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Audited Financial Results for Year ended 31^st March, 2009

NOTES:

1. There has been no change in the accounting policies adopted during the quarter / year ended as at 31.03.2009 as compared to those followed in the preceding financial year 2007-08.

2. The above results have been approved and taken on record by the Board of Directors of Bank at the meeting held on 04.05.2009.

3. The Board of Directors have recommended dividend @ 25% on the equity share capital i.e. Rs. 2.50 per equity share.

4. The working results for the year ended 31.03.2009 have been arrived at after considering provision for Non Performing Assets, Standard Assets, Investment Depreciation as per Prudential norms issued by Reserve Bank of India, and other usual & necessary provisions.

5. The prudential floating provision of Rs. 48.00 crore (Previous year Rs. 48.00 crore) is held as at 31.03.2009 in respect of gross Non-performing advances over and above the minimum provision prescribed by RBI with a view to strengthening the financial stability of the Bank.

6. In respect of Pension, Gratuity, Leave encashment and other employee benefits, provision has been made in accordance with the Accounting Standard (AS) 15 (Revised) issued by The Institute of Chartered Accountants of India.

7. Pending finalisation of wage revision, a provision of Rs. 122 Crores has been made during the financial year 2008-09 towards wage arrears.

8. The Government of India has notified Relief Scheme viz., “Agricultural Debt Waiver and Debt Relief Scheme, 2008”, for giving debt waivers to marginal and small farmers and to other farmers who have availed direct agricultural loans. Primary claims have been lodged with RBI for Rs. 1040.80 Crores being the amount waived, out of which Rs. 426.73 Crores has been received. The agricultural debt waiver given to the eligible farmers as per the scheme has been given effect to in the accounts and amounts are subject to certification of claim by the auditors.

9. Reconciliation of unmatched entries with the balance in Branch adjustment account and transaction between Head Office and Branches including Branches inter-se, is in progress. Segregation of Debit and Credit entries in Inter Branch Account pertaining to the period upto 30.09.2008 and remaining outstanding as on 31.03.2009 have resulted in Net Credit, hence no provision is required. Further, preparation of details/balancing/reconciliation of accounts relating to Deposits, Advances and Nostro Accounts are in progress.

   In view of substantial progress made in the above areas, Management is of the opinion that the impact of reconciliation, if any, on the accounts by the Bank will not be material.

10. Figures of previous year/quarter have been regrouped or reclassified wherever considered necessary.

11. Status of Investor Complaints:

SEGMENT - WISE REVENUE, RESULTS, AND CAPITAL EMPLOYED
FOR THE YEAR ENDED 31-03-2009

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