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e∆d è.≠ (020) 2426 1755 / 2426 2745 • e{H6 è. ≠ (020) 2426 0577 • " alg ≠ [email protected]

6jós ^z0 ≠ www.vishweshwarbank.com

dk¬xn' èaKhw'LdL|q'Ldó|204/72 ;x. 18.09.1972

wftkdk èakjhrmq'b'|LaL5 976 P ;x. 03.08.1988

aGv'^vlv f;3. dj. MSCS/CR/393/2011 ;x. 08.02.2011

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l " alg : [email protected] l 6jós ^z0≠ www.vishweshwarbank.com

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Lh,n Vlt' 717.53

Lh,n h3Ò 427.76

Lh,n Trt6kr 1145.29

h3Ò-Vlt' umnklßkf (Credit Deposit Ratio) 59.62%

1ku 1Kbtg 23.33

1ku 1Kbtg wrkPWssk umnklßkf (CRAR) 14.09%

6hg dek 15.94

;dTt0 dek 10.33

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˜;s 6lth MSwkxhsk 4.27

Jk{;bv tuP üJî

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q“ó5l ;x. 31.03.2011 5l hkrP w;fnka(Working Results)

39 tk tkÚ7h Jotk© 2010-11 5

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2. 6tP6kckfn fky't ;dc' 10% 1,03,25,297.08

3. ;8_n ;dc' sfs,x 1% 10,32,530.00

4. gk1K8 (12%) 2,70,00,000.00

5. :akfs ;dc' 15,00,000.00

6. 6lth hGrkn ;dc' 1,62,896.00

7. 61k6x hGrkn ;dc' 3,00,750.00

8. umjstn,h 5B-Mskf ;dc' 3,68,92,925.00

;dTt0 dek 10,32,52,970.83

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39 dm dm{f©H$ Ahdmc Ö df© 2010-2011


Jdmqjc üLî Annexure 'A'

q“ó5l dKt ;x ;t(tl(tf 6ohkf' q“h ;g.> wmnl —aGv'^vlv q“h±Name of The Bank The Vishweshwar Sahakari Bank Ltd., Pune (Multistate Bank)

amYr hkrkPgrk5k wßkk 471 / 472, akhÒv rkbP> umgvlhb'> wmnlHead Office Address

471 / 472, Market Yard, Gultekadi, Pune

411 037

dk¬xn' ;xdKh 18.09.1972Date of Registration

;f2ToP q“ó5k wftkdk èaKh t ;xdKh rmq'b'|LaL5 976 w'. ;x.Date & No. of RBI License UBD/MH 976 P dated

03.08.1988

hkrP_lÍk Jurisdiction aokfk&v[ fk#r t hdkPvh fk#rkac'g ;5hklb' skgmhk Maharashtra State & Chikodi Taluka in Karnataka State

—ƒwrl gkyks Rs. in Lac±

;drjÍkh hkrkPgr t ;t^skf h_K6o 8kyk 6jYrk amYr hkrkPgr 8kyk 14No. of Branches Including Controlling H. O. + 15 Branches 16Offices & Extension Counters

61k6xSt ;dr;as Regular 15622

Membership dkaakÍk Nominal 2187

t6mg 1ku 1Kbtg Paid up Share Capital 2332.73

fky't ;dc' Reserve Funds 4122.39

Vlt' 5kg, Current 7100.21

Deposits q5s Savings 16115.20

amxs Term 48537.64

h3Ò skfn' Secured 42714.42

Advances ;tdkskfn' Unsecured 62.00

Ju]èa h3Ò µ 47.71 % of Priority Sector Advances 52

qkolf'g h3Ò ;3Gok aCrtsÆ q“h DCC Bank ---

Borrowings aokfk&v[ fk#r 6ohkf' q“h MSC Bank ---

:sf Others ---

umjstnmh' ;3Gok aCrtsÆ q“h DCC Bank 1261.00

Investments aokfk&v[ fk#r 6ohkf' q“h MSC Bank 61.00

:sf Others 31848.99

zhqkh' 2.80%Overdues

%

glyk wf'_n tuP JAudit Classification

JkÚzh t7kPs'g ;dTt0 dek 1032.53Net Profit of the Financial Year

Lh,n 6lth 268Total Staff

yl0sk ;dc' Working Funds 81046.44

39 tk tkÚ7h Jotk© 2010-11 7

M/s. Shailesh Apte & AssociatesChArtered ACCountAnt

Flat No. 4, Satyalay, Anand Niketan Society, Karve Nagar, Pune 411052.

AUDITOR’S REPORT(Under Section 31 of The Banking Regulation Act 1949 and Section 73 (4) of the Multi State Co-op Societies Act 2002 and

Rule 27 of Multi State Co-op Societies Rules 2002)

To

The Members of

The Vishweshwar Sahakari Bank Limited

1. We have audited the attached Balance Sheet of ‘The Vishweshwar Sahakari Bank Limited’ as at 31/03/2011 & also

the Profit and Loss Account & Cash Flow Statement for the year ended on that date annexed hereto.

2. These financial statements are the responsibility of the Bank. Our responsibility is to express an opinion on these

financial statements based on our audit. We conducted our audit in accordance with auditing standards generally

accepted in India. Those standards require that we plan and perform the Audit to obtain reasonable assurance

about whether the financial statement is free of material misstatement. An Audit also includes examining on a test

basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes

assessing the accounting principles used and significance estimates made by management as well as evaluating

the overall financial statement presentation. We believe that our Audit provides a reasonable basis for our opinion.

3. Subject to our comments and observations contained in the Audit Report of even date, we report that:-

a. The Schedules giving the particulars referred to in Rule 27 (3) (a),(b),(c),(d),(e) and (f) to the extent applicable

are attached to report.

b. We have obtained all the information and explanation, which to the best of our knowledge and belief were

necessary for the purposes of our audit.

c. In our opinion, proper books of accounts as required by Rule 27 of the Multi State Co-op Societies Act 2002,

the bye laws and law have been kept by the Bank, so far as appears from our examination of books and proper

returns adequate for the purpose of our audit have been received from the branches of the bank.

d. The Balance Sheet, Profit and Loss A/c and Cash Flow Statement dealt with by this report are in agreement

with books of accounts.

e. The transactions of the Bank, which have come to our notice, have been within the competence of the Bank

and are in compliance with RBI guidelines/ directives subject to our comments wherever made in the audit

report.

f. In our opinion and according to the information given to us, there has been no material impropriety or

irregularity in the expenditure or in the realization of money due to the bank.

g. Subject to our comments and observation contained in part A,B and C of the Audit Memorandum (HO report

and Branch reports ) enclosed herewith, In our opinion and to the best of our information and according to the

explanations given to us, the said accounts of the Bank read with the Significant Accounting Policies and Notes

on Accounts thereon give all the information required by the Multi State Co-op Societies Act 2002 and rules

made there under and by the Banking Regulation Act 1949 (AACS), in the manner so required in conformity

with the accounting principles generally accepted in India, give a true and fair view:-

1. In case of Balance Sheet of the state of affairs of the Bank as at 31st March 2011,

2. In case of Profit and Loss account, of the profit for the year ended on that date and

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

For M/s. Shailesh Apte & Associates

Chartered Accountants

FRN: 130721W

S. K. Jogalekar

Place : Pune Partner

Date : 28.05.2011 M. No. 112041

;xdKh 31-3-2011 fkl3'5k sk0lqjx

31-3-2010 1ku 1Kbtg> 3qkqxkFrk t xln' Capital & Liabilities 31-3-2011

1. 1ku 1Kbtg Share Capital

50,00,00,000.00 1. J;cŸs 1ku 1Kbtg 50,00,00,000.00

˜Srlh' ƒ. 50/- 5l 1,00,00,000 1ku Authorised Share Capital

1,00,00,000 shares of Rs. 50/- each

21,91,01,050.00 2. t6mg 1ku 1Kbtg 23,32,73,400.00

˜Srlh' ƒ. 50/- 5l 46,65,468 1ku Paid up Share Capital

46,65,468 Shares of Rs. 50/- each

37,45,75,373.10 2. fky't ;dc' Reserve Funds 41,22,38,856.00

13,14,70,250.02 1. t/ck;dh fky't ;dc' Statutory Reserve Fund 14,76,67,922.92

4,40,00,000.00 2. :akfs ;dc' Building Fund 1,85,00,000.00

6,00,000.00 3. gk1K8 6akd'hfn ;dc' 6,00,000.00

Dividend Equalisation Fund

12,23,00,000.00 4. 1. qmb's t 6j8r's h3P fky't ;dc' 12,23,00,000.00

Bad and Doubtful Debts Reserve

1,92,00,000.00 2. akdh …3xu'tf'g sfs,x 2,10,00,000.00

Provision for Standard Assets

11,64,750.00 5. 61k6x hGrkn ;dc' 11,99,250.00

Member Welfare Fund

3,24,631.00 6. 6lth hGrkn ;dc' Sevak Welfare Fund 3,37,104.00

20,00,000.00 7. ˜ÔX∆u'h' ;thk6 ;dc' 20,00,000.00

Technology Development Fund

34,86,575.00 8. umjstn,h 5B-Mskf ;dc' 3,58,75,075.00

Investment Fluctuation Reserve

4,73,52,226.00 9. umjstn,h i6kfk ;dc' 6,00,00,000.00

Investment Depreciation Fund

20,00,000.00 10. 6mtnP aoklS6t ;dc' Golden Jubilee Fund 20,00,000.00

1,66,941.08 11. 6tP6kckfn fky't ;dc' General Reserve Fund 2,49,504.08

10,000.00 12. :sf qkqæ6kV' sfs,x Provision for other Assets 10,000.00

5,00,000.00 13. Jkh;^ah ;dc' Provision for Contingencies 5,00,000.00

–– 3. qkolf'g h3Ò Borrowings ––

696,89,77,703.28 4. Vlt' Deposits 717,53,04,906.61

518,89,52,571.61 1. amxs Vlt' Term Deposits 485,37,63,923.61

397,39,88,885.61 Tr;Hsus Individuals 389,79,05,503.61

77,29,65,533.00 6ohkf' 6j zk Co-operatives 52,56,72,908.00

44,19,98,153.00 JDr Others 43,01,85,512.00

756,26,54,126.38 qlf'3 wmB'g wkdktf Total C/F 782,08,17,162.61


BALAnCE ShEET AS On 31-3-2011

31-3-2010 …3xu'> akgaßkk t rln' Property & Assets 31-3-2011

26,32,99,711.14 1. f∆y t q“hKs'g ;8Ggh 24,26,00,893.15

Cash & Balances with Banks

6,63,98,355.00 1. f∆y ;8Ggh Cash on Hand 10,24,79,988.00

19,69,01,356.14 2. JDr q“hKs'g 5kg, yks' 14,01,20,905.15

Current accounts with other banks

1,58,86,058.67 1. ;x aokfk&v[ ^vlv h∆-Jk{w. q“h ;g.> amjq" 4,12,105.87

The Maharashtra State Co-op.

Bank Ltd; Mumbai

62,63,812.16 2. ;3Gok aCrtsÆ 6ohkf' q“h ;g. wmnl t 6∆gkw,f 3,66,21,584.16

District Central Co-operative Bank Ltd; Pune & Solapur

67,09,178.20 3. ^vlv q“h Jk{e :j;brk t 6or∆u' q“hk 8,42,59,491.73

State Bank of India & Subsidiary Banks

16,77,69,160.53 4. JDr fk&v['rŸs t Trkwkf' q“hk 1,88,27,723.39

Other Nationalised & Commercial Banks

2,73,146.58 5. JDr 6ohkf' q“hk --- Other Co-op. Banks

55,00,78,103.00 2. JDr q“hKs'g amxs Vlt' 30,06,91,852.89 Term Deposits with Other Banks

2,61,00,000.00 1. ;x aokfk&v[ ^vlv h∆-Jk{w. q“h ;g.> amjq" 61,00,000.00

The Maharashtra State Co-op. Bank Ltd; Mumbai

37,23,00,000.00 2. ;3Gok aCrtsÆ 6ohkf' q“h ;g.> wmnl t 6∆gkw,f 12,61,00,000.00

District Central Co-operative Bank Ltd; Pune & Solapur

2,03,30,569.00 3. ^vlv q“h Jk{e :j;brk t 6or∆u' q“hk 9,68,103.21

State Bank of India & Subsidiary Banks

5,61,93,836.00 4. JDr fk&v['rŸs t Trkwkf' q“hk 3,05,23,749.68

Other Nationalised & Commercial Banks

7,51,53,698.00 5. JDr 6ohkf' q“hk 13,70,00,000.00

Other Co-operative Banks


39 tk tkÚ7h Jotkg 2010-11 9


756,26,54,126.38 qlf'3 aku'g wkdktÏd Total B/F 782,08,17,162.61

122,30,79,389.17 2. q5s q“h Vlt' Savings Bank Deposits 161,15,20,168.77


1,00,24,014.53 6ohkf' 6j zk Co-operatives 1,85,69,064.38

3,52,14,020.23 JDr Others 3,76,95,491.96

55,69,45,742.50 3. 5kg, Vlt' Current Deposits 71,00,20,814.23


21,97,008.65 6ohkf' 6j zk Co-operatives 70,31,039.61

66,29,716.00 JDr Others 1,62,11,290.91

61,04,557.64 5. t6mg'6kV' ;qgl —xmqlf3'± 53,54,801.00

Bills for Collection (Contra)

12,00,578.00 6. 8kyKsuPs 3m0tn' Branch Adjustments 61,000.00

8,74,54,466.28 7. Ld\.w'.L. ykSrktf'g z;hs rlnl Trk3 fky't ;dc' 5,68,61,569.79

Overdue Interest Reserve for nPA accounts

55,38,581.00 8. Vlt'tf'g xlnl Trk3 sfs,x 1,17,54,599.00

Provision for Interest Payable on Deposits

22,87,69,860.99 9. :sf xln' t sfsmx' 16,87,58,233.65

Other Liabilities & Provisions

19,03,27,489.15 1. xlr ;qgl t b[kEv6\ 11,19,92,943.65

Bills & Drafts Payable

17,55,555.00 2. Jdkas xln' Sundry Creditors 1,45,696.00

3,400.00 3. 3kxk ˜kWs fklhb Cash Found in excess 5,600.00

77,818.00 4. Jkuk< ˜kWs gk{hf 1kbl 44,662.00

Locker Rent received in advance

6,60,254.00 5. xlr 6f5k3P Surcharge Payable 8,24,827.00

3,08,72,015.84 6. :sf xlNrK%rk sfsmx' —w;f;8&v Schedule 'A') 5,01,81,136.00

Provisions for other liabilities





81,33,77,814.14 qlf'3 aku'g wkdktƒd Total B/F 54,32,92,746.04

293,44,63,056.00 3. umjstn,h’ Investments 301,64,07,056.00

267,93,30,056.00 1. h¬ê t fk#r 6fhkf' f∆yl 274,12,74,056.00 Central & State Government Securities

x8Pd' a,Gr Face Value 273,28,60,000.00

qk3kf a,Gr Market Value 268,09,28,634.00

-- 2. JDr ;t(t^s f∆yl Other Trustee Securities ---

25,49,60,000.00 3. 6ktP3;dh t JDr _lÍkks'g umjstnmh' 27,49,60,000.00

Investments in Public & other sectors

1,73,000.00 4. 6ohkf' 6j zK%rk 1ku 1Kbtgks’g umjstnmh' 1,73,000.00

Investments in Shares of co-operative Institutions

—w;f;8&v Schedule 'B')

385,50,24,431.17 4. h3Ò Loans & Advances 427,76,41,841.12

129,61,66,963.54 1. JGw amxs —15 a;oDrKwrπs± 162,13,99,763.10

Short Term (Upto 15 Months)

4,17,148.97 1. 6fhkf' t ;t*t^s f∆yl skfn 2,25,404.58

Government & Trustee Securities

129,56,71,736.25 2. JDr xp*r skfn 162,10,07,582.52

Other Tangible Securities

78,078.32 3. 3k;adh' Surety 1,66,776.00

rkw/h' of which 5,97,59,082.58 1. zhqkh' Overdues 1,75,43,750.99

2,09,90,250.00 2. Ld. w'. L. h3Ò N P A Advances 35,64,722.00

121,82,00,244.50 2. aCra amxs 146,41,48,840.01

—15 a;oDrKwl_k J;ch wfjsm 60 a;oDrKwrπs± Medium Term

(More than 15 months but upto 60 months)

11,70,159.00 1. 6fhkf' t ;t*t^s f∆yl skfn 9,47,143.00


121,10,40,160.50 2. JDr xp*r skfn 145,71,68,277.01


59,89,925.00 3. 3ka'dh' Surety 60,33,420.00


4,69,63,085.00 2. Ld. w'. L. h3Ò N P A Advances 6,22,45,299.49


39 tk tkÚ7h Jotkg 2010-11 11




7. xlnl gk1K8 Dividend Payable

1,34,094.00 2006-2007 ---

92,868.00 2007-2008 89,106.00

2,31,764.00 2008-2009 1,98,672.00

--- 2009-2010 1,57,892.00

30,000.00 8. ;8_n ;dc' sfs,x --- Provision for Education Fund

3,71,965.00 9. Jkuk< ˜kWs Lg 6' | q“h u{fjv' h;a8d 3,13,928.00

LC / Bank Guarantee Commission received in advance

32,165.00 10. Jkuk< ˜kWs 3dfg ^v“w ‰{…hu h;a8d 25,360.00

Gen. Stamp Franking Commission received in advance

41,80,473.00 11. h3kPtf'g xlr ;fqlv 47,78,411.00

Rebate Payable on Loans & Advances

4,30,18,958.90 10. dek Profit 10,32,52,970.83

6,50,56,668.04 11. oa'w∆v' 6j1kTr xlrsk 9,46,33,542.00

Constituent's Liabilities

793,47,41,129.19 Lh,n Total 816,68,60,336.88


swk6gl Jkol t qf∆qf Jkol. ak2l ^tsjÍk Jotkgk6 Jdm6ƒd>

al. 8/gl8 Jkwvl J{Nb J6kl;6Lv t/ck;dh glyk wf’_h

6m1lxkf tkn' 8fx q. uj3'tkgl J;dg 1. ukbtl 6fTrt^zkwh MwkCr_ JCr_




134,06,57,223.13 3. x'iP amxs —60 a;oDrKwl_k J;ch± 119,20,93,238.01

Long Term (More than 60 months)

0.00 1. 6fhkf' t ;t*t^s f∆yl skfn 0.00


134,06,57,223.13 2. JDr xp*r skfn 119,20,93,238.01


0.00 3. 3k;adh' Surety 0.00


4,16,34,257.00 2. Ld. w'. L. h3Ò N P A Advances 3,31,18,137.00

61,04,557.64 5. t6mg'6kV' ;qgl —xmqlf3'± 53,54,801.00

Bills for Collection (Contra)

--- 6. 8kyKsuPs 3m0tn' Branch Adjustments 32,06,285.00

5,57,93,067.22 7. umjstnmh'tf'g rlnl Trk3 5,60,66,693.49

Interest Receivable on Investments

7,87,30,572.00 8. umjstnmh'tf'g J;ca,Gr 7,12,25,964.00 Premium paid on Securities

8,74,54,466.28 9. h3kPtf'g zh's rlnl Trk3 5,68,61,569.79

Overdue Interest Receivable

1,42,32,728.68 10. 3kuk t :akfs' —w;f;8&v Schedule 'C') 1,35,21,092.68

Land & Buildings

18,91,294.00 11. tkod Vehicles 26,47,535.00

3,90,17,080.42 12. eÚd5f|;eH5f :. 3,51,74,635.89

Furniture / Fixture etc.

4,86,52,061.64 13. JDr rln' Other Assets —w;f;8&v Schedule 'D'± 8,54,60,116.87

793,47,41,129.19 Lh,n Total 816,68,60,336.88

39 tk tkÚ7h Jotkg 2010-11 13

6j5kghç'. 6m;dg dk. ƒhkf' ç'. 8fx u. okw6l ç'. qkw,6kolq dk. cdhtbl ç'. xßkkÍkr e. hkaVl ç'. t6jsfkt u. Mafxjb ç'. Ja∆g J. a;nrkfç'. fal8 o. 3jua ç'. 6mfl8 x. 1ksôvl ç'. 6m;dg 5j. h6qlhf6Ô. Jk8kgsk 5j. 6kshf ç'. djxôakf t. okldfkt —^t’Ÿs 6j5kgh± ç'. fSdkhf am. xlt0l —^t’Ÿs s= 6j5kgh±

ç'. ad∆3 t. 6kyfl —^t’Ÿs s= 6j5kgh± ç'. ;t(tk6 J. ;gukbl —6lth 6j5kgh±


31-3-2010 y5P Expenditure 31-3-2011

52,80,96,911.01 1. ;xglgl Trk3 Interest Paid 46,00,48,901.31

52,80,72,875.01 1. Vlt'tf'g Trk3 Interest on Deposits 45,82,07,921.45

24,036.00 2. qkolf'g h3kPtf'g Trk3 Interest on borrowings 18,40,979.86

15,955.24 2. ;xglgl h;a8d Commission Paid 6,958.18

5,95,97,193.87 3. tlsd> 1ßkl t 6lth y5P 8,10,85,977.45

Salary, Allowances & Staff Expenses

4,63,226.39 4. 6j5kgh ajb0 61k 1ßkl t 6j5kghK5k tkod :. y5P 3,97,853.75

Board Meeting Allowances & Director's Conveyance etc.

6,17,878.85 5. ˜tk6 y5P Travelling Expenses 7,36,279.56

1,91,64,147.53 6. 1kbl> hf> t'3> ;tak t :jcd y5P 2,25,86,080.14

Rent, Taxes, Electricity, Insurance & Fuel Expenses

74,05,823.00 1. 1kbl Rent 90,98,631.00

11,10,466.00 2. hf Taxes 12,52,755.00

36,49,614.50 3. t'3 Electricity 44,17,531.00

66,71,714.00 4. ;tak Insurance 73,74,048.14

3,26,530.03 5. 3d6lv :jcd Genset Fuel 4,43,115.00

27,73,284.50 7. w∆^vl3> vl;ge∆d t ô;frf 26,60,441.26 Postage, Telephone & Courier

28,49,543.93 8. amên> glyd6kau]' t 3k;ofks 29,30,009.95

Printing, Stationery & Advertisements

17,70,107.00 9. Jk{b'v e' Audit Fees 13,40,000.00

40,977.00 10. h∆vP t h3P t6mg' Court & Loan Recovery 28,576.00

--- 11. qmb's t 6j8r's h3P fky't ;dc' —Ld.w'.L.± --- Provision for BDDR (nPA)

--- 12. akdh …3xu'tf'g sfs,x 18,00,000.00

Provision for Standard Assets

2,40,00,000.00 13. Jkrhf sfs,x Provisions for Income Tax 4,17,00,000.00



;xdKh 31-3-2011 Jylf%rk t7kP5l dek-sklvk wÍkh

PROFIT & LOSS ACCOUnT FOR ThE yEAR EnDED On 31-3-2011

31-3-2010 MSwDd Income 31-3-2011

68,88,81,363.80 1. ˜kWs Trk3 Interest Received 74,76,63,232.40

46,33,74,822.74 1. h3kPtf'g On Loans & advances 48,71,89,985.47

22,55,06,541.06 2. umjstnmh'tf'g On Investments 26,04,73,246.93

4,73,129.56 2. ˜kWs gk1K8 Dividend Received 45,512.18

13,500.00 8lJ6P umjstnmh'tf on Shares Investments 11,250.00

4,59,629.56 JDr umjstnmh'tf on Other Investments 34,262.18

65,37,416.31 3. ˜kWs h;a8d Commission received 52,84,260.04

2,51,53,739.85 4. JDr MSwD∂ Other Income 1,92,03,286.78

--- 1. 1ku tuP 8mGh Share Transfer Fees 240.00

16,74,495.09 2. gk{hf 1kbl Locker Rent 18,36,690.13

2,99,265.66 3. h3P J3P ;tè' Sale of Loan Forms 2,65,756.02

1,46,38,260.17 4. 6ltk t JDr ˜1kf 1,53,03,744.92

Service & Other Charges

68,88,500.00 5. f∆yl ;tè'tf'g dek Profit on sale of Securities 10,76,000.00

3,01,531.05 6. q“…hu t dk{d q“…hu …3xu'%rk ;tè'tf'g dek 53,097.00

Profit on Sale of Banking & Non Banking Assets

13,51,687.88 7. JDr MSwD∂ Miscellaneous Income 6,67,758.71

3,08,18,426.00 5. umjstnmh 5B-Mskf ;dc's,d tuP --- Transfer from Investment Fluctuation Reserve


39 tk tkÚ7h Jotkg 2010-11 15

31-3-2010 y5P Expenditure 31-3-2011

63,93,89,225.32 qlf'3 aku'g wkdktÏd Brought Forward 61,53,21,077.60

30,000.00 14. JDr sfs,x' --- Other Provisions

1,89,76,208.84 15. i6kfk> xmƒ^s' t xly1kg 1,50,78,495.77

Depreciation, Repairs & Maintenance

1,13,34,964.83 16. JDr y5P Other Expenses 1,29,76,049.63

75,04,608.00 17. umjstnmh'tf'g ;df^s J;ca,Gr 75,04,608.00

Amortised Premium on Investments

3,08,18,426.00 18. umjstn,h i6kfk ;dc' 1,26,47,774.00

Investment Depreciation Reserve

--- 19. f∆yl ;tè'tf'g s∆vk 4,65,000.00

Loss on sale of securities

7,91,683.63 20. q“…hu t dk{d q“…hu …3xu'%rk ;tè'tf'g sklvk 4,33,928.57

Loss on sale of Banking &

non Banking Assets

--- 21. LgJkr6' f3k dux'hfn u]mw rkl3dlJjsuPs Jj8xkd 45,16,387.00

Contribution for Group Leave Encashment

Scheme of LIC

4,30,18,958.90 22. ;dTt0 dek net Profit 10,32,52,970.83

75,18,64,075.52 Lh,n Total 77,21,96,291.40


swk6gl Jkol t qf∆qf Jkol. ak2l ^tsjÍk Jotkgk6 Jdm6ƒd>

al. 8/gl8 Jkwvl J{Nb J6kl;6Lv t/ck;dh glyk wf’_h

6m1lxkf tkn' 8fx q. uj3'tkgl J;dg 1. ukbtl 6fTrt^zkwh MwkCr_ JCr_

;xdKh 31-3-2011 Jylf%rk t7kP5l dek-sklvk wÍkh

31-3-2010 MSwDd Income 31-3-2011

75,18,64,075.52 qlf'3 aku'g wkdktÏd Brought Forward 77,21,96,291.40

75,18,64,075.52 Lh,n Total 77,21,96,291.40

39 tk tkÚ7h Jotkg 2010-11 17

6j5kghç'. 6m;dg dk. ƒhkf' ç'. 8fx u. okw6l ç'. qkw,6kolq dk. cdhtbl ç'. xßkkÍkr e. hkaVl ç'. t6jsfkt u. Mafxjb ç'. Ja∆g J. a;nrkfç'. fal8 o. 3jua ç'. 6mfl8 x. 1ksôvl ç'. 6m;dg 5j. h6qlhf6Ô. Jk8kgsk 5j. 6kshf ç'. djxôakf t. okldfkt —^t’Ÿs 6j5kgh± ç'. fSdkhf am. xlt0l —^t’Ÿs s= 6j5kgh±

ç'. ad∆3 t. 6kyfl —^t’Ÿs s= 6j5kgh± ç'. ;t(tk6 J. ;gukbl —6lth 6j5kgh±

PROFIT & LOSS ACCOUnT FOR ThE yEAR EnDED On 31-3-2011


Sr.no. Particulars Amount in.....

1. Telephone Bills Payable 1,13,836.00

2. Electricity Bills Payable 2,14,200.00

3. Rent & Tax Payable 77,000.00

4. Statutory Audit Fee Payable 6,94,890.00

5. TDS Payable 1,27,601.00

6. Income Tax Provision 4,34,74,455.00

7. Bonus Payable 69,939.00

9. NHB Subsidy Payable 18,58,677.00

9. Differed Tax Liability - DTL (NET) 25,69,029.00

10. Provision for Advt Expenses 1,90,000.00

11. Retention Money Payable 7,38,509.00

12. Provision for Other Expenses 53,000.00

Total 5,01,81,136.00

Sr.no. Particulars Amount ins.

1. The Maharashtra State Co-operative Bank Ltd., Mumbai 13,000.00

2. Maharashtra State Urban Co-operative Bank Ltd., Mumbai 10,000.00

3. Pune District Central Co-operative Bank Ltd., Pune 1,50,000.00

Total 1,73,000.00

Schedule A Provisions for Other Liabilities

Schedule B Investments in Shares of Co-operative Institutions

Sr.no. Particulars Amount ins.

1. Head Office & Godown 64,88,975.00

2. Ganesh Peth Branch 39,88,517.68

3. Fursungi Branch 5,58,666.00

4. Somwar Peth Branch 24,84,934.00

Total 1,35,21,092.68

Schedule C Land & Building

39 tk tkÚ7h Jotk© 2010-11 19

Sr.no. Particulars Amount inRs.

1. Stamps on Hand 1,10,334.00

2. Stationery on Hand 20,33,957.95

3. Difference in Clearing Receivable 2,20,000.00

4. Deposit with MSEB 4,51,010.00

5. Deposit with Telecom Dept. 1,83,381.00

6. Deposit for Premises 33,19,690.00

7. Other Deposits 3,000.00

8. Festival Advance 3,09,500.00

9. General Stamp Franking Advance 50,71,917.00

10. Corporation Tax Paid in Advance 14,096.00

11. Advance Income Tax 4,40,00,000.00

12. TDS from Interest on Investment 6,08,712.00

13. TDS Receivable - Other 53,618.00

14. Prepaid Insurance 64,25,253.40

15. Prepaid Other Expenses 13,40,707.91

16. Service Tax Receivable 50,726.61

17. FBT - Refund Receivable 39,543.00

18. Income Tax Refund Receivable 40,29,084.00

19. Deferred Gratuity Premium 1,30,98,483.00

20. Misc. Receivable 40,97,103.00

Total 8,54,60,116.87

Schedule D Other Assets

10.25%6tP6kakDr Vlt'xkfkj6kV'

10.50%#rl&V dku;fhK6kV'

X R>odtdarc AmH$f©H$ Ï`mOXa X

I. SIGnIFICAnT ACCOUnTInG POLICIES

1. Accounting Convention :

The Financial Statements have been prepared

following the going concern concept on a

historical cost basis under accrual system of

accounting and conform to the generally

accepted accounting practices and applicable

statutory provisions to co-operative Banks in

India otherwise stated.

2. Use Of Estimates:

The presentation of financial statements, in

conformity with generally accepted accounting

principles, requires management to make

estimates and assumptions that affect the

reported amounts of assets and liabilities,

revenue and expenses and disclosure of

contingent liabilities at the date of the financial

statements. Actual results could differ from

those estimates. Management believes that the

estimates used in the preparation of the financial

statements are prudent and reasonable. Any

revisions to the accounting estimates are

recognized prospectively in the current and

future periods.

3. Investments :

3.1 Investments other than in those held against

Term Deposits with Banks / Institutions /

Mutual Fund and shares of Co-op

Institutions are classified into “Held For

Trading” (HFT), “Available for Sale” (AFS),

and “Held To Maturity” (HTM) “ categories in

accordance with Reserve Bank of India

(RBI) guidelines on Classification and

Valuation of investments for Primary

(Urban) Co-operative Banks.

3.2 Investments under Held to Maturity category

are carried at Book Value. The premium

paid, if any, on the investments under this

category is amortised over the residual life

of the security.

3.3 Investments under Available for Sale

category are valued scrip-wise at lower of

Cost or Market Value. Net depreciation, if

any under each classification has been

provided for, net appreciation, if any, has

been ignored.

3.4 Market Value, where market quotes are not

available, is determined on the basis of the

“Yield to Maturity” (YTM) method as

indicated by Primary Dealers Association of

India (PDAI) jointly with the Fixed Income

and Money Market Derivatives Association

of India. Appreciation / Depreciation are

aggregated for each class of securities and

net depreciation in aggregate for each

category as per RBI guidelines is charged to

Profit and Loss Account. Net appreciation, if

any, is ignored.

3.5 The Bank is not holding any investments

under Held for trading category.

4. Advances:

4.1 The classification of advances into

Standard, Sub-standard, Doubtful and Loss

assets as well as provisioning on Standard

Advances and Non-Performing Advances

has been arrived at in accordance with the

Income Recognition, Assets Classification

and Provisioning Norms prescribed by the

Reserve Bank of India from time to time till

date.

4.2 The unrealized interest in respect of

advances classified as Non-Performing

Assets is disclosed as “Overdue Interest

Reserve” as per Reserve Bank of India

directives.

5. Fixed Assets And Depreciation:

5.1 Premises, Furniture & Fixture, Plant &

Machinery and Capital Expenditure on

Rental premises are depreciated on Written

down Value method.

5.2 Computers & peripherals are depreciated

on Straight Line method @ 33.33% as

directed by RBI.

5.3 Depreciation on assets acquired prior to 1st

October is provided for the whole year

otherwise the same are depreciated at 50%

of the normal rates.

5.4 None of the fixed assets is revalued during

the year.

6. Revenue Recognition :

Income is accounted on accrual basis. However,

income on Non-Performing Assets is recognized


on realization, as per Reserve Bank of India

directives.

Unrecovered Interest of newly classified NPA

accounts is reversed in current year.

Commission on Letters of Credit / Guarantees,

locker rent is accounted on period basis. The

commission & locker rent received in advance is

shown as liability.

Dividends received from shares of co operative

institutions is accounted on receipt basis.

7. Employee Benefits :

7.1 Payment of Provident Fund is made to the

Commissioner for Provident Fund at rates

prescribed in the Employees Provident

Fund and Misc. Provisions Act, 1952 and is

accounted for on accrual basis.

7.2 Bank has accounting policy for leave

encashment on accrual basis as per

actuarial valuation given by LIC of India.

7.3 Bank has taken Insurance policy from LIC

and is maintaining fund under trust deed

with LIC for gratuity payments to

employees. The premium / contribution paid

to LIC to meet gratuity liability is debited to

Profit & Loss A/c. However as per RBI

circular dated 24.5.2011, the total liability of

gratuity for the year 2010-11 is amortised

over 5 years from 2010-11 and onwards.

Hence 1/5 of total liability is debited to P/L

account and 4/5 of liability is shown under

differed gratuity payment under “Other

Assets”

8. Taxes on Income:

8.1 Provision for Current Tax is made on the

basis of estimated taxable income for the

year in accordance with the provisions of

Income Tax Act, 1961, and rules framed

there under.

8.2 Deferred Tax:

Deferred tax is calculated at the rates and

the laws that have been enacted or

substantially enacted as of the Balance

sheet date and is recognized on timing

differences that originate in one period and

are capable of reversal in one or more

subsequent periods. Deferred Tax Asset is

recognized only to the extent that there is

reasonable certainty that the assest would

be realized in future.

9. Provisions, contingent liabilities and

contingent assets :

A provision is recognised when the Bank has a

present obligation as a result of past event

where it is probable that an outflow of resources

will be required to settle the obligation, in

respect of which a reliable estimate can be

made. Provisions are not discounted to its

present value and are determined based on best

estimate required to settle the obligation at the

Balance Sheet date. These are reviewed at

each Balance Sheet date and adjusted to reflect

the current best estimates.

10.Segment Reporting :

Bank has not yet adopted segment reporting as

per AS 17.

11. Deposit for Services :

The Deposit for Services like Telephone, Telex,

Electricity, etc. paid to the concerned authorities

are shown as other assets.

II. nOTES FORMInG PART OF ThE

ACCOUnTS FOR ThE yEAR EnDED

MARCh 31,2011.

1. Investments:

1.1 During the year, Bank has sold securities

held under AFS category. The profit of

Rs. 10,76,000/- and loss Rs. 4,65,000/- on

the sale has been credited to Profit & Loss

A/c in accordance with RBI guidelines.

1.2 Fixed Deposits with other Banks include

deposits aggregating to Rs. 2417.99 lakhs

lodged as margin money to secure overdraft

limits / issuance of guarantees in respect of

correspondent business.

2. Fixed Assets & Depreciation:

2.1 Bank has not presented the value of gross

block of fixed assets and depreciation to

comply with the disclosure requirements of

Accounting Standard 10.

39 tk tkÚ7h Jotk© 2010-11 21

3. Prior Period Items:

3.1 Bank has paid ex gratia of Rs. 37.81 lakhs

for the year 2009-10 in current year.

Provision for the same was not made in the

year 2009-10.

3.2 Bank has reversed OBC commission

related to FY 2009-10 of Rs. 2.02 lakhs in

the current year.

3.3 Bank has reversed interest income of

Rs. 28.94 lakhs pertaining to previous

year(s) after classifying new NPA accounts

as per RBI directives.

4. Employee Benefits – AS15 (Revised):

4.1 Bank has contributed Rs. 11,56,689.00 (P.Y.

Rs. 10,65,117.00) towards Provident Fund.

4.2 Bank has opted Group Gratuity scheme &

Group Leave Encashment scheme of LIC of

India to comply with AS 15. Bank pays the

premium of these schemes as may be

conveyed by LIC on the basis of actuarial

valuation. In the current year, Bank paid

Rs. 45,16,387 towards Group Leave

Encashment. Bank has accounted and paid

premium of Group Gratuity scheme of

Rs. 1,63,73,104.00. However as per RBI

guidelines Rs. 32,74,621.00 are debited to

Profit & Loss Account and balance amount

of Rs. 1,30,98,483.00 is shown as deferred

gratuity premium under head ‘Other Assets’.

This deferred premium will be amortised in

next four years.

5. Related Party Disclosures:

The Bank is a co-operative society under

the Multi-State Co-operative Societies Act,

2002 and there are no Related Parties requiring

a disclosure under Accounting Standard

18 issued by the Institute of Chartered

Accountants of India other than Key

Management Personnel, viz Mr. Satish

Balkrishna Gandhe (from 01.04.2010 to

31.05.2011), Mr. Subhedar Bahirappa Wani

(from 01.06.2010 to 31.03.2011), the Chief

Executive Officers of the Bank for 2010-11.

However in terms of RBI circular dated March

29, 2003, CEO being a single party coming

under the category, no further details therein

need to be disclosed.

6. Computer Software

(AS26- Intangible assets):

(.... in lakhs)

31.03.2011

Gross Block Opening Balance 153.20

Add: Additions during the year 15.15

Less: Write off / Sale -

Total Gross Block Closing Balance 168.35

Amortisation Opening Balance 141.14

Add: Additions during the year 10.93

Less: Write off / Sale -

Total Amortisation 152.07

Net Closing Balance 16.29

Computer software is amortised @ 33.33% on

straight line method as per the directives of RBI.

7. Impairment of Assets :

There is no material impairment of any of assets

in the opinion of the Bank and as such no

provision under AS 28 issued by ICAI is

required.

8. Provisions, Contingent Liabilities and

Contingent Assets:

8.1 All guarantees are sanctioned to customers

with approved credit limits in place. Liability

thereon is dependant on terms of

contractual obligations, devolvement,

raising of demand by concerned parties and

the amount being called up. These amounts

are collateralized by margins, counter-

guarantees and secured charges.

8.2 Four cases have been filed against Bank by

ex-employees and Eight cases by

borrowers and others. The liability

contingent thereon is not quantifiable at

present.

9. Previous years figures are regrouped or

rearranged wherever necessary to conform to

the presentation of the current year.


39 tk tkÚ7h Jotk© 2010-11 23

ThE VIShWEShWAR SAhAKARI BAnK LTD., PUnE

CASh FLOW STATEMEnT FOR ThE PERIOD EnDED 31/03/2011

PARTICULARS2010-11

Rs. in Lacs Rs. in Lacs Rs. in Lacs

CASH FLOW FROM OPERATING ACTIVITIES

Net Profit as per Profit & Loss A/c 1,032.53

Add:-

Depreciation 139.07

Premium Amortisation 75.05

Loss on sale of securities 4.65

Loss on sale of banking & non banking assets 4.34

Standard Asset provision 18.00

Investment Depreciation Reserve 126.48 367.58

Less:-

Profit on sale of securities 10.76

Profit on sale of Banking & non banking assets 0.53 (11.29)

CASH FLOW FROM OPERATIVE ACTIVITIES BEFORE 1,388.82

CHANGE IN WORKING CAPITAL

Changes in Working Capital

Increase in Deposits 2,063.27

Decrease in Other Liabilities (549.22)

Increase in Loans & Advances (4,226.17)

Increase in Investmetns (813.33)

Increase in Other Assets (402.88)

Net increase in reserves 6.97 (3,921.37)

nET CASh FLOW FROM OPERATInG ACTIVITIES (2,532.55)

CASh FLOW FROM InVESTInG ACTIVITIES

Purchase of Fixed Assets (112.73)

Sale of Fixed Assets 7.83 (104.90)

CASh FLOW FROM FInAnCInG ACTIVITIES

Increase in Share Capital 141.72

Dividend Paid (205.13) (63.41)

nET InCREASE/(DECREASE) In CASh AnD (2,700.85)

CASh EQUIVALEnT

CASh AnD CASh EQUIVALEnT AT ThE BEGInnInG OF 8,133.78

ThE yEAR

Cash in Hand 663.98

Cash at bank 1,969.01

FD's with Bank 5,500.78

CASh AnD CASh EQUIVALEnT AT ThE EnD OF ThE yEAR 5,432.93

Cash in Hand 1,024.80

Cash at bank 1,401.21

FD's with Bank 3,006.92


ThE VIShWEShWAR SAhAKARI BAnK LTD., PUnEDisclosure norms in terms of RBI circular dt. 30th October, 2002

( in Lacs)

Sr. No. Particulars 31.03.2010 31.03.2011

1 Movement of CRAR

a Capital Tier 1 4196.90 4790.46

b Capital Tier 2 231.87 573.75

c Total of Tier 1 and Tier 2 Capital 4428.77 5364.21

d Total Risk Weighted Assets 34010.66 38071.64

e Capital to Risk Assets Ratio 13.02% 14.09%

2 Investments

a Book Value 26793.30 27412.74

b Face Value 26829.00 27328.60

c Market Value 26440.08 26809.29

3 Advances Against

a Real Estate 156.85 276.72

b Construction business 1961.44 4259.58

c Housing 4397.97 3984.09

4 Advance against Shares & Debentures NIL NIL

5 Advances to Directors,Their relatives, companies firms

in which they are interested:

a Fund-based

i Outstanding at the beginning of the year 2.22 14.28

ii Additions during the year* 19.31 23.89

iii Recovery during the year 7.25 10.01

iv Outstanding at the end of the year 14.28 28.16

b Non-fund based ( Guarantees, L/Cs ects.) 0 0

*Amount pertains to loans sanctioned to Staff Directors and loans

sanctioned to Director against Term Deposits, Stock & Debtors,

Property, Plant & Machinery

6 Average Cost of Deposits 8.13% 6.55%

7 nPAs

a Gross NPAs 1095.88 989.28

b Net NPAs 0 0

8 Movement In nPAs

I Gross NPAs

a Opening Balance 470.27 1095.88

b Additions during the year 804.00 810.16

c Less : Closed / Recovered / Written Off 178.39 916.76

d Closing Balance 1095.88 989.28

II Net NPAs

a At the beginning of the year 0 0

b at the end of the year 0 0

39 tk tkÚ7h Jotk© 2010-11 25

Sr. No. Particulars 31.03.2010 31.03.2011

9 Profitability :

a Interest income as a percentage of avg. working funds 9.50% 9.53%

b Non- Interest income as a percentage of avg. working funds 0.44% 0.31%

c Operating profit as a percentage of avg. working funds 0.92% 2.03%

d Return on Avg. Assets 10.19% 10.18%

e Business( Deposits + Advances) Per employees 405.39 427.35

f Profit per employee 2.51 5.95

10 Provision made towards:

a NPAs 0.00 0.00

b Depreciation in Investments 308.18 126.48

11 Movement in Provisions:

a Towards NPA

Opening Balance 1223.00 1223.00

Provisions during the year 0.00 0.00

Less : Closed / Recovered / Written Off 0.00 0.00

Closing Balance 1223.00 1223.00

b Towards depreciation on Investments


Additions during the year 308.18 126.48


c Standard Assets


Additions during the year 0.00 18.00


12 Movement in Investment Depreciation Reserve


Transfer from current year 308.18 126.48


13 Movement in Investment Fluctuation Reserve


Proposed appropriations 68.88 368.93

Transfer from Building fund 0 255.00


14 Foreign Currency Assets & Liabilities NA NA

15 DICGC premium paid upto Sep-10 Sep-11

16 Income from other than Banking Business 17.16 12.18

a Commission of Insurance 14.98 5.47

b Commission on Pan Card Services 0.38 1.21

c Commission on General Stamp Franking 1.80 5.50



Disclosure as per RBI Master Circular no. UBD. BPD. ( PCB). MC. nO. 8/16.20.000/2006-2007 dated 12th July, 2006

i) Issuer composition of non- SLR Investments ( ... in Lacs)

Extent of Extent of Extent ofbelow Unrated Unlisted

no Issuer Amount investment Securities Securitiesgrade

Securities

1 2 3 4 5 6

1 PSUs 2749.60 0 0 02 Fls 0 0 0 03 Nationalised Banks 0 0 0 04 Other 1.73 0 1.73 1.735 Provision Held towards Depreciation 0 0 0 0

Total 2751.33 0.00 1.73 1.73

ii) non Performing non -SLR Investments ( ... in Lacs)

Particulars Amount

Opening Balance 0.10

Additions during the year since 1st April 0.00

Reductions during the above period 0.00

Closing Balance 0.10

Total Provision held 0.10

iii) Repo Transaction :- not Applicable

iv) Interest Rate Future ( as per RBI Circular UBD(PCB)BPD Cir no. 17/13.01.2000/2009-10 October 28, 2009)The bank has not undertaken any transaction during the Financial year 2010-11

SME Debt

Particulars housing Loans Restructuring Others

Standard advances restructured No. of Borrowers NIL NIL NIL Amount outstanding NIL NIL NIL Sacrifice NIL NIL NIL (diminution in the fair value)

Sub Standard advances restructured No. of Borrowers NIL NIL NIL Amount outstanding NIL NIL NIL Sacrifice NIL NIL NIL (diminution in the fair value)

Doubtful advances restructured No. of Borrowers NIL NIL NIL Amount outstanding NIL NIL NIL Sacrifice NIL NIL NIL (diminution in the fair value)

TOTAL No. of Borrowers NIL NIL NIL Amount outstanding NIL NIL NIL Sacrifice NIL NIL NIL (diminution in the fair value)

39 tk tkÚ7h Jotk© 2010-11 27

akdh Trt6k;rh ãknó (Standard Business Parameters)

—smgdkSah Comparative±

J.è. sw8'g 31.3.2010 31.3.2011

1. 1Kbtg wrkPWssk umn∆ßkf µ 13.02 14.09

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Lh,n 14.28 23.89 28.16 0

6j5kgh t dksltk"h rKdk ;xglGrk h3kP5' ak;os't7P 2010-2011

As per Multistate Co-op. Societies Act 2002 Sec 39(3)

— gkyks±

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PROPOSED AMEnDMEnTS

TO ThE ByE-LAWS


Multistate Bank

29

Sr. Bye-law

Clause

Existing Bye-laws Bye-law

Clause

Bye-law after amendment. Reason for

amendment.

A B C D E F

1 1 iv) The area of the operation of the bank shall

extend to the whole territorial jurisdiction of

State of Maharashtra and State of Karnataka.

1 iv) The area of operation of the Bank shall extend

to the entire territorial jurisdiction of State of

Maharashtra and State of Karnataka.

To suit the wording.

2 -- 1 iv) For any amendment in this regard, a prior

permission of the Central Registrar of Co-

operative Societies is necessary.

No provision in the

existing text.

3 2 a) “Act” means the Multi State Cooperative

Societies Act, 2002 as amended time to time

2 a) “Act” means the Multi State Cooperative

Societies Act, 2002 as amended from time to

time.

to suit the wording

4 2 c) “Central Registrar”, means the Central

Registrar of Cooperative Societies appointed

under the provisions of the MSCS Act;

2 c) “Central Registrar”, means the Central

Registrar of Cooperative Societies appointed

under the Provisions of MSCS Act, 2002.

The year of Act is

placed

5 2 i) “Chief Executive means Chief Executive/

Managing Director, by whatever name may

be called, of the Bank.

2 i) “Chief Executive Officer means Chief

Executive Officer/ Managing Director, by

whatever name he may be called, of the Bank;

appointed by the Board of Directors. If no

Managing Director is appointed, then the

General Manager appointed by the Board of

Directors shall be the Chief Executive Officer.

other officers

6 2 j) “Person” means an adult individual

proprietary concern, partnership firm duly

registered under the Indian Partnership Act

1932, company, or any other body corporate

constituted under the law for the time being

in force, society registered under the

Societies Registration Act of 1860. State

Government and Public Trust registered

under any law for the time being in force for

registration of such trusts subject to

amendment in the Act

2 j) Person means an adult individual competent to

contract under Section 11 of the Indian Contract

Act, 1872 (9 of 1872), the proprietor in his

individual capacity, partnership firm duly

registered under Indian Partnership Act, 1932,

Company or any other corporate body

constituted under the Law for the time being in

force, Society under the societies registration

Act,, 1860, the Government and the Public

Trust registered under any Law for the time

being in force

To get clear idea with

reference to contract

Act and incorporate

other class of bodies

corporate

7 2 k “Officer” means a President, Vice-President,

Chairperson, Vice-chairperson, Managing

Director, Secretary, Manager, Members of

the Board, Treasure, Liquidator, an

Administrator appointed under Sec. 123 and

includes any other person empowered under

Multi State Cooperative Societies Act or the

rules or the Bye-laws to give direction in

regard to business of the Bank

2 k “Officer” means a President, Vice-President,

Chairperson, Vice-chairperson, Managing

Director, Chief Executive Officer, General

Manager, Joint General Manager Deputy

General Manager, Assistant General Manager,

Secretary, Manager, Members of the Board,

Treasure, Liquidator, an Administrator

appointed under Sec. 123 and includes any

other person empowered under Multi State

Cooperative Societies Act or the rules or the

Bye-laws to give direction in regard to business

of the Bank

Office word added

and inserted those

officers who are

authorised by board

to carry out to work

of Chief Executive

Officer.

8 2 l) “Member” means a cooperative

society/individual that is admitted as

member of the society and continues to be so

for the time being;

2 l) “Member” means a cooperative

society/individual/corporate body that is

admitted as member of the society and

continues to be so for the time being;

In consonance with

definition of person,

class of corporate

body is added in

member definition

9 2 m) “Nominal” member means a person who has

been admitted as a nominal member or

associate member under the bye-law of the

society.

2 m) “Nominal” member means a person who has

been admitted as a nominal member under the

bye-law of the society

Associate member is

different from

nominal member

hence it is deleted

form from definition

10 2 p) “Cooperative Society” means a cooperative

society registered or deemed to be registered

under any law relating to cooperative

societies for the time being in-force in any

State or Union Territory;

2 p) “ Cooperative Society” means a cooperative

society registered or deemed to have been

registered under any law relating to cooperative

societies for the time being in-force in any State

or Union Territory;

grammatical

correction

11 2 q) “Federal Cooperative” means a federation of

cooperative societies registered under the

MSCS Act and whose membership is

available only to a cooperative society or a

Multi State Coop. Society

2 q) “Federal Cooperative” means a federation of

cooperative societies registered under the

MSCS Act, 2002 and whose membership is

available only to a cooperative society or a

Multi State Coop. Society; which undertakes

Banking business.

the Federation is

required to be related

with banking hence

added

12 2 r) A “Cooperative Bank” means a multi state

cooperative society which undertakes

banking business;

2 r) A Co-operative Bank means a Co-operative

Society, registered or deemed to have been

registered under the relevant law of co-

operative societies and carries on Banking

business as contemplated under the provisions

of Banking Regulation Act 1949.

Definition is made

more clear

30

13 2 s) “Reserve Bank” means the Reserve Bank of

India constituted under the RBI Act 1934 – 2

of 1934;

2 s) “Reserve Bank” means the Reserve Bank of

India constituted under the RBI Act 1934 (2 of

1934);

bracket was not

printed

14 2 u) “Defaulter” means a member who has

defaulted in payment of any kind of dues

payable to the society;

2 u) “Defaulter” means a member who has defaulted

in payment of any kind of dues payable to the

society; in the capacity of borrower or guarantor

The definition is

widened

15 2 w) “Area of Operation” means the area from

which the persons can be admitted as

members of the society

2 w) “Area of Operation” means the area from which

the persons can be admitted as members of the

Bank.

To suit phrase

16 2 X

xiii)

Central Government means The Government Of

India

Addition

17 2 xiv) Employee means an individual who is engaged

by the Bank in its employment by giving

specific order to that effect.

Definition is added

18 2 xv) Notification means a notification published in

the official Gazette by The Government Of

India.

Definition is added

19 2 xvi) Representative means an individual, appointed

nominated or delegated by a partnership firm, a

private/public Limited Company registered

under the Companies Act, a Registered

Charitable Trust, a co-operative Institution or

any other Institution, who is a partner, Director,

Trustee, member or Officer of such

Organization.

Definition is added

20 2 xvii) 2 xvii) State Government means Government of all

States and Union Territories where the Bank

has its area of operation

Definition is added

21 3 ii - 3 To lend or to advance money either upon or

without security to members and others as

permitted by Reserve Bank of India

3 ii - 3 To lend or to advance money either upon or

without security to members and others as

permitted by Reserve Bank of India and under

the provisions of Multi-State Co-operative

Societies Act, 2002.

To have clarity in the

clause

22 3 ii - 6 To buy and sell foreign exchange including

foreign bank notes and to undertake full-

fledged foreign exchange business subject to

the condition that the bank obtains the

approval of Reserve Bank of India and/or the

Department of Economic Affairs, Ministry

of Finance, Govt. of India

3 ii - 6 To buy and sell foreign exchange including

foreign bank notes and to undertake full-fledged

foreign exchange business

The Banking business

includes these

activities hence

subject clause is

removed.

26 3 ii - 7 To acquire, to hold, to issue on commission

to underwrite and to deal in stocks, funds,

shares, debentures, bonds, obligations,

securities and investment of all kinds

3 ii - 7 To acquire, to hold, to issue on commission to

underwrite and to deal in stocks, funds, shares,

debentures, debentures stock, bonds,

obligations, securities and investment of all

kinds

debenture stock word

was not there hence

added

27 3 ii -

14

To effect to insure, to guarantee, to

underwrite, to participants in managing and

carrying out any issue, public or private, of

State Municipal or other loans or of shares,

stocks, debentures, debenture stock of any

company, corporation or association and to

lend money for the purpose of any such issue

3 ii - 14 To effect to insure, to guarantee, to underwrite,

to participants in managing and carrying out

any issue, public or private, of State Municipal

corporation, company, co-operative society or

association or other loans or of shares, stocks,

debentures, debenture stock of any company,

corporation or association and to lend money

for the purpose of any such issue

To bring more clarity

in to clause

28 3 ii -

15

To acquire, to construct, to maintain and to

alter any building or works necessary or

convenient for the purposes of the Bank

3 ii - 15 To acquire, to construct, to maintain, to sell and

to alter any building, equipment, furniture,

fixtures or works necessary or convenient for

the purposes of the Bank

To make this clause

exhaustive addition is

made

29 3 ii -

16

To manage, to sell and to realize any

property which may come into the

possession of the Bank in satisfaction or part

satisfaction of any of its claims

3 ii - 16 To manage, to sell and to realize any property

which may come into the possession of the

Bank either in full or part satisfaction of any of

its claims.


30 3 ii -

17

To open branches, extension counters and

offices, with the permission of the Reserve

Bank of India wherever necessary within the

area of operation of the Bank so as to

provide banking services

3 ii - 17 To open branches, extension counters, pay

offices, ATM Centers and any other offices,

with the permission of the Reserve Bank of

India wherever necessary within the area of

operation of the Bank so as to provide banking

services to the public


31 3 ii -

24

To Grant loans to Co-operative Housing

Societies for temporary period pending

reimbursement from the Maharashtra Co-

Operative Housing Finance Society Ltd.,

LIC, Government, Semi-Government

3 ii - 24 To Grant loans to Co-operative Housing

Societies for temporary period pending

reimbursement from the Maharashtra Co-

Operative Housing Finance Society Ltd., LIC,

Government, Semi-Government Institutions or

The wrong word

permanent was typed

which in fact

‘project’ hence

correction.

Sr. Bye-law

Clause


Clause


amendment.

31

Institutions or other financing agencies

and/or to grant loans to such societies on a

permanent basis as may be permitted by the

Reserve Bank of India

other financing agencies and/or to grant loans to

such societies on a project basis as may be

permitted by the competent authority.

32 3 ii -

33

To accept funds or to borrow funds on behalf

of the Bank maximum up to Rs.25.00 Crores

(Rupees Twenty Five Crores Only) or 25%

of the paid-up Share Capital whichever is

less by way of issuing unsecured,

subordinated, non-convertible, redeemable

debentures / bonds or such other instruments

from members subject to RBI approval.

3 ii - 33

----

This provision is

redundant hence

deleted

33 3 Objects & Functions 3 ii - 34 To establish, to support or to add in

establishment and support of Associations,

Institutions, funds, Trust and conveniences

calculated to the benefit of members,

employees/ex-employees of the Bank or the

dependants or connections of such persons and

to grant pensions

The provision was

missing

34 3 ii - 35 To provide all financial, technical, legal data

base services, computer based and allied

services to members, depositors, customers,

public institutions, banks and associate

concerns

The provision was

missing

35 4 (i) Any person who resides within the area of

operation of the Bank and who genuinely

need the services provided by the Bank and

whose interest does not conflict with the

interest of the Bank

4 (i) Any person who resides or is engaged in any

occupation, profession or business within the

area of operation of the Bank and who

genuinely need the services provided by the

Bank and whose interest, business, occupation

does not conflict with the interest of the Bank


4 (ii) - h Proprietary concern in proprietor’s individual

capacity,

Provision was

missing

36 4 (ii) - i Partnership firm duly registered under the

Indian Partnership Act, 1932;

Provision was

missing

37 4 (ii) - j Company or any other corporate body

constituted under the law for the time being in

force;

Provision was

missing

38 4 (ii) - k Society registered under the Societies

Registration Act, 1860;

Provision was

missing

39 4 (v) No employee of the Bank shall be eligible to

become a member.

It was missing and an

employee cannot

become a member.

40 5 Bank may, in the interest of promotion of the

business of the society, admit a person as

nominal member or associate member on

payment of fee of Rs 25/-only. Provided that

such members will not be entitled to

subscribe to the share capital of the Bank.

They will not be allowed to have any interest

in the management of the Bank including

right to vote, contest election as director of

the board or participate in the general body

meetings of the Bank

5 (i) Any person who is co-parcener or who

desires to stand as a surety for a

borrowing member of the bank or who

desires to borrow occasionally as

permitted by the Reserve Bank of India

and provided under the Act, Rules and

bye-laws may be enrolled as a nominal

member upon his application in the

prescribed form and on payment of non-

refundable entrance fee and also annual

nominal membership fee, both to be

decided by the Board of Directors from

time to time;

(ii) A nominal member shall cease to be a

nominal member when all liabilities

against him/ her as a borrower or as a

surety are fully discharged or

consequential responsibility or liability of

particular transaction for which he/ she

admitted as a nominal member is over;

(iii) The nominal member shall not be

entitled-

a. to receive a share certificate,

b. to receive audited accounts and

annual report,

c. to attend, participate and to vote in the

General/ Special General Meeting of

the Bank,

d. to receive dividend, and to contest and

vote in the election of the board

The Provision is

ambiguous hence it is

deleted and new

provision is made

which is in

consonance with law,

rules.

Sr. Bye-law

Clause


Clause


amendment.

32

41 6 The application for membership of the Bank

shall be submitted by the applicant to the

Chief Executive of the Bank in the

prescribed form. To become a member a

person has to subscribe at least sixty shares

and also to make full payment for the same

along with Admission fee of Rs 25/-

6 The application for membership of the Bank

shall be submitted by the applicant to the Chief

Executive (Officer) of the Bank in the

prescribed form. To become a member a person

has to subscribe at least sixty shares (such

number of shares as may be decided by the

board of directors in consultation with General

Body from time to time and also to make full

payment for the same along with Admission fee

of Rs 25/- (as decided by the Board of Directors

from time to time).

Provision is made if

the board of Directors

enhances or reduces

the number of shares

they should do it.

42 6 (a)-

ii)

He has paid admission fee of Rs 25/- and

subscribed at least 60 shares of the bank

6 (a)-

ii)

He has paid admission fee of Rs 25/- (as

decided by the Board of Directors from time to

time) and subscribed at least 60 (such number

of shares as may be decided by the board of

directors in consultation with General Body

from time to time) shares of the bank

Provision is made if

the board of Directors

enhances or reduces

the number of shares

they should do it

43 6 (b) -

iv)

No person shall be eligible for admission as

a member of the Bank if he:

6 (b) -

iv)

has become insane Addition

44 8 Consolidation of shares:

The Board may, on application, by a

Member:

(i) approve conversion of shares allotted to it

or a part thereof into those of other

denominations subject to such conditions as

the Board may decide to impose;

(ii) consolidate all or some of the partly paid

shares already allotted to member

8

-----

The provision is

redundant and not

required

45 9 Disqualifications of membership:

No person shall be eligible for being or

continuing as a member of the Society if:

9 Disqualifications of membership :

No person shall be eligible for being or

continuing as a member of the Bank if:

The word bank is

substituted.

46 9 a) his business is in conflict or competitive with

the business of the society; or

9 a) his business is in conflict or competitive with

the business of the (Bank ); or

The word bank is

substituted.

47 9 b) he did not attend the three consecutive

general meetings and such absence was not

condoned by the 2/3rd majority of the

members attending the meeting; or

9 b) he has not attended the three consecutive

general meetings and such absence was not

condoned by the 2/3rd majority of the members

attending the meeting; or

Grammatical error

48 10 (vi) dissolution or liquidation in case of a Firm or a

Company or other Corporate body.


in to phrase

49 13 c) Right to attend and take active part in the

proceedings of the committee;

13 c) Right to attend and take active part in the

proceedings of the general meeting

words were missing

50 16 i) A member shall subscribe to minimum of 60

numbers of shares and 100% of share value

shall be paid at the time of application along

with admission fee. Provided that this shall

not be applicable to the existing members of

the Bank.

16 i) A member shall subscribe to minimum of 60

numbers of shares (such number of shares as

may be decided by the board of directors in

consultation with General Body from time to

time) and 100% of share value shall be paid at

the time of application along with admission

fee. Provided that this shall not be applicable to

the existing members of the Bank.

Maximum subscription to shares shall be as per

directions of Reserve Bank of India or any other

Controlling Authority

Provision is Made

empowering the

Board of Directors to

increase or reduce

number of shares to

be held by member.

51 19 ii) If any certificate be worn out, defaced,

destroyed or lost, a new share certificates

may be issued in lieu thereof on payment of

a fee of 10/- per share certificate. It shall,

however, be necessary to produce evidence

to the satisfaction of the Board of Directors

that the share certificates were worn out,

defaced, destroyed or lost, or in absence of

such evidence, on such indemnity as the

Board of Directors may deem sufficient

19 ii) If any certificate be worn out, defaced,

destroyed or lost, a new share certificates may

be issued in lieu thereof on payment of a fee of

10/- per share certificate or as decided by the

Bank from time to time. It shall, however, be

necessary to produce evidence to the

satisfaction of the Board of Directors that the

share certificates were worn out, defaced,

destroyed or lost, or in absence of such

evidence, on such indemnity as the Board of

Directors may deem sufficient

To have clarity

addition is made.

52 21 Nomination

A member may nominate a person to receive

the member’s interest in the society after

his/her death. Nomination shall be made in

the prescribed form and entered in the

21 Nomination

A member may nominate a person to receive

the member’s interest in the society after his/her

death. Nomination shall be made in the

prescribed form and entered in the special

Revocation of

nomination was not

provided hence it is

added

Sr. Bye-law

Clause


Clause


amendment.

33

special register kept at the society’s

registered office. Prior approval of the Board

shall be necessary if the person to be

nominated is an employee of the Bank

register kept at the Bank’s registered office.

Prior approval of the Board shall be necessary if

the person to be nominated is an employee of

the Bank.

Nomination can be revoked and fresh

nomination made any number of times after due

intimation to the Bank in writing and on

payment of prescribed fee as decided by the

Bank from time to time

53 22 Death of a Shareholder

On death of a shareholder, the Bank may pay

to the person or persons nominated a sum

representing the value of the shareholder’s

interest in the Bank within six months from

the death of the shareholder. In the absence

of nomination, the Bank may pay to such

person or persons as may appear to the

Board of Directors to be entitled to receive

the same as heir or legal representative of the

deceased shareholder on his or their

executing an appropriate deed of indemnity

in favour of the Bank.

22 Death of a Member

On death of a member, the Bank may pay to the

person or persons nominated a sum representing

the value of the shareholder’s interest in the

Bank within six months from the death of the

shareholder. In the absence of nomination, the

Bank may pay to such person or persons as may

appear to the Board of Directors to be entitled

to receive the same as heir or legal

representative of the deceased shareholder on

his or their executing an appropriate deed of

indemnity in favour of the Bank

To remove

inconsistency

54 23 Lien on Shares, Dividends and Deposits

The Bank shall have the first and paramount

lien or charge upon all the shares, dividends

and deposits of any member of past member

for all moneys due from him to the Bank

from time to time. The Bank may at any time

set off any sum credited by or payable to the

member or past member towards payment of

any liability of such

23 Lien on Shares, Dividends and Deposits

The Bank shall have the first and paramount

lien or charge upon all the shares, dividends and

deposits, all goods, vehicles, immovable

property etc. already hypothecated/mortgaged

to the Bank for whatsoever reason of any

member of past member for all moneys due

from him to the Bank from time to time. The

Bank may at any time set off any sum credited

by or payable to the member or past member

towards payment of any liability of such

member as past- member

Provision is made

broad

55 24 (i) admission fee; 24 (i) entrance fee to apply correct word

56 24 (xii) external commercial borrowings Provision was

missing

57 24 (xiii) floating secured/unsecured bonds Provision was

missing

58 24 (xiv) refinance/letter of credit Provision was

missing

59 24 (xv) issue of non-convertible debentures or other

instruments

Provision was

missing

60 24 (xvi) any other means as may be permitted by R.B.I.

and/or Central Registrar from time to time

Provision was

missing

61 27 a) To read and confirm the Minutes of the

previous General Meetings

Provision was

missing

62 27 m) Expulsion of members 27 m) Expulsion of members if any for better clarity

63 27 n) List of employees who are relatives of

members of the board or of the Chief

Executive

27 n) List of employees who are relatives of members

of the board or of the Chief Executive Officer

word was missing

64 27 r) Consider the statement showing details of

loans or goods on credit if any given to any

director or to the spouse of the director or

his/her son or daughter during the preceding

year or outstanding against any of them

27 r) Consider the statement showing details of loans

or goods on credit if any given to any director

or to the spouse of the director or his/her son or

daughter or relatives as specified under Sub-

section 3 of Section 39 during the preceding

year or outstanding against any of them

To make the

provision very clear

65 31 c) The notice of the Annual General Meeting

shall be accompanied by a copy of each of

the audited balance-sheet, profit and loss

account together with the auditors report

relating to the preceding year and the report

of the Board of Directors thereon,

amendment to bye-law, if any and election to

Board of Directors, if any

31 c) The notice of the Annual General Meeting shall

be accompanied by a copy of Agenda of the

meeting, abridged audited balance-sheet, profit

and loss account together with the auditors

report relating to the preceding year and the

report of the Board of Directors thereon,

amendment to bye-law, if any and election to

Board of Directors, if any

To make the

provision very clear

66 32 (vii) The adjourned meeting will transact its

regular business even without the quorum

being present at the meeting

32 (vii) --- This provision is

redundant hence

deleted

67 33 (ii) Co-opted Expert Directors two, (As per the

Reserve Bank of India directions, it is

obligatory to have two Reserved Seats for

the members with suitable banking

33 (ii) On the Board of Directors 1 (one) seat shall be

reserved for employee’s Representative. The

seat so reserved shall be filled by nomination

made by the union approved by the Board. If

Provision of

employees

representative was

missing.

Sr. Bye-law

Clause


Clause


amendment.

34

experience (at middle/senior management

level) or with professional qualification in

the fields of law, accountancy or finance on

the Board of Directors of the Bank.

Accordingly, in case of none of the fifteen

directors elected by the shareholders of the

Bank are having suitable banking experience

and/or with suitable professional

qualifications as per the Reserve Bank of

India directions, then two persons with

suitable banking experience and /or with

relevant professional qualifications shall be

co-opted by the Board of Directors as per

Bye laws.)

there be no such union approved by the Board,

the member representing such employees may

be nominated by the Board. However, any

employee nominated as a member on the Board,

shall not be entitled to be elected as

Chairperson or Vice-Chairperson or to be

entitled to vote at any election of Chairperson

or Vice-chairperson. Notwithstanding anything

contained in these byelaws, the tenure of this

employee representative shall be co-terminus

with the tenure of the Board of Directors

In addition to elected directors, the Board of

Directors may co-opt 2 Directors from

amongst economists, co-operators, Chartered

Accountants, from Banking field etc. However

such co-opted Directors shall not be entitled to

vote at the meeting of the Board of Directors or

shall not be entitled to be elected as

Chairperson or Vice-Chairperson.

Notwithstanding anything contained in these

byelaws, the tenure of the co-opted directors

shall be co-terminus with the tenure of the

Board of Directors

The provision was

ambiguous hence

constructed afresh

brining out clear idea

on to co-option of 2

directors.

68 34 (i) The Board of Directors shall meet at least

once in every month

34 (i) The Board of Directors shall meet as often as is

necessary to transact business and at least once

in every month

To bring clarity

69 35 Term of the Board of Directors:

The term of the office of the elected

Members of the Board of Directors shall be 5

years from the date of election. The elected

members of the Board shall be eligible for

re-election

35 Term of the Board of Directors:

The term of the office of the elected Members

of the Board of Directors shall be 5 years from

the date of election. However, the elected

members shall continue to hold office till their

successors are elected or nominated under the

provisions of the Act/ Rules and Bye-Laws and

assume charge of their office. The elected

members of the Board shall be eligible for re-

election.

The provision was

missing regarding

caretaker board of

Director during the

period.

70 36 (i) To admit members 36 (i) To consider applications for membership

allotment, transfer of shares and resignations

Missing Word

inserted

71 36 (vi) To appoint, suspend or remove the Chief

Executive and such other employee of the

Bank as may be prescribed

36 (vi) To appoint, suspend or remove the Chief

Executive Officer and such other employee of

the Bank as may be prescribed

Missing Word

inserted

72 36 (vii) To make provisions for regulating the

appointment of the society and the scales of

pay, allowances and other conditions of

service, including explanatory action against

such employees

36 (vii) To make provisions for regulating the

appointment of other salaried employees and

the scales of pay, allowances and other

conditions of service, including explanatory

action against such employees

Missing word

inserted.

73 36 (xxi) To enter into participation and consortium

arrangements with any commercial or co-

operative bank and financial corporation for the

purposes of granting loans and advances and to

determine the terms and conditions of

participation/ consortium

Provision was

missing hence added

74 36 (xxii) to consider the settlement proposals, to modify,

alter, delete and add to the terms and conditions

governing the outstanding loans, overdrafts,

cash credits and advances from constituents

Provision was

missing hence added

75 36 (xxiii) To invest Bank’s funds in permissible securities

and to determine policy of the investment from

time to time

Provision was

missing hence added

76 36 (xxiv) To consider proposals for opening branches,

extension counters, pay offices and ATM

Centres

Provision was

missing hence added

77 36 (xxv) To institute, defend, conduct, compromise,

abandon or withdraw any legal proceedings

including criminal proceeding by or against the

bank or the Board or its officers or employees

and to delegate those powers and authorise to

the Chief Executive Officers and or any other

officer of the bank in this behalf

Provision was

missing hence added

78 36 (xxvi) To delegate powers and authorise the Chief

Executive Officer and or any other officer of

the bank to open and operate bank accounts or

Provision was

missing hence added

Sr. Bye-law

Clause


Clause


amendment.

35

deposit accounts with any bank or financial

institution and to authorise the officers of the

bank to deal with the same

79 37 d) holds any office or place of profit under the

Bank; provided that the Chief Executive or

such full time employee of the Bank as may

be notified by the Central Government from

time to time or a person elected by the

employees of such Bank to represent them

on the board of such Bank shall be eligible

for being chosen as, or for being, a member

of such Board

37 d) holds any office or place of profit under the

Bank; provided that the Chief Executive Officer

or such full time employee of the Bank as may

be notified by the Central Government from

time to time or a person elected by the

employees of such Bank to represent them on

the board of such Bank shall be eligible for

being chosen as, or for being, a member of such

Board

Missing word placed.

80 42 i) He shall preside over the meeting of the

general body, Board of Directors and

executive committee

42 i) He shall preside over the meeting of the general

body, Board of Directors and executive

committee; and to supervise the general

working of the bank;

Addition just to

include the

functioning of the

Chairman.

81 44 Chief Executive

The Managing Director shall be the Chief

Executive of the Bank and shall be appointed

by the Board and shall aid and assist the

Board of Directors in its functions. He shall

be member of all the committees,

subcommittees and sub-groups of the Board

of Directors as may be constituted

44 Chief Executive:

The Managing Director shall be the Chief

Executive Officer of the Bank and shall be

selected and appointed by the Board and shall

aid and assist the Board of Directors in its

functions who shall be a full time salaried

employee of the Bank. He shall be member of

all the committees, subcommittees and sub-

groups of the Board of Directors as may be

constituted.

To make it provision

clear.

82 45 (i) To assist the Board of Directors in the

formulation of policies, objectives and

planning

45 (i) To assist the Board of Directors in the

formulation of policies, objectives and

planning; and to furnish the board periodical

information necessary for appraising the

operations and functions of the Bank

To make it status of

Chairman lucid.

83 45 (xii) To appoint such personnel in the Bank as

may be approved by the Board of Directors

45 (xii) To appoint such personnel in the Bank as may

be approved by the Board of Directors; and to

allot work amongst them and supervise and

control their working and work

To make provision

exhaustive

84 45 (xiv) To maintain a list of members correct and

up-to-date

45 (xiv) To maintain a list of members correct and up-

to-date; and to receive applications for

membership and for additional shares and place

the same before the Board of Directors with his

recommendations and report

To make provision

exhaustive

85 45 (xxii) To represent the Bank in legal matters/

proceedings, to delegate the powers to any of

his subordinating Officer and to appoint the

person to sue or to be sued on behalf of the

bank

Functions are inserted

which were missing.

86 45 (xxiii) to do be responsible for day-to-day

management of the business of the Bank

Function are inserted

which were missing.

87 47 ix) -

2)

Loans and Advances may be granted to non-

members against the security of their term

deposit with the bank

The Provision was

missing.

88 48 The total amount of share capital held by a

member will, however, have to be within the

limits laid down by Reserve Bank of India

from time to time

48 The total amount of share capital held by a

member will, however, have to be within the

limits laid down by Reserve Bank of India from

time to time and no member other than the

authorities referred in clause (c) to (g) of sub-

section (1) of section 25 of the MSCS Act,

2002, shall hold more than one-fifth of the total

share capital of the Bank

The Provision of

restriction on holding

was missing.

89 49 i. Transfer at least 25% of net profit to the

reserve fund;

49 i. Transfer at least 25% of net profit to the

Statutory reserve fund

word was missing

90 55 i. The accounts of the Bank shall be audited by

an auditor appointed from the panel of

auditors approved by the Central Registrar or

from a panel of auditors, if any, prepared by

the Bank at least once in each year and the

remuneration of auditors shall be fixed by

the Bank Audit Committee

55 i. The accounts of the Bank shall be audited by an

auditor appointed from the panel of auditors

approved by the Central Registrar or from a

panel of auditors, if any, prepared by the Bank

at least once in each year and the remuneration

of auditors shall be fixed by the Bank Audit

Committee The remuneration of auditors shall

be fixed by the Central Registrar or the Bank, as

the case may be, as per section 70 of MSCS

Act, 2002

This provision was

missing

Sr. Bye-law

Clause


Clause


amendment.

36

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