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EQUITY - MARKET SCREENER

Dhanlaxmi Bank Ltd
Industry :  Banks - Private Sector
BSE Code
ISIN Demat
Book Value()
532180
INE680A01011
29.6748745
NSE Symbol
P/E(TTM)
Mar.Cap( Cr.)
DHANBANK
31.27
466.81
EPS(TTM)
Face Value()
Div & Yield %
0.59
10
0
 

As on: Dec 08, 2022 04:31 AM

Dear Shareholders,

It gives the Board pleasure to place before you the highlights of your Bank's performance during the financial year 2020-21. Details of the achievements and initiatives taken by the Bank are provided in the 94th Annual Report of the Bank along with the Audited Balance Sheet as at March 31,2021 and the Profit and Loss Account for the year ended on that date.

Performance Highlights

The salient features of the Bank's performance for the financial year ended March 31,2021 are:

• Bank recorded a net profit of '37.19 crore for the financial year 2020-21.

• Total business of the Bank improved to '18,834 crore as on 31st March 2021, from '17,703 crore as on March 31,2020, registering a growth of 6.39%.

• Bank's Total Deposits recorded a growth of 7.41% and touched '11,712 crore as on March 31,2021 from '10,904 crore as on March 31,2020. CASA portfolio of the Bank grew by 20.28% during the year and reached to '3,908 crore, which was at '3,249 crore as on 31st March, 2020. Bank's CASA to total deposits percentage improved to 33.37%.

• Bank could grow the Gross Advances to '7,122 crore against '6799 crore in the previous year, registering a growth of 4.75%. The growth in Bank's Retail advance was 19.91% and reached to '3,608 crore as on 31st March, 2021.

• Bank's Gold Loan portfolio stood at 26.14% of advances as on 31st March, 2021, registering a growth of 46.61% when compared to 31st March, 2020.

• Bank's Non-Interest income increased to '141.48 crore as on 31st March, 2021 from '112.85 crore as on 31st March, 2020, registering a growth of 25.37%.

• Bank's Cost of Deposits reduced from 5.60% to 5.17% and Cost of Funds reduced from 5.73% to 5.28% during the financial year.

• CRAR improved to 14.47% as on 31st March, 2021 against 14.41% as on 31st March, 2020.

• Book Value of the Shares was at '34.1 5 as on 31 st March, 2021.

Bank's Geographical Spread

- Bank had 245 branches as on 31st March, 2021 spread across 14 States and 1 Union Territory (Chandigarh).

- Out of 245 branches, 19 branches were in rural population, 1 06 in Semi Urban, 62 in Urban and 58 in Metropolitan Category.

- Bank has 257 ATMs and 17 Business Correspondents as on March 31,2021

Capital and Reserves

The Bank's Paid-up capital and reserves was '864.10 crore as on 31.03.2021. The capital adequacy ratio as per Basel III was 14.47% with Core CRAR of 11.31%.

Total Business

The Total Business of the Bank as on 31.03.2021 stood at '18,834 crore as against '17,703 crore as on 31.03.2020.

Deposits

The Total Deposits of the Bank stood at '11,712 crore as on 31.03.2021 against '10,904 crore as on 31.03.2020.

Gross Advances

The Bank's Gross advance stood at '7,122 crore as on 31.03.2021 against '6,799 crore as on 31.03.2020.

Profitability

Operating profit during the year was '105.09 crore as against '1 61 .97 crore during the previous year. The Bank declared a net Profit of '37.19 crore during the year under report and for the previous year, the Bank had declared a net profit of '65.78 crore.

Dividend

The Board has not recommended any dividend in the financial year 2020 - 2021.

Non-Performing Assets

Gross NPA and Net NPA percentage stood at 9.23% and 4.76% respectively as on 31.03.2021 against 5.90% and 1.55% as on 31.03.2020.

The provision Coverage Ratio (PCR) as on 31.03.2021 was 74.20% which was 89.87% in the previous year.

With higher than normal NPA levels due to the Pandemic and the lifting of the moratorium, the recovery mechanism has to be spruced up. The ability to create credit demand in the current market scenario may be a challenge for the Bank to generate sustainable profits in FY 2021-22 and beyond.

Vision & Mission

Our Vision: "Banking on Relationships forever".

Our Mission: To Become a Strong and Innovative Bank with Integrity and Social Responsibility to Maximize Customer Satisfaction as well as that of the Employees, Shareholders and the Society,

Customer Service

The Bank accords high importance to the quality of customer service rendered across its branches/offices. It instated a series of measures during the year through deployment of technology and significantly enhancing service quality, A well-defined and full-fledged Customer Grievance Redressal Mechanism has been put in place in the Bank,

The Customer Service Committees comprising of Bank personnel as well as our constituents monitors the implementation of customer service measures periodically, Customer Service Committee of the Board has been formed at the apex level and at branches also for monitoring service quality and bringing about improvements in this area on an ongoing basis, The Bank has a 24x7 Phone Banking Call Centre at Thrissur to cater to customer needs across the country,

During the financial year 2020-21, the Bank received 15,178 complaints as against a total of 12,821 complaints received in the previous financial year,

The following important products and services/initiatives were introduced during the year for the benefit of the customers:

• Bank launched Cash Deposit Machine (CDM) Services at 15 locations,

• Doorstep Banking services are extended to Senior citizens (70 years and above), differently abled or infirm persons and Visually Impaired persons,

• To further augment customer safety in cheque payments, a mechanism of Positive Pay (for all cheques of value '50,000 and above) was introduced,

• To mitigate the burden of debt servicing brought about by disruptions on account of COVID-19 pandemic and to ensure the continuity of viable businesses of our esteemed customers, Bank has put in place a Board approved policy which included:

1, Moratorium on Term Loans

2, Deferment of Interest on Working Capital Facilities

3, Easing of Working Capital Financing

4, Credit card dues

• Dhanam SarvSuraksha Life insurance coverage to the female members of the Self Help Groups (sponsored by Mannam Social Service Society), who avails loan from our Bank, In case of unfortunate death of the borrower customer, due to an accident or natural reasons, this policy will provide financial protection of upto '1,00,000/-,

One of the significant achievements of Bank was the seamless upgradation of Bank's Core Banking System (CBS) to latest version of Flexcube, a product of M/s Oracle Financial Services Software Ltd, Flexcube migration was completed along with integration of numerous peripheral/critical applications to the new version of Core Banking, Bank has up-graded the infrastructure of Net/Mobile Banking platform to the next level which is highly secure and developed on latest technology to provide better service to customers with flexibility for Bank to offer more products on Net/Mobile Banking platform,

Investor Education and Protection Fund

The Bank transferred the entire pending unclaimed dividend amount to the Investor Education and Protection Fund (IEPF) during the financial year 2018-19, There was no amount of dividend pending to be transferred to fund in the financial year 2020-21,In terms of Section 124 (6) of the Companies Act, 2013 read with Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, as amended from time to time, it may be noted that if the dividends have been unpaid or unclaimed for seven consecutive years or more the underlying shares shall be transferred to the IEPF Demat Account maintained with depositories, Upon transfer of such shares to IEPF account, all benefits (e,g, bonus, spilt, etc,), if any, accruing on such shares shall also be credited to the IEPF Demat Account and the voting rights on such shares shall remain frozen till the rightful owner claims the shares, The members/claimants whose shares, unclaimed dividend, etc,, have been transferred to IEPF authority may claim the shares or apply for refund by making an application to IEPF authority as per the procedure prescribed in the IEPF Rule,

Listing on Stock Exchanges

The Equity shares of the Bank are listed on BSE Ltd, and National Stock Exchange of India Ltd, The Bank confirms that it has paid the listing fees to all the Stock Exchanges for the financial year 2021-22,

Number of cases filed, if any, and their disposal under Section 22 of the Sexual Harassment of Women at work place (Prevention, Prohibition and Redressal) Act, 2013

The Bank has zero tolerance approach towards any action on the part of any executive/employee which may fall under the ambit of "Sexual Harassment" at work place, and is fully committed to uphold and maintain the dignity of woman staff working in the Bank, The policy provides for protection against sexual harassment of women at work place, prevention and redressal of such complaints, All the employees (permanent, contractual, temporary, trainees) are covered under this policy,

Number of complaints pending as on the beginning of the financial year - Nil

Number of complaints filed during the financial year - Nil

Number of complaints pending as on the end of the financial year - Nil

Particulars of employees

The Bank has no employee whose particulars are required to be given in terms of Section 197 of the Companies Act, 2013 read with Rule 5 (2) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

The ratio of the remuneration of each Director to the median employees' remuneration and other details in terms of Section 197 (12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are annexed to this report.

Green Initiatives in Corporate Governance

As a responsible corporate citizen, the Bank supports and pursues the 'Green Initiative' of the Ministry of Corporate Affairs ("MCA"). In conformance with such initiatives and in terms of Rule 18 of the Companies (Management and Administration) Rules, 2014, the Bank may give notice through electronic mode including e-mail to those Members who have provided their e-mail address either to their Depository Participants (DPs) or to the Registrar/Company, Due to the outbreak of Covid-19 and in compliance with guidelines issued by MCA and the Securities and Exchange Board of India (SEBI), the Notice of 94th Annual General Meeting along with the requisite Explanatory Statement and the Annual Report of the Bank for the financial year 202021 including Audited Financial Statements, Directors' Report, Auditors' Report, etc., for the year ended March 31,2021 will be sent only to the e-mail address registered with their Depository Participant(DP)/Registrar/Company and no physical copies will be sent via post. The e-mail addresses indicated in respective DP accounts which will be periodically downloaded from NSDL/ CDSL will be deemed to be their registered e-mail address for serving notices/ documents including those covered under Section 136 of the Companies Act, 2013. In case a Member, whose e-mail address has changed, fails to update the new e-mail address, the said documents will be sent to the existing e-mail address and the said documents will be deemed to have been delivered, in compliance with the relevant provisions of the Companies Act, 2013, the relevant Rules made there under and the Listing Regulations. Member who have not yet registered their e-mail address are requested to do so, at the earliest. In case of shares held in electronic form and in case of any change in the e-mail address, Members are requested to update the same with their DP and in case of shares held in Physical form, Members are requested to update the same with the RTA/Company.

Please note that the said documents will also be uploaded on the Bank's website https://www,dhanbank.com/investor_relations/ inv_financials.aspx and copies thereof will be made available for inspection at the Registered Office of the Bank during 10.00 a.m. to 3.00 p.m. on all working days except Saturdays, Sundays, Bank Holidays and Public Holidays up to the date of ensuing Annual General Meeting.

Shareholders have been requested on several occasions to update their e-mail IDs in their folio/demat a/c to help accelerate the Bank's migration to paperless compliances. The Bank seeks your support to the said green initiatives, as it is designed to protect the fragile environment.

Directors

The composition of the Board of Directors of the Bank is in accordance with the Banking Regulation Act, 1 949, the Companies Act, 2013, Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the best practices of Corporate Governance. As on March 31, 2021, the Board comprised of 8 Directors including Managing Director & CEO, 5 non-executive Directors and 2 nominee Directors. All the Directors have rich experience and specialized knowledge in various sectors like banking, agriculture & rural economy, small scale industry and information technology, The remuneration/sitting fees paid to the Directors during the year are disclosed in the Report on Corporate Governance.

There were 4 independent Directors on the Board of the Bank as on March 31, 2021. Declarations have been taken from Independent Directors as required under the Companies Act, 2013, Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015 and RBI guidelines.

Changes in the Board during the year

1. Sri G. Subramonia Iyer took charge as Part-Time Chairman of the Bank for a period of three years w.e.f., February 12, 2021, post approval from Reserve Bank of India (RBI).

2. Sri Shivan J. K. assumed charge as Managing Director & Chief Executive Officer of the Bank for a period of three years w.e.f., January 30, 2021. Earlier, RBI approved the appointment of Sri Shivan J. K. as Managing Director & Chief Executive Officer, post approval from the Shareholders through Postal Ballot.

3. Sri G. Subramonia Iyer and Dr. (Capt.) Suseela Menon R. were appointed as Additional Directors on July 06, 2020. Sri G. Rajagopalan Nair and Sri P K. Vijayakumar were appointed as Additional Directors on August 17, 2020. The Shareholders approved the appointment of all the aforesaid Additional Directors as Independent Directors at the Annual General Meeting held on September 30, 2020.

4. Sri Gopinathan C. K. was re-appointed as Non-Independent Director liable to retire by rotation at Annual General Meeting held on September 30, 2020.

5. Sri D. K. Kashyap was appointed by RBI as Additional Director on the Board of the Bank for a period of two years w.e.f., September 28, 2020.

6. Sri Sajeev Krishnan, who was the Part-time Chairman, Sri K. N. Murali and Sri G. Venkatanarayanan resigned from the Board of the Bank w.e.f., June 29, 2020 due to personal reasons and there were no other material reasons other than those provided.

7. Sri B. Ravindran Pillai, Dr. Lakshmy Devi K. R. and Sri Chella K. Srinivasan retired from the Board of the Bank on May 25, 2020, May 26, 2020 and September 30, 2020 respectively on completion of tenure of office.

8. The resolution for appointment of Sri Sunil Gurbaxani was not approved by the Shareholders at the Annual General Meeting held on September 30, 2020. Sri Shivan J. K. took charge as Managing Director & CEO of the Bank w.e.f., January 30, 2021. In the interim period from October 01, 2020 to January 29, 2021, a Committee of Directors was formed to exercise the powers vested with the Managing Director & Chief Executive Officer, in compliance with the provisions of the Banking Regulation Act, 1949. Sri G. Subramonia Iyer was the Chairman of the Committee while Sri G. Rajagopalan Nair and Sri Pi K. Vijayakumar were its Members.

Composition of Audit Committee

As on March 31, 2021, the Bank had a five member Audit Committee. All the five members of the Committee were non executive Directors, with Sri P K. Vijayakumar, as its Chairman, Sri G. Subramonia Iyer, Dr. G. Jagan Mohan, Dr. (Capt.) Suseela Menon R. and Sri D. K. Kashyap as other Members. The Committee was constituted in accordance with regulatory requirements. The terms of reference of the Committee are in accordance with the Companies Act, 2013, Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015 and RBI guidelines.

Declaration by Independent Directors

The Bank has duly obtained necessary declarations from each independent Director under Section 149(7) of the Companies Act, 2013 that he/she meets the criteria of independence as laid down in the Section 149(6) of the Companies Act, 2013 and Regulation 1 6 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015. The Bank has also obtained the 'Fit & Proper' declarations from all Directors as prescribed by the Reserve Bank of India. Pursuant to the notification of the Ministry of Corporate Affairs dated October 22, 2019, an online data bank for the independent directors ("Data Bank") has been rolled out by the Indian Institute of Corporate Affairs. All the Independent Directors of the Bank as on March 31, 2021 have registered themselves in the Data Bank.

Policy on appointment and remuneration of Directors

The Nomination & Remuneration Committee recommends the appointment/reappointment/continuation of Directors to the Board after conducting due diligence of the Directors on the basis of the "fit & proper" criteria prescribed by RBI along with the provisions of the Companies Act, 2013, Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the Nomination Policy approved by the Board. The Board will take the appropriate action based on the recommendations of the Nomination & Remuneration Committee.

The criteria for determining qualifications, positive attributes and independence of Directors to be appointed/re-appointed or for continuation of Directors include, inter-alia, the following:

• Ensuring that the appointment/re-appointment/continuation is in conformity with the provisions of the Banking Regulation Act, 1949, RBI guidelines, Companies Act, 2013 and Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015;

• Ensuring that the criteria for independence of Directors as stated in the Companies Act, 2013 and Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 is complied with, in case of independent Directors;

• Ensuring that the person does not attract any disqualification as per the Banking Regulation Act, 1949, RBI guidelines, Companies Act, 2013 and Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015;

• Special knowledge or practical experience in various fields as enumerated in Section 10A(2)(a) of the Banking Regulation Act, 1949 or any other field which may be useful to the Bank;

• Professional knowledge and experience;

• Experience in the field of banking/finance sectors;

• Interest in NBFCs and other entities;

• Relatives connected with the Bank;

• Fund and non-fund facilities availed from the Bank;

• Defaults, if any, by the Director or interested entities with respect to the credit facilities availed from any Bank;

• Professional achievements relevant to the office of Directorship;

• Prosecution, if any, pending or commenced or resulting in conviction in the past against the director and/or against any of the interested entities for violation of economic laws and regulations;

• Criminal prosecution, if any, pending or commenced or resulting in conviction in the past against the Director;

• Any other factors as the Nomination & Remuneration Committee may think fit for the purpose of considering the appointment/re-appointment/continuation as Director.

The Bank has a Board approved Compensation Policy which deals with the compensation & benefits of the Employees of the Bank.

The objectives of the Compensation Policy of the Bank inter-alia includes, to provide a fair and persistent basis for motivating, inspiring and rewarding the employees appropriately, according to their jobs/role size, performance, accomplishments, contribution, skill, aptitude and competence to implement standards on sound compensation practices and incentives and to provide effective governance of compensation payable to the employees, alignment of compensation with prudent risk taking and effective supervisory oversight. The disclosure requirement of the remuneration is separately provided in "Disclosure under Basel III norms."

The Board considers the recommendations of the Nomination & Remuneration Committee and approves the remuneration, with or without modifications, subject to regulatory approvals. The remuneration payable to Whole-time Directors/MD & CEO is subject to prior approval of the Reserve Bank of India (RBI). Therefore, the remuneration or any revision in remuneration to Whole-time Directors/MD & CEO is payable only after receipt of the approval from RBI.

The non-executive Directors are paid sitting fees for attending each meeting of the Board of Directors or any Committee thereof as approved by the Board, within the permissible limit prescribed under the Companies Act, 2013, Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and other regulatory guidelines, as amended from time to time. The Board while recommending any change in the sitting fees considers various factors like size and complexity of organization, comparison with the peer banks and regulatory guidelines as applicable. Apart from sitting fees, the Bank does not pay any other remuneration to the non-executive Directors.

The total remuneration paid to MD & CEO and non-executive Directors for the financial year 2020-21 is included in the Report on Corporate Governance forming part of this Report.

The Remuneration Policy of the Bank is hosted on the website of the Bank http://www.dhanbank.com/investor_relations/inv_stat_ policy,aspx.

Board Level Performance Evaluation

Pursuant to the provisions of the Companies Act, 2013 and Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the performance evaluation of the Board as a whole, the individual Directors and various Committees of the Board are undertaken annually, The evaluation of the individual Directors is being done in the absence of the Director being evaluated.

A separate meeting of independent Directors evaluates the performance of non-independent Directors, Chairman and the Board as a whole. The separate meeting of independent Directors is held once in a year.

The criteria for performance evaluation of Directors, Board and its Committees include, inter-alia, the following:

• Attendance at Board and various Committee meetings;

• Participation and contribution in Board and Committee meetings;

• Composition of the Board and its diversity;

• Roles of various Committees of the Board;

• Compliance and understanding of regulatory requirements;

• Contribution to effective corporate governance and transparency in the Bank's operations;

• Updation of Knowledge and familiarization programmes conducted for Directors;

• Appropriateness of decisions made by the Board and its Committees;

• Quality, quantity and timeliness of flow of information to the Board;

• Understanding by individual Directors for their roles and responsibilities as Director;

• Contributions towards the performance and strategies of the Bank;

• Conduct of Meetings;

• Professionalism in the Board and Committees

Changes in Key Managerial Personnel (KMP)

Sri Shivan J. K. assumed charge as Managing Director & Chief Executive Officer of the Bank for a period of three years w.e.f., January 30, 2021 in place of Sri Sunil Gurbaxani, who ceased to hold the office on September 30, 2020.

Secretarial Auditors and Secretarial Audit Report

Pursuant to Section 204 of the Companies Act, 2013, the Board has appointed M/s V. Suresh Associates, Practicing Company Secretaries, Chennai as the Secretarial Auditor to conduct the Secretarial Audit of the Bank for the financial year 2020-21. The Bank has provided all assistance and facilities to the Secretarial Auditor for conducting their audit. The report of the Secretarial Auditor is annexed to this report. The Secretarial Audit Report for the financial year 2020-21 does not contain any qualification.

Corporate Governance

A separate report on Corporate Governance as required under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and certificate from Sri V. Suresh, Practicing Company Secretary certifying compliance with the conditions of Corporate Governance are annexed to this report.

Number of Board Meetings

A total of 23 Board Meetings were held during the year. The Board meetings were held in accordance with the regulatory requirements. The details of the meetings held are provided in the Corporate Governance Report that forms part of this Annual Report.

Annual Return

Pursuant to Section 92 (3) of the Companies Act, 2013 and Section 134 (3) (a), the Annual Return is hosted on the Banks website at https://www.dhanbank.com/investor_relations/inv_ financials. aspx.

Related Party Transactions

The Bank has adopted the "Policy on Materiality of Related Party Transactions and Dealing with Related Party Transactions" in accordance with the provisions of the Companies Act, 2013 and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Policy is hosted on the website of the Bank www.dhanbank.com/ investor_relations/inv_stat_policy,aspx.

During the financial year, the Bank did not enter into any related party transactions with its Directors or Key Managerial Personnel or their Relatives that would potentially conflict with and/ or adversely affect the interests of the Bank, except the remuneration paid to the Managing Director & CEO, Chief Financial Officer and Company Secretary, There was no related party transaction for which Form AOC-2 was applicable.

Material Changes and Commitments affecting Financial Position of the Bank

There are no material changes and commitments affecting the financial position of the Bank which has occurred between the end of the financial year, i.e., March 31, 2021 and the date of Directors' Report, i.e., 3rd September 2021.

Subsidiary Companies

The Bank does not have any subsidiary companies.

Strictures and Penalties

On August 23, 2021,The Reserve Bank of India (RBI) has imposed, a monetary penalty of '27.50 lakh (Rupees Twenty Seven Lakh and Fifty Thousand only) on Bank.

During the last three years, there were no penalties or strictures imposed on the Bank by the Stock exchanges(s) and/or SEBI and/ or any other statutory authorities on matters relating to capital market.

Management Discussion and Analysis Report

This has been dealt with in a separate section in the Annual Report.

Directors' Responsibility Statement

Pursuant to the provisions of Section 134 (5) of the Companies Act, 2013 with respect to the Directors' Responsibility Statement, it is hereby confirmed that:

(i) In the preparation of the annual accounts for the year ended March 31, 2021, the applicable accounting standards had been followed along with proper explanation relating to material departures;

(ii) The Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Bank at the end of the financial year 2020-21 and of the profit and loss of the Bank for that period.;

(iii) The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Bank and for preventing and detecting fraud and other irregularities;

(iv) The Directors had prepared the annual accounts on a going concern basis;

(v) The Directors had laid down internal financial controls to be followed by the Bank and that such internal financial controls are adequate and were operating effectively; and

(vi) The Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

Business Responsibility Report

In July 2011, the Ministry of Corporate Affairs, Government of India, came out with the 'National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business'. These guidelines contain certain principles that are to be adopted by companies as part of their business practices and require disclosures regarding the steps taken to implement these principles through a structured reporting format, viz. Business Responsibility Report. Pursuant to Regulation 34(2)(f) of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015, your Bank has prepared the Business Responsibility Report and forms part of this Annual Report.

Acknowledgements

The Board of Directors places on record its gratitude to the Government of India, Reserve Bank of India, State Governments, Securities and Exchange Board of India and other Regulatory bodies including Stock Exchanges where the Bank's shares are listed for their support and guidance. The Board also places on record its gratitude to the Bank's customers, shareholders, other stakeholders and well wishers for their valued patronage. The Board further places on record its appreciation for the valuable services rendered by M/s Pi B. Vijayaraghavan & Co., Statutory Central Auditors of the Bank. The Board expresses its sincere appreciation for the dedicated services rendered by officers and employees of the Bank at all levels.

By Order of the Board
Sd/
Place : Thrissur G. Subramonia Iyer
Date : 03.09.2021 Chairman