Notes forming part of the financial results for the Quarter /Nine months Ended 31.12.09
1. The above financial results have been approved by the Board at its meeting held on 27.01.2010. The same has been subjected to review by the Statutory Central Auditors, as per the Listing Agreements.
2. There has been no change in the Accounting Policies adopted during the quarter/ Nine months ended 31.12.2009 as compared to those followed in the preceeding financial year 2008-09.
3. Reconciliation / balancing of debit and credit outstanding entries in various heads of accounts, included in Inter Office Adjustments, NOSTRO, Drafts / TTs payable, Clearing Adjustments, Dividend/ Interest/ Refund Orders Paid / Payable, other liabilities on account of foreign currency translation etc is in progress. The impact, if any, on the financial results though not quantified, in the opinion of the management will not be material.
4. The Authorised capital of the bank stands increased from Rs.1500 crs. to Rs.3000 crs. as per notification No.S.O.3123 published in the Official Gazette dated 21.11.2009.
5. The financial results for the quarter ended 31.12.09 have been arrived at after considering provision for NPAs, Standard Assets and depreciation/provision for Investments on the basis of prudential norms isued by RBI.
6. Provision for taxes (including Deferred tax and Wealth tax) and Provision for contingencies including for employee benefits have been considered on estimated basis.
7. A sum of Rs.45.05 crores has been charged to Profit and Loss A/c during the quarter, on proportionate basis of the Transitional liability of Rs.901crores upto 31.03.2007, as per the Revised Accounting Standard (AS) 15 on Employee Benefits issued by the Institute of Chartered Accountants of India based on actuarial valuation.The balance amount of Rs.405.45 crores is to be charged proportionately by the end of March 2012.
8. The eighth Bipartite settlement entered into by IBA on behalf of the member banks with All India Unions of workmen / officers expired on 31st October 2007. Pending execution of new agreement, a provision of Rs. 650crores has been made on estimated basis upto Dec-09, of which Rs.75 crores is made during the quarterended Dec.09 and Rs.225 crs. for the Nine months ended December 09.
9. In terms of Agriculture debt waiver and relief Scheme 2008, framed by the Govt. of India, the bank has receivede Rs.329.93 crores upto 31st December 2009 from RBI against final claim of Rs.505.19 crores as certified by the Statutory Central Auditors of the Bank under Debt Waiver Scheme.
10. During the quarter, the bank has raised Tier I capital of Rs.900 crores by way Innovative perpetual bonds.
11. Auditors qualifications for the year ended 31st March 2009 have been dealt with as per Note no.3 above.
12. Status of Investor's complaints :
- Pending at the beginning of the quarter Nil
- Received during the quarter 66
- Disposed off during the quarter 66
- Pending at the close of the quarter Nil
13. The figures of previous period have been regrouped / rearranged wherever necessary to correspond to current period classification.
