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Indian Overseas Bank.

BSE: 532388 Sector: Financials
NSE: IOB ISIN Code: INE565A01014
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VOLUME 1443022
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OPEN 21.85
CLOSE 21.85
VOLUME 1443022
52-Week high 29.00
52-Week low 8.80
P/E 38.73
Mkt Cap.(Rs cr) 40,262
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Indian Overseas Bank. (IOB) - Auditors Report

Company auditors report

To the Members of Indian Overseas Bank

Report on the Audit of the Standalone Financial Statements

Opinion

1. We have audited the standalone financial statements of Indian Overseas Bank("the Bank") which comprise the Balance Sheet as at 31st March 2021 the Profitand Loss account and the Statement of Cash Flows for the year then ended and notes tofinancial statements including a summary of significant accounting policies and otherexplanatory information in which are included returns for the year ended on that date of20 branches audited by us 1919 branches (including 3 overseas branches and 2 RegionalOffices) audited by the Statutory Branch Auditors and l overseas branch reviewed byIndependent Auditor. The branches audited by us and those audited by other auditors havebeen selected by the Bank in accordance with the guidelines issued to the Bank by theReserve Bank of India. Also incorporated in the Balance Sheet the Profit and Loss accountand Statement of Cash Flows are the returns from 1338 branches (Including 46 RegionalOffices) which have not been subjected to audit. These unaudited branches account for9.32% of advances 23.79% of deposits 5.69% of interest income and 23.75% of interestexpenses.

2. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Banking Regulation Act1949("the act") in the manner so required for thebank and are in conformity with accounting principles generally accepted in India and:

(i) the Balance Sheet read with the notes thereon is a full and fair Balance Sheetcontaining all the necessary particulars is properly drawn up so as to exhibit a true andfair view of state of affairs of the Bank as at 31 March 2021;

(ii) the Profit and Loss Account read with the notes thereon shows a true balance ofloss for the year ended on that date; and

(iii) the Cash Flow Statement gives a true and fair view of the Cash Flows for the yearended on that date.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing (SAs) issued theInstitute of Chartered Accountants of India("the ICAI"). Our responsibilitiesunder those Standards are further described in the Auditor's Responsibilities for theAudit of the Standalone Financial Statements section of our report. We are independent ofthe Bank in accordance with the code of ethics issued by the ICAI together with ethicalrequirements that are relevant to our audit of the Standalone financial statements underthe provisions of the act and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the code of ethics. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for ouropinion.

Emphasis of Matter

4. We draw attention to:

a) Note No. 7.1 of Schedule 18 detailing non recognition of additional provisioningtowards various disputed income tax and Indirect taxes for the reasons stated therein

b) Note No 7.3 of Schedule 18 detailing the fact that the bank has decided to continuewith the existing tax regime and has recognized Net Deferred Tax Assets during the year ontiming differences in accordance with Accounting Standard - 22 on "Accounting forTaxes on Income" issued by The Institute of Chartered Accountants of India.

c) Note No 39 of Schedule 18 which explains that the extent to which the COVID-19Pandemic will impact the Bank's operations will depend on future developments which arehighly uncertain at this stage.

Our Opinion is not modified in respect of the above matters. Key Audit Matters

5. Key audit matters are those matters that in our professional judgement were ofmost significance in our audit of the financial statements of the current period. Thesematters were addressed in the context of our audit of the financial statements as a wholeand in forming our opinion thereon and we do not provide a separate opinion on thesematters. We have determined the matters described below to be the Key Audit Matters to becommunicated in our Report.

Sr. Key Audit Matter No Auditor's Response
1 Income Recognition Asset Classification & Principal Audit Procedures
Provisioning relating to Advances Our audit approach consisted testing of the design and operating effectiveness of the internal controls and substantive testing as under:-
Advances constitute 46.61 % of the Bank's total assets. The recognition of income on accrual basis in respect of advances extended by the Bank Classification of advances into Performing and Non performing and provisioning thereof are in accordance with the extant prudential norms on Income Recognition and Asset Classification and provisioning (IRAC) norms and other circulars and directives issued by Reserve Bank of India from time to time (Refer 2.1 of Schedule 17 read with Note 2 of Schedule 18 to the financial statements).
- Evaluating the design of internal controls relating to implementation of prudential norms on IRAC and other related circulars/directives issued by RBI and also the internal policies and procedures ofthe Bank.
- Examining the efficacy of various internal controls over advances to determine the nature timing and extent of the substantive procedures and compliance with the observations of the various audits conducted as per the monitoring mechanism of the Bank and RBI inspection.
Taking into consideration the nature of transactions compliance with the Reserve Bank of India guidelines issues involved in the valuation of securities etc. in our opinion classification of Advances into performing and non performing recognition of income in respect of such advances and also provisioning relating to Performing/Non-Performing advances are considered to be one of the most significant matter in the audit and therefore determined to be a Key audit matter. - Examining all large advances/stressed advances and other advances on a sample basis including review of valuation reports of independent valuers as provided by the Bank's management.
- Relying on the audit reports of other Statutory Branch Auditors
-Relying on the returns and financial shared by the branch heads in respect of unaudited branches.
- Reviewing Memorandum of Changes suggested by the Branch Auditors and take appropriate action.
- Review of various audit and inspection reports made available to us in the relevant areas.
- Placing reliance on the opinions of domain experts on legal matters titles valuation and other aspects of securities charged to the bank.
-Review of files of the borrowers selected on sample basis and operations of such accounts.
Performing relevant analytical procedures.
- Test checking of interest application levying of other charges commission etc.
2 Contingent Liability Principal Audit Procedures
The contingent liability as defined in AS 29 - provisions contingent liability and contingent assets requires assessment of probable outcomes and cash flows. The identification and quantification of contingent liabilities require estimation and judgment by management. (Refer 13 of Schedule 17 read with Note 18.12 of Schedule 18 to the financial statements) We have carried out the validation of information provided by the management by performing the following procedures
- Evaluating reasonableness of the underlying assumptions.
- Understanding the current status of the litigations/tax assessments.
In view of associated uncertainty relating to the outcome of the matters relating to litigations involving Direct and Indirect taxes various claims fled by other parties not acknowledged as debts we have determined the above area as a Key audit matter - Examination of recent orders and /or communication received from various tax authorities/judicial forums and follow up action thereon.
- Examining the relevant documents on record.
- Relying on relevant external evidence available including legal opinion relevant judicial precedents and industry practices.
- Getting management confirmation where-ever necessary.
3 IT Systems & Control Principal Audit Procedures
The entire Preparation of financial statements is highly dependent on CBS and other supporting software and hardware controls. Adequate and appropriate IT controls are required to ensure that these IT application process data as expected and changes are made in an appropriate manner. Such controls ensure mitigating the expected risk of erroneous output data. Audit outcome is dependent on the extant IT controls and systems and accordingly the above areas are determined to be a Key audit matter. We have carried out our audit procedures with standards on auditing guidelines towards implementation of IT policies and procedures followed by the bank in order to effectively monitor control and evaluate the IT applications and controls to ensure effective implementation of such policies and procedures. We have also relied on the report issued by the IS Auditor and obtained necessary inputs from IS experts wherever necessary.
4 Classification and valuation of Investments identification of and provisioning for non performing investments. Principal Audit Procedures
(Refer 4 of Schedule 17 read with Note 1 of Schedule 18 to the financial statements) We evaluated and understood the Bank's internal control systems to comply with relevant RBI guidelines regarding valuation classification identification of Non Performing Investments provisioning and depreciation related to investments.
Investments constitute 34.85% of the total assets of the bank. Evaluating the process adopted for collection of data from various sources for determining the value of investments.
Valuation of Investments are done as per the guidelines circulars and directives issued by RBI from time to time involving applying the rates quoted on BSE/NSE and other agencies relying on the financial statements of unlisted companies etc. Taking into consideration the volume of transactions value of investments being carried in the books ofthe bank complexities involved in the valuation of investments we have considered the above area as a Key audit matter. Assessing and evaluating the system of identification of Non performing investments income recognition on such investments and also ensuring creation of necessary provision in respect of Non performing investments.
5 Classification of Advances into Priority & Non-Priority Sector Bank has made re-classification of borrowers' accounts between Priority & Non-Priority Sector during the year under Audit. We have assessed the efficacy of the system of sector wise classification by the Bank.
We have relied on the Branch audit reports Consolidation of Branch returns at Nodal level for sector wise classification.
We have selected sample of product wise accounts in priority sector classification to determine the correctness of reporting of sector wise classification.
Consequently we have considered this as a Key Audit Matter.
6 Modified Audit procedures carried out in light of Principal Audit Procedures
COVID-19 outbreak We have modified our audit procedures as follows:
Due to outbreak of COVID-19 pandemic and the consequent lockdown imposed and travel advisories issued by the State Government/Local Authorities during the period of our audit we could not travel Conducted examination/verifcation of necessary records/ documents/reports electronically through e mails and remote access to the relevant software (Finacle) where it was not possible to physicallyvisit the Offices ofthe Bank.
to the Branches Regional Offices to carry out the audit processes physically. The audit was carried out remotely where physical access was not possible. Carried out verification of scanned copies of the documents certificates reports financial statements and related records made available to us electronically through remote access/ emails. Interaction and gathering audit evidence through video conferencing scanned copies documents through emails telephonic conversations and other similar modes of communication.
Wherever we were not able to visit various locations the necessary records/reports/documents/certificates were made available to us by the Bank through digital medium emails and remote access to the relevant application software (FINACLE). We could not visit some of the Branches and Regional Offices. As informed to us some ofthe Branch Auditors also could not visit the Branches allotted to them and accordingly they also adopted modified audit procedures. To this extent the audit process was carried out on the basis of such documents reports and records made available to us which were relied upon by us as audit evidence for conducting the audit and reporting for the year under report. Resolved audit observations through discussions receipt of digital records telephonic conversations and e mails.
Since we could not gather audit evidence physically/ in person/through meetings with the officials of the Bank at the respective Branches / Regional Offices / Head office; we have identified the audit procedure as contained herein as a Key Audit Matter.

Information Other than the Standalone Financial Statements and Auditors' Report thereon

6. The Bank's Board of Directors is responsible for the other information. The otherinformation comprises the Corporate Governance report (but does not include the StandaloneFinancial Statements and our auditors' report thereon) which we obtained at the time ofissue of this auditors' report and the Directors' Report including annexures in annualreport if any thereon which is expected to be made available to us after that date.

Our opinion on the Standalone Financial Statements does not cover the other informationand Pillar 3 disclosures under the Basel III Disclosure and we do not and will not expressany form of assurance conclusion thereon.

In connection with our audit of the Standalone Financial Statements our responsibilityis to read the other information identified above and in doing so consider whether theother information is materially inconsistent with the Standalone Financial Statements orour knowledge obtained in the audit or otherwise appears to be materially misstated.

If based on the work we have performed on the other information that we obtained priorto the date of this auditors' report we conclude that there is a material misstatement ofthis other information we are required to report that fact. We have nothing to report inthis regard.

When we read the Directors' Report including annexures in annual report if anythereon if we conclude that there is a material misstatement therein we are required tocommunicate the matter to those charged with governance.

Responsibilities of Management and Those Charged with Governance for the StandaloneFinancial Statements

7. The Bank's Board of Directors is responsible with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Bank in accordance with theaccounting principles generally accepted in India including the Accounting Standardsissued by ICAI and provisions of Section 29 of the Banking Regulation Act 1949 andcirculars and guidelines issued by the Reserve Bank of India (‘RBI') from time totime. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Bank andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgements and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the financial statements management is responsible for assessing theBank's ability to continue as a going concern disclosing as applicable matters relatedto going concern and using the going concern basis of accounting unless management eitherintends to liquidate the Bank or to cease operations or has no realistic alternative butto do so.

Those Board of Directors are also responsible for overseeing the Bank's financialreporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

8. Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

As part of an audit in accordance with SAs we exercise professional judgement andmaintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the bank'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the bank to cease to continue as agoing concern.

• Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the standalone financial statements may be influenced. Weconsider quantitative materiality and qualitative factors in (i) planning the scope of ouraudit work and in evaluating the results of our work; and (ii) to evaluate the effect ofany identified misstatements in the standalone financial statements.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Other Matter

9. We did not audit the financial statements / information of 1920 branches (including2 Regional Offices) included in the standalone financial statements of the Bank whosefinancial statements / financiast l information reflect total assets of Rs.2108084936(inthousand)asat31 March 2021 and total revenue of Rs. 158473399 (in thousand) for theyear ended on that date as considered in the standalone financial statements. Thefinancial statements / information of these branches have been audited by the branchauditors and 1 overseas Branch reviewed by Independent Auditor whose reports have beenfurnished to us and in our opinion in so far as it relates to the amounts and disclosuresincluded in respect of branches is based solely on the report of such branch auditors.Our opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

10. The Balance Sheet and the Profit and Loss Account have been drawn up in accordancewith Section 29 of the Banking Regulation Act 1949.

11. Subject to the limitations of the audit indicated in paragraph 6 to 8 above and asrequired by the Banking Companies (Acquisition and Transfer of Undertakings) Act1970/1980 and subject also to the limitations of disclosure required therein we reportthat:

(a) We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purposes of our audit and have found them tobe satisfactory;

(b) The transactions of the Bank which have come to our notice have been within thepowers ofthe Bank; and

(c) The returns received from the offices and branches of the Bank have been foundadequate for the purposes of our audit.

12. We further report that:

a) In our opinion proper books of account as required by law have been kept by theBank so far it appears from our examination of those books and proper returns adequate forthe purposes of our audit have been received from branches not visited by us

b) the Balance Sheet the Profit and Loss Account and the Statement of Cash Flows dealtwith by this report are in agreement with the books of account and with the returnsreceived from the branches not visited by us

c) the reports on the accounts of the branch offices audited by branch auditors of theBank under section 29 of the Banking Regulation Act 1949 have been sent to us and havebeen properly dealt with by us in preparing this report; and

d) in our opinion the Balance Sheet Profit and Loss Account and the Statement of CashFlows comply with the applicable accounting standards to the extent they are notinconsistent with the accounting policies prescribed by RBI.

13. As required by letter No. DOS.ARG.No.6270/08.91.001/2019- 20 dated March 17 2020on "Appointment of Statutory Central Auditors (SCAs) in Public Sector Banks -Reporting obligations for SCAs from FY 2019-20" read with subsequent communicationdated May 19 2020 issued by the RBI we further report on the matters specified inparagraph 2 of the aforesaid letter as under:

a) In our opinion the aforesaid Standalone Financial Statements comply with theAccounting Standards issued by ICAI to the extent they are not inconsistent with theaccounting policies prescribed by the RBI.

b) There are no observations or comments on financial transactions or matters whichhave any adverse effect on the functioning of the bank.

c) On the basis of the written representations received from the directors as on March312021 none of the directors is disqualified as on March 312021 from being appointed asa director in terms of sub-section (2) of Section 164 of the CompaniesAct 2013.

d) There are no qualifications reservations or adverse remarks relating to themaintenance of accounts and other matters connected therewith.

e) Our Audit report on the adequacy and operating effectiveness of the bank's internalfinancial controls over financial reporting isgiven in Annexure-Atothisreport. Our ReportExpresses an unmodified opinion on the Bank's Internal financial control over financialreporting as at 31st March 2021.

For PATRO & CO
Chartered Accountants
FRN 310100E
(N.ANANDA RAO )
Partner
M No : 051656
UDIN : 21051656AAAAJK1548
For S.N.NANDA & CO
Chartered Accountants
FRN 000685N
(PUNEET NANDA )
Partner
M.No.092435
UDIN: 21092435AAAABA1183
Place : Chennai
Date : 14 June 2021
For M.SRINIVASAN &ASSOCIATES
Chartered Accountants
FRN004050S
(S.SANTHOSH)
Partner
M.No.230839
UDIN : 21230839AAAABM4103
For YOGANANDH & RAM LLP
Chartered Accountants
FRN 005157S/S200052
(N SRIDHAR)
Partner
M No:026833
UDIN: 21026833AAAAAY5690

INDEPENDENT ANNEXURE

ANNEXUREA

Referred to in paragraph 13{e) under 'Report on Other Legal and RegulatoryRequirements' section of our report of even date.

Report on the Internal Financial Controls Over Financial Reporting as required by theReserve Bank of India (the "RBI") Letter D0S.ARG.No.6270/08.91.001/2019*20 datedMarch 172020 (as amended) (the "RBI communication")

We have audited the Internal Financial Controls Over Financial Reporting of IndianOverseas Bank (the Bank") as of March 31 2021 in conjunction with our audit of thestandalone financial statements of the Bank for the year ended on that date which includesInternal Financial Controls Over Financial Reporting ofthe Bank's branches.

Management's Responsibility for Internal Financial Controls

The Bank's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Bank considering the essential components of internal control stated inthe Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issuedby the Institute of Chartered Accountants of India. These responsibilities include thedesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to the Bank's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Banking Regulation Act 1949 and the circulars and guidelines issued by the ReserveBank of India.

Auditors' Responsibility

Our responsibility is to express an opinion on the Bank's Internal Financial ControlsOver Financial Reporting based on our audit. We conducted our audit in accordance with theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting (the"Guidance Note") issued by the Institute of Chartered Accountants of India (the"ICAI") and the Standards on Auditing (SAs) issued by the ICAI to the extentapplicable to an audit of internal financial controls. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether adequate Internal Financial Controls OverFinancial Reporting were established and maintained and if such controls operatedeffectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacyofthe Internal Financial Controls Over Financial Reporting and their operatingeffectiveness. Our audit of Internal Financial Controls Over Financial Reporting

included obtaining an understanding of Internal Financial Controls Over FinancialReporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal financial controls based on theassessed risk. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement ofthe financial statements whether dueto fraud or error.

We believe that the audit evidence we have obtained and the audit evidence obtained bythe branch auditors in terms of their reports referred to in the Other Matters paragraphbelow is sufficient and appropriate to provide a basis for our audit opinion on theBank's Internal Financial Controls Over Financial Reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A Bank's Internal Financial Controls Over Financial Reporting is a process designed toprovide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A Bank's internal Financial Controls Over FinancialReporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect that transactions anddispositions ofthe assets ofthe Bank; (2) provide reasonable assurance that transactionsare recorded as necessary to permit preparation of financial statements in accordance withgenerally accepted accounting principles and that receipts and expenditures ofthe Bank arebeing made only in accordance with authorizations of management and directors of the bank;and (3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition ofthe Bank's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of Internal Financial Controls Over FinancialReporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the Internal Financial Controls Over FinancialReporting to future periods are subject to the risk that the Internal Financial ControlsOver Financial Reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us and based on the consideration of the reports of the branch auditors referredto in the Other Matters paragraph below the Bank has in all material respects adequateInternal Financial Controls Over Financial Reporting and such Internal Financial ControlsOver

Financial Reporting were operating effectively as at March 31 2021 based on thecriteria for internal control over financial reporting established by the Bank consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the ICAI".

Other Matters

Our aforesaid report in so far as it relates to the operating effectiveness of InternalFinancial Controls Over Financial Reporting at 1916 branches audited by branch auditors20

branches audited by us and 1336 unaudited branches certified by the branch heads isbased on the IFCOFR checklist for branches issued by the bank in the absence of Boardapproved Control Document and Risk and Control Matrices (RCMs) for the branches and forcontrolling offices.

In our opinion the Bank needs to strengthen the process including testing and adoptionof the RCMs covering branches specialized branches and all controlling office departmentsand processes. Our communication in this regard has been submitted to the Management tofurther strengthen the Internal

Financial Controls Over Financial Reporting ofthe Bank.

For PATRO & CO
Chartered Accountants
FRN 310100E
(N.ANANDA RAO )
Partner
M No : 051656
UDIN : 21051656AAAAJK1548
For S.N.NANDA & CO
Chartered Accountants
FRN 000685N
(PUNEET NANDA )
Partner
M.No.092435
UDIN: 21092435AAAABA1183
Place : Chennai
For M.SRINIVASAN &ASSOCIATES
Chartered Accountants
FRN004050S
(S.SANTHOSH)
Partner
M.No.230839
UDIN : 21230839AAAABM4103
For YOGANANDH & RAM LLP
Chartered Accountants
FRN 005157S/S200052
(N SRIDHAR)
Partner
M No:026833
UDIN: 21026833AAAAAY5690

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