members of the board ar-2019... · 2020-02-26 · 3 36th 20182019 notice to members 36th annual...

FOUNDER CHAIRMANLate Gurucharan Singh Kochhar

FORMER CHAIRMANLate Charanjit Singh Chadha

PERFORMANCE HIGHLIGHTS ( ` In Crores)

PARTICULARS FOR THE YEAR ENDED 31.03.2019 31.03.2018 % Increase/

(Decrease)Total Income 1,297.98 1,170.49 10.89 Total Expenditure 1,053.52 958.68 9.89 Gross Profit 244.46 211.81 15.41 Less : Provisions 88.18 42.14 109.25 Net Profit Before Tax 156.28 169.67 (7.89)Less : Income Tax 56.59 68.77 (17.71)Net Profit 99.69 100.90 (1.20)

AT THE YEAR ENDOwn FundsShare Capital 292.61 294.22 (0.55)Reserves and Surplus 684.58 617.72 10.82 Total Own Funds 977.19 911.94 7.16 DepositsDemand 2,291.37 2,096.36 9.30 Term 9,325.97 7,842.49 18.92 Total Deposits 11,617.34 9,938.85 16.89 AdvancesSecured 8,306.90 7,378.36 12.58 Unsecured 76.43 49.72 53.72 Total Advances 8,383.33 7,428.08 12.86 Priority Sector 1,123.23 1,067.56 5.21 Priority Sector % 15.06 16.58

Working Capital 13,313.25 11,390.10 16.88 Investments 3,474.55 2,737.95 26.90 Borrowings and Refinance 305.90 251.80 21.49 Net NPAs (%) 2.19 1.05 Capital Adequacy (%) 12.62 12.29 Number of Members 51601 66045Number of Branches 137 134Profit per Employee (` In lakhs) 5.50 5.67 Return on Average Assets (%) 0.75 0.89 Daily Average Net Interest Margin (%) 4.25 4.38

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

36th Annual Report 2018-2019

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


Events during the year36th Annual Report 2018-2019

1


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. 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. Charanjit Singh Bhatia Shri. Satish Madhav Bendre

Statutory Auditors SolicitorsM/s. Lakdawala & Co. M/s. Purnanand & Co.

2


BANK PROFILE AS ON MARCH 31, 20191. 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 – October 26, 1983.

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

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

6. Number of Members : 51601

7. Number of Staff : 1814

8. Number of Branches : 137 Branches

9. Paid –up Share Capital : ` 292.61 Crore

10. Total Reserves & Funds : ` 933.94 Crore

11. Total Deposits : ` 11,617.34 Crore

12. Total Loans and Advances : ` 8,383.33 Crore

13. Total Overdues : ` 331.20 Crore

14. % of Overdues : 3.95% *

15. Gross N.P.As : 3.76 %

16. Net N.P.As : 2.19%

17. Capital Adequacy Ratio : 12.62 %

18. Net Profit : ` 99.69 Crore

19. Working Capital : ` 13313.25 Crore

20. Audit Classification : ‘A’

* Total overdue includes NPA accounts.

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NOTICE TO MEMBERS36th Annual General Meeting of the Bank will be held on Saturday, 28th September, 2019 at 11.00 a.m. at Dreams Banquet, Dreams Mall, 2nd Floor, 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 8th September, 2018.2. To approve the Annual Report placed by the Board of Directors for the Financial Year ended 31st March

2019, 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 2018-2019.4. To appoint Statutory Auditors for the Financial Year 2019-2020 and to authorize Board of Directors to

determine their remuneration. 5. To consider and approve the amendment to the bye-laws of the bank as notified by the Board in the

Annual Report for the year 2018-19.6. 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 2018-19, 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. Date : 12/09/2019

By Order of the Board of Directors

sd/- JOY THOMAS

Managing Director

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).NOTE1. 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 23rd September’2019 addressed to the Managing Director at the Central Office, 3rd Floor, Dreams Mall, Bhandup (West), Mumbai – 400 078.

2. Members who carry with them any one of the valid KYC (Pan Card / Aadhaar Card / Driving Licence) or existing Identity Card 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 2015-16, is not encashed on or before December 31, 2019, 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 2018-2019 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).

8. Entry strictly to members only. No proxies will be allowed.

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DIRECTORS’ REPORTDear Members,

The Board of Directors are pleased to present to you the 36th Annual Report of your Bank together with the audited accounts for the financial year ended March 31, 2019.

ECONOMIC SCENARIO: India’s GDP is estimated to have increased 7 per cent in 2018-19. India has retained its position as the third largest startup base in the world with over 4,750 technology start-ups. India’s foreign exchange reserves were US$ 405.64 billion in the week ended on March 15, 2019.

Important recent developments in Indian economy were as follows :

• During 2018-19 merchandise exports from India has increased by 8.85 % on year-on-year basis and services exports has grown by 8.54% on year-on-year basis.

• In February 2019, the Government of India approved the National Policy on Software Products – 2019, to develop the country as a software hub.

• The National Mineral Policy 2019, National Electronics Policy 2019 and Faster Adoption and Manufacturing of (Hybrid) and Electric Vehicles (FAME II) have also been approved by the Government of India in 2019.

The Union Budget for F.Y. 2019-20 announced in February 2019 projected to keep the fiscal deficit to 3.4% of GDP and current account deficit to 2.5% for F.Y. 2019-20. The Budget lists down the Government’s macro-economic plans for boosting sustained economic growth. These include expending capital towards building next generation physical infrastructure, building a strong health system, focusing on rural industrialization, farm production, a safe and clean environment, outer space programmes and the creation of a Digital India, amongst others.

The Government of India, under the Make in India initiative, is trying to give boost to the contribution made by the manufacturing sector and aims to take it up to 25 per cent of the GDP from the current 17 per cent. Besides, the Government has also come up with Digital India initiative, which focuses on three core components viz. creation of digital infrastructure, delivering services digitally and promoting digital literacy.

As per the Monetary Policy announced by RBI in April 2019, GDP growth for F.Y. 2019-20 is projected at 7.2%. The GDP projection for the first half is 6.8% - 7.1% while in the second half, it is 7.3%-7.4%. The higher GDP expectations are due to the likely increase in the private spending and Government spending in the rural areas.

In Q1 FY 2019, which ran from April to June, the economy grew 5.0% compared to the same period a year earlier, well below Q4 FY 2018’s 5.8% expansion and market analysts’ expectations of 5.7% growth. It also marked the slowest growth rate since Q4 FY 2012.

A significant slowdown in private consumption weighed on the overall spending in Q1 FY 2019: Annual private spending growth plummeted to 3.1% in the quarter, from 7.3% in Q4 FY 2018, as consumers faced tougher lending conditions from non-bank financial companies which collectively account for around one-fifth of new lending in India.

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On the external front, both exports and imports growth moderated in Q1 FY 2019. Nevertheless, as export growth outpaced import growth the external sector contributed 0.1 percentage points to overall economic growth, contrasting the 0.7 percentage-point subtraction in Q4 FY 2018.

In a bid to turn the tide against slowing growth, the government announced a series of measures in August. These included the merger of 12 of India’s 27 public sector banks into just 4, which should support lending activity in the medium-term, as well as the relaxation of foreign direct investment rules in the manufacturing, coal mining and digital media industries. Moreover, the government continued to press banks to pass on recent cuts in the Central Bank’s repo rates to borrowers. Overall, analysts at Nomura said the measures were “a positive signal from the government that outside of monetary policy, which can only aid a cyclical recovery, focus on structural reforms is essential to lift trend growth”.

Meanwhile, looking at the implications of the GDP result for the monetary policy outlook, analysts at ING added: “We retain our forecast of an additional 50bp of rate cuts over the rest of the year, taking the repo rate to 4.90%, the lowest in a decade and just shy of the 4.75% record low reached during the 2009 global financial crisis.”

FINANCIAL SECTOR

India has a diversified financial sector undergoing rapid expansion, both in terms of strong growth of existing financial services firms and new entities entering the market. The sector mainly comprises of commercial banks, insurance companies, non-banking financial companies, co-operatives, pension funds, mutual funds and other smaller financial entities. The Banking regulator has allowed new entities such as payments bank to be created recently adding to the types of entities already operating in the sector. However, the financial sector in India is predominantly a Banking sector with commercial banks accounting for more than 64 per cent of the total assets held by the financial system.

Major Characteristics of Financial Sector of India :

• The financial sector of India allows Most Favored Nation (MFN) reputation to all international banks and firms offering financial facilities.

• The sector has relaxed previous MFN tax exemption on banking activities.

• Allows 12 new financial bank division authorizations every year to international banks, that is higher as compared to the existing 8 every year.

• Raises the 10% limit of reinsurance by insurance firms in India.

• Permits 51% foreign endowment in fiscal advisory, issuing, hiring, business enterprise capital, business banking and non-banking credit firms.

India is one of the most vibrant global economies, on the back of robust banking and insurance sectors. The relaxation of foreign investment rules has received a positive response from the insurance sector, with many companies announcing plans to increase their stakes in joint ventures with Indian companies.

BANKING SECTOR India’s Banking Sector is sufficiently capitalized and well-regulated. Several innovative banking models like payments and small finance banks have been rolled out in the Indian Banking Industry.

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Indian Banking Sector witnessed a mixed interest rate scenario during F.Y. 2018-19. At the beginning of the financial year, REPO rate was 6%. RBI raised it twice during June 2018 and August 2018, 25 bps each. However due to sharp fall in CPI Inflation, RBI changed its monetary policy from ‘calibrated tightening’ to ‘neutral’ and reduced Repo rate twice in February 2019 and April 2019 by 25 bps each.

In December 2018 Monetary Policy, it was proposed by the RBI that all new floating rate personal / retail loans and loans to Micro and Small Enterprises extended by Banks from April 1, 2019 shall be benchmarked to the external benchmarks, viz., the RBI Repo Rate or any other benchmark interest rate published by the Financial Benchmark India Private Ltd. (FBIL).

Reserve Bank of India has decided to set up Public Credit Registry (PCR), an extensive database of credit information which is accessible to all stakeholders.

The digital payments revolution will trigger massive changes in the way credit is disbursed in India. Debit cards have radically replaced credit cards as the preferred payment mode in India, after demonetisation.

ROAD AHEADIndia's gross domestic product (GDP) is expected to reach US$ 6 trillion by FY27 and achieve upper-middle income status on the back of digitisation, globalisation, favourable demographics, and reforms.

India's revenue receipts are estimated to touch ` 28-30 trillion (US$ 385-412 billion) by 2019, owing to Government of India's measures to strengthen infrastructure and reforms like demonetisation and Goods and Services Tax (GST).

India is expected to be the third largest consumer economy as its consumption may triple to US$ 4 trillion by 2025, owing to shift in consumer behaviour and expenditure pattern, according to a Boston Consulting Group (BCG) report; and is estimated to surpass USA to become the second largest economy in terms of purchasing power parity (PPP) by the year 2040, according to a report by PricewaterhouseCoopers.

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

(` in crore)

Particulars 31.03.2019 31.03.2018 % Increase /Decrease

Business Mix 20000.67 17366.93 15.17Deposits 11617.34 9938.85 16.89

Advances 8383.33 7428.08 12.86Gross Profit 244.46 211.81 15.41Net Profit after Tax 99.69 100.90 (1.20)Owned Funds 977.19 911.94 7.16Gross N.P.A % 3.76 1.99Net N.P.A. % 2.19 1.05C.R.A.R % 12.62 12.29

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PROFITABILITY Net profit of your Bank for the Financial Year 2018-19 is ̀ 99.69 crore as against ̀ 100.90 crore for the previous financial year. This marginal fall in Net Profit is due to increase in provision towards NPA.

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

Particulars 2018-19 2017-18Statutory Reserve Fund 24,92,36,500.00 25,22,56,000.00Proposed Dividend 31,55,51,000.00 31,95,26,000.00Building Reserve Fund 8,50,00,000.00 7,00,00,000.00Dividend Equilisation Fund 6,00,000.00 6,00,000.00Investment Fluctuation Fund 15,00,00,000.00 10,00,00,000.00Members Welfare Fund 50,00,000.00 50,00,000.00Staff Welfare Fund 30,00,000.00 30,00,000.00Staff Medical Fund 50,00,000.00 50,00,000.00Charity Fund 99,69,500.00 1,00,90,500.00Education Fund 99,69,500.00 1,00,90,500.00Reserve fund for Unforeseen Losses 9,96,95,000.00 10,09,05,000.00General Reserve Fund 5,89,23,500.00 12,75,54,000.00Technology Reserve Fund 50,00,000.00 50,00,000.00Balance transfer to Statutory Reserve Fund 120.02 164.75TOTAL 99,69,45,120.02 100,90,22,164.75

SHAREHOLDERS :

DIVIDENDThe Board of Directors are pleased to recommend a Dividend of 11% for the year ended 31st March, 2019. The Dividend outgo is 31.65% of the Net Profit in the financial year 2018-19 as against 31.67% of the previous year i.e. 2017-2018 which indicates that even after keeping the percentage of Dividend in lines with the previous year, the difference in the outgo percentage is high compared to other peer group members. This is due to the Bank’s liberal policy of investment in Shares.

IDENTITY CARDS :To align with the KYC Norms laid down by the Reserve Bank of India, your Board has decided to stop issuing Identity Cards to its members and instead verify the identity with the KYC already available with it.

EMAIL ID FOR QUERIES Your Bank has created a dedicated email id [email protected] for its members for sending their queries regarding annual report.

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DEPOSITS Your Bank in its ‘Vision 2020’ had visualized a target to achieve ` 20,000 crore Business Mix. The Board gladly announces that your Bank had reached the coveted Business Mix of ` 20,000 crore. The sole objective behind this vision was to make your Bank eligible to apply for becoming a commercial bank.

The Bank continued its initiative to target Schools, Colleges, Co-operative Societies and Corporates for their accounts, increase its customer base by promoting products like E-siksha and E-colony which is also increasing Bank’s visibility and footfalls in the Branches. Various customer meets and contests were arranged at Bank and Branch level due to which a considerable growth of 16.89% is registered in deposits to reach ` 11617.34 crore as on 31st March, 2019 as against the deposits of ` 9938.85 crore in the year 2017-18.

The category-wise break up of deposits during preceding two years namely 2017-18 and 2018-19 is given as under:

(` in crore)

Types of Deposits 31.3.2019 31.03.2018 % increase

Term Deposits 9325.97 7842.49 18.92

Demand Deposits 2291.37 2096.36 9.30

Total 11617.34 9938.85 16.89

ADVANCES:Credit :Your Bank’s total Advances for the financial year 2018 -19 is ` 8383.33 crore, indicating a net increase of 12.86% i.e ` 955.25 crore on previous financial year 2017-18. Your Bank has shifted its focus to priority sector advances i.e. MSME advances to be in line with the regulatory requirements of Reserve Bank of India. Banking sector is facing various challenges and to overcome these challenges faced by MSME sector, Reserve Bank of India issued guidelines on restructuring of MSME borrowers registered under GST regime. This restructuring guideline is made applicable to all MSME borrowers having total borrowing up to ` 25 Crore. However, growth of Banking Industry largely remained passive during financial year 2018-19. Your Bank has calibrated its credit policies to be more competitive. Your Bank has also focused on different lending strategies according to the MSME lending rules so that the priority sector portfolio is increased. Further, your Bank has revised rate of interest on priority sector advances during the financial year 2018-19.

Pradhan Mantri Awas Yojana :Your Bank has tie-up with National Housing Bank (the Nodal Agency) to provide Credit linked subsidy scheme – Pradhan MantriAwasYojana i.e. PMAY. The subsidy is launched for Economically Weaker Sections (EWS) and Lower Income Groups (LIG) to provide affordable housing. The Scheme is now extended to Middle Income Group (MIG) also.

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The details of subsidy claims of the Bank settled by NHB during the FY 2018-19 are as below:

Scheme Type Total Application send to NHB

Total Application settled Total amount of Subsidy Received

(` in Lakh) EWS/LIG Old 7 4 8.72 EWS/LIG New 92 92 234.30 MIG-I 63 51 111.77 MIG-II 7 7 14.85 TOTAL 169 154 369.64

Note : The remaining 15 claim applications are settled in the current ¬financial year 2019-20. The Subsidy claims are the continuous process, as Government of India has extended the scheme upto 2022.

STRESSED ASSETS: In the year under review, the banking industry has witnessed increase in stressed assets at alarming rate, which affects its financial position. The management of stressed assets is a major challenge before the entire banking industry in recent times. The low liquidity in the economy has put tremendous pressure on the cash flow of borrowers resulting in default in servicing the debt; consequently stressed assets of your Bank have also increased to some extent. The concerted efforts were taken by Bank’s Monitoring Cell to curtail the NPA at all levels. For speedy recovery, the several recovery tools are used by the Bank’s recovery team. This effort has yielded desirable result. The Bank has made requisite provision as per the guidelines of Reserve Bank of India, pursuant to which, the Bank’s percentage of Gross NPA to Gross Advances is 3.76% while Net NPA to Net Advances is 2.19% for the year ending March 31,2019.

To cleanse the Balance Sheet, the tool of selling / assignment of NPA portfolio to SCs/RCs [Securitisation companies/ Reconstruction companies] is used by many banks. Your Bank has also sold/ assigned 11 No. of NPA accounts having principal amount of ` 110.75 crore, net book value and reserve price of ` crore. The Bank has sold / assigned said NPA portfolio to M/s. CFM Asset Reconstruction Pvt. Ltd. (CFMARC) for ` 105.00 crore as on 30/03/2019.

INVESTMENTSFinancial year 2018-2019 is a challenge for the fixed income markets in India. In the domestic front, extra market borrowings due to a miss in fiscal deficit target for FY18-19 and a sticky core inflation weighed on the market sentiments. A strong global macro headwinds by the way of rate tightening by the US Fed (raising key rate by 25bp each on four occasions aggregating 100bp) and rising crude prices further added to the adversity. With initiating rate action, the RBI talked up the market yields, possibly to prepare the way for any further adverse escalation in macros, while still assessing the sustainability of such developments. Resultantly, benchmark India 10-year yields approached near 8% mark. Subsequently, fresh turbulence in emerging markets led by the US-China trade war tensions and currency depreciation in Turkey, Mexico and Argentina had a cascading impact on India with FPI flows turning negative in debt market. Consequently, the INR also suffered massive depreciation of nearly 15%, hitting an all-time low mark of 74 before settling down to around 70, adding to the bond market’s woes. These developments spiked bond investors taking India 10-year yield to the yearly high of 8.25%.

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In such increasing interest rate scenario, the Bank preferred to hold securities under Held till maturities to avoid mark to market losses. Thus Bank shifted Securities worth ` 28,015.35 lakh from AFS (Available for Sale) to HTM (Held till Maturities) category. Further, the securities were acquired from secondary market under HTM category at higher yield to improve the yield of the Portfolio.

CAPITAL TO RISK ASSET RATIO (CRAR) As your Bank is an 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 12.62% and continues to retain a healthy Capital to Risk Assets Ratio (CRAR).

INTERNATIONAL BANKING DIVISIONYour Bank has completed seven years of independent foreign operations and holds permanent AD- Category I license issued by Reserve Bank of India. The Bank has ‘A’ Category – Forex Treasury branch at Bhandup and 4 ‘B’ category branches at Bhandup, Andheri, Bengaluru and Delhi. The Bank is maintaining Nostro Accounts in 5 foreign currencies i.e USD, GBP, EUR, JPY and AED. The Bank has correspondent relationship with leading International Banks and overseas branches of Indian Banks.

The Trade war between USA and China has affected International business and financial markets. The restriction imposed by USA on Iran has an impact on crude oil price resulting into price rise and disturbance in international trade. The Indian rupee depreciated by 6.10% during F.Y. 2018-2019.

The Bank has undertaken reasonably good volume of forex business despite various constraints. The Bank has been handling variety of forex business such as issuance of Import LCs, Import bills on collection basis, Export bill under LCs / on Collection , collection of clean instruments, Overseas Direct Investment, Foreign Direct investment, Money Transfer Services, and arranging forex travel prepaid cards. The Bank extends Export Credit in INR / Foreign currency - Packing Credit and Post shipment Credit, Loans against Non-resident deposits, Housing loan to Non-residents The Bank has good amount of Non-resident deposits – NRE/NRO/FCNR(B). The Bank has earned reasonably good profit and exchange margin during F.Y. 2018-2019. The Bank has secured SWIFT network for International Wire Transfers and has complied with their Customer Security Programme.

BRANCH NETWORK As on date your Bank has a network of 137 Branches across 7 States.

The State-wise network of the Branches is as under :

No. of BranchesMaharashtra : Mumbai and adjoining Thane / Navi Mumbai / Palghar District 81Kolhapur 6Pune 10Rest of Maharashtra 6Goa 6Delhi 6Gujarat 5Madhya Pradesh 2Karnataka 15Total 137

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Keeping in view the suggestions of many of the members and the current business scenario, the Bank has adopted the policy of business expansion by concentrating more on the loss making branches and increasing their business and curtailing its capital expenditure that would be incurred by way of opening new branches.

Your Bank is in the process of shifting of the Aurangabad Branch situated at Bagga Chambers, Jalna Road to Savarkar Nagar, Near Connaught Place.

CHANNEL BANKING Your Bank has started various new schemes / services for its customers namely :

1. PMC Bonanza Reward App

Your Bank has introduced “PMC Bonanza” which is a Loyalty Reward App for its esteemed customers. The app makes banking more rewarding wherein the customers can earn reward points for regularly banking and using digital channel for carrying out the transactions. Reward points can be earned and redeemed as over 15000 merchandised items are available in the app. This will add one more step towards “Most Preferred Bank”.

2. Sapphire Scheme Bank Account

With a view to attracting more and more HNI Clients, your Bank has successfully introduced Savings and Current Bank Deposit Scheme called Sapphire Saving / Current account. Similar facilities are being offered to NRI customers also. The Sapphire Deposit Scheme provides customers with a bouquet of delights and host of benefits. It offers HNI clients an edge over other depositors. The Bank is paying 6% interest for its Savings account holders under this scheme; Accidental Insurance cover upto ̀ 2 lakh free of cost and is also providing Debit Card with enhanced limit facility.

3. Co-branded Prepaid Payment Instruments

Your Bank has introduced Co-Branded Prepaid Payment Instruments for which it has entered into an arrangement with Mobile Wallet (TMW) Company. This will not only be additional source of income to the Bank but also another product to our clients. Card issued by the Company will add a brand value to your Bank’s name.

4. Self-registration service in Mobile Banking application

In order to help customers to register themselves for Mobile Banking services, your Bank has introduced self registration service in Mobile Banking application. Now, customers can download the Mobile Banking App and register themselves using debit card details through this application. Customer is not required to visit the branch.

5. Online password reset option in Internet Banking

Your Bank has also introduced online password reset option in Internet Banking application. Now, customer can reset his password using forgot login and transaction password option. They can enjoy the services anywhere.

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6. 3 in 1 account

Your Bank has introduced a checking account scheme called ‘3 in 1’ Account wherein the customer has a Savings or Current Account and Demat Account. He can undertake online trading with the broker Way2Wealth by entering in an account. 3 in 1 account provides all the facilities in one go. The customer can transact his trading activities at ease.

7. Nivratika Savings Bank Account

Your Bank is proud to announce that Government of Maharashtra has permitted the Bank to open saving bank account of the pensioners of Govt. of Maharashtra. This will enable your Bank to serve the retired employees and offer our various products and services.

M.R. PAI MEMORIAL AWARD For the year 2019, the M. R. Pai Memorial Award instituted by your Bank organized by All India Bank Depositors Association will be presented to Dr. Sam Taraporevala of Xavier’s Resource Centre for the Visually Challenged (XRCVC) on October 14, 2019. The XRCVC was started in the year 2003 as an effort to ensure an inclusive environment at St. Xavier’s College, for its students with blindness and low vision. The XRCVC has now become a national advocacy and support centre for the blind and low-vision across the city and the country.

MEMBERS WELFARE FUND The Board of Directors of your Bank have recommended an amount of ` 50.00 lakh towards the Members Welfare Fund. During the year 2018-19, total 9 members have availed of the benefit under these schemes - 4 members under Medical category and 5 under Merit category.

HUMAN RESOURCES AND TRAINING The Human Resource Management Department (HRMD) continued to perform its role of nurturing the Bank’s staff and it has been creating an environment conducive for learning, growth and creation of better service conditions. During the period from April 2018 to March 2019, the HRMD has recruited 101 new staff to cope-up with the increased volume of business and to man the newly opened three branches. Resultantly, the total number of employees of the Bank aggregated 1814 as on March 31, 2019.

During the year 2018-19, the HRMD has conducted 101 training programs. These programs included seven Induction Programs exclusively conducted to train all the newly recruited staff. All our training programs, including the Induction program, have been aligned to take care of the needs of various banking aspects with the focused attention on customer service on one hand and up-gradation of professional skills on the other hand. For promoting our banking products and procedures relating to important banking issues, specific 33 programs were conducted on subjects like Know Your Customer, Branch Profitability, SMS Banking, Mobile Banking, Internet Banking, Debit Card, Rupay Credit Card, Visa Debit Card, Bulk Note Acceptance, E-Shiksha, Colony World, IT Security, Cyber Security, and Corporate Fraud Detection. Six programs on Finacle Software were conducted by our IT Department. Another eight training programs were conducted for development of professional skills like credit lead creation, lendperfect software, CIBIL report, credit follow-up, credit recovery and credit appraisal. For enhancing the soft skills of our staff members 14 programs were conducted by external specialized professionals viz., Kinder Brothers, and 6th Sense. Five exclusive programs on Customer Relationship Management and another 10 exclusive programs on life and non-life insurance were conducted during the year

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under review. Similarly product/scheme specific programs about on-line trading (6), Atal Pension Yojna (2), and Sapphire Savings Bank Account (7) were conducted for upgrading the skills of staff. One day seminar on RBI’s Monetary Policy Review was conducted specifically for Senior Officials of Central Office. As required by the RBI, for developing the Board of Directors into a policy and decision making body, a seminar was conducted in May 2018. Another short duration certification program on IT and Cyber Security was attended by the Directors on the Board at IDRBT, Hyderabad.

The Bank has deputed 57 staff members to 29 off-site training programs conducted by external agencies such as the National Payments Corporation of India; Institute for Development & Research in Banking Technology (IDRBT); College of Agricultural Banking (RBI); Indian Institute of Banking & Finance (IIBF); National Federation of Urban Co-operative Banks & Credit Societies (NAFCUB); Laxmanrao Inamdar National Academy for Co-operative Research and Development; One India Bulls Centre; and the Maharashtra Urban Co-operative Banks Federation.

AUDIT AND INSPECTION The success of any institution is depending upon its governance. The Bank has formed an Audit Committee consisting of the directors who are experienced Banking Experts as per the requirement of the RBI. The said committee meets regularly and reviews the overall Audit and Compliance posture of the Bank. This has helped in ensuring transparency in financial statements and protecting shareholders interest.

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.

All the Branches and Departments are covered under audit not only by external audit firms which are well experienced Chartered Accountant Firms but also by internal inspection team which consists of senior banking officials.

Also with the evolving banking technologies and thrust over Digital Banking, the need for ensuring information and cyber security is duly taken care of by your Bank. Your Bank has implemented a duly approved IS Audit process which covers security assessments of all critical IT infrastructure risks. For the purpose of System Audit your Bank had appointed CERT-IN empanelled IS Audit Firms who have submitted their System Audit reports well in time.

A risk based audit approach has been followed for managing the overall Bank’s governance aspect so as to monitor the performance of the overall internal controls implemented for current as well as upcoming risks of all nature.

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 frauds details and recovery actions taken thereof are reported to the Apex authority i.e. the Audit Committee/Special Committee of Board for monitoring fraud cases and to the Board. 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 through internal circulars so as to take adequate precautions and awareness in future.

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RISK MANAGEMENTYour 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 Department 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.

TECHNOLOGYDigital India was conceived five years ago as a way to push the country’s digital transformation forward and empower the common man in the process. The base of these efforts has been the government’s emphasis on developing infrastructure to enable affordable internet access for all and for every Indian to possess a digital identity.

Your Bank’s Customer Registration for internet banking and mobile banking has increased by 5 % and 40 % over the previous year.

Channel transactions have shown a tremendous/substantial growth year on year by 151% thus showing immense faith of our customers on your digital products.

Your Bank strategy of implementation of best industry standards, robust vendor management policy detailed research of latest technologies and efficient project management ensures that your Bank is always ahead of the offerings in digital banking services.

Your Bank is significantly investing in offering Digital services. The Bank is constantly building and enhancing the IT infrastructure using latest technology for securing Data Centre and upgrading its Disaster Recovery site which supports critical applications of the Bank.

Round the Clock Digital bankingFirst in Co-operative bank Sector to implement

• Credit Cards • Interoperability cash Deposit • NETC Fastag • Cash recyclers across Pan India • Bharat Bill Payment System

Technology innovation during the year

• Digital Cheque book

• E Shiksha

• Colony World

• Set Debit Card limit

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• Self registration for Internet Banking and Mobile Banking

• Online deposit opening and closure in Internet Banking

Your Bank is concentrating more on technology as a Business booster for achieving standards in customer service. The Bank is constantly taking measures to meet the requirements of the Reserve Bank of India in lines with its Cyber Security Framework and the practices followed in the Banking Industry. The security controls measures apply across our Data centre, core banking, ATM environments as well as external digital interfaces. Customer awareness through high engagement is undertaken from the security point and best practices on user acceptance, password security are incorporated etc. Further your bank’s board members and senior management personnel have been trained on Cyber Security from IDRBT & IIBF.

Particularly in the year under review, your Bank is at the forefront to provide unique bouquet of lobby services to the customers viz Self operating Kiosks primarily used for passbook printing, cheque deposit, statement of account, mini statement, fate of cheque, stop payment, etc further Cash recyclers machine used for Card less cash deposits and hassle free withdrawals and green pin generation, etc., are also being offered.

Your Bank also offers various other delivery channels products viz, Missed call services, SMS Banking, E-Statement, EMAIL & SMS notification, BBPS, UPI, Internet Banking, Mobile Banking, Bharat QR, NETC Fastag etc,

Technology Milestones ahead (Upcoming Projects)

• Prepaid Cards (which includes Gift Cards, Meal Cards etc)

• Chat Bots

• Prepaid Wallets

• Whatsapp banking

• Loyalty Rewards Programme

• Insta Demat Account

• Digital Customer Onboarding

Your Bank is working towards implementing a robust Fraud and Risk Monitoring solution to help, detect and prevent fraudulent channel transactions, in order to maintain the security of your Bank and its customers.

CORPORATE TIE-UP FOR INSURANCE & MUTUAL FUNDS:As a Corporate Agent, your Bank continues to offer insurance products of multiple companies under Open Architecture Policy of IRDAI.

In Life Insurance stream, we have tied up with Max Life Insurance Co. Ltd., Exide Life Insurance Co. Ltd. and Life Insurance Corporation of India.

In the general insurance category, the Bank had already tied up with Future Generali India Insurance Co Ltd (FGIIC). In the Financial Year 2018-19, in order to wider the avenues for the potential customers, your Bank has tied up with New India Assurance Co Ltd. in the Financial Year 2018-19. New India Assurance Co. Ltd. is a pioneer in Non-Life Business in India. In health category, we have tied up with Religare Health Insurance Co. Ltd.

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The Bank continues serving customers through social security schemes such as Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) ,Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY). We have a persistency ratio of 93% under PMJJBY scheme and 94% under PMSBYscheme.

The Bank has successfully enrolled more than 68000 applicants under these schemes and has aided in settling 2 claims of Pradhan Mantri Suraksha Bima Yojana and 21 claims of Pradhan Mantri Jeevan Jyoti Bima Yojana in Financial Year 2018-19 totaling to an amount ` 46 lakh.

The Bank is also distributing Mutual fund products of UTI Mutual Fund and Reliance Mutual Fund.

CUSTOMER CONVENIENCE CENTREThe Customer Convenience Centre (CCC) has been in existence for last three years. Through this CCC we have been attending to customers’ queries and lending support and guidance required for smooth banking by the customers. The activities at CCC have been expanded by bringing the branch communication system both ‘Inbound’ and ‘Outbound’ under the toll free number.

All the local and outstation branches are now under Centralised Calling System. Resultantly, all customers of the Bank have one point to contact the Bank. The queries of customers except financial transactions information such as branch timings, information of banks various services, products, etc. are resolved on our toll free number. In case the customers insist for any specific information pertaining to their accounts, they are directed to the respective Branches /Departments for clarification of their queries.

ADVERTISING & PUBLICITY Advertising & Marketing Department plays an important role in Banking Sector by making customers, prospects & investors aware and attracted towards our products and services. While creating an overarching image that represents our Bank in a positive light. To stimulate your Bank’s various schemes to a greater extent in different areas, the Bank has been constantly making efforts to project its brand image prominently. Our various lucrative products & services always carry certain unique features. In order to bring to notice about them among general public at large, your Bank has been using many conventional & non-conventional media such as Print Media, Outdoor advertising & Digital marketing, sponsorship to various festivals, social & cultural events conducted by NGOS, Trusts, and educational institutions. This also boosts social harmony. With a view to constantly connecting with public at large, and especially with new generations, the social media platforms like Website, Facebook are proactively handled. This has helped in disseminating important information like introduction of premium schemes, changes in rate of interest, announcements, etc instantaneously. In addition to this, the platform has also been helpful in receiving valuable suggestions & feedbacks. In order to exhibit our presence among cooperative banking sector, we are publishing our Bank’s new developments, events & launching of new products and services from time to time on www.indiancooperative.com .

Every year, your Bank presents specially designed calendar for the new year. However, as you all know that environment consciousness is catching up & natural resources are becoming scarce day by day .Keeping the current trend Live Green...Save Green, your Bank has opted for E-Calendar for the year 2019 with a theme "Donate Happiness". It gives information and creates awareness about need of “Organ Donation”. These

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E-Calendars can be easily accessed on your Mobiles or Laptops from anywhere anytime through our Bank’s website.

This year, the Department had explored one more different media for advertising i.e though OLA/UBER cabs branding .These Cabs cover all the corners of the Mumbai city & its suburbs, Navi Mumbai & Thane district . We got good response and visibility from this campaign.

You are aware that your Bank contributes towards various social causes. This year also, the Bank has contributed funds to provide raincoats to Mumbai & Thane Police, a small gesture which indirectly demonstrates respect to the law & order maintaining genre. To know latest news and developments in your Bank our honorable shareholders are requested to log on to www.pmcbank.com / facebook.com.

CORPORATE SOCIAL RESPONSIBILITY:Social Responsibility has always been an integral part of your Bank. Your Bank has continued the legacy of donating One Rupee per ATM transaction for the year 2018-19 amounting to `16.00 lakh each to CRY and SAVE THE CHILDREN. The Bank has also donated a sum of ` 11 lakh to Nishan-E-Sikhi Foundation for training women aspirants for Police and Para-Military forces.

On the occasion of the 550th Prakash Purab of Saheb Sri Guru Nank Dev Ji, your Bank has sponsored a mega tree plantation drive organized by the Maharashtra Sikh Association. 11000 trees will be planted on the Sion Panvel Highway, Mankhurd to Panvel with the support of Padmashree Sant Baba Seva Singh Ji. Your Bank has also purchased a water tanker in the Bank’s name which will be used for watering the plants on the above stretch.

AMENDMENTS TO BYE-LAWYour Board proposes to make amendment in bye-law no. 9(B) and addition in bye-law no. 41(d). We also seek your wholehearted support for the proposed bye-law amendments.

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 a tremendous growth and development would not have been possible.

We place on record our thanks to the Chief General Managers of Department of Co-operative Bank Supervision, Regional Office & Central Office, Reserve Bank of India, and their 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, Gujarat and Madhya Pradesh 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.

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The Bank is also 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.

The Board of Directors are thankful for the co-operation and support extended by all the Staff of the Bank.

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 Crore)

Particulars March 2019 March 2018 Increase/Decrease in % over last year

Share Capital 292.61 294.22 (0.55)Reserves 933.94 814.80 14.62Deposits 11617.34 9938.85 16.89Cash Investments & Bank Balance 4243.12 3325.68 27.59Advances 8383.33 7428.08 12.86Gross Income 1297.98 1170.49 10.89Working Capital 13313.25 11390.10 16.88Net Profit Before Tax 156.29 169.67 (7.89)Net Profit After Tax 99.69 100.90 (1.20)No. of Branches 137 134

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INDEPENDENT AUDITOR’S REPORT

To :

The Members

PUNJAB AND MAHARASHTRA CO.OP BANK LTD.,

Report On the Financial Statements

1. We have audited the accompanying financial statements of Punjab And Maharashtra Cooperative Bank LTD as at March 31, 2019, which comprises the Balance Sheet as at March 31, 2019, and the Profit and Loss Account, 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 in accordance with provisions of the Banking Regulations Act, 1949, the guidelines issued by the Reserve Bank of India and the guidelines issued by the National Bank for Agricultural and Rural Development, the Central Registrar of Cooperative Societies, the Multi State Co-operative Societies Act, 2002, the Multi State Co-operative Societies Rules, 2002 and accounting principles generally accepted in India so far as applicable to Banks. This responsibility includes the design, implementation and maintenance of internal controls relevant to the preparation and presentation of the financial statements that 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 Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements, plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements.

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 judgment, 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 Bank’s 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 effectiveness of the Bank’s 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.

5. We believe that the audit evidence, we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

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Opinion

6. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements together with the Notes thereon give the information required by the Banking Regulation Act, 1949, the Multi State Co-operative Societies Act, 2002, the Multi State Co-operative Societies Rules, 2002, the guidelines issued by the National Bank for Agricultural and Rural Development (as applicable), guidelines issued by Reserve Bank of India and the Central Registrar of Cooperative Societies, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.

a) In the case of the Balance Sheet, of state of affairs of the Bank as at March 31, 2019

b) In the case of the Profit and Loss Account, of the profit for the year ended on that date; and

c) 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

7. The Balance Sheet and the Profit and Loss Account have been drawn up in Forms “A” and “B” respectively of the Third Schedule to the Banking Regulation Act, 1949 and the Multi State Co-operative Societies Act, 2002 and the Multi State Co-operative Societies Rules, 2002.

8. As required by Section 73(4) of the Multi State Co-operative Societies Act, 2002, we report that

a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit and have found to be satisfactory.

b) In our opinion, proper books of account as required by law have been kept by the Bank so far as it appears from our examination of those books and proper returns adequate for the purposes of our audit have been received from the branches/offices.

c) From the information and according to the explanation rendered to us, the transactions of the Bank which came to our notice have been within the powers of the Bank as required by Section 30(3) of the Banking Regulation Act, 1949.

d) The Balance Sheet and the Profit and Loss Account dealt with by this report are in agreement with the books of account and the returns.

e) The reports on the account of the branches/offices audited by the branch concurrent auditors have been forwarded to us and have been properly dealt by us in preparing this report.

f) The accounting standards adopted by the Bank are consistent with those laid down by accounting principles generally accepted in India so far as applicable to Banks.

g) In our opinion and according to information and explanations given to us, we have not noticed any material impropriety or irregularity in the expenditure or in the realization of money due to the bank.

9. 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.

23


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 ` 2,681.77 Lakhs is made in the accounts. (Advances categorized as doubtful and loss assets as per prudential norms are considered as doubtful of recovery).

(` In Lakhs)

Category Outstanding as on 31.03.2019Doubtful Assets (iii) 2,666.24Loss 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 29.16 43.65 0.00Non Fund Based 12.50 13.03 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.

For Lakdawala And CoChartered Accountants

ICAI FRN : 145569W

CA K. P. Lakdawala Partner Membership No. 035633 Statutory AuditorsPlace: Mumbai Date: September 07, 2019

24


Balance Sheet as at March 31, 2019

(Amount in `)

CAPITAL & LIABILITIES SCHEDULE CURRENT YEAR 31.03.2019

PREVIOUS YEAR 31.03.2018

1 CAPITAL 1 292,60,98,375.00 294,21,67,975.00

2 RESERVE FUND & OTHER RESERVES 2 933,94,06,343.84 814,80,16,760.50

3 DEPOSITS & OTHER ACCOUNTS 3 11617,33,69,351.54 9938,85,09,571.68

4 BORROWINGS 4 305,90,16,000.00 251,79,72,000.00

5 BILLS FOR COLLECTIONBEING BILLS RECEIVABLE (As per Contra)

10,52,894.21 1,98,954.97

6 OVERDUE INTEREST RESERVE (As per Contra)

137,76,85,413.08 98,32,84,334.13

7 INTEREST PAYABLE 35,68,72,006.78 22,93,94,725.96

8 OTHER LIABILITIES 5 296,44,32,586.57 239,19,93,899.05

TOTAL 13619,79,32,971.02 11660,15,38,221.29

CONTINGENT LIABILITIES 12 1721,08,43,069.94 1125,67,95,355.72

As per our Report of even date attached For Lakdawala And Co S. Waryam Singh Chartered Accountants Chairman ICAI FRN : 145569W

CA K. P. Lakdawala S. Balbir Singh Kochhar Partner Vice Chairman Membership No. 035633 Statutory Auditors Mr. Joy Thomas Managing Director Date :September 07, 2019

25


Balance Sheet as at March 31, 2019

(Amount in `)

PROPERTY & ASSETS SCHEDULE CURRENT YEAR 31.03.2019


1 CASH 6 708,55,24,409.87 540,27,66,244.27

2 BALANCES WITH OTHER BANKS 7 409,69,30,640.75 276,03,49,147.91

3 INVESTMENTS 8 3124,87,07,813.23 2509,37,23,796.35

4 ADVANCES 9 8383,32,91,762.66 7428,08,34,195.90

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

10,52,894.21 1,98,954.97

6 BRANCH ADJUSTMENTS 0.00 7,247.36

7 OVERDUE INTEREST RECOVERABLE (NPA) (As per Contra)

137,76,85,413.08 98,32,84,334.13

8 INTEREST RECEIVABLE 63,05,77,881.46 59,92,96,419.19

9 FIXED ASSETS 10 507,96,47,895.81 539,44,15,142.95

10 OTHER ASSETS 11 283,93,90,259.95 208,15,38,738.26

11 NON BANKING ASSETS ACQUIRED IN

SATISFACTION OF CLAIMS

51,24,000.00 51,24,000.00

TOTAL 13619,79,32,971.02 11660,15,38,221.29


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

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


26


Profit & Loss Account for the Year ended March 31, 2019(Amount in `)

EXPENDITURE CURRENT YEAR 31.03.2019


1 Interest on Deposits, Borrowings etc. 754,18,71,141.27 680,15,38,432.732 Salaries and Allowances 113,62,35,674.39 105,13,46,342.523 Rent, Taxes, Insurance, Lighting etc. 39,40,35,109.03 34,49,59,406.204 Legal Charges 1,02,866.00 70,600.005 Postage, Telegram and Telephone charges 8,70,01,239.16 7,69,75,893.886 Audit fees & Professional Charges 8,97,43,076.41 8,93,99,261.857 Depreciation/ Amortisation of Assets 46,14,78,240.09 46,13,50,567.448 Printing Stationery and Advertisement

i) Printing and Stationery 3,16,89,146.65 4,06,01,803.31ii) Advertisement 2,72,69,412.20 4,13,26,868.68

5,89,58,558.85 8,19,28,671.999 Other Expenditure

i) Bank and Other Charges Paid 18,22,16,896.22 13,14,66,737.21ii) Repairs and Maintenance of assets 20,62,48,107.12 19,60,51,812.45iii) Premium paid to DICGC 10,56,62,326.00 9,68,63,817.00iv) Travelling and Conveyance 79,59,163.79 75,56,692.57v) Security Charges 7,65,66,166.40 7,37,99,668.10vi) Amortisation of Premium on Investments 3,06,69,278.70 2,98,91,796.94vii) Miscellaneous Expenses 15,64,84,038.30 14,35,60,267.57

76,58,05,976.53 67,91,90,791.8410 Provisions

i) Provision Against Standard Assets 2,95,00,000.00 4,45,00,000.00ii) Provision for Bad & Doubtful Debts 69,55,00,000.00 20,25,00,000.00iii) Provision for Investment Depreciation Reserve 15,67,32,290.00 16,58,22,631.12iv) Provision for other Contingent Liability 0.00 86,40,000.00

88,17,32,290.00 42,14,62,631.1211 Income Tax Expenses

i) Current Tax 76,50,00,000.00 63,48,21,937.11ii) Deferred Tax (19,90,61,442.41) 5,28,40,943.25

56,59,38,557.59 68,76,62,880.3612 Total Expenses 1198,29,02,729.32 1069,58,85,479.9313 Net Profit after Tax 99,69,45,120.02 100,90,22,164.75

TOTAL 1297,98,47,849.34 1170,49,07,644.68


CA K. P. Lakdawala S. Balbir Singh Kochhar Partner Vice Chairman Membership No. 035633 Statutory Auditors Mr. Joy Thomas Date :September 07, 2019 Managing Director

27


Profit & Loss Account for the Year ended March 31, 2019(Amount in `)

INCOME CURRENT YEAR 31.03.2019


1 Interest & Discount 1209,49,06,768.47 1095,66,87,060.772 Commission 7,37,98,392.82 9,13,35,945.523 Income on Trading(Net) 26,09,13,247.32 16,43,73,474.634 Dividend 8,700.00 10,286.005 Other Reciepts

i) Bank and Other Charges Received 37,15,36,346.49 29,83,98,998.58ii) Rent received on lockers 3,75,74,565.00 3,56,22,685.00iii) Profit on Sale of Assets 74,67,984.70 21,30,773.30iv) Miscellaneous Income 12,47,28,192.54 14,83,06,888.88

54,13,07,088.73 48,44,59,345.766 Excess Provision for Impaired Assets NDCC 89,13,652.00 80,41,532.00

TOTAL 1297,98,47,849.34 1170,49,07,644.68

Directors

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




28


Appropriation for the Year ended March 31,2019Appropriations subject to AGM approval (Amount in `)Particulars CURRENT YEAR

31.03.2019PREVIOUS YEAR

31.03.2018Statutory Reserve Fund 24,92,36,500.00 25,22,56,000.00Proposed Dividend 31,55,51,000.00 31,95,26,000.00Building Fund Reserve 8,50,00,000.00 7,00,00,000.00Dividend Equilisation Fund 6,00,000.00 6,00,000.00Investment Fluctuation Fund 15,00,00,000.00 10,00,00,000.00Members Welfare Fund 50,00,000.00 50,00,000.00Staff Welfare Fund 30,00,000.00 30,00,000.00Staff Medical Fund 50,00,000.00 50,00,000.00Charity Fund 99,69,500.00 1,00,90,500.00Education Fund 99,69,500.00 1,00,90,500.00Reserve fund for Unforeseen Losses 9,96,95,000.00 10,09,05,000.00General Reserve Fund 5,89,23,500.00 12,75,54,000.00Technology Development Fund 50,00,000.00 50,00,000.00Balance transfer to Statutory Reserve Fund 120.02 164.75 TOTAL 99,69,45,120.02 100,90,22,164.75


CA K. P. Lakdawala S. Balbir Singh Kochhar Partner Vice Chairman Membership No. 035633 Statutory Auditors Mr. Joy Thomas Managing Director Date :September 07, 2019

29


Appropriation for the Year ended March 31,2019(Amount in `)

Particulars CURRENT YEAR 31.03.2019


Profit Brought forward 99,69,45,120.02 100,90,22,164.75

TOTAL 99,69,45,120.02 100,90,22,164.75

Directors

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




30


Schedule Liabilities as at March 31, 2019(Amount in `)



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 292,60,98,375.00 294,21,67,975.00

292,60,98,375.00 294,21,67,975.00Amount Called up

on 11,70,43,935 Shares of ` 25/- each 292,60,98,375.00 293,80,67,375.00

(Previous year 11,75,22,695 Shares of ` 25/- each)

(Previous year 41,006 Shares of ` 100/- each) 0.00 41,00,600.00Refer Notes to Accounts III-4

SCHEDULE 2 -RESERVE FUND & OTHER RESERVESi) General Reserve Fund 97,74,24,235.00 91,85,00,735.00ii) Statutory Reserve Fund 213,33,66,236.98 187,92,81,940.96iii) Members Welfare Fund 5,70,40,000.00 5,21,30,000.00iv) Staff Welfare Fund 4,15,37,284.91 3,85,37,284.91v) Dividend Equilisation Fund 67,15,000.00 61,15,000.00vi) Building Fund Reserve 83,63,68,000.00 75,13,68,000.00vii) Charity Fund 4,66,89,700.00 4,10,20,200.00viii) Investment Fluctuation Fund 90,64,64,107.86 75,64,64,107.86ix) Contingent Provision Against Standard Assets 33,52,00,000.00 30,57,00,000.00x) Bad & Doubtful Debts Reserve 134,64,99,763.95 70,85,17,675.43xi) Provision for Other Contingent Liabilities 1,06,14,523.39 1,06,14,523.39xii) Reserve Fund for Unforeseen Losses 77,10,49,200.00 67,13,54,200.00xiii) Special Reserve u/s 36(1)(viii) 2,34,00,000.00 2,34,00,000.00xiv) Contingent Provision against Investment Depreciation 2,23,25,701.00 13,10,25,701.00xv) Revaluation Reserve 168,66,60,978.41 171,70,22,127.61xvi) Technology Development Fund 6,50,00,000.00 6,00,00,000.00xvii) Net Open Foreign Currency Position 3,85,00,000.00 3,85,00,000.00xviii) Provision for Impaired Assets- NDCC 45,51,612.34 1,34,65,264.34xix) Staff Medical Fund 3,00,00,000.00 2,50,00,000.00

TOTAL 933,94,06,343.84 814,80,16,760.50

31


(Amount in `)



SCHEDULE 3 - DEPOSITS & OTHER ACCOUNTS :

i) Fixed Deposits

a) Individuals & Others 7243,33,40,437.90 6174,98,68,153.35

b) Co-operative Institutions 1993,21,78,097.10 1597,12,74,553.30

SUB TOTAL 9236,55,18,535.00 7772,11,42,706.65

ii) Saving Bank Deposits



SUB TOTAL 1836,03,34,907.93 1679,82,73,589.83

iii) Current Deposits



SUB TOTAL 455,33,25,446.18 416,53,03,816.56

iv) Matured Deposits 89,41,90,462.43 70,37,89,458.64

SUB TOTAL 89,41,90,462.43 70,37,89,458.64

TOTAL 11617,33,69,351.54 9938,85,09,571.68

SCHEDULE 4 -BORROWINGS

i) Refinance from National Housing Bank Finance 175,78,91,000.00 121,68,47,000.00

ii) Long Term Subordinate(Tier II) Deposits 130,11,25,000.00 130,11,25,000.00

TOTAL 305,90,16,000.00 251,79,72,000.00

Schedule Liabilities as at March 31, 2019

32


(Amount in `)



SCHEDULE 5 -OTHER LIABILITIES

i) Pay orders 16,82,98,983.26 20,75,81,652.96

ii) Unclaimed Dividend 1,18,99,831.00 1,15,38,915.00

iii) Miscellaneous Accounts 32,84,20,819.75 43,00,38,358.66

iv) Advance Rent Received on lockers 1,80,37,959.92 1,76,85,510.42

v) Advance Interest on Bill Discounted 5,99,594.00 20,598.00

vi) Tax Deducted at Source 6,35,57,718.19 5,86,70,612.08

vii) Provision for Taxes 193,01,00,258.89 116,51,00,258.89

viii) Deferred Tax 0.00 11,06,21,411.25

ix) Collection Account - Kolhapur Janata Sahakari Bank Ltd 28,36,675.00 0.00

x) Collection Account - Jai Shivrai Nagari Sahakari Bank Ltd 86,75,062.00 86,75,062.00

xi) Collection Account - Chetana Sahakara Bank Niyamitha 38,22,900.00 0.00

xii) NFS Network Account 10,26,62,284.56 5,10,55,614.08

xiii) Proposed Dividend 31,55,51,000.00 31,95,26,000.00

xiv) Education Fund 99,69,500.00 1,00,90,500.00

xv) Forex Revaluation Provision 0.00 13,89,405.71

TOTAL 296,44,32,586.57 239,19,93,899.05

Schedule Liabilities as at March 31, 2019

33


Schedule Assets as at March 31, 2019(Amount in `)



SCHEDULE 6 - CASH i) Cash in hand 86,07,40,166.50 76,83,42,371.50ii) Balance with Reserve Bank of India 615,77,79,049.59 456,17,77,134.49iii) Balance with State Bank of India 5,88,00,850.48 6,42,61,045.98iv) Balance with State Co-operative Banks 31,507.70 31,507.70 v) Balance with District Central Co-operative Banks 81,72,835.60 83,54,184.60

TOTAL 708,55,24,409.87 540,27,66,244.27

SCHEDULE 7 - BALANCE WITH OTHER BANKS & FOREIGN BANKS

i) Current Deposits 43,49,69,313.23 39,97,87,916.84ii) Current Deposits with Banks Abroad 16,52,10,308.36 7,47,49,418.64iii) Fixed Deposits 349,67,51,019.16 228,58,11,812.43

TOTAL 409,69,30,640.75 276,03,49,147.91

SCHEDULE 8 - INVESTMENTS i) In Central & State Government Securities* 2456,44,21,385.67 2320,12,78,580.10

Face Value 2456,88,10,000.00 2290,53,10,000.00Market Value 2486,90,24,678.09 2307,09,31,992.10

ii) Shares in Co-operative Institutions 1,49,151.00 1,48,701.00iii) Shares in Market infrastructure Company 24,99,200.00 24,99,200.00

Face Value 7,10,000.00 7,10,000.00Market Value 64,53,900.00 49,41,600.00

iv) PSU Bonds & Bonds of All India Financial Institutions 34,05,61,720.00 34,05,61,720.00Face Value 34,00,00,000.00 34,00,00,000.00Market Value 34,70,54,900.00 35,07,83,740.00

v) Investment in Mutual Fund 5,00,00,000.00 5,00,00,000.00Face Value 5,00,00,000.00 5,00,00,000.00Market Value 5,62,11,281.69 5,07,83,845.05

vi) Investment In Security Receipt 89,25,00,000.00 0.00Face Value 89,25,00,000.00 0.00Market Value 89,25,00,000.00 0.00

vii) CBLO Lending 0.00 149,92,35,595.25viii) TRI-Party REPO Trade Settlement (TREPS)Lending 199,85,76,356.56 0.00ix) Liquidity Adjustment Facility (LAF) Lending 340,00,00,000.00 0.00

TOTAL 3124,87,07,813.23 2509,37,23,796.35

* Government Securities includes securities of ` 4,08,49,39,546.49 (Face Value ` 4,09,55,00,000.00) in 2019 and ` 4,07,63,17,588.03 (Face Value ` 4,09,55,00,000.00) in 2018 pledged with Clearing Corporation of India Ltd (CCIL) for Treasury Operations

34



Particulars CURRENT YEAR

31.03.2019 PREVIOUS YEAR

31.03.2018 SCHEDULE 9 - ADVANCES

Refer Notes to Accounts III-5

i) Short Term Loans

a) Secured 6810,63,36,909.98 6023,12,24,403.73

b) Unsecured 62,56,39,964.99 40,41,24,860.32

6873,19,76,874.97 6063,53,49,264.05

ii) Medium Term Advances

a) Secured 253,12,48,831.60 219,46,27,593.67

b) Unsecured 11,51,46,045.13 9,19,28,937.10

264,63,94,876.73 228,65,56,530.77

iii) Long Term Advances

a) Secured 1064,06,24,344.38 1005,19,56,867.77

b) Unsecured 2,34,66,342.56 11,40,283.21

1066,40,90,686.94 1005,30,97,150.98

iv) Loans Earmarked Against NHB Refinance 179,08,29,324.02 130,58,31,250.10

TOTAL 8383,32,91,762.66 7428,08,34,195.90

SCHEDULE 10 - FIXED ASSETS i) Land 8,71,20,716.20 8,96,32,309.20

Add:- Additions during the year 9,11,300.00 22,69,580.00Add:- Transferred from Premises Account 83,20,57,597.91 0.00Less:- Transferred to Premises Account (CSBN#) 0.00 47,81,173.00

SUBTOTAL ~ 92,00,89,614.11 8,71,20,716.20

ii) Furniture Fixtures & Office Equipment 60,07,66,227.52 54,76,05,395.04Add:- Additions during the year 5,15,83,724.92 24,24,86,657.02Less:- Sale/Adjustment/Written off during the year 80,78,609.53 3,03,24,663.66Less:- Depreciation for current year 15,65,65,011.93 15,90,01,160.88

SUBTOTAL 48,77,06,330.98 60,07,66,227.52iii) Capital Expenditure on Premises 7,18,00,846.31 9,67,13,737.35

Add:- Additions during the year 2,34,35,643.60 2,97,84,227.00Less:- Sale/Adjustment/Written off during the year 14,95,112.90 8,62,340.85Less:- Depreciation for current year 4,12,73,173.75 5,38,34,777.19

SUBTOTAL 5,24,68,203.26 7,18,00,846.31~Closing balance of Land includes Revaluation of ` 33,86,39,769.66 in 2019.

35





31.03.2018

iv) Premises (including Revaluation of Premises )* 431,85,88,776.95 395,95,34,681.49

Add:- Additions during the year 0.00 45,09,12,188.00

Add:- Shifted from Land Account (CSBN#) 0.00 47,81,173.00

Less:- Revaluation Written back 0.00 38,01,142.71

Less:- Transferred to Land Account 83,20,57,597.91 0.00

Less:- Sale/Adjustment/Written off during the year 2,20,176.24 0.00

Less:- Depreciation for current year 5,62,56,960.33 5,60,82,901.45

Less:- Depreciation on Revalued Assets for current year 3,74,47,883.49 4,91,28,097.22

Add:- Depreciation Written back 0.00 1,23,72,875.84

SUBTOTAL** 339,26,06,158.98 431,85,88,776.95

v) Office Vehicle 1,53,71,155.80 1,16,24,207.23

Add:- Additions during the year 9,62,519.00 99,09,579.00

Less:-Sale/Adjustment/Written off during the year 7,86,830.67 0.00

Less:- Depreciation for current year 52,79,414.64 61,62,630.43

SUBTOTAL 1,02,67,429.49 1,53,71,155.80

vi) Computer Hardware 14,07,55,269.13 18,94,26,444.22

Add:- Additions during the year 5,43,61,690.52 5,46,22,066.76

Less:- Sale/Adjustment/Written off during the year 5,76,127.20 4,06,240.78

Less:- Depreciation for current year 9,39,79,570.05 10,28,87,001.07

SUBTOTAL 10,05,61,262.40 14,07,55,269.13

vii) Computer Software 16,00,12,151.04 14,24,28,181.64

Add:- Additions during the year 5,68,30,740.27 11,33,38,941.66

Less:- Amortisation for current year 10,08,93,994.72 9,57,54,972.26

SUBTOTAL 11,59,48,896.59 16,00,12,151.04

TOTAL 507,96,47,895.81 539,44,15,142.95

# Chetana Sahakara Bank Niyamitha * Opening balance of Premises includes Revaluation of ` 171,70,22,127.61 in 2019 & ` 176,99,51,367.54 in 2018. **Closing balance of Premises includes Revaluation of ` 134,80,21,208.75 in 2019 & ` 171,70,22,127.61 in 2018 .

36


(Amount in `)



31.03.2018 SCHEDULE 11 - OTHER ASSETS

i) Prepaid Expenses 4,67,58,783.70 3,12,46,752.50

ii) Stock of Stationery 85,05,862.93 96,09,798.03

iii) Stock of Stamped Documents & Lockers 21,78,807.00 13,03,318.20

iv) Deposit & Advance with LandLord 10,56,42,242.00 10,94,56,612.00

v) Sundry Receivable 66,62,53,675.66 71,19,43,281.18

vi) Clearing House Receivable 0.00 2,54,700.00

vii) Security Deposit with Companies/Authorities 11,45,23,145.21 16,31,79,117.94

viii) Forex Revaluation Provision 28,38,275.03 0.00

ix) Tax Deducted at Source 1,00,31,499.33 70,97,405.63

x) Advance Taxes 178,88,64,200.00 102,88,41,000.00

xi) Deferred Tax 8,84,40,031.16 0.00

xii) Deaf Claim Receivable From RBI 4,93,832.80 4,61,764.80

xiii) Goods And Service Tax - Input 48,44,526.47 1,06,79,233.79

xiv) NPCI Settlement 15,378.66 74,65,754.19

TOTAL 283,93,90,259.95 208,15,38,738.26

SCHEDULE 12 - CONTINGENT LIABILITIES

i) Buyers Credit 0.00 50,19,14,292.64

ii) Bank Guarantee Issued 88,75,22,796.61 73,73,34,837.37

iii) Letter of Credit Issued 598,61,84,841.05 732,60,82,071.95

iv) Forward Exchange Contracts 476,01,09,459.39 257,74,21,489.47

v) Deaf Parking Account 17,84,49,616.33 11,40,42,664.29

vi) Securities Deliverable under Reverse Repo Account 199,85,76,356.56 0.00

vii) Securities Deliverable under RBI Reverse Repo Account 340,00,00,000.00 0.00

TOTAL 1721,08,43,069.94 1125,67,95,355.72

Schedule Assets as at March 31, 2019

37


NOTES FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2019 AND PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED ON THAT DATEI. 1) OVERVIEW

The Punjab & Maharashtra Co-op Bank Ltd was incorporated in 1984 and has completed its 35 years of providing wide range of Banking and Financial Services including Commercial Banking & Treasury 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 Multi State 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 realised, 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 realisation basis.

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

v) The commission on Letter of Credit / Bank Guarantees, dividends received and income received from Investment in mutual funds and other service charges levied by bank are accounted on receipt basis.

vi) Locker Rent received are treated as Advance and accounted as income at quarterly rest.

3) LOANS AND ADVANCESThe 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 unrealised interest till date in respect of advances classified as Non-Performing Assets (NPA) is provided separately under “Overdue Interest Reserve” as per the directives issued by the RBI.

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.

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

vi) Units of Mutual Funds are valued at lower of Cost and Net Assets Value (NAV).

vii) Investments in Security Receipts (SR) initially issued by Asset Reconstruction Companies (ARCs) are valued at cost till expiry of 6 months from acquisition date. Subsequently, these will be valued at NAV declared by the ARCs from time to time but not later than 6 months from the Balance Sheet Date.

viii) 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 Financial Benchmark India Pvt. Ltd. (FIBIL).

ix) Market values of mutual funds are determined on the basis of Net Asset Value (NAV) as on March 31 declared by Association of Mutual Fund in India (AMFI).

x) In case of securities which are shifted from one category to another shifting is done at cost of acquisition or book value or market value on the date of transfer, whichever is less and difference is charged to Profit and Loss Account.

xi) The provision for Shares not giving dividend is recognized and provided in the books.

xii) Broken period interest on debt instruments is treated as a revenue item. Brokerage, commission, etc. pertaining to investments paid at the time of acquisition is charged to revenue.

5) ACCOUNTING FOR REPO/REVERSE REPO TRANSACTIONSThe Securities sold and purchased under Repo/Reserve Repo are accounted as Collateralized Borrowing and Lending transactions. However, securities are transferred as in the case of normal outright sale /purchase transactions and such movement of securities is reflected using the Repo/Reverse Repo Accounts and contra entries. The above entries are reversed on the date of maturity. Costs and revenue are accounted as interest expenditure/income, as the case may be.

The accounting of LAF is in accordance with the norms stipulated by RBI vide its Circular No. FMRD.DIRD. 10/14.03.002/2015-16 dated May 19, 2016.

6) FOREIGN EXCHANGE TRANSACTIONS (AS 11)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.

40


7) PROPERTY, PLANT & EQUIPMENTS (AS-10) i) Fixed Assets are stated at historical cost less accumulated depreciation in accordance with 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 is provided on pro-rata basis and on fixed assets sold is provided till the corresponding quarter in which the asset is sold.

iv) Assets costing less than ` 5000.00 are not capitalized but charged to the Profit & Loss Account in the year of purchase.

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

Particulars Rate MethodWooden Furniture & Fixture 20.00% WDVSteel Furniture & Fixture 10.00% WDVOffice Equipments 20.00% SLMComputer Hardware & Software 33.33% SLMCapital Expenditure on Premises & Electrical Fittings 25.00% SLMOther Assets 10.00% WDVOffice Vehicles 20.00% SLMOwnership Premises 2.50% SLM

8) EMPLOYEE BENEFITS (AS – 15) i) The liability towards gratuity and leave encashment is calculated and the amount is paid to L.I.C.

of India as Employees Group Gratuity Scheme & Group Leave Encashment Scheme assessed on actuarial valuation in accordance with Projected Unit Credit Method .

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.

9) SEGMENT REPORTING (AS – 17) In accordance with Accounting Standard – 17 issued by ICAI 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.

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10) LEASE (AS 19)Lease Payment taken on operating lease are recognized in the Profit & Loss account over the leased term in accordance with AS -19 Leases issued by ICAI.

11) EARNINGS PER SHARE (AS- 20)Earning Per Share is calculated by dividing the Net Profit (after tax and before appropriation) for the period by the weighted average number (monthly) of equity shares outstanding during the year.

12) 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.

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.

13) INTANGIBLE ASSETS (AS 26)Computer Software purchased for Bank’s use is amortized on Straight Line Method(SLM) basis @33.33%, in accordance with RBI guideline.

14) 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.

15) 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.

42


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.

16) RESERVE FUND AND OTHER RESERVESAs 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.

17) GOODS AND SERVICES TAXGoods and Services Tax (GST) collected on various charges (Outward Supplies) are accounted as Output GST and GST paid to vendors (Inward Supplies) are accounted as Input GST. Out of input GST, eligible input tax credit is availed as set-off to discharge output GST liability. The input tax credit which is not available as set-off as per GST laws are expensed out.

In case of fixed assets purchased / acquired, the ineligible portion of input tax credit is capitalized.

18) WRITEOFF OF REVALUATION RESERVEDuring the year the depreciation has been provided in profit and loss account only on the actual cost of asset. The write off in Revaluation Reserve is done to the extent of reduction in the revaluation amount of the corresponding assets.

43


III. NOTES FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED MARCH 31, 20191) PRIOR PERIOD ITEMS

Prior period income/expenses credited/debited to Profit and Loss Account are as under(` in lakhs)

Particulars AmountAnnual Maintenance Contract 44.97Writeback Revaluation Reserve (72.30)Total (27.33)

2) LONG TERM SUBORDINATED (TIER-II) DEPOSITSThe LTD subscribed as at March 31, 2019 is ` 13011.25 Lakhs as follows

(` in lakhs)

Series Rate of Interest Issued in F.Y. AmountI 9.00% 2016-17 5000.00II 8.75% 2016-17 3063.50III 8.50% 2017-18 2500.00IV 8.50% 2017-18 2447.75

Total 13011.25The LTD amount after applying relevant discounting factors is included in the Tier-II capital of the Bank for Capital Adequacy purposes as per RBI guidelines.

3) PROPERTY, PLANT & EQUIPMENTS i) Insurance Claim of Mulund. In the F.Y. 2017-18 the assets having WDV ` 16.96 lakhs of our Mulund branch destroyed in fire

were written off and shown as Claim Receivable. During the year 2018-19 Bank has received claim settlement of ` 35.00 lakhs on reinstate basis.

ii) Insurance Claim of Kandivli. On June 11, 2018, a fire occurred in our Kandivali Branch ,the assets having W.D.V. of

` 27.80 lakhs were destroyed in fire. In this respect Bank has lodged Insurance claim of ` 55.27 lakhs with Insurance Company on reinstate basis, which has not yet been settled. The Bank have written off destroyed assets of WDV of ` 27.80 lakhs the same is shown as claims receivable. The effect for excess/short amount as and when received will be accounted on settlement of claim.

iii) Segregation of Land and Premises. The Bank has a few owned Premises wherein the composite agreement was entered for

purchase of Land and Premises. During the current year Bank has segregated the cost of Land ` 8320.58 lakhs which was included in Premises.

4) COLLECTION ACCOUNT.The erstwhile Kolhapur Janata Sahakari Bank Ltd (KJSB) and erstwhile Chetana Sahakara Bank Niyamitha (CSBN) were merged with the Bank on December 13, 2008 & July 13, 2010 respectively. The Share Capital of members of merged bank who had complied with KYC norms was repaid and those who had not, their Share Capital is deducted from the respective Banks’ Share capital and regrouped under Other liabilities.

44


5) PROVISION FOR INTEREST CAPITALISED ON NPAIn the previous year Capitalised Interest of ` 2941.28 lakhs was included under Loans and Advances. However, the same is now recasted and included under ‘Overdue Interest Recoverable(N.P.A.)’

6) EMPLOYEE BENEFITS (AS 15)Salaries and Allowances include an amount of ̀ 732.40 Lakhs (Previous year ̀ 803.81 Lakhs) contributed by the Bank on account of contribution towards Provident Fund. Actuarial assessment of Gratuity Fund is as follows

(` in lakhs)Sr. No Particulars Gratuity

(Funded) March 31, 2019

Leave Encashment

March 31, 20191. Discount rate 7.50% 8%2. Salary escalation rate 5% 5%3. Reconciliation of opening and closing balance of the present

value of the defined benefit obligation:i) *Present value of obligation as at April 01,2018 2303.52 1052.39

ii) Interest cost 184.28 84.19iii) Current service cost 151.91 53.49iv) Benefits paid (30.21) (168.51)v) Actuarial (gains)/loss on obligations 14.85 181.60

vi) Present value of obligation as at March 31, 2019 2624.35 1203.164. Reconciliation of opening and closing balance of fair value

of fair plan assets:i) Fair value of plan assets as at April 01,2018 2048.46 1076.47

ii) Expected return on plan assets 170.71 73.46iii) Contributions 671.82 292.19iv) Benefits paid (30.21) (168.51)v) Actuarial gain/(loss) on plan assets NIL NIL

vi) Fair value of plan assets as at March 31, 2019 2860.78 1273.615. Amount recognized in Balance Sheet

i) Present value of obligations as at March 31, 2019 2624.35 1203.16ii) Fair value of Plan Assets as at March 31, 2019 2860.78 1273.61

iii) Assets/(liability) as at March 31, 2019 236.43 (70.45)6. Expenses recognized in Profit and Loss Account

i) Current service cost 151.91 53.49ii) Interest cost 184.28 84.19

iii) Return on planned Assets (170.71) (73.46)iv) Net actuarial (gain)/loss 14.85 181.60

7. Expenses recognized in Profit & Loss Account 180.33 245.82

During the financial year ended March 31, 2019 , Bonus and Exgratia ̀ 1082.00 lakhs payable to employees have been provided in the books.

45


7) SEGMENT REPORTING (AS 17)Primary Segment Reporting at March 31, 2019 is made as under:

(` in lakhs)

Particulars Treasury Other banking operations

March 31, 2019

Revenue 23192.03 106606.44 129798.47Result 6956.79 8672.05 15628.84Profit before Tax 15628.84Income Tax 5659.39Net Profit After Tax 9969.45OTHER INFORMATION Segment Assets 423483.59 916355.49 1339839.08Unallocated Assets 8352.87Total Assets 1348191.95Segment Liabilities 30590.16 1191691.54 1222281.70Unallocated Liabilities 125910.25Total Liabilities 1348191.95

8) RELATED PARTIES AND DISCLOSURE (AS 18)The Bank is a Co-operative Society under the Multi-State Co-operative Societies Act, 2002. There are no related parties required to be disclosed under Accounting Standard 18 (AS-18) issued by The Institute of Chartered Accountants of India, except Key Management Personnel, Mr. K. Joy Thomas, Managing Director of the Bank. However, in terms of RBI circular dated March 29, 2003, he being single party coming under the category, no further details required to be reported.

9) 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 payments of ` 2678.12 lakhs have been recognized in the statement of profit and loss for the year ended March 31, 2019.

ii) The lease agreements pertain to use of premises at various branches. 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.

46


iii) Operating Lease comprises leasing of office premises

(` in lakhs)

Particulars March 31, 2019 March 31, 2018Future lease rental payable as at the end of the year :

12990.45 13998.30

-Not later than one year 2307.85 2219.76-Later than one year and not later than five years 6763.54 6882.61-Later than five years 3919.06 4895.93Total of minimum lease payments recognized in the Profit & Loss account for the year

2678.12 2301.53

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.

10) EARNINGS PER SHARE (AS - 20)(` in lakhs)

Particulars March 31, 2019 March 31, 2018Net Profit/(Loss) after tax (`) 9969.45 10090.22Weighted Average number of Shares 1165 1169Nominal Value of Shares (`) 25.00 25.00Earnings Per Share (`) 8.56 8.63

11) ACCOUNTING FOR TAXES ON INCOME (AS 22)The major components of Deferred Tax Assets/Liabilities (net) arising on account of timing differences between book profit and taxable profits as at March 31, 2019 are as follows

(` in lakhs)

Particulars As at March 31, 2018

During the year As at March 31, 2019

DTA on account ofa) Provision for Advances 246.57 1713.68 1960.25b) Difference in Depreciation (1271.79) 276.93 (994.86)c) Special Reserve U/s36 (1) (viii) (80.99) 0.00 (80.99)Net Deferred Tax Asset/(Liability) (1106.21) 1990.61 884.40

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

issued for by ICAI. The details are as under

(` in lakhs)

Particulars Amount

Opening balance as on April 01, 2018 1600.12Additions during the year 568.31Less: Amortization/Depreciation 1008.94Closing balance as on March 31, 2019 1159.49

13) FINANCIAL ASSETS SOLD DURING THE YEAR TO SC/RC FOR ASSET RECONSTRUCTION(` in lakhs)

Sr. No. Particulars During year ended March 31, 2019

During year ended March 31, 2018

1. No. of Accounts 11 NIL2. Aggregate Value (net of 10% provision) of

accounts sold to SCs/RCs9,967.66 NIL

3. Aggregate Consideration 10,500.00 NIL4. Additional Consideration realized in respect of

accounts transferred in earlier yearsNIL NIL

5. Aggregate gain/loss over net book value 532.34 NIL

14) IMPAIRMENT OF ASSETS (AS – 28)The Bank has not ascertained any material impairment of its assets. Therefore,no provision is required under AS - 28.

15) RESTRUCTURED/ RESCHEDULED ACCOUNTS i) Details of loans subjected to restructuring under Micro, Small and Medium Enterprises (MSME)

sector during the year ended March 31, 2019 with aggregate exposure (including non fund based facilities), to the borrower does not exceed ` 2,500 lakhs as on January 1, 2019 as per RBI Circular Ref : DBR.NO.BP.BC.1/21.04.048/20418-19 dated January 01, 2019 are given below

No of Accounts Restructured Amount

NIL NIL

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ii) The loans subjected to restructuring as per RBI Master circular DCBR.BPD.(PCB) MC No.14/13.05.000/2015-16 dated July 01, 2015 are given Below

(` In Lakhs)Sr No

Particulars Housing Loan

CDR Mechanism

SME Dept Restructuring

Others

1 Standard advances restructured

No of Borrowers - - 3 -Amount outstanding

- - 2957.52 -

Diminution in the fair value

- - 15.22 -

2 Sub-standard advances restructured

No of Borrowers - - -Amount outstanding

- - -


- - -

3 Doubtful advances restructured

No of Borrowers - - -Amount outstanding

- - -


- - -

Total No of Borrowers - - 3 -Amount outstanding

- - 2957.52 -

Diminution / Sacrifice in the fair value

- - 15.22 -

These restructured loans constitute about 0.35% of the total advances as at March 31, 2019.

Amount and number of accounts in respect of which applications received and under process, but the restructuring packages have not yet been approved-NIL as on March 31, 2019.

Details of loans subjected to restructuring under Micro, Small and Medium Enterprises (MSME) sector during the year ended March 31, 2019 with aggregate exposure (including non fund based facilities), to the borrower does not exceed ` 2500 lakhs as on January 01, 2019 as per RBI Circular Ref DBR.NO.BP. BC.18/21.04.048/2018-19 dated January 01, 2019 is NIL.

49


16) PROVISION FOR TAXES ON INCOMEThe bank has made the provision of Taxes amounting to ` 7650.00 lakhs, for the Financial year 2018-19. The breakup of Income Tax expenses appearing in the Profit and Loss account is as under

(` In lakhs)Particulars March 31, 2019 March 31, 2018

Current year Income Tax 7650.00 6348.77Add: Tax Paid for earlier years 0.00 0.00Add: Deferred Tax (1990.61) 528.41Less: Refund received from Income tax 0.00 0.55Total 5659.39 6876.63

17) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS (AS 29)Contingent Liabilities on account of Buyers Credit, Bank Guarantees, Letters of Credit, Forward Contracts and DEAF & REPO (LAF) are as follows.

(` In lakhs)Particulars March 31, 2019 March 31, 2018

Buyers Credit 0.00 5019.14Bank Guarantees 8875.23 7373.35Letter of Credit 59861.85 73260.82Forward exchange contracts 47601.09 25774.21DEAF 1784.50 1140.43Securities Deliverable under Reverse Repo 19985.76 0.00Securities Deliverable under RBI Reverse Repo 34000.00 0.00

18) DEPOSITOR EDUCATION & AWARENESS FUND SCHEME, 2014The Bank has transferred credit balances amounting to ` 1821.19 lakhs to the Depositor Education and Awareness Fund Scheme (DEAF) 2014 maintained with the Bank which have not been in operation for 10 years or more to Reserve Bank of India.

The required disclosure as per the said circular is as under(` In lakhs)

Particulars (2018-2019) (2017-2018)Opening balance of amounts transferred to DEAF 1145.04 939.23Add: Amount transferred to DEAF during the year 676.15 270.51Less:- Amount reimbursed by DEAF towards claims 31.76 64.70Closing balance of amounts transferred to DEAF 1789.43 1145.04

During the year, the Bank has paid claim of ` 36.69 Lakh towards the deposit transferred to DEAF Scheme and claimed the refund from the Reserve Bank of India. As on 31.03.2019 claim of ` 4.94 Lakh is receivable from the Reserve Bank of India.

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19) INVESTMENTSDuring the financial year ended March 31,2019 the Bank has shifted securities of Face Value of ` 26400 lakh (Book value of ` 28015.35 lakh) from AFS (Available for Sale) to HTM (Held till Maturities) category by providing depreciation of ` 2599.16 lakh.

Bank has provided depreciation of ` 55.16 lakhs towards shifting of securities from HFT (Held for Trading) to AFS (Available for Sale) category during the current F.Y.. There is no sale of any security under “Held To Maturity” category during the year.

20) MARKET RISK IN TRADING BOOKThe bank has determined the market risk i.e. the risk of losses as on date of 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 (HFT). Available for Sale category (AFS) 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

March 31, 2019 March 31, 2018The capital requirements for Interest rate risk 3554.40 4397.08Equity Position risk - -Foreign Exchange risk 83.58 63.21

21) Statement of Securities sold/purchased under REPO transactions during the year(` In lakhs)

ParticularsMinimum

Outstanding during the year

Maximum Outstanding

during the year

Daily Average Outstanding

during the year

As on March 31, 2019

Securities sold under REPOi) Govt. Securities 1499.62 10498.57 217.78 NILii) Corporate Debt Securities

NIL NIL NIL NIL

Securities purchased under Reverse REPOi) Govt. Securities 500.00 34000.00 1199.64 34000.00ii)Corporate Debt Securities

NIL NIL NIL NIL

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

51


IV DISCLOSURE AS PER RBI GUIDELINES(` In lakhs)

Sr. No. Particular March 31, 2019 March 31, 2018

1 Capital to Risk Asset Ratio(CRAR) 12.62% 12.29%

2 Movement of CRAR

a) Total Capital Funds 105,514.96 101,592.52

b) Risk Weighted Assets 836,352.50 826,381.82

3 Investments

a) Face Value 258,521.69 232,961.69

b) Book Value 258,501.31 235,944.88

c) Market Value 261,713.94 234,775.90

4 Advances against Real Estate, Construction Business, Housing

98,469.52 99,178.85

5 Advances against Shares & debenture NIL NIL

6 Advances of ` 8,38,332.92 Lakhs (Previous year ` 7,42,808.34 Lakhs) shown in the Balance Sheet Includes :

Advances to Directors, their relatives, Companies / Firms in which they are interested :

a) Fund Based 29.16 33.05

b) Non -Fund Based 12.50 5.37

7 Cost of Deposits

Average Cost of Deposits 7.01% 7.12%

8 NPAs

Gross NPAs 31,524.24 14,800.26

Net NPAs 18,059.24 7,715.08

9 Movement in NPA

Opening Balance 14,800.26 11,185.58

Add : Additions during the year 30,380.45 5,212.90

Less : Closed/ Recovered /Written off 13,656.47 1,598.22

Closing Balance 31,524.24 14,800.26

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(` In lakhs)


10 Profitability

a) Interest income as a percentage of working funds 9.08% 9.62%

b) Non Interest income as a percentage of working funds

0.66% 0.66%

c) Operating profit as a percentage of working funds 1.84% 1.86%

d) Return on Assets (Net Profit(Before Tax) / Average of working funds)

1.29% 1.57%

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

0.82% 0.93%

f) Business (Deposits+Advances) per employee 1,102.57 975.12

g) Profit per employee (Before Tax) 8.62 9.53

h) Profit per employee (After Tax) 5.50 5.67

11 Provisions made towards

a) NPAs 13,465.00 7,085.18

b) Depreciation on Investments 223.26 1,310.26

c) Standard Assets 3,352.00 3,057.00

12 Movements in Provision for Advances

a) Towards NPAs


Add: Additions during the year

i) Provisions 5,847.48 2,025.00

ii) BDDR ARC 1,107.52 0.00

Less : Closed / Recovered /Written Off 575.18 0.00

Bad & Doubtful Debts Provision actually made 13,465.00 7,085.18

b) Towards Standard Assets


Add: Additions during the year 295.00 445.00

Additional provisions from last years profit 0.00 0.00

Closing Balance 3,352.00 3,057.00

53


(` In lakhs)


13 Movements in Provision for Investmenta) Towards Depreciation on InvestmentsOpening Balance 1,310.26 3,363.23 Add: Additions during the year 0.00 0.00Less : Reduction during the year 1,087.00 2,052.97 Closing Balance 223.26 1,310.26 b) Towards Provision for Impaired AssetsOpening Balance 134.65 215.06 Add: Additions during the year 0.00 0.00Less : Reduction during the year 89.13 80.41 Closing Balance 45.52 134.65 c) Towards Investments Fluctuation ReserveOpening Balance 7,564.64 6,564.64 Add: Additions during the year 1,500.00 1,000.00 Less : Reduction during the year 0.00 0.00Closing Balance 9,064.64 7,564.64

14 Foreign Currencya) Assets 1,663.10 883.12 b)Liabilities 1,663.10 883.12

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

1,056.62 968.64

16 Composition of Non - SLR Investments. (March 31, 2019) (` In Lakhs)Issuer Amount Extent

of below Investment

grade Securities

Extent of 'unrated

Securities'

Extent of 'unlisted' Securities

a) PSUs 2,507.50 NIL NIL NIL b) Fls 0.00 NIL NIL NIL c) Public & Private Banks 500.00 NIL NIL NIL d) Others 9,849.60 NIL 26.48 8,951.48 e) Provision held towards depreciation

NIL NIL NIL NIL

TOTAL 12,857.10 NIL 26.48 8,951.48

54


(` in lakhs)17 Non Performing Non - SLR Investments. (March 31, 2019)

Opening Balance 0.36Add: Additions during the year 0.00Less : Reduction during the year 0.00Closing Balance 0.36

18 Interest Rate Future

The bank has not undertaken any Interest Rate Future transaction during the Financial Year 2018-19.

19 No Penalty or fine has been imposed by RBI for the current financial year.

20 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.

As per our Report of even date attached For Lakdawala And Co Chartered Accountants ICAI FRN : 145569W

CA K. P. Lakdawala Partner Membership No. 035633 Statutory Auditors

Date :September 07, 2019





55


Cash Flow Statement for the year ended March 31, 2019(` in lakhs)

Particulars31.03.2019 31.03.2018

Amount Amount Amount AmountA) CASH FLOW FROM OPERATING ACTIVITIES

Net Profit after Tax (before Appropriation) 9,969.45 10,090.22 Add: Depreciation and Amortisation on Fixed Assets 4,614.78 4,613.51 Fixed Assets Written Off/Adjustments 9.80 5.21 Amortisation of Premium on Investments 306.69 298.92 Provision for Tax 1,412.36 1,362.59 Provision for Bad & Doubtful Debts 6,955.00 2,025.00 Contingent Provision against Standard Assets 295.00 445.00 Deferred Tax (1,990.61) 528.41 Expenditure Provisions & Contingencies 1,567.32 1,744.64 TOTAL 13,170.34 11,023.28 Less:Profit on Sale of Assets 74.68 21.31 Profit on Sale of Securities 2,609.13 1,577.88 Expenditure Provision & Contingencies Written Back

89.14 80.42

TOTAL 2,772.95 1,679.61 Adjustments forIncrease / (Decrease) in Deposits and Other Accounts

167,848.60 92,684.81

Increase / (Decrease) in Other Liabilities 435.14 1,086.49 Increase / (Decrease) in Advances (94,949.40) (101,761.17)Increase / (Decrease) in Other Assets 598.65 (2,613.67)Cash Generated from Operations 73,932.99 (10,603.54)Cash Generated from Operating Activities 94,299.83 8,830.35 B) CASH FLOW FROM INVESTING ACTIVITIESPurchase of Fixed Assets (Net) (1,769.29) (8,679.29)Increase / (Decrease) in Investments (76,575.06) 246.85 Cash Generated from Investing Activities (78,344.35) (8,432.44)C) CASH FLOW FROM FINANCING ACTIVITIESShare Capital Issued (Net) (90.27) 970.51 Dividend Paid (3,191.65) (2,795.35)Increase / (Decrease) in Borrowings 5,410.44 6,256.59 Cash Generated from Financing Activities 2,128.52 4,431.75

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

18,084.00 4,829.66

56


(` in lakhs)

Particulars31.03.2019 31.03.2018

Amount Amount Amount AmountE) CASH & CASH EQUIVALENTS

Cash & Cash Equivalents at the Beginning of the Year

58,773.04 53,943.38

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

76,857.04 58,773.04

BREAK-UP OF CASH & CASH EQUIVALENTS

Cash in Hand 8,607.40 7,683.42

Balances With Banks In Current Accounts 68,249.64 51,089.62

Total 76,857.04 58,773.04

As per our Report of even date attached For Lakdawala And Co Chartered Accountants ICAI FRN : 145569W

CA K. P. Lakdawala Partner Membership No. 035633 Statutory Auditors Date :September 07, 2019





57


AMENDMENT TO BYE-LAWS:We propose the following amendment in the Bye-laws of our Bank :

Bye – law No.

Existing Bye-law Bye – law No.

Amended Bye-law Reason for amendment

9B IDENTIFICATION OF A MEMBER :Identification of a Member (KYC Norms of RBI to Members):For all transactions with the bank, identification of a member is necessary. For identification, the individual member shall comply with the Know Your Customer (KYC) guidelines issued by the Reserve Bank of India from time to time and duly adopted and approved by the Board of Directors of the Bank. The existing members shall also comply with such KYC norms. Identification of the members of the Bank shall be done by a competent authority appointed by the Board, through the official identity card which will be issued free of charge for the first time by the Bank. Whenever member desires to exercise his right as a member of ‘the Bank’ such as attending the General Body Meeting and voting thereof, collecting annual dividends and/or occasional gifts, execution of agreements as borrower or guarantor, voting at the election of Director/s of ‘the Bank’ and for such other purpose which Bank may notify from time to time, the member may be asked to produce his identity card. When unable to produce such identity card on demand, his membership right whatsoever may be refused by ‘the Bank’ at that time. A Duplicate Identity card may be obtained from the bank in case of loss or mutilation of the original card. However duplicate card shall be issued at a nominal cost as may be determined by the Board, from time to time. The Board will be permitted to explore the use of advanced technology for the issuance of electronic digital card so as to reduce use of paper.Note : In this bye-law Competent authority means an Election Officer or any other person/s nominated by ‘the Bank’ for this purpose.

9B IDENTIFICATION OF A MEMBER:Identification of a Member (KYC Norms of RBI to Members):For all transactions with the bank, identification of a member is necessary. For identification, the individual member shall comply with the Know Your Customer (KYC) guidelines issued by the Reserve Bank of India from time to time and duly adopted and approved by the Board of Directors of the Bank. The existing members shall also comply with such KYC norms. Identification of the members of the Bank shall be done by a competent authority appointed by the Board, through their valid KYC documents. Whenever member desires to exercise his right as a member of ‘the Bank’ such as attending the General Body Meeting and voting thereof, collecting annual dividends and/or occasional gifts, execution of agreements as borrower or guarantor, voting at the election of Director/s of ‘the Bank’ and for such other purpose which Bank may notify from time to time, the member may be asked to produce his KYC documents.

To align with the KYC

guidelines issued by the Reserve Bank

of India

41 (d) LOANS AND ADVANCES 41 (d) LOANS AND ADVANCESNew sub clause to be added:To avail the services of banking through business correspondents within the prescribed norms of Reserve Bank of India from time to time

Note : All the amendments will be subject to the approval from Central Registrar of Co-operative Societies, New Delhi.

58


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 - 400 078BRANCHES IN MAHARASHTRA STATE (MUMBAI, THANE, RAIGAD, PUNE,

NASHIK, AURANGABAD AND NANDED DISTRICTS.)

BRANCH BUSINESS HOURS ADDRESS CONTACT NUMBERS & E-MAIL 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.

1800223663Fax:022-24017828 [email protected]

Vikhroli (E) Branch


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.

1800223663 Fax: 022-25742825 [email protected]

Andheri (E) Branch


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.

[email protected]

Mulund (W) Branch


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.

28/1/2 backside of Powai Chowk, Opp of Tulip Mulund Colony, Mulund West - 400 082.

1800223663 [email protected]

Ghatkopar (E) Branch


Working Sat. Sun.


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

1800223663Fax: [email protected]

Bhandup (W) Branch


Working Sat. Sun.


Shop No. L33 to L37, Lower Ground Floor, Dreams Mall, Bhandup West, Mumbai – 400 078.

[email protected]

Versova 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.

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


59



Kandivili (E) Branch


Working Sat. Sun.


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

[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. Holiday

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

[email protected]

Oshiwara Branch


Working Sat. Sun.


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

[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. Holiday

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

[email protected]

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

Working Sat. Sun.


Ground Floor, Shop No 1, Maqba Heights, Ambedkar Road, Bandra West, Mumbai - 400 050.


Chembur Branch


Working Sat. Sun.


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


Vasai Road (W) Branch

Mon. to Fri.

SaturdaySun.

08.00 am to 03.00 pm(Lobby banking 03.00 pm to 06.00 pm)Holiday10.00 a.m. to 2.00 pm

Link Road, Opp Aggarwal township, Next to Vasant Nagari Nalasopara (E), Thane - 401 209.

[email protected]

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

Working Sat. Sun.

9.00 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. 6/7/8 and 9, Madhu Maitray Apts, Sr No. 152, Manvel Pada Road, Village – Virar (E)-401 303.

[email protected]

60



Nallasopara Branch


Working Sat. Sun.


Shop No 1 to 4 Yashwant Heights, Near Petrol Pump, Central park, Nallasopara (E) - 401 209

[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 - 400 070.

[email protected]

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

Working Sat. Sun.

09.00 a.m. to 7.00 p.m.Holiday Banking (10.30 a.m. to 12.30 p.m.) 09.00 a.m. to 3.00 p.m. 10.00 a.m. to 2.00 p.m

Shop no. 9, Dhanani Building, Near Panch Batti circle, Kacheri Road, Palghar (W) - 401 404.

[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) - 400 014.

[email protected]

Santacruz –Daulat Nagar Branch

Mon. to Fri.

SaturdaySun.

12.00 p.m. to 07.00 p.m.(Lobby banking)Holiday10.00 a.m. to 2.00 p.m.

Unit No. 5A to 5D, Ground Floor, Shri Om Shivam Apartment, Condominium (Mayur) Plot No 41, Tilak Road, Santacruz (W), Mumbai - 400 054.

[email protected]

Santacruz –North Avenue Branch

Mon. to Fri.SaturdaySun.

8.00 AM TO 4.00 PMHoliday10.00 AM TO 2.00 PM

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


Saki Vihar Branch


Working Sat. Sun.


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

[email protected]

Koldongri Branch

Mon. to Fri.

SaturdaySun.

12.00 noon to 7.00 p.m.

Holiday10.00 a.m. to 2.00 pm

Next to Meghdut Apartment, Shahaji Raje Road, Village Vile Parle, Koldongri, Vile Parle East, Mumbai - 400 057.

[email protected]

61



Dahisar Branch Mon. to Fri.

Saturday Sun.

08.00 AM TO 3.00 PM(Lobby banking) (03.00 PM TO 6.00 PM)Holiday10.00 AM TO 2.00 PM

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

[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.

[email protected]

Virar – Naringi Mon. to Fri.

SaturdaySun.

08.00 AM TO 3.00 PM

Holiday10.00 AM TO 2.00 PM

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

[email protected]

Andheri, J.B. Nagar

Mon. to Fri.

SaturdaySun.

08.00 am to 03.00pm(Lobby banking) (03.00 PM TO 6.00 PM)Holiday10.00 a.m. to 2.00 pm

Unit No. G1 & G2, A Wing Silver Astra, CTS No. 468 (C), J.B. Nagar, Andheri (East), Mumbai - 400 059.

[email protected]

Kashimira Branch

Mon. to Fri.

SaturdaySun.

08.00 am to 03.00 pm(Lobby banking) (3.00 PM TO 06.00 PM)Holiday 10.00 a.m. to 2.00 pm

Manshi Classic, Zari Mari Road, Kashi Village, Mira Road, Thane District - 401 104.

[email protected]

Goregaon West Branch (Bangur)


Working Sat. Sun.

09.00 am to 07.00 pm10.30 AM TO 12.30 PM

9.00 am to 3.00 pm10.00 a.m. to 2.00 pm

Shop No. 66, 69, Ground Floor & Harmony Mall, Opp Vibgyor International School, Link Road, Goregaon West, Mumbai – 400 104.

[email protected]

Goregaon East Branch (Dindoshi)

Mon. to Fri.

SaturdaySun.

08.00 am to 3.00 pm(Lobby banking) (3.00 PM TO 6.00 PM )Holiday. 10.00 a.m. to 2.00 pm

6/B1, Supriya House, Gagan Shopping Complex, Gokuldham Road, Near Gokuldham Mandir, Goregaon (E), Mumbai - 400 063.

[email protected]

62



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, Borivali (East) Mumbai - 400 066.

[email protected]

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

Working Sat. Sun.


Thakker Heights, Village Road, Opp. Ceat Tyres, Near Nahur Station, Mumbai – 400 078.

[email protected]

Vikhroli Kannamwar Nagar Branch


Working Sat. Sun.


Bldg No. 150, Kranti CHSL, Gr & First Floor, Kannamwar Ngr No. 1, Vikhroli (East) Mumbai – 400 083.

[email protected]

Raoli Camp Branch


Working Sat. Sun.


Gr. Floor, Gurudwara, Raoli Camp, Opp Rajkamal Jewellers, GTB Nagar, Mumbai - 400 037.

[email protected]

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.

[email protected]

Marol Branch Mon. to Fri.

SaturdaySun.

08.00 am to 3.00 pm(Lobby banking) 3.00 pm to 06.00 pmHoliday10.00 a.m. to 2.00 pm

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

[email protected]

Ghatkopar (W) Amrut Nagar Branch


Working Sat. Sun.


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

[email protected]

Bhayander Branch

Mon. to Fri.

SaturdaySun.

08.00 a.m. to 03.00 p.m.

Holiday10.00 a.m. to 2.00 p.m.

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

[email protected]

63



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 - 401 107

[email protected]

Virar (W) Yashwant Nagar

Mon. to friday

SaturdaySun.

8.00 a.m. to 3.00 p.m.


Survey no. 343, Ground Flr, Ameya Classic Club, Yeshwant Nagar, Village Bolinj, Virar (W), Vasai, Palghar - 401 303

[email protected]

Borivali West Mon. to Fri.

SaturdaySun.

08.00 am to 03.00 pm

Holiday 10.00 a.m. to 2.00 pm

Shop No.26 to 29, Lavender Shopping Complex, Garden Grove Phase-II, Shimpoli-Gorai Road, Near Kanti Park, Borivali West, Mumbai - 400 092.

[email protected]

KoparKhairane Branch


Working Sat. Sun.


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

[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.

[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.

[email protected]

Kamothe Branch


Working Sat. Sun.


Shop No.7,8, 9, Nandanvan Park C.H.S Ltd., Plot No.9, Sector 36, Kamothe, Navi Mumbai - 410 209

[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) – 410 206.

[email protected]

64



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 - 400 706

[email protected]

Nerul East Branch


Working Sat. Sun.


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

[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.

[email protected]

Kharghar Branch


Working Sat. Sun.


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

[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 - 400 701.

[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 - 421 301.

[email protected]

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.

[email protected]

Badlapur Branch


Working Sat. Sun.


Shop No. 19 to 21, A Wing, Yashwant Plaza, Near Ruchira Hotel, Katrap, Badlapur (E) – 421 503.

[email protected]

65



Ambernath Branch


Working Sat. Sun.

9.00 a.m. to 5.00 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. 7, N-27, Shri Paranjpe Sahakari Marketing Soc.Ltd., Station Road, Ambernath (W) – 421 501.

[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.

[email protected]

Thakurli Branch Mon. to Fri. Sat. 2nd & 4th

Working Sat. Sun.


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

[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.

[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) - 400 615.

[email protected]

Thane Kasarvadavali Branch


Working Sat. Sun.


Ground Floor, Pride Residency Complex, Kasarvadavali, Ghodbunder Road, Thane (W) – 400 615.

[email protected]

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) - 400 610.

[email protected]

66



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 - 400 604.

[email protected]

Kalher Bhiwandi


Working Sat. Sun.


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

[email protected]

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 - 400 605.

[email protected]

Ulhasnagar Branch


Working Sat. Sun.


Baharani Pride, Shop No.1 A, Station Road, Near CHM College, Ulhasnagar (W) – 421 003.

[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 - 400 612.

[email protected]

Dombivili Branch


Working Sat. Sun.


Ground Floor, Shri Rajendra Co-operative Hsg Sct Ltd, Thakur Wadi, Pandit Dindayal Road, Dombivili (W) Dist Thane 421 202.

[email protected]

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

Working Sat. Sun.


Shop no. 5& 6 Parvati plaza, Malang Road, Adivali, Kalyan (E)421 306.

[email protected]

67



Malad East Branch

Mon. to Fri.

Sat. Sun.

08.00 am to 3.00pm


Bldg/composite No. 10, Shop No. 4, Shah Arcade/Shah Housecon, Rani Sati Marg, (Wadari Pada) Malad (E) Mumbai - 400 097.

[email protected]

Malad West Branch

Mon. to Fri.

SaturdaySun.

12.00 noon to 7.00 p.m.


Shop No. 5&6, Ground Floor, A wing, Nazarene Apt., Near Fire Brigade, Marve Road, Kharodi Malad (W) Mumbai - 400 095.

[email protected]

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

Working Sat. Sun.

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

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

[email protected]

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

Working Sat. Sun.

9.00 a.m. to 5.00 p.m.Holiday

9.00 a.m. to 3.00 p.m. 10.00 a.m. to 2.00 p.m.

Shop No. 21 to 25, Oswal Wonder City Building No. A1, Bhumapan / Gut No. 172, 158 & 156, Wonder City, Boisar (East), Tal. Palghar - 401501

[email protected]

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

Working Sat. Sun.

9.00 a.m. to 5.00 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 3, Keystone Arista, Plot No. 149, Sector 10, Panchanand Nagar, Opp Taloja Railway Station, Taloja, Navi Mumbai. Dist Raigad- 410 208

[email protected]

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 - 410 206

[email protected]

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

Working Sat. Sun.


First Floor, Dhuri Towers rroom no (A) 101,102, Wing A, 90 FT Road, Opp Kamraj School, Dharavi, Mumbai - 400 017

[email protected]

68



Jogeshwari (E) Mon. to Fri.

SaturdaySun.

12.00 pm to 07.00 pm


Shop No 11,2(A), Ground Floor, Aishwariya Heights Village Majas Shyam Nagar, Jogeshwari (E)-400 060.

[email protected].

Agashi Road (Virar)

Mon. to Fri. SaturdaySun.

8.00 a.m. to 3.00 p.m.Holiday10.00 a.m. to 2.00 pm

Shop No.8 & 9 , Plot No. 11 & 12, Unique Rashmi CHS Ltd, Agashi Road, Virar West - 401305

[email protected]

Nilje Dombivli (E) Branch


Working Sat. Sun.

10.00 a.m. to 5.00 p.m.Holiday Banking10.30 am to 12.30 pm9.00 am to 3.00 pm10.00 am to 2.00 pm

Shop No: 14 to 17, Ground floor, Lodha Shopping Centre, Lodha Heaven,Nilje, Kalyan-Shil Road, Dombivali (E), 421 204.

[email protected]

Quarry road (Bhandup)

Mon. to Fri.Saturday

Sun.

8.00 a.m. to 3.00 p.m. Holiday

9.00 am to 3.00 pm

Rajmata Jijau Shikshan Prasarak Mandal, Sahyadri Nagar, Quarry Road, Bhandup West Mumbai – 400 078.

[email protected].

Vikhroli West Mon. to Fri. Sat. 2nd & 4th

Working Sat. Sun.

8.30 am to 3.30 pm10.30 am to 12.30 pm

10.00 am to 2.00 pm10.00 am to 2.00 pm

Shop No. 39, Ground Floor, Damji Shamji Industrial Estate, LBS Marg, Vikhroli (West), Mumbai - 400 083.

[email protected]

Parel Mon. to Fri. Sat. 2nd & 4th

Working Sat. Sun.

8.30 am to 3.30 pm10.30 am to 12.30 pm

10.00 am to 2.00 pm10.00 am to 2.00 pm

Shop No. 2,3,4 & 6, Rudra Heights, Dr. Ambedkar Road, Parel, Mumbai - 400 012.

[email protected]

Pune - Dange Chowk Branch


Working Sat. Sun.


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

[email protected]

Rahatani Branch

Mon. to Fri.Sat.Sun.

09.00 a.m. to 4.00 p.m.Holiday 10.00 a.m. to 2.00 p.m.

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

[email protected]

69



Kasphate Wasti Branch


09.00 a.m. to 4.00 p.m.Holiday10.00 a.m. to 2.00 p.m.

Shop No. 201/3 Sukhwani Callisto, Near Pumpkin Patch School, Kasphate Wasti, Wakad, Pune - 411 057.

[email protected]

Pune – Hinjewadi Branch



Survey No-145, Upper Ground Floor, Shivaji Chowk, Hinjewadi, Tal. Mulshi, Dist. Pune - 411 057

[email protected]

Pune–Pashan Branch


09.00 a.m. to 4.00 p.m.Holiday 10.00 a.m. to 2.00 p.m.

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

[email protected]

Pune – Ravet Branch



Shop no-2 to 5, Bansal Plaza, Sector No. 32A, Plot No. SDC 8, Near D.Y. Patil College, Ravet Pradhikaran, Pune – 411 044.

[email protected]

Pune – Wakad Branch



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

[email protected]

Pune – Kalewadi Branch


09.00 a.m. to 4.00 p.m.Holiday10.00 a.m. to 2.00 p.m..

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

[email protected]

Pune – Baner Branch


09.00 a.m. to 4.00 p.m.Holiday10.00 a.m. to 2.00 p.m..

Sanskruti Homes, Upper Ground Flr, A-wing, Survey No. 3, Hissa No. 6, Balewadi, Baner, Pune - 411 045

[email protected]

Spine City Moshi


09.00 a.m. to 4.00 p.m.Holiday 10.00 a.m. to 2.00 p.m..

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

[email protected]

70



Nashik Canada Corner Branch


Working Sat. Sun.


Shop No. 15 to 18 Gulmohar Arcade, Opp Kulkarni Garden, Canada Corner, Sharanpur Road, Nashik – 422 005

1800223663. [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.

[email protected]

Ratnagiri Branch


Working Sat. Sun.


Vyankatesh Executive, Maruti Mandir Circle, Nachane road, Ratnagiri - 415 612.

1800223663 ratnagiri [email protected]

Kolhapur-Station Road Branch


Working Sat. Sun.

9 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.

511, KH, E Ward, S tation Road, Kolhapur - 416 001

[email protected]

Rajarampuri Branch


Working Sat. Sun.

09.00 a.m. to 4.00 p.m.Holiday 09.00 a.m. to 3.00 p.m. Holiday.

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


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

Working Sat. Sun.

09.00 a.m. to 4.00 p.m.Holiday09.00 a.m. to 3.00 p.m. Holiday

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

[email protected]

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

Working Sat. Sun.

09.00 a.m. to 4.00 p.m.Holiday09.00 a.m. to 3.00 p.m. Holiday

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

[email protected]

Gandhinagar branch


Working Sat. Sun.



413.3/ 1 A Near Ganesh Talkies, Main Road, Gandhinagar Taluka – Karveer District Kolhapur - 416 119

1800223663gandhinagarbr@pmc bank.com

71



Devkar Panand Branch Satellite Branch


Working Sat. Sun.

09.00 am to 04.00 pmHoliday

09.00 am to 3.00 pmHoliday

Unit no 1, Ground Floor, Karveer Niwasini complex, R.S. No 925A/1, Devkar Panand Chowk Sambhaji Nagar Bus Stand Kolhapur- 416 012

1800 223 663 [email protected]

Aurangabad Branch


Working Sat. Sun.


Bagga Chambers, Plot No. 4/18-26, Jalna Road, Opp. Akashwani, Aurangabad – 431 001.

[email protected]

Osmanpura, Aurangabad Branch


Working Sat. Sun.


Plot no-1, Yashwant Ltd. Vikas Nagar, New Osmanpura, Aurangabad - 431 005.

[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 – 431 601.

[email protected]

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.

[email protected]

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

Working Sat. Sun.


6/67, Double Storey, Near Tilak Nagar, Metro Station Gate No 1, New Delhi – 110 018.

[email protected]

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

Working Sat. Sun.


B-15, Ramdutt Enclave, Near Metro Station, Uttam Nagar, New Delhi -110 059

[email protected]

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

Working Sat. Sun.


80/20, AB L Block, Near Gurudwara Road, Malviya Nagar, New Delhi -110 017

[email protected]

72



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

Working Sat. Sun.


J-9/21, Rajouri Garden , New Delhi - 110 027

[email protected]

New Delhi – Karol Bagh


Working Sat. Sun.


1247/ 4-Naiwala, Karol Bagh, New Delhi - 110 005

[email protected]

BRANCHES IN KARNATAKA STATESirsi (Regional Office & Branch)


Working Sat. Sun.


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

[email protected]

Dharwad Branch


Working Sat. Sun.


Elite Business Centre, 307/9-A, Nagarkar Colony, P.B. Road,Dharwad - 580 001.

[email protected]

Shimoga Branch


Working Sat. Sun.


Vadiraj Complex , Opp. Subbaiyya Complex, Jail Road, (sr ) Road Shimoga - 577 201

[email protected]

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

Working Sat. Sun.


Basweshwar Heights, Shop No-18, First Floor,Yellapur Bus Stand Road, Yellapur, Karnataka - 581 359

[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

[email protected]

BANGALORE BRANCHBengaluru – Mahalaxmi Layout Branch


Working Sat. Sun.


Shop No. 149, Shankar Nagar, Mahalaxmi Layout, Bengaluru – 560 096.

[email protected]

73



Bengaluru – Rajaji Nagar Branch


Working Sat. Sun.


Shop No. 579 MG Complex Ground Floor, II Main Road, II Block, Rajaji Nagar, Bengaluru - 560 010

[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

[email protected]

Bengaluru – Basaveshwar Nagar Branch


Working Sat. Sun.


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

[email protected]

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.

[email protected]

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 562 107

[email protected]

Bengaluru –Peenya Branch


Working Sat. Sun.


Site No. 332, Ground Floor, Near Hegganahalli Bus Stop, Hegganahalli Main Road, Peenya II Stage, Bengaluru - 560 091

[email protected]

Bengaluru –Anna- purneshwari nagar Branch


Working Sat. Sun.


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

[email protected]

Bengaluru –Kumaraswamy Layout Branch


Working Sat. Sun.


1067, 50 ft Road, Vyasrao Ballal road, Near Water Tank Bus Stop, 1st Stage, Kumara Swamy Layout, Bengaluru - 560 078

080-26669618/19/[email protected]

74



Bengaluru – Mallesh- waram


Working Sat. Sun.


146/1,Ground Floor, Shantala Plaza, 14th

Cross, 8th Main, Malleswaram, Bengaluru - 560 003

[email protected]

BRANCHES IN GUJARAT STATE

Surat – Ghod-dod


Working Sat. Sun.


Prahar, Building No. 60, Ground Floor, Subhash Nagar Society, Ghod-dod Road, Surat - 395 007

[email protected]

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

Working Sat. Sun.


Shop No1&2, Palash Palladia, Near Galaxy Circle, Beside Kiran Motors,Green City Road, Pal-Surat - 395 009.

[email protected]

Vapi – Chala Road


Working Sat. Sun.


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

[email protected]

Surat - Vesu 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- 37 & 38, J9 High Street, Beside Dream World Residency, Vesu Canal Road, Vesu, Surat - 395 007

[email protected]

Surat - Varacha Mon. to Fri. Sat. 2nd & 4th

Working Sat. Sun.


Shop no 56 Ground Floor Leonard Square, Yogi Chowk, Varacha - 395 006.

[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 - 403 401

[email protected]

75



Mapusa-Pedem Mon. to Fri. Sat. 2nd & 4th

Working Sat. Sun.


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

[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

[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

[email protected]

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

Working Sat. Sun.


Shop No. LG-1/2, UG-1/2, Kurtarkar Majesty, Malbhattta, Margao, Goa - 403 601.

[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 - 403 801

[email protected]

BRANCHES IN MADHYA PRADESH STATEAshok Nagar Indore


Working Sat. Sun.


9, Ashok Nagar, Bhawarkua Main Road, Indore - 452 001

[email protected]

Vijay Nagar Indore


Working Sat. Sun.


Shop No. UG-10, Om Gurudev Complex, Sector E, Scheme No. 54, Vijay Nagar, Indore - 452 010

[email protected]

76


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 DEPARTMENTSCentralised Clearing Dept. 2nd Floor, 264, Gurudwara Bldg., Shaheed Bhagat Singh Rd.,Fort, Mumbai –

400 001. Tel:66202421/66202422/35

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 TEL NO- 21581900

77


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:- Membership No. / 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

78


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 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 sportsGeneral 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 2019.

(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 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/-.

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.

79


NOTICE TO THE MEMBERSThe members may be aware that in the last Annual General Meeting certain amendments to the Byelaws were approved. 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 (xxiv);

(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 (xxiv), 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.

*Note: Members are requested to intimate any change in office and residential address and account details so as to keep our record up to date.

80


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 bank certificate to be obtained as under, please attach a blank cancelled cheque or photocopy of the 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 :___________________________


Events during the year


Bank distributed food packets during flood in Lingnur, Sagaon, Kagal area. Also skin ointment tubes were distributed to flood affected people who were stationed in Kalyani hall, Kolhapur.

During the recent flood in Kolhapur region, Shirol Taluka was most affected.

Out of many schools affected in this area, staff personally contributed to one among such school v.i.z. Shri Dattavidya Mandir, Nrusinhawadi by distributing textbooks kit, pens to 105 students of 9th and 10th standard.

Bank also offered Cupboards and LED to the said school.

After flood on 29.08.2019 Bank arranged Medical camp for health checkups in Buddh Vihar, Siddharth Nagar, Kolhapur area, with help of Doctors team from Lokmanya Hospital.


GROWTH CHART FOR LAST 36 YEARS

( ` In Crores)

Sr. No.

End of Year Paid-Up Capital

Total Reserve Fund

Deposits Loans & Advances

Total Working Capital

Net Profit (+)/Loss(-)

1 2018-2019 292.61 933.94 11617.34 8383.33 13313.25 99.692 2017-2018 294.22 814.80 9938.85 7428.08 11390.10 100.903 2016-2017 284.51 747.90 9012.00 6438.23 10320.50 96.944 2015-2016 241.42 638.35 7781.47 5527.54 8847.91 78.485 2014-2015 187.26 528.36 6870.32 4879.09 7952.43 78.096 2013-2014 144.58 406.77 5687.33 3751.26 6499.04 63.557 2012-2013 110.73 378.21 4453.14 3087.60 5214.70 50.438 2011-2012 85.46 351.10 3418.05 2523.30 4151.21 38.739 2010-2011 79.83 219.67 2827.38 2079.88 3401.20 29.08

10 2009-2010 64.00 204.24 2540.28 1897.84 2997.93 27.0611 2008-2009 43.60 180.10 1712.07 1252.79 2126.53 30.6712 2007-2008 33.09 126.94 1403.13 804.93 1640.46 27.9013 2006-2007 28.75 116.31 1289.52 928.77 1504.19 11.0414 2005-2006 25.70 104.65 1172.62 733.15 1353.44 11.4015 2004-2005 25.75 91.13 1082.54 722.99 1279.58 12.5716 2003-2004 21.68 73.52 1032.64 670.98 1184.55 14.4117 2002-2003 12.69 54.33 856.61 537.41 958.58 13.1718 2001-2002 8.49 37.02 713.27 451.62 800.72 11.1619 2000-2001 4.48 21.96 573.31 370.55 639.58 9.0620 1999-2000 2.51 14.19 425.46 260.28 461.17 6.0521 1998-1999 1.93 9.33 288.64 174.10 313.32 4.0522 1997-1998 1.43 6.11 157.81 97.54 174.12 2.9023 1996-1997 1.09 5.06 88.44 55.04 101.26 1.7124 1995-1996 0.81 3.72 43.23 32.04 52.04 1.1525 1994-1995 0.55 2.66 25.03 17.64 30.27 0.5626 1993-1994 0.45 1.53 15.10 11.34 21.61 0.3027 1992-1993 0.40 1.12 13.44 10.79 16.41 0.4128 1991-1992 0.36 0.67 10.53 9.47 12.82 0.4129 1990-1991 0.33 0.39 7.12 5.50 8.48 0.1530 1989-1990 0.28 0.21 5.27 3.67 6.16 0.0031 1988-1989 0.25 0.15 2.73 1.44 3.19 0.0032 1987-1988 0.11 0.05 2.02 0.78 2.22 0.0033 1986-1987 0.09 0.02 0.61 0.54 0.81 0.0234 1985-1986 0.09 0.00 0.45 0.45 0.70 (0.02)35 1984-1985 0.09 0.00 0.59 0.40 0.82 0.0036 30.06.84 0.08 0.00 0.31 0.23 0.40 0.01

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