annual report 2018-19 annual report 2018-19.pdf3 67th annual report 2018-19 notice notice is hereby...

1

67th ANNUAL REPORT 2018-19

THE GREATER BOMBAY CO-OPERATIVE BANK LIMITED

Registration No. 20277 Dated 15-11-1952

RBI Licence : UBD/MH/867/P/Dated 6-10-1987

Regd. Add. : G.B.C.B. House, 89, Bhuleshwar, Mumbai- 400 002.

Corporate Office : Premises No. 1, Ground floor & Premises No.105, First floor,

Churchgate Chambers, Sir Vithaldas Thackersey Marg,

5 New Marine Lines, Churchgate, Mumbai - 400020.

Tel: 6128 5900 Fax: 2261 8530

1. Board of Directors, Management, Auditors and Bankers ............................................................ 02

2. Notice of the Meeting .................................................................................................................. 03

3. Report of the Board of Directors ................................................................................................. 05

4. Proposed Amendment to Bye-Laws ........................................................................................... 13

5. Position at a Glance ................................................................................................................... 21

6. Balance Sheet as at 31st March 2019 ........................................................................................ 22

7. Profit & Loss Account for the year ended 31st March 2019 ........................................................ 24

8. Schedules ................................................................................................................................... 25

9. Notes to the Balance Sheet and Significant Accounting Policies ............................................... 34

10. Cash Flow Statement ................................................................................................................. 48

11. Statutory Auditor’s Report .......................................................................................................... 50

12. Progress at a Glance ................................................................................................................. 52

13. Branch Network ......................................................................................................................... 53

14. Other Offices ............................................................................................................................. 55

15. Special Health Check Up Plan ................................................................................................... 56

16. Greater Bank’s Technological Initiatives .................................................................................... 58

17. Information for Members ............................................................................................................ 59

18. Customer Engagement Initiatives ............................................................................................... 60

2

BOARD OF DIRECTORS

Shri Narendrakumar A. Baldota, B. Com. Chairman

Shri Shantilal B. Chhajed, B.A., B.Com., FCA Vice Chairman

Smt. Madhuri P. Baldota, B.A.(Hons.) Director

Shri Ashok B. Vakharia, B.Com. Director

Shri Parasmal P. Golecha Director

Shri Subhash R. Baldota, B.Com. Director

Shri Punkaj J. Mehta, B.E. (Electrical) Director

Shri Manmohansingh H. Ratti, Dip.in Hotel Mgmt. Director

Shri Shrenik N. Baldota, B.Com. Director

Shri Shreedhar M. Paraande, M.Sc.,LLM.,CAIIB, A.I.B. (London) Director (co-opted)

Shri Nandkumar B. Rege, B.Com., CAIIB Director (Staff Representative)

Shri Surendra V. Shete, B.Com. Director (Staff Representative)

Smt. Manisha S. Raodeo, B.Sc., DBM Chief Executive Officer

STATUTORY AUDITOR

M/s. V. J. Kulkarni & Associates(Chartered Accountants)

BANKERS

Reserve Bank of India HDFC Bank ICICI Bank

3


NOTICE

Notice is hereby given that the 68th Annual General Meeting of The Greater Bombay Co-operative Bank Limited will be held on Friday, 27th September 2019 at 11.00 a.m. at Swatantryaveer Savarkar Rashtriya Smarak, Swatantryaveer Savarkar Auditorium, 252, Veer Savarkar Marg, Shivaji Park, Dadar West, Mumbai – 400 028 to transact the following business:

AGENDA

1. To read and confirm the minutes of the last Annual General Meeting held on 19th September 2018.

2. To receive and adopt the report of Board of Directors, Annual Reports and audited Statement of Accounts for the year ended 31st March 2019.

3. To consider and approve the appropriation of the net profit and to declare dividend as proposed by the Board of Directors.

4. To note Rectification Report of Statutory Auditors for the year 2017-2018.

5. To consider and adopt the Statutory Auditors’ Report for the year 2018-2019.

6. To appoint Statutory Auditor for the year 2019-2020 and fix their remuneration.

7. To approve the write-off of NPA accounts against their 100% provision as certified by Statutory Auditor.

8. To approve the Annual Budget & Development Plan for the year 2019-2020.

9. To approve Long Term Prospective Plan and the Annual Operational Plan.

10. To consider a statement showing the details of the loans and advances to Directors and their relatives.

11. To seek approval to effect amendment to Bye-Laws to comply with extant guidelines of Reserve Bank of India.

12. To take note of the efforts taken by the bank for the Education and Training to its members and also prepare a next year plan for the same.

13. To condone the absence of members in the Annual General Meeting.

14. Any other matter (s) with the permission of the Chair.

By order of the Board of Directors

Sd/-

Place: Mumbai Smt. Manisha RaodeoDate : 31st July, 2019 Chief Executive Officer

NOTE

1. Adjourned Annual General Meeting for want of quorum, if necessary, will be held on the same date and place after half an hour of the notified time for such meeting.

2. Members desiring to ask any questions pertaining to the Balance Sheet, in the Annual General Meeting, may do so in writing and submit the same to the Bank on or before 20th September 2019.

4

3. Members may kindly bring their own copies of the Annual Report as distribution of copies at the venue of the meeting is not being contemplated.

4. Members, kindly bring the Certificate of Attendance as provided below and obtain the acknowledgement from the authorized official of the Bank as a conclusive proof of Attendance at the AGM for your record.

5. Members are also requested to bring their Member’s Identity Card issued by the Bank. Please note that persons other than the members will not be allowed to attend the meeting.

CERTIFICATE OF ATTENDANCE

Certificate of Attendance of the member at the 68th Annual General Meeting of The Greater

Bombay Co-operative Bank Limited held on Friday, 27th September 2019 at 11.00 a.m. at Swatantryaveer Savarkar Rashtriya Smarak, Swatantryaveer Savarkar Auditorium, 252,

Veer Savarkar Marg, Shivaji Park, Dadar West, Mumbai – 400 028.

Name of Member : _______________________________________

Membership Number : ____________________________________

For The Greater Bombay Co-operative Bank Ltd.

Authorised Signatory Signature code -12345

5


Director’s Report 2018-19:

On behalf of the Board of Directors, I have immense pleasure to welcome you all to this 68th Annual General Meeting of the Greater Bombay Co-op Bank Ltd. I present before you the Audited Books of Accounts for the financial year 2018-19.

Economic and Banking Review:

Global Economy:

Global growth in 2019 has been downgraded to 2.6 percent (0.3 percentage point below previous projections) reflecting the broad-based weakness observed during the first half of the year, including a further deceleration in investment amid rising trade tensions.

Global growth has continued to soften this year. Momentum remains weak and policy space is limited. A subdued recovery in investment growth in emerging market and developing economies (EMDEs) dampens potential growth prospects and hampers progress toward achieving the Sustainable Development Goals. Risks remain firmly on the downside, including the possibility of escalating trade tensions, sharper-than-expected slowdowns in major economies and renewed financial stress in EMDEs. This highlights the need for policy actions to undertake reforms to boost private investment and productivity growth. These reforms are particularly urgent in low-income countries, which face more significant challenges today than they did in the early 2000s.

Indian Economy:

• Domestic economy hit a soft patch recently as private consumption, the key driver of GDP, turned weak. This along with subdued new investment pipeline and a widening current account deficit have exerted pressure on the fiscal front.

• The digital payments system in India has evolved the most among 25 countries with India’s Immediate Payment Service (IMPS) being the only system at level 5 in the Faster Payments Innovation Index (FPII).

Key Developments in Banking Sector:

• The Insolvency and Bankruptcy Board of India (IBBI) is showing steady progress in the resolution of stressed assets.

• To provide flexibility to pension funds to improve fund performance depending on market conditions, the Pension Fund Regulatory and Development Authority (PFRDA) amended the investment guidelines.

• To address counterparty concentration risk in the banking sector, the Reserve Bank introduced a revised large exposures framework (LEF) effective from April 01, 2019.

• The monetary policy witnessed a U-turn over the last year. The benchmark policy rate was first hiked by 50 basis points (bps) and later reduced by 110 bps due to weaker than anticipated inflation, growth slowdown and softer international monetary conditions from 1st April 2018 to 31st August 2019.

6

Rising NPAs – a cause for concern:

The NPA’s of the Banking sector continues to put a dent on Bank’s profitability, even though there has been decrease in NPA in percentage term. The ratio of Gross NPA of state-owned banks has decreased to 12.60% in March 2019 from 13.41% in March 2018. However, with Government, RBI & Banks taking appropriate actions for speedy recovery of these loans, it is expected that FY 2019-20 will see a drastic reduction in NPA.

Similarly for your bank the percentage of Gross NPAs reduced from 6.72% in FY 2017-18 to 6.64% in FY 2018-19. Further, the percentage of Net NPAs reduced from 3.46% in FY 2017-18 to 2.95% in FY 2018-19.

Statutory Audit:

The Bank appointed M/s. V. J. Kulkarni & Associates, Chartered Accountants as Statutory Auditor of the Bank for the FY 2018-19. The Board is thankful to them for timely completion of audit and offering valuable suggestions.

Financial Performance: (` in Crores)

Particulars March 2019 March 2018

Deposits 2014.94 1944.00Savings 536.16 560.22

Current 93.09 108.81

Term 1385.69 1274.97

CASA % 31.23% 34.41%Advances 1425.74 1368.56Commercial Advances 356.42 415.02

Others 1069.32 953.54

Business Mix 3440.68 3312.57Share Capital 30.11 28.28

Net Worth 94.11 81.93

Operating Profit 53.50 36.27Net Profit / (Loss) 10.57 7.93CRAR 10.15% 10.42%

Gross NPAs 6.64% 6.72%

Net NPAs 2.95% 3.46%

Net Interest Margin (NIM) 3.36% 3.00%

Average Cost of Deposits 5.88% 6.18%

Highlights of financial performance:

Deposits increased by ` 70.94 Crs at a growth rate of 3.65%.

Advances increased by ` 57.18 Crs at a growth rate of 4.18%.

Net Profit of ` 10.57 Crs was recorded in financial year 2018-19.

CRAR remained at a comfortable level of 10.15% as against RBI norms of minimum of 9%.

7


Net Interest Margin (NIM) maintained at 3.36%, mainly due reduction in Cost of Deposit and realignment of credit portfolio from lower yield to higher yield.

Net Worth of the Bank increased to ` 94.11 Crs from ` 81.93 Crs, an increase of 16% over previous year.

Operating Profit increased to ` 53.50 Crs from ` 36.27 Crs in the preceding financial year, a increase of 48% over previous year.

Gross NPAs (%) and Net NPAs (%) decreased to 6.64% and 2.95% respectively as against 6.72% and 3.46% a year before.

The Bank made recovery to the tune of ` 31 Crs in FY 2018-19 and the impact on profit of the Bank was to the tune of ` 15 Crs.

The reduction in the average cost of deposits is the result of consistent efforts of interest rate realignments with the market.

Your Bank made a Net Profit of ̀ 10.57 cr for the financial year ended 31st March 2019 mainly due to NIM, Treasury income, Recovery in NPA accounts (Live as well as Written off) and maintaining Operational Cost at the same level as compared to FY 2018-19.

Your Bank is continuously focusing on reducing Operational Cost as an austerity measure to reduce Bank’s expenditure. Further, Bank is also focusing on increasing Core Advances to generate higher Interest Income.

Dividend:

During the Financial year ended 31st March 2019, Bank has made a profit of ` 10.57 crs as against profit of ` 7.93 crs as on 31st March 2018. The Bank is proposing to pay pro-rata dividend @10%. The total dividend outflow will be to the tune of ` 300 Lacs. Appropriations of the net profit for the financial year have been proposed as below:

(` in lacs)

Particulars2018-19 2017-18

` `

Balance Profit as per last Balance Sheet 251.49 -166.39

Profit for the current financial year 1057.35 792.62

Net Profit available for appropriation 1308.83 626.23

Statutory Reserve 264.34 198.16

Dividend @10% 300.00 130.00

Dividend Equalization Fund 16.49 28.25

Staff Welfare Fund 3.79 4.19

Members Welfare Fund 15.06 14.14

General Reserve Fund 100.00 0.00

Investment Fluctuation Reserve 200.00 0.00

Balance in Profit and Loss A/c 409.15 251.49

8

Annual Budget and Development Plan: (` in Crores)

Particulars March 2019 Actuals March 2020 Budget

Deposits 2014.94 2335.00

Advances 1425.74 1625.00

Business Mix 3440.68 3960.00

CRAR 10.15% >12.50%

Gross NPAs 6.64% 3.15%

Net NPAs 2.95% 0.00%

Net Profit 10.57 15.24

Capital Adequacy Ratio:

Your Bank continues to have a comfortable capital adequacy ratio of 10.15% as against the minimum prescribed level of 9% by RBI.

CASA – Expansion of Customer base:

Your Bank opened 12,162 CASA (Current and Saving Bank) relationships during the last financial year, which has helped Bank to reduce Cost of Deposit to some extent.

Financial Inclusion:

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY):

Your Bank has tied up with ‘LIC’ for offering PMJJBY scheme whereas PMSBY scheme is being offered by ‘The Oriental Insurance Co. Ltd.’

The Bank has renewed the policy of 4960 members under PMSBY and 2434 members PMJJBY for the current year policy period (1/6/2019 to 31/5/2020).

Pradhan Mantri Awas Yojana:

In order to empower people to get their dream home, honorable Prime Minister has announced a comprehensive and a progressive mission, ‘Pradhan Mantri Awas Yojana – Housing for All’ on 17 June, 2015.

One of the major verticals of Pradhan Mantri Awas Yojana (PMAY) is Credit Linked Subsidy Scheme (CLSS) for Lower Income Group / Economically Weaker Section (LIG/EWS) and Middle Income Group (MIG – I & II). Under this scheme, Central government provides financial assistance through lending Institutions to eligible beneficiaries across all statutory towns as per 2011 census and their adjacent planning area (updated by the government from time to time). Your Bank also provides this facility to the customers and is also receiving subsidy from government for eligible borrowers. Total of 115 Customers of your Bank received subsidy upto the tune of `288.70 lacs till July 2019.

Bancassurance:

Your Bank has Corporate tie up arrangement with Max Life Insurance for distribution of Life Insurance. The Bank has tied up with Oriental Insurance Co. Ltd. and IFFCO Tokio for distribution of General Insurance.

9


Deposit Insurance:

Bank deposits up to ` 1 lac are insured with DICGC. Necessary premium has been paid up to date.

Risk Management:

The banking systems and procedure, technological changes and market risks have undergone sea change in the present time. As a result, Risk Management has gained lot of importance. Your Bank has put in place mechanism to monitor, manage and mitigate risks. Credit Risk Management Committee (CRMC) is responsible to assess the sector, industry behaviour, asset quality and functioning of borrowers. CRMC is also responsible to fix the threshold exposure caps for industry / sectors. Operational Risk Management Committee (ORMC) is responsible for monitoring and mitigating operational risks. Asset Liability Management Committee (ALCO) and Investment Committees (ICM) takes care of ‘Stop Loss’ rules, Interest Rate risk, management of duration of Investment portfolio, Liquidity management and monitoring and compliance of statutory requirements. In Treasury section, Front Office, Mid Office as well as Back Office functionality along with the specified roles have been put in place for better control and separation of decision making from Trading activities. IT committee meets and discusses on introduction of new Digital products and also assesses the Cyber Risk and ways to mitigate the same.

Audit and Inspection:

Bank has put in place various types of audit as per RBI guidelines:

• Concurrent Audit: All branches and Centralized Advances Cell (Bandra Reclamation), Centralized Processing Office (Ghatkopar), Treasury and Investment Operations (Corporate Office) and Demat Cell (Kandivali) were covered under the concurrent audit during the year 2018-19.

• The Audit department monitors the compliance position of the audit observations and irregularities.

• Stock audit of advances of ̀ 25 lac and above is in place for monitoring the large borrowal accounts.

• Internal Audit: Corporate Office Departments viz. Accounts & Treasury, NEFT/RTGS, Human Resources (HR) & Administration, Shares Dept, Marketing, Planning, Stressed Accounts, Demat and Centralized Clearing are covered under Internal audit.

• Information System (IS) Audit: All Branches and departments are covered under IS audit.

• RBI Inspection: The Reserve Bank of India carried out their XXXIII Statutory inspection of the Bank as of 31st March 2018. We have forwarded the compliance report to RBI.

• ISO Audit: Your Bank is ISO 9001:2015 certified bank. Your Bank has adopted all processes as per the ISO standards. The Bank has quality policy, process and objectives defined are in place. ISO standards are helpful in evaluating and improving in the overall efficiency of the Bank.

It’s a great pleasure to inform you that Statutory Auditor has given “A” rating to your Bank in FY 2018-19.

Information Technology:

Internet Banking:

Your Bank provides internet banking facility for non- financial transactions to corporate as well as retail customers without any cost. Through internet banking, customers can view/ print statements, account balance enquiry, know status of cheque, stop payment etc., services from their Laptop/Desktop. Therefore customers are advised to take maximum benefit of these services.

10

Mobile Banking:

Your Bank has upgraded its mobile application during the year, Under this facility, various services like fund transfer through IMPS, Mini Statement, balance enquiry, recharge and BBPS bill payment are provided. We advise customer to take maximum benefits of this facility.

Debit Card:

Your Bank’s Rupay debit card can be used at ATM for withdrawal of Cash, Shopping Malls or can swipe it at POS machines. This card can be used for online shopping, booking of railway tickets, hotel booking, bill payment, payment of insurance premium etc. After successfully implementing the RuPay Classical Debit Cards which provides accidental insurance cover to the extent of ` 1 Lakh, we are taking our Bank ahead and Launching the RuPay Platinum Cards for our customers which would give a benefit of ` 2 Lakh RuPay Accidental Insurance, Airport Lounge access and many more benefits to our customers.

POS – QR Scan:

Digital Payment by scanning QR code has gained popularity in India after demonetisation. QR scan and pay is popularised by private aggregators like PayTM and PhonePay. Now your Bank is launching QR scan and Pay facility for Bank’s Accountholder to accept the payment through new digital media.

Member’s Training and Development:

Your Bank communicates with Members with the help of ‘Greater Bank Today’, a quarterly magazine circulated to keep updating members in the various fields connected to Banking, finance, economy, regulatory reforms etc.

Customer Relationship Management (CRM):

Customer Relationship Management (CRM) is the combination of practices, strategies and technologies, with the goal of improving services provided to its customers’. Your Bank always gives prime importance to CRM. Your Bank has also earmarked dedicated time slot for Senior Citizen customers at all its Branches. This approach has helped your Bank in maximizing its customer base and trust.

Corporate Social Responsibility (CSR):

Your Bank acknowledges social responsibility by conducting various Medical Camps at and within Branch Vicinity. As we know the phrase ‘Health is Wealth’, protection and early detection of signals of health issues helps us all to react on it faster.

Cultural Activities:

Your Bank endorses promotion of Indian Classical music and encourages Members to attend ‘Manik Sandhya’, a musical extravaganza put up by ‘Kala Vikas Mandal, the cultural wing of Indian Education Society (IES). This year Manik Sandhya was held on 22nd December 2018 and free passes were given to Members who were interested to attend the cultural evening. This year, an accomplished singer Mr.Mahesh Kale from “Agra & Jaipur Gharana” and disciple of Legendary Guru “Pt. Jeetendra Abhisheki” have performed at the Concert and have made it memorable.

IES Kala Vikas Mandal thanked the Bank for its participation and support in making the programme a success.

11


Human Resource Development (HRD):

Human Resources Development is a function in the organization designed to maximize employee performance by developing their personal and organizational skills, knowledge and abilities. To empower its employees with required knowledge and skills, your Bank conducted various training programs in the areas of banking and finance, Advances, KYC-AML, Mutual Funds, Technology, etc. 14 training sessions were conducted in the financial year 2018-19. The Bank also nominates its Staff members for Outdoor trainings to acquire knowledge and skills. There were 24 Outdoor trainings at institutions such as Institute of Co-operative Management-Pune, National School of Banking, Maharashtra Urban Co-op Bank Federation Ltd. and RBI-CAB Pune.

Your Bank encourages its employees to acquire professional qualifications like JAIIB, CAIIB and KYC-AML. Indian Institute of Banking & Finance (IIBF) conducts these certified courses. I am happy to state that a large number of staff members have qualified in these exams.

Corporate Governance:

Corporate Governance is our priority to ensure and protect stakeholder’s interest and benefit. The management of the Bank recognizes importance of good corporate governance, which is considered of prime importance in achieving organizational efficiency and goals.

The Bank has various committee meetings in the year 2018-19, the details are as follows:

Board Sub-committees:

The Bank has formed various Sub-Committees for making business decisions and to design business related plans and policies. These sub-committees include Loan, Stressed Accounts, Audit and Special Committee for monitoring high value frauds.

Executive Committees:

In addition to Sub-Committees, the Bank has Executive Committees including Asset Liability Management Committee (ALCO), Investment Committee (ICM), Expenditure Budget Committee (EBC), Credit Risk Management Committee (CRMC), Operational Risk Management Committee (ORMC), Stressed Accounts Executive Committee (SAEC), Information Technology Committee (ITC) and Sexual Harassment Redressal Committee (SHRC).

There were 13 meetings of the Board, 31 meetings of Sub-Committees, 91 meetings of Executive Committees and 10 Performance Review of Branch Managers’ meetings.

Members Welfare:

The Bank has entered into a tie up with Healthspring Healthcare Pvt Ltd. for providing Customized Health Checkup (CHC) for Bank’s members with an age group of 40 years & above on yearly basis. We have also introduced Cancer Tests for members i.e., PSA Test for Males who are above 50 years and PAP Smear and Mammography Tests for Females who are above 50 years. As per members request in last AGM we have also introduced 3 tests for members who are above 50 years i.e. Vitamin D, Vitamin B12, and Electrolytes Screening Test (Sodium, Potassium, Chloride, Phosphorus).

I am pleased to inform you that in the last F.Y. 2018-19, 575 members had availed the benefit of the same.

12

The Bank has also made available holiday home facilities at Panchgani, approximately 40 members took the benefit of the same in 2018-19.

Members are insured for a personal accident (death) insurance cover for ` 1 lac from Oriental Insurance Co. Ltd. The cover is available to all eligible members who have completed one year of membership irrespective of age.

In addition to this, the Bank is providing financial aid under the Member’s Welfare scheme for medical, education and sports etc.

Obituary:

We deeply mourn the death of members of the Bank, customers and staff members who passed away during the financial year 2018-19.

Acknowledgements:

The Board is grateful to the RBI officials and all the Auditors for their valuable guidance during the course of Audit and Inspection. The Board of Directors are also thankful for the valuable support extended by the Commissioner of Co-operation and Registrar of Co-operative Societies - Pune, Registrars of Mumbai Offices, RBI Authorities from Central and Mumbai Regional Offices, Shri. Anandrao Adsul, Ex-Member of Parliament, Authorities from Maharashtra State Co-op Banks’ Association, Maharashtra Urban Co-op Banks’ Federation, Brihanmumbai Nagari Sahakari Banks’ Association, NAFCUB – Delhi, Indian Banks’ Association, Asst. Commissioner of Labour, Co-op Bank Employees’ Union and the Electronic and Print Media. Last but not the least, I am thankful to all Members and Staff Members for their support and co-operation.

On behalf of the Board of Directors

Sd/-

Narendrakumar A. Baldota Chairman

Date: 31st August 2019

13


Proposed amendments in Bye-Laws

Sr. No.

Bye-law No.

Existing Text Proposed Amendment Reason for Amendment

1. 5 OBJECTS OBJECTS

viii. To acquire, to hold, to issue on commission, to underwrite and to deal in stocks, funds, shares, debentures, debenture stock, bonds, obligations, securities and investment of all kinds.

To acquire, to hold, to issue on commission, to underwrite and to deal in stocks, funds, shares, debentures, debenture stock, bonds, obligations, securities and investment of all kinds within the limits prescribed by Reserve Bank of India guidelines from time to time.

In compliance with extant RBI guidelines.

ix. To purchase and to sell Bonds, Shares, Debentures, Scrips or other forms of securities on behalf of constituents.

Deleted in compliance with extant RBI guidelines.

x. To receive all kinds of bonds, scrips, valuables on deposit or for safe custody or otherwise.

ix. To receive all kinds of bonds, scrips, valuables on deposit or for safe custody or otherwise. No change

in text.

However, due to deletion in clause no.ix, the serial numbers of succeeding clauses are revised.

xi. To provide safe deposit vaults and ancillary services.

x. To provide safe deposit vaults and ancillary services.

xii. To collect and transmit money and securities.

xi. To collect and transmit money and securities.

xiii. To negotiate loans and advances. xii. To negotiate loans and advances.

xiv. To carry on and to transact every kind of guarantee and indemnity business on behalf of the constituents.

xiii. To carry on and to transact every kind of guarantee and indemnity business on behalf of the constituents.

xv. To effect, to insure, to guarantee, to underwrite, to participate in managing and carrying out any issue, whether public or private, of shares, stocks, bonds, debentures, debenture stocks or other loans of any State, Municipal Corporation, company, corporation or association and to lend money for the purpose of any such issue.

Deleted in compliance with extant RBI guidelines.

14

Sr. No.

Bye-law No.


xvi. To acquire, to sell, to construct, to maintain and to alter any Building of the Bank or work necessary or convenient for the purpose of the Bank and also to acquire, hold and deal in property or title, right, interest, in such property which may form security / part of security or connected with security for any loans and advances.

xiv. To acquire, to sell, to construct, to maintain and to alter any Building of the Bank or work necessary or convenient for the purpose of the Bank and also to acquire, hold and deal in property or title, right, interest, in such property which may form security / part of security or connected with security for any loans and advances.

No change in text.

However, due to deletion of above two clauses i.e. no.ix and xv, the serial numbers of succeeding clauses are revised.

xvii. To manage, to sell and to realize any property which may come into possession of the Bank in full satisfaction or part satisfaction of any of its claims.

xv. To manage, to sell and to realize any property which may come into possession of the Bank in full satisfaction or part satisfaction of any of its claims.

xviii. To provide for Cooperative & Banking education & training to its members.

xvi. To provide for Cooperative & Banking education & training to its members.

xix. To open branches, extension counters, pay offices, ATM centers, any other office with permission of the Reserve Bank of India wherever necessary within the area of operation of the Bank so as to provide Banking and other services to the public.

xvii. To open branches, extension counters, pay offices, ATM centers, any other office with permission of the Reserve Bank of India wherever necessary within the area of operation of the Bank so as to provide Banking and other services to the public.

xx. To acquire, to manage and to undertake the whole or part of the business of any other co-operative society with the prior permission of Registrar and Reserve Bank of India.

xviii. To acquire, to manage and to undertake the whole or part of the business of any other co-operative society with the prior permission of Registrar and Reserve Bank of India.

xxi. To establish, to support or to aid in establishment and support of association, institution, funds, trusts of members, employees / ex-employees of the Bank or their dependents or connection of such persons and to grant pension and allowances and

xix. To establish, to support or to aid in establishment and support of association, institution, funds, trusts of members, employees / ex-employees of the Bank or their dependents or connection of such persons and to grant pension and allowances and

15


Sr. No.

Bye-law No.


making payment towards insurance, subscribing to or guaranteeing money for charitable or benevolent object or exhibition or for any public general or useful objects and to undertake and execute trusts, undertake administration or estates as Executor, Trustee or otherwise.

making payment towards insurance, subscribing to or guaranteeing money for charitable or benevolent object or exhibition or for any public general or useful objects and to undertake and execute trusts, undertake administration or estates as Executor, Trustee or otherwise.

No change in text.


xxii. To prepare and to finance schemes for the betterment of the financial condition of the members.

xx. To prepare and to finance schemes for the betterment of the financial condition of the members.

xxiii. To provide financial and technical assistance to Small Scale and Cottage Industries and to help self-employed persons for setting up their own business.

xxi. To provide financial and technical assistance to Small Scale and Cottage Industries and to help self-employed persons for setting up their own business.

xxiv. To enter into participation, consortium arrangement / arrangements with any other Bank or Banks or financial institutions with the object of making loans and advances with the permission of Reserve Bank of India wherever necessary.

xxii. To enter into participation, consortium arrangement / arrangements with any other Bank or Banks or financial institutions with the object of making loans and advances with the permission of Reserve Bank of India wherever necessary.

xxv. To do any other form of business as specified in clause (1) of section 6 of the Banking Regulation Act, 1949 (as applicable to the Co-operative Societies).

xxiii. To do any other form of business as specified in clause (1) of section 6 of the Banking Regulation Act, 1949 (as applicable to the Co-operative Societies).

xxvi. To act as agents for collection of monies of various Government, quasi Government and Statutory Bodies.

xxiv. To act as agents for collection of monies of various Government, quasi Government and Statutory Bodies.

xxvii. To grant loans to Co-operative Housing Societies for temporary period pending reimbursement from Maharashtra Co-operative Housing Finance Society Ltd.,

xxv. To grant loans to Co-operative Housing Societies for temporary period pending reimbursement from Maharashtra Co-operative Housing Finance

16

Sr. No.

Bye-law No.


LIC, Government, Semi-Government institutions or other financing agencies with the prior permission of the Registering Authority and / or to grant loans to such societies on project basis as may be permitted by the Reserve Bank of India / the Registrar as applicable.

Society Ltd., LIC, Government, Semi-Government institutions or other financing agencies with the prior permission of the Registering Authority and/or to grant loans to such societies on project basis as may be permitted by the Reserve Bank of India/ the Registrar as applicable.

No change in text.


xxviii. To undertake any other form of business which the State Government may specify as a form of business in which it is lawful for a co-operative Banking institution to engage.

xxvi. To undertake any other form of business which the State Government may specify as a form of business in which it is lawful for a co-operative Banking institution to engage.

xxix. To provide all financial, technical, legal data based services, computer based and allied services to members, depositors, customers, public institutions, Banks and associate concerns.

xxvii. To provide all financial, technical, legal data based services, computer based and allied services to members, depositors, customers, public institutions, Banks and associate concerns.

xxx. To undertake insurance business as corporate agents / on referral basis.

xxviii. To undertake insurance business as corporate agents / on referral basis.

xxxi. To promote one or more subsidiary organization which may be registered under any law for the time being in force for the furtherance of its stated objects with permission of the Reserve Bank of India.

xxix. To promote one or more subsidiary organization which may be registered under any law for the time being in force for the furtherance of its stated objects with permission of the Reserve Bank of India.

xxxii. To engage in Credit / Debit cards business with the permission of Reserve Bank of India.

xxx. To engage in Credit / Debit cards business with the permission of Reserve Bank of India.

xxxiii. To do Merchant Banking and to act as a Depositary Participant for Demat services, with the permission of Reserve Bank of India.

xxxi. To do Merchant Banking and to act as a Depositary Participant for Demat services, with the permission of Reserve Bank of India.

17


Sr. No.

Bye-law No.


xxxiv. To merge, takeover, acquire Banks, co-operative Banks with similar objects with the permission of Reserve Bank of India and the Registrar.

xxxii. To merge, takeover, acquire Banks, co-operative Banks with similar objects with the permission of Reserve Bank of India and the Registrar.

No change in text.


xxxv. To do all such other things as are incidental and conducive to the promotion or advancement of objects and the business of the Bank.

xxxiii. To do all such other things as are incidental and conducive to the promotion or advancement of objects and the business of the Bank.

xxxvi. To do any other business as permitted by Reserve Bank of India.

xxxiv. To do any other business as permitted by Reserve Bank of India.

2. 12

(2)

a.

RIGHTS AND DUTIES OF MEMBER

It is a duty of every member of a society-

to attend at least one general body meeting in the previous five consecutive years,

RIGHTS AND DUTIES OF MEMBER

It is a duty of every member of a society-

to attend at least one general body meeting in the previous five consecutive years.

Provided that, nothing in this clause shall apply to the members whose absence has been condoned by the General Body of the Society.

Explanation added in compliance to RBI instructions.

3. 15 MINIMUM LEVEL OF SERVICES FOR BECOMING AN ACTIVE MEMBER

The minimum levels of services to become an active member are prescribed below.

A) The Concerned Member has to hold shares of `1,500/- (60 shares of `25/- each)

AND

B) hold deposit of `7,000/-

OR

loan of `1 lakh

MINIMUM LEVEL OF SERVICES FOR BECOMING AN ACTIVE MEMBER

The minimum levels of services to become an active member are prescribed below.

A) The Concerned Member has to hold shares of `1,000/-(40 shares of `25/- each)

AND

B) hold deposit of `7,000/-

OR

loan of `1 lakh

Share holding amended in compliance with extant RBI instructions.

18

Sr. No.

Bye-law No.


4. 17 VOTING RIGHTS FOR GENERAL ELECTION OF THE BANK

VOTING RIGHTS FOR GENERAL ELECTION OF THE BANK

iv) An Active member shall not be eligible for voting for a period of two years from the date of enrollment as member.

Clause added in compliance with extant RBI guidelines.

5. 20 LIABILITY OF A MEMBER

The liability of a member shall be limited to the capital represented by the share or shares of which such member is the registered holder. The liability of a past member to the extent of shares as they existed at the time when he ceased to be a member, shall continue for a period of two years from the date of cessation. The estate of the deceased member shall remain liable to the extent of sums due to the bank for a period of two years.

LIABILITY OF A MEMBER

1. The liability of a member shall be limited to

(a) The capital represented by the share or shares of which such member is the registered holder.

OR

(b) Direct or Indirect liability of member, whichever is higher.

2. The liability of a past member to the extent as per byelaw 20(1) at the time when he ceased to be a member, shall continue for a period of two years from the date of cessation.

3. The estate of the deceased member shall remain liable to the extent of sums due to the bank for a period of two years.

Modified in compliance with extant RBI instructions.

6. 40 A ELIGIBILITY OF BOARD OF DIRECTORS

To contest the election of Board of Directors, the active member should comply following criteria at the time of nomination

1. Minimum Shares of `15,000/- and

A ELIGIBILITY OF BOARD OF DIRECTORS

To contest the election of Board of Directors, the active member should comply following criteria at the time of nomination

1. Minimum Shares of `1,000/- (active member) and

Clause added and proviso deleted in compliance with extant RBI guidelines.

19


Sr. No.

Bye-law No.


2. Minimum Deposit amount of `1,00,000/-

Note: The elected directors shall keep the above deposits for the entire tenure of the board.

Proviso - The person contesting from reserve seat under Section 73B and 73C shall comply with 50% of the criteria required for general category at the time of nomination.

2. Minimum Deposit amount of ` 7000/- (active member)

3. Completed minimum period of 24 months from the date of acquiring of membership.

Note: The elected directors shall keep the above deposits for the entire tenure of the board.

Clause added and proviso deleted in compliance with extant RBI guidelines.

7. 44

k.

l.

m.

s.

POWERS AND FUNCTIONS OF THE BOARD OF DIRECTORS

To raise funds

To sanction loans to the members,

To invest Bank’s Funds in permissible securities and to determine investment policy from time to time;

To reconstruct, reschedule of any loans and advances as per the guidelines issued by the Reserve Bank of India and Cooperative department from time to time.

POWERS AND FUNCTIONS OF THE BOARD OF DIRECTORS

k. To review funds management.

l. To review sanction of loans to the members.

m. To review Bank’s investments in permissible securities and to determine investment policy from time to time;

s. To review reconstruction, re-schedulement of any loans and advances as per the guidelines issued by the Reserve Bank of India and Cooperative department from time to time.

In compliance with extant RBI instructions.

20

Sr. No.

Bye-law No.


8. 56

a)

b)

c)

INVESTMENTS OF FUNDS

The Bank may invest or deposit its funds:

In a State Co-operative bank, or Central Co-operative Bank having audit class “A” for last consecutive three years

In any of the securities specified in Section 20 of the Indian Trust Act or

In the shares or securities or assets of a subsidiary institution or any other institution or

INVESTMENTS OF FUNDS

The Bank may invest or deposit its funds:

a) In a State Co-operative bank, or Central Co-operative Bank having audit class “A” for last consecutive three years

b) In any of the securities specified in Section 20 of the Indian Trust Act or

In compliance with RBI guidelines.

The serial number of clauses is revised due to deletion of earlier clause (c) and clause (d) is revised as clause (c).

d) In such other mode as may be prescribed or permitted by RBI.

Explanation: Bank means any banking company as defined in the Banking Regulation Act, 1949 and includes;

• Any Multi-state scheduled Co-operative Bank and any other strong scheduled cooperative bank having profit for continuous period of last three years along with audit classification with “A” or “B”.

c) In such other mode as may be prescribed or permitted by RBI.

Explanation: Bank means any banking company as defined in the Banking Regulation Act, 1949 and includes;

Last bullet point of Explanation (i) deleted in compliance with extant RBI guidelines.

9. 57

a)

RESERVE FUND

In addition to the sum prescribed under the Act, Rules and Bye-laws, all admission fees, entra nce fees, nominal membership fees, amount of forfeited shares, forfeited dividends, donations and old outstanding above two years in sundry creditors, excess cash, Payorder and other sundry deposits shall be carried to the Reserve Fund.

RESERVE FUND

In addition to the sum prescribed under the Act, Rules and Bye-laws, all admission fees, entrance fees, nominal membership fees, amount of forfeited shares, forfeited dividends, shall be carried to the Reserve Fund.

Modified in compliance to extant RBI guidelines

Note: The text other than above in this Byelaw, remains unchanged and hence not specified.

21


Position at a Glance - 31st March 2019 (` in lacs)

Particulars As on 31st March 2019

No. of branches 22

Membership Regular 59,037

Nominal 4,387

Paid-up Share Capital 3,011

Total Reserves &Funds 16,339

Deposits Savings 53,617

Current 9,309

Term 1,38,569

Total 2,01,494

Advances Secured 1,42,574

Unsecured

Total 1,42,574

Advances to Priority Sector 43.24%

Advances to Weaker Sections 7.57%

Borrowings Long Term Deposit for Tier II Capital 2,465

TREPS (CBLO) 6197

Investments 63,449

Net NPAs 2.95%

Profit for the year 1,057

Total Staff Officers 150

Clerks 183

Sub-Staff 46

Total 379

Working Capital 2,28,849

Audit class "A"

22

AUDITED BALANCE SHEETCapital and Liabilities Schedule Current Year Previous Year

` `

1 Share Capital A 30,11,08,845.00 28,27,72,950.00

2 Reserve Fund and Other Reserves B 1,63,39,28,682.26 1,51,78,42,793.62

3 Deposits C 20,14,94,47,497.13 19,44,00,07,054.37

4 Borrowings D 86,61,58,892.88 51,62,64,019.62

5 Bills for Collection as per Contra 1,90,615.00 1,83,552.00

6 Overdue Interest Reserve E 33,79,18,863.85 29,98,17,737.71

7 Interest Payable on Deposits and Borrowings

6,14,31,108.14 4,54,97,831.99

8 Other Liabilities & Provisions F 35,83,94,093.23 28,61,16,422.13

9 Profit and Loss Account O 4,09,15,403.48 2,51,48,848.20

Total 23,74,94,94,000.96 22,41,36,51,209.64

10 CONTINGENT LIABILITIES P 10,53,62,264.52 10,25,24,419.82

SIGNIFICANT ACCOUNTING POLICIES AND NOTES FORMING PART OF ACCOUNTS - SCHEDULE V

As per Our Report of Even Date

For V J KULKARNI & ASSOCIATES

Chartered Accountants

FIRM REG NO. 105448W

CA Chandrashekhar D Apte

Partner

Mem. No. 045943 (Statutory Auditors)

23


AS AT 31st March 2019Assets Schedule Current Year Previous Year

` `

1 Cash and Bank Balances with RBI, SBI and State & Central Co-op. Bank

G 1,08,02,27,906.49 1,11,77,29,381.82

2 Balances with Other Banks H 48,04,227.50 64,49,560.22

3 Money at Call & Short Notice I 77,00,00,000.00 29,00,00,000.00

4 Investments J 6,34,49,45,082.62 6,07,45,96,933.26

5 Deferred Tax Asset 20,08,68,535.00 17,14,68,535.00

6 Advances K 14,25,73,99,922.25 13,68,56,48,945.04

7 Interest Receivable L 51,10,73,569.52 50,04,93,522.15

8 Bills for Collection as per Contra 1,90,615.00 1,83,552.00

9 Fixed Assets M 38,64,93,691.17 42,87,34,427.81

10 Other Assets N 17,91,52,455.17 12,41,07,972.09

11 Computer Software 4,66,620.25 0.25

12 Deferred Revenue Expenditure 22,71,376.00 26,38,380.00

13 Margin/ Deposit with CCIL 1,16,00,000.00 1,16,00,000.00

Total 23,74,94,94,000.96 22,41,36,51,209.64

FOR THE GREATER BOMBAY CO-OPERATIVE BANK LTD.

Manisha RaodeoChief Executive Officer

N.A. BaldotaChairman

S.B.ChhajedVice Chairman

DIRECTORS

M. P. Baldota A. B. Vakharia P. P. Golecha

S. R. Baldota P. J. Mehta M. H. Ratti

S. N. Baldota S. M. Paraande N. B. Rege S. V. Shete

Place : Mumbai

Date : 31st July 2019

24

Profit & Loss Account for the year ended 31st March 2019

Particulars ScheduleCurrent Year Previous Year

` `

1 Income

Interest earned Q 2,06,63,68,581.33 1,99,65,29,269.52

Other Income R 30,75,55,148.43 29,02,80,435.32

Total 2,37,39,23,729.76 2,28,68,09,704.84

2 Expenditure

Interest expended S 1,26,76,19,547.18 1,31,64,46,349.63

Operating expenses T 57,12,74,375.83 60,76,37,904.68

Total 1,83,88,93,923.01 1,92,40,84,254.31

3 Operating Profit 53,50,29,806.75 36,27,25,450.53

Less: Provision & Contingencies U 36,57,29,492.48 23,58,63,428.20

4 Profit Before Tax 16,93,00,314.27 12,68,62,022.33

Less: income Tax 9,29,65,759.00 2,90,00,000.00

Add/ (Less): Deferred Tax (Net) 2,94,00,000.00 -1,86,00,000.00

5 Net Profit for the year carried to Balance Sheet

10,57,34,555.27 7,92,62,022.33

SIGNIFICANT ACCOUNTING POLICES AND NOTES FORMING PART OF ACCOUNTS (SCHEDULE V)

As per our report of even date FOR THE GREATER BOMBAY CO-OPERATIVE BANK LTD.

For V J KULKARNI & ASSOCIATESChartered AccountantsFIRM REG NO. 105448W

Manisha Raodeo N. A. Baldota S. B. ChhajedChief Executive Officer Chairman Vice Chairman

DIRECTORS

M. P. Baldota A. B. Vakharia P. P. GolechaCA Chandrashekhar D AptePartner Mem. No. 045943 (Statutory Auditors) S. R. Baldota P. J. Mehta M. H. Ratti

S.N. Baldota S. M. Paraande N. B. Rege

Place : Mumbai

Date : 31st July 2019S. V. Shete

25


ParticularsCurrent Year Previous Year

` `

Schedule A - Share Capital

I. Authorised Capital

(4,00,00,000 shares of ` 25/- each) 1,00,00,00,000.00 1,00,00,00,000.00

(P.Y.4,00,00,000 shares of ` 25/- each)

II. Subscribed & Paid-up Capital

1,16,12,931 (P.Y. 1,09,77,880) shares of ` 25/- each of which held by

29,03,23,275.00 27,44,47,000.00

Individuals - `23,38,60,300/-(P.Y. ` 21,66,98,400/-)

Others - ` 5,64,62,975/- (P.Y. ` 5,77,48,600/-)

III. Share Appplication Money 1,07,85,570.00 83,25,950.00

Total II to III 30,11,08,845.00 28,27,72,950.00

Schedule B - Reserve Fund and Other Reserves

I. Statutory Reserve 50,64,96,460.62 47,88,43,570.62

(a) Opening Balance 47,88,43,570.62 45,28,78,322.66

(b) Additions during the year 2,76,52,890.00 2,59,65,247.96

(c) Deductions during the year 0.00 0.00

II. Building Fund 8,10,19,670.37 8,10,19,670.37


(b) Additions during the year 0.00 0.00


III. Dividend Equalisation Fund 2,70,99,008.33 2,54,50,008.33


(b) Additions during the year 16,49,000.00 28,25,000.00


IV. Members Welfare Fund 20,81,168.30 17,17,238.30

(a) Opening Balance 17,17,238.30 14,27,538.30


(c) Deductions during the year 11,42,070.00 11,24,300.00

V. Staff Welfare Fund 43,01,440.16 40,48,120.16



(c) Deductions during the year 1,25,680.00 62,876.00

VI. Investment Depreciation Reserve 2,08,82,334.25 1,68,94,464.00

(a) Opening Balance 1,68,94,464.00 94,35,679.30



26


` `

VII. Bad & Doubtful Debt Reserve 54,13,40,154.40 46,14,97,876.01



(c) Deductions during the year 12,51,57,721.59 13,02,02,123.99

VIII. General Reserve Fund 4,20,07,300.87 3,20,07,300.87


(b) Additions during the year 1,00,00,000.00 0.00


IX. Revaluation Reserve 32,29,06,500.00 35,87,85,000.00




X. Contingent Provision Against Standard Assets 6,26,30,510.00 5,43,64,010.00




XI. Investment Fluctuation Reserve 2,31,24,134.96 31,24,134.96


(b) Additions during the year 2,00,00,000.00 0.00


XII. Provision for Retructure Advances 0.00 0.00

(a) Opening Balance 0.00 3,41,404.00


(c) Deductions during the year 0.00 3,41,404.00

XIII. Provision for Fraud 40,000.00 91,400.00

(a) Opening Balance 91,400.00 0.00

(b) Additions during the year 0.00 91,400.00

(c) Deductions during the year 51,400.00 0.00

Total I to XIII 1,63,39,28,682.26 1,51,78,42,793.62

Schedule C - Deposits

I. Term Deposits 13,85,19,83,005.86 12,73,26,41,704.67

(i) From Individuals 11,63,53,82,121.97 10,72,52,70,487.26

(ii) From Societies 1,59,36,05,075.82 1,46,92,08,754.53

(iii) From Others 57,76,45,840.90 46,85,18,794.76

(iv) Overdue Term Deposit 4,53,49,967.17 6,96,43,668.12

27



` `

II. Saving Bank Deposits 5,36,16,24,366.05 5,60,21,77,789.71

(i) From Individuals 5,05,22,34,295.91 5,30,64,65,080.83

(ii) From Societies 30,68,54,616.33 29,50,76,681.29

(iii) From Others 25,35,453.81 6,36,027.59

III. Current Deposits 93,09,08,254.22 1,08,80,92,477.99

(i) From Individuals 6,14,03,443.34 5,98,27,763.40

(ii) From Societies 61,85,131.19 76,43,851.92

(iii) From Others 86,33,19,679.69 1,02,06,20,862.67

IV. Madhukosh Deposit 44,389.00 44,833.00

V. Initial Deposit 48,87,482.00 1,70,50,249.00

Total I to V 20,14,94,47,497.13 19,44,00,07,054.37

Schedule D - Borrowings

I. Loans from other Sources 86,61,58,892.88 51,62,64,019.62

(i) Long Term Deposits (for Tier II Capital) as per RBI Norms 24,64,95,342.90 24,93,96,775.90

(ii) Borrowing CBLO 61,96,63,549.98 26,68,67,243.72

Schedule E - Overdue Interest Reserve

I. Overdue Interest Reserve 33,79,18,863.85 29,98,17,737.71




Schedule F - Other Liabilities & Provisions

I. Tax Deducted at Source Payable 2,21,19,297.00 2,37,83,953.33

II. Interest on LC received in advance 7,90,57,910.00 2,95,62,265.00

III. SDVL rent received in advance 47,09,595.61 33,78,062.93

IV. Audit Fees payable 27,11,205.00 28,24,388.00

V. Outstanding Liability 12,54,59,977.88 6,77,32,239.18

VI. Payslip Payable 2,23,11,488.52 5,62,24,551.83

VII. Sundry Creditors 39,84,395.26 35,03,859.66

VIII. PL Encashment Fund 1,48,00,000.00 6,09,53,139.00

IX. Diminishing Reserve Fund 5,63,832.00 6,26,692.00

X. Others 8,26,76,391.96 3,75,27,271.20

Total I to X 35,83,94,093.23 28,61,16,422.13

28


` `

Schedule G - Cash and Bank Balances

I. Cash On Hand 6,91,12,427.00 6,98,97,122.00

II. Balances with Reserve Bank of India 1,00,76,57,321.17 1,00,24,43,112.03

(a) In Current Account 1,00,76,57,321.17 1,00,24,43,112.03

III. Balances with State Bank of India & Nationalised Banks 27,89,539.39 4,53,78,213.94

(a) In Current Account 27,89,539.39 4,53,78,213.94

IV. Balances with State and Other Urban Co-operative Banks 6,68,618.93 10,933.85

(a) In Current Account 6,68,618.93 10,933.85

Total (I to IV) 1,08,02,27,906.49 1,11,77,29,381.82

Schedule H - Balances with Other Banks

I Balances with other Banks 48,04,227.50 64,49,560.22

(a) Current deposits 48,04,227.50 64,49,560.22

Total 48,04,227.50 64,49,560.22

Schedule I - Money at Call & Short Notice

I. Money at Call & Short Notice 77,00,00,000.00 29,00,00,000.00

(a) With CCIL CBLO 0.00 0.00

(b) With RBI Reverse Repo (LAF) 77,00,00,000.00 29,00,00,000.00

Total 77,00,00,000.00 29,00,00,000.00

Schedule J - Investments

I. In Central & State Government Securities 4,70,19,67,890.07 4,85,62,54,658.19

Face Value ` 4,67,00,00,000.00 (P.Y. `4,82,00,00,000.00)

Market Value ` 4,45,11,90,000.00 , (P.Y.`4,56,39,29,170.20 )

II. In Shares of Co-operative Institutions

a. Housing Societies 5,750.00 5,750.00

III. Shares of Companies Approved by RBI 3,24,13,925.35 3,24,13,925.35

IV. Others

1 Fixed Deposits

a. Bandhan Bank 19,98,00,000.00 10,00,00,000.00

b. Saraswat Bank 22,00,000.00 0.00

c. Development Credit Bank (DCB) 20,00,00,000.00 20,00,00,000.00

d. HDFC Bank 35,00,00,000.00 0.00

e. ICICI Bank 20,02,00,000.00 0.00

29



` `

f. Federal Bank 10,00,00,000.00 0.00

g. IDFC Bank 0.00 5,00,00,000.00

h. Union Bank of India 0.00 12,87,00,000.00

i. Canara Bank 0.00 19,80,00,000.00

(Pledged for securing Funded / Non Funded facilities)

2 Statutory / Other Reserve Fund investment

Central & State Government Securities 55,83,57,517.20 50,92,22,599.72

Total I to IV 6,34,49,45,082.62 6,07,45,96,933.26

Schedule K - Advances

I. Short Term Loans (Cash Credit, Overdrafts & Bill Disc.) 7,57,54,65,942.40 7,17,38,04,650.74

of which secured against

a) Tangible Securities: `757,47,38,562.60 (P.Y. `717,38,04,650.74)

b) Personal Sureities : ` 50,731.24 ( P.Y. ` Nil)

c) Clean ` 6,76,648.56, (P.Y. ` Nil)

d) NPAs ` 41,45,91,720.30 ( P.Y. `50,51,06,768.92)

II. Medium Term Loans 3,75,75,70,363.07 3,88,51,98,643.90


a) Tangible Securities : ` 373,89,33,110.97 (P.Y. `384,91,38,169.83)

b) Personal Sureities : ` 1,86,37,252.10 (P.Y. `3,60,60,474.07 )

c) Clean ` Nil, (P.Y. ` Nil)

d) NPAs ` 19,84,09,980.81 (P.Y. `7,86,01,495.17)

III. Long Term Loans 2,92,43,63,616.78 2,62,66,45,650.40


a) Tangible Securities : ` 292,29,48,653.78 (P.Y. ` 262,33,30,870.40)

b) Personal Sureities : ` 14,14,963.00 (P.Y. `33,14,780.00)

c) Clean ` Nil, (P.Y. ` Nil)

d) NPAs ` 33,32,31,103.31 (P.Y. ` 33,54,08,453.52)

Total (I to III) 14,25,73,99,922.25 13,68,56,48,945.04

Schedule L - Interest Receivable

I. Interest Receivable on

(a) Investments 14,95,92,571.67 15,31,73,219.56

(b) Loans and Advances 2,35,62,134.00 4,75,02,564.88

(c) Overdue Interest Reserve ( Contra) 33,79,18,863.85 29,98,17,737.71

Total 51,10,73,569.52 50,04,93,522.15

30

SC

HE

DU

LE

M -

FIX

ED

AS

SE

TS

Parti

cular

sRa

te

(%)

GROS

S BL

OCK

DEPR

ECIA

TION

NET

BLOC

K

Open

ing

Ba

lance

Co

st as

at

01.04

.18

Reva

luat

ion

Addi

tions

dur

ing

th

e yea

r De

letio

n

durin

g

the y

ear

Clos

ing

Ba

lance

Cos

t as

at 31

.03.19

Upto

31.03

.18Fo

r the

Cu

rrent

Ye

ar

Reva

luat

ion

On D

eletio

nUp

to

31.03

.19W

DV

as at

31

.03.18

WDV

as

at

31.03

.19Be

fore

30

.09.18

Afte

r 30

.09.18

12

34

56

78

910

1112

13 (3

+4-8

)14

(7-1

2)

Land

&

Build

ing10

7,99,9

0,625

.0539

,86,50

,000.0

0-

--

47,79

,86,54

7.05

9,54,3

9,233

.1424

,18,83

2.00

3,58,7

8,500

.00-

13,33

,10,55

1.14

38,32

,01,39

1.91

34,46

,75,99

5.91

Civil

Wor

k10

1,69,6

2,784

.50-

--

-1,7

6,16,8

62.50

90,94

,867.4

28,0

9,596

.00-

-1,0

3,30,4

77.42

78,67

,917.0

872

,86,38

5.08

Furn

iture

&

Fixtur

e10

7,86,5

7,397

.47-

1,23,0

00.00

1,42,4

00.00

62,23

2.00

7,88,6

0,565

.475,5

6,38,7

38.63

23,21

,939.0

0-

38,50

6.50

5,79,2

2,171

.132,3

0,18,6

58.84

2,09,3

8,394

.34

Vehic

le15

44,12

,078.2

5-

--

7,75,8

84.00

36,36

,194.2

528

,62,87

0.80

4,90,1

49.00

-6,1

7,944

.0027

,35,07

5.80

15,49

,207.4

59,0

1,118

.45

Air

Cond

ition

1595

,04,25

0.75

-4,3

9,869

.004,3

4,122

.002,1

0,720

.141,0

1,67,5

21.61

67,27

,589.0

45,1

1,825

.00-

1,47,0

96.00

70,92

,318.0

427

,76,66

1.71

30,75

,203.5

7

Safe

Depo

sit

Voult

102,5

1,11,1

06.63

--

--

2,51,1

1,106

.631,7

7,39,0

03.86

7,37,2

11.00

--

1,84,7

6,214

.8673

,72,10

2.77

66,34

,891.7

7

Comp

uter &

Pe

riphe

rals

33.33

12,73

,48,91

9.36

-7,7

5,982

.003,1

5,000

.00-

12,84

,39,90

1.36

12,65

,69,53

5.73

7,95,2

40.00

--

12,73

,64,77

5.73

7,79,3

83.63

10,75

,125.6

3

Offic

e Eq

uipme

nt33

.331,5

8,01,3

17.45

-4,9

0,900

.0072

,000.0

02,1

3,215

.101,6

1,51,0

02.35

1,52,2

5,605

.885,8

6,420

.00-

2,13,2

15.10

1,55,9

8,810

.785,7

5,711

.575,5

2,191

.57

ATM

1548

,41,45

2.00

--

--

48,41

,452.0

032

,48,05

9.15

2,39,0

08.00

--

34,87

,067.1

515

,93,39

2.85

13,54

,384.8

5

Tota

l36

,26,29

,931.4

539

,86,50

,000.0

018

,29,75

1.00

9,63,5

22.00

12,62

,051.2

476

,28,11

,153.2

133

,25,45

,503.6

589

,10,22

0.00

3,58,7

8,500

.0010

,16,76

1.60

37,63

,17,46

2.05

42,87

,34,42

7.81

38,64

,93,69

1.17

Prev

ious

year

36,27

,49,50

7.25

39,86

,50,00

0.00

2,29,1

08.70

6,84,1

46.50

10,32

,831.0

076

,12,79

,931.4

528

,44,94

,139.1

591

,50,31

8.50

3,98,6

5,000

.009,6

3,954

.0033

,25,45

,503.6

547

,69,05

,368.1

142

,87,34

,427.8

1

(A

mou

nt in

`)

31



` `

Schedule N - Other Assets

I. Commision Receivable 12,12,503.26 24,73,504.62

II. Safe Deposit Locker Rent Receivable 34,78,463.26 23,43,583.66

III. Income Tax Paid Receivable 1,63,62,972.07 1,49,08,819.28

IV. Deposits with Govt. & Other Authorities 2,53,38,289.04 2,24,02,589.42

V. Prepaid Expenses 36,83,226.94 29,55,882.98

VI. Stamps 12,23,924.00 5,99,814.00

VII. Stock of Printing & Stationery 8,80,367.00 6,70,781.00

VIII. Amt receivable from RBI ( DEAF claims plus int) 33,976.28 9,63,614.36

IX. Advance Income Tax Paid 7,74,52,521.00 3,10,15,000.00

X. Others 4,94,86,212.32 4,57,74,382.77

Total I to X 17,91,52,455.17 12,41,07,972.09

Schedule O - Profit & Loss Account

Profit as per last Balance Sheet 2,51,48,848.20 -1,66,39,174.13

Profit for the year (as per Profit & Loss A/c.) 10,57,34,555.27 7,92,62,022.33

Less: Transferred to Statutory Reserve 2,64,34,000.00 1,98,16,000.00

Less: Transferred to Dividend @10% 3,00,00,000.00 1,30,00,000.00

Less: Transferred to Dividend Equalization Fund 16,49,000.00 28,25,000.00

Less: Transferred to Staff Welfare Fund 3,79,000.00 4,19,000.00

Less: Transferred to Members Welfare Fund 15,06,000.00 14,14,000.00

Less: Transferred to General Reserve Fund 1,00,00,000.00 0.00

Less: Transferred to Investment Fluctuation Reserve 2,00,00,000.00 0.00

Total 4,09,15,403.48 2,51,48,848.20

Schedule P - Contingent Liabilities

I. Inland Letters of Credit 26,47,609.00 42,81,535.00

II. Guarantees Issued 4,00,49,649.00 4,22,66,300.00

III. Claims against the Bank not acknowledged as Debit Claim lodged by a Lessor 1,40,41,342.63 97,94,755.00

IV. Deposit Education and Awareness Fund ( DEAF) 4,86,23,663.89 4,61,81,829.82

Total I to IV 10,53,62,264.52 10,25,24,419.82

Schedule Q - Interest Earned

I. Interest /discount on advances/bills 1,55,87,10,271.76 1,45,91,91,536.42

II. Income on Investments 50,76,58,309.57 53,73,37,733.10

Total (I to II) 2,06,63,68,581.33 1,99,65,29,269.52

32


` `

Schedule R - Other Income

I. Commission, Exchange and Brokerage 2,32,47,318.05 2,64,95,839.72

II. Dividend on Investments in shares 58,875.00 39,249.50

III, Profit on sale of Investment(net) 5,99,88,888.23 77,83,646.25

IV Recoveries in written off accounts 1,29,94,198.67 3,58,67,915.76

V. Miscellaneous Receipts 3,19,32,031.31 2,65,05,128.64

VI. Demat Services 41,27,926.39 47,93,027.91

VII. Incidental Charges 1,39,61,472.00 1,19,11,367.68

VIII. Processing Charges 2,03,51,812.40 3,04,65,247.55

IX. S.D.V.Locker Rent 1,57,34,904.79 1,60,71,139.30

X. Profit on sale of land, buildings and other assets 0.00 1,45,749.00

XI. BDDR Written Back 12,51,57,721.59 13,02,02,124.01

Total (I to XI) 30,75,55,148.43 29,02,80,435.32

Schedule S - Interest Expended

I. Interest on Deposits 1,12,99,21,483.77 1,19,39,75,272.92

II. Interest on Borrowings 13,76,98,063.41 12,24,71,076.71

Total (I to II) 1,26,76,19,547.18 1,31,64,46,349.63

Schedule T - Operating Expenses

I. Salaries, Allowances, PF contributions & Gratuity, etc. 35,93,88,160.00 33,62,74,933.10

II. Directors Fees, allowance and expenses 28,250.00 32,500.00

III. Rent, Rates, Taxes, Insurance, Lighting, etc. 6,83,55,275.98 6,41,68,732.72

IV. Legal & Other Professional Charges 1,11,57,144.19 1,47,64,850.79

V. Postage, Telegram & Telephone Charges 71,64,940.10 50,38,306.16

VI. Audit Fees 51,40,664.00 50,78,683.96

VII. Depreciation on Bank's property 89,10,220.00 91,50,318.50

VIII. Amortisation on Computer Software 2,33,380.00 67,193.00

IX. Repairs & Maintenance Charges 59,87,179.60 68,50,525.72

X. Stationary, Printing & Advt Exp 1,85,34,287.82 2,91,80,835.46

XI. Computer Maintainance Charges 1,50,01,512.70 1,42,10,369.38

XII. DICGC Insurance Premium 1,92,49,435.00 1,98,97,591.00

XIII. Value Added Tax 0.00 3,965.00

XIV. Interest on Income Tax 96,720.00 11,54,641.00

XV. Contribution to Education Fund 30,000.00 1,50,000.00

XVI. Shifting Depreciation on Investment 0.00 4,44,59,726.91

XVII. Loss on Sale of Fixed Assets 1,03,732.64 0.00

XVIII. Other Expenses 5,18,93,473.80 5,71,54,731.98

Total (I to XVIII) 57,12,74,375.83 60,76,37,904.68

33



` `

Schedule U - Provisions & Contingencies

I. Provision for Bad & Doubtful Debt Fund 20,50,00,000.00 6,85,00,000.00

II. Contingent Provision for Standard Assets 1,88,58,300.00 1,05,91,800.00

III. Amortisation of Premium on Investment 1,27,25,600.64 1,93,60,723.49

IV. Provision for Investment Depreciation Reserve 39,87,870.25 74,58,784.70

V. Provision for impaired assets 0.00 0.00

VI. Provision for Restructure Advances 0.00 -3,41,404.00

VII. Provision for Fraud Ac 0.00 91,400.00

VIII. Bad Debts Written Off 12,51,57,721.59 13,02,02,124.01

Total (I to VIII) 36,57,29,492.48 23,58,63,428.20

As per our report of even date FOR THE GREATER BOMBAY CO-OPERATIVE BANK LTD.

For V J KULKARNI & ASSOCIATESChartered AccountantsFIRM REG NO. 105448W

Manisha Raodeo N. A. Baldota S. B. ChhajedChief Executive Officer Chairman Vice Chairman

DIRECTORS

M. P. Baldota A. B. Vakharia P. P. GolechaCA Chandrashekhar D AptePartner Mem. No. 045943 (Statutory Auditors) S. R. Baldota P. J. Mehta M. H. Ratti

S.N. Baldota S. M. Paraande N. B. Rege

Place : Mumbai

Date : 31st July 2019S. V. Shete

34

SCHEDULE V

SIGNIFICANT ACCOUNTING POLICIES AND NOTES FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31st March 2019

1. Overview:

The Greater Bombay Co-operative Bank Ltd. was incorporated in 1952 and provides a complete suite of corporate and retail banking products.

2. Basis of preparation:

The financial statements are prepared under the historical cost convention on the accrual basis of accounting, unless otherwise stated and on a going concern basis. They conform to Generally Accepted Accounting Principles (GAAP) in India, which comprise applicable Statutory Provisions, Banking Regulation Act, 1949, Maharashtra Co-operative Societies Act, 1960, Reserve Bank of India (RBI) guidelines, Accounting Standards (AS) issued by The Institute of Chartered Accountants of India (ICAI) and the practices prevalent in the Co-operative Banks in India.

3. Use of Estimates:

The preparation of financial statements requires the management to make estimates and assumptions considered in the reported amount of assets and liabilities (including contingent liabilities) as of the date of the financial statements and the reported income and expenses during the reporting period. Management believes that the estimates used in the preparation of the financial statements are prudent and reasonable. Future results could differ from these estimates. Difference between the actual results and estimates are recognized in the period in which the results are known / materialized.

I] SIGNIFICANT ACCCOUNTING POLICIES:

1. Accounting Convention:

The financial statements are prepared under the historical cost convention and on a going concern basis. They conform to Generally Accepted Accounting Principles (GAAP) in India and the practices prevalent in the Cooperative Banks in India.

2. Revenue Recognition (AS 9):

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

a. The following are accounted for on cash basis

i. Commission on Guarantees.

ii. Ex-Gratia to Staff

iii. Dividend on shares

b. The following items of income are recognized on realization basis as per the prudential norms on Income Recognition and Asset Classification issued by RBI:

i. Interest income on Non Performing Advances

ii. Interest on Non Performing Investments

35


3. Loans/Advances and Provisions thereof:

3.1 Advances are shown net of unrealized interest on Non Performing Assets (NPAs).

3.2 All Loans and Advances are classified into Performing or Non- Performing Assets based on the guidelines issued by RBI. NPAs are further classified as “Sub-Standard”, “Doubtful” and “Loss”.

3.3 A general provision on standard assets except Loans against Fixed Deposits, NSC, LIC, etc. is made at the following rates as per the RBI guidelines:

Sr. No. Category Provision (%)a. Direct Advances to Agriculture and SME Sectors 0.25b. Advances to Real Estate (Commercial Real Estate- CRE ) Sector 1.00c. Commercial Real Estate -Residential Housing Sector(CRE-RH) 0.75d. All other Standard Assets not included in (a), (b) and (c) above 0.40

3.4 Provisions are made on all outstanding Non Performing Assets as under:

Sr. No. Classification Percentage (%)a. Substandard Assets 10b. Doubtful Assets

i. Unsecured portion 100ii. Secured portionPeriod for which the assets has been Considered as doubtfulUp to one year 20Two to three years 30More than three years 100

c. Loss Assets 100

3.5 For restructured accounts, provision is made in accordance with RBI guidelines which require diminution in the fair value of assets to be provided for at the time of restructuring and at each balance sheet date thereafter.

3.6 Unrealized Interest in respect of NPAs is credited separately to “Overdue Interest Reserve (OIR)” Account.

3.7 The Classification of Advances in to Short Term, Medium Term and Long Term are considered on the basis of Sanctioned Term.

4. Investments:

4.1 The Bank has categorized the Investments in following three categories in accordance with the RBI guidelines applicable to Urban Co-operative Banks (UCBs).

a. Held to Maturity (HTM)b. Held for Trading (HFT)c. Available for Sale (AFS)

4.2 Investments have been classified under 5 groups as required under RBI guidelines – a. Government securities, b. Other Approved Securities,c. Shares,d. Bonds of PSUs & e. Others

36

4.3 Investments 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, with a debit to Profit and Loss Account. The Book value of security is reduced to the extent of amount amortized during the relevant accounting period.

4.4 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.

4.5 Investments 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.

4.6 Market value in the case of State Government and Other Securities, for which quotes are not available are determined on the basis of the “Yield to Maturity” indicated by the Primary Dealers Association of India (PDAI) jointly with Financial Benchmark India Pvt Ltd ( FBIL).

4.7 An investment is classified as “Held to Maturity”, “Available for Sale”, Held for Trading”, at the time of purchase and any subsequent shifting amongst categories is done in conformity with the regulatory guidelines. Any such transfer is accounted for at the acquisition cost/book value/market value, whichever is lower, as at the date of transfer. Depreciation, if any, on such transfer is fully provided for.

4.8 Non-Performing Non-SLR Investments are recognized as per RBI guidelines and provisions are made as per RBI norms applicable to NPAs.

4.9 Bank recognizes profit and loss on sale of investment on pick and choose method.

4.10 Broken period interest on debt instruments is treated as revenue item. Brokerage, commission, etc. pertaining to investments paid at the time of acquisition is charged to revenue.

4.11 Gains in respect of investments sold from “HTM” category are included in profit on sale of investments and equal amount is transferred to Investment Fluctuation Reserve as an appropriation from Profit and Loss Account in accordance with RBI guidelines.

4.12 Securities purchased / sold under Liquidity Adjustment Facility (LAF) with RBI are debited/ credited to Investment account and reversed on maturity of transactions. Interest expended/ earned thereon is accounted for as expenditure/revenue.

4.13 Equity shares are valued at cost or the closing quotes on a recognized stock exchange, whichever is lower.

4.14 Treasury Bills are valued at carrying cost, net of discount amortized over the period of maturity.

4.15 Certificate of Deposits and Commercial Papers are valued at carrying cost.

4.16 Units of Mutual Funds are valued at the lower of cost and net asset value provided by the respective Mutual Funds as per guidelines issued by AMFI.

4.17 Shares of Co operative Institutions are carried at cost unless there is diminution in value thereof in which case the diminution is fully provided for.

5. Fixed Assets and Depreciation:

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

5.2 Depreciation on Fixed Assets (except Computers, Office Equipments and new vehicles purchased w.e.f.1st April, 2014) is provided for on the Written Down Value Method at the rates prescribed by the Management as under:

37


Type of Asset RateBuildings 10%Civil Work 10%Furniture & Fixtures 10%Air Conditioner 15%Motor Vehicles ( Purchased before April 2014) 15%Automated Teller Machines (ATMs) 15%Safe Deposit Vaults 10%

Depreciation on Computers (including E-Lobby Machines w.e.f. F.Y. 2011 -12) is provided @ 33.33% on Straight Line Method (SLM) as per the RBI Circular No. UBD NO.BPD.CIR.7/09.50.00 dated 5th August 2003. Depreciation on Office Equipments which include all general office equipments have been charged @ 33.33% on Straight Line Basis based on the managements estimate of useful life of the assets.

In view of regular use of vehicles for official purpose, the actual life of vehicles is approx 5 years. Hence, the Bank has adopted new method of providing depreciation on vehicles purchased on or after 1st April 2014 from 15% p a written down value to 20% p a straight line method.

5.3 Depreciation on fixed assets purchased during the year is charged for the entire year if the asset is purchased or retained for 180 days or more, otherwise depreciation is charged @ 50% of the normal rate. Depreciation is charged on fixed assets up to the date of sale when the assets are sold during the year.

5.4 No depreciation is charged on Non-Banking Assets acquired in satisfaction of claims.

5.5 Premises will be revalued from time to time as per the valuation reports of registered Government approved valuers. The surplus arising out of such revaluation is carried to Land & Building and is accounted under Revaluation Reserve.

5.6 Depreciation in respect of revalued assets is not charged to the Profit and Loss Account and directly adjusted against Revaluation Reserve.

5.7 Assets individually costing less than ` 5,000/- are not capitalized but charged to the Profit & Loss account in the year of purchase.

6. Impairment of Assets (Accounting Standard 28):

Assets are reviewed for impairment whenever events or changes in circumstances warrant that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net discounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognised is measured by the amount by which the carrying amount of the asset exceeds the fair value of the asset.

7. Taxation:

7.1 Income tax expenses comprise current tax and deferred tax.

7.2 Deferred tax asset and liabilities are recognized for the future tax consequences of timing differences, subject to the consideration of prudence. Deferred tax assets and liabilities are measured using the tax rate enacted or substantively enacted by the balance sheet date. The carrying amount of deferred tax asset / liability is reviewed at each balance sheet date.

7.3 Deferred tax assets on account of other timing differences are recognized only to the extent there is a reasonable certainty of its realization.

38

7.4 Provision for Current tax is made on the basis of estimated taxable income for the year.

8. Employee Benefits (AS15):

8.1 The undiscounted amount of short-term employee benefits, such as medical benefits, etc. which are expected to be paid in exchange for the services rendered by employees are recognised during the period when the employee renders the service.

8.2 Contributions towards Provident Fund in terms of the Provident Fund Schemes are charged to Profit and Loss Account on accrual basis.

8.3 The liability for gratuity is determined on the basis of actuarial valuations carried out at the year end and the incremental liability is provided for by charging the same to the Profit and Loss Account.

8.4 The liability for Leave Encashment is determined on the basis of actuarial valuations carried out at the year-end and provided for by charging the same to the Profit and Loss Account.

8.5 Ex- Gratia is accounted for on Cash Basis.

9. Intangible Asset:

The cost of Computer Software is capitalized under the head “Intangible Assets” and is amortized over a period of 3 years (i.e. @ 33.33% on SLM) from the year of capitalization as per RBI guidelines.

Amortization on Computer Software purchased during the year is considered for the entire year if the Computer Software is purchased or retained for 180 days or more, otherwise amortized @ 50% of the above rate.

10. Events occurring after Balance Sheet Date (AS 4):

While classifying account as NPA, due regard is given to the events occurring after the Balance Sheet date, such as closure of an NPA account, renewal of accounts or substantial recovery in the account which has the effect of altering the status of the account. Other than these, there is no event after the Balance Sheet date which may be deemed to have any material impact on the financial statements.

11. Reserve fund and Other Reserves:

Dividends remaining unclaimed over 3 years and sundry deposits /payslips /demand drafts /excess cash etc. remaining unclaimed over 2 years are credited directly to the Statutory Reserve Fund.

12. Payment under Voluntary Retirement Scheme (VRS):

In accordance with the RBI guidelines, the payment under VRS is treated as Deferred Revenue Expenditure to be amortized over the period of five years.

13. Prior Period Items (AS 5):

Prior period items, if any, are disclosed separately in the Profit and Loss Account.

14. Provisions, Contingent Liabilities and Contingent Assets (AS 29):

In conformity with AS 29, “Provisions, Contingent Liabilities and Contingent Assets”, issued by the Institute of Chartered Accountants of India, the Bank recognises provisions only when it has a present obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and when a reliable estimate of the amount of the obligation can be made.

39


Contingent Assets are not recognized in the financial statements. However, contingent assets are assessed continually and if it is virtually certain that an inflow of economic benefit will arise, the asset and a related income are recognised in the period in which change occurs.

Contingent Liability is disclosed when there is a possible obligation arising from past event, the existence of which will be confirmed by occurrence or non-occurrence of one or more future uncertain events not within the control of Bank or any present obligation arising from past event which is not recognized since it is not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount of such obligation cannot be made.

15. Lease (AS 19):

Lease payments for assets taken on operating lease are recognized in the Profit & Loss account over the lease term in accordance with AS – 19, “Accounting for Lease”, issued by the Institute of Chartered Accountants of India.

16. Earning per Share (AS 20):

Basic earning per share is calculated by dividing the net profit or loss for the period by weighted average number of shares outstanding during the year. The weighted average number of shares is calculated on monthly basis.

17. Segment Reporting (AS17):

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

1. Treasury

2. Retail Banking

3. Other Banking Operations

18. Accounting for Goods and Services Tax (GST) :

Goods and Services Tax (GST) has been implemented with effect from 1st July 2017. Accordingly, GST collected is accounted in GST Recovered Account and GST Paid to Vendor is accounted in GST Paid Account. Out of the GST Paid Account, eligible Input Tax Credit is availed as set off. In case, eligible Input Tax credit remains unutilized, the same is carried forward and set off subsequently. The Input Tax Credit on expenses which is not allowable to be set off as per GST law, is expensed out.

In case of Fixed Assets, eligible Input Tax Credit of GST paid to vendor is utilised against the amount of GST collected from the customers and disallowed portion of Input Tax Credit is capitalised.

Income and Expenses on which GST is applicable are accounted for net of GST.

II] NOTES TO ACCOUNTS:1 Details of Intangible Assets (Software Expenses) in accordance with Accounting Standard

26 - Intangible Assets issued by Institute of Chartered Accountants of India are as under:

(` in lacs)

Particulars 2018-19 2017-18Carrying amount at the beginning of the year 0 1Add: Additions during the year 7 0Sub-Total 7 1Less: Amortisation during the year 2 1Carrying amount at the end of the year 5 0

40

2 Related Party Disclosures:

The Bank is a Co-operative Society under The Maharashtra Co-operative Societies Act, 1960 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. Ms. Manisha S Raodeo, Chief Executive Officer of the Bank. However, in terms of RBI circular dated 29th March, 2003, she being single party coming under the category, no further details thereon need to be disclosed.

3 In terms of approval received from RCS & RBI in December, 2008, the Bank has been allowed to raise Long Term Deposits (LTDs) with a view to augmenting Tier II Capital. Accordingly the Bank raised LTD’s aggregating ` 2494 lacs. The details of the issue are as under:a. Size of the issue – ` 2500 lacs.b. Minimum investment -` 1 lac and maximum ` 100 lacs per party.c. Tenure - 10 yearsd. Interest - 12% (payable half yearly)e. Call option to be exercised anytime after 5 years.

• TheBankwaseligible toexercise theCalloption in thefinancialyear2013-14.However, the Bank in its meeting dated 26th March 2014 decided not to exercise Call option on the LTDs but to continue the same in view of interest rate trend and goal of aggressive business growth.

• AspertheRBIguidelines,Bankwillhavetomakeprogressivediscount@20%every year of the amount of LTDs, from 6th year onwards for repayments of the same. The Bank, issued LTDs to the tune of ` 0.25 cr and ` 24.69 crs in financial year 2007-08 and 2008-09 respectively. Hence, the Bank has discounted 100% on the total amount during current financial year for the purpose of computing Capital Fund of the Bank.

4 Revaluation Reserve:

As per RBI circular dated 9th January 2007, the Bank has revalued its own Land & Building and Revaluation Reserve of ` 39.87 Crs was created on 31.03.17. The Revaluation Reserve will be depreciated/amortized @ 10% p.a. from 2017-18 and it will be reversed from the Revaluation Reserve.

During the year, Bank had reversed ` 3.59 crs balance in revaluation reserve created on 31.03.17 (Previous year reversal ` 3.99 Crs) from revaluation Reserve.

5 AS 22 – Accounting for Taxes on Income:

As per AS 22 issued by the Institute of Chartered Accountants of India (ICAI), the timing differences between the accounting profits and the tax profits are to be provided as Deferred Tax Assets (DTA) or Deferred Tax Liability (DTL).

Tax on income of current period is determined on the basis of taxable income and tax credit computed in accordance with provision of I T Act 1961. The major components of DTA /DTL (net) as on 31st March 2019 are as follows:

ParticularsAs at

31.03.18During the

year 2018-19As at

31.03.19DTA on account of a) Provision for BDDR 1,521.46 279.00 1,800.46b) Depreciation on Fixed Assets 45.01 7.00 52.01c) Provision for Leave Encashment 148.21 8.00 156.21Net Deferred Tax Assets as at 31st March 2019 1,714.68 294.00 2,008.68

(` in lacs)

41


6 During the year Bank had not shifted securities To/From HTM category To/From AFS/HFT category.

7 Non performing Non-SLR Investments: (` in lacs)

Particulars 2018-2019 2017-2018Opening Balance 0.00 0.00Additions during the year 0.00 0.00Reductions during the year 0.00 0.00Closing Balance 0.00 0.00Total Provision held 0.00 0.00

8 AS – 19 – Leases:

The Bank has cancellable operating leases and the disclosures under AS-19 on “Leases” issued by The Institute of Chartered Accountants of India (ICAI) are as follows:

(` in lacs)

Particulars 31.03.2019 31.03.2018Future Lease rental payable at the end of the year 2,063.86 1,114.06-Not later than One Year 405.21 290.48-Later than one year and not later than 5 years 1,016.62 349.04-Later than Five Years 192.07 50.63Total of Minimum Lease payments recognized in the Profit and loss account in the year

449.96 423.91

Total of Future minimum sublease payment expected to be received under non-cancellable sub lease

- -

Sub-Lease payments recognized in the profit & loss of the year - -

9 Earnings Per Share (EPS) AS 20 :

Particulars 2018-19 2017-18Net Profit after tax attributable to Equity Shareholders (before appropriations)

10,57,34,555 7,92,62,022

Weighted Average Equity No of Shares 1,13,79,929 1,05,34,985 Earnings Per Share 9.29 7.52

10 The Bank has deferred the following expenses over a period of 5 years

VRS Scheme of 2014-15, 2015-16, 2016-17, 2017-18 and 2018-19.

Details of written off expenses are as follows: (` in lacs)

Sr.No.

ParticularsCarried Forward

As on 31 03 18

Addition during the year2018-19

Written Off during the year

2018-19

Carried Forward

As on 31 03 191 VRS 14-15 2.80 0.00 2.80 0.002 VRS 15-16 10.49 0.00 5.25 5.243 VRS 16-17 4.20 0.00 1.40 2.804 VRS 17-18 8.89 0.00 2.22 6.675 VRS 18-19 0.00 10.00 2.00 8.00

Total 26.38 10.00 13.67 22.71

The above amortization though not in accordance with GAAP, including AS 26 in respect of Intangible Assets, is resorted to in view of RBI guidelines.

42

11. Segment Reporting (Accounting Standard 17):

11.1 Primary Segment:(` in lacs)

ParticularsTreasury Retail

BankingOther Banking

OperationsTotal As on

March 31, 2019

Revenue

Segment Revenue 5676 8045 8766 22488

Result 437 646 609 1693

Unallocated Expenses - - - -

Net Profit Before Tax 437 646 609 1693

Income Tax / Fringe Benefit Tax - - - 930

Extraordinary Profit / Loss - - - 294

Net Profit After Tax 437 646 609 1057

Other Information - - - -

Segment Assets 63449 71212 71362 206023

Unallocated Assets - - - 31472

Total Assets 63449 71212 71362 237495

Segment Liabilities (63449) (71212) (71362) (206023)

Unallocated Liabilities - - - (31472)

Total Liabilities (63449) (71212) (71362) (237495)

a) Treasury includes Investments, balances with RBI & other banks & Interest accrued on Investments & related income there from.

b) Other Banking Operations segment includes Advances other than Retail advances, Other Assets & related income there from.

c) Retail Business segment includes Retail Advances in the form of O/D, Advances against Deposits, Staff Loans, etc. & related income there from.

d) Allocation of Expenses: Expenses incurred at Corporate Center establishments directly attributable to Treasury Operations, Retail Business or Other Banking Operations segments are allocated accordingly. Expenses not directly attributable are allocated on the basis of no. of employees in Treasury & Other Banking Operations Segment or ratio of total assets in respective segments. Transfer pricing applied to Treasury Segment at average Cost of Deposit (COD) to take care of regulatory requirements such as CRR and SLR, whereas at a premium of 150 bps to Other Banking Operation Segment for usage of retail funds.

11.2 Secondary Segment: In the opinion of the management there are no reportable secondary segments.

12 In the opinion of the Board, the realizable value of the assets, loans and advances is not less than the amounts at which they are stated in the Balance Sheet.

13 In the opinion of the Board, the provisions for all known liabilities are adequate.

43


14 There have been no fines/penalty imposed on the Bank by Reserve Bank of India during the year.

15 Issuer composition of Non-SLR Investments:

(` in lacs)

Sr.No

IssuerAmount Extent of ‘below

investment grade’Securities

Extent of‘inrated’

Securities

Extent of‘unlisted’Securities

1 PSUs 0 (0)

Nil(Nil)

Nil(Nil)

Nil(Nil)

2 FIs 324(324)

Nil(Nil)

Nil(Nil)

Nil(Nil)

3 Public Sector Banks 0 3267

Nil(Nil)

Nil(Nil)

Nil(Nil)

4 Mutual Funds Nil(Nil)

Nil(Nil)

Nil(Nil)

Nil(Nil)

5 Others 10522 (3500)

Nil(Nil)

Nil(Nil)

Nil(Nil)

Total 10846(7091)

Nil(Nil)

Nil(Nil)

Nil(Nil)

6 Provision heldtowards depreciation

201(169)

0(0)

0(0)

0(0)

** Figures in brackets are for previous year.

16 Movement in Provisions: (` in lacs)

Particulars

Opening Balance As on

1st April

Additions Deductions Closing Balance

As on 31st March

2017 2018 2017-2018

2018-2019

2017-2018

2018-2019

2018 2019

a. Towards NPAs 5232 4615 685 2050 1302 1252 4615 5413

b. Towards Standard Assets 543 544 106 188 105 106 544 626

c. Towards Diminution in Current Assets 6 6 0 0 0 1 6 5

d. Towards Depreciation on Investments 95 169 74 40 0 0 169 209

e. Towards Restructured Accounts 3 0 0 0 3 0 0 0

f. Foreign Currency Assets & Liabilities NA NA NA NA NA

Total 5879 5334 865 2278 1410 1359 5334 6253

44

17 There were no Repo / Reverse Repo Transaction during the year excluding LAF transactions with RBI

18 AS 29 – Provisions, contingent liabilities and contingent assets:

Contingent liabilities on account of Bank Guarantees, Letter of Credit, claims are as follows:

(` in lacs)

Particulars 31.03.2019 31.03.2018

Inland Letters of Credit 26.48 42.82

Guarantees Issued 400.50 422.66

Claims against the Bank not acknowledged as Debit Claim lodged by a Lessor

140.41 97.95

19 The details as required by Accounting Standard 15 (AS 15) (Revised) – issued by ICAI pertaining to gratuity is as under –

Sr. No

ParticularsGratuity Funded

31.03.2019Gratuity Funded

31.03.2018

1 Discount Rate 7.50% p.a. 8.00% p.a.2 Expected Return on Plan Assets 7.80% p.a 7.65% p.a 3 Salary Escalation Rate 3.00% p.a 3.00% p.a 4 Reconciliation of opening and closing balance of the present value of the defined

benefit obligationi Present Value of obligation – opening 945 880ii Interest Cost 76 70iii Current Service Cost 42 38iv Benefits paid (130) (92)v Actuarial (Gains) / loss on obligation 132 49vi Present value of obligation –closing 1065 945

5 Reconciliation of opening and closing balance of fair value of fair plan assetsi Fair value of plan assets opening 1005 845ii Expected return on plan assets 77 68

iii Contributions 132 184

iv Benefits paid (130) (92)v Actuarial Gains / (loss ) on plan assets 0 0vi Fair value of plan assets closing 1084 1005

6 Amount recognized in balance sheeti Present value of obligation –closing 1065 945ii Fair value of plan assets closing 1084 1005iii Assets / (Liability) – Closing (192) 60

7 Expenses recognized in Profit & Loss Accounti Current Service Cost 42 38ii Interest Cost 76 70iii Expected Return on Plan Assets (77) (68)iv Net actuarial (gain) / loss 208 78

8 Expenses recognized in profit and loss account 249 118

45


20 The details as required by Accounting Standard 15 (AS15) (Revised) – issued by ICAI pertaining to Leave Encashment is as under –

(` in lacs)

Sr. No

Particulars31.03.2019 31.03.2018

1 Discount Rate 7.75 % p.a. 7.50 % p.a.

2 Expected Return on Plan Assets 7.98 % p.a. 8.00 % p.a.

3 Salary Escalation Rate 3.00 % p.a. 3.00 % p.a.

4 Withdrawal Rate 1.00 % p.a. 1.00 % p.a.

5 Reconciliation of opening and closing balance of the present value of the defined benefit obligation

i Present Value of obligation – opening 549 545

ii Interest Cost 44 41

iii Current Service Cost 71 53

iv Benefits paid (154) (107)

v Actuarial (Gains) / Loss on obligation 45 17

vi Present value of obligation –closing 555 549

6 Reconciliation of opening and closing balance of fair value of fair plan assets

i Fair value of plan assets opening 0 0

ii Expected return on plan assets 17 0

iii Contributions 542 0

iv Benefits paid (154) (107)

v Actuarial Gains / (Loss) on obligation 113 107

vi Fair Value of plan assets closing 518 0

7 Amount recognized in balance sheet

i Present value of obligation –Closing 555 549

ii Fair value of plan assets – Closing 518 0

iii Liabilities recognized in Balance Sheet - Closing 148 610

8 Expenses recognized in Profit & Loss Account

i current Service Cost 71 53

ii Interest Cost 44 41

iii Expected Return on Plan Assets (17) 0

iv Net actuarial (Gain) / Loss 95 78

v Expenses recognized in profit and loss account 193 172

21 Contingent Liabilities – Other - DEAF

In terms of DBOD circular No. DEAF Cell.BC.114/30.01.002/2013-14 dtd May 27, 2014, the Bank has transferred all credit balances amounting to ` 486.55 Lacs (PY ` 470.58 Lacs (mentioned in Sub –clause (i) to (viii) in clause 3 of DEAF Scheme 2014) maintained with bank which have not been in operation for 10 years or more.

46

The required disclosure as per the said circular is as under:

(` in lacs)

Particulars 2018-19 2017-18

Opening balance of amounts transferred to DEAF 470.58 439.22

Add: Amounts transferred to DEAF during the period 31.13 46.50

Less: Amount reimbursed by DEAF towards claim 15.16 15.14

Closing balance of amounts transferred to DEAF 486.55 470.58

An amount of ̀ 0.31 Lacs Plus ̀ 0.03 Lacs interest (P Y ̀ 8.76 Lacs Plus ̀ 0.88 Lacs interest) has already been paid to the eligible depositors and claims have been lodged with the RBI.

22 The bank has written off an amount of ` 1,251.58 Lacs (Previous Year `1,302.02 Lacs) towards bad debts which is identified by the Management as irrecoverable, approved by the Board of Directors, certified by the Statutory Auditors and approved by AGM.

23 There are no items of material significance in the prior period account requiring disclosure.

24 Previous year’s figures have been re-grouped / re-arranged wherever necessary to confirm to the presentation of the accounts of the current year.

25 Disclosures as per Reserve Bank of India Guidelines:(` in lacs)

Particulars 31.03.19 31.03.18

a. Capital to Risk Assets Ratio (CRAR) 10.15% 10.42%

CRAR Tier I capital 7.55% 7.34%

CRAR Tier II capital 2.60% 3.08%

b. Movement in CRAR -0.27% -1.40%

c. Total Capital Funds 10325 10300

d. Risk Weighted Assets 101761 98857

e. Investments

i) Book Value 63450 60746

ii) Face Value 62790 60035

iii) Market Value 60375 57257

f. Advances against real estate, construction business and housing

22311 18846

g. Advances against Shares and Debentures 137 180

h. Advances to directors, their relatives, companies/firms in which they are interested

i) Fund Based 0 0

ii) Non-Fund Based 0 0

i. Average cost of Deposits 5.88% 6.18%

j. NPAs

Gross NPAs 9462 9191

% to Gross Advances 6.64 % 6.72 %

Net NPAs 4049 4576

% to Net Advances 2.95% 3.46%

47


Particulars 31.03.19 31.03.18

k. Movement in NPAs

Gross NPA

Opening Balance 9191 10282

Add: Additions during the year 3075 3517

Less: Closed/Recovered/Written off 2804 4608

Closing Balance 9462 9191

Net NPA

Opening Balance 4576 5050

Add: Additions during the year 1189 1605

Less: Closed/Recovered/Written off 1716 2078

Closing Balance 4049 4576

l. Profitability

Interest Income as a percentage of working funds 9.09% 9.42%

Non-Interest income as a percentage of working funds 0.74% 0.58%

Operating Profits as a percentage of working funds 1.79% 1.08%

Return on Assets 0.45% 0.35%

Business (Deposits + Advances) per employee 908 791

Profit per employee 2.79 1.89

m. Provisions made towards following

a) NPAs 2050 685

b) Standard Assets 189 106

c) Diminution in Current Assets 0 0

d) Investment Depreciation (incl amortization) 167 268

e) Restructured Accounts 0 -3

n. Commission from Bancassurance Business

a) For selling life insurance policies 50 74

b) For selling non life insurance policies 5 7

c) For selling mutual fund products 2 2

o. Payment of DICGC premium 192 199

26 During the year 2004-2005 the Registrar of Cooperative Societies (RCS), Pune in response to an application by the Bank, had permitted the Bank to transfer an amount of `1750 lacs from Building Reserve Fund (`1000 lacs) and General Reserve (`750 lacs) to IDR with the condition that the same should be treated as loan and the said amount should be made good in five years. Further, RCS, Pune vide their letter dated 26.12.2005 had permitted the bank to replenish the fund subject to sufficiency of the profits during the period. Till date these funds are not replenished and the five year period has expired on 31.03.2010. The bank has built up other reserves amounting to `3606 Lacs (including appropriations of current year) which are more relevant to strengthen the Bank’s net worth during the period of last 14 years. Moreover, in addition to said reserves the Bank has also built up General Reserve Fund by `379 Lacs and Building Reserve fund by ` 309 lacs.

48

In view of the same the Bank in its previous Annual General Meeting has passed resolution for not replenishing the said reserves. The Bank, however, has written to the RCS for waiver of requirement of building up Building Reserve Fund & General Reserve Fund and reply is awaited.

27 The Bank has ascertained that there is no material impairment of any of its assets and as such no provision under Accounting Standard 28 issued by The Institute of Chartered Accountants of India (ICAI) is required.

28 Restructuring Accounts:

(` in lacs)

Particulars of Accounts Restructured as on 31.03.2019

Housing Loans

SME Debt Restructuring

Others

Standard advances restructured

No. of Borrowers 0 0 0

Amount outstanding 0 0 0

Sacrifice (diminution in the fair value) 0 0 0

Sub standard advances restructured




Doubtful advances restructured




Total No. of Borrowers 0 0 0



29 Accounting Standard (AS) 3 - Cash Flow Statement for the year ended 31st March 2019.

(` in lacs)

Sr. No. Particulars Mar-19 Mar-18

A Cash Flow from Operating ActivityIncrease / (Decrease) in Net Profit 158 418Increase/(Decrease) in Deposits 7094 -8274(Increase)/Decrease in Advances -5717 -173(Increase)/Decrease in Investments -2703 13247Increase/(Decrease) in Branch Adjustment 0 0Increase/(Decrease) in Reserves & Surplus 1520 -250(Increase)/Decrease in Interest Receivable 275 1152Increase/(Decrease) in Interest Payable 159 -116(Increase)/Decrease in Other Assets -845 307Increase/(Decrease) in Other Liabilities 722 -842

Net Cash from Operating Activities 663 5469

B Cash Flow from Investing Activity

(Increase) / Decrease in Fixed Assets 64 83

Cash Flow from Investing Activity 64 83

49


Sr. No. Particulars Mar-19 Mar-18

C Cash Flow from Financing Activity

Increase in Share Capital 183 167

Increase/(Decrease) in Borrowings 3498 -3729

Cash Flow from Financing Activity 3681 -3562

Net Increase in Cash & Cash Equivalents (A+B+C) 4408 1990

Cash & Cash Equivalents at the beginning of the period 14142 12152

Cash & Cash Equivalents at the end of the period 18550 14142

Net Increase / (Decrease) in Cash & Cash Equivalents 4408 1990

As per Our Report of Even DateFor V J KULKARNI & ASSOCIATESChartered AccountantsFIRM REG NO. 105448W

CA Chandrashekhar D AptePartner Mem. No. 045943 (Statutory Auditors)

For and on behalf of the Bank

Manisha RaodeoChief Executive Officer

N.A. BaldotaChairman

S.B.ChhajedVice Chairman

DIRECTORS

M. P. Baldota A. B. Vakharia P. P. Golecha

S. R. Baldota P. J. Mehta M. H. Ratti

S. N. Baldota S. M. Paraande N. B. Rege S. V. Shete

Place : Mumbai

Date : 31st July 2019

50

Statutory Auditors’ Report FOR THE YEAR ENDED 31st MARCH, 2019 (Under Section 31 of the Banking Regulation Act, 1949 and Section 81 (5-B) of Maharashtra State

Co-operative Societies Act,1960 and Rule 69 of Maharashtra Co-operative Societies Rule)

To, The Chairman, The Greater Bombay Co-operative Bank Ltd., Mumbai Churchgate Chambers, Ground Floor, Sir Vithaldas Thackersey Marg 5, New Marine Lines, Mumbai- 400 020

Ref- Appointment no. GBCB/CO/AUDIT/APT/119/2018-19 dated 01/10/2018

Report on the Financial Statements

1. We have audited the accompanying financial statements of the THE GREATER BOMBAY CO-OPERATIVE BANK LTD., MUMBAI as at 31 March 2019, which comprise the Balance Sheet as at 31 March 2019, and the Profit and Loss Account, and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information incorporated in these financial statement of the bank along with its branches and extension counters audited by us for the period 1st April 2018 to 31st March 2019.

Management’s Responsibility for the Financial Statements

2. Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flow of the Bank in accordance with the Banking Regulation Act 1949 (as applicable to co-operative societies), the guidelines issued by the Reserve Bank of India, the Registrar of Cooperative Societies, Maharashtra, the Maharashtra Co-operative Societies Act, 1960, and the Maharashtra Co-operative Societies Rules, 1961, (as applicable) and generally accepted accounting principles in India so far as applicable to the Bank. This responsibility includes design, implementation and maintenance of internal control relevant to the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

3. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements

4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Bank’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on effectiveness of the Bank’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

51


Opinion

6. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements together with the Notes thereon give the information required by the Banking Regulation Act, 1949 (as applicable to co-operative societies), the Maharashtra Co-operative Societies Act, 1960, the Maharashtra Co-operative Societies Rules, 1961 and the guidelines issued by the Reserve Bank of India and Registrar of Cooperative societies, Maharashtra in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a. In the case of the Balance Sheet, of state of affairs of the Bank as at 31st March 2019;

b. In the case of the Profit and Loss Account, of the profit/loss for the year ended on that date; and

c. In the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal & Regulatory Requirements

7. The Balance Sheet and the Profit and Loss Account have been drawn up in Forms “A” and “B” respectively of the Third Schedule to the Banking Regulation Act, 1949 and provisions of the Maharashtra Co-operative Societies Act, 1960 and the Maharashtra Co-operative Societies Rules 1961.

8. We report that:

a. 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 and have found to be satisfactory;

b. In our opinion, proper books of account as required by law have been kept by the Bank so far as it appears from our examination of those books and proper returns adequate for the purposes of our audit have been received from the branches/offices;

c. The transactions of the Bank which have come to our notice are within the powers of the Bank;

d. The Balance Sheet and the Profit and Loss Account dealt with by this report, are in agreement with the books of account and the returns;

e. The accounting standards adopted by the Bank are consistent with those laid down by accounting principles generally accepted in India so far as applicable to Banks.

9. The details as required by the Rule 69(6) of Maharashtra Co-operative Societies Rules 1961 are given in the audit memorandum separately.

or

As per the information and explanations given to us and based on our examination of the books of account and other records, we have not come across material instances in respect of the details mentioned in the Rule 69(6) of Maharashtra Co-operative Societies Rules 1961.

10. We further report that for the year under audit, the Bank has been awarded “A” classification.

As per Our Report of Even DateFor V J KULKARNI & ASSOCIATESChartered AccountantsFIRM REG NO. 105448W

CA Chandrashekhar D AptePartner Mem. No. 045943 (Statutory Auditors)

52

PR

OG

RE

SS

AT

A G

LA

NC

EYe

arN

o. o

fM

emb

ers

Sh

are

Cap

ital

(`)

Res

erve

s (`

)D

epo

sits

(`

)L

oan

s &

A

dva

nce

s (`

)P

rofi

t / L

oss

(`

)D

ivid

end

d

ecla

red

(%

)W

ork

ing

C

apit

al (

`)

June

197

316

175,

27,6

753,

41,8

631,

02,6

5,65

257

,95,

435

1,36

,095

9%1,

17,5

3,29

5

June

198

341

4847

,40,

850

1,24

,16,

878,

87,9

5,43

67,

29,1

2,40

817

,65,

767

12%

11,5

3,51

,662

Mar

ch 1

993

8132

1,38

,82,

925

11,9

4,97

,848

55,4

8,40

,554

44,3

9,28

,397

1,00

,33,

099

12%

77,1

0,86

,661

Mar

ch 1

997

1016

82,

00,7

1,77

524

,96,

25,3

601,

71,1

4,42

,546

1,24

,43,

89,9

3580

,37,

967

15%

+3%

2,05

,77,

70,7

49

Mar

ch 1

998

1105

82,

21,8

0,30

027

,24,

10,9

492,

20,4

0,26

,514

1,44

,71,

52,5

271,

12,6

0,34

215

%2,

05,9

9,96

,452

Mar

ch 1

999

1187

72,

40,7

6,37

530

,26,

92,2

522,

80,1

6,60

,730

1,70

,59,

91,2

351,

20,3

8,28

715

%3,

21,1

4,70

,249

Mar

ch 2

000

1296

72,

80,6

7,30

031

,79,

50,1

293,

32,0

6,31

,495

1,88

,80,

23,9

0610

,58,

38,0

8615

%+

3%3,

85,5

0,06

,182

Mar

ch 2

001

1425

33,

44,9

2,10

069

,08,

84,7

164,

30,4

4,00

,984

2,71

,38,

96,0

576,

11,5

4,71

715

%+

3%4,

99,7

0,12

,212

Mar

ch 2

002

1538

94,

67,2

5,60

064

,96,

15,0

505,

10,8

9,76

,885

3,53

,31,

87,8

1513

,01,

77,9

2015

%+

10%

6,42

,58,

52,2

39

Mar

ch 2

003

1691

46,

44,9

9,12

583

,19,

36,5

235,

53,8

0,10

,027

3,62

,43,

88,4

9610

,19,

40,9

5015

%6,

67,5

0,36

,377

Mar

ch 2

004

1997

210

,22,

90,2

001,

04,3

4,61

,097

6,83

,29,

21,5

294,

38,5

0,00

,933

12,0

3,45

,090

15%

9,42

,83,

24,2

56

Mar

ch 2

005

2261

912

,79,

82,7

751,

35,3

3,47

,835

7,28

,63,

63,8

374,

61,7

3,19

,414

7,00

,86,

484

10%

10

,95,

63,6

8,41

0

Mar

ch 2

006

26

855

17,0

0,85

,500

1,45

,06,

83,5

967,

73,2

5,25

,239

4,61

,73,

95,4

261,

01,2

1,16

8–

10,6

6,10

,92,

883

Mar

ch 2

007

2970

518

,73,

55,6

251,

01,6

6,30

,750

8,18

,86,

15,6

525,

12,9

4,53

,331

11,6

1,66

,475

15%

11,1

4,58

,68,

143

Mar

ch 2

008

3119

221

,20,

41,2

1781

,48,

82,9

5610

,00,

92,4

6,38

66,

07,3

0,82

,074

10,9

4,62

,783

15%

12,3

9,67

,60,

727

Mar

ch 2

009

3222

323

,12,

65,4

1666

,46,

91,6

6210

,98,

33,8

0,16

37,

45,9

7,41

,825

10,4

6,25

,773

15%

12,6

6,71

,44,

927

Mar

ch 2

010

2532

224

,29,

47,0

5555

,51,

49,5

6912

,08,

70,8

4,80

78,

18,0

4,80

,184

7,46

,89,

477

15%

14,6

1,16

,56,

708

Mar

ch 2

011

2545

125

,30,

13,6

4064

,11,

64,9

4212

,17,

33,7

6,73

48,

13,3

6,79

,831

10,7

5,83

,470

15%

14,7

8,63

,76,

433

Mar

ch 2

012

2500

525

,47,

13,8

6867

,79,

25,7

3613

,00,

78,8

3,66

26,

29,2

0,30

,872

9,20

,03,

848

15%

15,1

9,82

,85,

110

Mar

ch 2

013

25

170

25,4

0,83

,700

1,11

,79,

73,3

7314

,44,

63,9

1,70

59,

14,5

2,78

,714

88,0

9,11

8–

16,3

4,68

,53,

561

Mar

ch 2

014

29

,539

26,3

2,04

,480

1,28

,22,

70,5

4115

,51,

50,5

5,67

010

,22,

41,4

3,80

8-2

3,21

,97,

637

–18

,34,

01,3

2,31

0

Mar

ch 2

015

32

,878

27,2

9,87

,990

1,23

,01,

19,5

7816

,52,

46,8

0,02

611

,33,

36,9

8,82

510

,06,

90,3

24–

18,8

1,53

,97,

653

Mar

ch 2

016

35,

280

27,

10,6

3,06

8 1,

23,1

9,35

,461

1,

765,

62,8

5,45

3 12

,47,

03,5

3,38

1 13

,54,

90,9

84

-20

,74,

93,7

0,36

6

Mar

ch 2

017

38,

987

26,

60,4

7,52

3 1,

58,2

7,14

,464

20

,26,

74,1

2,55

8 13

,66,

83,2

9,19

8 -1

,66,

39,1

74-

22,8

4,09

,90,

456

Mar

ch 2

018

50,

096

28,

27,7

2,95

0 1,

51,7

8,42

,794

19

,44,

00,0

7,05

4 13

,68,

56,4

8,94

5 7,

92,6

2,02

2 5%

21,5

8,07

,58,

005

Mar

ch 2

019

59,

037

30,

11,0

8,84

5 1,

63,3

9,28

,682

20

,14,

94,4

7,49

7 14

,25,

73,9

9,92

2 1

0,57

,34,

555

10%

*22

,88,

48,7

1,49

1

* D

ivid

end

prop

osed

for

the

year

201

8-19

.

53


Masjid Bhuleshwar

Dadar

Bandra

Vile Parle

Andheri

Versova

Goregaon

Malad

Bhandup

Wadala Jn

Kandivali

Borivali

Dahisar

Mira Rd

Vasai Rd

Thane

Ghatkopar

Dombivali

Vashi Jn

NerulKharghar

GREATER BANKThe Greater Bombay Co-Operative Bank Limited

(Scheduled Bank)

BRANCH NETWORK

Greater Bank Branches

Churchgate

54

BRANCH NETWORK

Sr.No. Branch Branch Address Phone No. Telefax

No.

1 Andheri (E) Unit No.G-1, Wing B, Silver Astra Apt., J. B. Nagar,Andheri-Kurla Road, Andheri (E), Mumbai - 400 059.

28370001 / 2 / 3 28370682

2 Bandra Reclamation

Indian Education Society’s Management College, `Vishwakarma’, Gate No. 1, VM Lotlikar Vidya Sankul, Opp. Lilavati Hospital, Bandra Reclamation, Bandra (W), Mumbai - 400 050.

26561414 / 16 26561422 / 26561432

3 Borivali (E) A - 11, Ratandham CHS Ltd., Rattan Nagar (Near Daulat Nagar), Borivali (E), Mumbai - 400 068.

28905364 / 65 / 66 28905036

4 Bhuleshwar GBCB House, 89, Bhuleshwar, Mumbai - 400 002. 61285700 / 61285701 61285711

5 Bhandup (W) Gurunanak Udyog Bhavan, Gala Nos 2 & 3, L B S Marg, Bhandup (West), Mumbai - 400 078.

25668924 / 25 / 26 25667132

6 Churchgate Churchgate Chambers, Premises No. 1, Ground floor, Sir Vithaldas Thackersey Marg, 5 New Marine Lines, Mumbai-400 020.

61285925 / 61285900 22618318

7 Dadar (E) Naoroji House, N. C., Narielwala Agiary Trust Bldg.,Naigaon Cross Road, Dadar (E), Mumbai - 400 014.

24172072 / 73 / 74 24172071

8 Dahisar (E) 6, Sheffield, Ground Floor, Opp. Jari Mari Garden, Anand Nagar, Dahisar (East), Mumbai - 400 068.

28281993 / 28280888 / 28281409

28281991

9 Dombivali (E) Manas Solitaire CHS, Shop Nos. 3, 4, 5, & 6, Rajaji Path, Cross Lane 4, Dombivili (E), Dist. Thane - 421 201.

0251-2430213 /8689933233

0251-2430213

10 Ghatkopar (E) Amrut Kunj, Anjaria Wadi, Dr. Doshi Nursing Home,M. G. Road, Ghatkopar (East), Mumbai - 400 077.

21028936 / 21027348 / 21026702

21028906 / 21027625

11 Goregaon (W) Shop No. 2, Ground Floor, Gajanan Bldg. No. 5, Plot No.110, Jawahar Nagar, Goregaon (W), Mumbai - 400 062.

28741481 / 82 / 83 28744741

12 Kandivali (W) Bhoomi Apartments, Bldg., No. 8, Dahanukar Wadi, Sector 4, Panchsheel Enclave, Mahavir Nagar, Kandivali (W), Mumbai - 400 067.

29671963 / 64 / 65 29671095

13 Kharghar Hari Om Heritage, shop No.1 & 2, Ground Floor,Plot no. 8, Sector 21, Kharghar, Navi Mumbai - 410 210.

27742495 / 96 / 98 27742499

14 Malad (W) Saryodaya Bhuvan, Shop no: 4, Ground Floor,Ramchandra Lane Ext, Malad (W), Mumbai - 400 064.

28820801 / 2 / 3 28823163

15 Mira Road (E) Shop no:1 & 2, Ground Floor, Nirmal Nagar Co-op Hsg Soc Ltd, Saibaba Nagar, Mira Bhayander Road, Mira Road East, Dist Thane - 400 107.

28555970 / 28555971 28555970

16 Nerul (W) Shop No. 10, 11, 12 & 13 Amrita Sadan, Sector-22, Opp Nerul Railway Station, Nerul (W), Navi Mumbai - 400706.

27713765 / 66 / 67 27711131

17 Thane (W) Shop No. 2 & 3, Prince Palace Bldg., Next to Khandelwal Sweets, Near Aradhana Theatre, Panchpakhadi,Thane (W) - 400 602.

25418524 / 7506438695 / 7506438694

25418523

55


Sr.No. Branch Branch Address Phone No. Telefax

No.

18 Vasai (W) Regency Co-op. Hsg. Scty., Ambadi Road, Meena Nagar, Vasai Road (W), Dist. Thane - 401 202.

0250-2337442 /9702036688

0250-2337442

19 Versova Sea Pearl Apartments, J. P., Road, Opp. Pratap Colony,4 Bunglows, Versova, Andheri, (W), Mumbai - 400 058.

26346249 / 51 / 53 26346248

20 Vile Parle (E) Meghmala Co-op Society, Santa Janabai Road,Vile-Parle (E), Mumbai- 400 057.

26191319 / 20 / 23 26191318

21 Vashi Ashirwad Bunglow, Plot No.7, Sector-28, Vashi,Navi Mumbai- 400 705.

27880473 / 74 / 75 27884402

22 Wadala (W) Plot No. 198, Ratan Bhavan, D.S. Barretto Road,Station Road, Wadala, Mumbai - 400 031.

24172076 / 77 / 79 24172248

OTHER OFFICES

Sr.No.

Departments Address Phone No.Telefax

No.

1 Corporate Office Premises No. 1, Ground floor & Premises No. 105, First floor, Churchgate Chambers, Sir Vithaldas Thackersey Marg, 5 New Marine Lines, Mumbai-400 020

61285900 22618530

2 Depository Cell, Kandivali Bhoomi Apartments, Bldg., No. 8, Dahanukar Wadi, Sector 4, Panchsheel Enclave, Mahavir Nagar, Kandivali (W), Mumbai - 400 067.

28694880 28691394

3 Personnel and AdministrationDepartment

Churchgate Chambers, Premises No. 1 & 105, Sir Vithaldas Thackersey Marg, 5 New Marine Lines, Mumbai-400 020

61285934 / 61285939 22618530

4 Clearing Dept. GBCB House, 89, Bhuleshwar, Mumbai - 400 002.

61285710 / 61285745 2240382522676544

5 Stressed AccountsDepartment

GBCB House, 89, Bhuleshwar, Mumbai - 400 002.

61285712 / 61285713 /61285714

22408571 /22411210

6 Data Centre, Bhoomi Apartments, Bldg., No. 8, Dahanukar Wadi, Sector 4, Panchsheel Enclave, Mahavir Nagar, Kandivali (W), Mumbai - 400 067.

29671092 / 29671093 29671094

7 Knowledge Centre,(Dahisar)

5/6 Ganesh Anand CHS Ltd. Anand Nagar, C.S. Road, Dahisar (E), Mumbai - 400 068

28979501 –

8 Centralised Processing Office (CPO), Ghatkopar

Amrut Kunj, Anjaria Wadi, Dr. Doshi Nursing Home, M. G. Road, Ghatkopar (East), Mumbai - 400 077.

21027932 / 21027625 21028906

9 Centralised Credit Department, Bandra Reclamation

Indian Education Society, Manikrao Lotlikar Vidya Sankul, Opp. Lilavati Hospital, Bandra (W), Mumbai -400 050.

26561406 / 26561425 / 26561431

26561432 / 26561422

10 Forex Dept, Bhuleshwar GBCB House, 89, Bhuleshwar, Mumbai - 400 002.

61285704 61285711

56

Customized Health Check Up (CHC) for MembersHealth is like money we never have a true idea of its value until we lose it. As to take our members Health in to consideration which is the most valued gift from nature to us, we decided to use the services of Wellspring Healthcare Pvt.Ltd., They are in business of providing healthcare services including General Healthcare, Membership plans and Diagnostics, through its Healthspring medical centres. During our last AGM, some of our valued members had suggested to include some tests for Vitamin Checks and Electrolytes checks in the existing package for members (male & Female) above 50 years of age. Your Bank has taken up the issue with M/s Wellspring Healthcare Pvt. Ltd., and included 3 tests i.e. (1) Electrolytes Screening for sodium, Potassium, Chloride & Phosphorous Levels, (2) Vitamin B12 & (3) D25 (Hydroxy) in the existing Health check up package for members above 50 years of age.

M/s Healthspring has total 21 clinics across Mumbai, Navi Mumbai,Thane & 4 locations at Pune wherein Corporate Health Check-up (CHC) is being conducted for our Members/ Employees.

Continuing with the practice of providing basic health checkup facility to members who are 40 and above years of age, with an addition to some special tests for members who are 50 and above, your bank shall be providing an integrated health & wellness services through Healthspring which will include 24x7 tele-health, Electronic medical report (EMR) & home collection (for pathological tests) of senior citizen members.

Annual Customized Health Checkup (CHC) package for members aged 40 years and above (W.e.f.1st January 2019)

Annual Health Check Program for Greater Bank Employees & Members

Basic Package (40 - 49

Yrs.)

Excl. Package (50 Yrs & Above)

Male & Female

Male Female

Key Vitals

Heart Rate Yes Yes Yes

Oxygen Saturation Yes Yes Yes

Blood Pressure Yes Yes Yes

Hip:Waist Yes Yes Yes

Height, Weight & Body Mass Index (BMI) Yes Yes Yes

Blood Group & Rh factor Yes Yes Yes

Infection Screening

CBC (16 parameters include Total Leucocytes, Eosinophils, Basophils, Lymphocytes, Monocytes, Hematocrit (PCV), Total RBC Count, Hemoglobin, Mean Corpuscular Volume, Mean Corpuscular, Hemoglobin, MCH Concentration, Red Cell Distribution Width, Platelet Count, Platelet Distribution Width & Mean Platelet Volume)

Yes Yes Yes

ESR Yes Yes Yes

Routine Urine Analysis Yes Yes Yes

Diabeties Screening

Blood Sugar (Fasting) Yes Yes Yes

Blood Sugar (Post prandial) Yes Yes Yes

57


Annual Health Check Program for Greater Bank Employees & Members

Basic Package (40 - 49

Yrs.)

Excl. Package (50 Yrs & Above)

Male & Female

Male Female

Cardiovascular risk check

Comprehensive Lipid Profile (Total Cholesterol/ HDL Cholesterol/ LDL Cholesterol/ Chol: HDL ratio/ LDL: HDL ratio/ VLDL Cholesterol/ Triglyceride)

Yes Yes Yes

ECG (Electro Cardio Gram) Yes Yes Yes

Chest X-ray Yes Yes Yes

Liver Health SGPT, SGOT, Bilirubin Yes Yes Yes

Kidney Health BUN, Creatinine, Uric Acid Yes Yes Yes

Thyroid Screening

Thyroid Profile - T3 / T4 / TSH Yes Yes Yes

Electrolytes Screening

Sodium, Potassium, Chloride, Phosphorous No Yes Yes

Vitamin ChecksVitamin D (25 Hydroxy) No Yes Yes

Vitamin B12 No Yes Yes

Cancer Check

PAP Smear for Female No No Yes

Mammography No No Yes

PSA for Male No Yes No

Other Screenings

Routine Eye checkup - by Physician at Centre (Near, Far & Colour)

Yes Yes Yes

Routine Dental checkup - by Physician at Centre Yes Yes Yes

Consultations

Physician Consultations / Gynecologist Consultation (For Women) with review and roadmap to good health (30-45mins) after Health Check-up

Yes Yes Yes

Additional Dietician Consultation to drive improved medical outcome

Yes Yes Yes

Healthspring Premium Services

Tele-Health: 24*7 High-quality, protocol-lead un-limited doctor consultations for routine health issues & Emergency Consultations. Saves patient time and ensures he/she gets timely, reliable and actionable medical advice.

Yes Yes Yes

Home Collection - (Senior Citizen Services) - Enjoy peace of mind while giving samples at home as Healthspring brings you the complete assurance of hygiene anywhere, anytime.

Yes Yes Yes

For more information, you are requested to get in touch with Shares Department, Greater Bank, Corporate Office or call at 61285911.

58

Greater Bank’s Technological Initiatives

For the FY 2018-19 the bank has been focussed on Cyber Security to make the Bank safe on Digital Payments and to mitigate the cyber risk which was advised time and again by the regulators.

We have also complied with RBI requirements for recarding the mag-stripe cards to chip card by 31st Dec’18 and have issued all Chip cards to all our card holders.

We launched our new website Greater Bank .com with SSL certification for security purpose

For 2019-20 :

• IntroductionofCashRecyclers:

The Bank is launching Cash Recyclers to comply with RBI requirements as all ATMs have to be EuroMasterVisa (EMV) compliant which will help us to reduce frauds . It is a source of revenue earning for the Bank, since every deposit earns minimum Rs.25/- from outsiders. It reduces the cost of operations since the amount deposited is used for withdrawals on the recycler. 24*7 customer service for depositing and withdrawal from our Bank or any other Bank.

• IntroductionofKioskwithBarcodedPassbooks:

Our customers have been using our ELobby Kiosk for updating their passbooks but have time and again advised us it is tedious to insert the account number and the password for updating the Passbooks, hence the Bank is shortly introducing Bar Coded Passbook updation Kiosk wherein the customer has just to insert his passbook and the bar code reader will read the barcode and update the passbook which will be absolutely hassle free.

• IntroductionofUnifiedPaymentInterface(UPI):

Unified Payment Interface or UPI is the latest online transfer method that enables money transfer between any two bank accounts without disclosing your Bank account details, instantly and will be available 24*7.

• QRcode(QuickResponse)payment:

Is a new channel of initiating and accepting payments between buyers and sellers (or consumers and merchants) using the mobile phone for expanding electronic payment in millions of small retail merchants who, today, do not have the options to undertake a traditional POS with card Swipe EDC terminals. It is contactless payment method where a payment is performed by scanning a QR code from a mobile app. This is an alternative to doing electronic funds transfer at point of sale using a payment terminal.

This solution, set up by NPCI, would be capable of digitizing a payment transaction between consumers and merchants by setting up an ecosystem where a Quick Response (QR) code is used as the form factor to represent the payee (merchant) Accepting payments.

QR code digital payment has gained popularity with users after the demonetization. Users being able to scan QR codes with smart phones to obtain useful information. Even a not-so-tech-savvy person can use QR code to make payments, without any special equipment for fast and hassle-free payment mode in India The customer simply needs to open up the app on Smartphone (application) of the respective payment service, and scan the QR code on the merchant’s counter, which will populate all the necessary merchant information on his app. After that, he/she simply needs to enter the amount, and authenticate the transaction using his PIN or password.

59


INFORMATION FOR MEMBERS

1. CHANGE OF ADDRESS :

Kindly intimate to us any change in your address along with the address proof duly certified and quote the Reg. Folio No. given on your share certificate.

2. SHARE CERTIFICATE :

If you have not received your share certificate so far, you are requested to collect the same from the respective Branches without further delay.

3. MEMBERS HOLIDAY HOME AT PANCHGANI – MAHABLESHWAR

Bank has made tie up arrangements with Co-Operative Banks’ Employee’s Union for providing Holiday Home facility to its members at Panchgani. Members can avail the Holiday Home facility of Greater Bank. For further details kindly contact your nearest branch.

4. SUGGESTIONS WELCOME :

If you have any useful suggestion(s) to offer, to improve OURSELVES, you are most cordially invited to write to us at [email protected]. Kindly do not forget that this is “YOUR OWN BANK” and it is our earnest endeavor to make “THE BANK” an institution which you can bank upon with confidence.

5. APPEAL TO MEMBERS :

Kindly provide your e-mail address and mobile / contact nos. along with KYC documents. This will enable the Bank to provide prompt information regarding important news, updates, announcements, SMS alerts, etc. This information may be submitted at your nearest Branch or may be sent at [email protected]

FORMAT FOR MEMBERS :

Membership No.

Name

Address

Mobile No.

Landline No.

Email ID

CUSTOMER ENGAGEMENT INITIATIVES

Greater Bank Borivali branch initiated a Christmas celebration customer engagement activity, by creating Christmas tree kiosk displaying Greater Bank services on it, for enhancing the awareness of Bank products/services.

Thane Branch initiated a Gold Loan Awareness activity at Hirkani Bachatgat Bazaar, Panchpakhadi, Thane. Thane Branch Manager & staff explained about our gold loans & the lowest interest rates on it, to the ‘bachatgat’ ladies.

annual report 2018-19 annual report 2018-19.pdf3 67th annual report 2018-19 notice notice is hereby...

Documents