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I am pleased to report that during the year 2012–13 (FY13), Bank of Baroda not only displayed its resilience to extreme challenges and volatilities in the Indian economy, but also attained the leadership spot in the nationalised banking segment in terms of overall business level.
It is appropriate at the outset to review the business environment within which your Bank operated during the year under review.
During FY13, the Indian economy witnessed the slowest growth in a decade combined with elevated inflation. The real GDP growth more than halved from 9.2% in Q4, FY11 to 4.5% in Q3, FY13 – the lowest in 15 quarters. The sharp slowdown in industry and services reflected several factors including domestic policy uncertainties, lagged impact of earlier monetary tightening and slackening of external demand. The moderation in agriculture growth accentuated the growth prospects as well as inflationary expectations. Though headline inflation (WPI–based) started moderating in H2, FY13, from a range of 7.5–8.1% in first half of FY13 to 5.96% in March 2013, the retail (CPI–based) inflation remained sticky at the double–digit level led by elevated food inflation. Despite the deteriorating growth scenario, the RBI cautiously managed the growth–inflation dynamics by reducing the Repo Rate and SLR by 100 basis points each and CRR by 75 basis points, albeit in a gradual fashion.
Apart from the slowing growth, the India economy witnessed serious external sector imbalance with current account deficit (CAD) touching an all time high of 6.7% in Q3 FY13 on account of growing trade deficit primarily led by subdued exports growth and high oil & gold imports. Notwithstanding the high level of CAD, the rupee–dollar exchange rate remained range bound due to the healthy portfolio and ECB inflows.
Given the all round weakness in the economy, the deposit and credit growth of scheduled commercial banks (SCBs) remained lackluster throughout the year. Given the high level of retail inflation rate, the SCBs had to offer high deposit rates so as to protect their deposit base against a backdrop of attractive gold and other investments. Despite this, the deposit growth lagged behind the credit growth by 250 to 300 bps throughout the year. Additionally, the banks faced heightened asset quality concerns as the corporate sector faced investment slowdown and stalled projects, while the government sector compressed its expenditure to achieve fiscal consolidation.
Bank of Baroda: Resilience through Difficult Times
Despite such adverse macro backdrop, your Bank added further strength to its business during FY13 and emerged as the largest nationalized bank in terms of global business in the Indian banking space. The Global Business of your Bank increased by 19.3% (y–o–y) to Rs 8,02,069 crore from Rs 6,72,248 crore between end–March 2012 and end–March 2013.
Moreover, it managed to garner its aggregate deposits at an above industry average rate of 23.1%, notwithstanding the alternative attractive investment opportunities in the form of physical assets. Its Global CASA (Low–cost) Deposits grew by 15.9% (y–o–y) to Rs 1,19,981 crore in FY13 with the Share of Domestic CASA staying at 30.4%.
Your Bank's Total Income registered a decent growth of 17.3% (y–o–y) and reached the level of Rs 38,827.28 crore in FY13 boosted by 18.6% growth in Interest Income and 6.1% growth in Other (Non–Interest) Income. Despite limited deployment opportunities, your Bank's Net Interest Income (NII) increased by 9.7% (y–o–y) to Rs 11,315.26 crore.
Your Bank managed to grow its credit portfolio by 14.2% with a balanced mix of loans to large & mid corporates, MSME, retail and agriculture sectors. As in the past, your Bank's Asset Quality ratios were the lowest in the large–sized PSU banking segment with Gross NPA at 2.40% and Net NPA at 1.28%.
Your Bank's Operating Profit (Gross Profit) remained in positive growth zone despite a significant industrial slowdown during FY13. It grew by 4.9% (y–o–y) in the year FY13 to Rs 8,999.15 crore. The Net Profit for FY13 was lower at Rs 4,480.72 crore versus Rs 5,006.96 crore in FY12 on the back of higher provisions against the NPAs.
Your Bank continued with its prudent approach of maintaining higher provision coverage ratio. Its Loan Loss Coverage Ratio was at a relatively higher level of 68.24% as on 31st March, 2013, compared to its peers from the PSU banking segment.
As in the past, your Bank's Overseas Operations continued to remain the mainstay of its business. During FY13, they contributed 29.4% to the Bank's Total Business, 24.6% to its Operating Profit and 34.2% to its Core Fee income.
Your Bank's capital strength added to its overall soundness. Its CRAR (BASEL–II) stood at 13.30% and Tier–I capital at 10.13% as on 31 st March 2013. Your Bank is well capitalized not only for achieving its growth aspirations but also for achieving capital requirements for BASEL–III compliance.
Strategic initiatives during FY13
Since its foray into international arena in the year 1953, your Bank has been consistently expanding the network to tap the business opportunities overseas. This year the Bank's 100th overseas office at DIFC, Dubai was inaugurated by the Hon'ble Union Finance Minister, Government of India to commemorate this historic moment. As on 31st Mar, 2013, the Bank had operations in 24 countries with 100 offices. These 100 offices comprised of 60 branches of the Bank, 39 branches of its overseas subsidiaries and one representative office. Your Bank's wide international presence provides it with significant risk–diversification benefits across the globe. During FY13, your Bank opened 12 new branches/ offices (including those of the subsidiaries). These were opened at Sydney, Australia; DIFC, Dubai, Sohar, Oman; Rose Belle, Mauritius and Electronic Banking Service Unit (EBSU) at DMCC, Dubai. In addition, the Joint Venture Bank in Malaysia – 'India International Bank (Malaysia) Bhd. also commenced operations during the year under review.
As stated earlier, India entered FY13 faced with a depressed macro–economic environment, which gave rise to the problem of rising delinquencies and loan defaults. To address these concerns, your Bank further stepped up its credit monitoring process by taking several initiatives in identifying the incipient sickness/potential default/ weaknesses in the advance accounts for taking corrective actions including restructuring in deserving cases, for prevention of slippages and maintaining good asset quality. The Monthly Monitoring Report (MMR) format in respect of advance accounts with "fund plus non–fund based" exposure of Rs 10 crore and above was introduced during the course of the year. This enabled speedy and effective monitoring of advances and ensured timely action in respect of stressed accounts. Besides, your Bank also initiated follow up actions for ensuring expeditious review of accounts, compliance of terms and conditions, up–gradation in credit rating etc. in high value advance accounts for improving the asset quality of the credit portfolio.
To address the asset quality concerns due to a fragile economic environment, your Bank continued its practice of rigorous monitoring and recovery of the NPA portfolio. It made all out efforts to maintain the asset quality by laying down a comprehensive structure of recovery and credit monitoring function at the branch, region, zone and corporate office levels. Besides this, the Nodal officers at each DRT (Debt Recovery Tribunal) centre were assigned the role of a follow–up of legal cases on day to day basis so as to minimize the delay in obtaining decrees and execution thereof in order to expedite and maximize recoveries. For Recoveries of all DRT Suit filed NPA accounts, the assets charged to the banks are now being sold through E–auction to get a fair market value of assets charged to the Bank. Your Bank continued its emphasis on follow–up mechanism to explore recovery prospects of NPA accounts. The system of monitoring the large value NPA accounts of say Rs 25 lakh and above, directly from the corporate office has ensured proactive action by branches, advocates, recovery agents, etc.
During FY13, your Bank laid specific focus on recovery of small accounts by organizing Lok Adalats and Recovery Camps at village/town level. Your Bank also launched an incentive linked recovery scheme called "Sankalp – V", to enlist personalized attention of each and every staff member in pursuing recovery efforts of small value accounts with an outstanding up to Rs 15 lakh. The cash recovery made during the year FY13 under the scheme was satisfactory at over Rs 231 crore.
In order to improve the customer service, your Bank introduced an "online complaints" icon on the Bank's website, wherein the complainants can lodge their grievances in a simple and easy manner through multiple channels. Furthermore, your Bank installed a KIOSK –– a dedicated computer system at all Zonal Offices along with the Bank's Head Office, to enable the customers to lodge their grievances/complaints on–line.
With the purpose to accelerate credit to mid–corporate borrowers and to increase the business in this domain through specialised branches, your Bank set up a new business vertical, i.e., Mid Corporate Segment. In order to have a focused business approach for catering to the valued Mid– Corp borrowers, your Bank opened 16 Mid–Corporate branches (in the first phase) across the country. The focus has been on harnessing Large Corporate business through CFS (Corporate Financial Service) branches and Mid Corporate business through Mid Corporate Branches, thereby maximizing overall earnings from on and off balance sheet business.
In line with the announcement by the Finance Minister in his Budget speech for FY12, your Bank, co–promoted the country's First Infrastructure Debt Fund – M/s India Infradebt Limited to facilitate the flow of long term debt fund to Infrastructure sector.
In order to offer attractive returns to the depositors and also to improve the ALM (asset–liability) profiles, your Bank introduced Term Deposit Product styled as "Baroda Double Dhamaka" on 25th February 2013 offering an interest rate of 9.34% for a period of seven years, six months and five days.
Your Bank strengthened its retail portfolio by effecting major changes in its Home Loan product by increasing the maximum age from 65 years to 70 years and by easing the eligibility criterion to suit the customer requirements. Also, the maximum period of loan repayment was increased to 30 years from 25 years, thus helping borrowers to lengthen their repayment schedule. It was also decided to offer an insurance cover under the Master Group Personal Accidental Policy for home loan borrowers.
To give a boost to the MSME business, your Bank opened five new SME Loan Factories at Indraprastha (New Delhi), Anand, Bhopal, Junagarh, and Jalandhar – taking the total of SME loan factories to 52 across India. The 'loan–factory' model is a pioneering concept introduced by your Bank to ensure better quality of credit appraisal, reduced turn–around time and improved volumes – thereby enabling your Bank to increase its MSME lending without sacrificing the quality of credit.
Moreover, your Bank actively participated in various exhibitions and seminars during FY13 to build brand image of the Bank in MSME financing. Additionally, it organized an Awareness Programme in order to achieve total customer relationship through enhanced cross selling, locational meetings, and involvement of trade bodies at the national and state levels. To update the knowledge and skills of the processing and marketing officers attached to the SME factories, your Bank organized external training plus special courses at Training Centers and its own Staff College. The Bank introduced an "online loan application" for MSME borrowers and renewed a number of area specific schemes pertaining to a variety of industries across India during FY13. It also celebrated the MSME Festival during Jan–Mar 2013 to encourage staff at the SME Loan Factories and branches to re–double efforts at canvassing new business.
Your Bank introduced various strategies during FY13 to tap the emerging opportunities in rural and agriculture banking, the major ones being described below.
In order to augment agriculture advances, your Bank conducted Special Campaigns viz. Kharif and Rabi campaigns for crop loans under which the disbursements of Rs 5,284 crore and Rs 2,262 crore, respectively, were made. Another campaign for Investment Credit was also launched under which disbursements of Rs 1,096 crore were made. The Bank also organized 4,245 Village Level Credit Camps and disbursed Rs 2,922.48 crore to 2,06,375 borrowers during FY13. It identified 450 Thrust Branches across India to enhance agriculture lending which contributed 36.0% of total Agriculture outstanding as at end–March 2013.
Additionally, it formulated various Area–specific Schemes tailor–made to the local requirements, particularly where there is a concentration of activities like cold storages, poultry units, fishery etc. Suitable concessions in the rates of interest, charges, etc. were allowed under these schemes to garner maximum possible business.
Your Bank also introduced an automated loan processing system for improving the efficiency of branches in processing of loan proposals under agriculture thereby facilitating timely availability of credit to farmers in adequate quantity.
Your Bank has been actively participating in the Direct Benefit Transfer (DBT) scheme of the government and particularly shouldering this responsibility in its 45 lead districts. It made operational the Aadhaar Payment Bridge System (APBS) wherein the benefits are transferred directly into beneficiaries' accounts based on the Aadhaar number. This means the government agencies need not maintain bank details and account number of beneficiaries. To further smoothen the transactions by using the Aadhaar Enabled Payment System (AEPS) that allows online inter–operable financial transactions by PoS (Micro ATM) through the Business Correspondent of any bank using the Aadhaar authentication, your Bank has made it operational by mid–May 2013.
Your Bank continued with full vigour its drive towards Financial Inclusion. It opened 170 branches in rural operations of which 101 were opened in unbanked rural centres during FY13. It established 2,695 Ultra Small Branches across the country during the year under consideration. For MGNREGA transactions, your Bank set up a Pilot Project for Sanganer Block in the state of Rajasthan during the year and processed 9,593 transactions amounting Rs 86,54,676/–.
Under APBS, your Bank linked 1, 31,735 Adhaar Cards and provided credit to 6,635 beneficiaries amounting to Rs 49, 01,659/–.
Information Technology Structure
With the purpose to encourage alternate delivery channels, your Bank completely revamped its Internet Banking, viz., Baroda Connect (Retail portal) by enhancing its look & feel and promoting the user friendliness. Moreover, your Bank continued to add more facilities under its Internet Banking channels. Other enhanced features such as Tax payments of various States, Integration of GRIPS (Government Revenue Receipts for West Bengal), Credit to Loan accounts, Bill payments, Online donations to Prime Minister Relief Fund, India Life Insurance premium payment through e–banking, IMPS(Immediate Payment services) through e–banking were added during the year. Your Bank's Internet banking facility was made available on all Smart–phones/ tablets offering comfort of anywhere banking to its customers. Internet Banking was also extended to 13 overseas territories viz. Tanzania, Uganda, Kenya, Mauritius, Seychelles, Botswana, New Zealand, UAE, Fiji and by adding transaction–based internet banking in UK, Oman and Ghana and view–based internet banking in Australia during FY13. A view–based e–banking was also provided in all the RRBs sponsored by your Bank. In order to enhance security and confidence in the Internet Banking, your Bank introduced enhanced security features by deploying Fraud Management Solution, including two factor authentications in India and five Overseas territories viz. UAE, UK, New Zealand, Kenya and Uganda by enabling ARCOT OTP, PULL OTP and SMS OTP.
To encourage Bank customers to use Mobile Banking, your Bank added many more features viz., IMPS i.e. Immediate Payment Services Person to Account (P2A) fund transfer, enabling mobile banking application in all i–Phones and i–Pads in addition to Blackberry, Android, Windows, enabling of NUUP(National Unified USSD Platform) etc. Also, your Bank is in the process of implementing P2M (person to Merchant) fund transfer under IMPS and has acquired India First Life Insurance as the first merchant. Your Bank proposes to enable Mobile Banking application for Windows8, Implementation of Mobile banking in Uganda and UAE etc. Your Bank has also initiated implementation of Mobile banking in its sponsored RRBs.
Your Bank's ATM Switch was upgraded to a higher version along with a hardware up–gradation with many enhanced features for better performance, speedy ATM transactions and ease of ATM expansion during the year. The ATM switch was upgraded for India, UAE, Oman, Mauritius, Fiji, Tanzania, Botswana, T&T and New Zealand. Many customer–centric initiatives such as implementation of Rupay ATM Cards, Rupay POS and Rupay KCC Cards, Brown label ATMs, Collection of Insurance premium for IndiaFirst Life Insurance Policy holders through ATMs, ATM Transaction receipt printing in Hindi, Regional Language Screen selection for Gujarati, Marathi and Tamil, Talking ATMs for visually impaired persons, implementation of Fraud Management Solution in ATMs/ POS in India were added during the year. Your Bank could successfully launch the Rupay ATM and Rupay KCC cards for its RRBs also.
To enhance the security features, your Bank implemented Fraud Management Solution for Internet Banking, ATM & POS. Also, your Bank enabled the SMS Alerts delivery facility to its customers for all transactions made through alternate delivery channels and for all CBS transactions worth Rs 5000 and more. Moreover, your Bank is regularly conducting VAPT (Vulnerability Assessment & Penetration Testing) of external facing applications, e–banking log monitoring, etc. Even for the branches, your Bank heightened the security systems by enabling a Fraud Risk Management System for day–to–day monitoring of suspicious transactions at branches.
H. R. initiatives
Your Bank has adopted a very balanced people strategy to create a composite and responsible Human Resource culture in the Bank that can drive growth and also adequately face various challenges of the current times, viz. the large retirements, massive induction of talent, huge training requirements and challenges of succession and productivity.
A comprehensive HR strategy and Framework has been drawn up to take care of all these challenges in an integrated manner through a focused HR transformation project called Project SPARSH which is unique and path–breaking in the entire industry.
Your Bank has taken a major step to develop the next line of leaders for the future by putting in place a Talent Management System which proactively identifies future potential leaders to cater to the leadership gaps likely to arise in the next five years.
Your Bank has developed a scientific manpower planning model to estimate manpower needs by level, skills and by branch. It has also done a strategic workforce planning for the next few years to feed into various other HR functions like recruitment planning, career progression vacancies and postings/deployment, etc.
In order to make the large number of fresh recruits productive in the quickest possible time, your Bank has initiated a very structured "on–boarding programme" consisting of both functional and cultural components which would enable the persons to be work–ready quickly and also help in their cultural assimilation within the Bank.
Another major initiative is the Baroda Manipal School of Banking jointly taken by your Bank and Manipal Global education to train students for a banking career within your Bank on a "first–day, first–hour" productivity model. The students undergo a focused one–year programme which is tailored to the Bank's requirements and leads to the award of a post–graduate diploma in Banking and Finance, before they are absorbed in the Bank as Probationary officers.
To ensure sustainable and consistent growth, your Bank has developed a sound risk management framework so that the risks assumed by the Bank are properly assessed and monitored on a continuous basis. Your Bank's Board has put in place a robust Enterprise–wide Risk Management architecture so that the risks remain within the risk appetite defined by the Board.
While your Bank has made a successful migration to Basel II framework, with the preponderance of common equity in the tier I capital as well as total capital of the Bank, your Bank does not envisage any difficulty in implementing Basel III capital rules.
Key Achievements in FY13
In spite of the challenging business environment, your Bank ended the year under review with a satisfactory set of results.
1. Your Bank's Global Business expanded by 19.3% (y–o–y) to Rs 8,02,069 crore by end–March, 2013. Within this, the Domestic Business expanded by 17.4% to Rs 5,66,000 crore and the Overseas Business increased by 24.2% to Rs 2,36,069 crore.
2. The Global Deposits of your Bank registered a growth of 23.1% (y–o–y) to Rs 4,73,883 crore by end–March 2013. The Domestic Deposits expanded by 22.0% to Rs 3,41,706 crore, while the Overseas Deposits rose by 26.2% to Rs 1,32,178 crore.
3. Amidst aforementioned challenges, your Bank's CASA deposits increased by 15.9% (y–o–y) to Rs 1,19,981 crore.
4. The share of Domestic CASA as on 31st March 2013 stood at 30.38%.
5. Your Bank's Global Advances increased by 14.2% (y–o–y) to Rs 3,28,186 crore by end–March 2013. While Domestic Advances rose by 11.0% to Rs 2,24,294 crore, Overseas Advances surged by 21.8% to Rs 1,03,891 crore.
6. The Retail Credit of your Bank increased by 6.7% (y–o–y) to Rs 38,046 crore during FY13, of which, home Loans increased by 13.5% to Rs 16,045 crore.
7. Your Bank's SME Credit portfolio expanded by 30.3% (y–o–y) to Rs 44,974 crore by end–March 2013. While its Farm Credit remained flat at Rs 28,739 crore (primarily due to a change in regulatory definitions), its Credit to Weaker Sections increased by 7.5% to Rs 17,045 crore.
8. Your Bank's Operating Profit stood at Rs 8,999.15 crore and Net Profit at Rs 4,480.72 crore in FY13.
9. The Return on Average Assets (ROAA) stood at 0.90% in line with your Bank's guidance.
10. Despite capital infusion, the Return on Equity (ROE) was at 14.59% as at 31st Mar, 2013.
11. Your Bank managed to protect its NIM at 3.11% in Domestic Operations and at 2.66% in Global Operations during FY13.
12. Given your Bank's prudent approach, its Provision Coverage Ratio was at 68.24% as on 31st March 2013 – relatively higher in a PSU banking segment.
13. Your Bank's Capital Strength gets reflected in its CRAR (Basel ii) at 13.30% and Tier I capital at 10.13% as on 31st March 2013.
14. Your Bank's Cost–income Ratio continued to be at a relatively lower level of 39.79% for FY13.
15. While its Earnings per Share stood at Rs 108.84, its Book Value per Share stood at Rs 729.69.
Awards & Accolades
During FY13, your Bank received several awards for its excellent performance across various business and financial parameters.
These awards included– Bloomberg UTV Financial Leadership Award –Best PSU Banking; Dun & Bradstreet – Polaris Financial Technology Banking Awards; Best Public Sector Bank under the category Global Business Development–Overall Best Public Sector Bank; Banking Technology Award–2011 by IBA; Use of Technology in Training & e–learning – Winner; Best Customer Relationship initiatives – 1st Runner up; Best use of Business Intelligence – 1st Runner up; Best use of mobility tech in Banking – 2nd Runner up; Best Risk management & Security initiatives – 2nd Runner up; Business India Best Bank Award 2012; Forbes India Leadership Award – Best CEO Public Sector; CNBC TV18 – 'India Best Banks and Financial Institutions Award 2012' – Best Public Sector Bank; Best Large Bank 2012 – Business World November 26th 2012 Issue; Best Large Bank 2012 – Business Today – KPMG – December 2012; Best Public Sector Bank Award by State Forum of Bankers Club, Kerala, December 2012, at Ernakulam; Business Standard Banker of the Year (2011–12); FE Best Banks Award 2011–12 for 'Best PSU Bank' awarded by Financial Express Group; The Most Efficient Public Sector Bank by Dalal Street Investment Journal on 23/03/2013; National Award for 2011–12, conferred for excellence in the field of Khadi & village Industries by Khadi & Village Industries Commission on 3rd April,2013; "Strategic Communication and Leadership Award" by Asian Confederation of Business and World CSR Congress at Corporate Affairs Award Ceremony.
While these awards and titles mean recognition for your Bank's superior performance, they also bring more responsibility to it. The Team Baroda is aware that all stakeholders expect much more from your Bank now.
Team Baroda has to live up to these expectations and let me add that we find this an exciting challenge to meet.
Following a sharp slowdown in FY13, there are expectations of a modest recovery in FY14, with some pick–up likely in the second half of the year. There are expectations of a normal monsoon in FY14 which would positively support not just the agricultural growth but also the growth of industry. The factors like downward movement in commodity prices, easing financial conditions, the recent corrective steps taken by the government to reduce the bottlenecks in investment and a likely modest pick–up in exports suggest a relatively better economic scenario in FY14 as compared to that in FY13.
Notwithstanding the uncertainties in economic environment, your Bank will continue to grow its business sustainably even in FY14. To achieve this, you Bank would focus on people, processes and technology following a strict code of business conduct and ethics.
Your Bank is in a position of strength, driven by a strong balance sheet, good deposit franchise, rich capital adequacy, a consistent leadership and prudent risk management systems.
Bank's Corporate Goals and Strategy
For the year FY14, the motto of your Bank is designed in such a manner that it refocuses the Bank towards addressing the current concerns and ensures a strong path forward.
"BACK To BASICS" is the motto of your Bank for FY14.
"BASICS" is defined in such a manner that each letter represents the critical banking function.
B for – Business growth (to increase the market share)
A for – Asset Quality (to be kept at the highest)
S for – Solvency & Liquidity (to be maintained through proper ALM)
I for – Innovation (to be the key differentiator)
C for – Customer Centricity (to be the key driver)
S for – Systems & Procedure (to be continuously updated to support above pillars)
To further sharpen the focus, your Bank has recently created two new business verticals, notably the "Deposit Resources, Wealth Management & Marketing" and the "Government Business".
During FY14, your Bank plans to enhance its self–service channels substantially with the objective of providing world class hassle free services to its customers. It proposes to add 3,500 additional ATMs and cash dispensers plus "self–service passbook printing kiosks" in 1,500 branches and also 25,000 POS (Point of Sale) machines.
It plans to deploy 100 bunch note acceptors, 50 self–service 24x7 e–lobbies equipped with cash dispensers, cash acceptors, cheque deposit machines, internet banking kiosks, self–service passbook printing kiosks, and hotline to the Bank's contact centers. Your Bank also proposes to develop single note acceptors for cash acceptance in smaller centers.
Your Bank plans to focus on mobilizing low cost CASA deposits and balancing the credit portfolio more in favour of retail, SME and agriculture. Your Bank also proposes to focus on non–interest income and prudent control over expenses. Furthermore, the Bank would pursue prudent management of bad debts by containing slippages.
Your Bank's relatively steady performance in FY13 strongly demonstrates its intrinsic value, its resilience, its robust systems, processes and people and its sustainability, customer confidence and competitive strength. Your Bank continued to grow without losing a grip over asset quality even though the nation witnessed negative growth drivers for much of the financial year FY13.
I am confident and optimistic about the Bank's prospects as we continue to ride out the phase of economic slowdown and emerge stronger and more responsive to the nation's needs.
In this journey of your Bank, I solicit your continued cooperation and patronage.
S. S. Mundra
Chairman & Managing Director