NEW BRANCH OPENING - · PDF fileNEW BRANCH OPENING Pune Kasphate Wasti Branch Bengaluru...

NEW BRANCH OPENING

Thane Wagle EstateBranch

Bengaluru PeenyaBranch

Pune KalewadiBranch

NEW BRANCH OPENING

Pune Kasphate Wasti Branch

Bengaluru AttibeleBranch

Andheri J. B. NagarBranch

PERFORMANCE HIGHLIGHTS

(Rs. In Crores)

PARTICULARS FOR THE YEAR ENDED

AT THE YEAR END

31.03.2013 31.03.2014 % CHANGE

Total Income 555.57 694.45 25.00%

Total Expenditure 471.15 598.93 27.12%

Gross Profit 84.42 95.52 13.15%

Less : Provisions 7.93 5.56 -29.89%

Net Profit Before Tax 76.49 89.96 17.61%

Less : Income Tax 26.06 26.41 1.34%

Net Profit 50.43 63.55 26.02%

Own Funds 405.01 481.99 19.01%

Share Capital 110.73 144.58 30.57%

Reserves and Surplus 294.28 337.41 14.66%

Deposits 4453.14 5687.33 27.72%

Demand 917.91 1040.21 13.32%

Time 3535.23 4647.12 31.45%

Advances 3087.60 3751.26 21.49%

Secured 3061.92 3717.59 21.41%

Unsecured 25.68 33.67 31.11%

Priority Sector 1247.74 1526.86 22.37%

% to Advances 40.41 40.70

Working Capital 5214.70 6499.04 24.63%

Investments 1373.43 1819.65 32.49%

Borrowings and Refinance 110.53 89.47 -19.05%

Net NPAs (%) 0.18 0.19

Capital Adequacy (%) 12.83 12.54

Number of Members 49103 52738

Number of Branches & Extension Counters 85 91

Profit per Employee ( Rs. In lac) 4.46 5.18

Return on Average Assets (%) 0.97 0.98

Average Net Interest Margin (%) 4.60 4.50

BOARD OF DIRECTORSMembers of Board

Directors

EXECUTIVES

Managing DirectorShri. Joy Thomas

General ManagersShri. H. K. Karanth Shri. L. M. Kamble

Joint General ManagersSmt. Manjit Kaur I.S. Smt. Meghana Gokhale Shri. Surinderpal Singh R.S.

Deputy General Managers

Asst. General Managers

S. Charanjit Singh ChadhaChairman

S. Waryam Singh Vice-Chairman

S. Resham Singh S. Daljit Singh BalShri Jagdish MookheySmt. Parmeet SodhiSmt. Mukti Bavisi

S. Balbir Singh KochharS. Surjit Singh AroraS. Gurnam Singh HothiS. Jasvinder Singh Banwait

S. Surjit Singh Narang S. Rajneet Singh Smt. Trupti Bane Shri Brij Bhushan Handa

Vice President (I.T.)Shri. Atul Thakker

Smt. Manisha NerurkarSmt. Jasvinder Kaur AnandSmt. Rebecca B. Solomon

Smt. Aarti A. DesaiShri. Parag S. DalviSmt. Shiny Mithbaokar

Smt. Karmen Patric RebelloSmt. Geeta SinghShri. Sadananda R. Shirali

Smt. Sunita Gouthaman Shri. Satish Madhav Bendre

Shri. Charanjit Singh Bhatia Shri. Amarjit Singh MattaShri. Nithyanand A. Shetty(Asst. Vice President- I.T.)

Statutory AuditorsM/s. D.B. Ketkar & Co.

Bankers

SolicitorsM/s. Purnanand & Co.

FOUNDER CHAIRMANLATE S. GURUCHARAN SINGH KOCHHAR

Bank of IndiaCorporation Bank Union Bank of IndiaKarnataka Bank Saraswat Co-op Bank Ltd

Shamrao Vitthal Co-op Bank LtdCommerz BankAxis BankICICI BankHDFC Bank

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1. Registered Office : 240, Shankar Sadan, Sion (E), Mumbai – 400 022.

2. Central Office : Office No. 4 & 5, 3rd Floor, Dreams Mall,L.B.S. Marg, Bhandup (W), Mumbai – 400 078. Tel : 67804000.

3. Registration No. & Date : Regn. No. BOM/BNK/174 – 26th October, 1983.

4. Commencement of : 13th February, 1984.Banking Business

5. Licence No. and Date : LIC NO. DBOD/UBD/MH.370 P - 9th January, 1984.

6. Number of Members : 52738

7. Number of Staff : 1228

8. Number of Branches : 91 branches

9. Paid-up Share Capital : Rs. 144.58 Crore

10. Total Reserves & Funds : Rs. 406.77 Crore

11. Total Deposits : Rs. 5687.33 Crore

12. Total Loans & Advances : Rs. 3751.26 Crore

13. Total Overdues : Rs. 46.84 Crore

14. % of Overdues : 1.25 %

15. Gross N.P.As : 0.84 %

16. Net N.P.As : 0.19 %

17. Capital Adequacy Ratio : 12.54 %

18. Net Profit : Rs. 63.55 Crore

19. Working Capital : Rs. 6499.04 Crore

BANK PROFILE AS ON 31st March 2014

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NOTICE TO MEMBERS

Notice is hereby given that the Thirty First (31st) Annual General Body Meeting of the Members of Punjab & Maharashtra Co-op Bank Ltd. Mumbai will be held on Saturday, the 16th August 2014 at 11.00 a.m. at Dreams Banquet, Dreams Mall, 2nd Floor, L.B.S.Marg, Bhandup (West), Mumbai – 400 078 to transact the following business:1. Reading and Confirming the Minutes of the Last Annual General Body Meeting held on

10th August 2013.2. Adoption of Annual Report with Audited Balance Sheet, the Profit& Loss Account as at

31st March, 2014 and Statutory Audit Report for the financial year 2013-14.3. Declaration of Dividend and Allocation of Profits for the Financial Year 2013-14.4. Appointment of Statutory Auditors for the Financial Year 2014-15 and fix their remuneration.5. Disposal of any other business that may be brought before the meeting and replying to Member's

questions, relating to the working of the Bank during the Financial Year 2013-14, permissible under the Bank's Bye-Laws and Rules and about which at least 8 days notice, in writing, has been furnished to the Chief Executive Officer, at the Bank's Central Office, Dreams Mall, 3rd Floor, L.B.S. Marg, Bhandup (West), Mumbai – 400 078.

Place : Mumbai.Dated: 26th July 2014 Managing Director

Note: If there is no quorum within half an hour after the appointed time, the meeting shall stand adjourned upto 11.30 a.m. on the same day and the agenda of the meeting shall be transacted at the same venue irrespective of the quorum in terms of bye-law no. 24(i).

NOTE1. Members desiring to offer any suggestion at the Annual General Meeting or put any question

pertaining to the Annual Report & Accounts are requested to write to the Bank on or before 7th August 2014 addressed to the Managing Director at the Central Office, 3rd Floor, Dreams Mall, Bhandup (West), Mumbai – 400 078.

2. Members who carry with them the identity card issued by the Bank only will be allowed to attend the General Body Meeting of the Bank.

3. Members who have not collected their dividends for the previous three years are requested to collect the same immediately. They are requested to please note that if the dividend for the financial year 2010-11 is not encashed on or before December 31, 2014, it would stand forfeited by the Bank and the proceeds thereof would be transferred to the Bank's Reserve Fund, as per provisions of the Bank's Bye-law No. 46(iv). This intimation by the Bank may be treated as the final notice to the concerned members who are yet to encash their dividends.

4. Members are requested to intimate any change in name of nominee, office and residential address, status, etc., so as to keep our records up-to-date.

5. Members are requested to introduce the Bank to their friends and relatives so that they can also avail of the various services rendered by the Bank.

6. Members are requested to give instructions for crediting the dividend directly to their Saving/ Current Account with any of the Branches of the Bank.

JOY THOMAS

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DIRECTORS' REPORT

Dear Members,

The Board of Directors has great pleasure in presenting the 31st Annual Report of your Bank together with the audited accounts for the year ended March 31, 2014.

ECONOMIC SCENARIO

The growth of the Indian Economy has been less than 5% in last two year. Despite of slow economic growth, Indian Finance Minister projected the Fiscal Deficit at 4.1% of GDP which kept the gross borrowing at 6 trillion rupees. The Indian Industrial output number in the May rose to 19 month high at 4.7%. Due to high base effect, the Consumer Price Index of June improved to 7.31% as against 9.87% on year to year basis. The major reasons of the slowdown of the Indian Economy may be due to four factors namely global downturn, monetary tightening, slowdown in capex and weather shocks. The global economy is unlikely to turn around till 2015.

However, Market participants believe that the budget has been successful in sending positive signals to Foreign Institutional Investors, which in turn would boost the rupee in the medium-term. Reserve Bank of India (RBI) is also aiming at a glide path of 8% Consumer Price Index based inflation rate by January 2015 & 6% by January 2016.

FINANCIAL SECTOR

The Finance Ministry in the Union Budget laid down the path for the growth of the Indian banking industry.

As per government's own estimates public sector banks will need Rs. 240000 crore of capital infusion over the next five years mainly to meet the Basel III norms and to fund their business growth. To meet this huge capital requirement, banks will increase the shareholding of the people in a phased manner through the sale of shares largely to the retail investors of the country.

As per the RBI, Nationalised banks will be allowed to issue seven year bonds for infrastructure lending. These bonds will not be traded in the secondary market and will not attract any statutory pre-emption like Statutory Liquidity Ratio (SLR) and Cash Reserve Ratio (CRR). Banks are not required upto make provision to fulfill priority sector requirements.

RBI will create a framework for licensing small banks and other differentiated banks. Differentiated banks serving niche interest, local area banks, payment banks, etc, are contemplated to meet credit and remittances need of small business, unorganized sector, low income households, farmers and migrant work force.

Asset Reconstruction companies will be allowed 100% FDI with 49% through the automatic route from the existing 74% through the FIPB route. Reserve Bank Of India (RBI) vide Circular RBI/2013-14/543, UBD.BPD.(PCB).Cir.No.53/13.05.000/2013-14 dated March 28,2014 has permitted all Multi State Co-operative Banks vide to invest in Security Receipts issued by Securitization Company(SC)/ Reconstruction Company(RC) in respect of financial assets sold by them to the SC/RC. Increased flow of funds in asset reconstruction companies will help the market to mature. Eventually, it is good for the company as well given the bad assets situation in Indian Banks. Other Positive measure announced was the proposal to increase Foreign Direct Investment in defence and insurance sectors from 26% to 49%.

The Indicators to improve the infrastructure investments and better policies to strengthen the financial market show the hope of fast and stable growth of the Indian Economy.

YOUR BANK – WAY FORWARD

As our Honorable members may be knowing that the Reserve Bank of India (Regulator) in August 2013 had released a Discussion Paper on Future Banking Structure in India. The Regulator in this Discussion Paper

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had also acknowledged the fact that some of the large Multi-State Urban Co-operative Banks have become too big to be in co-operative sector. You may be aware that our Bank is one of the top 10 banking business-wise large Multi-State Urban Co-operative Banks (UCB). The Regulator further adds that such UCBs are at a competitive disadvantage and can lag behind their competitor Scheduled Commercial Banks, as they are unable to provide a wider range of facilities to their customers. Therefore, Corporatization could be the best alternative for Multi-State UCBs. Conversion into Scheduled Commercial Bank would give more business opportunities to such Multi-State UCBs. This addition will help UCBs to be free from dual control and enhance the possibilities for more avenues such as raising capital with extended banking services in the regions characterised by poor banking outreach.

We welcome the above policy statement of the Reserve Bank of India. Your Board of Directors is monitoring the developments in this regard and we shall take appropriate steps so as to protect the interests of all the stakeholders of your Bank. We hope there will be consensus that the conversion of your Bank into a Scheduled Commercial Bank would have many advantages. The conversion would mainly be with a view to protecting your Bank from the vagaries of economic cycle and will help in the achievement of expected growth plans, which can be possible only with substantial augmentation of core capital.

SHARE CAPITAL & DIVIDEND:

The Board of Directors are pleased to recommend a Dividend of 12 % for the year ended 31st March, 2014. The Paid-up Share Capital of your Bank as on 31st March, 2014 is Rs. 144.58 crore.

PROFITABILITY :

Net profit of your Bank for the Financial Year 2013-14 was Rs. 63.55 crore as against Rs. 50.43 crore for the previous financial year.

Despite the challenging financial year under review, your Bank has been able to record a commendable performance. This could be achieved due to an excellent teamwork and a confluence of professionalism, commitment, zeal and passion.

Your Directors recommend the following appropriations of the Net Profit of the Bank :-

(Amount in Rs)

Statutory Reserve Fund

Proposed Dividend

Building Fund

Dividend Equilisation Fund

Investment Fluctuation Fund

Members Welfare Fund

Staff Welfare Fund

Charity Fund

Education Fund

Reserve fund for Unforeseen Losses

General Reserve Fund

Technology Reserve Fund

Net Open Foreign Currency Position Reserve

Balance transfer to Statutory Reserve Fund

Provision for Bonus & Ex-gratia payment to the employees

TOTAL

15,88,80,000.00

14,26,00,000.00

8,00,00,000.00

3,00,000.00

1,00,00,000.00

57,18,000.00

45,50,000.00

63,55,150.00

63,55,150.00

6,35,51,500.00

9,88,90,000.00

1,00,00,000.00

60,00,000.00

842.83

4,23,15,000.00

63,55,15,642.83

12,60,90,000.00

10,75,84,500.00

3,00,00,000.00

2,00,000.00

6,53,00,000.00

25,00,000.00

25,00,000.00

50,43,350.00

50,43,350.00

5,04,33,500.00

6,00,00,000.00

1,00,00,000.00

15,00,000.00

10,030.45

3,81,30,000.00

50,43,34,730.45

2013-14 2012-13

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RESOURCE

Bank has registered a growth of 27.72% in deposits to reach Rs. 5687.33 crore as on 31st March, 2014 despite the difficult market conditions.

The category wise break up of deposits during preceding two year namely 2012-13 and 2013-14 is given as under:

(Rs. in crore)

Types of Deposits

Time Deposits

Demand Deposits

Total

31.3.2013

3535.23

917.91

4453.14

31.3.2014

4647.12

1040.21

5687.33

% increase

31.45%

13.32%

27.72%

(Rs. in crore)

Type of Facility

Secured

Unsecured

Total

31.03.2013

3061.92

25.68

3087.60

31.03.2014

3717.59

33.67

3751.26

% increase

21.41%

31.11%

21.49%

RECOVERY OF LOANS & ADVANCES

Relentless efforts made to restrict NPAs at the minimum possible level through stringent recovery efforts and astute use of legal avenues available has resulted in enabling your Bank to restrict its Gross NPAs at Rs.3171.51 lakh as on 31.03.2014. Your Bank has successfully made efforts to maintain its Net NPA at the minimum level of 0.19%.

Your Bank will continue to relentlessly address both the facets of NPA Management viz. recovery out of existing NPAs as well as arresting the emergence of fresh ones.

INVESTMENT PORTFOLIO:

The Bank has an investment of Rs. 1819.65 crore as on 31st March, 2014 out of which an amount of Rs.1422 crore has been invested in Government and approved securities. The Bank's total investment in Government and other approved securities as on 31st March, 2014 is 29.37% of the Net Demand and Time Liability (NDTL) of the Bank, which is well above the minimum stipulated by the Reserve Bank of India.

Your Bank's investment policy is reviewed at regular intervals and fine-tuned in accordance with the directives issued by the Reserve Bank of India. The Bank's Investment Department is responsible for compliance with the requirements of the Reserve Bank of India viz. CRR and SLR as also for profitable deployment of surplus funds of the Bank.

The successful culmination of various initiatives by the staff has reflected in the Bank's impressive performance on deposit front.

CREDIT PORTFOLIO AND CREDIT MANAGEMENT:

The Advances of your Bank showed an increase from Rs. 3087.60 crore as on 31.03.2013 to Rs. 3751.26 crore as on 31.3.2014 registering an increase of 21.49 % over the previous financial year.

The Credit Department of the Bank with its team of qualified, experienced and trained personnel diligently appraises, analyzes and sanctions credit proposals with big ticker advances screened and approved by the Loan Committee and the Board of Directors. The Department has automation process for efficient functioning and timely disbursement of credit.

The composition of advance is given below:

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INTERNATIONAL BANKING DIVISION:

Your Bank has entered into Correspondent Banking relationship with leading International Banks as well as overseas branches of Indian Banks at major International centers. Your Bank maintains NOSTRO Accounts in four major currencies namely, American Dollar, Great Britain Pound, EURO and Japanese Yen.

There was substantial volatility in forex market in India during the year 2013-14 and the International market continued to remain subdued. This has resulted into weakening of INR against major foreign currencies.

Your Bank undertakes Forex transactions through two of its designated branches namely, Bhandup (West) and at Andheri (East).

Your Bank is extending facilities for financing exports-Packing Credit and Post shipment Credit in INR / Foreign Currency. Your Bank opens Import Letters of Credit, makes advance payment against imports, grants Buyer's Credit facility, handles import / export bills on collection basis, undertakes miscellaneous remittances, accepts booking of forward contracts in order to hedge customer's exchange risk, etc. Your Bank also opens and maintains Exchange Earner's Foreign Currency Account (EEFC), Resident Foreign Currency Account (RFC) and Resident Foreign Currency (Domestic) Accounts.

Your Bank accepts NRI deposits under various deposit schemes such as Non-resident External (NRE), Non-resident Ordinary (NRO), Foreign Currency Non-resident FCNR(B), etc. Your Bank has achieved 220% growth in NRI deposits during the period under review.

Your Bank has made tie up arrangement with M/s. UAE Exchange and Financial Services Ltd. for prompt receipt of personal remittances from abroad favoring customers, their friends and relatives under MTS scheme viz., and “MONEYGRAM” and “XPRESSMONEY” at all branches.

TECHNOLOGY :

Your Bank is replacing its current Core Banking Solution with a new Core Banking solution, Finacle v10.2.14, provided by Infosys. Finacle implementation provides a future-proof technology platform with robust capabilities and support for true 24X7 multi-channel and multi-currency transactions. The solution's proven scalability, relevance to the Indian Banking context and flexibility will power ambitious growth plans of your Bank.

Along with the Core Banking Solution, your Bank is also implementing the Finacle Treasury module from Infosys. The Finacle Treasury Solution is an integrated yet modular front, middle and back office solution built on best-of-breed open technology platforms, providing high scalability, flexibility and STP capability. The Treasury Solution enables reduction in costs, decrease in time-to-market of products and services, while enhancing process efficiency. The Finacle Treasury Solution supports a wide range of financial products and their derivatives in foreign exchange, money markets and securities.

Your Bank is also replacing its Internet Banking software with new software which will provide your customers the latest features of net banking and will deliver enhanced user experience with more security.

Your Bank has initiated the process of building its own state of the art Data Centre at Thane. This has an additional capacity to provide infrastructure and host applications for smaller cooperative Banks

Your Bank is a direct member of NPCI, which enables its customers to avail 1.70 lakh + ATMs throughout the country. In order to help smaller banks make available the ATM facility to their customers, 7 such banks are extended the ATM sharing facility. Out of this, two of the Banks can even issue Rupay Debit cards to their customers using our network.

Your Bank was awarded the “NFS Operational Excellence Award – 2013 in the Co-operative Bank Category for excellent performance on the NFS network. Your Bank has exhibited the highest performance index in

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this category. This was decided on the basis of assessment of specific operational criteria. Your Bank had a business decline ratio of 11.54% in the Co-operative Sector Bank category as against 13.28% for Co-operative Banks as a whole.

In order to ensure that the payments effected through alternate payment channels are safe and secure and not easily amenable to fraudulent usage, your Bank has started issuing EMV based chip card wherein data is encrypted as a result of which transactions with EMV chip Debit Card are more secure.

After launching the concept of Lobby Banking and Bunch Note Acceptor in two branches initially, your Bank has extended this facility to majority of the branches. The KIOSK facilitates depositing of cash without having to stand in long queues, updation of pass book or Statement printing. It also gives the facility of cheque depositing.

MOBILE BANKING :

Your Bank has launched "Aadhar-Based Mobile Remittances (P2U) Service", by availing the facility offered by "National Payments Corporation of India (NPCI)". The transaction is instantaneous and does not require any other information other than beneficiary's unique ID number to complete the remittance transaction. It facilitates fund transfer using the beneficiary's AADHAAR number, which acts as a financial address, which is linked to the beneficiaries account number.

POINT OF SALE:

With a view to providing your customers a bouquet of services under one roof, your Bank has introduced the point-of-sale (POS) terminal offering i.e. (a merchant acquiring business). Currently, your Bank has deployed over 200+ devices to the customers.

CUSTOMER EDUCATION CAMPAIGN :

In order to curb incidences of ATM related and other types of frauds highlighted in the media and to ensure that your customer do not fall victim to such fradulent action, necessary steps have been taken by your Bank.

Some of the steps taken are :

1) Displaying the message on ATM screens for registration of mobile number for SMS banking.

2) Educating customers by using media like Facebook and Websites.

3) Sending SMS in English and Marathi.

4) Creation of Website in English, Hindi and Marathi languages.

BRANCH EXPANSION:

During the year under review, your Bank has opened 6 branches across states which includes 2 branches in Bengaluru, 1 in Pune and 3 in Thane and 2 extension counters at Kolhapur were converted into branches. Your Bank's network as on 31.03.2014 stood at 91 branches.

Your Bank has submitted its Annual Action Plan for the year 2014-15, wherein permission has been sought to open 15 new branches.

After 31.03.2014 your Bank has opened 1 branch in Bengaluru, 1 in Pune, 1 in Thane and 5 branches in Mumbai. In the month of August 2014 we will be opening two more branches which will make our Bank's total network to 101 branches.

M.R. PAI MEMORIAL AWARD:

This year the M. R. Pai Memorial Award instituted by your Bank organized by All India Bank Depositors Association will be presented to M/s. Moneylife Foundation in recognition of highly educative role being played by the Foundation in the field of financial literacy. This Foundation was also involved in educating

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the consumers, including the banking public and depositors, through frequent seminars, lectures and other means on financial matters including investments etc.

CORPORATE SOCIAL RESPONSIBILITY:

Apart from the normal banking operations, the Bank, as a responsible and responsive organization, has rendered a helping hand for education, nutrition and healthcare assistance in the form of donations. The Rupee One per ATM transaction for the year 2013-14 amounting to Rs.16 lakh was donated to CRY and SAVE THE CHILDREN equally. The Bank has also donated a sum of Rs. 11 lakh to Nishan-E-Sikhi Foundation for training to women aspirants for Police and Para-Military training. The Bank has conducted Cancer Detection Camps, Blood Donation Camps, Health Checkup Camps for Senior Citizens, Eye Checkup Camps etc., at many of its branches in co-operation with different NGOs and Societies.

MEMBERS WELFARE FUND :

The Board of Directors of your Bank has recommended an amount of Rs. 57.80 lakh towards the Members Welfare Fund. Further, it recommends an increase in re-imbursement amount towards cost of Cataract operation of the Senior Citizen Members who have completed five years from the date of admission as a member from Rs. 7,500/- to Rs. 10,000/-.

HUMAN RESOURCES AND TRAINING :

The Human Resource Management Department (HRMD) of your Bank has not only been effectively managing the human resource, but it has also been maintaining the congenial atmosphere for one of the best work culture in the banking industry. Our Top Management's direction of recruiting staff at base level is being fully followed and the requirements at middle level and senior level staff are met by promotions from within the ranks. The total number of employees of your Bank aggregated 1228 as of March 31, 2014.

As advised by the Reserve Bank of India through its Master Circular, the HRMD of your Bank has aligned our training programmes to the needs of various areas with an eye on customer service on one hand (e.g. Customer Relationship Management Training Program) and up-gradation of professional skills of the staff on the other hand (e.g. Credit Appraisal Training Program with two tier Follow-up Programs). These innovations have been enabling our staff to develop right kind of attitude towards customer service, and empathy towards customer needs and expectations. The Regulator's rule of “induction training to new recruits as a precursor to other follow-up training programs” is followed by your Bank in letter and spirit. Accordingly, all new recruits are invariably exposed to induction program after recruitment. Our HRMD has developed as many as 12 different types of customized training programs for its staff and it has conducted in all 81 training programmes (aggregating 1514 participants) for the staff in various cadres during the year under this Annual Report as against 55 training programmes (aggregating 1038 participants) during the previous fiscal 2012-13. Your Bank's staff was also deputed to various training programs conducted by external agencies such as the IDRBT-Hyderabad, Western India Regional Centre of Institute of Chartered Accountants of India, Reserve Bank's College of Agricultural Banking at Pune, National Stock Exchange, Indian Bank's Association, Guru Nanak Institute of Management Studies, National Federation of Co-operative Urban Banks, Indian Merchants Chambers, etc.

ACCOLADE

Dr. Jyotinder Kaur Chaddah, Faculty In charge (Marketing) of Guru Nanak Institute of Management Studies, studied the working of the Bank and presented a case study in a seminar held at IIT, Delhi. The paper was well received and appreciated by the fellow researchers, academicians, students and participants from different organizations. Many participants were interested in knowing more about your Bank. The panelists suggested her to study more about the Bank and present the findings at the international forum.

AUDIT AND INSPECTION :

The Audit & Inspection Department continues to monitor adherence to systems and procedures and compliance of statutory and regulatory requirements. The Audit Committee closely monitors the effective functioning of the Departments and internal control systems of the Bank and remedial measures are initiated, wherever required on an ongoing basis.

In addition to this, Executives and Senior Officials visit branches at regular intervals to monitor functioning of the branches and departments.

At the Annual General Meeting held on 10th July, 2013, M/s. D.B. Ketkar & Co., were appointed as Statutory Auditors of the Bank for the financial year 2013-14, who have completed their audit assignment with diligence and submitted their report in time. The Board of Directors recommends to the Annual General Meeting appointment of M/s. Ashok Jayesh & Associates, Chartered Accountants for the financial year 2014-15. The resolution for their appointment will be moved under agenda item no. 4 of the notice.

ADVERTISING & PUBLICITY :

A new Television commercial was produced to advertise a scheme called Anant Recurring Deposit Scheme. The special feature of the Advertisement was that our own members of the staff and their kids featured in the Advertisement.

Your Bank has made available the website to the public in two regional languages namely, Marathi and Hindi. The social network sites i.e. Facebook and Twitter, managed by the Bank has led to better communication with the customers and well wishers.

During our 30th year of service with smile, your bank had arranged Cancer Detection camps and health check up camps at all locations for customers and well wishers free of cost. Around 850 customers attended the camps and undergone the checkup.

In February 2014, on completion of 30 years of service, your bank gifted a DVD 'Melodies forever Lata Mangeshkar' co-branded with PMCB logo, to express gratitude to all the customers having a long standing relationship with the bank.

Your bank also conducted various contests for customers, employees and branches for achieving their business goals. The contests received an overwhelming response from customers and employees.

TRIBUTE TO DEPARTED SOULS

The Board of Directors and Management express their profound sorrow at the sad demise of the Shareholders who passed away during the year and pray for their eternal peace.

ACKNOWLEDGEMENTS

The Board of Directors places on record its gratitude to the Members, Customers and Well-wishers for extending their whole hearted support and co-operation in the development of the Bank. Without their support, such tremendous growth and development would not have been possible.

We place on record our thanks to the Chief General Manager-in-charge and Chief General Manager of Urban Banks Department, Reserve Bank of India, and the staff for their valuable guidance.

We place on record our thanks to the Central Registrar Delhi, Govt. of India, the Commissioner for Co-operation and Registrar of Co-operative Societies, Maharashtra State, Registrar – State of Delhi, Registrar – State of Karnataka and the Registrar - State of Goa for the guidance and assistance extended to the Bank.

The Board of Directors is thankful to the Management of all the Gurudwaras, Schools, Sewak Jathas, Societies and other institutions for their support and co-operation.

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The Board thanks the President and General Secretary of Co-operative Bank Employee's Union for their support and co-operation.

The Bank is thankful for the co-operation and support extended by the Office and staff of, The Maharashtra Urban Co-operative Bank's Federation Ltd., Brihan Mumbai Nagari Sahakari Bank's Association Ltd. and The Maharashtra State Co-operative Bank's Association Ltd.

We also thank the various institutions and individuals who have extended their co-operation and assisted us, directly and indirectly in the overall growth, development and prosperity of the Bank.

For and on behalf of the Board of Directors

CHARANJIT SINGH CHADHA

Chairman

Comparative position of growth over the last one year is as given below:

(Rs. in crore)

Share Capital

Reserves

Deposits

Cash Investments & Bank Balance

Advances

Gross Income

Working Capital

Net Profit Before Tax

Net Profit After Tax

No. of Branches

Extension Counters

110.73

378.21

4453.14

1644.21

3087.60

555.57

5214.70

76.49

50.43

83

2

144.58

406.77

5687.33

2227.66

3751.26

694.45

6499.04

89.96

63.55

91

0

30.57

7.55

27.72

35.49

21.49

25.00

24.63

17.61

26.02

Particulars March 2013 March 2014Comparative %

over last year

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(Under Section 31 of Banking Regulation Act, 1949 and Section 73(4) of Multi State Co-operative Societies Act, 2002 and Rule 27 of Multi-State Co-operative Societies Rules)

We have audited the attached Balance Sheet of “PUNJAB & MAHARASHTRA CO-OPERATIVE BANK LTD” at 31st March, 2014 and also the Profit and Loss Account of the Bank for the year ended on that date annexed thereto. These financial statements are the responsibility of the Bank's management. Our responsibility is to express an opinion on these financial statements based on our audit.We conducted our audit in accordance with auditing standards generally accepted in India. Those standards required that we plan and perform the audit to obtain reasonable assurance whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.The schedules giving the particulars referred to in Rule 27 (3) of the Multi State Co-Operative Society's Rule 2002 to the extent applicable are attached to this report . Further to our comments and observations in the Audit Report of even date, we report that :-1. We have obtained all the information and explanations, which to the best of our knowledge and belief

were necessary for the purpose of our audit;2. In our opinion, proper books of accounts as required by the Multi-State Co-operative Societies Act, Rule 27

of the Multi State Co-Operative Societies Rules 2002 and Bye Laws of the Bank have been kept by the Bank, so far as appears from our examination of those books and proper returns adequate for the purposes of our audit have been received from the branches and offices of the Bank, not visited by us.

3. To the best of our knowledge and belief and according to the information and explanations given to us, there is no material impropriety and irregularities in the expenditure or in the realization of monies due to the Bank.

4. We draw attention to Point no.11 of Notes to Accounts which emphasizes the need for strengthening of internal controls and concurrent audit mechanisms. Our opinion is not qualified in respect of this matter.

5 To the best of our information and explanations given to us, the transactions of the Bank, which have come to our notice have been within the competence of the Bank and are in compliance with RBI guidelines, as applicable to Multi-State Co-Operative Banks.

6. The Balance Sheet and Profit and Loss Account are in agreement with the Books of Account maintained by the Bank.

7. In our opinion and to the best of our information and according to the explanations given to us, the said accounts subject to Significant Accounting Policies and Notes on Accounts forming part of accounts and our comments and observations contained in Audit Memorandum, give all the information as required by the Multi-State Co-operative Societies Act, 2002, and rules made there under, in the manner so required, in conformity with the accounting principles generally accepted in India and give a true and fair view:-a) In the case of the Balance Sheet, of the State of Affairs of the Bank as at 31st March 2014 andb) In the case of the Profit and Loss Account of the profit for the year ended on that date.c) In the case of the Cash Flow Statement of the Cash Flows of the Bank for the year ended on that date.

Place: MumbaiDate: 27.06.2014 FOR D. B. KETKAR & CO

CHARTERED ACCOUNTANTSFirm Regn. No. 105007W

S.G.KHARE (PARTNER)M. No. 36680Statutory Auditors

STATUTORY AUDITORS REPORTFOR THE YEAR ENDED 31ST MARCH 2014.

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CAPITAL & LIABILITIESSCHEDULE CURRENT YEAR PREVIOUS YEAR

31.03.2014 31.03.2013

1

2

3

4

5

6

7

8

9

10

CAPITAL

RESERVE FUND & OTHER RESERVES

DEPOSITS & OTHER ACCOUNTS

BORROWINGS

BILLS FOR COLLECTION BEING BILLSRECEIVABLE AS PER CONTRA

BRANCH ADJUSTMENTS

OVERDUE INTEREST RESERVE

INTEREST PAYABLE

OTHER LIABILITIES

PROFIT & LOSS

TOTAL

CONTINGENT LIABILITIES

144,57,95,675.00

406,76,97,555.98

5687,33,36,722.33

89,47,33,680.00

39,95,012.00

2,68,71,287.07

28,67,91,751.17

10,84,55,063.28

93,80,11,013.82

63,55,15,642.83

6528,12,03,403.48

549,86,68,745.03

1

2

3

4

5

6

13

110,72,72,650.00

378,21,53,137.63

4453,13,55,806.08

110,52,60,840.00

93,90,291.31

20,02,89,185.61

25,97,96,523.44

14,25,80,240.66

77,37,25,855.21

50,43,34,730.45

5241,61,59,260.39

385,42,61,158.59

Balance Sheet as at March 31, 2014

(Amount in Rs)

As per our Report of even date attachedFor D. B. Ketkar & Co S. Charanjit Singh ChadhaChartered Accountants ChairmanFirm Regn No. 105007W

S.G. Khare S. Waryam SinghPartner Vice ChairmanMembership No. 36680Statutory Auditors Shri. Joy Thomas

Managing DirectorDate : 27th June 2014

PROPERTY & ASSETS SCHEDULE CURRENT YEAR PREVIOUS YEAR

31.03.2014 31.03.2013

1

2

3

4

5

6

7

8

9

10

CASH

BALANCES WITH OTHER BANKS

INVESTMENTS

ADVANCES

BILLS FOR COLLECTION BEING BILLSRECEIVABLE AS PER CONTRA

INTEREST RECEIVABLE

OVERDUE INTEREST RESERVE

FIXED ASSETS

OTHER ASSETS

397,90,94,673.91

171,03,39,736.46

1658,71,77,579.03

3751,26,34,060.93

39,95,012.00

63,38,50,264.85

28,67,91,751.17

334,29,46,408.05

110,78,10,657.63

11,65,63,259.45

7

8

9

10

11

12

266,35,21,602.57

125,51,21,132.03

1252,34,23,841.82

3087,59,84,887.73

93,90,291.31

43,26,21,027.95

25,97,96,523.44

316,76,33,826.87

110,69,80,103.90

12,16,86,022.77

Balance Sheet as at March 31, 2014

(Amount in Rs)

NON BANKING ASSETS ACQUIRED IN SATISFACTION OF CLAIMS

6528,12,03,403.48 5241,61,59,260.39TOTAL

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Directors




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Profit & Loss Account for the Year ended March 31, 2014

EXPENDITURECURRENT YEAR

31.03.2014

PREVIOUS YEAR

31.03.2013

Interest on Deposits, Borrowings, etc Salaries and allowancesRent, Taxes, Insurance, Lightning, etc Legal Charges Postage, Telegram and Telephone charges Audit fees & Professional ChargesDepreciation/ Amortisation of AssetsPrinting Stationery and Advertisementi) Printing and Stationery ii) Advertisements

Other Expenditure:i) Repairs and Maintenance of assetsii) Premium paid to DICGC iii) Travelling and Conveyance iv) Security Chargesv) Amortisation of Investments vi)Amortisation of Cost of Acquired Bankvii) Bad Debts Written Offviii) Other Expenses

Provisions i) Provision Against Std. Assetsii) Provision for Other Contingent Liabilitiesiii) Prov for Investment Depreciation Reserve iv) Prov for Impaired Assets - NDCCv) Provision for Bad & Doubtful Debtsvi) Special Reserve u/s. 36(1) (viii)

Income Tax Expensesi) Current Taxii) Deffered Tax

Total ExpensesNet Profit after Tax

Total

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9

10

11

1213

430,64,83,868.2850,41,52,560.4424,68,67,870.59

5,96,392.243,10,36,446.754,19,82,155.03

32,19,37,587.16

8,42,33,084.08

45,20,97,977.89

5,55,58,586.16

26,40,79,383.00630,90,25,911.62

63,55,15,642.83

694,45,41,554.45

2,29,87,634.576,12,45,449.51

8,09,11,609.324,89,28,952.00

73,64,885.233,62,33,004.781,94,53,786.523,09,40,095.17

10,19,28,084.0212,63,37,560.85

2,41,00,000.000.00

2,01,68,481.4662,90,104.70

0.0050,00,000.00

25,73,79,383.0067,00,000.00

332,95,50,345.0941,40,67,225.8515,35,87,400.74

1,25,755.002,88,84,652.143,70,46,759.93

25,33,33,794.09

2,28,73,152.467,75,66,728.71

10,04,39,881.17

6,97,72,728.593,51,83,187.00

76,57,857.482,93,52,706.63

74,29,117.7711,05,19,914.79

63,87,999.9712,81,62,437.0639,44,65,949.29

2,67,00,000.0025,12,100.00

0.001,06,14,438.003,50,00,000.00

45,00,000.007,93,26,538.00

23,93,03,710.002,12,64,721.00

26,05,68,431.00505,13,96,732.30

50,43,34,730.45

555,57,31,462.75

(Amount in Rs)


S. Waryam SinghS.G. Khare Vice ChairmanPartnerMembership No. 36680 Shri. Joy ThomasStatutory Auditors Managing DirectorDate : 27th June 2014

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Profit & Loss Account for the Year ended March 31, 2014

INCOMECURRENT YEAR

31.03.2014

PREVIOUS YEAR

31.03.2013

Interest & Discount CommissionIncome on Trading(Net)Dividend Other Reciepts i) Bank Chargesii) Rent received on lockersiii) Profit on Sale of Assetsiv) Miscellaenous Income

Bad debts provision reversed to the extentof written offRevaluation Reserve written BackTOTAL

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6

7

651,49,72,843.225,11,09,243.51

14,07,09,341.96 7,650.00

17,54,42,475.76 -

6,23,00,000.00694,45,41,554.45

6,08,20,697.211,59,84,741.11

89,411.529,85,47,625.92

502,68,74,451.57 4,25,88,914.207,95,75,351.49

1,560.00

4,61,90,868.951,03,77,145.43

20,08,03,529.157,79,71,131.06

33,53,42,674.59 63,48,510.90

6,50,00,000.00555,57,31,462.75

(Amount in Rs)

Directors




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Schedules Liabilities as at March 31, 2014

CURRENT YEAR

31.03.2014

PREVIOUS YEAR

31.03.2013

(Amount in Rs)

SCHEDULE 1 - CAPITAL

Authorised Capital

(200,000,000 Shares of Rs. 25/- each) 500,00,00,000.00 150,00,00,000.00

Subscribed Capital 144,57,95,675.00 110,72,72,650.00

Amount Called up: 144,57,95,675.00 110,72,72,650.00

on 5,76,01,727 Shares of Rs. 25/- each 144,00,43,175.00 110,01,14,350.00

(Previous year 4,40,04,574 Shares of Rs. 25/- each)

on 57,525 Shares of Rs. 100/- each

(Previous year 71,583 Shares of Rs. 100/- each) 57,52,500.00 71,58,300.00

(erstwhile Chetna Sahakara Bank Ltd.)

CURRENT YEAR

31.03.2014

PREVIOUS YEAR

31.03.2013

(Amount in Rs)

SCHEDULE 2 -RESERVE FUND & OTHER RESERVES

i) General Reserve Fund 45,07,74,098.40 38,84,70,647.02

ii) Statutory Reserve Fund 82,19,40,361.96 69,19,40,392.95

iii) Members Welfare Fund 1,42,82,000.00 1,20,69,500.00

iv) Staff Welfare Fund 1,29,87,284.91 1,11,37,284.91

v) Dividend Equilisation Fund 36,15,000.00 34,15,000.00

vi) Building Fund Reserve 40,63,68,000.00 37,63,68,000.00

vii) Charity Fund 87,22,250.00 65,78,900.00

viii) Investment Fluctuation Fund 34,64,64,107.86 28,11,64,107.86

ix) Contingent Provision Against Standard Assets 15,20,00,000.00 12,79,00,000.00

x) Bad & Doubtful Debts Reserve 23,60,17,675.43 23,60,17,675.43

xi) Provision for Interest Capitalised on NPA 82,18,096.04 1,06,19,716.84

xii) Provision for Other Contingent Liabilities 26,04,635.39 1,26,17,771.54

xiii) Reserve Fund for Unforeseen Losses 25,33,74,700.00 20,29,41,200.00

xiv) Special Reserve u/s 36(1)(viii) 2,04,00,000.00 1,54,00,000.00

xv) Contingent Provision against Investment Depn 7,11,22,701.00 10,21,96,400.79

xvi) Revaluation Reserve 118,49,99,018.65 124,72,99,018.65

xvii) Technology Development Fund 1,50,00,000.00 50,00,000.00

xviii) Net Open Foreign Currency position 25,00,000.00 10,00,000.00

xix) Provision for Impaired Assets- NDCC 5,63,07,626.34 5,00,17,521.64

TOTAL 406,76,97,555.98 378,21,53,137.63

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CURRENT YEAR

31.03.2014

PREVIOUS YEAR

31.03.2013

(Amount in Rs)

SCHEDULE 3 - DEPOSITS & OTHER ACCOUNTS :

i) Fixed Deposits :

a) Individuals & Others 3706,60,15,587.40 2882,56,16,704.02

b) Co-operative Institutions 879,46,26,227.59 611,17,14,428.00

SUB TOTAL 4586,06,41,814.99 3493,73,31,132.02

ii) Saving Bank Deposits :



SUB TOTAL 827,79,69,830.96 699,19,09,699.85

iii) Current Deposits :



SUB TOTAL 212,41,82,112.75 218,72,40,750.24

iv) Matured Deposits 61,05,42,963.63 41,48,74,223.97

SUB TOTAL 61,05,42,963.63 41,48,74,223.97

TOTAL 5687,33,36,722.33 4453,13,55,806.08

CURRENT YEAR

31.03.2014

PREVIOUS YEAR

31.03.2013

(Amount in Rs)

SCHEDULE 4 -BORROWINGS From NHB : Refinance from National Housing Bank Finance 89,47,33,680.00 110,52,60,840.00

TOTAL 89,47,33,680.00 110,52,60,840.00

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CURRENT YEAR

31.03.2014

PREVIOUS YEAR

31.03.2013

(Amount in Rs)

SCHEDULE 5 -OTHER LIABILITIES

i) Pay orders 20,67,89,694.42 13,67,97,294.57

ii) Unclaimed Dividend 47,40,785.00 52,63,961.00

iii) Miscellaneous Accounts 10,75,22,824.41 9,04,87,931.31

iv) Advance Rent Received on Lockers 1,02,34,035.63 67,88,519.52

v) Advance Commission on Bank Gurantee 48,58,149.26 46,43,913.17

vi) Advance Interest on Bill Discounted 82,514.00 0.00

vii) Tax Deducted at Source 1,87,52,520.36 1,49,17,708.26

viii) Provision for Taxes 53,13,00,000.00 46,03,80,000.00

ix) Collection Account - Jai Shivrai Nagari Sahakari Bank Ltd 86,75,062.00 86,75,062.00

x) Customer Liability for Legal Expenses 1,03,02,949.84 86,21,269.48

xi) NFS Network Account 1,21,26,176.90 94,85,409.90

xii) Interest Payable on NHB Loan 2,26,26,302.00 2,74,45,024.00

xiii) Income Tax Payable 0.00 2,19,762.00

TOTAL 93,80,11,013.82 77,37,25,855.21

CURRENT YEAR

31.03.2014

PREVIOUS YEAR

31.03.2013

(Amount in Rs)

SCHEDULE 6- PROFIT & LOSS

Profit as per last Balance Sheet 50,43,34,730.45 38,73,24,545.65

Less : Appropriation of profit

Statutory Reserve Fund 12,61,00,030.45 9,68,51,545.65

Dividend 10,75,84,500.00 9,60,00,000.00

Building Fund 3,00,00,000.00 2,00,00,000.00

Dividend Equalisation Fund 2,00,000.00 2,00,000.00

Investment Fluctuation Fund 6,53,00,000.00 3,00,00,000.00

Member Welfare Fund 25,00,000.00 16,50,000.00

Staff Welfare Fund 25,00,000.00 16,00,000.00

Charity Fund 50,43,350.00 38,73,000.00

Education Fund 50,43,350.00 38,73,000.00

Reserve Fund for Unforeseen Losses 5,04,33,500.00 3,87,30,000.00

Provision for Ex-Gratia payment to the Employees 3,81,30,000.00 2,70,00,000.00

General Reserve Fund 6,00,00,000.00 6,15,47,000.00

Technology Development Fund 1,00,00,000.00 50,00,000.00

Net Open Foreign Currency Position 15,00,000.00 10,00,000.00

Add : Profit for the year as per Profit & Loss Account 63,55,15,642.83 50,43,34,730.45

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CURRENT YEAR

31.03.2014

PREVIOUS YEAR

31.03.2013

(Amount in Rs)

SCHEDULE 7 - CASH

i) Cash in hand 48,40,21,164.53 25,61,24,399.99

(including Foreign Currency Notes)

ii) Balance with RBI

in Current A/c 344,14,96,501.30 236,52,58,787.95

iii) Balance with SBI & SBI Associates

in Current A/c 4,70,69,955.75 2,24,02,219.26

iv) Balance with State Co-operative Banks 31,638.95 31,568.95

v) Balance with District Central Co-operative Banks 64,75,413.38 1,97,04,626.42

TOTAL 397,90,94,673.91 266,35,21,602.57

Schedules Assets as at March 31, 2014

CURRENT YEAR

31.03.2014

PREVIOUS YEAR

31.03.2013

(Amount in Rs)

SCHEDULE 8 - BALANCE WITH OTHER BANKS & FOREIGN BANKS

i) Current Deposits 4,83,35,332.82 2,07,63,354.54

ii) Current Deposits with Banks Abroad 5,27,17,188.74 2,34,65,388.62

iii) Fixed Deposits 160,92,87,214.90 121,08,92,388.87

TOTAL 171,03,39,736.46 125,51,21,132.03

CURRENT YEAR

31.03.2014

PREVIOUS YEAR

31.03.2013

(Amount in Rs)

SCHEDULE 9 - INVESTMENTS

i) In Central & State Government Securities 1421,99,84,399.52 10,65,43,61,679.17

Face Value 1424,41,06,000.00 10,67,01,30,000.00

Market Value 1341,01,39,037.15 10,53,81,68,688.40

ii) Shares in Co-operative Institutions 1,48,701.00 1,48,701.00

iii) Collateral Borrowing Lending Obligation (CBLO) 224,65,82,758.51 1,64,84,51,741.65

iv) PSU Bonds & Bonds of All India Financial Institutions 12,04,61,720.00 22,04,61,720.00

TOTAL 1658,71,77,579.03 1252,34,23,841.82

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CURRENT YEAR

31.03.2014

PREVIOUS YEAR

31.03.2013

(Amount in Rs)

SCHEDULE 10- ADVANCES :

i) Short Term Loans :

a) Secured 2988,82,65,557.24 2492,89,45,969.68

b) Unsecured 18,87,22,731.58 14,05,67,220.52

3007,69,88,288.82 2506,95,13,190.20

ii) Medium Term Advances :

a) Secured 123,20,97,488.46 124,70,56,627.22

b) Unsecured 13,31,47,257.77 9,63,51,581.53

136,52,44,746.23 134,34,08,208.75

iii) Long Term Advances :

a) Secured 515,98,32,431.72 333,29,00,281.13

b) Unsecured 1,48,61,785.48 1,98,61,319.21

517,46,94,217.20 335,27,61,600.34

iv) Loans Earmarked Against NHB Refinance 89,57,06,808.68 111,03,01,888.44

TOTAL 3751,26,34,060.93 3087,59,84,887.73

CURRENT YEAR

31.03.2014

PREVIOUS YEAR

31.03.2013

(Amount in Rs)

SCHEDULE 11 - FIXED ASSETS :

i) Furniture & Fixtures & Office Equipment 53,65,56,947.87 31,62,25,838.39

Add: Additions during the year(Net) 26,36,95,505.34 31,58,51,802.35

Less: Depreciation 14,90,01,138.32 9,55,20,692.87

SUB TOTAL 65,12,51,314.89 53,65,56,947.87

ii) Capital Expenditure on Rented Premises 14,34,87,226.60 7,61,52,439.82



SUB TOTAL 13,97,19,214.57 14,34,87,226.60

iii) Land & Premises Account 248,06,58,520.78 216,33,90,009.30



SUB TOTAL 253,53,63,128.80 248,06,58,520.78

iv) Office Vehicle 69,31,131.62 85,74,843.75

Add: Additions during the year(Net) 1,30,14,396.00 7,72,843.62

Less: Depreciation 33,32,777.83 24,16,555.75

SUBTOTAL 1,66,12,749.79 69,31,131.62

TOTAL 334,29,46,408.05 316,76,33,826.87

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CURRENT YEAR

31.03.2014

PREVIOUS YEAR

31.03.2013

(Amount in Rs)

SCHEDULE 12 - OTHER ASSETS

i) Prepaid Expenses 3,05,10,908.07 2,17,04,636.84

ii) Stock of Stationery 69,89,646.18 68,61,971.79

iii) Stock of Stamped Documents & Lockers 1,04,16,153.60 78,89,852.00

iv) Deposit & Advance with LandLord 21,41,73,661.50 19,98,04,591.10

v) Sundry Receivable 7,37,09,531.50 1,70,43,495.91

vi) Clearing House Receivable 13,30,280.80 19,99,08,162.55

vii) Security Deposit with Companies/Authorities 16,86,48,669.60 12,91,10,469.44

viii) Forex Revaluation Provision 68,61,234.79 0.00

ix) Tax Deducted at Source 1,02,88,843.44 1,19,36,781.31

x) Advance Taxes 52,63,00,000.00 41,81,80,000.00

xi) Deferred Tax Assets 3,41,59,659.00 4,08,59,659.00

xii) Customer Liability for Legal Expenses 1,03,02,949.84 86,21,269.48

xiii) Cost of Acquisition 1,41,19,119.31 4,50,59,214.48

TOTAL 110,78,10,657.63 110,69,80,103.90

CURRENT YEAR

31.03.2014

PREVIOUS YEAR

31.03.2013

(Amount in Rs)

SCHEDULE 13 - CONTINGENT LIABILITIES

i) Bank Guarantee Issued 131,55,68,260.48 126,36,66,482.98

ii) Letter of Credit Issued 245,88,67,676.00 197,93,74,753.30

iii) Forward exchange contracts 172,42,32,808.55 61,12,19,922.31

TOTAL 549,86,68,745.03 385,42,61,158.59

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NOTES FORMING PART OF THE PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31st MARCH, 2014 AND BALANCE SHEET AS ON EVEN DATE

I. 1) OVERVIEW

The Punjab & Maharashtra Co-op Bank Ltd was incorporated in 1984 and has completed its 30 years of providing wide range of Banking and Financial Services including commercial Banking, Treasury & Forex Operations.

2) BASIS OF PREPARATION

The financial statements have been prepared and presented under the historical cost convention on the accrual basis of accounting, unless otherwise stated, and comply with generally accepted accounting principles, statutory requirements prescribed under the Banking Regulation Act, 1949, and the Multi-State Co-operative Societies Act, 2002, circulars and guidelines issued by the Reserve Bank of India(‘RBI’) from time to time, the Accounting Standards (‘AS’) issued by the Institute of Chartered Accountants of India (‘ICAI’) and current practices prevailing within the banking industry of India.

3) USE OF ESTIMATES

The preparation of the financial statements, in conformity with generally accepted accounting principles, requires management to make estimates and assumptions that affect the reported amounts of Assets and Liabilities, Revenues and Expenses and disclosure of contingent liabilities in the financial statements. Actual results could differ from those estimates. Management believes that the estimates used in the preparation of the financial statements are prudent and reasonable. Any revisions to the accounting estimates are recognized prospectively.

II. SIGNIFICANT ACCOUNTING POLICIES:

1) ACCOUNTING CONVENTION:

Except otherwise stated, the financial statements are drawn up keeping in mind the historical cost and going concern concept and in accordance with generally accepted accounting principles and practices prevailing in the Co-operative Banks in India.

2) REVENUE RECOGNITION: (AS-9)

Income and expenditure are accounted for on accrual basis except as stated below:

i) Income from non-performing assets is recognized to the extent realized, as per the directives issued by Reserve Bank of India.

ii) Dividend received from shares of co-operative institutions is accounted on receipt basis.

iii) As per Reserve Bank of India guidelines, interest on Securities which is due and not received for a period of more than 90 days is recognized on realization basis.

iv) As per Bank Policy in case standard and sub-standard assets credit received are first appropriated towards interest and thereafter towards principal. In case of doubtful and loss accounts, it is the policy of the Bank to appropriate credit towards the principal first and thereafter, towards interest.

3) LOANS AND ADVANCES:

The classification of advances into Standard, Sub-standard, Doubtful & Loss assets as well as provision on non-performing advances have been arrived at in accordance with the directive issued by the Reserve Bank of India from time to time.

The overdue interest in respect of advances classified as Non-performing Assets is provided separately under “Overdue Interest Reserve” as per the directives issued by the RBI.

The Bank has been lending under Collateralized Lending and Borrowing Obligations (CBLO) facility. Any

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lending under this facility repayable beyond 15 days is classified under Advances (Short Term) Secured against Government and Other Approved Securities. Other lending repayable within 15 days are classified under “Money at Call and Short Notice.”

4) INVESTMENTS:

i) The Bank has categorized the investments in accordance with the RBI guidelines applicable to Urban Co-operative Banks. Accordingly, classification of investments for the purpose of valuation is done under the following categories:

a) Held to Maturity

b) Available for Sale

c) Held for Trading

ii) Investments have been classified under five groups as required under RBI guidelines –

a) Government securities,

b) Other approved Securities,

c) Shares in co-op. Institutions,

d) PSU Bonds & Bonds of All India Financial Institutions

e) Others

for the purpose of disclosure in the Balance Sheet.

iii) Investment under “Held to Maturity” category have been valued at acquisition cost. Premium, if any, on such investments is amortized over the residual life of the particular investment.

iv) Investments under “Held for Trading” category have been marked to market on the basis of guidelines issued by the RBI. While net depreciation, if any, under each classification has been provided for, net appreciation, if any, has been ignored.

v) Investment under “Available for Sale” category have been marked to market on the basis of guidelines issued by the RBI. While net depreciation, if any, under each classification has been provided for, net appreciation, if any, has been ignored.

vi) Treasury Bills under all the classifications have been valued at carrying cost.

vii) Market value in case of State Govt. and other Securities, for which quotes are not available is determined on the basis of the “Yield to Maturity” indicated by Primary Dealers Association of India(PDAI) jointly with Fixed Income and Money Market Derivatives Association of India(FIMMDA).

5) FOREIGN EXCHANGE TRANSACTIONS:

All foreign exchange transactions are accounted for at the ongoing market rates prevailing on the date & time of transactions. Monetary foreign currency assets and liabilities reflected in the Balance Sheet on the date are at the rates notified by Foreign Exchange Dealers Association of India (FEDAI). All profits/losses due to revaluations are recognized in the profit & loss account.

The Outstanding spot and forward contracts are revalued at year end exchange rates notified by FEDAI. The resulting profits/losses are included in profit & loss account as per FEDAI/RBI guidelines.

The Contingent liabilities on account of foreign exchange contracts, guarantees, acceptances, endorsements and other obligations denominated in foreign currency are disclosed at closing rates of exchange declared by FEDAI.

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6) FIXED ASSETS AND DEPRECIATION: (AS-10)

i) Fixed Assets are stated at historical cost less accumulated depreciation in accordance with AS-6 and AS-10 issued by Institute of Chartered Accountants of India (ICAI). Fixed Assets include incidental expenses incurred on acquisition and installation of the assets.

ii) Revalued assets are stated at revalued amount less depreciation accumulated thereon and surplus arising out of revaluation is reflected under revaluation reserve in Balance sheet.

iii) Depreciation on fixed assets purchased during the year is provided on pro-rata basis.

iv) Assets costing less than Rs.5000 are not capitalized but written off to the P & L Account.

v) Depreciation is calculated as per methods and rates mentioned below:

Particulars Rate Mode

Furniture and Fixtures 10.00% WDV

Office Equipments 15.00% WDV

Own Premises 5.00% WDV

Other Assets 10.00% WDV

Office Vehicles 20.00% Straight Line

Computer Hardware & Software 33.33% Straight LineCapital Expenditure on Electrical Fittings and Rented Premises and 25.00% Straight Linecivil work

7) EMPLOYEE BENEFITS:

i) The liability towards gratuity is calculated and paid every year to L.I.C. of India as Employees Group Gratuity Scheme assessed on actuarial valuation.

ii) Bank's Contribution towards provident fund is paid every month to Commissioner of Provident Fund on the basis of Employees Provident Fund Scheme, 1952 and Employees Pension Fund Scheme, 1995.

iii) The liability towards leave encashment is calculated and paid every year to L.I.C. of India as Group leave encashment scheme assessed on actuarial valuation

Sr. No Particulars Gratuity(Funded) 31.03.2014

1. Discount rate 8%

2. Expected Return on plan assets 8%

3. Salary escalation rate 5%

4. Reconciliation of opening and closing balance of the present value of the

defined benefit obligation:

i) Present value of obligation as at 01-04-2013 878.55

ii) Interest cost 70.28

iii) Current service cost 59.90

iv) Benefits paid (0.00)

v) Actuarial gains/(loss) on obligations 30.91

vi) Present value of obligation as at 31-03-2014 1039.64

(Rs. in Lacs)

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5. Reconciliation of opening and closing balance of fair value of fair plan assets:

i) Fair value of plan assets as at 01-04-2013 779.91

ii) Expected return on plan assets 156.63

iii) Contributions 0.00

iv) Benefits paid 0.00

v) Actuarial gain/(loss) on plan assets NIL

vi) Fair value of plan assets as at 31-03-2014 936.54

6. Amount recognized in Balance Sheet

i) Present value of obligations as at 31-03-2014 1039.64

ii) Fair value of Plan Assets as at 31-03-2014 936.54

iii) Assets/liability as at 31-03-2014 103.10

7. Expenses recognized in Profit and Loss Account

i) Current service cost 59.90

ii) Interest cost 70.28

iii) Return on planned Assets (156.63)

iv) Net actuarial gain/(loss) 30.91

8. Expenses recognized in Profit & Loss Account 4.46

8) TAXATION:

i) Tax expense comprises both deferred and current taxes. Deferred Income Tax reflects the impact of current year timing differences between taxable income and accounting income for the year and reversal of timing differences of earlier years.

ii) Deferred Tax is based on tax rates and the tax laws effective at the Balance Sheet date.

iii) Deferred Tax Assets are recognized only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such Deferred Tax Assets can be realized.

9) SEGMENT REPORTING:

In accordance with the guidelines issued by RBI, Segment Reporting is made as under:

i) Treasury includes all investment portfolio, profit/loss on sale of investments, profit/loss on foreign exchange transactions, equities and money market operations. The expenses of this segment consist of interest expenses on funds borrowed from external sources as well as internal sources and depreciation/ amortization of premium on Held to Maturity category investments.

ii) Other Banking Operations include all other operations not covered under Treasury operations.

10) RESERVE FUND AND OTHER RESERVES:

As per the requirement of Multi-State Co-op. Soc. Act, 2002, the Statutory Reserve Fund has been bifurcated into 3 Categories viz.

a. Regular Statutory Reserve (comprising 25% of Net Profit)

b. Contingency Reserve Fund (comprising 10% of Net Profit)

c. Co-operative Education Fund maintained by National Co-operative Union of India (comprising 1% of Net Profit)

d. Charity Fund (comprising 1% of Net Profit)

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Dividend and Stale Demand Drafts remaining unclaimed over 3 years are transferred to Statutory Reserve Fund. Nominal Membership and Entrance Fees are transferred to Statutory Reserve Fund every year. Amounts under pay-orders remaining unclaimed for over 3 years are transferred to General Reserve Fund.

11) INTERNAL CONTROLS

During the last few years the bank has experienced a sudden multifold growth in terms of branches, deposits and advances, employees etc.

The bank has initiated action for strengthening the internal control mechanisms by introducing Internal, Concurrent, KYC, Revenue, IS, Fixed Assets Audit processes.

12) IMPAIRMENT OF ASSETS (Accounting Standard 28):

The Bank regularly assesses whether there is any indication that an Asset may be impaired. Impairment loss, if any is provided for in the Profit and loss account to the extent the carrying amount of Assets exceeds their estimated recoverable amount.

III. NOTES FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2014.

1) PRIOR PERIOD ITEMS (Accounting Standard 5):

a. In case of Owned Premises, during accounting year 2012-13, the bank had erroneously charged depreciation by applying “Straight Line Method” instead of “WDV” method. This resulted in excess depreciation being charged to the extent of Rs.78.05 Lakhs during that year. Current year’s depreciation is calculated after taking into consideration the excess depreciation provided in previous year.

b. The MCGB has completed the assessment of the bank’s property for the years commencing from 2010 and claimed Property Tax from 2010 to 2014 for an amount of Rs.7,01,77,686.00. The divisional bench of Bombay high Court has passed an order directing the bank to pay atleast 50% of the notice amount which is Rs. 3,50,88,843.00 pending the hearing of the case. Accordingly the bank has paid the amount before 31st March 2014, debiting Rs.50 lakhs towards the provision of earlier years and balance of Rs.3,00,88,843.00 by debiting Rent and Taxes account. Out of the total amount paid during this year Rs.2,13,16,632.25 pertains to Prior period Expenditure.

2) FIXED ASSET AND DEPRECIATION (Accounting Standard 6 and Accounting Standard 10)

The Bank has accounted and made disclosure of gross and net block of fixed assets and depreciation in accordance with AS-6 and AS-10 issued by ICAI.

3) THE DISCLOSURE UNDER ACCOUNTING STANDARD 17 ON “SEGMENT REPORTING” ISSUED BY ICAI IS AS FOLLOWS:

Particulars Treasury Other banking Totaloperations 31/03/2014

Revenue 13126.03 56319.39 69445.42

Result 2127.62 6868.33 8995.95

Profit before Tax 8995.95

Income Tax 2640.79

Net Profit After Tax 6355.16

Other Information

Segment Assets 223130.57 423390.32 646520.89

Unallocated Assets 3383.28

Total Assets 649904.17

Segment Liabilities 8947.34 579198.03 588145.37

Unallocated Liabilities 61758.80

Total Liabilities 649904.17

(Rs. in lacs)

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(i) The Bank is organized into two main business segments, namely:

• Treasury primarily comprising of Dealing Room operations, trading/investments in Bonds and Government securities and Foreign exchange.

• Other Banking Operations primarily comprising of Loans and Advances to Corporate, and retails loans & advances to customers.

(ii) The above segments are based on the currently identified segments, taking into account the nature of services provided, the risks and returns, overall organization structure of the Bank and the internal financial reporting system.

(iii) Segment revenue, results, assets and liabilities include the respective amounts identifiable to each of the segments and amounts apportioned/allocated on a reasonable basis.

4) RELATED PARTIES AND DISCLOSURE (Accounting Standard 18):

The Bank is a Co-operative Society under the Multi-State Co-operative Societies Act, 2002 and there are no related parties requiring a disclosure under Accounting Standard 18 (AS-18) issued by The Institute of Chartered Accountants of India, other than one Key Management Personnel, viz. Mr. K. Joy Thomas, Chief Executive Officer of the Bank. However in terms of RBI circular dated March 29, 2003, he being single party coming under the category, no further details thereon need to be disclosed.

5) LEASE RENTS (Accounting Standard 19):

The bank has operating leases and the disclosures under AS 19 on ‘Leases’ issued by ICAI are as follows:

i) Lease rent (inclusive of municipal taxes and compensation) payments of Rs.1973.00 lacs have been recognized in the statement of profit and loss for the year ended March 2014.

ii) The lease agreements entered into pertain to use of premises at the branch. The lease agreements do not have any undue restrictive or onerous clauses other than those normally prevalent in similar agreement regarding use of assets, lease escalations, renewals and a restriction on sub-leases.

6) RESTRUCTURED/ RESCHEDULED ACCOUNTS:

In case of restructured / rescheduled accounts provision is made for the sacrifice against erosion / diminution in fair value of restructured loans, in accordance with general framework of restructuring of advances issued by RBI. The erosion in fair value of the advances is computed as difference between fair value of the loan before and after restructuring.

Details of loans subjected to restructuring during the year ended March 31, 2014 are given below:

Sr. No Particulars

1. Standard advances No. of Borrowers 5

Restructured Amount outstanding 1204.05 Lacs

2. Sub-standard advances No. of Borrowers -

Restructured Amount outstanding -

3. Doubtful advances No. of Borrowers -

Restructured Amount outstanding -

Total Advances Total No. of Borrowers 5

Restructured Total Amount Outstanding 1204.05 Lacs

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These restructured loans have continued to remain in standard category during the year 2013-14.

7) ACCOUNTING FOR TAXES ON INCOME (Accounting Standard 22):

i) The major components of Deferred Tax Assets/Liabilities (net) arising on account of timing differences between book profit and taxable profits as at March 31, 2014 are as follows:

Particulars 31/03/2013 For the year ended Amount as on31/03/2014 31/03/2014

DTA on account of

a) Provision for Advances 886.54 0.00 886.54

b) Difference in Depreciation (525.53) (67.00) (592.53)

c) Special Reserve U/s36 (1) (viii) 47.59 0.00 47.59

Net Deferred Tax Asset 408.60 (67.00) 341.60

(Rs. in lacs)

ii) The bank has made the payment of Taxes current year amounting to Rs.2728 lacs, for the Financial year 2013-14.

8) DETAILS OF EXPENDITURE ON COMPUTER SOFTWARE (Accounting Standard 26):

Software Expenses are included in Other Assets in accordance with Accounting Standard 26 (AS 26) issued for Intangible Assets by ICAI, the details are as under:

Particulars Amount

Opening balance as on 01.04.2013 501.81

Additions during the year 860.11

Less: Amortization/Depreciation 293.81

Closing balance as on 31.03.2014 1068.11

(Rs. In lacs)

9) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS (AS-29):

Contingent Liabilities on account of Bank Guarantees, Letters of Credit, Forward Contracts and Bills under Import LCs are as follows:

(Rs. In lacs)

Particulars 31/03/2014 31/03/2013

Bank Guarantees 13155.68 12636.66

Letter of Credit 24588.68 19793.75

Forward exchange contracts 17242.33 6112.20

10) INVESTMENTS

During the financial year the Bank has shifted government securities Book Value amounting Rs. 17555.14 lacs from AFS to HTM category by providing depreciation of Rs. 311.21 lacs. As one time measure additional shifting of securities from AFS to HTM has been allowed by RBI vide circular no. RBI/2013-14/357UBD.BPD.(PCB)CIR No. 36/16.20.000/2013-14 dated November 1, 2013. Such shifting was allowed on the basis of market value of securities as on 15th July 2013 on or before 15th November, 2013. Accordingly during the F.Y. 2013-14 Bank has additionally shifted securities Book Value amounting to Rs. 18874.25 lacs by providing depreciation of Rs. 201.21 lacs. The Bank has earned profit of Rs. 1061.81 lacs during the year by dealing government securities.

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11) MARKET RISK IN TRADING BOOK.

a) The bank has determined the market risk i.e. the risk of losses in on-balance sheet and off balance sheet positions arising out of movement in market prices in respect of securities included under the Held for Trading category. Available for Sale category and Open foreign exchange position limits. The market risk positions subject to Capital Charge is as under:

Quantitive Disclosures:

(Rs. In lacs)

Particulars Amount of Capital Required

2013-2014 2012-2013

The capital requirements for

Interest rate risk 1094.19 2153.96

Equity Position risk - -

Foreign Exchange risk 62.21 42.17

IV) DISCLOSURE AS PER RBI GUIDELINES(Rs. In lacs)

Sr. No. Particular 31.03.2014 31.03.2013

1 Capital to Risk Asset Ratio(CRAR) 12.54% 12.83%

2 Movement of CRAR

a) Total Capital Funds 48,199.18 40,500.60

b) Risk Weighted Assets 3,84,417.01 3,15,611.62

3 Investments

a) Face Value 1,43,782.55 1,09,042.79

b) Book Value 1,43,405.95 1,08,749.72

c) Market Value 1,35,347.86 1,07,668.43

4 Advances against Real Estate, Construction Business, Housing 41,487.57 35,505.54

5 Advances against Shares & debenture 1.04 1.98

12) Statement of Securities sold/purchased under REPO transactions during the year 2013-2014

Particulars Minimum Maximum Daily Average As on Outstanding Outstanding Outstanding 31.3.2014during the year during the year during the year

Securities sold under REPO

i) Govt. Securities NIL 61.98 1.38 NIL

ii) Corporate Debt Securities NIL NIL NIL NIL

Securities purchased underReverse REPO

i) Govt. Securities NIL NIL NIL NIL

ii) Corporate Debt Securities NIL NIL NIL NIL

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FUND BASED 31.03.2014 31.03.2013

i) Advance to Directors. - 9.63

ii) Advances to Relatives of Directors & Companies/ 10.56 10.08

firms in which they are interested

iii) Advances to Managing Director 6.56 6.20

NON- FUND BASED 31.03.2014 31.03.2013

i) Advance to Directors. Nil Nil

ii) Advances to Relatives of Directors & Companies/ Nil Nil

firms in which they are interested

iii) Advances to Managing Director (Mr. Joy Thomas) Nil Nil

Advances of Rs. 3,75,126.34 Lacs (Previous year Rs.3,08,759.85 Lacs) shown in the Balance Sheet includes:

Sr. No. Particular 31.03.2014 31.03.2013

6 Average Cost of Deposits 8.52% 8.36%

7 Gross NPAs 3,171.51 3,022.67

Net NPAs 729.15 556.30

8 Movement in NPA

Opening Balance 3,022.67 2,570.54

Add : Additions during the year 1,934.18 1,294.38

Less : Closed/ Recovered /Written off 1,785.34 842.25

Closing Balance 3,171.51 3,022.67

9 Interest income as a percentage of working funds 10.02% 9.64%

Non- Interest income as a percentage of working funds 0.66% 1.01%

Operating profit as a percentage of working funds 1.38% 1.47%

Return on Assets (Net Profit(Before Tax) / Average of working funds) 1.57% 1.67%

Return on Assets (Net Profit(After Tax) / Average of working funds) 1.11% 1.10%

Business (Deposits+Advances) per employee 768.62 667.32

Profit per employee (Before Tax) 7.33 6.77

Profit per employee (After Tax) 5.18 4.46

10 Provision on NPAs required to be made 1,474.50 1,663.15

Provision on NPAs actually made 2,360.18 2,360.18

Additional provision from last years profit 0.00 0.00

Provisions required to made for Overdue interest taken into income 82.18 106.19

Provision actually made for Overdue interest taken into income 82.18 106.19

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Sr. No. Particular 31.03.2014 31.03.2013

11 Provision required to be made on depreciation in investments 264.59 106.14

Provision actually made on Depreciation in Investments 264.59 106.14

Provision made towards Price Fluctuation Reserve Nil Nil

12 Provisions required to be made for Inter - Branch Account Nil Nil

Provision actually made for Inter - Branch Account Nil Nil

Provisions required to be made for Inter - Bank Account Nil Nil

Provision actually made for Inter - Bank Account Nil Nil

13 Towards NPAs


Add: Additions during the year

Fresh Provisions 416.90 140.07

Additional provisions from last years profit 0.00 0.00

Less : Closed / Recovered /Written Off 1,302.58 550.58

Provision Required to be made 1,474.50 1,663.15

Bad & Doubtful Debts Provision actually made 2,360.18 2,360.18

Towards Standard Assets


Add: Additions during the year 241.00 267.00

Additional provisions from last years profit 0.00 0.00


Towards Overdue Interest taken into income

Opening Balance 106.19 105.48


Less : Reduction during the year 64.94 54.08

Closing Balance 82.18 106.19

14 Towards Depreciation on Investments




Closing Balance 711.23 1,021.96

Towards Provision for Impaired Assets

Opening Balance 500.17 394.03



Closing Balance 563.07 500.17

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Sr. No. Particular 31.03.2014 31.03.2013

Towards Investments Fluctuation Reserve




15 Payment of insurance premium to the DICGC, 489.29 351.83

including arrears, if any

16 Composition of Non - SLR Investments. (31st March 2014)

(Rs. In lacs)

Sr. No. Issuer Amount Extent of below Extent of Extent ofInvestment grade 'unrated 'unlisted'

Securities Securities' Securities

1 PSUs 806.50 Nil Nil Nil

2 Fls 0.00 Nil Nil Nil

3 Public & Private Banks 0.00 Nil Nil Nil

4 Others 399.61 Nil Nil Nil

5 Provision held towards depreciation Nil Nil Nil Nil

TOTAL 1206.11 Nil Nil Nil

17 Non Performing Non - SLR Investments NIL18 Previous years figures have been regrouped / re-arranged wherever necessary to conform to the

presentation of the accounts of the current year.




Directors




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Particulars 31.03.2013 31.03.2014Amount Amount Amount Amount

A) CASH FLOW FROM OPERATING ACTIVITIES

Interest, Commission & Exchange etc 52,040.03 65,685.59

Interest payments (33,295.50) (43,064.84)

Payments to Employees & Others (4,410.67) (5,422.83)

Other payments (5,892.09) (10,382.39)

Other receipts 1,606.93 2,028.26

Operating profit before changes in operating assets 10,048.70 8,843.79

Increase / Decrease in operating assets

Funds advanced to customers (60,102.88) (67,385.77)

Purchase of investments (38,541.42) (45,328.45)

Other assets (2,168.62) (1,589.00)

Proceeds from sale of Investments 795.75 1,407.09

Increase / Decrease in operating liabilities

Deposits from customers 1,03,508.13 1,23,419.81

Other liabilities (2,716.32) (909.58)

NET CASH FLOW FROM OPERATING ACTIVITIES 10,823.34 18,457.89

B) CASH FLOW FROM INVESTING ACTIVITIES

Dividend received 0.02 0.08

Purchase of fixed assets (6,045.54) (4,894.50)

NET CASH FLOW FROM INVESTING ACTIVITIES (6,045.52) (4,894.42)

C) CASH FLOW FROM FINANCING ACTIVITIES

Increase / Decrease in Share Capital 2,526.67 3,385.23

Increase / Decrease in Reserves 26.50 (38.38)

Payment of Dividend (959.59) (1,081.08)

Increase / Decrease in Borrowings (2,280.29) (2,105.27)

NET CASH FLOW FROM FINANCING ACTIVITIES (686.71) 160.50

4,091.11 13,723.97

Net Increase in Cash & Equivalents 4,091.11 13,723.97

Cash & Cash Equivalents at the beginning of the year 22,986.39 27,077.50

Cash & Cash Equivalents at the end of the year 27,077.50 40,801.47

CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2014(Rs. in lacs)

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Notes to the Cash Flow Statements 31.03.2013 31.03.2014

Cash 2,561.24 4,840.21

Balance with RBI 23,652.59 34,414.96

Balance with Other Banks 863.67 1,546.30

Cash & Cash Equivalents as re-stated 27,077.50 40,801.47




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REGISTERED OFFICE : 240, Shankar Sadan, Sion (E), Mumbai - 400 022.CENTRAL OFFICE : Office no. 4 & 5, 3rd Floor, Dreams Mall, L.B.S Marg, Bhandup, Mumbai - 400078

BRANCHES IN MAHARASHTRA STATE (MUMBAI, THANE, RAIGAD,RATNAGIRI, PUNE, NASHIK, AURANGABAD, KOLHAPUR AND NANDED DISTRICTS.)

PMCB NETWORK

BRANCH BUSINESS HOURS ADDRESSCONTACT NUMBERS& EMAIL ADDRESS

Sion Branch(MainBranch)

Mon. to Fri.Sat.Sun.

8.00 a.m. to 8.00 p.m.9.00 a.m. to 4.00 p.m.10.00 a.m. to 1.30 p.m.

240, Shankar Sadan,Opp. Matalachmi Hospital,Sion (E), Mumbai - 400 022

022-2401 4190/2401 4197 Fax: 022- 24017831 [email protected]

Vikhroli (E)Branch


8.00 a.m. to 8.00 p.m.9.00 a.m. to 12.30 p.m.10.00a.m. to 1.30p.m.

Shop no.1 to 4, PrathameshVaibhav, Ram Hazare Marg,Tagore nagar, Vikhroli (E),Mumbai – 400 083.

022-25746984 / 25743517 / Fax: [email protected]

Andheri (E)Branch


8.00 a.m. to 8.00 p.m.9.00 a.m. to 4.00 p.m. 10.00 a.m. to 1.30 p.m.

Majas Evergreen Hsg Society,Dheeraj Vaibav, Poonam nagarP.M.G.P colony, Andheri (E),Mumbai - 400 093

022-28203196 / 28387293 / Fax : [email protected]

Mulund (W) Branch


8.00 a.m. to 8.00 p.m.9.00 am. to 12.30 p.m. 10.00 a.m. to 1.30 p.m.

35-5, Corner Court, Opp. LokAngan, Guru Govind Singh Marg,Mulund Colony, Mulund (W)Mumbai - 400 082.

022-25906235 / 25690499Fax: 022-25931931 [email protected]

Kandivili (E)Branch



Near Mahindra & MahindraYellow gate, Hanuman Nagar,Akurli Road, Kandivili (E),Mumbai-400 101

022-29651720 / 29656705/ Fax: [email protected]

Bhandup (W)Branch



Shop No. L31 to L35, LowerGround Floor, Dreams Mall,Bhandup West, Mumbai - 400078Maharashtra

022-66892000/66892001-15Fax: [email protected]

VersovaBranch



Sai Kanwal Complex, C-Wing,Indira Nagar, Opp. D.N. NagarMetro Station, Versova,Andheri (W), Mumbai – 400 058

022-26373841/ 26370381/26370687/ Fax: [email protected]

Andheri,J.B. Nagar

Mon. to Thu.Fri.Sat.Sun.

8.00 a.m. to 8.00 p.m.10.00 a.m. to 8.00 p.m.10.00 a.m. to 4.00 p.m. 10.00 a.m. to 4.00 p.m.

“Unit No. G1 & G2, A Wing SilverAstra, CTS No. 468 (C), J.B. Nagar,Andheri (East), Mumbai - 400059

022-28255223 / 28255224Fax: 022-25931931 [email protected]

CarnacBunderBranch


10.00 a.m. to 7.00 p.m.10.00 a.m. to 3.00 p.m. Closed.

69, Uttam House, P. D. MelloRoad, Carnac Bunder,Mumbai – 400 009

022-23483905 / 06 / 07/ Fax: [email protected]

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OshiwaraBranch



27 & 28, Mhada ShoppingComplex Scheme, Adarsh Nagar,Oshiwara Link Road,Andheri (W), Mumbai – 400 102.

022-26302426 / 26302427 /28 Fax: [email protected]

Santacruz –Daulat NagarBranch

Mon.toThu.Fri.Sat.Sun.

8.00 a.m. to 8.00 p.m.10.00 a.m to 8.00 p.m10.00 a.m. to 1.30 p.m. 10.00 a.m. to 4.30 p.m.

Gala No. 8, Ground Floor,Dheeraj Heritage, S.V. Road &Daulat Nagar Junction, Santacruz(West), Mumbai – 400 054

022-26606730 / 50 Fax: 022-26606761 [email protected]

Ghatkopar (E) Branch



Guru Nanak English High School,Ramabai Colony, Eastern Exp Highway Ghatkopar (E), Mumbai - 400 075

022-25253996 / 97/ 25253649Fax: [email protected]

Fort Branch Mon. to Fri.Sat.Sun.

10.00 a.m. to 6.00 p.m.10.00 a.m. to 2.00 p.m.Closed.

1st Floor, Gurudwara Bldg, 264, Shaheed Bhagat Singh Marg, Fort, Mumbai - 400 001.

022-66202401/ 2 – 8/ Fax: [email protected]

BandraBranch



Dheeraj Corner,84/ Pali Junction, Bandra (W), Mumbai - 400 050.

022-26551383 / 26551382 / Fax: 022-26551385 [email protected]

Chembur Branch



Office no.1, Ground Floor, Stellar Tower,Opp. K STAR Mall, Sion-Trombay Raod, Chembur (W), Mumbai - 400 071.


Dahisar Branch



Shree Bhaskar Apartment, Near Fish Market, L.T. Road, Dahisar (W), Mumbai – 400 068

022-60022016/ 65102013/ [email protected]

Santacruz –North AvenueBranch



Ground Floor, Guru Harkishan High School, North Avenue Road,Santacruz (West), Mumbai – 400 054

022-26489385 / 87 / 86 [email protected]

Bhandup Shivaji TalaoBranch



Saaz Cinema Building, Ground Floor, Opp. Shivaji Talao, Junction of Tank Road and J.M. Road, Bhandup(W), Mumbai – 400 078.

022-25954547 / 25954521Fax : [email protected]

Saki Vihar Branch



Sun Srishti “A” CHS Ltd., Shop 1, Ground & First Floor, Saki Vihar Road, Powai – 400 072

022 28571473/ 022 28571474/ 022 [email protected]

Andheri,KoldongriBranch



Kaledonia commercial Complex,Koldongri Road, Vijay Nagar,Andheri East, Mumbai - 400058

[email protected]

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Kurla Branch Mon. to Fri.Sat.Sun.


White House, HDIL Complex,Kirol Road , Opp L.B.S. Marg, Opp Don Bosco Technical Institute,Kurla (W) Mumbai-400 070

022-65738011 / 65738004/65738024 /[email protected]

KoparKhairane Branch



Plot no. 88, Sector-6, Kasturi, Kopar Khairane, Navi Mumbai- 400 709.


Vashi Branch Mon. to Fri.Sat.Sun.


Plot no. 51, Sector 19E, Opp Avlon International High School, Near RTO office, Vashi, Navi Mumbai - 400703

022 –27833727 /8/2460/ [email protected]

Kamothe Branch



Shop No.7 & 9, Nandanvan C.H.S Ltd., Plot No.9, Sector 36, Kamothe, Navi Mumbai-410 209

022-27430872 / 27430873Fax: [email protected]

Nerul Branch

Mon to Sun 9.00 a.m. to 8.00 p.m. Shop No. 26, Beverly Park, Plot No. 20, Sector – 6, Palm Beach Road, Nerul, Navi Mumbai.

022-27721012 / 13 / [email protected]

Airoli Branch Mon. to Fri.Sat.Sun.


Shreeji Dham, Plot No.7,Sector-7,Airoli, Navi, Mumbai - 400 708.

022-27604968/4954/4907/ Fax: [email protected]

Panvel Branch

Mon to Sun 9.00 a.m to 08.00 p.m Shop no.3 to 6, Tejaswani Arcade co-op hsg. Soc., Plot no.9, Near Railway Station, Panvel (W) – 410206

27480461 / 62 / 63 / [email protected]

GoregaonWest Branch (Bangur)



Shop No. 66 & 69, Ground Floor &1st Floor, Harmony , Link Road,Goregaon West, Mumbai - 400104

022-28748095/96/[email protected]

Vikhroli Kannamwar Nagar Branch


8.00 a.m. to 8.00 p.m.9.00 a.m. to 12.30 p.m. 10.00 a.m. to 1.30 p.m

Building No. 30,31 -A,B,C, Kannamwar Nagar, Vikhroli EastMumbai - 400083.

Borivali EastBranch

Mon.to Thu.Fri.Sat.Sun.

8.00 a.m. to 8.00 p.m.10.00 a.m to 8.00 p.m10.00 a.m. to 1.30 p.m. 10.00 a.m. to 4.30 p.m

Shop No. 1 to 5, Ground Floor, Gangadhar Nagar Co-op Hsg, Soc Ltd. , Shri Krishna Nagar,Boriwali (East) Mumbai -400066.


GoregaonEast Branch (Dindoshi)



6/B1, Supriya House, GaganShopping Complex, GokuldhamRoad, Near Gokuldham Mandir,Goregaon (E), Mumbai- 400063

[email protected]

[email protected]

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Roadpali Branch

Mon to Sun 9.00 a.m to 08.00 p.m Shop No. 12A & 14, Neelkanth Heights, Plot No. 43A& 44A, Sector 16, Opp. D Mart,Roadpali (Kalamboli),Navi Mumbai- 410 218.

7506408665 / 667 / 668 [email protected]

KhargharBranch

Mon to Sun 9.00 a.m to 08.00 p.m Shop No. 1, Balaji Amrut,Plot No. 193, Sector 10, Kopra,Kharghar Navi Mumbai- 410 210.

7506408661 / 62 / [email protected]

GhansoliBranch

Mon to Sun 9.00 a.m to 08.00 p.m Shop No. 1 to 6, Plot No. 14,Sector 07, Bhoomi Parth ,Opp Rajeev Gandhi College ,Ghansoli Navi Mumbai- 400701

7506351334/[email protected]

Vasai Road(W) Branch



Link Road, Opp Aggarwaltownship, Nalasopara(E),Thane : 401209.

0250- 6457860 [email protected]

NallasoparaBranch



Shop No. 1 to 4,New Neil Aangan Chs Ltd.Plot No. 21, Central Park,Nalasopara (E) Thane- 401 209

7506351336/37/38Fax: 0250- [email protected]

Virar Branch Mon.to Thu.Fri.Sat.Sun.


Shop No. 6/7/8 and 9,Madhu Maitray Apts,Sr No. 152, Hissa No. 1/1,Village – Virar (E) -

0250 - 25290080250 - 2528238Fax: 0250 - [email protected]

Virar -Naringi

Mon.to Thu.Fri.Sat.Sun

8.00 a.m. to 8.00 p.m.10.00 a.m to 8.00 p.m10.00 a.m to 1.30 p.m10.00 a.m to 4.30 p.m

Gr. Floor, Makwana CommericalComplex, Veer Savarkar Marg,Narangi Phata, Village – Naringi, Virar(E), Taluka – Vasai, Dist –Thane - 401 305

9223653500/ [email protected]

Thane BrahmandBranch



Shop No. 5 & 6, Raj Residency,Brahmand Society,Off. Ghodbunder Road, Thane (W) – 400 607.

022 25841530/31/32Fax: 25890609

ThaneKolshetBranch



Shop no 13 to 18, Ashar Enclave,Ground Floor, Opp VardhamanVatika, Dhokali Naka,Kolshet Road Thane-(W)-400 607

022-25881974 / 25890609Fax: [email protected]

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ThaneKavesarBranch



Shop no- 10A, 10B, 11, 12, 13A& 13B, Ground floor, SaraswatiVidyalaya, Kavesar, GhodbunderRoad, Thane (W)- 400601

022-65180319/65180283/ [email protected]

ThaneKasarvadavaliBranch



Ground Floor, Pride ResidencyComplex,Kasarvadavali,Ghodbunder Road,Thane (W) – 400615

022-65180246/[email protected]

ThaneMajiwade Branch



Shop No. 6, Ground Floor, Tiara Commercial Complex, Ashar Residency, Pokhran Road,Majiwade, Thane (West) - 400610


ThaneWagleEstateBranch



Shop No. 4 & 5, Ground Floor, Sunrise Business Park, Road No.16, Wagle Industrial Estate,Thane (West) - 400604

022-25806270 / 82 / [email protected]

Mira RoadBranch



Shop No.- 5,6 & 7 , Bldg No. B-9/10 , Sundar Shantinagar CHSL. , Sector II, Shantinagar, Mira Road(E) , Dist. Thane -401107

28120059 / 69 / [email protected]

ThakurliBranch



Shop No. 2 – 6, Riddhi Park B/2,CHSL, Near Gaondevi Mandir,Thakurli (East), Thane – 421 201

0251- 2470211 / [email protected]

Kalyan (W)Branch



Shop No. B/5 and B/13, Groundfloor, Shri Swami Prasad Bldg,Shelar Park, Khadakpada,Kalyan (W) Thane - 421301

0251- 6459017 / 18 / [email protected]

Kalyan (E) Branch



Ground Floor, Unit No. 107 &108,Monarch Crystal, MonarchUniversal Lifescaspes Pvt. Ltd.,Kalyan Shilphata Road,Kalyan. 421 301

(0251) 6535266/77/[email protected]

PalgharBranch



Shop No. 1 to 7, Dhanani Motors,Kacheri Road, Palghar - 401 404

0252 – [email protected]

Pune - DangeChowkBranch



Shop No. 1 to 4, Rutuja Heights,Dange Chowk, Thergaon,Chinchwad, Pune- 411 033

020- 6510 8109/8110/8111/27272622Fax: 020- [email protected]

Pune -Rahatani Branch



Shop No. 9 to 10, Divya Heights,Jagtap Dairy Road, Opp. SinduPark, Near Rainbow plaza, Rahatani, Aundh Annexe,Pune –411017

020- 6510 8112/8113/8114Fax: 020 – [email protected]

Pune –Baner Branch



Sanskruti Homes, Survey No. 3,Hissa No. 6, Balewadi, Baner,Pune - 411 007

[email protected]

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AmbernathBranch



Shop no. 7, N-27,Shri Paranjpe Sahakari MarketingSoc. Ltd., Station Road,Ambernath (W) – 421501

0251 – 2683800/ 2683900Fax: 0251- [email protected]

Ulhasnagar Branch



Baharani Pride, Shop No. A,Station Road, Near CHM College,Ulhasnagar (W) - 421003

0251-2734832/36Fax :[email protected]

Khopoli Branch

Mon. to Fri.Sat. & Sun.

10.00 a.m. to 7.00 p.m.10.00 a.m. to 4.00 p.m.

Ground Floor, Sai Siddhant Bldg,Plot CTS No. 3553 & 3554,Bazar Peth, Near Khopoli RailwayStation, Khopoli – 410 203

2192-268756(Ext. No.101 to 106) [email protected]

DadarBranch



Sri. Guru Singh Sabha, Gr. &First Flr ,Dadar Gurudwara Bld,Opp.Chitra Cinema, Dr AmbedkarRoad,Dadar (E)-400014

022-24108075 / 24108765/ [email protected]

KanjurmargBranch



Shri Cutchhi BrahmakshatriyaPanchayat Trust, 1294/2, Kanjur Village Road, Near RailwayStation, Kanjurmarg (East),Mumbai – 400 042

022-25782085/25796556 /[email protected]

BadlapurBranch



Shop No. 19 to 21, A Wing,Yashwant Plaza,Near Ruchira Hotel, Katrap,Badlapur (E) - 421503

0251 – 2696941/2696916/2696951 Fax: [email protected]

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Pune – Ravet Branch



Shop no-2 to 5, Bansal Plaza,Sector no. 32A, Plot no. SDC 8,Near D.Y. Patil College, Ravet Pradhikaran, Pune-411044


Pune –Wakad Branch



Shri Kripa, Survey no. 26,Pimpale Nilakh, Vishal Nagar,Aundh- Wakad Road, Wakad,Pune – 411027

020-65115444/65115445/[email protected]

Pune – Kalewadi Branch



Sai Sankul, Shop No. 64, Near Union Bank of India,Kalewadi Main Road, Pimpri,Pune – 411 017

020-65101185/ 86/ [email protected]

Pune –KasphateWasti Branch



Shop No. 201/3, SukhwaniCallisto, Near Pumplin PatchSchool, Kasphate Vasti, Wakad,Pune – 411 057

022-65110291 / 92 / [email protected]

Pune – PashanBranch



Ground Floor, Survey No.116/7/1, Pashan Sus Road,Shikshak Colony, Pashan,Pune – 411 021

020-6521 2777/3888/[email protected]

Pune –HinjewadiBranch



HINJEWADI - Survey No-145,Upper Ground Floor, Shivaji Chowk, Hinjewadi,Tal. Mulshi, Dist. Pune.

020-6531 0666/0777/[email protected]

LaxmipuriBranch(Station roadBranch)



511, KH, E Ward, Staion Road,Kolhapur,Pin 416012


RajarampuriBranch



1783, E Ward, Ranware Complex,2nd Lane, Rajarampuri,Kolhapur -416 008

0231-6624500 -08Fax: [email protected]

RuikarColonyBranch



Plot No. 135, E Ward , Ruikar Colony, Kolhapur- 416 005

0231-6624600 / 601 / 602Fax: [email protected]

ShivajiPeth Branch



2402, A ward, Shivaji Peth, Navsai Apt, New College Road, Kolhapur- 416 012

0231-6456318 to [email protected]

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Nashik Canada Corner Branch



Shop No.15 to 18 Gulmohar Arcade, Opp kulkarni Garden, Canada Corner, Sharanpur Road, Nashik – 422025.

0253- 2315036 / 37 / 38 Fax: 0253- 2232105 / [email protected]

Nashik Shivaji Nagar Branch



Shop no. G-10A &10B.Suyogit Arcade, Bodhale Nagar,Nashik Pune Road, Shivaji Nagar,Nashik - 422006

0253 – 2415968/ 69 /70Fax: 0253 – [email protected]

Ratnagiri Branch



Vyankatesh Executive,Maruti Mandir Circle,Nachane road, Ratnagiri-415612

0235 – 2270202 / [email protected]

AurangabadBranch



Bagga chambers, plot no. 4/18-26,cts no.12498, jalna road,opp. akashwani,aurangabad – 431 001.

0240- 2320111/[email protected]

P.S.M. Bording House Branch


10.00 a.m. to 5.00 p.m.9.00 a.m. to 12.30 p.m.Closed

1061, A Ward, Prince Shivaji Maratha Bording, Shivaji Peth, Kolhapur- 416 012

0231 - 6454451 / [email protected]

K.I.T. Branch Mon.Tue. to Sat.Sun.

Closed10.00 a.m to 5.00 p.m10.00 a.m to 1.30 p.m.

C/o. K.I.T. College,Gokul Shirgoan, Tal. KarveerDist. Kolhapur – 416 234.

0231-6454453/ 4454 [email protected]

Osmanpura, Aurangabad Branch



Plot no-1, Yashwant CHS Ltd. Vikas Nagar, New Osmanpura, Aurangabad-431001


Nanded Branch



Shop no. 3-6-281, Ground flr, CTS No. 1863, Sri Sai Plaza, Opp. Balaji mandir, G.G.Road, Nanded – 431601.

02462- 232544 / [email protected]

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Amar Colony Mon to Sun. 9.00 a.m. to 7.00 p.m. Shop No. C-32 TO 33, Amar Colony, Lajpat Nagar IV,New Delhi-110 024.

011-26221400 / 01 / 02Fax. [email protected]

Tilak Nagar Mon to Sun.9.00 a.m. to 7.00 p.m. 6/67, Double Storey, Near Tilak Nagar Metro Station,New Delhi – 110018.

011 – [email protected]

Uttam Nagar Mon to Sun.9.00 a.m to 07.00 p.m B-15, Ramdutt Enclave, Near Metro Station, Uttam Nagar, New Delhi 110059

011-28567094 / 95 [email protected]

Rajouri Garden

Mon to Sun. 9.00 a.m to 07.00 p.m J-9/21,Rajouri Garden, New Delhi 110027.


Malviya Nagar

Mon to Sun.9.00 a.m to 07.00 p.m 80/20, I Block, Gurudwara Road,Malviya Nagar, New Delhi 110017


BRANCHES IN DELHI STATE

BRANCHES IN KARNATAKA STATE

Sirsi (RegionalOffice &Branch)


10.00 a.m. to 1.00 p.m.3.30 p.m. to 6.30 p.m10.00 a.m. to 1.30 p.m.10.00 a.m. to 1.30 p.m.

C. P. Bazar,Sirsi,Dist. North Kanara,Karnataka - 581 401.

(08384) - 228514 / [email protected]

DharwadBranch



Elite Business Centre, 307/9-A,Nagarkar Colony , P.B. Road,Dharwad 580001.

0836-2448445 / [email protected]

ShimogaBranch

Mon. to Fri.

Sat.Sun.

10.00 a.m. to 1.30 p.m.3.30 p.m. to 6.30 p.m10.00 a.m. to 1.30 p.m.10.00 a.m. to 1.30 p.m.

Building No. 2, Ward No. 32,Kuvempu Road, Next to GuttiNursing Home, Near Jail RoadCircle, Shimoga – 577 201

(08182) – 272001 Direct/Fax (08182) - 272000 [email protected]

Hubli Branch Mon. to Fri.Sat.Sun.


Shop No. 4 & 5, Ground Floor, Akshay Mansion, Gokul Road, Hubli – 580 030

(0836) – 22360442 / [email protected]


Bengaluru MahalaxmiLayoutBranch



Shop No. 149, Shankar Nagar, Mahalaxmi Layout, Bengaluru – 560096.

(080) – 2347 9277 / [email protected]

Yellapur Branch



Mallar Complex, Main Road,Yellapur, Dist. North Kanara,Karnataka - 581 401.

(08419)- [email protected]

mailto:[email protected]

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BengaluruRajaji Nagar Branch



Shop No. 579, Ground Floor, II Main Road, II Block,Rajaji Nagar, Bengaluru-560010

080 – 2342 3152 / 53 / [email protected]

Bengaluru –Vijay NagarBranch


8.00 a.m. to 8.00 p.m.9.00 a.m to 12.30 p.m10.00 a.m to 1.30 p.m

Office no 2034/37,1st Main Road, R.P.C Layout,Vijay Nagar, Bengaluru 560 040


Bengaluru – Basaveshwar Nagar Branch



487, Dream Palace, 8th Main,Bemi Layout, Basaveshwar Nagar,Bengaluru 560 079


Bengaluru –Peenya Branch



Site No. 332, Ground Floor,Near Hegganahalli Bus Stop,Hegganahalli Main Road, PeenyaII Stage, Bengaluru-560091

080-28369533 / 44Fax : [email protected]

Bengaluru –Annapurne-shwari nagarBranch



“289”, Ground Floor,Annapurneshwarinagar,(H & F Layout), Srigandada Kaval,Bengaluru – 560 091

Bengaluru –Attibele Branch



Shop no.2, Ground Floor, Sri jaya Bharati Education Co-Op Society Complex, Hosur Road,Anekal Taluk, Dist. Attibele,Bangaluru 562107

080-27804446 / 447 / [email protected]

Bengaluru –Hesargatta Branch



No.1, Hesarghatta, Main Road, MEI Colony, Near Widia High School, Bengaluru- 560 073.

080-28370527 / [email protected]

BRANCHES IN GOA STATE


Ponda Mon. to Sun. 10.00 a.m. to 7.00 p.m. Shop No. 1, G-10/11/12, AtharvaResidency, Near Maruti Mandir,Varkhande, Ponda, Goa - 403401

0832-2311354 /2311355 / [email protected]

Mapusa-Pedem

Mon. to Sun. 10.00 a.m. to 7.00 p.m. Shop No. S-4A/4B, Vincy Plaza,Opp. District Hospital,Pedem-Mapusa, Goa - 403 507

0832-2252214/215/21608380013524 /[email protected]

Carenzelim Mon. to Sun. 10.00 a.m. to 7.00 p.m. Heritage Symphony, Shop No. B-1and 2, Ground Floor, Carenzelim,Taleigaon on Old Dona-Paula Road,Carenzelim, Goa - 403 002

0832-2463131/2463031/328380013523 / [email protected]

Margao Mon. to Sun. 10.00 a.m. to 7.00 p.m. Shop No. LG-1/2, UG-1/2,Kurtarkar Majesty, Malbotta,Margao, Goa

8380013521 / [email protected]

Porvorim Mon. to Sun. 10.00 a.m. to 7.00 p.m. Socoilem Galuem, Sanshas Lajoy Complex, Shop No. 23, NH-17,Soccorro, Porvorim, Goa - 403521

8380013517 / [email protected]


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Raoli Camp Building No. 5, GTB Nagar, Sion (E), Mumbai – 400 083

OFFSITE ATMs

Tilak Nagar Shop No. 12, Building No. 2-B, Mhada Colony, Sahakar Nagar, Opp. Tilak Nagar Railway Station, Chembur (E), Mumbai – 400 071

Nanded Gurudwara Langar Sahib

Kalamboli Sri Gurunanak Sachkhand Sabha , Near Carmel School, Sec- 11, Plot No. 7, Kalamboli, Navi Mumbai – 410 218.

Ghatkopar Guru Nanak Nagar,Near Ambedkar Garden, Pant Nagar, Ghatkopar (East) -400 075

OTHER DEPARTMENTS:

CentralisedClearingDept.:

2nd Floor, 264, Gurudwara Bldg., Shaheed Bhagat Singh Rd.,Fort, Mumbai – 400 001.Tel: 22696802

CentralisedStorage:

Wadala Truck Terminal, A-1, Bldg., 2nd Floor, Unt No.203 to 214 & Unit 217 to 230 Wadala,Mumbai – 400 037. Tel: 2404 6589.

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To,Managing Director

Punjab & Maharashtra Co-operative Bank Ltd.,PMC Bank Members Welfare TrustCentral Office : Office No. 4 & 5,3rd Floor, Dreams Mall,L.B.S. Marg, Bhandup (West),Mumbai –400 078.

Dear Sir,

Subject : Application for Reimbursement of

A) Medical Expenses

B) Merit Scholarship

C) Excellence in the field of Sports

This has reference to the above Subject. I am submitting my Application for which I give below the details as follows :

1. Name .......................................................………………………………………………………………………………………..(Surname) (1st Name) (Middle Name)

2. Address :-.......................................................…………………………………………………………………………………..

...............................................………………………………………………………………………………………....................

3. Members Register:- No. of Shares held:- …………………………………………………..…………………………………….

4. Date of birth & age…………………………………………………………………………

5. Purpose:-Medical…………….../ Education…….……….% / Sports………….……Medal

6. Proof Enclosed :- (Original bills/ copy of Certificate)…………………………………….......................................

7. S/B Account Number and held with:- (Our Bank A/c)……………………………………......................................

8. Telephone Number:-………………………………………………………………………...................................................

9. Amount claimed in the past (if any).......................................................................................................

Purpose, amount claimed, and date………………………………………………………............................................

Date: Shareholders Signature

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PUNJAB AND MAHARASHTRA CO-OPERATIVE BANK LTD. MEMBERS WELFARE FUND

Schemes offered under the Members Welfare Fund of the Bank

1. Reimbursement of Medical Expenses for Cataract operation of Senior Citizens (60 years and above).

2. Recognition of Students for academic excellence &

3. Recognition of Students for excellence in the field of sports

General Eligibility Criteria [Applicable to all INDIVIDUAL members]

(a) An active member who has completed five years of membership of the Bank as a shareholder as on 31st

March 2014.

(b) The members can take benefit of the scheme within a period of 6 months after the event, i.e. after

discharge / cure in the case of illness.

(c) The members should be holding an operative account (Minimum one transaction per month), for a

minimum period of 2 years.

(d) The member whose income is not more than Rs. 10000/- per month.

(e) In case of Joint shareholdings, the member whose name stands first will be eligible.

(f) In case the members' spouse or child is an employee of the Bank, the scheme will be applicable subject to

the employee not seeking re-imbursement.

RULES, BENEFITS AND RELATED ELIGIBILITY CRITERIA

Surgery : Members who have undergone cataract operation will be eligible for an amount of

Rs. 10,000/-.

Merit Students / Sports : Children of Members fulfilling the following criteria will be eligible for an amount of

Rs. 10,000/-.

1. Children of Members who have scored good results in the academics in the first attempt.

2. Children of Members who have won a Medal at State level or National level in the field of any indoor/

outdoor sports.

PLEASE NOTE :

1. ONLY FIRST 25 APPLICATIONS RECEIVED IN THE CATEGORY OF RE-IMBURSEMENT WILL BE CONSIDERED.

2. ONLY FIRST 20 APPLICATIONS RECEIVED IN THE CATEGORY OF ACADEMIC EXCELLENCE / EXCELLENCE IN

THE FIELD OF SPORTS WILL BE CONSIDERED.

3. CLAIMS FOR REIMBURSEMENT (TO BE MADE WITHIN 6 MONTHS) AS PER THE REQUISITE FORMAT

ATTACHED.

4. CLAIMS FOR RECOGNITION OF ACADEMIC EXCELLENCE / EXCELLENCE IN THE FIELD OF SPORTS (TO BE

MADE WITHIN 6 MONTHS) FROM THE DATE OF DECLARATION OF RESULTS / RECEIVING MEDALS.

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Electronic Clearing service (Credit Clearing)

Mandate Form(Shareholder's option to receive dividend through Credit Clearing Mechanism)

Yearly Dividend on Shares

Membership No.:

1) Shareholder’s Name:

2) Particulars of Bank account

A. Name of the Bank :

B. Name of the Branch & Address :

Telephone No.:

C. 9-Digit code number of the bank and branch appearing onthe MICR cheques issued by the bank:

D. Type of account (Saving, Current, or Cash Credit) :

with code (10/11/13)

E. Ledger and Ledger Folio number :

F. Account No. (as appearing on the cheque book) :

(In lieu of bank certificate to be obtained as under, please attach a blank cancelled cheque or photocopy

of the cheque or front page of your saving bank passbook issued by your bank for verification of the

above particulars)

3) Date of effect :

I hereby declare that the particulars given above are correct and complete. If the transaction is delayed

not affected at all for reason of incomplete or incorrect information, I shall not hold the user institution

responsible. I have read the option invitation letter and agree to discharge the responsibility expected of

me as participant under the scheme.

(_______________) (____________________)

Date Signature of shareholder

Certified that the particulars furnished above are correct as per our records .

Bank’s Stamp .

Date :

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NOTICE TO MEMBERS

The members may be aware that in the last Annual General Meeting certain amendments to the Byelaws were approved. According to the amended Byelaw 9 (f) an “Active Member” has to fulfil all the following criteria:

(a) Has been admitted as an ordinary member under Byelaws of the Bank;

(b) Attends atleast one General Body Meeting in the previous 3 consecutive years;

(c) Utilises Minimum Level of Services as provided in the Byelaw no. 4 (xxv);

(d) A person who is not a defaulter as prescribed by the Reserve Bank of India from time to time.

It may be further noted that the “Minimum Level of Services” as per Byelaw no. 4 (xxv), means :

To maintain with the Bank average daily balance during the previous financial year as under :

(i) Savings Account Rs. 5,000/- OR

(ii) Current Account Rs. 10,000/- OR

(iii) Fixed or Term Deposits Rs. 1,00,000/- OR

(iv) Loans of any type for an amount aggregating to Rs. 1,00,000/-

The rights and duties of the members are clearly spelt out in our Byelaw no. 9 (c).

The above amendments were approved by the Central Registrar, New Delhi vide his letter no. L-11016/19/2002-L&M dated 28/11/2013.

The members can exercise their rights and duties provided in Byelaw No. 9 (c) by fulfilling the above criteria.

NEW BRANCH OPENING

Mira Road Branch

Borivali Branch

Goregaon EastDindoshi Branch

ANNUAL FUNCTION ON COMPLETION OF 1 YEAR IN GOA

MANAGEMENT & STAFF PERFORMING SATYANARAYAN POOJA &PATH SRI SUKHMANI SAHEBJI ON 30TH FOUNDATION DAY.

Mulund Branch Star Performance Award 2013-14 Felicitation of S. Manjit Singh G.K., PresidentDelhi Sikh Gurudwara Management Committee (DSGMC)

Sr.No. End of Year Paid-UpCapital Fund Advances Capital (+)/Loss(-)

Total Res. Deposits Loans & Total Working Net Profit

1 2013-2014 144.58 406.77 5687.33 3751.26 6499.04 63.55

2 2012-2013 110.73 378.21 4453.14 3087.60 5214.70 50.43

3 2011-2012 85.46 351.10 3418.05 2523.30 4151.21 38.73

4 2010-2011 79.83 219.67 2827.38 2079.88 3401.20 29.08

5 2009-2010 64.00 204.24 2540.28 1897.84 2997.93 27.06

6 2008-2009 43.60 180.10 1712.07 1252.79 2126.53 30.67

7 2007-2008 33.09 126.94 1403.13 804.93 1640.46 27.90

8 2006-2007 28.75 116.31 1289.52 928.77 1504.19 11.04

9 2005-2006 25.70 104.65 1172.62 733.15 1353.44 11.40

10 2004-2005 25.75 91.13 1082.54 722.99 1279.58 12.57

11 2003-2004 21.68 73.52 1032.64 670.98 1184.55 14.41

12 2002-2003 12.69 54.33 856.61 537.41 958.58 13.17

13 2001-2002 8.49 37.02 713.27 451.62 800.72 11.16

14 2000-2001 4.48 21.96 573.31 370.55 639.58 9.06

15 1999-2000 2.51 14.19 425.46 260.28 461.17 6.05

16 1998-1999 1.93 9.33 288.64 174.10 313.32 4.05

17 1997-1998 1.43 6.11 157.81 97.54 174.12 2.90

18 1996-1997 1.09 5.06 88.44 55.04 101.26 1.71

19 1995-1996 0.81 3.72 43.23 32.04 52.04 1.15

20 1994-1995 0.55 2.66 25.03 17.64 30.27 0.56

21 1993-1994 0.45 1.53 15.10 11.34 21.61 0.30

22 1992-1993 0.40 1.12 13.44 10.79 16.41 0.41

23 1991-1992 0.36 0.67 10.53 9.47 12.82 0.41

24 1990-1991 0.33 0.39 7.12 5.50 8.48 0.15

25 1989-1990 0.28 0.21 5.27 3.67 6.16 0.00

26 1988-1989 0.25 0.15 2.73 1.44 3.19 0.00

27 1987-1988 0.11 0.05 2.02 0.78 2.22 0.00

28 1986-1987 0.09 0.02 0.61 0.54 0.81 0.02

29 1985-1986 0.09 0.00 0.45 0.45 0.70 -0.02

30 1984-1985 0.09 0.00 0.59 0.40 0.82 0.00

31 30.06-1984 0.08 0.00 0.31 0.23 0.40 0.01

GROWTH CHART FOR LAST 31 YEARS

(Rs. In Crores)

Call : 1800-223-993 or Visit your nearest branch

REGISTERED OFFICE 240, Shankar Sadan,Opp. Matalachmi Hospital,Sion (E), Mumbai - 400 022.Tel.: (022) 2401 4197 / 2401 8200

CENTRAL OFFICE 3rd Floor, Dreams Mall,LBS Marg, Bhandup (W),Mumbai - 400 078.Tel.: (022) 6780 4000

www.pmcbank.com www.facebook.com/pmcbank@pmc_bank

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