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Dhanlaxmi Bank Ltd.

BSE: 532180 Sector: Financials
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OPEN 12.33
VOLUME 44908
52-Week high 18.10
52-Week low 10.50
P/E 108.36
Mkt Cap.(Rs cr) 302
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 12.33
CLOSE 11.97
VOLUME 44908
52-Week high 18.10
52-Week low 10.50
P/E 108.36
Mkt Cap.(Rs cr) 302
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Dhanlaxmi Bank Ltd. (DHANBANK) - Director Report

Company director report

Dear Shareholders

It gives the Board pleasure to place before you the highlights of your Bank'sperformance during the financial year 2020-21. Details of the achievements and initiativestaken by the Bank are provided in the 94th Annual Report of the Bank along withthe Audited Balance Sheet as at March 312021 and the Profit and Loss Account for the yearended on that date.

Performance Highlights

The salient features of the Bank's performance for the financial year ended March312021 are:

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

• Total business of the Bank improved to '18834 crore as on 31st March2021 from '17703 crore as on March 312020 registering a growth of 6.39%.

• Bank's Total Deposits recorded a growth of 7.41% and touched '11712 crore as onMarch 312021 from '10904 crore as on March 312020. CASA portfolio of the Bank grew by20.28% during the year and reached to '3908 crore which was at '3249 crore as on 31stMarch 2020. Bank's CASA to total deposits percentage improved to 33.37%.

• Bank could grow the Gross Advances to '7122 crore against '6799 crore in theprevious year registering a growth of 4.75%. The growth in Bank's Retail advance was19.91% and reached to '3608 crore as on 31st March 2021.

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

• Bank's Non-Interest income increased to '141.48 crore as on 31stMarch 2021 from '112.85 crore as on 31st March 2020 registering a growth of25.37%.

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

• CRAR improved to 14.47% as on 31st March 2021 against 14.41% as on31st March 2020.

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

Bank's Geographical Spread

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

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

- Bank has 257 ATMs and 17 Business Correspondents as on March 312021

Capital and Reserves

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

Total Business

The Total Business of the Bank as on 31.03.2021 stood at '18834 crore as against'17703 crore as on 31.03.2020.


The Total Deposits of the Bank stood at '11712 crore as on 31.03.2021 against '10904crore as on 31.03.2020.

Gross Advances

The Bank's Gross advance stood at '7122 crore as on 31.03.2021 against '6799 crore ason 31.03.2020.


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


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

Non-Performing Assets

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

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

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

Vision & Mission

Our Vision: "Banking on Relationships forever".

Our Mission: To Become a Strong and Innovative Bank with Integrity and SocialResponsibility to Maximize Customer Satisfaction as well as that of the EmployeesShareholders and the Society

Customer Service

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

The Customer Service Committees comprising of Bank personnel as well as ourconstituents monitors the implementation of customer service measures periodicallyCustomer Service Committee of the Board has been formed at the apex level and at branchesalso for monitoring service quality and bringing about improvements in this area on anongoing basis The Bank has a 24x7 Phone Banking Call Centre at Thrissur to cater tocustomer needs across the country

During the financial year 2020-21 the Bank received 15178 complaints as against atotal of 12821 complaints received in the previous financial year

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

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

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

• To further augment customer safety in cheque payments a mechanism of PositivePay (for all cheques of value '50000 and above) was introduced

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

1 Moratorium on Term Loans

2 Deferment of Interest on Working Capital Facilities

3 Easing of Working Capital Financing

4 Credit card dues

• Dhanam SarvSuraksha Life insurance coverage to the female members of the SelfHelp Groups (sponsored by Mannam Social Service Society) who avails loan from our BankIn case of unfortunate death of the borrower customer due to an accident or naturalreasons this policy will provide financial protection of upto '100000/-

One of the significant achievements of Bank was the seamless upgradation of Bank's CoreBanking System (CBS) to latest version of Flexcube a product of M/s Oracle FinancialServices Software Ltd Flexcube migration was completed along with integration of numerousperipheral/critical applications to the new version of Core Banking Bank has up-gradedthe infrastructure of Net/Mobile Banking platform to the next level which is highly secureand developed on latest technology to provide better service to customers with flexibilityfor Bank to offer more products on Net/Mobile Banking platform

Investor Education and Protection Fund

The Bank transferred the entire pending unclaimed dividend amount to the InvestorEducation and Protection Fund (IEPF) during the financial year 2018-19 There was noamount of dividend pending to be transferred to fund in the financial year 2020-21Interms of Section 124 (6) of the Companies Act 2013 read with Investor Education andProtection Fund Authority (Accounting Audit Transfer and Refund) Rules 2016 as amendedfrom time to time it may be noted that if the dividends have been unpaid or unclaimed forseven consecutive years or more the underlying shares shall be transferred to the IEPFDemat Account maintained with depositories Upon transfer of such shares to IEPF accountall benefits (eg bonus spilt etc) if any accruing on such shares shall also becredited to the IEPF Demat Account and the voting rights on such shares shall remainfrozen till the rightful owner claims the shares The members/claimants whose sharesunclaimed dividend etc have been transferred to IEPF authority may claim the shares orapply for refund by making an application to IEPF authority as per the procedureprescribed in the IEPF Rule

Listing on Stock Exchanges

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

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

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

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

Number of complaints filed during the financial year - Nil

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

Particulars of employees

The Bank has no employee whose particulars are required to be given in terms of Section197 of the Companies Act 2013 read with Rule 5 (2) of Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014.

The ratio of the remuneration of each Director to the median employees' remunerationand other details in terms of Section 197 (12) of the Companies Act 2013 read with Rule5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014are annexed to this report.

Green Initiatives in Corporate Governance

As a responsible corporate citizen the Bank supports and pursues the 'GreenInitiative' of the Ministry of Corporate Affairs ("MCA"). In conformance withsuch initiatives and in terms of Rule 18 of the Companies (Management and Administration)Rules 2014 the Bank may give notice through electronic mode including e-mail to thoseMembers who have provided their e-mail address either to their Depository Participants(DPs) or to the Registrar/Company Due to the outbreak of Covid-19 and in compliance withguidelines issued by MCA and the Securities and Exchange Board of India (SEBI) the Noticeof 94th Annual General Meeting along with the requisite Explanatory Statement and theAnnual Report of the Bank for the financial year 202021 including Audited FinancialStatements Directors' Report Auditors' Report etc. for the year ended March 312021will be sent only to the e-mail address registered with their DepositoryParticipant(DP)/Registrar/Company and no physical copies will be sent via post. The e-mailaddresses indicated in respective DP accounts which will be periodically downloaded fromNSDL/ CDSL will be deemed to be their registered e-mail address for serving notices/documents including those covered under Section 136 of the Companies Act 2013. In case aMember whose e-mail address has changed fails to update the new e-mail address the saiddocuments will be sent to the existing e-mail address and the said documents will bedeemed to have been delivered in compliance with the relevant provisions of the CompaniesAct 2013 the relevant Rules made there under and the Listing Regulations. Member whohave not yet registered their e-mail address are requested to do so at the earliest. Incase of shares held in electronic form and in case of any change in the e-mail addressMembers are requested to update the same with their DP and in case of shares held inPhysical form Members are requested to update the same with the RTA/Company.

Please note that the said documents will also be uploaded on the Bank's website inv_financials.aspx and copies thereof willbe made available for inspection at the Registered Office of the Bank during 10.00 a.m. to3.00 p.m. on all working days except Saturdays Sundays Bank Holidays and Public Holidaysup to the date of ensuing Annual General Meeting.

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


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

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

Changes in the Board during the year

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

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

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

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

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

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

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

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

Composition of Audit Committee

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

Declaration by Independent Directors

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

Policy on appointment and remuneration of Directors

The Nomination & Remuneration Committee recommends theappointment/reappointment/continuation of Directors to the Board after conducting duediligence of the Directors on the basis of the "fit & proper" criteriaprescribed by RBI along with the provisions of the Companies Act 2013 Securities andExchange Board of India (Listing Obligations and Disclosure Requirements) Regulations2015 and the Nomination Policy approved by the Board. The Board will take the appropriateaction based on the recommendations of the Nomination & Remuneration Committee.

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

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

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

• Ensuring that the person does not attract any disqualification as per theBanking Regulation Act 1949 RBI guidelines Companies Act 2013 and Securities andExchange Board of India (Listing Obligations and Disclosure Requirements) Regulations2015;

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

• Professional knowledge and experience;

• Experience in the field of banking/finance sectors;

• Interest in NBFCs and other entities;

• Relatives connected with the Bank;

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

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

• Professional achievements relevant to the office of Directorship;

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

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

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

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

The objectives of the Compensation Policy of the Bank inter-alia includes to provide afair and persistent basis for motivating inspiring and rewarding the employeesappropriately according to their jobs/role size performance accomplishmentscontribution skill aptitude and competence to implement standards on sound compensationpractices and incentives and to provide effective governance of compensation payable tothe employees alignment of compensation with prudent risk taking and effectivesupervisory oversight. The disclosure requirement of the remuneration is separatelyprovided in "Disclosure under Basel III norms."

The Board considers the recommendations of the Nomination & Remuneration Committeeand approves the remuneration with or without modifications subject to regulatoryapprovals. The remuneration payable to Whole-time Directors/MD & CEO is subject toprior approval of the Reserve Bank of India (RBI). Therefore the remuneration or anyrevision in remuneration to Whole-time Directors/MD & CEO is payable only afterreceipt of the approval from RBI.

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

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

The Remuneration Policy of the Bank is hosted on the website of the Bank policyaspx.

Board Level Performance Evaluation

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

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

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

• Attendance at Board and various Committee meetings;

• Participation and contribution in Board and Committee meetings;

• Composition of the Board and its diversity;

• Roles of various Committees of the Board;

• Compliance and understanding of regulatory requirements;

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

• Updation of Knowledge and familiarization programmes conducted for Directors;

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

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

• Understanding by individual Directors for their roles and responsibilities asDirector;

• Contributions towards the performance and strategies of the Bank;

• Conduct of Meetings;

• Professionalism in the Board and Committees

Changes in Key Managerial Personnel (KMP)

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

Secretarial Auditors and Secretarial Audit Report

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

Corporate Governance

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

Number of Board Meetings

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

Annual Return

Pursuant to Section 92 (3) of the Companies Act 2013 and Section 134 (3) (a) theAnnual Return is hosted on the Banks website at financials. aspx.

Related Party Transactions

The Bank has adopted the "Policy on Materiality of Related Party Transactions andDealing with Related Party Transactions" in accordance with the provisions of theCompanies Act 2013 and the Securities and Exchange Board of India (Listing Obligationsand Disclosure Requirements) Regulations 2015. The Policy is hosted on the website of theBank investor_relations/inv_stat_policyaspx.

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

Material Changes and Commitments affecting Financial Position of the Bank

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

Subsidiary Companies

The Bank does not have any subsidiary companies.

Strictures and Penalties

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

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

Management Discussion and Analysis Report

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

Directors' Responsibility Statement

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

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

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

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

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

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

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

Business Responsibility Report

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


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

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