1,000.00
12
meJe&meeOeejCe jeKeerJe efveOeer
2,500.00
2,500.00
13
heg{erue Je<ee&keefjlee efMeuueke
33.27
205.84
SketCe
22. GheefJeOeerceOeerue ogmleer :
12,173.26 21,651.78
keve ` 25,000/- les ` 2,00,000/- heele kepe&,

keceer Jeepeojeves hetjemle ueeskeebmee"er GheueyOe keve efoues.
lee eespevesbleie&le 88 hetjemle eenkeebvee ` 22.91 ueeKeees
kepe& efJelejCe kesues.
l
lemese veesJnWyej 2009 ceOes efmebOegogie& efpeueele

Heeeve JeeoUeves OegceeketU Ieeleuee neslee. yeBkesves Heeeve
JeeoU Deeheeer efveJeejCe eespevee ner kepe& eespevee peenerj kesueer.
lee eespeveWleie&le ` 15.18 ueeKe kepee&ee 56 JeeoUemle
eenkeebveer ueeYe Iesleuee.
l
ojJe<eea $e+CeevegyebOe ee keee&eceebleie&le Mew#eefCeke,

meeceeefpeke #es$eele keece kejCeeNee Oecee&oee mebmLeebvee yeBkesleHex
osCeiee efouee peeleele. eeJe<eeaner ne keee&ece efo. 23 HesyegJeejer
2010 jespeer mebheVe Peeuee. eeefMeJeee efJeefJeOe meeceeefpeke,
Mew#eefCeke, meebmke=efleke, Jeweefkee mebmLeebes Deveske Gheece Deecner
eeJe<eea hegjmke=le kesues DeeefCe je^, ceneje^ Je meceepeOeejCesmee"er
eeueCeeNee ee Gheeceebvee YejerJe eeslmeenve efoues.
l
Deeheuee yeBkesves ceeeeesHeeeveevmeejs ueneve ueneve

kepe&oejebheele heesneseCeeee ekeuhe eeJe<eea neleer Iesleuee.
leeejs, yeele ieebceeHe&le, leebee meYeemeoebke[tve ueneve
ueneve "sJeer ieesUe keve leebeeceOes yeeleereer meJee ueeJeueer.
HeUs, Yeepeer, otOe, ceemes, Hegues FleeoeReer efJeeer kejCeeNeebvee
lemese esheuee efJeCeCeeNee, ueesCeeer-heehe[ yeveefJeCeeNee
esee Geespekeebvee ueneve eceeCeeJej kepex osCeeme megJeele
kesueer. ee eespeves Debleie&le SketCe 1,600 kepe&oejebvee ` oesve
keeseRee kepe&hegjJe"e kejCeele Deeuee.
ieleJeeef<e&ke meJe&meeOeejCe meYesves GheefJeOeer veb. 34 ceOes ogmleer

cebpetj kesueer nesleer. ee cebpegjerveblej meoj GheefJeOeer keWere
jefpemêj, veJeer efouueer esLes heg{erue mebceleermee"er hee"efJeuee
neslee. keWere jefpemêj, veJeer efouueer eebveer lees GheefJeOeer cebpetj
kesuee, hejbleg 2009-10 ee DeecemeYesle, lee GheefJeOeerle
keener yeoue keve IesCeees megeefJeues Deens. leecegUs meoj
GheefJeOeer ogmleer megeefJeuesuee yeoueemen hejle ee meYesheg{s DeeoMe& meYeemeo :
cebpegjermee"er "sJeuee peeF&ue. leemebyebOeerle meefJemlej leheMeerue Deeheuee yeBkesee pees keener Glke<e& Peeuee, lees DeeheCee
Fbepeerleerue DenJeeueele osCeele Deeuee Deens.
meJe& meYeemeoebee meefoe DeeefCe YejIeesme heeef"byeecegUse.
48
Deeheueehewkeer keener peCeebveer lej efve:mJeeLeeaheCes Deeheuee JesU

yeBkesuee osTve, Deeheuee yeBkesee eieleerme neleYeej ueeJeuee Deens.
yeBkesee 90 Je<eeee hetleeaefveefcee, ojJe<eea DeMee meYeemeoebhewkeer
Skee meYeemeoeee, DeeoMe& meYeemeo cnCetve ieewjJe kejCeees
mebeeueke ceb[Ueves "jefJeues Deens. 2009-10 ee heefnuee
DeeoMe& meYeemeo hegjmkeej efmebOegogie& efpeueeleerue ceeueJeCe
esLeerue meYeemeo, cee. eer. efveleerve JeeUkes eebvee osCeele Deeuee.
yeBkesee ceeeeesHeeeveevme ne ekeuhe eMemJeer kejCeeme, lemese
meejmJele yeBkeseer GppJeue eeflecee peveceevemeele peefJeCeelener
leebveer Deeheuee efpeueele ceesueees menkeee& kesues. ne DeeoMe&
meYeemeo hegjmkeej ojJe<eea peenerj kejCeele esF&ue.
24. mebmLee DeefYeMeemeve:
yeBkesee mebeeueke ceb[Ueeer jevee : yeBkesee mebeeueke
ceb[Ueeer jevee, ceuer ms kees-Dee@He. meesmeeeer keeeoe
2002 DeeefCe yeBkesee Heesefveeceevegmeej kesueer peeles. 31
ceee&, 2010 jespeer DeeHeuee yeBkesee mebeeueke ceb[Uekej
hebOeje mebeeueke nesles. leele kesiekesieUee efke<eeebleerue lep%e
Deensle. efjPeke& yeBkesee efveeceevegmeej, veeiejer menkeejer yeBkeebee
mebeeueke ceb[Uekej keceerlekeceer Ske ee&[& DekeeTbb DeeefCe
Ske yeBkej Demeekee ueeielees. DeeHeuee yeBkesee mebeeueke
ceb[Uekej eej ee&[& DekeeTbbmed, oesve yeBkeme& DeeefCe Ske
DeLe&lep%e Deensle.
yeBkesee Heesefveece e.55 Debleie&le oMe&efkeueeHeceeCes, yeBkesee
Skeener mebeeuekeeves DeeHeuee yeBkesletve keesCeleener Hekeejes kepe&
Iesleuesues veener. ner DeeHeuee yeBkeseer DeefleMee eebieueer DeeefCe
efvekeeshe HeLee Deens. ee DeeefLe&ke Je<ee&le, mebeeueke ceb[Ueee
SketCe 28 meYee Peeuee.
Debleie&le keee&keejer meefcelee :
25. meYeemeo :
ee Je<e&DeKesjerme Deeheuee yeBkeses 50 Yeeie DemeCeeNee meYeemeoebeer
mebKee 1,34,417 Deens. lemese veececee$e meYeemeoebeer
(Nominal Member) mebKee 4,94,292 Peeueer Deens.
26. JewOeeefveke uesKeehejer#eke :
2010-11 ee Je<ee&mee"er, ces. kegUkeCeea DeeefCe Keeveesuekej
eebeer JewOeeefveke uesKeehejer#eke cnCetve vesceCetke kejCeemee"er ns
mebeeueke ceb[U efMeheejme kejerle Deens.
27. heg{erue Oeseemee"er, meppelee : . 50,000 keeser

JeJemeee Gefebes [e@. Dee[ejkej efceMeve - III
31 ceee&, 2011 heele DeeheCe ` 25,000 keeseRee
JeJemeeeees Gef efveefelee heej kejCeej Deenesle. Deelee
[e@. Dee[ejkej efceMeve-III ceOeerue ` 50,000 keeseRee
JeJemeeeees Gef 31 ceee&, 2016 heele iee"Ceemee"er
Deecner mebhetCe&leee meppe Peeuees Deenesle. eeeee DeLe&
Demee keer, 93 Je<ee&ee keeUele, Deeheueer yeBke
pesJe{e JeJemeee kejsue, lesJe{ee, cnCepese DeeCeKeer
` 25,000 keeseRee JeJemeee heg{ee kesJeU heee Je<ee&le
(2011-16) kejCeeee efveOee&j DeeheCe kesuee Deens.
ns Gef hetCe& kejCeemee"er Deeheuee yeBkesee meOeeee 200
MeeKeebJeve 31 ceee&, 2016 heele keceerle keceer SketCe
400 les DeefOekeeefOeke SketCe 500 MeeKee keee&jle kejCeeee
ceeveme Deens. ne efJemleej efjPeJn& yeBkesee mecceerefuekejCeeee
lemese veJeerve MeeKeebes hejJeeves efJeleefjle kejCeemebyebOeeree
OeesjCeeJej DeJeuebyetve Deens. ee Gefhetleeamee"er Deeheues efveeespeve
meOeemeejKese jenerue. Deeheueer yeBke ner 1) keee&Meerue mebmLee,
2) %eeveJeefOe&le mebmLee DeeefCe 3) eenke keWefle mebmLee cnCetve
keee&jle jenerue. Deeheuee yeBkesves kece&eeNeebeer efveJe[, leebes
eefMe#eCe DeeefCe eeslmeenve eeeer OeesjCes DeeKeueer Deensle Je
leer keeee&efvJele kesueer Deensle, pesCeskeve keuheke, keee&lelhej
kece&eejer Deeheuee yeBkeslee jenleerue DeeefCe Deeheuee eenkeebvee
meJeexlke= mesJee megefJeOee osleerue.
mebeeueke ceb[Ueves, yeBkesee mebeeuekeebee meceeJesMe Demeuesuee

leerve meefcelee - 1) uesKeeHejer#ee DeeefCe Deveglheeefole kepe&
JeJemLeeheve meefceleer, 2) keee&keejer DeeefCe ceevekemebmeeOeve
efkekeeme meefceleer keee&keejer meefceleer DeeefCe 3) mecceerefuekejCe
meefceleer keeee&efvJele kesuee. ee meefceleebee Je<e&Yejeble Devegeces
Dekeje, eej Je one meYee Peeuee. ee meefceleebveer yeBkesee Deepe Deeheueer yeBke Yeejleeee mene jepeeble keee&jle Deens.
keecekeepeebJej efJeMes<e ue#e osTve eesie efveeb$eCe "sJeues.
Yeejleeleerue meJe& cenJeeee ceneveiejeble MeeKee GIe[Ceeee
49
yeBkesee ceeveme Deens. leemee"er DeefKeue Yeejleere JeJemeeeees

keee&#es$e Deecner efjPeJn& yeBkeske[s ceeefieleues Deens Je lee
ceeieCeeree hee"hegjeJeemege Deecner kejerle Deenesle. ` 25,000
keeseRJeve ` 50,000 keeseRee J]eJemeee kejleevee Deeheueer
yeBke keee&#ecelee, Glheeokelee, Je eenke mesJee eebeeyeeyeleerle
efveefelee Keepeieer Jeeheejer yeBkeebMeer eKej mheOee& kejerue.
Gece mebeeueve, DeeefLe&ke keekemej, eesKe peesKeerce JeJemLeeheve,
opexoej kepex, meJeexlke= ceeveJemebmeeOeve,Geceesece eenke mesJee
Je meejmJele yeBke yeB[es meeceLe& nere YeefJe<ekeeUeleerue yeBkeseer
cenJeeeer JewefMees Demeleerue DeeefCe leeerves Deeleeheemetvee
DeeheCe eesie heeTues GeueCeeme megJeele kesueer Deens.
28. peenerj efveJesove :
Deeheuee yeBkesves "sJeeRJejee efJeceeee 31 ceee&,
2010 heeleee nhlee ef[hee@efPe FvMegjvme DeB[ esef[
ie@jWer kee@heexjsMeveke[s pecee kesuesuee Deens.
29. yeBkeseer Ghekebheveer - meejmJele FvHeesske efueefces[ :
31. ke=le%elee :
DeeheCe meJe& meYeemeoebveer mebeeueke ceb[UeJej oeKeefJeuesuee
efJeeemeeyeue, mebeeueke ceb[U Deeheues DeeYeej ceeveerle Deens.
efjPekn& yeBkesee keWere ke #es$eere keeee&ueeeleerue veeiejer menkeejer
yeBke efkeYeeieeleerue meke& HecegKe DeefOekeejer ke leebes menkeejer
lemese kesUeskesUeres ceeie&oMe&ve, Heeef"byee ke menkeeee&yeue keWere
menkeej efveyebOeke, vekeer efouueer ke leebes menkeejer, lemese
menkeej Deeegkele DeeefCe menkeej efveyebOeke, ceneje<^ jepe,
HegCes ke leebes menkeejer DeeefCe menkeej Deeegkele kevee&ke,
ieeskee, iegpejele, efouueer DeeefCe ceOe HeosMe ee mekeees mebeeueke
ceb[U $e+Ceer Deens. kewOeeefveke uesKeeHejer#eke DeeefCe meke& Deve
uesKeeHejer#ekeebes leeeHeceeCes yeBkeses meke& meuueeieej DeeefCe
efkeefOe%e ee mekeees mebeeueke ceb[U DeeYeejer Deens. meYeemeo,
"skeeroej ke efnleefebleke eebveer kekele kesuesuee efkeJeeme ke efouesues
menkeee& eecegUse Denkeeue keeUele mebeeueke ceb[U eebieues
keece ke Mekeues. Deecner lee mekeees $e+Ceer Deenesle. yeBkeses
DeefOekeejer ke kece&eejer eebveer meceHe&Ceeee Yeekevesletve kesuesuee
Deefkejle Heefjeceebyeue, mebeeueke ceb[U leebes DeeYeej ceeveerle
Deens.
eej Je<eehetJeea mLeeheve Peeuesuee, meejmJele yeBkesee hetCe&ceeuekeeree

meejmJele FvHeesske efueefces[ ee Ghekebheveeree DenJeeue,
leeUsyebo Je veHee-leese he$eke, yeBkesee DenJeeueeyejesyej
yeBkesee mebeeueke ceb[Ueee keleerves,
Deeheueemeceesj meeoj kejCeele Deeuee Deens. ee Je<eea ee
SkeveeLe kes. "eketj
Ghekebheveerves meejmJele yeBkesuee ` 2.08 keeser Flekee ueeYeebMe

DeOe#e
efJeleefjle kesuee Deens.
efoveebke 28 Dee@iem, 2010
30. eebpeueer :
Deeheuee yeBkeses ceepeer DeOe#e Je pes mebeeueke leUerHe: mebeeueke ceb[Ueee mebHetCe& Denkeeue FbiepeerceOes
eer. jJeeR heekej eebes 22 peguew, 2010 jespeer osneJemeeve meesyele efouee Deens ke ne hekele iees<eJeeje Deens.
Peeues. Deeheuee yeBkesee mebeeueke ceb[UeJej, les SketCe
22 Je<ex keee&jle nesles. Ske meceefhe&le meceepemesJeke cnCetve
Deveske meeceeefpeke mebmLeebMeer les efveieef[le nesles. yeBkesmee"er Je
meceepeemee"er efouesuee eesieoeveeyeue yeBkesleHex leebvee YeeJehetCe&
eebpeueer JeenCeele Deeueer.
DenJeeueJe<eea Deeheuee pee meYeemeoebes, kece&eeNeebes Je
efveJe=e kece&eeNeebes og:Keo efveOeve Peeues, leebee keggbyeereebee
og:Keele mebeeueke ceb[U menYeeieer Deens.
50
STATUTORY AUDITORS REPORT

To,
The Members of The Saraswat Co-operative Bank Ltd.
1)
We have audited the attached Balance Sheet of The Saraswat Co-operative Bank Ltd. as at March 31, 2010 and the Profit &
Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. These financial Statements are
the responsibility of the Banks management. Our responsibility is to express an opinion on these financial statements based
on our audit.
2)
We have conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining on test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our
opinion.
3)
We report that:
i)
We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for
the purpose of our audit;
ii)
In our opinion, proper books of account as required by law have been kept by the bank so far as appears from our
examination of those books and proper returns adequate for the purpose of our audit have been received from the
branches not visited by us;
iii)
The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the
books of account;
iv)
The transactions of the Bank, which have come to our notice, have generally been within the powers of the Bank;
v)
In our opinion and to the best of our information and according to the explanations given to us, the said accounts read
together with the notes thereon, subject to our observations contained in Audit Memorandum give the information required
by The Multi-State Co-operative Societies Act, 2002 and Rules made thereunder, in the manner so required and give a
true & fair view in conformity with the accounting principles generally accepted in India:
a)
In case of the Balance Sheet, of the state of affairs of the Bank as at March 31, 2010
b)
In case of the Profit and Loss Account, of the profit for the year ended on March 31, 2010 and
c)
In case of the Cash Flow Statement, of the cash flows for the year ended on March 31, 2010
For M P Chitale & Co.

Chartered Accountants
Firm Regn No. 101851W
sd/(Anagha Thatte)
Partner
ICAI M. No. 105525
Mumbai,
April 24, 2010
51
BALANCE SHEET AS AT MARCH 31, 2010

(Amount in `)
CAPITAL & LIABILITIES
Schedule
CURRENT YEAR
31.03.2010
PREVIOUS YEAR
31.03.2009
(1) CAPITAL
86,23,11,100.00
77,49,67,490
(2) RESERVE FUND & OTHER RESERVES
15,52,67,03,381.90
10,48,93,95,554
(3) DEPOSITS & OTHER ACCOUNTS
142,66,72,86,136.57
129,18,84,63,827
(4) BORROWINGS
5,62,00,09,609.06
6,63,99,67,287
14,40,59,01,784.36
17,12,09,37,796
11,48,47,456.78
2,60,69,698
(5) BILLS FOR COLLECTION BEING BILLS

RECEIVABLE AS PER CONTRA
(6) BRANCH ADJUSTMENTS
(7) OVERDUE INTEREST RESERVE

i)
ON INVESTMENTS
ii)
ON LOANS & ADVANCES
(8) INTEREST PAYABLE
86,56,644.00
86,56,644
1,51,26,21,884.15
1,65,04,41,011
49,93,00,234.03
38,27,45,205
(9) OTHER LIABILITIES
7,51,27,72,392.22
6,76,61,49,411
(10) PROFIT & LOSS
1,21,73,25,874.83
2,16,51,78,653
189,94,77,36,497.90
175,21,29,72,576
15,50,03,29,595
27,22,09,02,712
GRAND TOTAL
Contingent Liabilities
As per our report of even date attached
For M.P. CHITALE & CO.
sd/(Anagha Thatte)
Partner
Mumbai : April 24, 2010.
52
13
(Amount in `)
PROPERTY & ASSETS
Schedule
CURRENT YEAR
31.03.2010
PREVIOUS YEAR
31.03.2009
(1) CASH
10,00,16,55,468.16
8,27,15,40,408
(2) BALANCES WITH OTHER BANKS
4,38,24,29,025.32
3,79,71,52,699
1,31,84,56,314.00
7,04,05,48,000
(3) MONEY AT CALL & SHORT NOTICE

(4) INVESTMENTS
53,21,39,11,321.04
47,91,50,74,644
(5) ADVANCES
10
92,50,35,46,892.31
81,10,40,58,646
1,51,26,21,884.15
1,65,04,41,011
14,40,59,01,784.36
17,12,09,37,796
(6) INTEREST RECEIVABLE

(7) BILLS RECEIVABLE BEING BILLS FOR
COLLECTION AS PER CONTRA
(8) FIXED ASSETS
11
5,51,06,28,226.44
1,63,22,92,203
(9) OTHER ASSETS
12
7,05,70,97,868.39
6,35,26,02,696
1,90,000.03
11,11,214
3,90,19,313.70
4,61,29,451
22,78,400.00
12,24,48,840
0.00
15,86,34,968
189,94,77,36,497.90
175,21,29,72,576
(10) COMPUTER SOFTWARE

(11) DEFERRED AMORTISATION OF INVESTMENTS
(12) NON BANKING ASSETS ACQUIRED IN

SATISFACTION OF CLAIMS
(As per Banks Approved Valuers)
(13) DEFERRED VRS COMPENSATION
sd/-
S.K. BANERJI
Managing Director
sd/-
A.V. DUBHASHI
Director
sd/-
R.K. PATKAR
Director
sd/-
K.V. RANGNEKAR
Vice-Chairman
sd/-
E.K. THAKUR
Chairman
53
PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED MARCH 31, 2010
(Amount in `)
1)
2)

3)
4)
5)
6)
7)
8)

EXPENDITURE
CURRENT YEAR
31.03.2010
PREVIOUS YEAR
31.03.2009
Interest on Deposits, Borrowings, etc.

Salaries and Allowances, Bonus, Gratuity,
Provident Fund Contribution, etc.
Rent, Taxes, Insurance, Lighting, etc.
Law Charges
Postage, Telegram and Telephone charges
Audit fees (Statutory,Internal and Concurrent Auditors)
Depreciation/Amortisation of Assets
Printing,Stationery and Advertisements
i)
Printing and Stationery
ii)
Advertisements
957,89,42,933.77
911,07,89,518
134,13,21,904.81
27,86,90,674.69
46,58,681.99
4,11,29,061.10
1,93,07,361.56
11,60,59,986.82
129,62,32,148
22,63,52,018
37,30,628
4,72,98,748
2,16,99,331
8,60,88,701
7,29,82,239.28
3,24,64,119
8,21,19,644
11,45,83,763
97,05,08,265.87
5,00,83,564
19,34,04,350
14,38,518
11,44,02,447
2,61,08,559
1,53,92,974
1,07,10,890
1,13,92,594
3,70,43,736
14,75,74,161
2,18,53,702
3,87,08,854
59,20,341
12,43,028
16,36,13,760
83,88,91,478
36,67,64,883.29
8,94,56,888
0
80,00,000
0
9,74,56,888
40,00,07,218.00
1319,03,73,211.18
139,16,61,363.57
19,49,19,441.66
119,67,41,921.91
1458,20,34,574.75
64,50,00,000
7,30,76,854
56,53,865
1,95,10,299
74,32,41,018
1258,63,64,239
241,28,74,752
30,49,51,899
210,79,22,853
1499,92,38,991
9)

Other Expenditure :
i)
Repairs and Maintenance of assets
ii)
I.T. Infrastructure Maintenance
iii)
Bankers Indemnity Insurance
iv)
Premium paid to DICGC
v)
Premium paid to ECGC
vi)
Cheque Processing Charges
vii) Leased Line Expenditure
viii) Travelling and Conveyance
ix)
Security Service Charges
x)
Amortisation of Investments
xi)
Professional Fees
xii) Bank Charges
xiii) Visa Card Expenses
xiv) Loss on sale of Assets
xv) Sundries
10)

Provisions :
i)
Prov. For Depreciation on Investments
ii)
Bad And Doubtful Debts Reserve
iii)
Prov. For Restructured Assets
iv)
Contingent Prov. Against Standard Assets
11)

Income-Tax Expenses :
i)
Current Tax
ii)
Deferred Tax
iii)
Fringe Benefit Tax
iv)
Short provision of I.Tax for earlier year
12)
13)
14)
15)

Total Expenses
Net Profit after Tax & before Exceptional items
Exceptional items
Net Profit after Tax & Exceptional items
TOTAL

For M.P. CHITALE & CO.
sd/(Anagha Thatte)
Partner
54
3,64,84,595.20
3,64,97,644.08
2,76,58,154.95
22,99,15,408.00
8,99,838.00
12,80,10,190.00
1,47,03,420.00
1,51,82,141.70
1,23,84,574.85
1,05,12,920.47
4,32,41,831.35
21,49,13,404.18
2,24,15,608.16
4,75,40,657.11
3,22,19,024.54
5,82,242.23
17,03,28,850.33
13,96,05,263.42
21,86,59,619.87
75,00,000.00
10,00,000.00
51,00,00,000.00
(10,99,92,782.00)
0.00
0.00
(Amount in `)
INCOME
CURRENT YEAR
31.03.2010
PREVIOUS YEAR
31.03.2009
1286,69,89,199.08
1270,45,43,427
2) Commission
34,10,71,492.21
36,75,90,796
3) Exchange
18,29,16,289.78
29,84,13,238
4)
Profit on Sale of Securities (Net)
50,41,51,043.95
84,48,29,943
5)
Dividend
9,55,62,269.01
4,42,22,299
1)
Interest & Discount
6) Other Receipts
i)
Processing Fees
22,36,22,947.00
16,97,86,571
ii)
Service Charges
26,13,14,092.39
25,10,89,446
iii)
Recovery of Expenses
3,97,29,990.45
4,27,62,677
iv)
Miscellaneous Income
1,76,66,363.39
82,06,479
54,23,33,393.23
47,18,45,173
7) Excess Provision of earlier years written back
1,19,75,155.55
92,98,094
8)
3,70,35,731.94
5,84,23,415
9) Excess Provision for Bad & Doubtful Debts

Reserve
0.00
20,00,00,000
10) Excess Provision for Standard Assets
0.00
72,606
1458,20,34,574.75
1499,92,38,991
Bad Debts earlier written off, now recovered
TOTAL
sd/-
S.K. BANERJI
Managing Director
sd/-
A.V. DUBHASHI
Director
sd/-
R.K. PATKAR
Director
sd/-
K.V. RANGNEKAR
Vice-Chairman
sd/-
E.K. THAKUR
Chairman
55

(Amount in `)
CURRENT YEAR
31.03.2010
PREVIOUS YEAR
31.03.2009
3,00,00,00,000.00
3,00,00,00,000
86,23,11,100.00
77,49,67,490
86,23,11,100.00
77,49,67,490
86,22,86,100.00
25,000.00
77,49,42,490
25,000
Total
3,05,57,92,523.57
2,52,90,93,933.24
3,72,13,10,179.61
1,55,00,000.00
56,54,50,710.08
1,01,32,55,450.00
36,44,74,510.69
5,48,50,000.00
1,41,54,554.49
2,00,00,000.00
61,87,72,520.22
3,27,09,49,000.00
28,31,00,000.00
15,52,67,03,381.90
2,51,40,56,430
1,87,90,93,933
3,77,89,16,017
80,00,000
51,54,50,710
80,24,63,150
36,34,74,511
4,98,50,000
1,45,22,254
2,00,00,000
36,04,68,549
0
18,31,00,000
10,48,93,95,554
Sub Total
83,88,90,56,392.74
62,00,00,000.00
15,68,15,11,840.03
100,19,05,68,232.77
78,94,53,27,430
37,00,00,000
17,68,97,16,993
97,00,50,44,423
Sub Total
28,88,44,52,010.44
0.00
1,14,92,14,730.49
30,03,36,66,740.93
22,14,74,15,689
0
87,38,69,968
23,02,12,85,657
Sub Total
Total
11,81,08,38,636.52
3,79,775.29
63,18,32,751.06
12,44,30,51,162.87
1,42,66,72,86,136.57
8,78,45,02,153
1,75,398
37,74,56,196
9,16,21,33,747
1,29,18,84,63,827
SCHEDULE 1 - CAPITAL:
Authorised Capital :
30,00,00,000 Shares of ` 10/- each
(Previous year 30,00,00,000 shares)
Subscribed Capital :
8,62,31,110 Shares of ` 10/- each
(Previous year 7,74,96,749 shares of ` 10/- each)
Amount Called up :
on 8,62,31,110 Shares of ` 10/- each
(Previous year 7,74,96,749 shares of ` 10/- each)
Of the above held by :
a) Individuals & others
b) Societies
SCHEDULE 2 - RESERVE FUND & OTHER RESERVES:
i) Statutory Reserve
ii) Building Fund
iii) Bad & Doubtful Debts Reserve
iv) Special Reserve for Restructured Assets
v) Investment Fluctuation Reserve
vi) Contingency Reserve
vii) Contingent provision against Standard Assets
viii) Members Welfare Fund
ix) Provision for Public Charitable & Co-operative Purpose
x) Net Open Foreign Currency Position Reserve
xi) General Reserve
xii) Revaluation Reserve
xiii) Special Reserve u/s 36(1)(viii) of I.Tax Act,1961
SCHEDULE 3 - DEPOSITS & OTHER ACCOUNTS:

i) Fixed Deposits :

a)
Individuals & Others

b)
Central Co-op. Banks

c)
Other Societies
ii)

Savings Bank Deposits :

a)
b)
c)
Other Societies
iii)

Current Deposits :
a)
b)
c)
Other Societies
56

(Amount in `)
SCHEDULE 4 - BORROWINGS:
i) From RBI/State/Central Co-op.Bank : Refinance from RBI
ii) Loans from other sources

a)
Collateralised Borrowing Obligation

(Secured against Govt. Securities)

b)
Overdraft from Banks

c)
Refinance from S.I.D.B.I.

d)
Foreign Currency Borrowing from Banks

e)
Long Term (Subordinated) Deposits
CURRENT YEAR
31.03.2010
PREVIOUS YEAR
31.03.2009
0.00
1,93,00,00,000
2,25,83,01,706.49
4,24,94,45,540
Total
56,727.57
24,51,175.00
35,92,00,000.00
3,00,00,00,000.00
5,62,00,09,609.06
1,72,122
38,69,625
45,64,80,000
0.00
6,63,99,67,287
Total
96,95,00,844.35
4,37,21,200.00
13,03,93,780.13
1,00,24,091.55
28,99,00,072.00
1,78,80,822.00
19,47,43,954.51
47,28,49,465.34
13,17,84,905.66
2,23,59,72,668.00
3,01,60,00,588.68
7,51,27,72,392.22
84,43,10,157
3,54,18,501
12,01,74,454
94,04,595
28,82,30,939
4,17,80,922
14,55,67,609
50,02,71,543
9,73,41,766
1,72,59,72,668
2,95,76,76,257
6,76,61,49,411
2,16,51,78,652.92
2,03,56,70,100
52,69,80,800.00
14,89,13,000.00
2,10,79,300.00
10,00,000.00
65,00,00,000.00
50,00,000.00
15,97,50,000.00
2,10,79,300.00
21,07,92,300.00
5,00,00,000.00
10,00,00,000.00
25,00,00,000.00
2,14,45,94,700.00
2,05,83,952.92
0.00
1,19,67,41,921.91
1,21,73,25,874.83
50,56,51,500
12,85,00,000
2,02,26,100
10,00,000
39,00,00,000
50,00,000
14,20,00,000
2,02,26,100
20,22,60,600
5,00,00,000
10,00,00,000
41,44,00,000
1,97,92,64,300.00
5,64,05,800
8,50,000
2,10,79,22,853
2,16,51,78,653
SCHEDULE 5 - OTHER LIABILITIES:

a) Bills Payable
b) Unclaimed Dividend
c) Suspense
d) Provision for Staff Welfare
e) Provision for Staff Pension
f) Rebate on Bills Discounted
g) Credit balance in Bank Account
h) Provision for Leave Encashment
i) Contingent Prov. against Depreciation in Investments
j) Provision for Taxation
k) Other items
SCHEDULE 6 - PROFIT & LOSS:

Profit as per last Balance Sheet
Less : Appropriations of profit for the year 2008-09
Reserve Fund
Dividend
Public Charitable & Co-operative Purpose
Provision for Staff Welfare
Building Fund
Members Welfare Fund
Ex-gratia to Employees
Education fund
Contingency Reserve
Investment Fluctuation Reserve
Special Reserve
General Reserve
Add : Amount excess appropriated for Ex-gratia

Add : Profit for the year as per Profit & Loss Account
Sub Total
Total
57
(Amount in `)
SCHEDULE 7 - CASH:
i) Cash In hand

(Including Foreign Currency Notes )
ii) Balance with RBI

In Current A/c

In Other A/c
iii) Balance with SBI & SBI Associates

In Current A/c

In Other A/c
iv) Balance with State Co-operative Banks
v) Balance with District Central Co-operative Banks
Total
SCHEDULE 8 - BALANCE WITH OTHER BANKS & FOREIGN BANKS:
i) Current Deposits

(Including ` 8,65,86,039.90 with

Banks in Foreign Countries)
ii) Savings Bank Deposits
iii) Fixed Deposits (including ` 10.70 crore pledged for securing

funded/non-funded facilities and treasury operations)
Total
SCHEDULE 9 - INVESTMENTS:
(A) i)
In Central & State Government Securities

Face Value - ` 38,41,63,66,750.00

Market Value - ` 38,13,47,68,682.32

ii)
Other Trustee Securities

iii)
Shares in Co-operative Institutions

iv)
PSU Bonds & Bonds of All India Financial Institutions

v)
Shares of Limited Company (including

Subsidiary Company ` 20 crore)

vi)
Units of UTI/Other Mutual Funds

vii) Certificate of Deposit

viii) Commercial Paper

ix)
Other Investment

(including `1177.48 crore pledged for Treasury operations)
(B) Reserve Fund Investments

i)
In Govt. Securities

Face Value - ` 2,84,56,90,500.00

Market Value - ` 2,84,64,42,283.37

ii)
Non SLR Bonds
(C)

58
Sub Total
Sub Total
Members Welfare Fund Investments

In Central/State Govt. Securities
Face Value - ` 5,37,61,750.00
Market Value - ` 5,38,26,588.79
Total
CURRENT YEAR
31.03.2010
PREVIOUS YEAR
31.03.2009
85,98,74,543.93
67,31,39,652
9,06,61,19,903.85
0.00
7,48,12,29,877
0
6,67,26,382.88
0.00
3,27,151.86
86,07,485.64
10,00,16,55,468.16
4,29,20,954
0
6,77,06,284
65,43,641
8,27,15,40,408
84,40,94,488.91
57,22,28,239
85,062.92
3,53,82,49,473.49
8,37,683
3,22,40,86,777
4,38,24,29,025.32
3,79,71,52,699
39,97,24,49,461.44
35,41,18,58,650
11,46,15,258.79
1,80,45,990.00
1,11,99,73,003.67
32,44,11,633.40
18,83,07,023
1,84,47,990
92,47,19,170
22,44,56,250
32,970.00
8,06,02,48,850.00
48,94,53,000.00
40,37,591.00
50,10,32,67,758.30
10,00,48,690
8,23,56,68,161
24,33,36,492
40,37,591
45,35,08,80,017
2,93,96,86,437.48
2,34,77,54,865
11,61,06,655.41
3,05,57,93,092.89
16,65,88,520
2,51,43,43,385
5,48,50,469.85
4,98,51,242
53,21,39,11,321.04
47,91,50,74,644
(Amount in `)
CURRENT YEAR
31.03.2010
PREVIOUS YEAR
31.03.2009
17,42,82,862.08
42,43,25,66,938.54
5,75,22,062.12
42,66,43,71,862.74
18,07,89,643
40,43,33,72,075
8,85,55,380
40,70,27,17,098
42,30,10,96,760.10
4,30,81,04,195.51
1,34,58,51,117.94
40,30,83,47,770
5,69,49,11,543
1,30,87,63,827
42,66,43,71,862.74
40,70,27,17,098
3,10,00,163.31
18,22,73,50,520.03
72,11,08,804.89
18,97,94,59,488.23
5,03,55,844
17,23,78,74,301
76,36,63,035
18,05,18,93,180
18,97,60,76,996.63
1,26,60,28,536.70
1,03,16,93,416.25
18,01,86,01,286
1,38,63,80,730
93,52,50,691
18,97,94,59,488.23
18,05,18,93,180
1,37,51,353.95
30,63,71,39,070.24
20,88,25,117.15
30,85,97,15,541.34
77,86,546
22,04,02,14,364
30,14,47,458
22,34,94,48,368
30,84,82,71,569.41
45,72,00,482.97
43,38,08,979.40
22,34,62,19,014
40,17,96,829
56,74,20,530
Sub Total
30,85,97,15,541.34
22,34,94,48,368
Total
92,50,35,46,892.31
81,10,40,58,646
SCHEDULE 10 - ADVANCES:
I) Short Term Loans, Cash Credit,

Overdrafts & Bills Discounted

Of which secured against :

a) Government & Other approved Securities

b) Other Tangible Securities

c) Personal Advances
II)

Medium Term Advances

a)
Government & Other approved Securities
b)
Other Tangible Securities
c)
Personal Advances
III)

Of the Advances, amount due from individuals

Of the Advances, amount Overdue
Considered Bad & Doubtful of recovery (Fully Provided for)

Long Term Advances

a) Government & Other approved Securities
b) Other Tangible Securities
c) Personal Advances
Sub Total
Sub Total

59
(Amount in `)
CURRENT YEAR
31.03.2010
PREVIOUS YEAR
31.03.2009
Sub Total
2,46,29,324.50
0.00
2,46,29,324.50
2,46,29,325
0
2,46,29,325
Sub Total
Total
30,15,085.86
3,16,775.98
33,31,861.84
2,12,97,462.66
27,01,528
3,13,558
30,15,086
2,16,14,239
Sub Total
1,29,58,40,848.89
66,79,93,127.85
0.00
1,96,38,33,976.74
1,09,95,41,467
20,42,39,582
(79,40,200)
1,29,58,40,849
16,22,55,536.78
3,87,33,829.91
0.00
20,09,89,366.69
327,09,49,000.00
5,03,37,93,610.05
13,82,11,209
2,61,47,883
(21,03,555)
16,22,55,537
0
1,13,35,85,312
0.00
1,52,76,070.27
1,52,76,070.27
24,13,026.84
1,28,63,043.43
0
0
0
0
0
2,34,20,119.44
3,84,56,504.66
6,18,76,624.10
1,67,986.63
6,17,08,637.47
1,46,14,490.64
4,70,94,146.83
1,31,01,691
1,85,95,945
3,16,97,636
28,130
3,16,69,506
82,49,387
2,34,20,119
8,35,09,444.90
8,08,80,594.35
16,43,90,039.25
16,70,519.63
16,27,19,519.62
4,48,33,423.99
11,78,86,095.63
8,67,31,441
3,02,37,730
11,69,69,171
15,76,145
11,53,93,026
3,18,83,581
8,35,09,445
SCHEDULE 11 - FIXED ASSETS:

I LEASEHOLD LAND

Cost as on 1.4.2009

Additions during the year

Amortisation
Upto last year
For current year
II

PREMISES (including freehold land)

Cost as on 1.4.2009
Less : Sales during the year
Depreciation
Upto last year
For current year
On Deductions
Add : Revaluation during the year
III

LEASEHOLD IMPROVEMENT
Cost as on 1.4.2009
Less : Depreciation for current year
Sub Total
Total
Sub Total
Total
IV PLANT & MACHINERY

As on 1.4.2009


Less : Sales/Adjustment
Sub Total
Sub Total
Total
FURNITURE & FIXTURE

As on 1.4.2009
Sub Total
Sub Total
Total
60
(Amount in `)
CURRENT YEAR
31.03.2010
PREVIOUS YEAR
31.03.2009
32,39,717.22
5,82,153.36
38,21,870.58
1,95,220.01
36,26,650.57
25,51,781.35
10,74,869.22
87,49,647
6,94,525
94,44,172
12,55,015
81,89,157
49,49,440
32,39,717
Sub Total
Total
7,41,57,582.02
85,85,349.50
(68,03,471.02)
7,59,39,460.50
3,95,36,308.45
1,15,25,444.11
(41,97,090.68)
4,68,64,661.88
2,90,74,798.62
5,90,32,535
1,65,96,558
(14,71,511)
7,41,57,582
2,73,15,501
1,33,12,621
(10,91,814)
3,95,36,308
3,46,21,274
Grand Total
24,75,44,200.00
5,51,06,28,226.44
33,23,02,097
1,63,22,92,203
Total
10,06,47,938.72
98,93,71,067.68
2,12,682.96
1,94,780.00
10,95,063.82
35,55,924.50
1,15,54,146.82
1,59,26,95,712.00
2,29,06,45,674.97
2,06,71,24,876.92
7,05,70,97,868.39
6,91,81,003
81,47,73,698
1,92,013
5,000
8,23,344
66,74,208
36,73,972
1,48,27,02,930
1,80,93,52,946
2,16,52,23,582
6,35,26,02,696
Total
5,45,23,91,710
4,03,45,49,745
6,01,33,88,140
15,50,03,29,595
5,10,32,40,275
3,85,94,69,108
18,25,81,93,329
27,22,09,02,712
VI COMPUTERS

As on 1.4.2009


VII

MOTOR CARS
Original cost as on 1.4.2009
Add : Additions during the year
Less : Sold during the year
Less : Dep. upto last year

Dep. for current year

Depreciation on sales
VIII CAPITAL WORK-IN-PROGRESS
Sub Total
Sub Total
Total
Sub Total
SCHEDULE 12 - OTHER ASSETS:

i) Deposit for Services
ii) Interest Accrued on Investments
iii) Rent Receivable
iv) Clearing Adjustment Account
v) Rent on Lockers in Arrears
vi) Stamps on Hand
vii) Prepaid Expenses
viii) Deferred Tax Asset
ix) Income Tax paid
x) Other dues
SCHEDULE 13 - CONTINGENT LIABILITIES:

i) Letters of Credit
ii) Guarantees
iii) Forward Sale/Purchase Contracts
61

Notes forming part of the Balance Sheet as at March 31, 2010 and Profit and Loss Account for the year ended
March 31, 2010.
(I)
1)
Background :
The Saraswat Co-operative Bank Ltd was incorporated in 1918 and provides a complete suite of corporate and retail
banking products.
2)
Basis of preparation :
The financial statements have been prepared and presented under the historical cost convention on the accrual basis of
accounting, unless otherwise stated, and comply with generally accepted accounting principles, statutory requirements
prescribed under the Banking Regulation Act 1949, and the Multi State Co-operative Societies Act 2002, circulars and
guidelines issued by the Reserve Bank of India (RBI) from time to time, the Accounting Standards (AS) issued by the
Institute of Chartered Accountants of India (ICAI) and current practices prevailing within the Banking industry in India.
3)
Use of estimates :
The preparation of the financial statements, in conformity with generally accepted accounting principles, requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and
expenses and disclosure of contingent liabilities at the date of the financial statements. Actual results could differ from
those estimates. Management believes that the estimates used in the preparation of the financial statements are prudent
and reasonable. Any revisions to the accounting estimates are recognised prospectively.
(II)
Significant Accounting Policies :
1)
Accounting Convention :
The financial statements are drawn up in accordance with the historical cost convention as modified by revaluation of
premises, and on going concern basis.
2)
Foreign currency transactions :
Transactions denominated in foreign currencies are accounted for at the rates prevailing on the date of the transaction.
Monetary foreign currency assets and liabilities are translated at the Balance Sheet date at rates notified by Foreign
Exchange Dealers Association of India (FEDAI). All profits/losses resulting from year-end revaluations are recognised in
the Profit and Loss Account.
Outstanding forward exchange contracts and spot exchange contracts are revalued at year end exchange rates notified
by FEDAI. The resulting gains or losses on revaluation are included in the Profit and Loss Account in accordance with
RBI/FEDAI guidelines.
Contingent liabilities on account of foreign exchange contracts, guarantees, acceptances, endorsements and other
obligations denominated in foreign currencies are disclosed at closing rates of exchange notified by FEDAI.
3)
Investments :
3.1 Categorisation of Investment :
In accordance with guidelines issued by RBI, the Bank classifies its investment portfolio into the following three
categories :
i)
Held to Maturity Securities acquired by the Bank with the intention to hold till maturity.
ii)
Held for Trading Securities acquired by the Bank with the intention to trade.
iii)
Available for Sale Securities which do not fall within the above two categories are classified as available for
sale.
3.2 Classification of Investments :
For the purpose of disclosure in the Balance Sheet, Investments have been classified under four groups as required
under RBI guidelines Government Securities, Other Approved Securities, Shares and Bonds of PSU, Other
Investments.
3.3 Valuation of Investments:
(i)
Held to Maturity These investments are carried at their acquisition cost. Any premium on acquisition is
amortised over the balance period to maturity, with a debit to P&L A/c. The book value of security is reduced
to the extent of amount amortised during the relevant accounting period. Diminution other than temporary, if
any, in the value of such investments is determined and provided for on each investment individually.
(ii)
Held for Trading Each scrip in this category is re-valued at the market price or fair value and the resultant
depreciation net of appreciation in this category is recognised in the Profit and Loss Account. Net Appreciation,
if any, is ignored. Market value of government securities (excluding treasury bills) is determined on the basis
of the prices/YTM published by RBI or the prices/YTM periodically declared by Primary Dealers Association
62

of India (PDAI) jointly with Fixed Income Money Market and Derivatives Association (FIMMDA) for valuation
at year-end. In case of unquoted government securities, market price or fair value is determined as per the
prices/YTM published by FIMMDA.

(iii) Available for Sale Each Central Govt./Other approved Securities in this category is re-valued at the market
price or fair value for each scrip and the resultant depreciation/appreciation of each scrip in this category is
recognised in the Profit and Loss Account. Net Appreciation, if any, is ignored.
In case of shares & bonds & other investments, the scrip wise appreciation is ignored. Market value of government
securities (excluding treasury bills) is determined on the basis of the price list published by RBI or the prices periodically
declared by PDAI jointly with FIMMDA for valuation at year-end. In case of unquoted government securities market price
or fair value is determined as per the rates published by FIMMDA.
Market value of other approved securities is determined based on the yield curve and spreads provided by FIMMDA.
Equity shares are valued at cost or the closing quotes on a recognised stock exchange, whichever is lower.
Treasury bills are valued at carrying cost, which includes discount amortised over the period to maturity.
Units of mutual funds are valued at the lower of cost and net asset value provided by the respective mutual funds.
(iv) Broken period interest on debt instruments is treated as a revenue item. Brokerage, commission, etc.
pertaining to investments paid at the time of acquisition is charged to revenue.
(v)
4)
Advances :
4.1 The classification of advances into Standard, Sub-standard, Doubtful and Loss assets as well as provision on nonperforming advances has been arrived at in accordance with the guidelines issued by the RBI from time to time. In
addition to this, a general provision on standard assets has been made @0.40% of the outstanding amount on a
portfolio basis except in the case of direct advances to agricultural and SME sector which has been @0.25%, and
advances to Commercial Real Estate @1%.
4.2 The overdue interest in respect of non-performing advances is provided separately under Overdue Interest
Reserve as per the directives issued by RBI.
Profit in respect of investments sold from HTM category is included in Profit on Sale of Investments and
equal amount is transferred to Investment Fluctuation Reserve.
4.3 Restructured/Rescheduled accounts :
In case of restructured/rescheduled accounts provision is made for the sacrifice against erosion/ diminution in fair
value of restructured loans, in accordance with the general framework of restructuring of advances issued by RBI
vide circular dated March 6, 2009 and subsequently modified vide circular dated April 20, 2009.
The erosion in fair value of the advances is computed as difference between fair value of the loan before and after
restructuring.
Fair value of the loan before restructuring is computed as the present value of cash flows representing the interest
at the existing rate charged on the advance before restructuring and the principal, discounted at a rate equal to
the Banks BPLR as on the date of restructuring plus the appropriate term premium and credit risk premium for the
borrower category on the date of restructuring.
Fair value of the loan after restructuring is computed as the present value of cash flows representing the interest at
the rate charged on the advance on restructuring and the principal, discounted at a rate equal to Banks BPLR as
on the date of restructuring plus the appropriate term premium and credit risk premium for the borrower category on
the date of restructuring.
The restructured accounts have been classified in accordance with RBI Guidelines, including special dispensation
wherever allowed.
5)
Fixed Assets and Depreciation :
5.1 Leasehold land is stated at cost. Furniture & Fixtures, Computers, Plant & Machinery, Motor Cars & Leasehold
Improvement are stated at written down value.
Premises (including Freehold land) are stated at the revalued amounts based on valuation reports.
Appreciation on revaluation of Premises is credited to Revaluation Reserve.
Cost includes incidental expenses incurred on acquisition of assets.
5.2 (i)
(ii)
Plant & Machinery, Furniture & Fixtures and Motor Cars are depreciated on written down value method @30%
p.a.
Premises (excluding freehold land) are depreciated on straight line method @2.5% p.a.
63

(iii) Lease improvement costs are depreciated over the period of lease.
(iv) Leasehold Land is amortised over the period of lease.
(v)
Computers are depreciated on straight line method @33.33% as directed by RBI.
5.3 Depreciation on fixed assets purchased during the year is charged for the entire year if the asset is purchased and
retained for 180 days or more; otherwise it is charged at 50% of the normal rate. No depreciation is charged on fixed
assets sold during the year. All fixed assets individually costing less than ` 5,000/- are fully depreciated in the year
of installation.
6)
Revenue Recognition :
6.1 Items of income and expenditure are accounted for on accrual basis.
6.2 Income from non-performing assets is recognised to the extent realised, as per the directives issued by RBI.
6.3 Interest on Government securities, debentures and other fixed income securities is recognised on accrual basis.
Income on discounted instruments is recognised over the tenor of the instrument on a straight-line basis.
6.4 Dividend income is accounted on accrual basis when the right to receive payment is established.
6.5 Commission (except for commission on Deferred Payment Guarantees which is recognised on accrual basis),
exchange and brokerage are recognised on realisation.
6.6 Income from distribution of insurance products is recognised on the basis of business booked.
7)
Deposit for Services :
The Deposit for Services like Telephone, Telex, Electricity, etc. paid to the concerned authorities are written off as
expenditure in the year in which the relevant service connection is installed. The deposits will be subsequently recognised
as income in the year of refund.
8)
Employee Benefits :
8.1 The liability towards, employee benefits such as gratuity, leave encashment, staff pension and unavailed LTC is
assessed on the basis of actuarial valuation as at the Balance Sheet date and considered as a defined benefit
scheme. The actuarial valuation is carried out as per projected unit credit method.
9)
8.2 The Banks contribution to provident fund is accounted for on the basis of contribution to the scheme.
Segment Reporting :
In accordance with the guidelines issued by RBI, Bank has adopted Segment Reporting as under :
1.
Treasury includes all investment portfolio, profit/loss on sale of investments, profit/loss on foreign exchange
transactions, equities and money market operations. The expenses of this segment consist of interest expenses on
funds borrowed from external sources as well as internal sources and depreciation/amortisation of premium on Held
to Maturity category investments.
2.
Other Banking Operations include all other operations not covered under Treasury operations.
10) Operating Leases :
11) Income-tax :
Tax expenses comprise current and deferred tax. Current income tax is determined on the amount of tax payable in
respect of taxable income for the year and accordingly provision for tax is made in accordance with the Income Tax Act,
1961. Deferred income taxes reflect the impact of current year timing differences between taxable income and accounting
income for the year and reversal of timing differences of earlier years. Deferred tax is measured based on the tax rates
and the taxes enacted or substantively enacted at the Balance Sheet date. Deferred tax assets are recognised only to the
extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred
tax assets of earlier years are re-assessed and recognised to the extent that it has become reasonably certain that future
taxable income will be available against which such deferred tax assets can be realised.
12) Provisions, contingent liabilities and contingent assets :
64
Lease rental obligations in respect of assets taken on operating lease are charged to Profit and Loss Account on straightline basis over the lease term. Initial direct costs are charged to Profit and Loss Account.
A provision is recognised when the Bank has a present obligation as a result of past event where it is probable that
an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made.
Provisions are not discounted to its present value and are determined based on best estimate required to settle the
obligation at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the current
best estimates.

A possible obligation arising from a past event, the existence of which will be confirmed by occurrence or non
occurrence of one or more uncertain future events not within the control of the Bank; or
A present obligation arising from a past event which is not recognised as it is not probable that an outflow of
resources will be required to settle the obligation or a reliable estimate of the amount of the obligation cannot be
made.
When there is a possible or a present obligation in respect of which the likelihood of outflow of resources is remote, no
provision or disclosure is made.
Contingent assets are not recognised in the financial statements. However, contingent assets are assessed continually
and if it is virtually certain that an inflow of economic benefits will arise, the asset and related income are recognised in
the period in which the change occurs.
(III) Notes to Accounts :

1)
The share capital includes 7,67,872 shares of ` 10/- each in respect of the persons who have not subscribed to additional
shares to make their shareholding minimum of 50 shares as required under Bye-law No.6C and as a result, they are not
entitled to their membership rights.
2)
Based on the RBI permission, the Bank has raised funds worth ` 300 crore through the instrument of Long Term
(Subordinated) deposits for augmenting Lower Tier II Capital of the Bank. The said deposits carry a tenor of 63 months at
9% p.a. at quarterly rests and have been presented under schedule 4 Borrowing as per the regulatory guidelines.
3)
The Bank launched Employees Voluntary Retirement Scheme (VRS) during the last year. Of the total cost, a sum of `
15.86 crore was deferred & reflected in the Balance Sheet under the head Deferred VRS Compensation. One employee
has withdrawn his application under the scheme & his VRS dues amounting to ` 0.09 crore were reversed. In addition to
this, during the year, Bank has paid VRS Compensation of ` 3.72 crore mainly to 75 employees of the erstwhile Kolhapur
Maratha Co-operative Bank Ltd. As such, total amount of ` 19.49 crore is reflected under the head Exceptional Items in
the Profit & Loss Account.
4)
Fixed Assets :
Capitalization of Corporate Office building :
During the year, the Bank has completed construction of its corporate office building and capitalized the same on
the basis of the Certificate issued by the architect. The cost of premise includes the cost of freehold land.
II
Revaluation Reserve :
The Bank has revalued all its properties (including new Corporate Office bldg. at Prabhadevi but excluding properties
of the Banks merged with the Bank over last four years) classified under Premises in Schedule 11 Fixed Assets
as of March 31, 2010. These properties include freehold land, and commercial and residential buildings/premises.
These assets have been restated at their respective market values based on the valuation reports obtained from
professionally qualified independent valuers. The net appreciation of ` 327.09 crore arising on revaluation, being
the difference between the net book value of ` 116.08 crore and revalued amount of ` 443.17 crore, has been
recognised as Revaluation Reserve and disclosed separately under Schedule 2 of Reserves and Surplus.
5)
During the year Bank has been appointed as co-ordinating agency for completing various procedures pertaining to the
tenements constructed by Maharashtra Housing and Area Development Authority (MHADA). The Advances of ` 411.96
crore sanctioned to certain applicants under this project have been included in schedule 10 Advances. Further the
Deposits placed by MHADA amounting to ` 928.38 crore are included under schedule 3 Deposits and Other Accounts.
Income earned by the Bank in respect of this project upto the year-end, of Rs. 0.50 crore (from sale of application forms)
has been recognised after considering the milestones specified in the relevant agreement with MHADA .
6)
The Bank has waived loans due from farmers fulfilling the conditions under the Debt waiver schemes stipulated by the
Central Government and the Maharashtra State government, as applicable to Urban Co-operative Banks. The amount
receivable from the Government of India amounting to ` 0.80 crore and from the Government of Maharashtra amounting
to ` 0.03 crore has been shown under the head Advances in the Balance Sheet in terms of RBI guidelines in this regard.
7)
The Bank has charged to its Profit & Loss Account, a sum of ` 0.71 crore out of Deferred Amortisation of Investments
and balance ` 3.90 crore is deferred as permitted by RBI.
8)
During the year, the Bank has received ` 35.00 crore as compensation from Deposit Insurance and Credit Guarantee
Corporation as per the Merger Order approved by RBI in case of erstwhile South Indian Co-op Bank Ltd (SICB). The
Bank has disbursed the money to the erstwhile SICB Deposit holders by crediting their respective accounts subject to
completion of KYC (know your customer) procedure and related documentations.
65

9)
In terms of RBI directives, following additional disclosures are made :

(` in crore)
Sr. No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
66
Particulars
Capital to Risk Asset Ratio
Movement in CRAR
(i) Total Capital Funds
(ii) Risk Weighted Assets
Investments :
(i) Book Value
(ii) Face Value
(iii) Market Value
Advances against :
(i) Real Estate
(ii) Construction business
(iii) Housing
Advances against shares & debentures
Advances to directors, their relatives, companies/firms in which
they are interested :
(i) Fund based
(ii) Non-Fund based
Average cost of deposits
NPAs
(i) Gross NPAs
(ii) Net NPAs
Movement in NPAs
(i) Gross NPAs
Opening Balance
Less : Reduction during the year
Closing Balance
(ii) Net NPAs
Opening Balance
Closing Balance
Profitability : (Annualised basis)
(i) Interest income as a percentage of working funds
(ii) Non-interest income as a percentage of working funds
(iii) Operating profit as a percentage of working funds
(iv) Return on average Assets
(v) Business (Deposits + Advances) per employee
(vi) Operating profit per employee
Provisions made towards :
(i) NPAs
(ii) Depreciation in investments towards revaluation
Movement in Provisions :
(i) Towards NPAs

Opening Balance



Closing Balance
(ii) Towards Depreciation on investments

Opening Balance



Closing Balance
31.03.2010
14.63%
31.03.2009
10.92%
1356.38
9269.08
808.43
7405.18
5321.39
5183.61
5132.74
4791.51
4610.16
4712.88
421.23
49.01
1152.68
28.24
210.06
65.57
888.14
32.12
Nil
Nil
7.12%
Nil
0.05
7.39%
362.38
-1.84
365.26
-4.98
365.26
107.84
110.72
362.38
396.57
110.95
142.26
365.26
-4.98
-2.87
-6.01
-1.84
-25.98
21.00
-4.98
7.54%
1.00%
0.94%
0.74%
8.08
0.05
8.13%
1.47%
1.82%
1.46%
7.24
0.10
35.57
13.25
97.16
8.27
370.24
35.57
41.58
364.23
422.55
97.16
149.47
370.24
9.73
13.25
9.80
13.18
1.46
8.28
0.01
9.73
(` in crore)
Sr. No.
13.

Particulars
(iii) Towards Standard assets

Opening Balance



Closing Balance
(i) Foreign currency assets
(ii) Foreign currency liabilities
31.03.2010
31.03.2009
36.34
0.10
0.00
36.45
274.78
179.62
36.34
0.01
0.01
36.34
798.35
129.33
10) In connection with Repo/Reverse Repo transactions :

(` in crore)
Particulars
Maximum
outstanding
during the year
27.71
Daily average
outstanding
during the year
0.08
As on 31.03.2010
Security sold
Minimum
outstanding
during the year
0.00
under repos
Securities
(Nil)
0.00
(Nil)
753.45
(Nil)
13.72
(Nil)
0.00
purchased under
(Nil)
(370.80)
(14.90)
(Nil)
(31.03.2009)
0.00
reverse repos

Note : Figures in brackets represent previous years figures.
11) i)
Issuer Composition of Non-SLR investments :

(` in crore)
Sr.
No.
Particulars
1.
PSUs
2.
Amount
Extent Of Below
Investment Grade
Securities
Extent Of
Unrated
Extent Of
Unlisted
Securities
4.34
Securities
22.42
27.58
4.34
Fis
(28.10)
72.23
(4.75)
Nil
(4.75)
Nil
(22.88)
0.05
3.
Public Sector Banks
(47.10)
829.82
(Nil)
Nil
(Nil)
Nil
(0.05)
Nil
4.
Mutual Fund*
(857.50)
Nil
(Nil)
Nil
(Nil)
NA
(5.00)
NA
5.
Others*
(10.00)
83.09
(Nil)
Nil
(NA)
Nil
(NA)
Nil
6.
Provision held towards

depreciation
(48.53)
(1.58)
(Nil)
XXX
(Nil)
XXX
(Nil)
XXX
(2.29)
1012.72
XXX
4.34
XXX
4.34
XXX
22.47
(991.23)
(4.75)
(4.75)
(27.93)
TOTAL

*Commercial Paper & units of MF are excluded from the listing stipulations due to the short term nature of the said
instruments.
ii)
Non-performing Non-SLR investments :
(` in crore)
Particulars
Opening Balance
Reductions during the year
Closing Balance
Total provisions held
Amount
Amount
31.03.2010
1.29
0.00
0.04
1.25
1.25
31.03.2009
1.25
0.05
0.01
1.29
1.29
67

12) Details of loans subjected to restructuring during the year ended March 31, 2010 are given below.

(` in crore)
Particulars
i
Standard advances
restructured
ii Sub-Standard advances
restructured
iii Doubtful advances

restructured
Total
CDR Mechanism
No. of Borrowers
SME Debt
Restructuring
37
Amount Outstanding
(11)
227.37
(14)
141.13
Diminution in the fair

value
(38.95)
0.34
(96.85)
0.10
No. of Borrowers
Amount Outstanding
value
No. of Borrowers
(0.16)
-
(0.60)
-
Amount outstanding
(Nil)
1.62

value
No. of Borrowers
(Nil)
-
38
27
Amount outstanding
(11)
228.99
(14)
141.13

value*
(38.95)
0.34
(96.85)
0.10
(0.16)
(0.60)
*Total provision as on March 31, 2010 stands at ` 1.55 crore.
13) Employee Benefits Accounting Standard 15(Revised) :
Others
27
13.1 Banks Contribution to Provident Fund ` 9.41 crore (Previous year ` 9.18 crore)
13.2 Particulars
Sr. Particulars
No.
I
II
III
Discount rate
Expected return on plan assets
Salary Escalation rate
Gratuity (Funded)
31.03.10
8.25% p.a.
8% p.a.
5% p.a.
31.03.09
8% p.a.
8% p.a.
5% p.a.
Pension (Unfunded)
31.03.10
8.25% p.a.
5% p.a.
31.03.09
8%p.a.
5%p.a.
(` in crore)
IV Reconciliation of Gratuity and Pension opening and closing balance of the present value of the
defined benefit obligation :
Present value of obligation at the beginning of the
year
Interest cost
Current service cost
Liability transfer in
Benefits paid
Actuarial gain/(loss) on obligations
Present value of obligation at the end of the year
68
61.15
52.86
28.82
25.05
4.43
2.98
0
(17.56)
(4.79)
55.79
4.18
1.88
0
(5.07)
(7.30)
61.15
2.33
0.90
0
(1.25)
1.81
28.99
1.98
0.10
0
(0.84)
2.53
28.82
Sr. Particulars
No.
V
Gratuity (Funded)
31.03.10
31.03.09
31.03.10
31.03.09
Reconciliation of Gratuity and Pension of opening and closing balance of the fair value of the plan
assets :
Fair value of plan assets at the beginning of the year
61.18
53.00
2.27
2.44
Contributions
9.16
8.87
Transfer from other entity
0.74
1.94
Benefits paid
(17.56)
(5.07)
Actuarial gain/(loss) on plan assets
Fair value of plan assets at the end of the year
55.79
61.18
-
VI Amount recognised in Balance Sheet :

Present value of obligation at the end of the year
Fair value of plan assets at the end of the year
Assets/Liability as at the end of the year
55.79
55.79
-
61.15
61.18
0.03
28.99
28.99
28.82
28.82
VII Expenses recognised in Profit and Loss Account :

Interest cost
Net actuarial gain/(loss)
Expenses recognised in P&L Account.
2.98
4.43
1.75
9.16
1.88
4.18
2.92
8.98
0.90
2.33
1.81
1.42
0.10
1.98
2.54
4.62
14) Primary Segment Reporting (by Business Segments) Accounting Standard 17 :

Particulars
Revenue
Segment Revenue
Result
Other Banking
Operations
31 MARCH, 2010
(31 MARCH, 2009)
438.62
(488.82)
2.66
(110.57)
1019.58
(1011.10)
176.51
(205.04)
1458.20
(1499.92)
179.17
(315.61)
Nil
(Nil)
179.17
(315.61)
40.00
(74.32)
19.49
(30.50)
119.68
(210.79)
6817.70
(6667.76)
11788.74
(10524.27)
367.91
(565.33)
17438.35
(15909.00)
18606.44
(17192.03)
388.33
(329.27)
18994.77
(17521.30)
17806.26
(16474.33)
0.00
(0.00)
17806.26
(16474.33)
Operating Profit
Income Tax
Exceptional Item
Net Profit
OTHER INFORMATION
Segment Assets
Unallocated Assets
Total Assets
Segment Liabilities
Unallocated Liabilities
Total Liabilities

(` in crore)
Treasury
Unallocated Expenses
Pension (Unfunded)
Notes :
1)
These segments have been reported considering the nature of products or services, the class of customers for the
products or services, different risks and returns attributable to them, organisation structure and internal management
information system.
69

2)
Types of products & services in each business segment :-
i)
Treasury : Dealing Operations in Forex, Money market & Fixed Income Products.
ii)
Other Banking Operations : Corporate & Retail Banking & Allied services.
3)
Secondary Segment Information : Bank caters mainly to the needs of Indian customers; hence separate information
regarding secondary segment i.e. Geographical segment is not given.
4)
Figures in brackets represent previous years figures.
5)
Segment Liabilities exclude Capital and Reserves other than those specifically identifiable with a segment.
15) Related Party Disclosures (AS-18) :-
15.1
(` in crore)
Items/Related Party
Fixed deposit with Bank

Investment in subsidiary
Interest paid by Bank on FDRs
Rendering of service to Bank
Advance received towards services
Secured Term Loan
Secured Loan
Charges towards Office Infrastructure maintenance
paid by SIL
Transfer of Car at WDV

Saraswat Infotech Ltd

(Subsidiary Company)
Saraswat Infotech Ltd

(Subsidiary Company)
31.03.2010
5.00 (Max. during the year
Rs. 7.00 Crore)
20.00
0.39
26.20
8.07
0.43
1.76
31.03.2009
7.00 (Max. during the year
Rs. 9.00 Crore)
10.00
0.57
20.98
2.00
1.43
1.34
0.12
15.2 Since Mr. S. K. Banerji, the Managing Director of the Bank is a single party under the category Key Management
Personnel, no further details need to be disclosed in terms of RBI circular dated March 29, 2003.
16) Operating lease comprises leasing of office premises (AS-19).

(` in crore)
Particulars
Future lease rental payable as at the end of the year :
-Not later than one year
-Later than one year and not later than five years
-Later than five years
Total of minimum lease payments recognised in the profit and Loss Account for
the year
Total of future minimum sub-lease payment expected to be received under
non-cancellable sub-lease
Sub-lease payments recognised in the Profit and Loss Account for the year
31.03.2010
31.03.2009
12.60
37.98
13.43
15.93
11.06
30.09
7.32
9.95
NIL
NIL
NIL
NIL
17) Major components of Deferred tax (AS-22) :

(` in crore)
1
2
3
4
5
6
1
2
Deferred tax asset

Sec.43B
Provision for BDDR
Provision for Standard Assets
Amortisation of HTM Securities
VRS
Other
Sub-Total (A)
Deferred tax liability
Difference in W.D.V.
Other
Sub-Total (B)
Net Deferred Tax Asset
31.03.2010
13.67
114.99
11.26
14.02
8.33
0.48
162.75
31.03.2009
10.50
116.77
11.23
8.12
4.48
0.25
151.35
3.48
3.48
159.27
3.08
3.08
148.27
(A)-(B)

70
Note : Deferred tax asset has been recognised to the extent management is reasonably certain of its realisation.

18) Details of Computer Software other than internally generated (AS-26) :
a)
Amortisation rates used @33.33% p.a. on straight line method.(However, if useful life of software is shorter, then
proportionate rates are used)
(` in crore)
Opening Balance (at cost) as on 1st, April,
Add: Additions during the year
Sub-Total (A)
Less : Amortisation made :
Opening Balance
Add : Amortisation during the period
Sub-Total (B)
Net carrying amount as on 31st March, (A)-(B)
b)
31.03.2010
4.42
0.02
4.44
31.03.2009
4.40
0.02
4.42
4.31
0.11
4.42
0.02
4.19
0.12
4.31
0.11
Amount of commitments (net of advance) for the acquisition of computer software ` Nil (Previous year ` Nil).
19) During the year Assessing Officer has raised a demand of ` 25.15 crore for A.Y. 2007-08. The Bank has disputed this
demand in its entirety. No provision is considered necessary in respect of this demand, as the Banks view, duly supported
by judicial pronouncements is that, the additions/disallowances made by the assessing officer are not sustainable.
20) Suppliers/service providers covered under Micro, Small, Medium Enterprises Development Act, 2006, have not furnished
the information regarding filing of necessary memorandum with the appropriate authority. Therefore, information relating
to cases of delays in payments to micro and small enterprise or of interest payments due to delays in such payments,
could not be given.
(IV) Previous years figures are regrouped or rearranged, wherever necessary, to conform to the layout of the accounts of the
current year.

For M/S M.P. CHITALE & CO
sd/-
(Anagha Thatte)
Partner
sd/-
sd/-
sd/-
sd/-
sd/-
S.K. BANERJI
A.V. DUBHASHI
R.K. PATKAR
K.V. RANGNEKAR
E.K. THAKUR
Managing Director
Director
Director
Vice-Chairman
Chairman
71
CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2010
31.03.2010
CASH FLOW FROM OPERATING ACTIVITIES :

Net Profit as per P/L Account
Add: Adjustments for
Depreciation on Assets
Fixed Assets written off
Amortisation/Dep. of Investment
Provision for Tax (Net of w/off)
Provision for BDDR
Provision for Standard Assets
31.03.2009
11967.42
1160.60
14.99
3545.18
5100.00
2186.60
10.00
Less : Profit on Sale of Assets

Profit on Sale of Securities
Dividend received from subsidiary SIL
Deferred VRS Compensation
Deferred Tax Assets
(5.82)
5041.51
208.77
(1586.35)
1099.93
Adjustments for
Increase in Investments
Increase in Advances
Increase in Other Assets
Increase in Funds
Increase in Deposits
Increase in Other Liabilities
Deferred Amortisation of Investments
Net cash generated from Operating Activities before tax
Income tax paid
Net cash generated from Operating Activities after tax
CASH FLOW FROM INVESTING ACTIVITIES :
Purchase of Fixed Assets
Dividend received from subsidiary SIL
Sale Proceeds of Fixed Assets
Net Cash generated from Investing Activities
(54633.65)
(113994.89)
(1132.10)
30037.96
134788.22
2518.24
71.10
(A)
(B)
CASH FLOW FROM FINANCING ACTIVITIES :

Increase in Share Capital
Increase in Borrowing
Dividend Paid
Net Cash generated from Financing Activities
Net increase in Cash & Cash Equivalents
(C)
(A+B+C)
(38779.43)
208.77
25.57
873.44
(10199.57)
(1406.11)
Cash & Cash Equivalents at the beginning of the year

Cash & Cash Equivalents at the end of the year
21079.23
860.89
61.38
2370.31
6644.68
(2000.00)
(0.73)
12017.37
23984.79
(12.43)
8448.30
250.00
1586.35
(730.77)
(4758.04)
19226.75
(32004.15)
(66209.92)
(17835.90)
(11687.87)
148802.71
20805.34
71.10
(2345.12)
16881.63
(4812.93)
12068.70
(4433.49)
250.00
16.95
(38545.09)
(26476.39)
628.70
(6661.00)
(1224.52)
(10732.24)
(37208.63)
158851.54
121642.91
Cash & Cash Equivalents
31.03.2010
31.03.2009
Cash
Balance with other banks (excluding Term Deposit)
Money at call & short notice
100016.55
8441.80
13184.56
82715.40
5730.66
70405.48
121642.91
(` in lac)
7936.53
29015.76
(9541.45)
19474.31
41941.31
61415.62
(8288.95)
53126.67
(4166.54)
48960.13
(7256.82)
41703.31
117148.23
158851.54
158851.54

For M.P. CHITALE & CO
sd/-
(Anagha Thatte)
Partner
72
sd/-
sd/-
sd/-
sd/-
sd/-
S.K. BANERJI
A.V. DUBHASHI
R.K. PATKAR
K.V. RANGNEKAR
E.K. THAKUR
Managing Director
Director
Director
Vice-Chairman
Chairman
AMENDMENT TO BYE-LAWS
AGENDA ITEM NO. 4
BYELAW
NO.
34
TEXT OF PRESENT BYELAW
PROPOSED AMENDMENT
Loan shall be made only

to members, provided that
with special sanction of
the Registrar, along with
members, the Society may
make loans to another society
and others.
To specify the categories

covered under Others by
incorporating the following at
the end of the of the bye-law:Such others will be the
following categories :
TEXT AFTER
INCORPORATION
34.
Loan shall be made only
to members, provided that
with special sanction of
the Registrar, along with
members, the Society may
make loans to another society
and others. Such others will
be the following categories:
REASONS FOR
AMENDMENT
The word others is clarified
in the bye-law as per the
direction of Central Registrar,
Co-operative Societies, New
Delhi.
a) Individual/firms
and
companies who become
the borrower of the Bank
by way of assignment of a) Individual/firms
and
their debts.
companies who become
the borrower of the Bank
b) Self Help Groups
by way of assignment of
c) Non-Government
their debts.
Organisations.
b) Self Help Groups
c) Non-Government
Organisations.
73
PROGRESS - AT A GLANCE
1920-2010
Year
1920
Silver Jubilee
1943
Golden Jubilee
1968
1972
1973
1974
1975
1976
Diamond Jubilee
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992#
Platinum Jubilee
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
(` in lac)
No. of
Members
190
Paid-up
Capital
0.06
Reserve &
Other Funds
1,698
1.25
1.00*
15,207
22,835
23,828
27,150
29,978
32,830
14.43
24.89
29.83
38.40
44.88
51.52
18.82*
31.36*
28.41*
35.68*
44.43*
54.78*
39,104
44,049
50,694
57,489
64,240
69,042
75,977
83,162
90,606
97,071
1,02,384
1,10,269
1,21,740
1,27,646
1,30,074
76.91
94.12
120.60
156.79
192.63
223.24
262.24
312.79
366.09
409.37
462.70
531.51
630.21
706.07
760.90
820.94
902.32
986.22
1,049.29
1,157.12
1,291.49
1,519.43
2,035.28
2,443.81
2,709.00
3,044.44
3,457.77
4,156.48
4,896.57
6,877.24
7,120.97
7,749.67
8,623.11
1,29,284
1,30,758
1,31,569
1,32,046
1,32,909
1,34,061
1,36,007
1,42,031
83,272**
85,636**
89,117**
94,044**
1,00,581**
1,06,264**
1,23,169**
1,26,174**
1,29,741**
1,34,417**
Amount
0.01
ADVANCES
No. of A/cs
4,293
23.48
41,703
58,862
69,728
77,487
87,912
1,04,025
565.33
963.18
1,100.00
1,412.82
1,527.06
1,961.57
2,718
3,699
3,953
4,888
5,323
6,081
130.40
194.92
261.94
387.94
488.99
567.46
624.58
693.10
840.96
974.48
1,184.18
1,446.63
1,952.28
2,893.61
4,120.52
1,44,520
1,67,198
1,93,033
2,32,317
2,75,121
3,19,602
3,58,366
3,19,528
4,18,708
4,49,286
4,75,335
5,02,284
5,44,548
5,97,496
6,48,424
3,189.41
3,989.92
4,911.84
6,194.37
8,106.71
10,445.95
12,991.46
15,849.76
19,373.40
22,914.72
28,451.01
31,038.07
37,447.63
45,541.01
51,451.77
10,557
13,712
18,603
22,235
24,591
25,090
26,728
29,922
33,177
36,379
37,747
43,484
51,428
54,405
53,226
4,778.02
4,924.41
6,295.41
9,145.06
12,575.32
15,810.05
19,458.27
24,410.99
31,236.00
39,795.96
47,841.14
55,587.75
70,162.39
82,198.60
97,362.05
1,05,973.67
1,09,671.08
1,18,413.65
7,11,219
7,79,212
8,45,341
8,97,713
9,14,713
9,47,833
10,00,141
10,84,261
11,09,969
12,17,662
12,99,736
12,29,976
11,80,900
14,00,757
18,11,635
21,92,673
25,02,655
24,39,699
63,211.46
79,233.15
91,120.13
1,08,930.40
1,38,141.97
1,68,035.59
2,03,181.86
2,37,951.84
2,81,776.31
3,37,767.21
3,66,059.68
4,05,270.26
4,78,614.38
6,20,428.65
8,92,494.33
11,43,081.93
12,91,884.64
14,26,672.86
54,151
61,263
73,138
77,154
79,654
82,429
84,531
87,642
75,006
75,381
73,308
77,917
85,312
1,00,115
1,16,687
1,22,626
1,27,769
2,75,479
* Including Interest Reserve

** Shareholders holding shares 50 and above
# Financial Year : Change of Banks accounting year since 1992 (April-March)
74
DEPOSITS
No. of A/cs
PROGRESS - AT A GLANCE
1920-2010
(` in lac)
Advances
Amount
0.06
Investments
Net Profit
Working
Capital
0.07
0.02
Total Amt. of
Dividend
Rate of
Dividend
No. of
Branches
1
3.23
19.95
26.15
0.15
0.07
6.25%
247.80
599.78
622.78
880.61
893.11
1,006.99
290.37
351.10
484.15
550.42
675.50
1,005.92
623.05
1,094.42
1,256.62
1,610.63
1,763.27
2,222.87
2.52
7.12
8.15
6.76
9.01
15.47
1.30
2.25
2.60
3.25
3.80
5.80
9.00%
9.00%
9.00%
9.00%
9.00%
12.00%
9
16
18
19
20
20
1,373.30
1,969.00
3,025.17
3,381.47
5,106.81
6,508.41
7,676.78
8,971.03
11,322.06
13,550.34
16,163.43
19,233.62
23,709.05
26,051.59
28,473.76
1,951.06
2,188.60
2,188.62
3,182.74
3,434.15
4,275.89
5,640.36
7,040.29
8,796.67
10,231.78
13,120.54
9,231.86
10,119.16
13,092.37
17,560.62
3,611.75
4,535.81
5,901.83
7,728.06
9,991.28
15,767.14
15,581.07
19,311.54
24,213.61
26,570.23
32,802.00
36,532.31
44,464.08
55,242.28
64,032.95
26.09
30.52
35.11
51.16
65.09
70.57
59.79
69.94
118.76
145.47
165.75
196.01
301.40
430.46
468.33
8.30
10.25
12.40
16.50
20.75
24.75
28.50
33.90
40.00
46.02
51.19
58.07
69.25
78.90
81.75
12.00%
12.00%
12.00%
12.00%
12.00%
12.00%
12.00%
12.00%
12.00%
12.00%
12.00%
12.00%
12.00%
12.00%
15.00%
24
26
30
34
35
37
39
41
41
42
42
42
45
47
50
34,424.40
45,837.00
59,682.67
71,324.70
88,087.80
1,13,907.47
1,38,380.24
1,70,310.76
1,80,542.56
2,04,339.78
2,22,359.50
2,61,675.60
3,24,722.93
4,60,898.62
6,37,045.87
7,44,830.67
8,11,040.59
9,25,035.47
31,022.23
34,974.74
35,185.80
42,042.27
53,534.87
63,459.20
85,431.42
95,639.19
1,25,554.41
1,65,198.50
1,77,262.65
1,56,615.16
2,05,289.40
1,98,977.97
2,60,989.72
4,35,006.22
4,79,150.75
5,32,139.11
84,821.62
1,06,411.84
1,30,031.69
1,61,866.40
1,96,927.69
2,47,374.86
3,12,590.57
2,95,608.33
3,41,061.54
4,06,281.05
4,38,696.89
4,93,749.72
5,90,348.41
7,63,100.74
10,74,547.13
13,87,410.43
15,62,281.73
17,07,105.88
633.50
679.96
742.66
865.54
1,100.00
1,239.01
1,423.97
1,734.09
2,341.54
2,600.00
2,935.85
6,225.26
7,037.88
10,120.29
15,517.92
20,226.06
21,079.23
11,967.42
18.00%
15.00%
15.00%
15.00%
18.00%
15.00%
15.00%
18.00%
20.00%
20.00%
18.00%
18.00%
18.00%
18.00%
18.00%
20.00%
20.00%
20.00%*
50
52
56
58
59
61
63
69
72
75
76
75
75
86
105
153
175
200
116.45
126.40
140.00
151.00
204.00
185.00
228.00
314.90
390.00
492.05
408.03
553.47
659.52
789.99
1,138.42
1,285.00
1,489.13
1,590.62*
* Recommended
75
INVOLVEMENT OF SMALL MAN

OUR MEMBERS
No of Shares Held
No of Members
Percentage
50-51
29363
21.84
52-250
36302
27.01
251-1500
51764
38.51
1501-2500
16988
12.64
134417
100.00
No of Accounts
Percentage
Upto ` 1000/-
650238
26.65
` 1001/- to ` 5000/-
446348
18.30
` 5001/- to ` 10000/-
195061
7.99
` 10001/- to ` 20000/-
226327
9.27
` 20001/- to ` 30000/-
173585
7.12
Above ` 30000/-
748140
30.67
2439699
100.00
No of Accounts
Percentage
6487
2.35
` 5001/- to ` 10000/-
47596
17.28
` 10001/- to ` 25000/-
64944
23.58
156452
56.79
275479
100.00
No of Accounts
(` in Crore)
Small Scale Industries
16905
2946.54
Small Businessmen & Traders
13428
689.47
Other Priority Sector
74534
1664.47
104867
5300.48
OUR DEPOSITORS
OUR BORROWERS
Upto ` 5000/-
Above ` 25000/-
Advances to Priority Sector
76

REPORT OF THE BOARD OF DIRECTORS
To the Members,
TRANSFER TO RESERVES:
Your Board of Directors is pleased to present the Fourth

Annual Report of the Company together with the audited
statement of accounts for the year ended 31st March,
2010.
The Company proposes to transfer ` 2.22 million

(FY 08-09 ` 7.5 million) to the General Reserve by
retaining ` 74.94 million (FY 08-09 ` 72.04 million) in the
Profit & Loss Account.
FINANCIAL RESULTS:
DIVIDEND:
(` in million)
Particulars
Income:
Operational Income
Other Income
Total Income
Profit before Interest,
Depreciation & Tax
Less:
Interest
Depreciation
Profit before Tax
Provision for Tax
Fringe Benefit Tax
Tax Adjustment prior year
Deferred Tax Liability/(Assets)
Profit after Taxes
Add:
Balance b/f of earlier year
Profit Available for
appropriation:
General Reserve
Interim Dividend
Final Dividend
Tax on Dividend
Profit & Loss Balance c/f
2009 2010
2008 2009
311.92
4.39
316.31
124.92
287.26
8.88
296.14
126.06
2.87
53.76
68.29
12.93
0.61
25.20
29.55
0.20
35.68
90.18
19.77
0.44
14.77
55.20
72.04
101.59
53.59
108.79
2.22
20.88
3.55
74.94
7.50
25.00
4.25
72.04
REVIEW OF OPERATIONS:
During the year under report, your Company achieved
turnover of ` 316.31 million as against ` 296.14 million
of previous year and profit before tax of ` 68.29 million
against ` 90.18 million of previous year registering higher
revenue of 6.81% and lower profit before tax of 24.27%.
Main reasons for lower profits are:

Lack of scalability of BPO and SaaS operations owing
to overall recessionary scenario in the IT Industry.

Strategic acquisition of CBS software and
procurement of other hardware has resulted
in addition to Fixed Assets of ` 252.23 million,
consequent increased depreciation of ` 18.08
million and interest of ` 2.87 million on borrowed
funds to support this purchase.
In view of the profits earned during the year, the Directors

paid an interim dividend at the rate of ` 2.00, i.e., 20%
per equity share of ` 10/- each for the whole year on
existing capital and proportionate period on additional
capital during the year. Total outflow on this account is
` 24.43 million including corporate dividend tax
(FY 08-09 ` 29.25 million). To plough back the resourses
in to the growing operations, your Directors recommend
to treat Interim Dividend of 20% as Final Dividend
(FY 2008-09 25%)
INDUSTRY AND COMPANY PROSPECTS:

As per the NASSCOM strategy review, the year 2009
was an extremely challenging one, especially for the
IT services sector, due to the global turbulence, as a
result of the deep recession across the world. While
the recession impact in India was relatively moderate, it
did result in declining growth, rising unemployment and
weakening customer demand. The IT service industry
performance was affected by these recessionary
headwinds as the clients cut their IT budgets, delayed
payments and deals, amongst other austerity measures.
In the context of the estimated GDP growth of over 8%
in FY 2010-11 and resultant growth expected in the
Banking Industry, it was decided in consultation with
the Saraswat Co-operative Bank Ltd. to procure and
launch a Core Banking Software, which is robust and
highly efficient for addressing dynamically changing
needs of the banking industry in a global scenario. The
product, SwiftCore, would enable banks to provide its
customers, a delightful banking experience at ANYTIME
from ANYWHERE in the world. We are also further
investing into this product to make it a world-class
product. A Development Centre has been established
for the purpose at Andheri in Mumbai. When ready, the
product will indeed be Saraswat Worlds Innovation in
Finance & Technology (SWIFT) Core; true to its name
SWIFTCORE.
77

Since we now own the Intellectual Property Rights of
our own Core Banking System, our margins in SaaS
business will increase. With our new product, we shall
be targeting Indian, African & Middle East markets. In
India our main focus shall be the Co-operative Banking
Sector including DCCBs, State Apex Co-op. Banks
and Regional Rural Banks. We also propose to have a
version of the product to capture the business of Primary
Agricultural Co-operative Societies (PACs) across India.
In order to provide an end-to-end single point solution,
SIL is also entering into ISV (Independent Software
Vendor) and Business Partnerships with companies like
Microsoft, Oracle, IBM, HP etc. This will enable SIL to
provide its customers economical and market related
solutions.
Your Company looks forward to the year 2010-11 as a
year of growth in terms of client base and profits.
(iii) That the directors have taken proper and sufficient

care for the maintenance of adequate accounting
records in accordance with the provisions of the
Companies Act, 1956, for safeguarding the assets
of the Company and for preventing and detecting
frauds and other irregularities.
(iv) That the directors have prepared the accounts for
the financial year ended 31st March, 2010 on a
'going concern' basis.
CORPORATE GOVERNANCE:
A. DIRECTORS

Your Company takes adequate measures to reduce

energy consumption by using efficient computer
terminals and latest technology.
The Company has foreign exchange earning of ` Nil (FY
08-09 ` 29.26 million) and outgo of ` 1.71 million (FY 0809 ` 0.06 million) during the year.
DIRECTOR'S RESPONSIBILITY STATEMENT:

Pursuant to the requirement under Section 217(2AA)
of the Companies Act, 1956 with respect to Directors
Responsibility Statement, it is hereby confirmed
(i)
The Company has an Audit Committee since

February 2006. The terms of reference of the
Audit Committee are to review the following with
the Management, Internal Auditors and Statutory
Auditors:
Changes in accounting policies and practices;
Major accounting entries based on exercise of

judgment by Management;
Qualifications ,if any, in draft audit report;
Significant adjustment arising out of audit;
The going concern assumptions;
Compliance
with
legal
requirements
concerning financial statements;
The adequacy of Internal Control Systems;
Recommendation of Appointment of Internal

and Statutory Auditors.
The present Audit Committee consists of five

independent Directors. Shri Amit Pandit, F.C.A.,
is the Chairman of the Committee. Shri K. V.
Rangnekar, Shri S. D. Panse, F.C.A., Shri S. K.
Banerji & Shri S. S. Sanzgiri are the other members.
All the members have the financial and accounting
knowledge. Three meetings of the Committee were
held during the year to review the financial results
of the Company.
That in the preparation of the annual accounts

for the financial year ended 31st March, 2010,
the applicable accounting standards have been
followed along with proper explanation relating to
material departures.
(ii) That the directors have selected such accounting

policies and applied them consistently and made
judgments and estimates that were reasonably
prudent so as to give a true and fair view of the
state of affairs of the Company at the end of the
financial year and of the profits of the company for
the year under review.
78
No changes have taken place in the Board of the

Company during the year under report.
B. AUDIT COMMITTEE
CONSERVATION OF ENERGY, TECHNOLOGY

ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The range of activities of your Company requires
minimal energy consumption and every endeavour has
been made to ensure optimal utilization of energy and
avoid wastage through automation and energy efficient
equipments.
C. INTERNAL CONTROL SYSTEMS AND THEIR

ADEQUACY

The Company has a proper and adequate system

of controls in order to ensure that all assets are
guarded against loss from unauthorized use or
disposal and all the transactions pertaining to

these assets are properly documented, checked,
verified and recorded. The internal control systems
are designed to ensure that all the records in the
organization are reliable and adequate in order to
prepare the financial statements and maintaining
accountability. During the year, the Company
continues to be ISO 9001 and ISO 27001 compliant.
E. PUBLIC DEPOSITS

F. HUMAN RESOURCES

D. SHARE CAPITAL

The Company has decided to augment on a new

platform its long-term resources to enable it to
invest in Core Banking Software and to improve its
versatility and flexibility on a new platform. With this
objective, during the year, the Company issued to
The Saraswat Co-operative Bank Ltd, 52,63,157
equity shares of ` 10/- each at premium of ` 9/- per
equity share, at aggregate price of ` 19/- per equity
share. The new equity shares were fully subscribed
by the Bank.
Name
Designation
Gross
Remuneration
(`)
Your company has not accepted or invited any

deposits within the meaning of Section 58-A of the
Companies Act, 1956 read with the Companies
(Acceptance of Deposits) Rules 1975 during the
year.
Your Company continues to focus on improving
employee skills and productivity through appropriate
Human Resources Development initiatives. The
Board of Directors wishes to place on record their
sincere appreciation to all the employees of the
Company for their dedication, commitment and
loyalty to the Company.
G. PERSONNEL

Information as per Section 217 (2A) of the

Companies Act, 1956 and the Companies
(particulars of Employee) Rules 1975 and forming
part of Directors Report for the year ended on 31st
March, 2010 is given below:
Qualification
Exp
(Yrs)
Age
(Yrs)
Commencement of
Employment
Mr Manoj P. Kunkalienkar MD& CEO
40,26,576
B.Tech, M.Tech
25
51
23-10-2006
Mr Yusuf Lanewala
10,84,471
B.Com, MBA
30
56
05-12-2009
Whole-time Director
AUDITORS:
The Statutory Auditors M/s M P Chitale & Co, Chartered
Accountants, Mumbai, will be completing their term at
this Annual General Meeting. The Board of Directors
recommends the appointment of M/s Kulkarni &
Khanolkar, Chartered Accountants, 13/14, Bell Building,
Sir P. M. Road, Fort, Mumbai - 400 001, as the Statutory
Auditors for the financial year 2010-2011. They have
furnished a certificate confirming their eligibility for
appointment under section 224 of the Companies
Act, 1956. You are therefore requested to appoint the
Auditors for the financial year 2010-2011.
valued Customers, Suppliers and Bankers. Your Board

of Directors also wishes to thank the Shareholders,
Directors, Executives and Employees at all levels of
The Saraswat Co-operative Bank Ltd. for their continued
support and guidance.
For and on behalf of the Board

sd/S. K. Sakhalkar
Managing Director & CEO
ACKNOWLEDGEMENTS:
Your Board of Directors wishes to express its grateful
appreciation for the assistance and co-operation, to our
Mumbai, 20th August, 2010
79
AUDITORS REPORT TO THE MEMBERS OF SARASWAT INFOTECH LIMITED

1.
We have audited the attached Balance Sheet of Saraswat Infotech Limited as at March 31, 2010 and the relative Profit and
Loss Account and the Cash Flow Statement for the year ended on that date all of which we have signed under reference to
this report. These financial statements are the responsibility of the Companys management. Our responsibility is to express an
opinion on these financial statements based on our audit.
2.
We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes, examining on a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and significant estimates made by management,
as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis
for our opinion.
3.
As required by the Companies (Auditors Report) Order, 2003 and as amended by Companies (Auditors Report) (Amendment)
Order, 2004 (together the Order) issued by the Company Law Board in terms of Section 227(4A) of the Companies Act, 1956
we annex hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order.
4.
We report that:
a)
We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for
the purposes of our audit.
b)
In our opinion, the Company has kept proper books of account as required by law so far as appears from our examination
of the books.
c)
The Balance Sheet, the Profit & Loss Account and the Cash Flow Statement dealt with by this report are in agreement
with the books of account.
d)
In our opinion and to the best of our information and according to the explanations given to us, the Balance Sheet, the
Profit & Loss Account and the Cash Flow Statement read with the notes thereon comply with the Accounting Standards
referred to in Section 211(3C) of the Companies Act, 1956.
e)
On the basis of written representations from the Directors as of March 31, 2010 and taken on record by the Board, none
of the Directors is disqualified as on March 31, 2010 from being appointed as a Director u/s 274 (1)(g) of the Companies
Act, 1956.
f)
In our opinion and to the best of our information and according to the explanations given to us, the Balance Sheet, the
Profit & Loss Account and the Cash Flow Statement read with the notes thereon give the information as required by the
Companies Act, 1956 in the manner so required and give a true and fair view:-
in case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2010.
in case of the Profit and Loss Account, of the profit for the year ended on March 31, 2010.
in case of the Cash Flow Statement, of the cash flows for the year ended on March 31, 2010.
for M P Chitale & Co

Sd/Anagha Thatte
Partner
ICAI M No. 105525
Mumbai,
May 29, 2010
80
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE

i)
(a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed
assets.
(b) As informed, the Management has conducted the physical verification of majority of the fixed assets of the Company
during the year and we are informed that no material discrepancies were noticed on such verification.
(c) In our opinion and according to the information and explanations given to us, the Company has not disposed off any
substantial part of its fixed assets during the year affecting the going concern.
ii)
(a)
No inventory is held by the Company as it renders Information Technology (IT) and IT enabled services. Hence, the
clauses (b) and (c) under this provision is not applicable.
iii)
(a)
According to the information and explanations given to us, during the year, the Company has not granted any loans,
secured or unsecured to Companies, firms or other parties covered in the register maintained under Section 301 of the
Companies Act, 1956. Accordingly, paragraphs 4(iii)(a) to (d) are not applicable.
(b)
According to the information and explanations given to us, during the year, the Company has not taken any loans,
secured or unsecured from companies, firms or other parties covered in the register maintained under Section 301 of
Companies Act, 1956. Accordingly, paragraphs 4(iii)(e) to (g) are not applicable.
iv)
In our opinion and based on the information and explanation given to us there is adequate internal control procedure
commensurate with the size of the Company and the nature of its business for the purchase of software consumables, hardware,
fixed assets and with regard to rendering services. There is no continuing failure to correct major weakness in internal control,
as informed by the management.
v)
(a)
vi)
As informed, the Company has not accepted any deposits from the public as per the directives issued by the Reserve Bank of
India and the provisions of Section 58A, 58AA, or any other relevant provisions of the Act and the Rules framed there under.
Based on audit procedures applied by us, to the best of our knowledge and belief and according to the information and
explanations given to us, there are no transactions that need to be entered into the register maintained under Section 301.
Consequently, para (b) is not applicable.
vii) In our opinion, the Company's Internal Audit System is commensurate with the size and nature of its business.
viii) The Central Government has not prescribed maintenance of Cost Records under Section 209 (1) (d) of the Companies Act,
1956 for any of the activities of the Company. Hence, this clause is not applicable.
ix)
(a)
According to the records, the Company has generally been regular in depositing undisputed statutory dues such as
provident fund, employees state insurance dues, income tax, sales tax/VAT, service tax, wealth tax, custom duty, cess etc.
with the appropriate authorities during the year. We are informed that there are no undisputed statutory dues outstanding
as of March 31, 2010 for a period exceeding six months from its due date.
(b)
As at the year-end according to the records of the Company and information and explanations given to us, there are no
disputed dues of sales tax, income tax, customs duty, service tax, excise duty, and cess, which has not been deposited
with the appropriate authorities on account of any dispute.
x)
The Company has neither accumulated losses as at March 31, 2010 nor has it incurred any cash losses during the financial
year ended on that date or in the immediately preceding financial year.
xi)
As per books and records maintained by the Company and according to the information and explanations given to us, the
Company has not defaulted in repayment of dues to any financial institution or bank. No debentures are issued by the Company.
xii) According to the information and explanations given to us and based on the documents and records produced to us, the
Company has not granted any loans and advances on the basis of the security by way of pledge of shares, debentures or other
securities, accordingly paragraph 4(xii) is not applicable.
xiii) The Company is not a chit fund/nidhi/mutual benefit fund/society.
xiv) In our opinion and according to the information and explanations given to us, the Company is not dealing or trading in shares,
securities, debentures and other investments. Hence, this clause is not applicable.
xv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others
from banks or financial institutions.
81
xvi) According to the information and explanations given to us, the Company has borrowed funds during the year in the nature of a
term loan from its parent bank which is secured against hypothecation of Fixed Assets. In our opinion, the term loan has been
applied for the purpose for which it was obtained.
xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet and Cash Flow
Statement of the Company we report that funds raised on short-term basis have, prima facie, not been used for long-term
investment.
xviii) The Company has not made any preferential allotment of shares to parties/companies covered in the register maintained u/s
301 of the Companies Act 1956.
xix) The Company has not issued any debentures during the year.
xx) The Company has not raised any money by way of a public issue during the year.
xxi) According to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the
year.
for M P Chitale & Co.

Sd/Anagha Thatte
Partner
ICAI M No. 105525
Mumbai,
May 29, 2010
82
BALANCE SHEET AS AT 31ST MARCH, 2010

(Amount in `)
Schedule
As at
31 Mar 2010
As at
31 Mar 2009
SOURCES OF FUNDS:
SHAREHOLDERS FUNDS
Share Capital
152,631,570.00
100,000,000.00
Reserves & Surplus
142,333,333.30
89,844,583.89
Secured Against FD
10,907,590.57
988,590.68
Term Loan - (Secured against hypothecation of fixed assets,
80,000,000.00
53,294,005.00
28,089,675.00
439,166,498.87
218,922,849.57
Gross Block
458,061,948.14
206,179,560.96
Less : Depreciation
106,276,040.97
52,539,850.82
Net Block
351,785,907.17
153,639,710.14
25,000.00
LOAN FUNDS
- From Parent Bank
to be paid within 78 months)

DEFERRED TAX LIABILITY (NET)
Total
APPLICATION OF FUNDS:
FIXED ASSETS
INVESTMENT
(2,500 equity shares of `10 each of The Saraswat Co-op.
Bank Ltd.)
CURRENT ASSETS, LOANS & ADVANCES
Sundry Debtors
46,128,037.18
26,410,345.51
Cash & Bank Balance
50,713,329.64
70,713,444.51
Loans and Advances
119,132,339.39
102,761,288.18
215,973,706.21
199,885,078.20
Less:
CURRENT LIABILITIES & PROVISIONS
Current Liabilities
51,553,482.54
54,626,641.15
Provisions
77,064,631.97
79,975,297.62
128,618,114.51
134,601,938.77
87,355,591.70
65,283,139.43
439,166,498.87
218,922,849.57
NET CURRENT ASSETS

Total
Notes to accounts
As per our Report of even date
14
For and on behalf of Board of Directors
For M. P. Chitale & Co.


sd/-
sd/-
ANAGHA THATTE
E.K.THAKUR
Partner
Chairman

Place: Mumbai
Date : May 29, 2010
sd/-
sd/-
MANOJ KUNKALIENKAR AMIT PANDIT
Managing Director
Director
& CEO
sd/RAJESH K DEHERKAR
Finance Controller
& Company Secretary
83
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2010
(Amount in `)
Schedule
2009 -2010
2008 -2009
INCOME
Software Sales & Services
311,925,522.58
287,261,804.52
Other Income
10
4,388,399.51
8,875,408.09
316,313,922.09
296,137,212.61
EXPENDITURE
Employee Cost
11
64,214,540.97
66,568,144.45
Direct Expenses
12
65,154,379.30
59,418,573.15
Other Expenses
13
62,022,243.46
44,084,039.43
53,765,696.18
35,680,337.82
2,869,823.77
204,556.60
248,026,683.68
205,955,651.45
68,287,238.41
90,181,561.16
12,929,100.00
19,767,000.00
444,150.00
25,204,330.00
14,769,338.00
608,200.00
29,545,608.41
55,201,073.16
72,044,583.89
53,592,260.73
101,590,192.30
108,793,333.89
Depreciation
Financial Cost
PROFIT BEFORE TAX

PROVISION FOR TAXATION
Current Tax
Fringe Benefit Tax
Deferred Tax
Tax Adjustment Prior Year
PROFIT AFTER TAX
Balance brought forward from previous year
Balance available for appropriation
APPROPRIATION
2,216,000.00
7,500,000.00
Surplus carried to Balance Sheet
74,948,920.30
72,044,583.89
Interim Dividend
20,877,193.00
25,000,000.00
3,548,079.00
4,248,750.00
101,590,192.30
108,793,333.89
2.83
5.52
Transfer to General Reserve
Corporate Dividend Tax

Basic & Diluted Earning per Share (Rupees)
Notes to accounts
14


sd/-
sd/-
ANAGHA THATTE
E.K.THAKUR
Partner
Chairman

Place: Mumbai
Date : May 29, 2010
84
sd/-
sd/-
Managing Director
Director
& CEO
Finance Controller
& Company Secretary
SCHEDULES FORMING PART OF BALANCE SHEET AS AT 31ST MARCH, 2010
Share Capital
Authorised
2,50,00,000 equity shares of ` 10/- each
Issued, Subscribed and Paid up
1,52,63,157 equity shares of ` 10/- each fully
paid up. (P.Y. 1,00,00,000 equity shares of ` 10 each.
During the year 52,63,157 equity shares issued with
premium of ` 9 per share. All the shares are held by
The Saraswat Co-op. Bank Ltd. & its nominees)
Reserves & Surplus

General Reserve
Opening Balance
Add : Transferred During The Year
Share Premium
Profit & Loss Account
As at
31 Mar 2010
(Amount in `)
As at
31 Mar 2009
250,000,000.00
250,000,000.00
250,000,000.00
250,000,000.00
152,631,570.00
100,000,000.00
152,631,570.00
100,000,000.00
17,800,000.00
2,216,000.00
20,016,000.00
47,368,413.00
74,948,920.30
142,333,333.30
10,300,000.00
7,500,000.00
17,800,000.00
0.00
72,044,583.89
89,844,583.89
Fixed Assets
(Amount in `)
Gross Block
Description of assets
As on
01/04/2009
Additions
Depreciation
Deductions/
adjustments
Total
as on
31/03/2010
Opn Bal
as on
01/04/2009
For
the
year
Net Block
On ded/adj
during the
year
Total
up to
31/03/2010
As on
31/03/2010
As on
31/03/2009
Tangible Assets
Computers
Furniture & Fixtures
Motor Car
Office Equipments
137,967,518.93
63,934,437.19
201,901,956.12
28,667,297.55
29,413,980.38
58,081,277.93
143,820,678.19
109,300,221.38
1,973,175.50
17,500.00
1,990,675.50
416,135.77
125,536.31
541,672.08
1,449,003.42
1,557,039.73
917,125.00
2,530,520.28
3,447,645.28
211,730.00
150,545.12
362,275.12
3,085,370.16
705,395.00
1,255,116.13
154,237.32
350,163.00
1,059,190.45
103,310.50
70,960.51
29,506.03
144,764.98
914,425.47
1,151,805.63
61,565,375.40 182,948,303.39
Intangible Assets
Software
Capital Work In
Progress
244,513,678.79
23,141,377.00
24,004,673.86
47,146,050.86
197,367,627.93
38,423,998.40
2,647,552.00
5,148,802.00
5,148,802.00
2,501,250.00
206,179,560.96 252,232,550.18
350,163.00
458,061,948.14
52,539,850.82
53,765,696.18
29,506.03 106,276,040.97
351,785,907.17
153,639,710.14
2,501,250.00
Sundry Debtors (Unsecured & Good)

a) Debts outstanding for a period exceeding six months
b) Other Debts
(Amount Due from Saraswat Co-Op Bank Ltd - ` 10,194,808
Maximum O/S During Year was ` 28,943,775/All Debtors are unsecured but considered good)
Cash & Bank Balance
Cash in Hand
Bank Balance with scheduled banks :
In current account
In fixed deposit account
(` 5 Crore Pledged towards secured loan)
27,382,887.80
18,745,149.38
26,269,900.51
140,445.00
46,128,037.18
26,410,345.51
62,759.57
51,360.90
650,570.07
50,000,000.00
662,083.61
70,000,000.00
50,713,329.64
70,713,444.51
85
SCHEDULES FORMING PART OF BALANCE SHEET AS AT 31ST MARCH, 2010
Loans and Advances (Unsecured, Considered Good)

Advance Recoverable in cash or kind or value to be received
Advance Tax
Prepaid Expenses
Service Tax Receivable - Cenvat Credit
Other Current Asset
As at
31 Mar 2010
(Amount in `)
As at
31 Mar 2009
7,099,907.76
8,014,506.75
56,569,596.58
67,753,000.11
2,438,559.13
2,410,013.67
20,269,172.92
1,017,576.65
32,755,103.00
23,566,191.00
119,132,339.39
102,761,288.18
16,812,158.40
26,279,119.29
30,481,405.16
10,744,433.52
1,689,918.98
1,510,362.98
Current Liabilities
Sundry Creditors
Total Outstanding dues to micro enterprises and small enterprises
Total Outstanding dues to Creditors other than
micro enterprises and small enterprises
TDS/Service Tax etc. Payable
Other Liabilities
Advance Received From Customers
2,570,000.00
16,092,725.36
51,553,482.54
54,626,641.15
49,516,100.00
61,267,000.00
Provisions
Provision for Income Tax
Provision for Fringe Benefit Tax
Other Provisions
70,150.00
27,548,531.97
18,638,147.62
77,064,631.97
79,975,297.62
SCHEDULES FORMING PART OF PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2010
(Amount in `)
9
2009-10
2008-09
229,915,408.00
193,346,766.52
7,346,728.00
41,161,438.00
BPO Services
19,138,127.00
15,523,031.00
Other Services
50,830,593.58
37,230,569.00
4,694,666.00
311,925,522.58
287,261,804.52
3,895,621.00
5,737,912.00
492,778.51
3,137,496.09
4,388,399.51
8,875,408.09
Income From Sales & Services

Information Technology & Consultancy Services
Professional Fees
System Integration Sales & Services
10
Other Income
Interest received on Bank Fixed Deposit
(TDS ` 432,794/-, Previous Year ` 1,182,010/-)
Misc. Income
86
SCHEDULES FORMING PART OF PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2010
(Amount in `)
11
12
13
2009-10
2008-09
60,114,954.47
62,591,251.35
Employee Cost

Salaries, Wages & Bonus
Contribution to Provident & Other Funds
2,261,451.00
2,141,786.00
Staff Welfare Expenses
1,838,135.50
1,835,107.10
64,214,540.97
66,568,144.45
180,000.00
Direct Expenses

Data Conversion Charges
IT Facility Maintenance Expense
AMC Charges
3,191,741.37
4,757,992.08
19,953,906.99
19,171,284.23
Technical Consultation Fees
1,561,950.00
2,615,000.00
Leased/ISDN Line Expenditure
7,386,306.65
6,007,393.06
Travelling & Conveyance
3,547,874.45
3,108,105.95
Repairs & Maintenance
317,233.17
894,423.85
Software/Hardware Cost for Project Delivery
9,470,504.31
19,594,453.00
Outsourced Expenses
8,254,725.72
3,928,987.62
Other Expenses
11,470,136.64
3,089,920.98
65,154,379.30
63,347,560.77
8,375,472.80
5,635,149.78
Other Expenses

Electricity Charges
Electrical goods
Maintenance of Office Infrastructure
Faculty Expenses/Training Cost
Telephone & Telex
Auditors remuneration
Professional Fees
1,206,094.41
1,240,750.81
33,859,498.00
26,230,940.00
212,905.00
1,014,124.00
1,157,358.25
1,096,751.78
400,000.00
404,760.00
2,075,888.00
2,874,507.00
Computer Expenses
680,278.00
647,125.96
Printing & Stationery
538,669.00
414,419.10
Provision for Bad Debts
7,788,257.50
Misc. Expenses
5,727,822.50
4,525,511.00
62,022,243.46
44,084,039.43


sd/-
sd/-
ANAGHA THATTE
E.K.THAKUR
Partner
Chairman

Place: Mumbai
Date : May 29, 2010
sd/-
sd/-
Managing Director
Director
& CEO
Finance Controller
& Company Secretary
87
SCHEDULES FORMING PART OF ACCOUNTS

Schedule 14
Notes forming part of accounts for the year ended 31st March, 2010
Company Overview :
Saraswat Infotech Limited (SIL), is a provider of information technology solutions to the banking and financial services industry
through a comprehensive range of products and customised service offerings. Founded in 2005, SIL provides end-to-end business
and technology solutions to clients in various areas of expertise. SIL also offers services in the area of Resource Augmentation by
providing technology professional consultants for medium to long-term engagements and also design quality solutions for entire
projects. SIL is headquartered in Navi Mumbai, India.
1 Significant accounting policies:i)
Basis of preparation of financial statements

The financial statements are prepared in accordance with Indian Generally Accepted Accounting Principles (GAAP) under the
historical cost convention on the accrual basis. GAAP comprises accounting standard notified by the Central Government of
India under Section 211 (3C) of the Companies Act,1956 and other pronouncements of the Institute of Chartered Accountants
of India.
ii)
Use of estimates
The preparation of financial statements requires management to make estimates and assumptions that affect the reported
amounts of assets, liabilities, income and expenditures.
iii) Fixed Assets

Fixed assets are stated at cost less depreciation. Cost comprises the purchase price & any attributable cost of bringing the
asset to its working condition for its intended use, less accumulated depreciation.
iv) Tangible Assets
Depreciation:- a) Depreciation has been provided on straight line basis at the rates and in the manner specified in Schedule
XIV to the Companies Act, 1956. Assets costing less than ` 5,000/- each are depreciated fully in the year of purchase
b) Advances paid towards the acquisition of fixed assets outstanding as of each balance sheet date and the cost of fixed
assets not ready for use before such date are disclosed under Capital Work-in-progress.
v)
Intangible Assets
a) Intangible Assets are amortised over the best estimate of the useful life from the date the assets are available for use.
b) Intangible Assets are amortised over 3 years other than IPR of CBS.
c) IPR of CBS Software acquired during the year is being amortised over seven years.
vi) Impairment of assets

The Company assesses at each balance sheet date whether there is any indication that an asset including goodwill, if
any, may be impaired. If any such indication exists, the Company estimates the recoverable amount of the asset. If such
recoverable amount of the cash generating unit to which the asset belongs to is less than its carrying amount, the carrying
amount is reduced to its recoverable amount. The reduction is treated as an impairment loss and is recognised in the profit
and loss account. If at the balance sheet date there is an indication that if a previously assessed impairment loss no longer
exists, the recoverable amount is released and the asset is reflected at the recoverable amount subject to a maximum of
depreciated historical cost.
vii) Taxation
a) Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income
Tax Act, 1961.
b) Deferred tax is recognised, subject to consideration of prudence, on timing differences, representing the difference
between taxable income and accounting income that originated in one period and are capable of reversal in one or more
subsequent periods. Deferred tax assets and liabilities are measured using tax rates and tax laws that have been enacted
or substantially enacted by the Balance Sheet date.
viii) Employee Benefits
a) Provision for gratuity is made based on the actuarial valuation statement as per Accounting Standard 15 (Revised). The
Leave Encashment has been fully provided for As per full liability basis for the leave entitlement.
b) Companys contribution to provident fund is accounted for on the basis of contribution to the scheme.
88
ix) Foreign Currency Transactions

a) The Company is exposed to currency fluctuations on foreign currency transactions. Foreign currency transactions are
accounted in the books of accounts at the prevalent rate for the day.
b) Transaction: The difference between the rate which foreign currency transactions are accounted and the rate at which
they are realised is recognised in the profit and loss account.
c) Translation: Monetary foreign currency assets and liabilities at period-end are translated at the closing rate as declared
by FEDAI/RBI. The difference arising from the translation is recognised in the profit and loss account.
x)
Provisions and Contingencies

The Company creates a provision when there is a present obligation as a result of an obligating event that probably requires
an outflow of resources and a reliable estimate can be made of the amount of the outflow.
xi) Revenue Recognition

Revenue from Software development services comprises revenue from time and material and fixed-price contracts. Revenue
from time and material contracts is recognised as related services are performed. Revenue from fixed-price, fixed-time frame
contracts is generally recognised in accordance with the Percentage of Completion method.
Revenue from BPO Services are derived from both time-based and unit-priced contracts. Revenue is recognised as the
related services are performed, in accordance with the specific terms of the contract with the customers.
Revenue from application maintenance services is recognised over the period of the contract.
Revenue from customer training, support and other services is recognised as the related services are performed.
Provision for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become
probable based on the current contract estimates.
Revenue from licensing of software is recognised as per the terms of license.
Unbilled Revenue included in Loans & Advances represent cost and earnings in excess of billings as at the Balance Sheet
date. Unearned revenue included in current liabilities represent billing in excess of revenue recognised.
2 Notes to Accounts
Current Year
i)
Value of Imports on CIF basis
ii)
Expenditure in foreign currency
iii)
Amount remitted during the Period
iv)
Earnings in foreign exchange
Previous Year
1,707,264
NIL
2,044
59,447
NIL
NIL
NIL
29,263,244
in foreign currency on account of dividend
3 Since the Company is not a manufacturing company, the information in respect of licensed capacity, installed capacity and actual
production is not given.
4 Suppliers/Service providers covered under Micro, Small Medium Enterprises Development Act, 2006 have not furnished the
information regarding filing of necessary memorandum with the appropriate authority.
5 Contingent Liabilities:
Capital commitments in respect of capital items (Net of Advance) - ` 21,017,348/(Previous year ` 5,193,054/-) & Intangible Assets ` 9,900,000 /- (Previous year ` 2,155,605/-).
6 Lease arrangements where the risk and rewards incidental to ownership of an asset substantially vest with lessor, are recognised
as operating leases. Lease rent under operating leases are recognised in the Profit and Loss account.
(` in million)
Not later than one year

Later than one year but not later than five years
Later than five years
As at
31 March, 2010
As at
31 March, 2009
0.54
2.09
31.73
22.21
89

7
Related party and their relationship

Holding Entity
The Saraswat Co-op. Bank Ltd.
Related Party Disclosures (AS-18)
Items/Related Party
Fixed Deposit with Bank
Share Capital held

Interest received from Bank on FDR
Received from Bank towards Services
Advance Received towards Services
Saraswat Co. Op. Bank Ltd.
31.03.2010
31.03.2009
` 50.00 million
(Max. during the year
` 70.00 million)
` 70.00 million
(Max. during the period
` 90.00 million)
`152.63 million
` 100.00 million
` 3.89 million
` 5.73 million
` 263.16 million
` 209.80 million
` 18.66 million
Secured Term Loan
` 80.70 million
Nil
Secured Loan
` 10.90 million
` 0.98 million
` 1.20 million
Nil
Dividend Paid
` 20.87 million
` 25.00 million
Paid towards Infrastructure Maintenance
` 17.58 million
` 13.40 million
Transfer of cars
Saraswat Co. Op. Bank Ltd.
Managerial Remuneration
2009-10
(`)
(`)
Managing Director & CEO
4,026,576
4,051,176
Whole Time Director
1,084,471
1,287,709
Total Remuneration
5,111,047
5,338,885
2009-10
2008-09
(`)
(`)
Depreciation & Others
53,294,005
28,089,675
Total
53,294,005
28,089,675
2009-10
2008-09
Major components of Deferred Tax
2008-09
Deferred Tax Liability (Net DTA)
10
Auditors Remuneration includes:i) Audit Fees

ii) Taxation Matters
iii) Out of pocket expenses
90
(`)
(`)
350,000
350,000
50,000
50,000
400,000
400,000
11 Employee Benefits
1. Company Contribution to Provident Fund - ` 21.08 lacs
2. Gratuity expenses represents ` 2,043,197/- (` 510,403) paid to L.I.C. pursuant to Company subscribing to its Group
Gratuity Scheme.
Particulars
Gratuity Funded
31.03.10
31.03.09
`
`
i)
Discount rate
8.25% P.A.
8% P.A.
ii) Expected return on plan assets
8% P.A.
8% P.A.
iii) Salary Escalation rate
5% P.A.
5% P.A.
iv) Reconciliation of opening and closing balance of the present value
of the defined benefit obligation:Present value of obligation as at 01.04.2009
2,878,140
2,690,202
Interest cost
246,582
221,121
630,363
302,893
Liability transfer in
Benefits paid
-653,601
-458,157
Actuarial gain/(loss) on obligations
-228,353
122,081
Present value of obligation as at
2,873,131
2,878,140
v) Reconciliation of opening and closing balance of the fair value of the plan assets
Fair value of plan assets as at 01.04.2009
3,150,603
3,401,103
384,653
253,762
Contributions
1,984,359
Transfer from other entity
Benefits paid
-653,601
-458,157
Actuarial gain/(loss) on plan assets
-122,745
-46,105
Fair value of plan assets as at
4,743,269
3,150,603
vi) Amount recognised in balance sheet
105,608
Present value of obligation as at

2,873,132
2,878,141
Fair value of plan assets as at
4,743,269
3,150,603
Assets/Liability as at
1,870,137
272,462
vii) Expenses recognised in profit and loss account:Current service cost
630,363
303,893
Interest cost
246,582
22,121
-384,653
-253,762
Net actuarial (gain)/loss
-105,608
168,186
Expenses recognised in P&L account
386,684
438,439
3. Leave encashment ` 2,511,521/- consist of ` 3,804,884/- provided for unavailed Leave balance as on 31.03.10
12 Earning per Share (Accounting Standard AS 20)
Profit computation for both Basic and Diluted Earnings per Share of ` 10 each
Net profit after tax as per Profit and Loss Account available for Equity Shareholders
Number of shares for Basic EPS as above
Earning per Share
Basic and Diluted
2009-10
2008-09
29,545,608
15,263,157
55,201,073
10,000,000
2.83
5.52
13 Figures of the previous year have been regrouped wherever necessary.



sd/-
sd/-
ANAGHA THATTE
E.K.THAKUR
Partner
Chairman

Place: Mumbai
Date : May 29, 2010
sd/-
sd/-
Managing Director
Director
& CEO
Finance Controller
& Company Secretary
91
CASH FLOW STATEMENT FOR AN ENTERPRISE OTHER THAN A FINANCIAL ENTERPRISE - AS3
FOR THE FINANCIAL YEAR 2009-10
2009-10
(Amount in `)
2008-09
68,287,238.41
90,181,561.16
53,765,696.18
(49,969.00)
4,613.43
(371,455.94)
(3,895,621.00)
117,740,502.08
35,680,337.82
(500,332.00)
(1,690,186.20)
(782,761.12)
(5,737,912.00)
117,150,707.66
(55,609,834.20)
62,130,667.88
(48,857,930.67)
68,292,776.99
Particulars
A
CASH FLOW FROM OPERATING ACTIVITIES

Profit before tax and extra ordinary items
Adjustments For :
Depreciation
Provision written back
Foreign Exchange Variation(Gain )/Loss
Misc Income
Interest received on FD
Operating Profit before working capital changes
Adjustments For :
(Decrease)/Increase in Working Capital
CASH FLOW FROM INVESTING ACTIVITIES

Purchase of Fixed Assets
Sale of Fixed Assets
Interest received on FD
Investment in Shares
Capital Work in Progress
Net Cash used in Investing Activities
(249,213,575.18)
320,656.97
3,895,621.00
(25,000.00)
(2,647,552.00)
(247,669,849.21)
(72,892,143.24)
5,737,912.00
(95,000.00)
(67,249,231.24)
CASH FLOW FROM FINANCING ACTIVITIES

Net Increase/(Decrease) in Borrowings
Dividend Paid
Corporate Dividend Tax
Addition to Share Capital
Share Premium
Foreign Exchange Variance Gain/( Loss)
Provision written back
Net Cash from Financial Activities
80,000,000.00
(20,877,193.00)
(3,548,079.00)
52,631,570.00
47,368,413.00
(4,613.43)
49,969.00
155,620,066.57
(25,000,000.00)
(4,248,750.00)
1,690,186.20
500,332.00
(27,058,231.80)
Net Increase/(Decrease) Increase in Cash and

Cash Equivalent (A+B+C)
(29,919,114.76)
(26,014,686.05)
69,724,853.83
39,805,739.07
95,739,539.88
69,724,853.83
(29,919,114.76)
(26,014,686.05)
Opening Balance of Cash and Cash Equivalent

Closing Balance of Cash and Cash Equivalent
Net Increase/(Decrease)
Note: Cash & Cash equivalent consist of cash in hand,
balances with banks and loan aginst FD


sd/-
sd/-
sd/-
sd/-
ANAGHA THATTE
E.K.THAKUR
Partner
Chairman
Managing Director
Director

& CEO
Place: Mumbai
Date : May 29, 2010
92
Finance Controller
& Company Secretary
BALANCE SHEET ABSTRACT AND COMPANYS GENERAL BUSINESS PROFILE

I.
II.
Registation Details
156921
Registation No.
U72200MH2005PLC156921
Balance Sheet Date
March 31, 2010
State Code :
Capital raised during the year (Amount in ` Thousands)

Public Issue
III.
11
Rights Issue
Nil
52,631.57
Bonus Issue
Private Placement
Nil
Nil
Position of Mobilisation and Deployments of Funds (Amount in ` Thousands)

Total Liabilities
Total Assets
439,166.50
439,166.50
Sources of Funds :
Paid-up Capital
Reserves & Surplus
152,631.57
142,333.33
Secured Loans
Unsecured Loans
90,907.59
0.00
Deferred Tax Liability
53,294.01
Application of Funds :
Net Fixed Assets
Investments
351,785.91
25.00
Net Current Assets
Misc. Expenditure
87,355.59
0.00
Accumulated Losses
0.00
IV.
Performance of Company (Amount in ` Thousands)

Turnover
V.
Total Expenditure
316,313.92
248,026.68
Profit/Loss before tax
Profit/Loss after tax
68,287.24
29,545.61
Earning per Share in `
Dividend rate
2.83
20.00%
Generic Names of Three Principal Products/Services of Company (as per monetary terms)
Item Code No.
Not Applicable
(ITC Code)
Service Description
IT Enabled Services

sd/-
E.K.THAKUR

Chairman

Place: Mumbai
Date : May 29, 2010
sd/-
sd/-
MANOJ KUNKALIENKAR
AMIT PANDIT
Managing Director
Director
& CEO
Finance Controller
& Company Secretary
93
Notes
______________________________________________________________________________________________
______________________________________________________________________________________________
______________________________________________________________________________________________
______________________________________________________________________________________________
______________________________________________________________________________________________
______________________________________________________________________________________________
______________________________________________________________________________________________
______________________________________________________________________________________________
______________________________________________________________________________________________
______________________________________________________________________________________________
______________________________________________________________________________________________
______________________________________________________________________________________________
______________________________________________________________________________________________
______________________________________________________________________________________________
______________________________________________________________________________________________
______________________________________________________________________________________________
______________________________________________________________________________________________
______________________________________________________________________________________________
______________________________________________________________________________________________
______________________________________________________________________________________________
______________________________________________________________________________________________
______________________________________________________________________________________________
______________________________________________________________________________________________
______________________________________________________________________________________________
______________________________________________________________________________________________
______________________________________________________________________________________________
______________________________________________________________________________________________
THE SARASWAT CO-OPERATIVE BANK LIMITED

(A SCHEDULED BANK)
Registered Office
Madhukosh, S.V.Sovani Path,
Girgaum, Mumbai 400 004.
PLEASE TEAR HERE
ATTENDANCE SLIP
92nd ANNUAL GENERAL MEETING
September 25, 2010
Regd. Folio No.___________________
I certify that I am a registered member of
The Saraswat Co-operative Bank Limited
I hereby record my presence at the
92nd ANNUAL GENERAL MEETING of the Bank
at 4.00 p.m. on Saturday, September 25, 2010
at Yogi Sabhagruha, Near Dadar Central Railway Station,
Behind Swaminarayan Mandir, Dadar (East)
Mumbai - 400 014
Members Name in BLOCK Letters
Members Signature
Note : Please fill this attendance slip and hand it over at the ENTRANCE OF THE HALL
95

Sarswat Bank AR High 2010107

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Sarswat Bank AR High 2010107

Uploaded by

Copyright:

Available Formats

Annual Report 2009-10

THE SARASWAT CO-OPERATIVE BANK LIMITED

Saraswat Bank Bhavan,

: September 14, 1918.

NO. AND DATE OF RBI LICENSE

: ACD-MH-220-P, dated 27.08.1980.

Board of Directors, Auditors, Legal Advisors and Bankers.......................................................................................3

Report of the Board of Directors...............................................................................................................................5

Concise Report of the Board of Directors in Marathi..............................................................................................34

Statutory Auditors Report......................................................................................................................................51

Balance Sheet as at 31st March, 2010..................................................................................................................52

Annual Report 2009-10

4. To approve amendment to Byelaw No.34

By Order of the Board of Directors

Annual Report 2009-10

Shri E. K. Thakur, B.A. (Hons.), C.A.I.I.B.

Shri K. V. Rangnekar, M.A.

Shri S.S. Sanzgiri, B.A.

Late Shri. R.K.Patkar, B.A. (Hons.), B.Com.

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.

ADVISOR TO THE BOARD

M/s Little and Company

ADVISOR FOR PROJECTS

Wells Fargo Bank N.A.,

Standard Chartered Bank Ltd.,

HDFC Bank Ltd.,

ICICI Bank Ltd.,

Maharashtra State Co-operative Bank Ltd.

SARASWAT INFOTECH LIMITED

Shri S. K. Sakhalkar, M.Com., PGD (I.R.) PGD (Comp. Sc.)

Shri D. M. Chandgadkar, M.Com., LL.B., C.A.I.I.B., A.C.S.

Annual Report 2009-10

FOR THE YEAR ENDED

AT THE YEAR END

Small Scale Industries

Number of Branch Licences

Annual Report 2009-10

REPORT OF THE BOARD OF DIRECTORS

to monetary unwinding was adopted. The Reserve

Annual Report 2009-10

The process of shift from the expansionary monetary

The Indian economic and financial system

RBI increased the provisioning requirement for

Export credit refinance facility was reduced from

RBI stipulated that the Banks should achieve a

Branch Authorisation Scheme for opening

In pursuance of the recommendation of the RBI

Annual Report 2009-10

In order to allow basic banking services to

3. THE URBAN CO-OPERATIVE BANKING

Guidelines have been introduced to UCBs on

RBI increased the provisioning requirement for

RBI has decided to apply duration based capital

RBI has decided to permit extension of area

UCBs have been permitted to declare dividends