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AUDIT REPORT

AUDIT REPORT

AUDIT REPORT

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDING 31ST MARCH, 2021

(Amount in Rupees)
Income Expenditure
1. Interest received on loans and other investment 417926705.05 1. Interest on Borrowings & Deposits 316838637.00
2. Commission, Exchange & Brokerage 124837.55 2. Salary, Allowances, P.F. contribution etc. 42673885.50
3. Profit from sale of dealing with Non- Banking assets 0.00 3. T.A. to Directors, Local Committee fee & allowance 27700.00
4. Other receipts 13708280.62 4. Rent & Tax, Insurance, Lighting etc. 20394372.20
5. Profit & loss - Reversal Provision (OD interest) 5577352.14 5. Legal expenses 20394372
6. Postage, Telegram, Telephone charges 1939181.72
7. Audit Fees 0.00
8. Depreciation & repair of properties 3466313.35
9. Stationary, Printing & Advertisement 931022.45
10. Other expenditure 1655814.90
11. Provision 0.00
12. Balance Profit 49228285.24
Total 437337175.36 Total 437337175.36

BALANCE SHEET AS ON 31 ST MARCH, 2021

(Amount in Rupees)
Capital & Liabilities Properties and Assets
1. Paid up Capital 443564507.00 1. Cash in hand 22045049.00
2. Reserve fund & other reserves 263291687.95 2. Balance with Banks 299259593.54
3. Deposit and other accounts 3171173617.26 3. Investment 2085822236.64
4. Borrowings 3237003408.18 4. Advance of loan, cash credit & Overdrafts. 5013690748.26
5. Bills for collection being bills receivable as per contra 0.00 5. Interest receivable 239879719.70
6. Interest payable on Deposit & Borrowing 118114831.00 6. Bills receivable being bills for collection as per contra 0.00
7. Overdue interest reserve 170942681.67 7. Bank building & premises (Less Depreciation) 2153438.51
8. Other liabilities 343914513.37 8. Furniture & Fixture (Locker) 5794777.62
9. Other Assets 79317198.21
10. Non- Banking assets acquired in satisfaction of claim 42484.95
Total 7748005246.43 Total 7748005246.43

(B) NOTES FORMING PART OF ACCOUNTS:

  • The Branch Adjustment Account comprises of net difference in transactions between the branches and the Head Office and also among the branches.
  • The Bank has complied with prudential norms of RBI, the classification of Assets including investments, amount of assets and provisioning are as under.
(Rupees in Lakhs)
Classification of Assets Amount of Assets Provisioning required to be made
1. Advances
a) Standard
i- Agriculture/SME Sector 46598.08 116.50
ii- Loan against deposit 236.56 0.94
iii. Non Agriculture Loan 830.31 3.32
Total: 47664.95 120.76
b) Sub-Standard 1184.60 118.46
c) Doubtful 1115.45 992.55
d) Loss 171.91 171.91
TOTAL: 50136.91 1403.68
  • There is loss assets amounting to Rs.186.07 lakhs against which 100% provisions have been made in the accounts but this said amount yet to be written off.
  • The other liabilities include provision for standard assets Rs.120.76 lakhs.
  • Total Advances of Rs.50136.91 lakhs is without net of provisions for bad and doubtful advance of Rs.2471.96 lakhs.
  • Subsidy Reserve Fund: Subsidy Reserve Fund credit balance at the yearend remains of Rs.94.67 lakh as against Rs.78.14 lakh of the previous year.
  • Interest on investments made in fixed income securities in accounted for on accrual basis. A sum of Rs.117.82 lakh (Previous year Rs. 150.56 lakh) is shown under Interest Receivable Interest receivable on investment.
  • Non-Recovery against De-recognized interest on NPA & NPA loan account has been ascertained in accordance with prudential norms of RBI. The net addition of Rs.73.05 lakhs has been shown after last year Provision for the NPA. Adjustment of Rs.1468.98 lakhs and Rs.1709.43 lakhs has been made on NPA and De-recognized interest respectively as per the prudential norms of R.B.I. on the basis of Text Checking.
  • Leave encashment and ex-gratia to employees are accounted for on payment basis amount unascertained.
  • During the year the Bank has received Interest Subvention & Interest Incentive Rs.154173517.00 in full settlement of claimed up to 31.03.2021.
  • The Bank has complied with the provisions of Section 11 (1) of the Banking Regulation Act, 1949.
  • The Bank has neither disposed off the acquired Non-Banking Assets of land and building nor has necessary permission from RBI been obtained in accordance with provisions of Section 9 of the banking regulation Act, 1949. However steps in this regard have been taken by the Bank by seeking permission from RBI and writing off the Non-Banking Assets to comply the statutory provision of B.R. Act.
  • The net profit as disclosed in the profit and loss account arrived Rs.49228285.24 as on 31.03.2021.
  • Contingent Liabilities as claims not acknowledged as debts.