Professional Documents
Culture Documents
1. Accounting Policies followed in preparation of these financial results are same as followed in the annual financial
statements for the year ended 31st March 2010.
2. The above financial results have been arrived at after considering provisions for Non-Performing Assets, Standard
Assets, applicable Taxes, Amortization of premium relating to Investment under ‘Held to Maturity’ category,
Depreciation on Investments and Fixed Assets, Diminution in respect of Restructured Accounts and other usual
and necessary provisions.
3. In terms of the Revised Accounting Standards AS-15 issued by The Institute of Chartered Accountants of India
(ICAI) provision has been made for Employees Benefits viz Pension, Gratuity, Leave Encashment, LFC/LTC,
Sick Leave etc on estimated and proportionate basis.
4. An amount of Rs.11.56 Crore, being the proportionate sum for the half year towards the total additional gratuity
funds requirement of Rs.115.61 crore as per actuarial valuation arising on account of amendment made to
Payment of Gratuity Act -1972 has been provided pending receipt of approval for bank’s request for amortization
over a period of five years. Changes, if any, as per instructions of Regulatory Authority will be carried out in the
current year.
5. Option has been offered to Provident Fund Optees to switch over to Pension Scheme under the Bipartite
Settlement dated 27.04.2010. As the offer is open till 30th October 2010 for existing employees and 29th
November 2010 for retired employees, the impact of the same can be crystallized only after the closure. Hence,
the required provision will be made on closure of the offer period and as per Regulatory / Accounting guidelines.
6. The Government of India has notified Agriculture Debt Waiver & Debt Relief Scheme-2008 for giving Debt
Waiver to Marginal and Small farmers and debt relief to other farmers who have availed Direct Agricultural
Loans. Final Claim in respect of Agriculture Debt Waiver Scheme amounting to Rs.47.72 Crores has been lodged
with the Reserve Bank of India, being the amount waived after due verification by the Statutory Central Auditors
of the Bank, out of which Rs.31.23 Crores has been received. The claims amounting to Rs.14.13 crore in respect
of accounts settled under Agriculture Debt Relief Scheme till 31.12.2009 has been lodged with Reserve Bank of
India. The Debt Relief claims amounting to Rs.2.25 crore settled during the period from 01.01.2010 to
30.06.2010 are subject to certification by Statutory Central Auditors.
7. The above results have been approved by the Board of Directors in the meeting held on 28th October, 2010.