34th annual report 2016-2017 - pmc bank · 2.o approve the annual report placed by the board of...

REGISTERED OFFICE : 240, Shankar Sadan, Opp. Matalachmi Hospital, Sion (E), Mumbai - 400 022. Tel.: (022) 24014197

34th Annual Report 2016-2017

PERFORMANCE HIGHLIGHTS ( ` In Crores)

PARTICULARS FOR THE YEAR ENDED 31.03.2016 31.03.2017 % CHANGE

Total Income 966.87 1140.94 18.00%Total Expenditure 827.14 938.67 13.48%Gross Profit 139.73 202.27 44.76%Less : Provisions 15.78 51.79 228.20%Net Profit Before Tax 123.95 150.48 21.40%Less : Income Tax 45.47 53.54 17.75%Net Profit 78.48 96.94 23.52%

AT THE YEAR ENDOwn FundsShare Capital 241.42 284.51 17.85%Reserves and Surplus 489.45 620.25 26.72%Total Own Funds 730.87 904.76 23.79%DepositsDemand 1447.95 1944.30 34.28%Term 6333.52 7067.70 11.59%Total Deposits 7781.47 9012.00 15.81%AdvancesSecured 5486.66 6,399.12 16.63%Unsecured 40.88 39.11 -4.33%Total Advances 5527.54 6438.23 16.48%Priority Sector 1192.91 886.67 -25.67%Priority Sector% 24.45 16.04Working Capital 8847.91 10323.19 16.67%Investments 2363.50 2793.31 18.19%Borrowings and Refinance 144.96 189.23 30.54%Net NPAs (%) 0.70 0.96Capital Adequacy (%) 12.20 12.32Number of Members 60019 62264Number of Branches & Extension Counters 114 125Profit per Employee ( ` In lakhs) 5.03 5.77Return on Average Assets (%) 0.95 0.99Average Net Interest Margin (%) 4.28 4.49

Previous year figures have been regrouped/rearranged/reclassified/recast wherever necessary to confirm to the presentation of the accounts of the current year.

FOUNDER CHAIRMANLate Gurucharan Singh Kochhar

FORMER CHAIRMANLate Charanjit Singh Chadha


MEMBERS OF THE BOARD

DIRECTORS

S. Waryam SinghChairman

S. Surjit Singh Narang

Shri Jagdish Mookhey

S. Jasvinder Singh Banwait

S. Daljit Singh Bal

S. Gurnam Singh Hothi

Shri Brij Bhushan Handa

S. Surjit Singh Arora

Smt. Trupti Bane

Smt. Mukti Bavisi

S. Rajneet Singh

Smt. Parmeet Sodhi

Shri. Omprakash Uppal

S. Balbir Singh KochharVice-Chairman


S. Resham Singh Pyara Singh (Vice-Chairman)Passed away on 29th January, 2017

We express our profound grief at the demise of S. Resham Singh Pyara Singh, Vice-Chairman of our Bank, who served on the Board of Punjab & Maharashtra Co-operative Bank Ltd. since 1984.

Rising from the humble beginnings, he not only rose to eminence in his chosen field of business, but also achieved the heights of shining glory in the various fields of service to the humanity. He was associated practically with all the prominent institutions of the community, engaged in the noble causes of religion, education, healthcare and financial services.

He took keen interest in the growth of our Bank. His august presence, wise counsel and active participation were in no small measure responsible for the unprecedented growth and high standards of integrity, service and efficiency for which the bank has acquired a reputation. The real tribute to his memory will be in pursuing the path shown by his exemplary life. We pledge to strive our utmost to make this institution worthy of the ideals cherished by him.

We share the grief and pray to the Almighty God to grant eternal peace to the departed soul and give courage and fortitude to his devout wife, Sardarni Gurmeet Kaur and other members of the bereaved family to bear this irreparable loss.

Tribute

S. Premjit Singh MarwahPassed away on 25th December, 2016

We express our profound grief at the demise of Ex-Director of our Bank and Ex-Chairman & Managing Director of Bank of Baroda.

Truly a man of the masses, totally devoted to the cause of serving humanity and worked tirelessly all his life promoting the welfare of those in need of help and succor.

We share the grief and pray to the Almighty God to grant eternal peace to the departed soul and give courage and fortitude to his devout wife, Sardarni Jagdish Marwah and other members of the bereaved family to bear this irreparable loss.

Sardarni Joginder Kaur Sohan Singh KohliPassed away on 26th February, 2017

We express our profound grief at the demise of Sardarni Joginder Kaur Kohli, Ex-Director and devout wife of S. Sohan Singh Kohli.

We share the grief and pray to the Almighty God to grant eternal peace to the departed soul and give courage and fortitude to other members of the bereaved family to bear this irreparable loss.

Tribute

New Branch Openings


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BOARD OF DIRECTORS

Members of BoardS. Waryam Singh S. Balbir Singh Kochhar

Chairman Vice-Chairman

DirectorsS. Surjit Singh Narang S. Daljit Singh Bal S. Surjit Singh Arora

S. Rajneet Singh Shri Jagdish Mookhey S. Gurnam Singh Hothi Smt. Trupti Bane Smt. Parmeet Sodhi S. Jasvinder Singh Banwait

Shri Brij Bhushan Handa Smt. Mukti Bavisi Shri. Omprakash Uppal

EXECUTIVESManaging Director

Shri. Joy Thomas

General ManagersShri. H. K. Karanth Shri. L. M. Kamble

Joint General ManagersSmt. Manjit Kaur I.S. Smt. Meghana Gokhale Shri. Surinderpal Singh R.S.

Deputy General ManagersSmt. Manisha Nerurkar Smt. Aarti A. Desai Smt. Karmen Patric Rebello

Smt. Jasvinder Kaur Anand Shri. Parag S. Dalvi Smt. Geeta Singh Dhiman

Smt. Rebecca B. Solomon Smt. Shiny Mithbaokar Shri. Sadananda R. Shirali

Asst. General ManagersShri. Amarjit Singh Matta Shri. Charanjit Singh Bhatia Smt. Sunita Gouthaman

Shri. Satish Madhav Bendre

Statutory Auditors SolicitorsM/s. Ashok Jayesh & Associates M/s. Purnanand & Co.

BankersBank of India Shamrao Vitthal Co-op Bank Ltd. Corporation Bank

Commerz Bank Union Bank of India Axis BankICICI Bank HDFC Bank YES Bank

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BANK PROFILE AS ON 31st March 2017

1. Registered Office : 240, Shankar Sadan, Sion (E), Mumbai – 400 022.

2. Central Office : Office No. 4 & 5, 3rd Floor, Dreams Mall, L.B.S. Marg, Bhandup (W), Mumbai – 400 078. Tel: 022-67804000

3. Registration No. & Date : Regn. No. BOM/BNK/174 – 26th October, 1983.

4. Commencement of : 13th February, 1984. Banking Business

5. Licence No. and Date : LIC NO. DBOD/UBD/MH.370 P - 9th January, 1984.

6. Number of Members : 62264

7. Number of Staff : 1680

8. Number of Branches : 125 branches

9. Paid –up Share Capital : ` 284.51 Crore

10. Total Reserves & Funds : ` 747.90 Crore

11. Total Deposits : ` 9,012.00 Crore

12. Total Loans and Advances : ` 6,438.23 Crore

13. Total Overdues : ` 156.97 Crores

14. % of Overdues : 2.44 %

15. Gross N.P.As : 1.74 %

16. Net N.P.As : 0.96%

17. Capital Adequacy Ratio : 12.32 %

18. Net Profit : ` 96.94 crore

19. Working Capital : ` 10,323.19 crore

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NOTICE TO MEMBERS34th Annual General Meeting of the Bank will be held on Saturday, 19th August, 2017 at 11.00 a.m. at Asian Banquets, Filix Tower, Opposite Asian Paints, L.B.S. Marg, Bhandup (West), Mumbai – 400 078 to transact the following business. Members are requested to attend the meeting on time.1. To read and confirm the minutes of the Annual General Meeting held on 28th August 2016.2. To approve the Annual Report placed by the Board of Directors for the Financial Year ended 31st March 2017, Balance

Sheet and Profit & Loss Account, Appropriation of Profit and take a note of Statutory Auditor’s report.3. Declaration of Dividend and Allocation of Profits for the Financial Year 2016-2017.4. To appoint Statutory Auditors for the Financial Year 2017-18 and to authorize Board of Directors to determine their

remuneration. 5. Disposal of any other business that may be brought before the meeting and replying to Members’ questions, relating

to the working of the Bank during the Financial Year 2016-17, permissible under the Bank’s Bye-Laws and Rules and about which at least 8 days notice, in writing, has been furnished to the Chief Executive Officer, at the Bank’s Central Office, Dreams Mall, 3rd Floor, L.B.S. Marg, Bhandup (West), Mumbai – 400 078.

Central Office :Punjab & Maharashtra Co-op Bank Ltd. Office No. 4 & 5, 3rd Floor, Dreams Mall, LBS Marg, Bhandup (W), Mumbai – 400078.

By Order of the Board of Directors

sd/- JOY THOMAS

Managing DirectorDate : 31/07/2017

Note: If there is no quorum within half an hour after the appointed time, the meeting shall stand adjourned upto 11.30 a.m. on the same day and the agenda of the meeting shall be transacted at the same venue irrespective of the quorum in terms of bye-law no. 24 (i).

NOTE

1. Members desiring to offer any suggestion at the Annual General Meeting or put any question pertaining to the Annual Report & Accounts are requested to write to the Bank on or before 9th August’2017 addressed to the Managing Director at the Central Office, 3rd Floor, Dreams Mall, Bhandup (West), Mumbai – 400 078.

2. Members who carry with them the identity card / valid identity proof issued by the Bank only will be allowed to attend the General Body Meeting of the Bank.

3. Members who have not collected their dividends for the previous three years are requested to collect the same immediately. They are requested to please note that if the dividend for the financial year 2013-14, is not encashed on or before December 31, 2017, it would stand forfeited by the Bank and the proceeds thereof would be transferred to the Bank’s Reserve Fund, as per provisions of the Bank’s Bye-law No. 46 (iv). This intimation by the Bank may be treated as the final notice to the concerned members who are yet to encash their dividends.

4. Members are requested to intimate any change in the name of nominee, office and residential address, status, etc., so as to keep our records up-to-date.

5. Members are requested to introduce the Bank to their friends and relatives so that they can also avail of the various services rendered by the Bank.

6. Members are requested to give instructions for crediting the dividend directly to their Saving Bank / Current Account with any of the Branches of the Bank.

7. The Annual Report for the financial year 2016-2017 is available on the website of the Bank. Members desiring a copy can collect it from their nearest branch as per Bye-Law No. 22 (i).

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DIRECTORS’ REPORTDear Members,

The Board of Directors are pleased to present to you the 34th Annual Report of your Bank together with the audited accounts for the year financial year ended March 31, 2017.

ECONOMIC SCENARIO: While the Global economy continued to be fragile in FY 2016-17, the Indian economy consolidated the gains achieved in restoring macroeconomic stability. There has been robust policy support which has resulted in a renewed confidence in India, as has also been reiterated by leading multi-lateral institutions such as the International Monetary Fund (IMF). The Government of India continued its reform agenda with focussed initiatives like the Smart Cities Mission, Digital India and improving the Ease of Doing Business. The policy measures should serve as a strong platform to ensure India asserts its position leading global economy. The Government has also unveiled measures to address the asset quality pressures and rising NPAs faced by the Banking industry. The full impact of all these measures is expected to bear fruit over the next 4 to 6 quarters. At our Bank, we are cognizant of the same and have further geared the machinery of the Bank to respond to the evolving needs of the economy.

Global economic recovery remained fragile amidst generalized slowdown in cross border trade, rising political tendency towards protectionism, and subdued growth in productivity. Notwithstanding the resilience exhibited by global financial markets in the face of the Brexit referendum and the unanticipated US presidential election outcome, elevated levels of uncertainty continued to impact global risk appetite in 2016. Overall, 2016 ended with World GDP growth moderating to 3.1% from 3.2% in 2015. Going forward, the IMF expects World GDP growth to improve towards 3.4% 2017, on the back of projected fiscal stimulus in the US, firming up of global commodity prices after the slump in 2015, and unchanged accommodative monetary policy stance in most of the developed economies, barring US, which is expected to take calibrated steps towards further policy normalization in 2017. In contrast, the Indian economy has successfully navigated through extant global uncertainties and emerged as a preferred destination for foreign investment. Overall macroeconomic position has strengthened with policy support over the last two years moving towards providing structural strength and imparting efficiency. Multilateral institutes like the IMF and the World Bank have endorsed India as a ‘bright spot’ in today’s global economy amid ‘profound’ reforms.

FINANCIAL SECTOR :FY 2016-17 was a tipping point of sorts, with the half-life of technology innovation reducing drastically in the Banking and Payments industry through disruptions from the challengers, as well as the incumbents. This disruption presented both challenges and inherent opportunities, requiring rapid transformation and fundamental re-platforming of the banking bedrock.

The year was marked by a variety of institutional and behavioral reforms like implementation of the Insolvency and bankruptcy Code, creation of Monetary Policy Committee, redesigning of the FRBM framework, passage of GST, and last but not the least, the policy thrust towards a less-cash formal economy. In addition, the trend of benign inflation and continued improvement in twin deficits further boosted the macroeconomic appeal.

The year, 2016-17 also marked an accelerated adoption of digital banking technologies on the back of the ‘less cash’ vision of the Government of India. The Bank created a bouquet of Digital Banking products to offer an omni-channel Banking experience to the new generation customers.

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Also, the advancements in technology have brought the mobile and internet banking services to the fore. The banking sector is laying greater emphasis on providing improved services to their clients and also upgrading their technology infrastructure, in order to enhance the customer’s overall experience as well as give banks a competitive edge.

Indian government took a very big and bold step in November 2016 and announced demonetisation of all 500 and 1,000 bank notes. This was intended mainly towards tackling black money in the system and cracking down on the use of counterfeit notes which were used for funding of illegal activities and terrorism. In the long run, this move will definitely have multiple positive impacts on Indian economy but for a short period, it left out some strains on the economy and the banking sector. The sudden nature of announcement and the prolonged cash shortage created disruption throughout the economy such as drop down in sales of industrial and agricultural products, slowing down payment cycles, lowering country’s GDP growth and job losses, etc.

It would be pertinent to dwell upon the demonetization issue. This led to a liquidity surplus scenario and bond yields as well as MCLRs declined. During the year bank deposit rate declined from the range of 7-7.5% to 6.5-7%. MCLRs declined by 100-110 bps. Moderation in lending rates translated into faster growth in retail lending though interest income showed only muted growth at the industry level.

With this backdrop I have great pleasure in presenting before you the detailed financials for the year ended 31 March 2017. Your Bank has achieved impressive strides under several key parameters.

PERFORMANCE HIGHLIGHTS : The Performance highlights of the Bank in certain key parameters are stated below:

(` in crore)

Particulars 31.03.2017 31.03.2016 % Increase (Decrease)

Business Mix 15450.23 13309.01 16.09

Deposits 9012.00 7781.47 15.81

Advances 6438.23 5527.54 16.48

Gross Profit 202.27 139.73 44.76

Net Profit after Tax 96.94 78.48 23.52

Owned Funds 904.76 730.87 23.79

Gross N.P.A % 1.74 1.39

Net N.P.A. % 0.96 0.70

C.R.A.R % 12.32 12.20

PROFITABILITY Net profit of your Bank for the Financial Year 2016-17 is ` 96.94 crore as against ` 78.48 crore for the previous financial year inspite of not so encouraging economic conditions.

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Your Directors recommend the following appropriations of the Net Profit of the Bank :- (Amount in `)

Particulars 2016-17 2015-16Statutory Reserve Fund 24,23,60,000.00 19,62,00,000.00Proposed Dividend 28,22,50,000.00 24,07,50,000.00Building Fund 5,00,00,000.00 4,50,00,000.00Dividend Equilisation Fund 6,00,000.00 6,00,000.00Investment Fluctuation Fund 15,00,00,000.00 10,00,00,000.00Members Welfare Fund 1,50,00,000.00 70,00,000.00Staff Welfare Fund 70,00,000.00 60,00,000.00Staff Mediclaim Fund 1,00,00,000.00 1,00,00,000.00Charity Fund 96,94,300.00 78,48,000.00Education Fund 96,94,300.00 78,48,000.00Reserve fund for Unforeseen Losses 9,69,43,000.00 7,84,80,000.00General Reserve Fund 7,58,83,000.00 6,50,51,000.00Technology Reserve Fund 1,00,00,000.00 1,00,00,000.00Net Open Foreign Currency Position Reserve 1,00,00,000.00 1,00,00,000.00Balance transfer to Statutory Reserve Fund 458.35 765.49Total 96,94,25,058.35 78,47,77,765.49

DIVIDENDThe Board of Directors are pleased to recommend a Dividend of 11 per cent for the year ended 31st March, 2017. The Dividend outgo is 29.12% of the Net Profit in the financial year 2016-17 as against 30.67% of the previous year i.e. 2015-2016 which indicates that even after reduction in the percentage of Dividend, the difference in the outgo percentage is negligible, due to the rise in Capital.

RESOURCES The Bank has registered a growth of 15.81% in deposits to reach ` 9012.00 crore as on 31st March, 2017 as against the deposits of ` 7781.47 crores in the year 2015-16. It may be noted that the percentage growth in term deposits is more than that of CASA deposits resulting in higher cost of deposits.The Bank has promoted various schemes and launched additional facilities under the Internet banking to increase the composition of CASA deposits.The category-wise break up of deposits during preceding two years namely 2015-16 and 2016-17 is given as under:

(` in crore)

Types of Deposits 31.3.2016 31.3.2017 % increaseTerm Deposits 6333.52 7067.70 11.59Demand Deposits 1447.95 1944.30 34.28Total 7781.47 9012.00 15.81

The successful culmination of various initiatives by the staff has reflected in the Bank’s impressive performance on deposit front.

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CREDIT PORTFOLIO AND CREDIT MANAGEMENT:The security-wise Credit Portfolio of your Bank revealed improved performance during the year under report over the preceding year as indicated below :

(` in crore)

Types of facilities 31.3.2016 31.3.2017 % increaseSecured 5486.66 6399.12 16.63Unsecured 40.88 39.11 (4.33)Total 5527.54 6438.23 16.48

The above growth has been due to maximum retail lending and in line with the industry.

In the year under review the banking industry has witnessed and upward trend in stressed assets and resulted deterioration in the quality of Bank’s Assets in comparison with that in previous years. The low liquidity in the economy has put tremendous pressure on the cash flows of the borrowers resulting in delay and default in servicing the loans consequently stressed assets of your Bank has increased to some extent. Adequate provisions as required by the Reserve Bank of India guidelines on impaired assets have been made.

Your Bank is therefore been successful in containing net NPA’s at considerably low percentage i.e 0.96% while gross NPA’s stood at 1.74%.

INVESTMENTSThe Bank has an investment of ` 2793.31 crore as on 31st March, 2017 out of which an amount of ` 2284.76 crore has been invested in Government and approved securities. The Bank’s total investment in Government and approved securities as on 31st March, 2017 is 25.78% of the Net Demand and Time Liability (NDTL) of the Bank, which is well above the minimum stipulated by the Reserve Bank of India.

Your Bank’s investment policy is reviewed at regular intervals and fine-tuned in accordance with the directives issued by the Reserve Bank of India. The Bank’s Investment department is responsible for funds and liquidity management including maintenance of Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR). The operations of department are reviewed by Investment Committee of the Board. The Department is audited by internal auditor as well as professional Chartered Accountant firm for its compliance and procedures.

CAPITAL TO RISK ASSET RATIO (CRAR) As your Bank is a Authorised dealer Category I Bank, it is required to maintain consistent CRAR above 12%. As against the same, your Bank’s CRAR has stood at 12.32% and continues to retain a healthy Capital to Risk Assets Ratio (CRAR).

INTERNATIONAL BANKING DIVISIONThe Global economy is facing the risks emanating from policy uncertainty and rising protectionism in USA. US interest rates coupled with crude oil prices mainly impact the world economy. Federal Reserve increased the interest rates twice by 25 bps each during the month of December 2016 and March 2017. The key question remains as to how much higher it may go in future. China being the second largest economy in the world and is a key driver of the global economy. However, there is a slowdown of growth during the year 2016-17 and this is a major concern for investors around the world, but global economic activity is picking up with a long-awaited cyclical recovery in investment, manufacturing, and trade.

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In domestic FX market, Indian Rupee was strengthened over a period of time due to improvement in Indian economy, huge inflow of funds under FDI & Stock market. The USD / INR premium became softer resulting into reduction in hedging cost.

Your Bank has now completed more than 5 years of independent Foreign Exchange operations. With the effect of Demonitisation of ` 500 and ` 1000 notes in the second half of the year under review, the pace of International Business was slowed down thereby resulting into reduced forex turnover.

Your bank has ‘A’ Category branch i.e. Forex treasury branch at Central Office and has designated two more branches as ‘B’ Category branches to handle the forex business directly - Karol Bagh- New Delhi and Rajaji Nagar- Bengaluru in addition to existing Bhandup and Andheri - East Mumbai branches during the year under review.

Your bank has Correspondent Banking relationship with leading International Banks as well as Overseas branches of Indian Banks at major International centres. Your bank has opened Nostro Account in UAE Dirhams thereby making total number of Nostro Accounts in five currencies - USD, GBP, EURO, JPY and AED.

Your Bank is extending faciities for financing exports,imports and handling inward & outward remittances, booking of forward contracts in order to hedge exchange risk run by the customers.

Your bank accepts NRI Deposits under various deposit schemes such as NRE, NRO, FCNR (B) etc. and has achieved 20 % growth in NRI deposits on y-o-y basis during the year 2016-17. Your bank opens and maintains Exchange Earner’s Foreign Currency Account (EEFC), Resident Foreign Currency Account (RFC), Resident Foreign Currency (Domestic) Account. Your Bank has an arrangement in place for personal inward remittances under Money Transfer Service Scheme of “MONEYGRAM” and “XPRESSMONEY” at all branches.

BRANCH EXPANSION:Your Bank has expanded its network and opened 11 Branches in the financial year 2016-17 and 4 Branches during April-July 2017.

The Bank now has a strong network of 129 Branches across 6 States.

The statewise network of the Branch is as under:

No. Of BranchesMaharashtra : Mumbai and adjoining Thane / Navi Mumbai/ Palghar district 75Kolhapur 6Pune 10Rest of Maharashtra 6Goa 6Delhi 6Gujarat 3Madhya Pradesh 2Karnataka 15Total 129

It is proposed to open 6 more branches during the financial year 2017-18. Two branches in Surat & 4 branches in Mumbai). Out of the total 6 branches allotted under Annual Business Plan (ABP) for the year 2016-17, 2 Branches are pending to be opened – 1 Branch at Jogeshwari (East) and 1 at Virar (West).

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Apart from opening new Branches the Bank has shifted the following branches to a bigger premises owned by the Bank to render enhanced customer service . 1) KIT Branch Kolhapur :- Shifted to Gandhinagar Kolhapur2) Vikhroli (E) Branch :- Shifted to a new building nearby3) Bandra Branch:- Shifted to new premises in Bandra

We are glad to inform our share holders that at the end of the financial year, the Bank’s Branch network will increase to 137 Branches.CHANNEL BANKING DEPARTMENTIndia’s move to demonetize high-value currency notes got a mixed response from the industry. While it was difficult to accurately assess the long-term impact, the decision had surely triggered a digital revolution of sorts in the country. As the country moved towards a less cash-dependent economy, IT infrastructure of your Bank played an important role in running the show.

Network and IT infrastructure of your Bank had to be brought in pace with the demands of the new economic order. The excessive use of debit cards for transactions put an extra load and the bank had to go through upgradation to cater to the increase in number of customers and transactions. Initially we faced the teething issues of web traffic and load on the servers.

In due course your Bank has stabilized the systems and is geared up to face the increasing demand. Apart from strengthening the base of the existing facilities of ATM, BNA, KIOSK, Mobile Banking and Internet Banking, it has added several new products in tune with the industry standards.

Your Bank is the first Co-operative Bank to introduce Credit Cards. The Reserve Bank of India has permitted your Bank to issue Credit Cards to its shareholders. The Bank has introduced Premium Rupay Credit Cards and Super Premium Rupay Credit cards in association with National Payments Corporation of India (NPCI).

Your Bank has successfully implemented the Bharat Bill Payment Services (BBPS) and this facility of making bill payments using BBPS has been extended on the Mobile Banking. BBPS through Internet Banking will be soon introduced.

In order to facilitate the customers to carry out quick and easy online payments, the Bank introduced Bharat Interface for Money (BHIM), launched by the Prime Minister. BHIM has been introduced to facilitate e-payments directly through banks and as part of the 2016 Indian banknote demonetisation and drive towards cashless transactions. BHIM is an app that lets you make simple, easy and quick payment transactions using Unified Payments Interface (UPI). You can make instant bank-to-bank payments and Pay and collect money using just Mobile number or Virtual Payment Address (VPA).

With a view to providing our customers a more secure way of carrying out card transactions and to mitigate the risk involved with the same, your Bank has decided to convert the existing magnetic strip cards to EMV chip cards. Your Bank is the first Co-operative Bank to issue Rupay International EMV Platinum Debit Cards. Now your Rupay cards can be used for carrying out online transactions as well as for International transactions.

Your Bank is in the process of issuing GREEN PIN, the green initiative & a value added service which offers a secured, effortless and hassle free ATM PIN generation for existing as well as new debit card customers. Customers can set their ATM PIN for new debit cards instantly after receiving the debit card by visiting the BNA/ ATM. Customers can also make use of this functionality in case they forget their existing DEBIT CARD PIN. Customers can easily use this service without visiting the branch/ contact the customer care and wait for the PIN mailer.

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In order to facilitate customers to deposit cash 24 X 7, your Bank has extended the BNA services to almost all the branches. Now your customer can deposit cash at any BNA any time . The BNA facility has now been extended with Recycler facility. With this, the customer can deposit cash or withdraw cash from the same machine.

Your Bank is a part of the National Electronic Toll Collection (NETC) initiative rolled out by NPCI under the guidelines of NHAI and IHMCL.. FASTag is a simple to use, reloadable tag which enables automatic deduction of toll charges and lets you pass through the toll plaza without stopping for the cash transaction. The tag employs Radio-frequency Identification (RFID) technology and is affixed on the vehicle’s windscreen after the tag account is active.

Various online services like Shiksa Pay a portal for school fees collection, Colony World a Society Management service for societies has been introduced. The Bank has also introduced Apna Mshop, a complete Online Mobile and Web store platform which enables a Merchant (customer) to launch his own Ecom and Mobile store. These facilities will help your Bank to increase CASA deposits.

Your Bank has also introduced DP on Net facility for the benefit of its Demat customers. With the introduction of this facility , demat customers can view account details, transaction details, ledger statements, view their monthly bills etc using the Net Banking facility of the Bank.

In order to increase the demat business and also as a value added service for our customers, the Bank has introduced Online Trading facility through which you can buy /sell shares, equities, commodities . For this purpose, the Bank has entered into an agreement with Way 2 Wealth an Investment Consultancy firm.

M.R. PAI MEMORIAL AWARD For the year 2016, the M. R. Pai Memorial Award instituted by your Bank organized by All India Bank Depositors Association will be presented to Mr. A.P. Hota, Managing Director & CEO, National Payments Corporation of India. Mr. A.P. Hota was a central banker for 27 years. Under his leadership, NPCI had launched India’s own card shceme ‘RuPay’ which is accepted on all three channels, viz. ATM, PoS and eCommerce.

The function is proposed to be held on 21st of August 2017.

CORPORATE SOCIAL RESPONSIBILITY:Your Bank believes that it is its foremost duty to contribute towards impacting the lives of various stakeholders like customers, employees, shareholders, communities and environment in a positive manner through all aspects of its operations, thereby serving the interest of the society at large. The Bank intends to be in step with the new thought of measuring performance on the basis of economic impact, social impact, and environmental impact in the task of inclusive growth, through Banking operations, towards the larger canvas of Nation building. Every individual Indian should be free from hunger, malnutrition, and should have basic necessities and be entitled to affordable education, healthcare facilities, equal opportunities in an enabling environment thereby resulting in reduction of social and economic disparity. Towards this larger goal, Corporates as major players in the economic development are also required to share this Social Responsibility, and your Bank contributes its share to this worthy cause. Your Bank has a policy to give back a part of what it has received from the environment and society and is contributing / participating on a sustainable basis in activities and projects for facilitating the same.

The Rupee One per ATM transaction for the year 2016-17 amounting to ` 21 lakh was donated to CRY and SAVE THE CHILDREN equally. The Bank has also donated a sum of ` 11 lakh to Nishan-E-Sikhi Foundation for training to women aspirants for Police and Para-Military forces.

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MEMBERS WELFARE FUND The Board of Directors of your Bank has recommended an amount of ` 150.00 lakh towards the Members Welfare Fund. During the year 2016-17, total 31 members have availed of the benefit under these schemes - 13 members under Medical category, 17 under Merit category and 1 under the Sports category.

HUMAN RESOURCES AND TRAININGThe Human Resource Management Department (HRMD) of your Bank continued to perform its major function, along with other functions, of recruiting and nurturing the staff. During the year under report, to cope-up with the increased volume of business and to man the newly opened 11 branches, we have recruited 119 new staff. The total number of employees of the Bank aggregated 1680 as of March 31, 2017 as against 1561 as on the same date of preceding year. Your Bank’s policy of recruiting staff at base level was fully implemented during the year. The HRMD has been creating an environment conducive for learning, growth and creation of better service conditions. The industrial relations between the staff and your Bank Management have been cordial all along. The Bank Management and the Employees Association have signed an Agreement on March 10, 2017 about the wage revision and improvement in service conditions.

The Bank has conducted as many as 119 training programs during the year 2016-17 (April – March), which interalia included 16 Induction Programs exclusively conducted to train all the newly recruited staff members. This system of training has been as per the Reserve Bank of India’s rule of “Induction Training to new recruits as a precursor to other follow-up training programs”. HRMD of our Bank has aligned its training programmes to the needs of various banking aspects with the focused attention on customer service on one hand and up-gradation of professional skills of the staff on the other hand. Keeping in view the objective of focused attention on customer service, an exclusive conference/training program on customer relationship was held on nine occasions especially for the front office staff. For promoting our technologically developed banking products like SMS, Mobile, and Internet Banking; Debit Card, Rupay Card, Visa Debit Card, Bulk Note Acceptance, Value Added Services in ATM, Kiosk, POS Machine, MRL Pos-net, and Aadhar Linking 20 programs were conducted by the Channel Banking Department. Another 29 training programs were conducted for development of professional skills like on-line credit lead creation, lendperfect softwere, and credit appraisal. These programs benefited the staff members attending to credit portfolio. 64 staff members were also deputed to 28 off-site training programs conducted by external agencies such as the National Payments Corporation of India; Foreign Exchange Dealers Association of India; NxtGen Data Center & Cloud Technologies Private Limited, Singapore; Institute for Development & Research in Banking Technology; Center for Comparative Studies in Race & Ethnicity & Cruz Creative Solutions Private Limited; Dhananjayrao Gadgil Institute of Co-operative Management; Maharashtra Urban Co-operative Banks’ Federation Limited; Vaikunth Mehta National Institute of Co-operative Management; College of Agricultural Banking (RBI); Bombay Stock Exchange; Institute of Chartered Accounts of India; Credit Information Bureau (India) Limited; Financial Intelligence Unit-India; National Stock Exchange; and National Housing Bank.

AUDIT AND INSPECTION Your Bank has put in place an effective and robust internal checks and control system, commensurate with its size, geographical presence, operational challenges and risk exposure.

At the apex level guidance and direction on the overall control aspects is vested with the Audit Committee of the Board of Directors. This committee overviews the functioning of the audit and inspection mechanism and also supervises the formulation and review of relevant policies and guidelines.

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The Audit and Inspection Department has been equipped with well trained and experienced resources and its functioning is governed by an Audit Policy which is in line with regulatory guidelines and reviewed from time to time. The Audit procedures are well planned and executed so as to ensure concurrency, efficiency and coverage of audit of the overall operations and systems of the Bank, in line with the applicable regulatory policies and guidelines.

The external audit firm empanelment procedure has been well defined and selection of audit firms is done diligently to ensure audit independence as well as efficiency and effectiveness of audit process. Their performance and efficacy is also monitored from time to time.

The scope of audit covers all the Branches and centralized activities and also the critical IT infrastructure systems of the Bank. The audit is conducted by both external auditors as well as the internal inspection team which is equally competent and experienced.

Also surprise SNAP inspections are conducted by the Senior Management Officials of the Bank to check the internal controls effectiveness and business operations for initiating necessary corrective measures.

The external auditors and internal auditors both conduct audit through the computer by using the IT systems and reports and focusing not only on substantive testing but also compliance testing.

The process of audit execution and compliance process is automated by way of an online Audit software which ensures a risk based approach and faster compliance for audit closure.

All the audit reports and compliance are placed before the apex body i.e. the Audit Committee for their review and guidance where the overall objective is to check on concurrent basis the adherence to the Bank’s internal policies and legal and regulatory guidelines.

The scope of audit not only covers the traditional risks but also the system security risks faced due to the increased automation and digitization in all possible processes and services of the Bank.

Your Bank is having an Information Security Management Systems in place where the objective is to follow the industry best practices for the overall Information Technology framework so as to guard against the ever growing cyber security risks.

Your Bank believes in maintaining Information security of its customers and stake holders by way of well defined Information Security policies and assessment procedures.

Your Bank has defined strict security policies to ensure that before any new project related to digital product / service is acquired or before making major changes to existing IT infrastructure, Information security has to be considered and reviewed to ensure that the safety and security of the Bank is protected and monitored.

This way your Bank ensures the confidentiality, integrity, legality and availability of all its critical products and services.

At the Annual General Meeting held on 28th August 2016, M/s. Ashok Jayesh and Associates, were appointed as the Statutory Auditors of the Bank for the financial year 2016-17, who have completed their audit assignment with diligence and submitted their report in time.

VIGILANCE Your Bank has the Vigilance Department which is responsible for the overall monitoring of the attempted frauds, actual frauds and discrepancies faced during the course of Banking business. The role of Vigilance Department is to monitor the critical operations and ensure a pro-active approach towards prevention of the frauds. All the

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frauds details and recovery actions taken thereof are reported to the Apex authority i.e. the Audit Committee. Also the regulatory reporting requirements are fulfilled regularly and well in time. As a preventive measure, the modus operandi of frauds, if any, detected at your Bank as well as in Banking Industry are communicated to all the Branches so as to take adequate precautions in future.

RISK MANAGEMENT Your Bank has in place a Risk management policy and also every Department focuses on the respective risk and control aspects in its policies and procedures.

The internal manuals, circulars and procedures are defined in detail and reviewed from time to time so as to ensure minimal operations, credit, legal, liquidity, counter party, foreign exchange risks and reputation risk. The Risk Management committee of your Bank not only helps in identifying, monitoring and measuring the risk parameters but also ensures that adequate controls are in place for the varied levels of risks.

ADVERTISING & PUBLICITY The Bank has been constantly making efforts to project Bank’s brand image prominently and thereby increase potential for growth of business. The visibility of the Bank has been increased through physical as well as electronic media. Some of these are Banners, Handouts, Hoardings, Publicity through print and electronic media, digital display on railway platforms, boards, etc.. Our various products, services/facilities as well as corporate features & branch network, are elucidated through these conventional and non-conventional media of visibility to public at large. Television and Radio channels are also on the gamut of mediums.

As a step ahead, we planned rebranding exercise to solicit customer’s engagement & bonding, to ensure that customers continue to hold interest in our products and with the Bank. By strategically designing new themes of branding centered towards emotions & aspirations of customers, we have derived positive response from existing customers as well as public in general.

You are aware that your Bank contributes towards various social causes. This year also the Bank has given sponsorship to NGO, which helps marginalized, vulnerable children & youth through united efforts and bring in a difference in their lives with sports as a tool. We have also contributed funds to provide raincoats to Mumbai & Thane Police, to help police personnel function better during monsoon, thereby indirectly contributing to peace and order in society. The Bank also sponsors various types of social events organized by colleges, trusts, foundations for their various activities such as musical events, sports, college festivals, other cultural events. The benefits of these sponsorships are multidimensional rather than mere publicity. Such sponsorships as well have a philanthropic angle as they boost social harmony, promote art & culture among youngsters. Many of these organizations in turn contribute a part of funds generated through these events towards a cause of medical/educational help to needy and train them in different skills so that they make their living.

The Bank has been sponsoring awards to woman achievers along with Zee Marathi through ‘Unch Maza Jhoka Awards’, which are given to women, contributing to women welfare, individually or through Projects which help in upliftment of down trodden and support to the deserving persons. This year also, we have sponsored awards to women achievers, to recognize their commendable work across various fields in Maharashtra.

We wish to inform our esteemed shareholders that since last 8 years, your Bank has been publishing calendars with a ‘theme’. In keeping with our commitment to Social Causes, your Bank decided to create awareness of some of the ‘Social Issues’ amongst children. For the calendar of 2017, the theme was ‘A Brighter World Painting Competition’. Children having account with us were given an opportunity to express themselves

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through drawing and a write up, in a drawing competition held by us. The winning entries have been printed in the Calendar 2017 and the winners were awarded a prize as a token of appreciation.

For the first time, we made integration with story line in Zee Marathi’s famous serial relating to making women empowerment, “Mazya Navaryachi Bayko”, in few episodes where the Bank was depicted standing by the woman entrepreneur to get a loan from the Bank at the special rates for woman borrowers. This innovations led to high amount of response from customers and non-customers, seeking information on our various products including loan schemes and desiring to open account with us.

Your Bank is in constant touch with the customers through social media platforms like Website, Face book & Twitter. This has helped non-customers in disseminating important information like introduction of premium schemes, changes in rate of interest etc. We are happy to mention that there are approximately 3.5 lakh ‘page likes’ on Face book and a good number of hits on Website. We use this platform also to wish general public on all National and international events.

CORPORATE AGENCY FOR LIFE INSURANCE :In terms of open architecture policy of IRDA, Banks are permitted to take Corporate Agency of three life Insurance, three health insurance and three general insurance companies simultaneously. Your Bank already had corporate agency of Max Life for life insurance. Now, we have added Corporate Agency of Exide Life Insurance and Life Insurance Corporation of India. Under health insurance sector, we have made a tie up with Religare Health Insurance Co. We continue to offer general insurance through Future Generali Insurance Coompany. In view of the above, the Bank offers wider option to its customers in selecting insurance products.

The Bank has taken active participation in Prime Minister’s insurance schemes for the masses – PMJJBY and PMSBY. We are glad to inform that our customers who have taken insurance in the first year have continued to renew their policies and we have a persistency ratio of 93% under PMJJBY and 97% under PMSBY.

CUSTOMER CONVENIENCE CENTRE:We have opened our own Customer Convenience Centre (CCC) to attend to our customers’ queries, give them feedback and support them with information and limited technical support. The customers can call on our Toll Free number. We are also making ‘outbound’ calls for communicating our customers about our new Products and also various banking requirements that arise from time to time. We are able to understand the needs of our customers through this channel. This has been cost-effective and yielding better results in terms of addressing customer complaints, helping them to understand our products and also get feedback from them on our products and services.

TRIBUTE TO DEPARTED SOULSThe Board of Directors and Management express their profound sorrow at the sad demise of our Hon’ble Vice-Chairman, S. Resham Singh Pyara Singh, Ex-Directors, Sardarni Joginder Kaur Sohan Singh Kohli and S. Premjit Singh Marwah and the other members who passed away during the year and pray for their eternal peace.

ACKNOWLEDGEMENTS:The Board of Directors place on record their gratitude to the Members, Customers and Well-wishers for extending their whole hearted support and co-operation in the development of the Bank. Without their support, such tremendous growth and development would not have been possible.

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We place on record our thanks to the Chief General Manager-in-charge and Chief General Manager of Urban Banks Department, Reserve Bank of India, and the staff for their valuable guidance.

We place on record our thanks to the Central Registrar, Delhi, Govt. of India, the Commissioner for Co-operation and Registrar of Co-operative Societies in the State of Maharashtra, Delhi, Karnataka, Goa and Gujarat for the guidance and assistance extended to the Bank.

The Board of Directors are thankful to the Management of all the Gurudwaras, Schools, Sewak Jathas, Societies and other institutions for their support and co-operation.

The Board thanks the President and General Secretary of Co-operative Bank Employee’s Union for their support and co-operation.

The Bank is thankful for the co-operation and support extended by the Office and staff of The Maharashtra Urban Co-operative Bank’s Federation Ltd., Brihan Mumbai Nagari Sahakari Bank’s Association Ltd. and the Maharashtra State Co-operative Bank’s Association Ltd.

We also thank the various institutions and individuals who have extended their co-operation and assisted us, directly and indirectly in the overall growth, development and prosperity of the Bank.

For and on behalf of the Board of Directors

S. WARYAM SINGHChairman

Comparative position of growth over the last one year is as given below: (` in crores)

Particulars March 2016 March 2017 Increase in % over last year

Share Capital 241.42 284.51 17.85Reserves 638.35 747.90 17.16Deposits 7781.47 9012.00 15.81Cash Investments & Bank Balance 2775.68 3332.75 20.07Advances 5527.54 6438.23 16.48Gross Income 966.87 1140.94 18.00Working Capital 8847.91 10323.19 16.67Net Profit Before Tax 123.95 150.48 21.40Net Profit After Tax 78.48 96.94 23.52No. of Branches 114 125

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INDEPENDENT AUDITOR’S REPORT

To :

The Members of PUNJAB AND MAHARASHTRA CO.OP BANK LTD.,

Report On the Financial Statements

1. We have audited the accompanying financial statements of Punjab And Maharashtra Co-operative Bank Limited., as at 31st March, 2017, which comprise the Balance Sheet as at March 31,2017, the Profit and Loss Account and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

2. Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Bank prepared in accordance with The Multi-State Co-operative Societies Act, 2002 and the Rules made there under, The Banking Regulation Act., 1949 (as applicable to co-operative societies) and the accounting principles generally accepted in India, including the Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

3. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Banks preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the entities internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

5. In Our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by The Multi-State Co-operative Societies Act, 2002 and Rules framed thereunder and The Banking Regulation Act., 1949 in the manner so required and give a true and fair view in conformity with accounting principles generally accepted in India:

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i. In the case of the Balance Sheet of the state of affairs of the Bank as at 31st March 2017;

ii. In the case of the Profit and Loss Account of the profit for the year ended on that date; and

iii. In the case of the Cash Flow Statement of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

6. As required by the Multi State Co-operative Societies Act, 2002, 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 accounts 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. In our opinion and according to the information and explanations given to us, there is no material impropriety or irregularity in the expenditure or in the realization of money due to the Bank.

iv. The Balance Sheet, Profit and Loss Account and Cash Flow statement dealt with by this report are in agreement with the books of account.

v. The transactions of the Bank, which have come to our notice, have been within the powers of the Bank.

7. In addition to para 6 above as required by Rule 27(2)(d) and (e) of the Multi State Co-operative Societies Rules, 2002 we further report that:

i. In our opinion and according to the information and explanations given to us, there has been no material impropriety or irregularity in the expenditure or in the realization of money due to the Bank;

ii. In our opinion and according to the information and explanations given to us, the guidelines issued by the Reserve Bank and National Agriculture and Rural Development Bank established under the National Agriculture and Rural Development Bank Act, 1984 (61 of 1981) have generally been adhered to.

8. As required by Rule 27(3)(a) to (f) of the Multi State Co-operative Societies Rules, 2002 we give in the annexure, a schedule on the matters specified in the said Rule.

9. The Bank has been awarded Audit Class “A” for the year ended on 31st March 2017.

For ASHOK JAYESH AND ASSOCIATESFirm Regn No. 100655W

CHARTERED ACCOUNTANTS

JAYESH D.SANGANIPARTNER

Membership No. 36041 Statutory Auditors

Place: Mumbai Date: 12th July, 2017

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Punjab & Maharashtra Co-op Bank Ltd.Financial Year Ended 31st March, 2017

ANNEXURE TO INDEPENDENT AUDITOR’S REPORT As Required Under Multi-State Co-Operative Societies Rules, 2002

(Referred to in our report of even date on the accounts of Punjab & Maharashtra Co-op Bank Ltd., as on 31st March, 2017)

As required by the Rule 27(3) of the Multi-State Co-operative Societies Rules, 2002, we report on the matters specified in clauses (a) to (f) of the said Rule to the extent applicable to the Bank.

a. During the course of our audit , we have generally not come across transactions which appear to be contrary to the provisions of the Act, the Rules or the Bye- Laws of the Bank.

b. During the course of our audit, we have not come across material and significant transactions which appear to be contrary to the guidelines issued by the Reserve Bank of India and National Agriculture and Rural Development Bank.

c. The following monies due to the Bank appear to be doubtful of recovery against which a provision of ` 1,236.63 Lakhs is made in the accounts. (Advances categorized as doubtful and loss assets as per prudential norms are considered as doubtful of recovery).

Category Outstanding as on 31.03.2017 (` In Lakhs)

Doubtful Assets (iii) 1221.10Loss Assets 15.53

d. As per the information provided to us and to the best of our knowledge, the following credit facilities have been sanctioned by the Bank to the members of the Board or their relatives:

(` In Lakhs)

Particulars Amount Outstanding Security Value Overdues, if anyFund Based 13.53 37.01 0.00Non Fund Based 5.37 6.29 0.00

e. During the course of our audit, we have generally not come across any violations of guidelines, conditions etc. issued by the Reserve Bank and National Agriculture and Rural Development Bank.

f. To the best of our knowledge, no other matters have been specified by the Central Registrar, which require reporting under this Rule.

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Balance Sheet as at March 31, 2017

(Amount in `)

CAPITAL & LIABILITIES SCHEDULE CURRENT YEAR PREVIOUS YEAR

31.03.2017 31.03.2016

1 CAPITAL 1 284,51,17,175.00 241,41,64,525.00

2 RESERVE FUND & OTHER RESERVES * 2 747,90,45,616.68 638,34,78,364.27

3 DEPOSITS & OTHER ACCOUNTS 3 9012,00,28,252.35 7781,46,55,811.41

4 BORROWINGS 4 189,23,13,000.00 144,96,47,360.00

5 BILLS FOR COLLECTION BEING BILLS RECEIVABLE (As per Contra)

20,87,154.00 52,63,785.00

6 BRANCH ADJUSTMENTS 1,07,758.40 1,79,360.90

7 OVERDUE INTEREST RESERVE (As per Contra)

49,21,16,122.69 39,22,79,815.68

8 INTEREST PAYABLE 23,55,03,003.78 21,18,23,274.26

9 OTHER LIABILITIES * 5 242,97,25,013.69 202,41,45,022.10

TOTAL 10549,60,43,096.59 9069,56,37,318.62

CONTINGENT LIABILITIES 12 16,20,41,86,725.14 13,20,37,96,936.52

*Previous Year figures have been regrouped/re-arranged/reclassified /recast wherever necessary to confirm to the presentation of the accounts of the current year.

As per our Report of even date attached For Ashok Jayesh & Associates S. Waryam Singh Chartered Accountants Chairman Firm Regn No. 100655W

Jayesh D. Sangani S. Balbir Singh Kochhar Partner Vice Chairman Membership No. 36041 Statutory Auditors Mr. Joy Thomas Date : 12th July, 2017 Managing Director

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Balance Sheet as at March 31, 2017

(Amount in `)

PROPERTY & ASSETS SCHEDULE CURRENT YEAR PREVIOUS YEAR

31.03.2017 31.03.2016

1 CASH 6 494,77,84,641.15 375,75,67,703.11

2 BALANCES WITH OTHER BANKS 7 257,92,69,479.85 240,89,68,219.69

3 INVESTMENTS 8 2580,04,12,353.16 2159,03,11,703.01

4 ADVANCES 9 6438,23,00,066.91 5527,54,36,775.78

5 BILLS RECEIVABLE BEING BILLS FOR COLLECTION (As per Contra)

20,87,154.00 52,63,785.00

6 INTEREST RECEIVABLE 64,20,79,597.57 54,03,32,204.28

7 OVERDUE INTEREST RESERVE (As per Contra)

49,21,16,122.69 39,22,79,815.68

8 FIXED ASSETS 10 503,69,64,956.17 502,07,16,073.89

9 OTHER ASSETS 11 159,75,58,725.09 168,92,91,038.18

10 NON BANKING ASSETS ACQUIRED IN

SATISFACTION OF CLAIMS

1,54,70,000.00 1,54,70,000.00

TOTAL 10549,60,43,096.59 9069,56,37,318.62

Directors

S. Surjit Singh Narang S. Daljit Singh Bal S. Surjit Singh Arora

S. Rajneet Singh Shri Jagdish Mookhey S. Gurnam Singh Hothi

Smt. Trupti Bane Smt. Parmeet Sodhi S. Jasvinder Singh Banwait


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Profit & Loss Account for the Year ended March 31, 2017(Amount in ` )

EXPENDITURECURRENT YEAR PREVIOUS YEAR

31.03.2017 31.03.20161 Interest on Deposits, Borrowings, etc 674,06,60,268.77 614,13,34,083.232 Salaries and Allowances 105,04,67,999.00 75,07,78,809.673 Rent, Taxes, Insurance, Lighting, etc 33,26,59,927.96 29,15,40,801.274 Legal Charges 1,54,967.00 1,42,865.005 Postage, Telegram and Telephone charges 6,65,88,102.62 5,10,64,259.366 Audit fees & Professional Charges 8,08,65,504.36 8,02,36,997.907 Depreciation/ Amortisation of Assets 51,80,04,105.93 42,43,30,060.418 Printing Stationery and Advertisement

i) Printing and Stationery 4,77,72,883.64 2,83,01,953.29ii) Advertisement 4,50,57,864.00 4,02,19,887.41

9,28,30,747.64 6,85,21,840.709 Other Expenditure:

i) Repairs and Maintenance of assets 17,65,00,147.77 15,57,13,071.98ii) Premium paid to DICGC 8,75,24,889.53 7,57,06,779.42iii) Travelling and Conveyance 86,47,565.53 74,91,938.48iv) Security Charges 6,50,95,449.00 5,85,72,036.68v) Amortisation of Premium on Investments 2,30,55,877.45 2,37,67,780.38vi) Other Expenses 14,36,55,717.69 14,21,74,381.69

50,44,79,646.97 46,34,25,988.6310 Provisions

i) Provision Against Standard Assets 1,55,00,000.00 4,55,00,000.00ii) Provision for Bad & Doubtful Debts 12,50,00,000.00 7,50,00,000.00iii) Provision for Investment Depreciation Reserve 37,73,80,000.00 3,57,86,091.11iv) Provision for other Contingent Liability 0.00 6,75,888.00v) Writeoff Excess of Tax Receivable 0.00 7,98,158.50

51,78,80,000.00 15,77,60,137.6111 Income Tax Expenses

i) Current Tax 53,29,72,077.60 41,32,02,548.00ii) Deffered Tax 24,77,067.00 4,15,38,356.00

53,54,49,144.60 45,47,40,904.0012 Total Expenses 1044,00,40,414.85 888,38,76,747.7813 Net Profit after Tax 96,94,25,058.35 78,47,77,765.49

Total 1140,94,65,473.20 966,86,54,513.27

As per our Report of even date attached For Ashok Jayesh & Associates S. Waryam Singh Chartered Accountants Chairman Firm Regn No. 100655W Jayesh D. Sangani S. Balbir Singh Kochhar Partner Vice Chairman Membership No. 36041 Statutory Auditors Mr. Joy Thomas Date : 12th July, 2017 Managing Director

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Profit & Loss Account for the Year ended March 31, 2017(Amount in `)

INCOMECURRENT YEAR PREVIOUS YEAR

31.03.2017 31.03.2016

1 Interest & Discount 1042,55,53,617.74 920,65,48,336.46

2 Commission 7,21,11,787.47 5,52,44,049.03

3 Income on Trading(Net) 60,14,01,201.77 13,02,50,844.15

4 Dividend 10,273.00 10,299.00

5 Other Reciepts

i) Bank Charges 8,75,77,178.62 8,01,90,982.17

ii) Rent received on lockers 3,41,02,550.00 2,72,73,028.14

iii) Profit on Sale of Assets 2,81,385.11 12,99,941.19

iv) Miscellaneous Income 13,37,23,112.55 10,21,02,666.19

25,56,84,226.28 21,08,66,617.69

6 Revaluation Reserve Written Back 4,90,34,366.94 4,90,34,366.94

7 Excess Provision for Impaired Assets NDCC 56,70,000.00 1,67,00,000.00

TOTAL 1140,94,65,473.20 966,86,54,513.27

Directors





24


Appropriation for the year ended March 31, 2017Appropriations subject to AGM approval

(Amount in `)

ParticularsCURRENT YEAR PREVIOUS YEAR

31.03.2017 31.03.2016Statutory Reserve Fund 24,23,60,000.00 19,62,00,000.00Proposed Dividend 28,22,50,000.00 24,07,50,000.00Building Fund 5,00,00,000.00 4,50,00,000.00Dividend Equilisation Fund 6,00,000.00 6,00,000.00Investment Fluctuation Fund 15,00,00,000.00 10,00,00,000.00Members Welfare Fund 1,50,00,000.00 70,00,000.00Staff Welfare Fund 70,00,000.00 60,00,000.00Staff Mediclaim Fund 1,00,00,000.00 1,00,00,000.00Charity Fund 96,94,300.00 78,48,000.00Education fund 96,94,300.00 78,48,000.00Reserve fund for Unforeseen Losses 9,69,43,000.00 7,84,80,000.00General Reserve Fund 7,58,83,000.00 6,50,51,000.00Technology Reserve Fund 1,00,00,000.00 1,00,00,000.00Net Open Foreign Currency Position Reserve 1,00,00,000.00 1,00,00,000.00Balance transfer to Statutory Reserve Fund 458.35 765.49Total 96,94,25,058.35 78,47,77,765.49



25


Appropriation for the year ended March 31, 2017

(Amount in `)

ParticularsCURRENT YEAR PREVIOUS YEAR

31.03.2017 31.03.2016Profit Brought forward 96,94,25,058.35 78,47,77,765.49

Total 96,94,25,058.35 78,47,77,765.49

Directors





26


Schedule Liabilities as at March 31, 2017(Amount in ` )

CURRENT YEAR PREVIOUS YEAR 31.03.2017 31.03.2016

SCHEDULE 1 - CAPITAL Authorised Capital

(200,000,000 Shares of ` 25/- each) 500,00,00,000.00 500,00,00,000.00Subscribed & Paid up Capital 284,51,17,175.00 241,41,64,525.00Amount Called up: 284,51,17,175.00 241,41,64,525.00

on 11,36,30,051 Shares of ` 25/- each 284,07,51,275.00 240,94,98,625.00

(Previous year 9,63,79,945 Shares of ` 25/- each)on 43,659 Shares of ` 100/- each(Previous year 46,659 Shares of ` 100/- each) 43,65,900.00 46,65,900.00

(Amount in ` )SCHEDULE 2 -RESERVE FUND & OTHER RESERVES

i) General Reserve Fund 79,09,46,735.00 71,50,63,735.00ii) Statutory Reserve Fund 162,23,52,525.21 137,55,85,205.86iii) Members Welfare Fund 4,73,10,000.00 3,24,70,000.00iv) Staff Welfare Fund 3,55,37,284.91 2,85,37,284.91v) Dividend Equilisation Fund 55,15,000.00 49,15,000.00vi) Building Fund Reserve 68,13,68,000.00 63,13,68,000.00vii) Charity Fund 3,52,29,700.00 2,76,35,400.00viii) Investment Fluctuation Fund 65,64,64,107.86 50,64,64,107.86ix) Contingent Provision Against Standard Assets 26,12,00,000.00 24,57,00,000.00x) Bad & Doubtful Debts Reserve 50,60,17,675.43 38,10,17,675.43xi) Provision for Other Contingent Liabilities 19,74,523.39 31,30,523.39xii) Reserve Fund for Unforeseen Losses 57,04,49,200.00 47,35,06,200.00xiii) Special Reserve u/s 36(1)(viii) 2,34,00,000.00 2,34,00,000.00xiv) Contingent Provision against Investment Depreciation 33,63,22,701.00 50,22,701.00xv) Revaluation Reserve 176,99,51,367.54 181,89,85,734.48xvi) Technology Development Fund 5,50,00,000.00 4,50,00,000.00xvii) Net Open Foreign Currency Position 3,85,00,000.00 2,85,00,000.00xviii) Provision for Impaired Assets- NDCC 2,15,06,796.34 2,71,76,796.34xix) Staff Medical Fund 2,00,00,000.00 1,00,00,000.00

TOTAL 747,90,45,616.68 638,34,78,364.27

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(Amount in ` ) CURRENT YEAR PREVIOUS YEAR

31.03.2017 31.03.2016 SCHEDULE 3 - DEPOSITS & OTHER ACCOUNTS :

i) Fixed Deposits :a) Individuals & Others 5527,12,78,240.70 4950,75,50,838.50

b) Co-operative Institutions 1487,29,52,962.30 1324,34,80,640.29SUB TOTAL 7014,42,31,203.00 6275,10,31,478.79

ii) Saving Bank Deposits :a) Individuals & Others 1559,03,34,082.51 1108,62,76,502.45b) Co-operative Institutions 60,88,22,368.19 57,67,87,609.10

SUB TOTAL 1619,91,56,450.70 1166,30,64,111.55

iii) Current Deposits :a) Individuals & Others 312,31,80,635.90 271,13,41,095.28b) Co-operative Institutions 12,06,90,021.64 10,51,05,123.58

SUB TOTAL 324,38,70,657.54 281,64,46,218.86

iv) Matured Deposits 53,27,69,941.11 58,41,14,002.21SUB TOTAL 53,27,69,941.11 58,41,14,002.21

TOTAL 9012,00,28,252.35 7781,46,55,811.41

SCHEDULE 4 -BORROWINGSRefinance from National Housing Bank Finance 108,59,63,000.00 144,96,47,360.00Long Term Subordinate(Tier II) Deposits 80,63,50,000.00 0.00

TOTAL 189,23,13,000.00 144,96,47,360.00

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31.03.2017 31.03.2016 SCHEDULE 5 -OTHER LIABILITIES

i) Pay orders 21,25,89,530.78 17,78,70,828.33ii) Unclaimed Dividend 88,24,118.00 71,08,797.00iii) Miscellaneous Accounts 51,60,22,888.37 30,17,74,885.67iv) Advance Rent Received on lockers 1,74,94,419.49 1,66,00,996.74v) Advance Interest on Bill Discounted 1,90,207.00 16,31,968.57vi) Advance Commission on Bank Guarantee 53,33,173.16 51,22,951.66vii) Advance Commission Received on Foreign Bank Guarantee 97,27,463.77 2,18,347.67viii) Advance Commission Received on Letter of Credit 42,02,688.34 76,92,335.66ix) Advance Commission Received on Letter of Credit (Foreign) 4,94,905.87 2,84,656.00x) Tax Deducted at Source 47,21,624.88 52,39,486.33xi) Provision for Taxes 95,34,66,251.00 110,17,20,978.00xii) Deferred Tax 5,77,80,468.00 5,53,03,401.00xiii) Collection Account - Jai Shivrai Nagari Sahakari Bank Ltd 86,75,062.00 86,75,062.00xiv) Customer Liability for Legal Expenses 2,68,88,337.19 2,07,35,595.74xv) NFS Network Account 3,37,86,782.40 64,64,049.34xvi) Provision for Interest Capitalised on NPA 27,75,82,793.44 5,91,02,682.39xvii) Proposed Dividend 28,22,50,000.00 24,07,50,000.00xviii) Education fund 96,94,300.00 78,48,000.00

TOTAL 242,97,25,013.69 202,41,45,022.10

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Schedule Assets as at March 31, 2017(Amount in ` )

CURRENT YEAR PREVIOUS YEAR 31.03.2017 31.03.2016

SCHEDULE 6 - CASH i) Cash in hand 69,90,47,141.50 66,32,10,939.00ii) Balance with RBI

in Current A/c412,47,64,378.11 305,90,92,079.46

iii) Balance with SBI & SBI Associates in Current A/c

11,56,88,911.99 3,05,20,330.21

iv) Balance with State Co-operative Banks 31,638.95 31,638.95v) Balance with District Central Co-operative Banks 82,52,570.60 47,12,715.49

TOTAL 494,77,84,641.15 375,75,67,703.11

SCHEDULE 7 - BALANCE WITH OTHER BANKS & FOREIGN BANKS

i) Current Deposits 23,38,59,767.00 13,08,40,570.81

ii) Current Deposits with Banks Abroad 21,26,93,936.95 23,34,26,556.98

iii) Fixed Deposits 213,27,15,775.90 204,47,01,091.90

TOTAL 257,92,69,479.85 240,89,68,219.69

SCHEDULE 8 - INVESTMENTS

i) In Central & State Government Securities* 2284,75,52,732.16 1791,87,13,318.11

Face Value 2211,91,90,000.00 1783,22,90,000.00

Market Value 2298,40,81,347.31 1811,65,69,137.32

ii) Shares in Co-operative Institutions 1,48,701.00 1,48,701.00

iii) Shares in Market infrastructure Company 24,99,200.00 24,99,200.00

iv) PSU Bonds & Bonds of All India Financial Institutions 45,02,11,720.00 32,04,61,720.00

v) Collateral Borrowing Lending Obligation (CBLO) 0.00 209,84,88,763.90

vi) Investment in Reverse REPO under Liquidity 200,00,00,000.00 125,00,00,000.00

Adjustment Facility

vii) Investment in Call Money 50,00,00,000.00 0.00

TOTAL 2580,04,12,353.16 2159,03,11,703.01

* Government Securities includes securities of ` 4,14,78,26,762.49 (Face Value ` 4,19,20,00,000.00) in 2017 & ` 2,19,89,92,588.36 (Face value ` 2,22,20,00,000) in 2016 pledged with Clearing Corporation of India Ltd (CCIL) for Treasury Operations.

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31.03.2017 31.03.2016 SCHEDULE 9 - ADVANCES

i) Short Term Loans :a) Secured 5219,42,07,486.38 4515,00,21,711.31b) Unsecured 28,30,43,472.05 22,91,33,197.18

5247,72,50,958.43 4537,91,54,908.49ii) Medium Term Advances :

a) Secured 206,81,13,339.70 156,36,02,790.43b) Unsecured 9,38,03,084.98 17,82,35,791.93

216,19,16,424.68 174,18,38,582.36iii) Long Term Advances :

a) Secured 863,10,08,227.97 664,88,09,941.90b) Unsecured 142,64,701.21 14,04,676.00

864,52,72,929.18 665,02,14,617.90iv) Loans Earmarked Against NHB Refinance 109,78,59,754.62 150,42,28,667.03

TOTAL 6438,23,00,066.91 5527,54,36,775.78

SCHEDULE 10 - FIXED ASSETS :i) Land 8,63,16,326.20 8,04,06,482.20

Add: Additions during the year 33,15,983.00 59,09,844.00SUBTOTAL 8,96,32,309.20 8,63,16,326.20

ii) Furniture Fixtures & Office Equipment 92,67,02,511.26 74,65,42,633.12Add: Additions during the year 31,28,37,783.36 46,79,74,418.07Less:-Sale/Adjustment/Written off during the year 1,93,98,527.20 4,83,09,684.64Less:-Depreciation for current year 34,06,81,746.52 23,95,04,855.29

SUBTOTAL 87,94,60,020.90 92,67,02,511.26iii) Capital Expenditure on Rented Premises 13,94,23,529.90 16,36,50,425.14

Add: Additions during the year 2,45,85,028.21 5,35,15,614.00Less:-Sale/Adjustment/Written off during the year 7,38,912.16 5,55,139.64Less:-Depreciation for current year 6,65,55,908.60 7,71,87,369.60

SUBTOTAL 9,67,13,737.35 13,94,23,529.90iv) Premises Account** 385,43,41,384.17 379,41,78,892.83

Add: Additions during the year 21,11,10,000.00 16,44,05,606.00Less:-Sale/Adjustment/Written off during the year 0.00 12,49,330.00Less:-Depreciation for current year 10,59,16,702.68 10,29,93,784.66

SUBTOTAL 395,95,34,681.49 385,43,41,384.17v) Office Vehicle 1,39,32,322.36 1,31,53,929.97

Add: Additions during the year 25,41,633.00 58,08,326.00Less:-Sale/Adjustment/Written off during the year 0.00 3,85,882.75Less:-Depreciation for current year 48,49,748.13 46,44,050.86

SUBTOTAL 1,16,24,207.23 1,39,32,322.36TOTAL 503,69,64,956.17 502,07,16,073.89

** Opening balance of Premises includes Revaluation of ` 181,89,85,734.48 in 2017 & ` 186,80,20,101.42 in 2016

31



31.03.2017 31.03.2016 SCHEDULE 11 - OTHER ASSETS

i) Prepaid Expenses 2,74,46,659.86 3,76,90,424.38

ii) Stock of Stationery 92,61,524.57 84,41,387.35

iii) Stock of Stamped Documents & Lockers 11,31,756.20 13,45,582.20

iv) Deposit & Advance with LandLord 45,84,72,041.50 38,58,16,203.50

v) Sundry Receivable 5,92,42,989.00 4,58,56,764.98

vi) Clearing House Receivable 6,99,113.00 1,54,328.00

vii) Security Deposit with Companies/Authorities 14,88,94,364.44 14,61,87,152.44

viii) Forex Revaluation Provision 1,18,64,452.54 1,48,65,814.19

ix) Tax Deducted at Source 1,56,36,621.31 2,35,18,270.53

x) Advance Taxes 83,26,18,384.00 100,13,22,781.00

xi) Customer Liability for Legal Expenses 2,68,88,337.19 2,07,35,595.74

xii) Deaf Claim Receivable From RBI 54,02,481.48 33,56,733.87

TOTAL 159,75,58,725.09 168,92,91,038.18

SCHEDULE 12 - CONTINGENT LIABILITIES

i) Buyers Credit 126,03,45,328.57 15,70,15,766.09

ii) Bank Guarantee Issued 67,76,70,752.08 58,69,76,342.08

iii) Letter of Credit Issued 588,98,63,840.96 492,54,89,403.30

iv) Forward Exchange Contracts 628,77,86,161.07 622,02,57,484.57

v) Deaf Parking Account 8,85,20,642.46 6,40,57,940.48

vi) Securities Deliverable - Reverse REPO 200,00,00,000.00 125,00,00,000.00

TOTAL 1620,41,86,725.14 1320,37,96,936.52

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NOTES FORMING PART OF THE PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31st MARCH, 2017 AND BALANCE SHEET AS ON EVEN DATEI. 1) OVERVIEW

The Punjab & Maharashtra Co-op Bank Ltd was incorporated in 1984 and has completed its 33 years of providing wide range of Banking and Financial Services including commercial Banking, Treasury & Forex Operations.

2) BASIS OF PREPARATIONThe 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 of India.

3) USE OF ESTIMATESThe 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 in 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 recognized prospectively.

II. SIGNIFICANT ACCOUNTING POLICIES:1) ACCOUNTING CONVENTION:

Except otherwise stated, the financial statements are drawn up keeping in mind the historical cost and going concern concept and in accordance with generally accepted accounting principles and practices prevailing in the Co-operative Banks in India.

2) REVENUE RECOGNITION: (AS-9)Income and expenditure are accounted for on accrual basis except as stated below:

i) Income from non-performing assets is recognized to the extent realized, as per the directives issued by Reserve Bank of India.

ii) Dividend received from shares of co-operative institutions is accounted on receipt basis.

iii) As per the guidelines issued by Reserve Bank of India, interest on Securities, which is due and not received for a period of more than 90 days is recognized on realization basis.

iv) As per Bank Policy in case of standard and sub-standard assets credit received are first appropriated towards interest and thereafter towards principal. In case of doubtful and loss

33


accounts, it is the policy of the Bank to appropriate credit towards the principal first and thereafter, towards interest.

v) The dividends received and income received from Investment in mutual funds is accounted on receipt basis.

3) LOANS AND ADVANCES:The classification of advances into Standard, Sub-standard, Doubtful & Loss assets as well as provision on non-performing advances have been arrived at in accordance with the guideline issued by the Reserve Bank of India from time to time.

The overdue interest in respect of advances classified as Non-Performing Assets is provided separately under “Overdue Interest Reserve” as per the directives issued by the RBI.

The Bank has been lending under Collateralized Lending and Borrowing Obligations (CBLO) facility. Any lending under this facility repayable beyond 15 days is classified under Advances (Short Term) Secured against Government and Other Approved Securities. Other lending repayable within 15 days are classified under “Money at Call and Short Notice.”

4) INVESTMENTS: i) The Bank has categorized the investments in accordance with the RBI guidelines applicable

to Urban Co-operative Banks. Accordingly, classification of investments for the purpose of valuation is done under the following categories:

a) Held to Maturity

b) Available for Sale

c) Held for Trading

ii) Investments have been classified for the purpose of disclosure in the Balance Sheet under five groups as required under RBI guidelines –

a) Government securities,

b) Other approved Securities,

c) Shares in co-op. Institutions,

d) PSU Bonds & Bonds of All India Financial Institutions

e) Others

iii) Investments under “Held to Maturity” category have been valued at acquisition cost. Premium, if any, on such investments is amortized over the residual life of the particular investment.

iv) Investments under “Held for Trading” & “Available for Sale” category have been marked to market on the basis of guidelines issued by the RBI. While net depreciation, if any, under each classification has been provided for, net appreciation, if any, has been ignored.

34


v) The profit on sale of “Held to Maturity” category security is appropriated to Investment Fluctuation Reserve.

vi) Treasury Bills under all the classifications have been valued at carrying cost.

vii) Market value in case of State Government and other Securities, for which quotes are not available is determined on the basis of the “Yield to Maturity” indicated by Primary Dealers Association of India (PDAI) jointly with Fixed Income and Money Market Derivatives Association of India (FIMMDA).

viii) Market values of mutual funds are determined on the basis of Net Asset Value (NAV) declared by Association of Mutual Fund in India (AMFI).

5) FOREIGN EXCHANGE TRANSACTIONS:

All foreign exchange transactions are accounted for at the ongoing market rates prevailing on the date & time of transactions. Monetary foreign currency assets and liabilities reflected in the Balance Sheet on the date are at the rates notified by Foreign Exchange Dealers Association of India (FEDAI). All profits/losses due to revaluations are recognized in the profit & loss account.

The Outstanding spot and forward contracts are revalued at year end exchange rates notified by FEDAI. The resulting profits/losses are included in profit & loss account as per FEDAI/RBI guidelines.

The Contingent liabilities on account of foreign exchange contracts, guarantees, acceptances, endorsements and other obligations denominated in foreign currency are disclosed at closing rates of exchange declared by FEDAI.

6) FIXED ASSETS AND DEPRECIATION: (AS-10)

i) Fixed Assets are stated at historical cost less accumulated depreciation in accordance with AS-6 and AS-10 issued by Institute of Chartered Accountants of India (ICAI). Fixed Assets include incidental expenses incurred on acquisition and installation of the assets.

ii) Revalued assets are stated at revalued amount less depreciation accumulated thereon and surplus arising out of revaluation is reflected under Revaluation Reserve in Balance sheet.

iii) Depreciation on fixed assets purchased during the year is provided on pro-rata basis.

iv) Assets costing less than ` 5000/- are not capitalized but charged to the Profit & Loss Account in the year of purchase.

35


v) Depreciation is calculated as per methods and rates mentioned below:

Particulars Rate ModeWooden Furniture and Fixture 20.00% WDVSteel Furniture & Fixture 10.00% WDVOffice Equipments 20.00% SLMComputer Hardware & Software 33.33% SLMCapital Expenditure on Rented Premises & Electrical Fittings

25.00% SLM

Other Assets 10.00% WDVOffice Vehicles 20.00% SLMOwnership Premises 2.50% SLM

7) EMPLOYEE BENEFITS: (AS – 15) i) The liability towards gratuity is calculated and paid every year to L.I.C. of India as Employees

Group Gratuity Scheme assessed on actuarial valuation.

ii) Bank’s Contribution towards provident fund is paid every month to Commissioner of Provident Fund on the basis of Employees Provident Fund Scheme, 1952 and Employees Pension Fund Scheme, 1995.

iii) The liability towards leave encashment is calculated and paid every year to L.I.C. of India as Group leave encashment scheme assessed on actuarial valuation

8) SEGMENT REPORTING: (AS – 17) In accordance with the guidelines issued by RBI, Segment Reporting is made as under:

i) 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/ amortization of premium on Held to Maturity category investments.

ii) Other Banking Operations include all other operations not covered under Treasury operations.

9) TAXES ON INCOME: (AS – 22) i) Provision for current year tax is made on the basis of estimated taxable income for the year.

ii) Tax expense comprises both deferred and current taxes. Deferred Income Tax reflects the impact of current year timing differences between taxable income and accounting income for the year and reversal of timing differences of earlier years.

iii) Deferred Tax is based on tax rates and the tax laws effective at the Balance Sheet date.

36


iv) Deferred Tax Assets are recognized only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such Deferred Tax Assets can be realized.

10) RESERVE FUND AND OTHER RESERVES:As per the requirement of Multi-State Co-op. Soc. Act, 2002, the Statutory Reserve Fund has been bifurcated into three Categories viz.

i. Regular Statutory Reserve (comprising 25% of Net Profit).

ii. Contingency Reserve Fund (comprising 10% of Net Profit).

iii. Co-operative Education Fund maintained by National Co-operative Union of India (comprising 1% of Net Profit).

As per R.B.I. Circular No.UBD(PCB)./BPD/Cir.43 09.72.00 2004-05 dated April 11,2005 our bank appropriates 1% of the Net Profit to Charity Fund.

11) INTERNAL CONTROLS:During the last few years the bank has experienced a sudden multifold growth in terms of branches, deposits and advances, employees etc.

The bank has initiated action for strengthening the internal control mechanisms by introducing Internal, Concurrent, KYC, Revenue, IS, Fixed Assets Audit processes.

12) IMPAIRMENT OF ASSETS: (AS - 28)The Bank regularly assesses whether there is any indication that an Asset may be impaired. Impairment loss, if any is provided for in the Profit and loss account to the extent the carrying amount of Assets exceeds their estimated recoverable amount.

13) Provisions, Contingent Liabilities & Contingent Assets: (AS - 29)A provision is recognized 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 disclosure of Contingent Liability is made when there is:

i) A possible obligation arising from a past event, the existence of which will be confirmed by occurrence or nonoccurrence of one or more uncertain future events not within the control of the Bank; or

ii) A present obligation arising from a past event which is not recognized 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.

37


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 recognized in the financial statements. However, they are assessed continually.

III. NOTES FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 20171) PRIOR PERIOD ITEMS: i) In respect of A.Y. 2012-13 the Deputy Commissioner of Income Tax 1(3) (2) Mumbai has vide

its order dated 04th August 2016, given its decision in favour of Bank by granting relief of the disallowances to the Bank while assessing the income of the said year and given us refund ` 125.79 lakhs. The same is accounted during the year.

ii) The Bank was following up with the MCGM for refund of ` 2,22,99,723.00 against the excess property tax paid in the financial year ended 31.03.2014 which is shown as Sundry Receivables. The refund for the same was has been received by the bank received on 15/04/2017 from the MCGM.

2) FIXED ASSET AND DEPRECIATION: (AS 6 and AS 10)The Bank has accounted and made disclosure of fixed assets and depreciation in accordance with AS-6 and AS-10 issued by ICAI.

i) During the F.Y. 2016-17 Bank has bifurcated Furniture & Fixture into 2 groups namely Wooden Furniture & Fixture and Steel Furniture & Fixture. The Bank had a policy to charge depreciation @10% on Written Down Value for all types of furniture. W.e.f. 01st April, 2016 the depreciation charged on Wooden Furniture & Fixture is 20% Written Down Value and for Steel Furniture & Fixture is 10% Written Down Value.

ii) During the F.Y. 2016-17 Bank has changed its rate & method of charging depreciation on Office Equipment from 15% Written Down Value to 20% on Straight Line Method w.e.f. 01st April, 2016.

3) LONG TERM SUBORDINATED (TIER-II) DEPOSITS:In accordance with the approval granted by the Deputy Director to Central Registrar of Co-operative Societies vide its letter no. R-11017/28/2013-L&M dated October 28,2016, and Board Approval dated January 25, 2017, during the year 2016-2017, the Bank has raised ` 80.63 crores by way of Long Term Subordinated (Tier-II) Deposits.

The said amount after applying relevant discounting factors is included in the Tier-II capital of the Bank for Capital Adequacy purposes as per RBI guidelines.

4) EMPLOYEE BENEFITS: (AS 15)Salaries and Allowances include an amount of ̀ 548.08 Lakhs (Previous year ̀ 493.67 Lakhs) contributed by the Bank on account of contribution towards Provident Fund. Actuarial assessment of Gratuity Fund is as follows:

38


(` in lakhs)

Sr. No

Particulars Gratuity (Funded) 31.03.2017

1. Discount rate 8%2. Salary escalation rate 5%3. Reconciliation of opening and closing balance of the present value of the

defined benefit obligation:i) *Present value of obligation as at 01-04-2016 1447.56

ii) Interest cost 115.80iii) Current service cost 87.57iv) Benefits paid (32.89)v) Actuarial (gains)/loss on obligations (2.65)

vi) Present value of obligation as at 31-03-2017 1615.394. Reconciliation of opening and closing balance of fair value of fair plan

assets:i) Fair value of plan assets as at 01-04-2016 1208.48

ii) Expected return on plan assets 98.07iii) Contributions 341.49iv) Benefits paid (32.89)v) Actuarial gain/(loss) on plan assets NIL

vi) Fair value of plan assets as at 31-03-2017 1615.155. Amount recognized in Balance Sheet

i) Present value of obligations as at 31-03-2017 1615.39ii) Fair value of Plan Assets as at 31-03-2017 1615.15

iii) Assets/(liability) as at 31-03-2017 (0.24)6. Expenses recognized in Profit and Loss Account

i) Current service cost 87.57ii) Interest cost 115.80

iii) Return on planned Assets (98.07)iv) Net actuarial (gain)/loss (2.65)

7. Expenses recognized in Profit & Loss Account 102.65

*Previous Year figures have been recast wherever necessary to confirm to the presentation of the accounts of the current year.

Salary revision of all employees of the Bank due w.e.f. 01st April, 2014, has been under active consideration. An increase of 10% per annum of the existing salary and allowances aggregates ` 20.00 Crores and has been kept as provision for the period from 01st April, 2014 to 31st March, 2017.

39


During the financial year 2016-17, Bonus and Exgratia ` 7.31 Crores payable to employees have been provided in the books before arriving to Profit.

5) SEGMENT REPORTING: (AS 17)The Disclosure under Accounting Standard 17 issued by ICAI on Segment Reporting is as follows:

(` in lakhs)

Particulars Treasury Other banking operations

Total 31/03/2017

Revenue 24698.13 89396.52 114094.65Result 4285.24 10763.50 15048.74Profit before Tax 15048.74Income Tax 5354.49Net Profit After Tax 9694.25OTHER INFORMATIONSegment Assets 336157.80 708199.55 1044357.35Unallocated Assets 5661.05Total Assets 1050018.40Segment Liabilities 18923.13 924933.12 943856.25Unallocated Liabilities 106162.15Total Liabilities 1050018.40

(i) The Bank is organized into two main business segments, namely:

• Treasury primarily comprising of Dealing Room operations, trading/investments in Bonds and Government securities and Foreign exchange.

• Other Banking Operations primarily comprising of Loans and Advances to Corporate, and retails loans & advances to customers.

(ii) The above segments are based on the currently identified segments, taking into account the nature of services provided, the risks and returns, overall organization structure of the Bank and the internal financial reporting system.

(iii) Segment revenue, results, assets and liabilities include the respective amounts identifiable to each of the segments and amounts apportioned/allocated on a reasonable basis.

6) RELATED PARTIES AND DISCLOSURE: (AS 18)The Bank is a Co-operative Society under the Multi-State Co-operative Societies Act, 2002 and there are no related parties requiring a disclosure under Accounting Standard 18 (AS-18) issued by The Institute of Chartered Accountants of India, other than one Key Management Personnel, viz. Mr. K. Joy Thomas, Chief Executive Officer of the Bank. However, in terms of RBI circular dated March 29, 2003, he being single party coming under the category, no further details thereon need to be disclosed.

40


7) LEASE RENTS: (AS 19)The bank has operating leases and the disclosures under AS 19 on ‘Leases’ issued by ICAI are as follows:

i) Lease rent (inclusive of municipal taxes and compensation) payments of ` 2528.71 lakhs have been recognized in the statement of profit and loss for the year ended 31st March, 2017.

ii) The lease agreements entered into pertain to use of premises at the branch. The lease agreements do not have any undue restrictive or onerous clauses other than those normally prevalent in similar agreement regarding use of assets, lease escalations, renewals and a restriction on sub-leases.

iii) Operating Lease comprises leasing of office premises-

(` in lakhs)

Particulars 31.03.2017 31.03.2016Future lease rental payable as at the end of the year :

12643.96 12748.51

-Not later than one year 2135.25 2113.85-Later than one year and not later than five years 6428.93 6399.30-Later than five years 4079.78 4235.37Total of minimum lease payments recognized in the Profit & Loss account for the year

2282.07 1988.01

Total of future minimum sub-lease payment expected to be received under non-cancellable sub-lease

N.A. N.A.

Sub-lease payments recognized in the Profit and Loss account for the year

N.A. N.A.

8) RESTRUCTURED/ RESCHEDULED ACCOUNTS:For the Financial Year 2016-2017 the bank has not carried out any restructuring / rescheduling of any advance account.

9) ACCOUNTING FOR TAXES ON INCOME: (AS 22) i) The major components of Deferred Tax Assets/Liabilities (net) arising on account of timing

differences between book profit and taxable profits as at 31st March, 2017 are as follows:

(` in lakhs)

Particulars 31/03/2016 Addition during the year

Amount as on 31/03/2017

DTA on account ofa) Provision for Advances 886.54 0.00 886.54b) Difference in Depreciation (1367.27) (24.77)) (1392.04)c) Special Reserve U/s36 (1) (viii) (72.30) 0.00 (72.30)Net Deferred Tax Asset / Liability (553.03) (24.77) (577.80)

41


ii) The bank has made the provision of Taxes amounting to ` 5302.23 lakhs, for the Financial year 2016-17. The breakup of Income Tax expenses appearing in the Profit and Loss account is as under:

(` in lakhs)

Particulars 31.03.2017 31.03.2016Current year Income Tax 5302.23 4040.01Add: Tax Paid for earlier years 192.42 99.84Add: Deferred Tax 24.77 415.38Less: Refund received from Income tax 164.93 7.82Total 5354.49 4547.41

10) DETAILS OF EXPENDITURE ON COMPUTER SOFTWARE (AS 26): Software Expenses are considered as Intangible assets in accordance with Accounting Standard - 26

issued for Intangible Assets by ICAI. The same is included under the head Furniture & Fixture. The details are as under:

(` in lakhs)

Particulars Amount

Opening balance as on 01.04.2016 1806.46Additions during the year 573.43Less: Amortization/Depreciation 955.61Closing balance as on 31.03.2017 1424.28

11) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS (AS29): Contingent Liabilities on account of Buyers Credit, Bank Guarantees, Letters of Credit, Forward Contracts

and DEAF & REPO (LAF) are as follows.

(` in lakhs)

Particulars 31.03.2017 31.03.2016Buyers Credit 12603.45 1570.16Bank Guarantees 6776.71 5869.76Letter of Credit 58898.64 49254.89Forward exchange contracts 62877.86 62202.57DEAF 885.21 640.58Securities Deliverable - Reverse REPO 20000.00 12500.00

42


12) PREMIUM PAID TO DICGC:The DICGC premium includes the amount of ` 1.26 lakhs towards merger premium settlement of Jaishivrai Nagari Sahakari Bank Ltd. (JSNBL) & Chetana Sahakara Bank Niyamitha, Sirsi (CSBN) on assessable deposit at the time of merger alongwith the interest amount.

13) CASH RECYCLER SUBSIDY:The Reserve Bank of India has vide its circular No. DCM (CC) No. G- 10/3352/03.41.01/2015-16 dated May 05,2016 formulated a new scheme “Currency Distribution & Exchange Scheme (CDES)”. In terms of above Scheme banks are eligible to claim subsidy for installation of Cash Recycler machines at their Branches. During the Financial Year 2016-17 our bank has applied and availed subsidy total amounting to ` 50,74,375.00 and accordingly reduced the Capital Value of assets for the amount of subsidy received.

14) DEPOSITOR EDUCATION & AWARENESS FUND SCHEME, 2014:The Bank has transferred credit balances amounting to ` 939.23 Lakhs to the Depositor Education & Awareness Fund Scheme (DEAF) 2014 maintained with the Bank which have not been in operations for 10 years or move to Reserve Bank of India. The required disclosure as per the said circular is as under: -

(` In lakhs)Particulars (2016-2017) (2015-2016)

Opening balance of amounts transferred to DEAF 674.93 403.16Add: Amount transferred to DEAF during the year 264.30 271.77Less:- Amount reimbursed by DEAF towards claims 0.00 0.00Closing balance of amounts transferred to DEAF 939.23 674.93

The Bank has paid ̀ 54.02 lakhs to customers towards the said deposits which have remained unclaimed for 10 years or move and also claimed refund of the said amount from Reserve Bank of India in terms of the said scheme.

15) INVESTMENTS:During the financial year 2016-17 the Bank has not done any inter- category shifting of securities between Available for Sale (AFS) & Held to Maturity (HTM). Further, Bank has provided depreciation of ` 460.80 lakhs towards shifting of securities from Held for Trading (HFT) to Available for Sale (AFS) category. There is no sale of any security under “Held to Maturity” category during the year.

43


16) MARKET RISK IN TRADING BOOK:The bank has determined the market risk i.e. the risk of losses in on balance sheet and off balance sheet positions arising out of movement in market prices in respect of securities included under the Held for Trading category. Available for Sale category and Open foreign exchange position limits. The market risk positions subject to Capital Charge is as under:

Quantitative Disclosures:

(` In lakhs)

ParticularsAmount of Capital Required

(2016-2017) (2015-2016)The capital requirements forInterest rate risk 5569.22 2997.32Equity Position risk - -Foreign Exchange risk 81.62 77.73

17) Statement of Securities sold/purchased under REPO transactions during the year 2016-2017

(` In lakhs)

ParticularsMinimum

Outstanding during the year

Maximum Outstanding

during the year

Daily Average Outstanding

during the year

As on 31.03.2017

Securities sold under REPOi) Govt. Securities 1449.19 36997.74 665.88 NILii) Corporate Debt Securities

NIL NIL NIL NIL

Securities purchased under Reverse REPOi) Govt. Securities 500.00 35997.25 6845.12 20000.00ii) Corporate Debt Securities

NIL NIL NIL NIL

Reverse Repo transactions includes transactions undertaken under Liquidity Adjustment Facility (LAF) with RBI.

18) APPROPRIATION OF PROFIT:

Bank has subject to the approval of the General Body proposed to appropriate the net profit of ` 9694.25 lakhs to Reserves below the line effecting Balance Sheet as on 31.03.2017. Accordingly, Bank has recast its Reserves as on March’2016 to confirm to the presentation of the accounts of the current year.

44


IV) DISCLOSURE AS PER RBI GUIDELINES(` In lakhs)

Sr. No. Particular 31.03.2017 31.03.20161 Capital to Risk Asset Ratio(CRAR) 12.32% 12.20%2 Movement of CRAR

a) Total Capital Funds 90,476.26 73,087.46b) Risk Weighted Assets 734,269.20 598,979.21

3 Investments a) Face Value 225,840.49 181,671.49b) Book Value 233,004.12 182,418.23c) Market Value 234,684.62 184,597.06

4 Advances against Real Estate, Construction Business, Housing

68,914.71 55,463.45

5 Advances against Shares & debenture NIL NIL6 Advances of ` 6,43,823.00 Lakhs (Previous year ` 5,52,754.37 Lakhs) shown in the Balance

Sheet Includes : Advances to Directors, their relatives, Companies / Firms in which they are interested :a) Fund Based 13.53 3.11b) Non Fund Based 5.37 5.37

7 Cost of Deposits:Average Cost of Deposits 7.65% 8.28%

8 NPAsGross NPAs 11,185.58 7,652.33Net NPAs 6,125.40 3,842.15

9 Movement in NPAOpening Balance 7,652.33 5,257.28Add : Additions during the year 5,062.16 4,541.61Less : Closed/ Recovered /Written off 1,528.91 2,146.56Closing Balance 11,185.58 7,652.33

10 Profitability

a) Interest income as a percentage of working funds 10.10% 10.41%b) Non Interest income as a percentage of working

funds0.95% 0.52%

c) Operating profit as a percentage of working funds 1.96% 1.59%d) Return on Assets

(Net Profit(Before Tax) / Average of working funds)

1.53% 1.50%

45


(` In lakhs)Sr. No. Particular 31.03.2017 31.03.2016

e) Return on Assets (Net Profit(After Tax) / Average of working funds)

0.99% 0.95%

f) Business (Deposits+Advances) per employee 919.66 852.60g) Profit per employee (Before Tax) 8.96 7.94h) Profit per employee (After Tax) 5.77 5.03

11 Provisions made towardsa) NPAs 5,060.18 3,810.18b) Overdue Interest taken into Income 2,775.83 591.03c) Depreciation on Investments 3,363.23 50.23d) Standard Assets 2,612.00 2,457.00

12 Movements in Provision for Advancesa) Towards NPAsOpening Balance 3,810.18 3,060.18Add: Additions during the year - -Fresh Provisions 2,296.68 1,235.06Less : Closed / Recovered /Written Off 1,197.50 1,458.72Provision Required to be made 4,909.36 2,836.52Bad & Doubtful Debts Provision actually made 5,060.18 3,810.18b) Towards Standard AssetsOpening Balance 2,457.00 2,002.00Add: Additions during the year 155.00 455.00Additional provisions from last years profitClosing Balance 2,612.00 2,457.00c) Towards Overdue Interest taken into incomeOpening Balance 591.03 437.11Add: Additions during the year 2,197.95 247.62Less : Reduction during the year 13.15 93.70Closing Balance 2,775.83 591.03

13 Movements in Provision for Investmenta) Towards Depreciation on InvestmentsOpening Balance 50.23 61.23Add: Additions during the year 3,313.00 -Less : Reduction during the year - 11.00Closing Balance 3,363.23 50.23b) Towards Provision for Impaired AssetsOpening Balance 271.76 438.76

46


(` In lakhs)Sr. No. Particular 31.03.2017 31.03.2016

Add: Additions during the year - -Less : Reduction during the year 56.70 167.00Closing Balance 215.06 271.76c) Towards Investments Fluctuation ReserveOpening Balance 4,064.64 3,564.64Add: Additions during the year 2,500.00 500.00Less : Reduction during the year - -Closing Balance 6,564.64 4,064.64

14 Foreign Currencya) Assets 305.46 2,334.27b)Liabilities 305.46 411.09

15 Payment of insurance premium to the DICGC, including arrears, if any.

875.25 757.07

16 Composition of Non SLR Investments. (31st March, 2017) (` In Lakhs)Issuer Amount Extent

of below Investment

grade Securities

Extent of 'unrated’ Securities

Extent of 'unlisted' Securities

a) PSUs 2,606.50 NIL NIL NILb) Fls - NIL NIL NILc) Public & Private Banks 500.00 NIL NIL NILd) Others 1422.09 NIL 26.48 26.48e) Provision held towards depreciation

- NIL NIL NIL

TOTAL 4528.59 NIL 26.48 26.4817 Non Performing Non SLR Investments. (31st March, 2017)

Opening Balance 0.36Add: Additions during the year -Less : Reduction during the year -Closing Balance 0.36

47


18 Interest Rate Future

The bank has not undertaken any Interest Rate Future transaction during the Financial Year 2016- 17.

19 Previous years figures have been regrouped / re arranged/re classified/recast wherever necessary to confirm to the presentation of the accounts of the current year.



Directors





48


Cash Flow Statement for the year ended 31st March, 2017

(` in lakhs)31.03.2017 31.03.2016

Amount Amount Amount AmountA) CASH FLOW FROM OPERATING ACTIVITIES

Net Profit after Tax (before Appropriation) 9,694.25 7,847.78Add:Depreciation and Amortisation on Fixed Assets 5,180.04 4,243.30Fixed Assets Written Off/Adjustments 0.40 62.59Ammortisation of Premium on Investments 230.56 237.68Provision for Tax 1,208.48 1,003.98Provision for Bad & Doubtful Debts 1,250.00 750.00Contingent Provision against Standard Assets 155.00 455.00Deferred Tax 24.77 415.38Expenditure Provisions & Contingencies 3,773.80 372.60TOTAL 11,823.05 7,540.53Less:Profit on Sale of Assets 2.81 13.00Profit on Sale of Securities 6,014.01 1,302.51Expenditure Provision & Contingencies Written Back

547.04 657.34

TOTAL 6,563.86 1,972.85Adjustments forIncrease / (Decrease) in Deposits and Other Accounts

123,053.72 91,114.62

Increase / (Decrease) in Other Liabilities 1,152.02 (7,231.45)Increase / (Decrease) in Advances (88,884.19) (64,691.39)Increase / (Decrease) in Other Assets (1,816.69) 2,095.92Increase / (Decrease) in Investments (36,736.58) (35,969.40)Cash Generated from Operations (3,231.72) (14,681.70)Cash Generated from Operating Activities 11,721.72 (1,266.24)B) CASH FLOW FROM INVESTING ACTIVITIESPurchase of Fixed Assets (5,342.53) (6,477.44)Cash Generated from Investing Activities (5,342.53) (6,477.44)C) CASH FLOW FROM FINANCING ACTIVITIESShare Capital Issued (Net) 4,309.53 5,415.69 -Dividend Paid (2,390.35) (1,936.38)Increase / (Decrease) in Borrowings 4,426.66 6,154.37Cash Generated from Financing Activities 6,345.84 9,633.68

49


(` in lakhs)31.03.2017 31.03.2016

Amount Amount Amount AmountD) NET INCREASE IN CASH & CASH EQUIVALENTS (A+B+C)

12,725.03 1,890.00

E) CASH & CASH EQUIVALENTS

Cash & Cash Equivalents at the Beginning of the Year

41,218.35 39,328.35

Cash & Cash Equivalents at the End of the Year (D + E)

53,943.38 41,218.35

BREAK-UP OF CASH & CASH EQUIVALENTS

Cash in Hand 6,990.47 6,632.11

Balances With Banks :In Current Accounts 46,952.91 34,586.24

Total 53,943.38 41,218.35



Directors





50


PMCB NETWORKREGISTERED OFFICE: 240, Shankar Sadan, Sion (E), Mumbai - 400 022 CENTRAL OFFICE: Office no. 4 & 5, 3rd Floor, Dreams Mall, L.B.S Marg,

Bhandup, Mumbai - 400078BRANCHES IN MAHARASHTRA STATE (MUMBAI, THANE, RAIGAD,

PUNE, NASHIK, AURANGABAD AND NANDED DISTRICTS)

BRANCH BUSINESS HOURS ADDRESS CONTACT NUMBERS & EMAIL ADDRESS

Sion Branch (Main Branch)

Mon. to Fri. Sat. 2nd + 4th

Working Sat. Sun.

8.00 a.m. to 7.00 p.m. Holiday Banking (10.30 a.m to 12.30 p.m)9.00 a.m. to 3.00 p.m. 10.00 a.m. to 2.00 p.m.

240, Shankar Sadan, Opp. Matalachmi Hospital, Sion(E), Mumbai - 400 022.

022-24014190 /24066975 Fax:022-24017828 [email protected]

Vikhroli (E) Branch

Mon. to Fri.Sat. 2nd + 4th

Working Sat. Sun.

8.00 a.m. to 7.00 p.m. Holiday Banking (10.30 a.m to 12.30 p.m) 9.00 a.m. to 3.00 p.m. 10.00 a.m. to 2.00 p.m.

Shop No. 1 to 4, Prathamesh Vaibhav, Ram Hazare Marg, Tagore Nagar, Vikhroli (E), Mumbai – 400 083.

022-25746984 Fax: [email protected]

Andheri (E) Branch

Mon. to Fri. Sat. 2nd + 4th

Working Sat. Sun.

8.00 a.m. to 7.00 p.m.Holiday Banking(10.30 a.m to 12.30 p.m)9.00 a.m. to 3.00 p.m. 10.00 a.m. to 2.00 p.m.

Majas Evergreen Hsg Society, Dheeraj Vaibav, Poonam nagar P.M.G.P colony, Andheri (E), Mumbai - 400 093.

022-29261600/ 601 - 609Fax : [email protected]

Mulund (W) Branch


Working Sat.Sun.


35-5, Corner Court, Opp. Lok Angan, Guru Govind Singh Marg, Mulund Colony, Mulund (W), Mumbai - 400 082.

022-21681300 (30 Lines) Fax: 022-25931931 [email protected]

Ghatkopar(E) Branch


Working Sat.Sun.

9.00 a.m. to 7.00 p.m.Holiday Banking(10.30a.m to 12.30 p.m)9.00 a.m. to 3.00 p.m. 10.00 a.m. to 2.00 p.m.

Guru Nanak English High School, Ramabai Colony, Eastern Exp Highway Ghatkopar (E), Mumbai -400 075.

022-25253996 / 97/ 25253649Fax: [email protected]

Bhandup (W) Branch


Working Sat.Sun.


Shop No. L33 to L37, Lower Ground Floor, Dreams Mall, Bhandup West, Mumbai, City : Mumbai – 400078.

022-66892000 / 66892001 - 15Fax: [email protected]

51



Versova Branch Mon. to Fri.Sat. 2nd + 4th

Working Sat.Sun.


Sai Kanwal Complex, C-Wing, Indira Nagar, Opp. D.N. Nagar Metro Station, Versova, Andheri (W), Mumbai – 400 058.

022-26377400/26373841/ 26370381/ Fax: [email protected]

Kandivili (E) Branch


Working Sat.Sun.


Near Mahindra & Mahindra Yellow gate, Hanuman Nagar, Akurli Road, Kandivili (E), Mumbai-400 101

022-29651720 / 29656705/ Fax: [email protected]

Carnac Bunder Branch


Working Sat.Sun.

10.00 a.m. to 6.00 p.m.Holiday Banking (10.30 a.m to 12.30 p.m)10.00 a.m. to 4.00 p.m. Closed

69, Uttam House, P.D. Mello Road, Carnac Bunder, Mumbai – 400 009

022-23483905 / 06 / 07/ Fax: [email protected]

Oshiwara Branch


Working Sat.Sun.


27 & 28, Mhada Shopping Complex Scheme, Adarsh Nagar, Oshiwara Link Road, Andheri (W), Mumbai – 400 102.

022-26393925/26302426/2429 and 26376800 Fax: 022-26302429 [email protected]

Fort Branch Mon. to Fri.Sat. 2nd + 4th

Working Sat.Sun.

10.00 a.m. to 6.00 p.m.Holiday Banking (10.30 a.m to 12.30 p.m)10.00 a.m. to 4.00 p.m. Closed

Ground Floor, Gurudwara Bldg, 264, Shaheed Bhagat Singh Marg, Fort, Mumbai - 400 001.

022-66202401/ 2 – 8/ Fax: [email protected]

Bandra Branch Mon. to Fri.Sat. 2nd + 4th

Working Sat.Sun.


Dheeraj Corner, 84/ Pali Junction, Bandra (W), Mumbai - 400 050.

022-26551383 / 26551382 / Fax: 022-26551385 [email protected]

Chembur Branch


Working Sat.Sun.


Office no.1, Ground Floor, Stellar Tower, Opp. K STAR Mall, Sion-Trombay Raod, Chembur (E), Mumbai - 400 071.

022-25209216 / 25202341/25201340 Fax: [email protected]

52



Vasai Road (W) Branch


Working Sat.Sun.


Link Road, Opp Aggarwal township, Next to Vasant Nagari Nalasopara(E), Thane : 401209.

0250- 6457860 [email protected]

Virar Branch Mon. to Fri.Sat. 2nd + 4th

Working Sat.Sun.


Shop No. 6/7/8 and 9, Madhu Maitray Apts, Sr No. 152,manvel pada road , Village – Virar (E)-401303.

0250-6457868 to 6457875 [email protected]

Nallasopara Branch


Working Sat.Sun.


Shop No. 1 to 4, New Neil Aangan Chs Ltd. , Central Park, Nallasopara (E) Thane- 401 209.

0250-2442400/2442401/ 2439052 Fax: 0250- [email protected]

Kurla Branch Mon. to Fri.Sat. 2nd + 4th

Working Sat.Sun.


Premier Exotica, Shop No. 40, Bldg No. 3, Ground Floor, 3/A- Wing, HDIL Complex, Opp Don Bosco School, Kurla (W) Mumbai 400070.

022-65738011 / 65738004 /65738024 /[email protected]

Palghar Branch Mon. to Fri.Sat. 2nd + 4th

Working Sat.Sun.

10.00 a.m. to 5.00 p.m.Holiday Banking (10.30 a.m to 12.30 p.m)10.00 a.m. to 4.00 p.m. 10.00 a.m. to 2.00 p.m

Shop No. 1 to 7, Dhanani building, Near Panch Batti circle, Kacheri Road, Palghar (W)- 401 404.

02525-254633/254634/[email protected]

Dadar Branch Mon. to Fri.Sat. 2nd + 4th

Working Sat.Sun.


First Floor, Dadar Gurudwara Bld, Opp. Chitra Cinema, Dr. Ambedkar Road, Dadar (E) - 400014.

022-24108075 / 24108765 / [email protected]

Santacruz –Daulat Nagar Branch


Working Sat.Sun.


Shop no. 53& 54, Ground Floor, Dheeraj Heritage, S.V. Road & Daulat Nagar Junction, Santacruz (West), Mumbai – 400 054.

022-26606730 / 50 Fax: [email protected]

Santacruz –North Avenue Branch


Working Sat.Sun.


Ground Floor, Guru Harkishan High School, North Avenue Road, Santacruz (West), Mumbai – 400 054.

022-26489385 / 87 / 86 [email protected]

53



Saki Vihar Branch


Working Sat.Sun.


Sun Srishti “A” CHS Ltd., Shop 1, Ground , Saki Vihar Road, Powai – 400 072.

022 28571473/ 022 28571474/ 022 [email protected]

Koldongri Branch


Working Sat.Sun.


Next to Meghdut Apartment, Shahaji Raje Road, Village Vile Parle,Koldongri, Vile Parle East Mumbai 400057

022-26833471/[email protected]

Dahisar Branch Mon. to Fri.Sat. 2nd + 4th

Working Sat.Sun.


Shree Bhaskar Apartment, Near Fish Market, L.T. Road, Dahisar (W), Mumbai – 400 068

022-28956143/ 9827/ [email protected]

Kanjurmarg Branch


Working Sat.Sun.


1,2,3, Shri Cutchhi Brahmakshatriya Panchayat Trust, Kanjur Village Road, Near Railway Station,Kanjurmarg (East), Mumbai – 400 042.

022-25782085/25796556 fax:[email protected]

Virar – Naringi Mon. to Fri.Sat. 2nd + 4th

Working Sat.Sun.


Gr. Floor, Makwana Commerical Complex, Veer Savarkar Marg, Narangi Phata, Village – Naringi, Virar(E), Taluka – Vasai, Dist – Palghar - 401 305

9223653500/ [email protected]

Andheri, J.B. Nagar


Working Sat.Sun.


Unit No. G1 & G2, A Wing Silver Astra, CTS No. 468 (C), J.B. Nagar, Andheri (East), Mumbai - 400059

022-28255223 / 28255224Fax: [email protected]

Kashimira Branch


Working Sat.Sun.


Manshi Classic, Zari Mari Road, Kashi Village, Mira Road, Thane District.401107.

022-29451936/29451937 /29451938 [email protected]

54



Goregaon west Branch


Working Sat.Sun.


Shop No. 66, Ground Floor & 1st Floor, Harmony , Link Road, Goregaon West, Mumbai – 400104.

022-28748095/96/[email protected]

Goregaon East Branch (Dindoshi)


Working Sat.Sun.


6/B1, Supriya House, Gagan Shopping Complex, Gokuldham Road, Near Gokuldham Mandir , Goregaon (E), Mumbai- 400063.

022-28492488/28492217Fax - [email protected]

Borivali East Branch


Working Sat.Sun.


Shop No. 1 to 5, Ground Floor, Gangadhar Nagar Co-op Hsg, Soc Ltd., Shri Krishna Nagar, Near Pushpati Ganesh Mandir, Boriwali (East) Mumbai -400066.

022-28976832/022-28976932Fax: 022- [email protected]

Nahur Branch Mon. to Fri.Sat. 2nd + 4th

Working Sat.Sun.


Thakker Heights, Village Road, Opp. Ceat Tyres, Near Nahur Station, Mumbai – 400078.

022-25669054/55/56 [email protected]

Vikhroli Kannamwar Nagar Branch


Working Sat.Sun.


Bldg No. 150, Kranti CHSL, Gr & First Floor, Kannamwar Ngr No. 1,Vikhroli (East) Mumbai – 400083.


Raoli Camp Branch


Working Sat.Sun.


Gr. Floor, Gurudwara, Raoli Camp, Opp Rajkamal Jewellers, GTB Nagar, Mumbai-400037.


Bhandup Shivaji Talao Branch


Working Sat.Sun.


Saaz Cinema Building, Ground Floor, Opp. Shivaji Talao, Junction of Tank Road and J.M. Road, Bhandup(W), Mumbai – 400 078.

022-25954547 / 25954521Fax : [email protected]

Marol Branch Mon. to Fri.Sat. 2nd + 4th

Working Sat.Sun.


Orchid Business Park, Twin Arcade-, Building C-1, Military Road, Marol, Andheri (East), Mumbai-400 059

022-29259990 / 2 / [email protected]

55



Ghatkopar (W) AmrutNagar Branch


Working Sat.Sun.


Shop No. 6, 7 & 8, Ground Floor, Kanan Apartment, Plot No. B-2, Amrut Nagar, Ghatkopar (W), Mumbai – 400 086.

022-25003570 / 76 / [email protected]

Bhayander Branch


Working Sat.Sun.


Shop No. 3 to 9, Shiv Prasad - 1, Indralok Phase - II/A, Bhayander (East), Thane - 401 105

7506338361/ 9619861916/ [email protected]

Mira Road Branch


Working Sat.Sun.


Shop No.- 5,6 & 7 , Bldg No. B-9/10 , Sundar Shantinagar CHSL. , Sector II, Shantinagar, Mira Road (E) , Dist. Thane -401107

022-28120059 / 69 / [email protected]

Virar (W) Yashwant nagar


Working Sat.Sun.


Survey no. 343, Ground Flr, Ameya Classic Club, Yeshwant Nagar, Village Bolinj, Virar (W), Vasai, Palghar - 401303

0250-2519520/ 2519620/ [email protected]

Borivali West Mon. to Fri.Sat. 2nd + 4th

Working Sat.Sun.


Shop No.26 to 29, Llavender shopping complex garden grove-Phase-II, Shimpoli-Gorai Road, Near Kanti Park, Borivali West-Mumbai-400092.

022-28985603, 28985612, [email protected]

KoparKhairane Branch


Working Sat.Sun.


Plot no. 88, Sector-6, Kasturi, Kopar Khairane, Navi Mumbai- 400 709.

022-27546539 / 27546413 Fax: [email protected]

Vashi Branch Mon. to Fri.Sat. 2nd + 4th

Working Sat.Sun.


Plot no. 51, Sector 19E, Opp Avlon International High School, Near RTO office, Vashi, Navi Mumbai – 400703.

022 –27833727 /8/2460/ 27843729/[email protected]

Airoli Branch Mon. to Fri.Sat. 2nd + 4th

Working Sat.Sun.


Shreeji Dham,Plot No.7, Sector-7, Airoli, Navi Mumbai- 400 708.

022-27604968/ 4954 / 4907 / Fax: [email protected]

56



Kamothe Branch


Working Sat.Sun.


Shop No.7 - 9, Nandanvan C.H.S Ltd., Plot No.9, Sector 36, Kamothe, Navi Mumbai-410 209

022-27430872 / 27430873Fax: [email protected]

Panvel Branch Mon. to Fri.Sat. 2nd + 4th

Working Sat.Sun.


Shop no.3 to 6, Tejaswani Arcade co-op hsg. Soc., Plot no.9, Near Railway Station, Panvel (W) – 410206.

022-27480461/ 62 / 63/64 [email protected]

Nerul Branch Mon. to Fri.Sat. 2nd + 4th

Working Sat.Sun.


Shop No. 26, Beverly Park, Plot No. 20, Sector – 6, Palm Beach Road, Nerul (w), Navi Mumbai.- 400706

022-27721012 / 13 / [email protected]

Nerul East Branch


Working Sat.Sun.


Shop No. 1 & 2, F-1, Plot No. 3, Sector-11, Nerul (East), Navi Mumbai - 400 706

022-27720034 / 35 / [email protected]

Roadpali Branch


Working Sat.Sun.


Shop No. 12A & 14, Neelkanth Heights, Plot No. 43A & 44A, Sector 16, Opp. D Mart, Roadpali (Kalamboli), Navi Mumbai- 410 218.

7506408665 / 667 / 668 [email protected]

Kharghar Branch


Working Sat.Sun.


Shop No. 1, Balaji Amrut, Plot No. 193, Sector 10,Kopra, Kharghar Navi Mumbai- 410 210.

7506408661 / 62 / [email protected]

Ghansoli Branch


Working Sat.Sun.


Shop No. 1 to 6, Plot No. 14, Sector 07, Bhoomi Parth , Opp Rajeev Gandhi College, Ghansoli Navi Mumbai- 400701.

7506351334/[email protected]

Kalyan(W) Branch


Working Sat.Sun.


Shop No. B/5 and B/13, Ground floor, Shri Swami Prasad Bldg, Shelar Park, Khadakpada, Kalyan (W) Thane - 421301

0251- 2230420/ 2230751/ 2230149/[email protected]

57



Thane Kolshet Branch


Working Sat.Sun.


Shop no 13 to 18, Ashar Enclave, Ground Floor, Opp Vardhaman Vatika,Dhokali Naka, Kolshet Road Thane-(W) - 400 607.

022-25899174 / 25890609/25899250.Fax: [email protected]

Badlapur Branch


Working Sat.Sun.


Shop No. 19 to 21, A Wing, Yashwant Plaza, Near Ruchira Hotel, Katrap, Badlapur (E) – 421503.

0251–2696941/2696916/ 2696951/ 9769233857/ 257141Fax: 0251- [email protected]

Ambernath Branch


Working Sat.Sun.


Shop no. 7, N-27, Shri Paranjpe Sahakari Marketing Soc. Ltd., Station Road, Ambernath (W) – 421501.

0251– 2683800/ 2683900Fax: 0251- [email protected]

Kalyan (E) Branch


Working Sat.Sun.


Ground Floor, Unit No. 107 & 108, Monarch Crystal, Monarch Universal Lifescaspes Pvt. Ltd., Kalyan Shilphata Road, Near Tata Power House, Kalyan (E)- 421 203.

(0251) 6535266/77/88 [email protected]

Thakurli Branch


Working Sat.Sun.


Ground Floor, Shreeji Palace, Nehru Road, Near Jalaram Mandir, Opp. Thakurli Station, Dombivli (E) – 421201.

0251- 2470211 / [email protected]

Thane Brahmand Branch


Working Sat.Sun.


Shop No. 5 & 6, Raj Residency,Brahmand Society,Opp kabra house, Ghodbunder Road, Thane (W) – 400 607.

022-25841530/31/32Fax: [email protected]

Thane Kavesar Branch


Working Sat.Sun.


Shop no- 10A, 10B, 11, 12, 13A & 13B, Ground floor, Saraswati Vidyalaya, Kavesar, Ghodbunder Road, Thane (W)- 400615/607

022-25973564/43/41Fax: [email protected]

58



Thane Kasarvadavali Branch


Working Sat.Sun.


Ground Floor, Pride Residency Complex,Kasarvadavali, Ghodbunder Road, Thane (W) – 400615.


Thane Majiwade Branch


Working Sat.Sun.


Ground Floor, Ashar Tiara Mall, Pokhran Rd No. 2, Vasant Vihar, opp-gandhi nagar bus stop , Majewadi Thane (W) - 400610


Thane Wagle Estate Branch


Working Sat.Sun.


Shop No. 4&5, Sunrise Business Park, Road No. 16, (Quantum IT Park), Kishan Nagar no. 2, Wagle Estate, Thane west - 400604.

022-25806270 /25836282 / [email protected]

Kalher Bhiwandi


Working Sat.Sun.


Block No. 2, Ground Floor, Pavanputra Enclave, Near S.S. Hospital, Thane-Bhiwandi Road, Bhiwandi Thane 421302


Kalwa Mon. to Fri.Sat. 2nd + 4th

Working Sat.Sun.


Shop No. 2 to 5, Shiv Ashish Co-operative Housing Society Ltd opp Dnyan Prasarni School , Near Shankar Mandir, Old Belapur Road, Kalwa, Thane 400605.

022-25389588/ 25389550/ [email protected]

Ulhasnagar Branch


Working Sat.Sun.


Baharani Pride, Shop No. A, Station Road, Near CHM College, Ulhasnagar (W) – 421003.

0251-2734832/36Fax :[email protected]

Diva Branch Mon. to Fri.Sat. 2nd + 4th

Working Sat.Sun.


Shop No 1 to 3, Shrikrishna Park, Ground Floor, C-Wing, Diva Shil road, Near Diva Station, Diva East Thane - 400612


59



Dombivili Branch


Working Sat.Sun.


Ground Floor, Shri Rajendra Co-operative Hsg Sct Ltd, Thakur Wadi , Pandit Dindayal Road, Dombivili (W) Dist Thane 421201


Malang Road Mon. to Fri.Sat. 2nd + 4th

Working Sat.Sun.


Shop no. 5& 6 Parvati plaza, Malang Road, Adivali, Kalyan E421306


Malad East Branch


Working Sat.Sun.


Bldg/composite No. 10, Shop No. 4, Shah Arcade/Shah Housecon, Rani Sati Marg, (Wadari Pada) Malad (E) Mumbai 400097.

28830265/66/[email protected]

Malad West Branch


Working Sat.Sun.


Shop No. 5&6, Ground Floor, A wing, Nazarene Apt., Near Fire Brigade, Marve Road, Kharodi Malad (W) Mumbai - 400095.

022-28020024/ 28020025/ 28020026 [email protected]

Khopoli Branch Mon. to Fri.Sat. 2nd + 4th

Working Sat.Sun.


Ground Floor, Sai Siddhant Building, Plot CTS No. 3553 & 3554, Bazar Peth, Near Khopoli Railway Station, Khopoli – 410 203.

02192-268755/265756 [email protected]

Boisar Branch Mon. to Fri.Sat. 2nd + 4th

Working Sat.Sun.


Shop-21-25,Oswal Wonder City, Bldg A-1, Gut No.172,156,158, Boisar East, Dist-Palghar-401501.


Taloja Branch Mon. to Fri.Sat. 2nd + 4th

Working Sat.Sun.


Shop No. 1 to 3, Keystone Arista, Plot No. 149, Sector 10, Panchanand Nagar, Opp Taloja Railway Station, Taloja, Navi Mumbai. Dist Raigad- 410208


60



ULWE Mon. to Fri.Sat. 2nd + 4th

Working Sat.Sun.


Shop No.6 to 8, Sai Sapphire, Near Tricity Avenue, Sector-20,Plot-178 & 180, Ulwe, Navi Mumbai.

[email protected]

Dharavi Mon. to Fri.Sat. 2nd + 4th

Working Sat.Sun.


CTS No. 126 (PT), 122(PT), 119(PT), 118(PT), First Floor, Dhuri Towers, Building No. A, Wing A, 90 FT Road, opp kamraj school, Dharavi, Mumbai - 400 017

24010021/ 24010390/ [email protected]

Pune - Dange Chowk Branch


Working Sat.Sun.


Shop No. 1 to 4, Rutuja Heights, Dange Chowk, Thergaon, Chinchwad, Pune- 411 033.

020- 6510 8109 / 8110 / 8111 [email protected]

Rahatani Branch


Working Sat.Sun.


Shop No. 9 to 10, Divya Heights, Jagtap Dairy Road, Opp. Sindu Park, Near Rainbow Plaza, Aundh Annexe, Pune – 411 017.

020- 6510 8112 / 8113 / 8114 [email protected]

Kasphate Wasti Branch


Working Sat.Sun.


Shop No. 201/3 Sukhwani Callisto, Near Pumpkin Patch School, Kasphate Wasti, Wakad, Pune-411057.


Pune – Hinjewadi Branch


Working Sat.Sun.


Survey No-145, Upper Ground Floor, Shivaji Chowk, Hinjewadi, Tal. Mulshi, Dist. Pune.411057

020-6531 0666 / 0777 / [email protected]

Pune–Pashan Branch


Working Sat.Sun.


Ground Floor, Survey No. 116/7/1, Pashan Sus Road, Shikshak Colony, Pashan, Pune – 411 021.

020-6521 2777 / 3888 / [email protected]

Pune – Ravet Branch


Working Sat.Sun.


Shop no-2 to 5, Bansal Plaza, Sector no. 32A, Plot no. SDC 8, Near D.Y. Patil College,Ravet Pradhikaran, Pune – 411044.


61



Pune – Wakad Branch


Working Sat.Sun.


Shri Kripa, Survey no. 26,Pimpale Nilakh, Vishal Nagar, Aundh- Wakad Road, Wakad, Pune – 411027.

020-65115444/65115445/[email protected]

Pune – Kalewadi Branch


Working Sat.Sun.


Sai Sankul, Shop No. 64, Near Union Bank of India, Kalewadi Main Road, Pimpri, Pune – 411 017.

020-65101185/ 86/ [email protected]

Pune – Baner Branch


Working Sat.Sun.


Sanskruti Homes,Upper ground flr, A-wing, Survey No. 3, Hissa No. 6, Balewadi, Baner, Pune - 411045


Spine City Moshi


Working Sat.Sun.


Shop : 20-21, A Wing, Gr.Floor, Spine City,Plot LC -1 Sector - 9, PCNDTA, Moshi, Pune 421105


Nashik Canada Corner Branch


Working Sat.Sun.


Shop No.15 to 18 Gulmohar Arcade, Opp kulkarni Garden, Canada Corner, Sharanpur Road, Nashik – 422005

0253- 2315036 / 37 / 38 Fax: 0253- 2232105 / 2106 [email protected]

Nashik Shivaji Nagar Branch


Working Sat.Sun.


Shop no. G-10A &10B, Suyojit Arcade, Bodhale Nagar, Nashik Pune Road, Shivaji Nagar, Nashik - 422006.

0253 – 2415968/ 69 /70 Fax: 0253 – 2415969. [email protected]

Ratnagiri Branch


Working Sat.Sun.


Vyankatesh Executive, Maruti Mandir Circle, Nachane road, Ratnagiri-415612.

0235-270202/03 Fax:- 2352270203. ratnagiri [email protected]

Kolhapur-station road branch


Working Sat.Sun.


511, KH, E Ward, Station Road, Kolhapur - 416001

0231/6624400/401/402-415 [email protected]

62



Rajarampuri Branch


Working Sat.Sun.


1783, E Ward, Ranware Complex, 2nd Lane, Rajarampuri, Kolhapur -416 008.

0231-6624500 (8 Lines) Fax: [email protected]

Shivaji Peth Mon. to Fri.Sat. 2nd + 4th

Working Sat.Sun.


2402, A ward, Shivaji Peth, Navsai Apt, New College Road, Kolhapur- 416 012

0231-6456318 to [email protected]

Ruikar Colony Mon. to Fri.Sat. 2nd + 4th

Working Sat.Sun.


Plot No. 135, E Ward, Ruikar Colony, Kolhapur- 416 005

0231-6624600 / 601 / 602Fax: [email protected]

KIT Tue. to Fri.Sat. 2nd + 4th

Working Sat.sun. mon.

10.00 a.m. to 5.00 p.m.Closed10.00 a.m. to 4.00 p.m. 10.00 a.m. to 2.00 p.m.Closed

KIT Collage, Gokul Shirgoan, More Wadi, Tal:- Karveer - 416234

0231-6454453/ [email protected]

PSMB Mon. to Fri.Sat. 2nd + 4th

Working Sat.Sun.

10.00 a.m. to 5.00 p.m.Closed10.00 a.m. to 4.00 p.m. Closed

1061, A, Ward, Shivaji Peth, Prince Shivaji Maratha Boarding, new college road, Kolhapur:- 416 012

0231 - 6454451 / [email protected]

Aurangabad Branch


Working Sat.Sun.


Bagga chambers, plot no. 4/18-26, Jalna road, opp. akashwani, aurangabad – 431 001.

0240- 2320111/2320333 [email protected]

Osmanpura, Aurangabad Branch


Working Sat.Sun.


Plot no-1, Yashwant CHS Ltd. Vikas Nagar, New Osmanpura, Aurangabad-431005.

0240-2365355/44 [email protected]

Nanded Branch Mon. to Fri.Sat. 2nd + 4th

Working Sat.Sun.


Shop no. 3-6-281, Ground flr, CTS No. 1863, Sri Sai Plaza, Opp. Balaji mandir, G.G.Road, Nanded – 431601.

02462- 232544 / 230546 [email protected]

63



BRANCHES IN DELHI STATE

Amar Colony Mon. to Fri.Sat. 2nd + 4th

Working Sat.Sun.


Shop No. C-32 TO 33, Amar Colony, Lajpat Nagar IV,New Delhi-110 024.

011-26221400 / 01 / [email protected]

Tilak Nagar Mon. to Fri.Sat. 2nd + 4th

Working Sat.Sun.


6/67, Double Storey, Near Tilak Nagar Metro Station, New Delhi – 110018.

011 – 65027869/[email protected]

Uttam Nagar Mon. to Fri.Sat. 2nd + 4th

Working Sat.Sun.


B-15, Ramdutt Enclave, Near Metro Station, Uttam Nagar, New Delhi 110059

011-28567094 / 95/[email protected]

Malviya Nagar Mon. to Fri.Sat. 2nd + 4th

Working Sat.


80/20, I Block, Gurudwara Road, Malviya Nagar, New Delhi 110017


Rajouri Garden Mon. to Fri.Sat. 2nd + 4th

Working Sat.Sun.


J-9/21,Rajouri Garden , New Delhi 110027.

011-65446333/2593709225937093 [email protected]

New Delhi – Karol Bagh


Working Sat.Sun.


1247-53, 4-Naiwala, Karol Bagh, New Delhi - 110005

011-28751242/43,[email protected]

BRANCHES IN KARNATAKA STATESirsi (Regional Office & Branch)


Working Sat.Sun.


C. P. Bazar,Sirsi,Dist. North Kanara,Karnataka - 581 401.

(08384) - 228514 / [email protected]

Dharwad Branch


Working Sat.Sun.


Elite Business Centre, 307/9-A, Nagarkar Colony, P.B. Road,Dharwad 580001.

0836-2448445 / [email protected]

64



Shimoga Branch


Working Sat.Sun.


New: Vadiraj Complex, Opp. Subbbayya Complex, Jail Road, Shimoga, 577201

(08182) – 272001 Direct/Fax (08182) - 272000 [email protected]

Yellapur Mon. to Fri.Sat. 2nd + 4th

Working Sat.Sun.

10.00 a.m. to 5.00 p.m.Closed10.00 a.m. to 4.00 p.m. Closed

Basweshwar Heights, Shop No-18, First Floor,Yellapur Bus Stand Road, Yellapur, Karnataka.581359

(08419) - [email protected]

Hubli Branch Mon. to Fri.Sat. 2nd + 4th

Working Sat.Sun.


Shop No. 4 & 5, Ground Floor, Akshay Mansion, Gokul Road, Hubli – 580 030

(0836) – 2236042 / [email protected]

BANGLORE BRANCHBengaluru – Mahalaxmi Layout Branch


Working Sat.Sun.


Shop No. 149, Shankar Nagar, Mahalaxmi Layout, Bengaluru – 560096.

(080) – 2347 9277 / [email protected]

Bengaluru – Rajaji Nagar Branch


Working Sat.Sun.


Shop No. 579, Ground Floor, II Main Road, II Block, Rajaji Nagar, Bengaluru-560010

(080) – 2342 3152 / 53 / [email protected]

Bengaluru – Vijay Nagar Branch


Working Sat.Sun.


Office no 2034/37, 1st Main Road, R.P.C Layout, Vijay Nagar, Bengaluru 560 040


Bengaluru – Basaveshwar Nagar Branch


Working Sat.Sun.


487, Dream Palace, 8th Main,Bemi Layout, Basaveshwar Nagar,Bengaluru 560 079


Bengaluru –Hesarghatta Branch


Working Sat.Sun.


No.1, Bangalakunte House building Co-op Soc. Ltd, Hesarghatta, Main Road, MEI Colony, Near Widia High School, Bengaluru- 560 073.

080-28370527 / 28370537/[email protected]

65



Bengaluru –Attibele Branch


Working Sat.Sun.


Shop no.2, Ground Floor, Sri Jaya Bharati Education Co-Op Society Complex, Hosur Road, Anekal Taluk, Dist. Attibele, Bengaluru 562107

8088664848 / [email protected]

Bengaluru –Peenya Branch


Working Sat.Sun.


Site No. 332, Ground Floor,Near Hegganahalli Bus Stop, Hegganahalli Main Road, Peenya II Stage, Bengaluru - 560091

080-28369533 / 44Fax : [email protected]

Bengaluru –Anna- purneshwari nagar Branch


Working Sat.Sun.


“289”, Ground Floor, Annapurneshwarinagar, (H & F Layout), Srigandada Kaval, Bengaluru – 560 091

080-23185611/23185612Fax : [email protected]

Bengaluru –Kumaraswamy Layout Branch


Working Sat.Sun.


1067, 50ft Road, Vyasrao Ballal road, Near Water Tank Bust Stop, 1st Stage, Kumara Swamy Layout, Bengaluru - 560078


Bengaluru – Mallesh- waram


Working Sat.Sun.


146/1,Ground Floor, Shantala Plaza, 14th Cross, 8th Main, Malleswaram, Bengaluru - 560003


BRANCHES IN GUJARAT STATE

Surat – Ghod-dod


Working Sat.Sun.


Prahar, Building No. 60, Ground Floor, Subhash Nagar Society, Ghod-dod Road, Surat - 395 003


Surat – Pal Mon. to Fri.Sat. 2nd + 4th

Working Sat.Sun.


Shop No. 15, Siddhachakra Apartment, Galaxy Circle, Green City Road, Pal, Adajan, Surat - 395 009.


66



Vapi – Chala Road


Working Sat.Sun.


Shop No. 2, Sitaram Square, Survey No. 368/A/1, Vapi-DamanMain Road, Chala Road, Vapi - 396 191

0260-2403441 / [email protected]

BRANCHES IN GOA STATEPonda Mon. to Fri.

Sat. 2nd + 4th

Working Sat.Sun.


Shop No. 1, G-10/11/12, Atharva Residency, Near Maruti Mandir, Varkhande, Ponda, Goa - 403401

0832-2311354 / 0832-2311355 / [email protected]

Mapusa-Pedem


Working Sat.Sun.


Shop No. S-4A/4B, Vincy Plaza, Opp. District Hospital, Pedem-Mapusa, Goa - 403 507

0832-2252214/215/216 [email protected]

Carenzalem Mon. to Fri.Sat. 2nd + 4th

Working Sat.Sun.


Heritage Symphony, Shop No. B-1 and 2, Ground Floor, Carenzelim, Taleigaon on Old Dona- Paula Road, Carenzelim, Goa - 403 002

0832-2463131/ 2463031/[email protected]

Porvorim Mon. to Fri.Sat. 2nd + 4th

Working Sat.Sun.


Socoilem Galuem, Sanshas Lajoy Complex, Shop No. 23, NH-17, Soccorro, Porvorim, Goa - 403 521


Margao Mon. to Fri.Sat. 2nd + 4th

Working Sat.Sun.


Shop No. LG-1/2, UG-1/2, Kurtarkar Majesty, Malbotta, Margao, Goa-403601.

0832-2710493/97 [email protected]

Dabolim Mon. to Fri.Sat. 2nd + 4th

Working Sat.Sun.


Shop No. 22,23, 24 & 25, Building No. A, Prabhu’s Sky Panaromics, Alto Dabolim, Mormugao, Goa-403801


67



BRANCHES IN MADHYA PRADESH STATEAshok Nagar Indore


Working Sat.Sun.


9, Ashok Nagar, Bhawarkua Main Road, Indore - 452001

0731- 4063133/[email protected]

Vijay Nagar Indore


Working Sat.Sun.


Shop No. UG-10, Om Gurudev Complex, Sector E, Scheme No. 54, Vijay Nagar, Indore - 452010

0731- 2576936/37/38

OFFSITE ATMsRaoli Camp Building No. 5, GTB Nagar, Sion (E), Mumbai – 400 083Tilak Nagar Shop No. 12, Building No. 2-B, Mhada Colony, Sahakar Nagar, Opp. Tilak Nagar

Railway Station, Chembur (E), Mumbai – 400 071Nanded Gurudwara Langar SahibKalamboli Sri Gurunanak Sachkhand Sabha , Near Carmel School,

Sec- 11, Plot No. 7, Kalamboli, Navi Mumbai – 410 218.Ghatkopar Guru Nanak Nagar,Near Ambedkar Garden, Pant Nagar,

Ghatkopar (East) -400 075

OTHER DEPARTMENTS:Centralised Clearing Dept.: 2nd Floor, 264, Gurudwara Bldg., Shaheed Bhagat Singh Rd.,Fort, Mumbai

– 400 001. Tel: 22696802

Centralised Storage: Wadala Truck Terminal, A-1, Bldg., 2nd Floor, Unt No.203 to 214 & Unit 217 to 230 Wadala, Mumbai – 400 037. Tel: 2404 6594/24046595

IT Department : Unit No. 301/A, 3rd Floor, WIFI Park, Plot # B-3,Road # 1, Opp Aplab Bldg, Wagle Estate Thane (W) - 400 604

68


APPLICATION FORM

Punjab & Maharashtra Co-operative Bank Ltd.,PMC Bank Members Welfare TrustCentral Office : Office No. 4 & 5,3rd Floor, Dreams Mall,L.B.S. Marg, Bhandup (West),Mumbai – 400 078.

Dear Sir,Subject : Application for Reimbursement of

A) Medical ExpensesB) Merit ScholarshipC) Excellence in the field of Sports

This has reference to the above Subject. I am submitting my Application for which I give below the details as follows :

1. Name ……………………………….......................................................……………………………………………………….

(Surname) (1st Name) (Middle Name)

2. Address :-……………………………………………………………………............................................………………………

..............................………………...………………………………………………………………………………………………………

3. Members Register:- No. of Shares held:-………………………………………...........……………………………………..

4. Date of birth & age……….................................................…………………………………………………………………

5. Purpose:-Medical………...........…….../ Education……..…............…….% / Sports…….........…….……Medal

6. Proof Enclosed :- (Original bills/ copy of Certificate)…….....................................………………………………

7. S/B Account Number and held with:- (Our Bank A/c)……………...................................……………………….

8. Telephone Number:-………………………………...........................................………………………………………..

9. Amount claimed in the past (if any)……………………………………………………….

Purpose, amount claimed, and date………………………………………………………..

________________ _____________________ Date: Signature of Member

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PUNJAB AND MAHARASHTRA CO-OPERATIVE BANK LTD. MEMBERS WELFARE FUND

Schemes offered under the Members Welfare Fund of the Bank

1. Reimbursement of Medical Expenses for Cataract / Hernia / Kidney Stone operation of Senior Citizens (60 years and above).

2. Recognition of Students for academic excellence & 3. Recognition of Students for excellence in the field of sports

General Eligibility Criteria [Applicable to all INDIVIDUAL members]

(a) An active member who has completed five years of membership of the Bank as a shareholder as on 31st

March 2017.(b) The members can take benefit of the scheme within a period of 6 months after the event, i.e. after

discharge / cure in the case of illness. (c) The members should be holding an operative account (Minimum one transaction per month), for a

minimum period of 2 years.(d) The member whose income is not more than ` 10000/- per month.(e) In case of Joint shareholdings, the member whose name stands first will be eligible.(f) In case the members’ spouse or child is an employee of the Bank, the scheme will be applicable subject to

the employee not seeking re-imbursement.

RULES, BENEFITS AND RELATED ELIGIBILITY CRITERIA

Surgery: Members who have undergone Cataract / Hernia / Kidney Stone operation will be eligible for an amount of ` 10,000/-.

Merit Students / Sports: Children of Members fulfilling the following criteria will be eligible for an amount of ` 10,000/-. [S.S.C. - 90% & above, H.S.C. - 85% & above & Graduation - 75% & above

1. Children of Members who have scored good results in the academics in the first attempt.

2. Children of Members who have won a Medal at State level or National level in the field of any indoor / outdoor sports.

PLEASE NOTE :

1. ONLY FIRST 25 APPLICATIONS RECEIVED IN THE CATEGORY OF RE-IMBURSEMENT WILL BE CONSIDERED.

2. ONLY FIRST 20 APPLICATIONS RECEIVED IN THE CATEGORY OF ACADEMIC EXCELLENCE / EXCELLENCE IN THE FIELD OF SPORTS WILL BE CONSIDERED.

3. CLAIMS FOR REIMBURSEMENT (TO BE MADE WITHIN 6 MONTHS) AS PER THE REQUISITE FORMAT ATTACHED.

4. CLAIMS FOR RECOGNITION OF ACADEMIC EXCELLENCE / EXCELLENCE IN THE FIELD OF SPORTS (TO BE MADE WITHIN 6 MONTHS) FROM THE DATE OF DECLARATION OF RESULTS / RECEIVING MEDALS.

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NOTICE TO MEMBERS

The members may be aware according to the amended Byelaw 9 (f) an “Active Member” has to fulfil all the following criteria:

a) Has been admitted as an ordinary member under Byelaws of the Bank;

b) Attends atleast one General Body Meeting in the previous 3 consecutive years;

c) Utilises Minimum Level of Services as provided in the Byelaw no. 4 (xxv);

d) A person who is not a defaulter as prescribed by the Reserve Bank of India from time to time

It may be further noted that the “Minimum Level of Services” as per Byelaw no. 4 (xxv), means :

To maintain with the Bank average daily balance during the previous financial year as under :

(i) Savings Account ` 5,000/- OR

(ii) Current Account ` 10,000/- OR

(iii) Fixed or Term Deposits ` 1,00,000/- OR

(iv) Loans of any type for an amount aggregating to ` 1,00,000/-

The rights and duties of the members are clearly spelt out in our Byelaw no. 9 (c).

The above amendments were approved by the Central Registrar, New Delhi vide his letter no. L-11016/19/2002-L&M dated 28/11/2013.

The members can exercise the rights and duties provided in Byelaw No. 9 (c) by fulfilling the above criteria.

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Electronic Clearing service (Credit Clearing)Mandate Form

(Shareholder’s option to receive dividend through Credit Clearing Mechanism)

Yearly Dividend on Shares Membership No. :_____________

1) Shareholder’s Name :_______________________________________________________________

2) Particulars of Bank account

A. Name of the Bank :_______________________________________________________________

B. Name of the Branch :______________________________________________________________

Address :_________________________________________________________________________

_________________________________________________________________________________

Telephone No.: ____________________________________________________________________

C. 9-Digit code number of the bank and branch : appearing on the MICR cheques issued by the bank.

D. Type of account (Savings, Current, or Cash Credit) : with code (10/11/13)

E. Ledger and Ledger Folio number :

F. Account No. (as appearing on the cheque book)

(In lieu of the bank certificate to be obtained as under, please attach a blank cancelled cheque or photocopy of a cheque or front page of your saving bank passbook issued by your bank for verification of the above particulars)

3) Date of effect :

I hereby declare that the particulars given above are correct and complete. If the transaction is delayed not affected at all for reason of incomplete or incorrect information, I shall not hold the user institution responsible. I have read the option invitation letter and agree to discharge the responsibility expected of me as participant under the scheme.

(_______________________) (_______________________)

(Date) Signature of Shareholder

Certified that the particulars furnished above are correct as per our records .

Bank’s Stamp.

Date :___________________________

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Notes

New Branch Openings



Events during the year


New Branch Openings


Events during the year

GROWTH CHART FOR LAST 34 YEARS ( ` In Crores)

Sr. No.

End of Year Paid-Up Capital

Total Res. Fund

Deposits Loans & Advances

Total Working Capital

Net Profit (+)/Loss(-)

1 2016-2017 284.51 747.90 9012.00 6438.23 10323.19 96.94

2 2015-2016 241.42 638.35 7781.47 5527.54 8847.91 78.48

3 2014-2015 187.26 528.36 6870.32 4879.09 7952.43 78.09

4 2013-2014 144.58 406.77 5687.33 3751.26 6499.04 63.55

5 2012-2013 110.73 378.21 4453.14 3087.60 5214.70 50.43

6 2011-2012 85.46 351.10 3418.05 2523.30 4151.21 38.73

7 2010-2011 79.83 219.67 2827.38 2079.88 3401.20 29.08

8 2009-2010 64.00 204.24 2540.28 1897.84 2997.93 27.06

9 2008-2009 43.60 180.10 1712.07 1252.79 2126.53 30.67

10 2007-2008 33.09 126.94 1403.13 804.93 1640.46 27.90

11 2006-2007 28.75 116.31 1289.52 928.77 1504.19 11.04

12 2005-2006 25.70 104.65 1172.62 733.15 1353.44 11.40

13 2004-2005 25.75 91.13 1082.54 722.99 1279.58 12.57

14 2003-2004 21.68 73.52 1032.64 670.98 1184.55 14.41

15 2002-2003 12.69 54.33 856.61 537.41 958.58 13.17

16 2001-2002 8.49 37.02 713.27 451.62 800.72 11.16

17 2000-2001 4.48 21.96 573.31 370.55 639.58 9.06

18 1999-2000 2.51 14.19 425.46 260.28 461.17 6.05

19 1998-1999 1.93 9.33 288.64 174.10 313.32 4.05

20 1997-1998 1.43 6.11 157.81 97.54 174.12 2.90

21 1996-1997 1.09 5.06 88.44 55.04 101.26 1.71

22 1995-1996 0.81 3.72 43.23 32.04 52.04 1.15

23 1994-1995 0.55 2.66 25.03 17.64 30.27 0.56

24 1993-1994 0.45 1.53 15.10 11.34 21.61 0.30

25 1992-1993 0.40 1.12 13.44 10.79 16.41 0.41

26 1991-1992 0.36 0.67 10.53 9.47 12.82 0.41

27 1990-1991 0.33 0.39 7.12 5.50 8.48 0.15

28 1989-1990 0.28 0.21 5.27 3.67 6.16 0.00

29 1988-1989 0.25 0.15 2.73 1.44 3.19 0.00

30 1987-1988 0.11 0.05 2.02 0.78 2.22 0.0031 1986-1987 0.09 0.02 0.61 0.54 0.81 0.0232 1985-1986 0.09 0.00 0.45 0.45 0.70 -0.0233 1984-1985 0.09 0.00 0.59 0.40 0.82 0.0034 30.06.84 0.08 0.00 0.31 0.23 0.40 0.01

34th Annual Report 2016-201734th Annual Report 2016-2017

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REGISTERED OFFICE : 240, Shankar Sadan, Opp. Matalachmi Hospital, Sion (E), Mumbai - 400 022. Tel.: (022) 24014197