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Punjab National Bank.

BSE: 532461 Sector: Financials
NSE: PNB ISIN Code: INE160A01022
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VOLUME 2014509
52-Week high 47.60
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P/E 9.41
Mkt Cap.(Rs cr) 32,427
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OPEN 29.00
CLOSE 29.05
VOLUME 2014509
52-Week high 47.60
52-Week low 28.05
P/E 9.41
Mkt Cap.(Rs cr) 32,427
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Punjab National Bank. (PNB) - Auditors Report

Company auditors report

To the Members of Punjab National Bank

Report on Audit of the Standalone Financial Statements

Opinion

1. We have audited the accompanying Standalone Financial Statements of the PunjabNational Bank ("the Bank) which comprise the Balance Sheet as at 31 March 2022 andthe Profit and Loss Account and the Cash Flow Statement for the year then ended and Notesto Standalone Financial Statements including a Summary of Significant Accounting Policiesand Other Explanatory Information in which are included returns for year ended on thatdate of the Central Office Zonal Offices and

i) 20 branches treasury division credit card division and 41 other offices audited byus

ii) 4270 branches and other offices audited by statutory branch auditors

iii) 2 foreign branches audited by local auditors.

The branches audited by us and those audited by other auditors have been selected bythe Bank in accordance with the guidelines issued to the Bank by the Reserve Bank ofIndia. Also included in the Balance Sheet the Profit and Loss account and the Cash FlowStatement are the returns from 7088 branches and other offices of the bank which have notbeen subjected to audit. These unaudited branches account for 15.55 percent of advances41.88 percent of deposits 11.34 percent of interest income and 40.62 percent 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 Act 1949 (the 'Act') in the manner so required for Bank and arein conformity with accounting principles generally accepted in India and:

a. 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 the state of affairs of the Bank as at 31 March 2022;

b. the Profit and Loss Account read with the notes thereon shows a true balance ofprofit and

c. 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 bythe Institute of Chartered Accountants of India (ICAI). Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theStandalone Financial Statements' section of our report. We are independent of the Bank inaccordance with the code of ethics issued by the Institute of Chartered Accountants ofIndia together with ethical requirements that are relevant to our audit of the StandaloneFinancial Statements in India 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.

Key Audit Matters

4. Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the Standalone Financial Statements of the current period.These matters were addressed in the context of our audit of the Standalone FinancialStatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters. We have determined the matters described below to bethe key audit matters to be communicated in our report.

Key Audit Matters How our matter was addressed in the audit
Advances - classification and provisioning (Refer Schedule 9 to the Standalone Financial Statements read with the Accounting Policy No.5) Our audit approach included an understanding of the Bank's software circulars guidelines and directives of the Reserve Bank of India and the Bank's internal instructions and procedures in respect of the assets classification and its provisioning and adopted the following audit procedures:
The advances are classified as performing and nonperforming advances (NPA) and provisioning thereon is made in accordance with the prudential norms as prescribed by the Reserve Bank of India (RBI). The Bank has implemented complete system driven recognition of advances and their classification in SASCL Application under Core Banking Solution (CBS). The extent of provisioning of NPA under the prudential norms are mainly based on its ageing and recoverability of the underlined security. The same are also reviewed manually based on necessity. • Evaluated and understood the Bank's internal control system in adhering to the Relevant RBI guidelines regarding income recognition asset classification and provisioning pertaining to advances.
• Test checked the design and implementation as well as operational efi'ectiveness of relevant internal controls and substantive testing including involvement of manual process in relation to income recognition asset classification and provisioning pertaining to advances
In the event of any improper application of the prudential norms or consideration of the incorrect value of the security as the valuation of the security involves high degree of estimation and judgement the carrying value of the advances could be materially misstated either individually or collectively and in view of the significance of the amount of advances in the Standalone Financial Statements the classification of the advances and provisioning thereon has been considered as Key Audit Matter in our audit. • Reviewed the Bank's monitoring mechanisms to identify errors and omission in applying/ implementation of logic / data integrity and. its corrective action.
• Reviewed the documentations operations / performance and monitoring of the advance accounts on as per RBI guidelines basis of the large and stressed advances to ascertain any overdue unsatisfactory conduct or weakness in any advance account examination of classification as per prudential norms of the RBI in respect of the branches / relevant divisions audited by us. In respect of the branches audited by the branch statutory auditors we have placed reliance on their reports.
• Reviewed the report of independent IT Expert on review of SASCL Application (Income Recognition and Asset Classification solution) used by CBS including the review of "Baseline Requirements for the NPA classification Solution".
• Reviewed on test check basis the reports of the credit audit inspection audit risk based internal audit concurrent audit regulatory audit to ascertain the advances having any adverse features / comments and reviewed the reports generated from the Bank's system.
Our Results:
The results of our audit process were observed to be adequate and satisfactory considering the materiality of the transactions.
Investments - valuation and identification and provisioning for NonPerforming Investments (Refer Schedule 8 to the Standalone Financial Statements read with the Accounting Policy No.4)
Investment portfolio of the bank comprises of Investments in Government Securities Bonds Debentures Shares Security Receipts and other Approved Securities which are classified under three categories Held to Maturity Available for Sale and Held for Trade. Our audit approach towards Investments with reference to the RBI circulars / directives included the review and testing of the design implementation operating effectiveness of internal controls and audit procedures in relation to valuation classification identification of Non-Performing Investments provisioning / depreciation related to Investments as per RBI guidelines.
Valuation of Investments identification of Non- performing Investments (NPI) and the corresponding non-recognition of income and provision thereon is carried out in accordance with the relevant circulars / guidelines / directions of RBI. The valuation of each category (type) of aforesaid security is to be carried out as per the methodology prescribed in circulars and directives issued by the RBI which involves collection of data/ information from various sources such as FBIL rates rates quoted on BSE/ NSE financial statements of unlisted companies NAV in case of mutual funds & security receipts etc. Certain investments are based on the valuation methodologies that include statistical models with inherent assumptions assessment of price for valuation based on financial statements etc. Hence the price discovered for the valuation of these Investments may not be the true representative but only a fair assessment of the Investments as on date. Hence the valuation of Investments requires special attention and further in view of the significance of the amount of Investments in the financial statements the same has been considered as Key Audit Matter in our audit. • We reviewed and evaluated the process adopted for collection of information from various sources for determining fair value of these investments.
• For selected sample of investments (covering all categories of investments based on nature of security) we tested accuracy and compliance with the RBI Master circulars and directions.
• We assessed and evaluated the process of identification of NPIs and corresponding reversal of income and creation of provision.
Our Results:
The results of our audit process were observed to be adequate and satisfactory considering the materiality.
Assessment of Information Technology (IT): Our audit approach included: -
IT controls with respect to recording of transactions generating various reports in compliance with RBI guidelines including IRAC preparing. Other compliances to regulators etc. is an important part of the process. Such reporting is highly dependent on the effective working of Core Banking Software and other allied systems. We have considered this as key audit matter as any control lapses validation failures incorrect input data and wrong extraction of data may result in wrong reporting of data to the management and regulators. • Understanding the coding system adopted by the Bank for various categories of customers.
• Reviewed the design implementation and operating effectiveness of the Bank's IT controls including application access controls that are critical to financial reporting on test check basis.
• Understanding the feeding of the data in the system and going through the extraction of the financial information and statements from the IT system existing in the Bank.
• Checking of the user requirements for any changes in the regulations/ policy of the Bank.
• Reviewed the reports generated by the system on sample basis.
• Reviewed the report of independent IT Expert on review of SASCL Application (Income Recognition and Asset Classification solution) used by CBS including the review of "Baseline Requirements for the NPA classification Solution"
Our Result
There is continuous progress still the system needs to be strengthened for its efficacy to control deficiencies of input/ output data from the system.
Litigation & Contingent Liabilities Our audit approach included: -
Assessment of Contingent liabilities in respect of certain litigations including Direct and Indirect Taxes and various other claims filed by other parties upon the Bank not acknowledged as debts. • Going through the current status of the tax litigations and contingent liabilities;
• Examining the orders and/ or communication received from various Tax Authorities/ Judicial forums and follow up action thereon;
The Bank's assessment is supported by the facts of matter their own judgment past experience and advice from legal and independent tax consultants wherever considered necessary. • Evaluating the merits of the subject matter under consideration with reference to the grounds presented therein and available independent legal / tax advice; and
Accordingly unexpected adverse outcomes may significantly impact the Bank's reported profit and the Balance Sheet. • Wherever required reliance is placed on the opinion of legal and tax consultants.
We determined the above area as a Key Audit Matter in view of associated uncertainty relating to the outcome of litigations which requires application of judgment in interpretation of law. Accordingly our audit was focused on analysing the facts of subject matter under consideration and judgments/ interpretation of law involved.

Emphasis of Matter

5. We draw attention to following:

a. Note No. 15 (a) of Schedule 18 to the Standalone Financial Statements regardingchange in policy of revenue recognition of commission on Letter of Credit and BankGuarantee on prorata basis to the extent accrued for the period.

b. Note No. 15 (e) (ii) of Schedule 18 to the Standalone Financial Statementsregarding amortization of additional liability on account of revision in family pensionamounting to Rs. 3093.95 crores. The Bank has charged an amount of Rs. 1573.79 crores tothe Profit and Loss Account for the year ending 31 March 2022 and the balance unamortizedexpense of Rs. 1520.16 crores has been carried forward.

c. Note No. 30 of the Schedule 18 to to the Standalone Financial Statements whichdescribes the uncertainties due to outbreak of novel corona virus (COVID 19) and themanagement's assessment of its impact on the business operations of the Bank.

Our opinion is not modified in respect of these matters.

Information Other than the Standalone Financial Statements and Auditor's Report thereon

6. The Bank's Board of Directors is responsible for the other information. The otherinformation comprises the Directors' Report including annexures Corporate GovernanceReport and other reports (but does not include the financial statements and our auditor'sreport thereon). Our opinion on the Standalone Financial Statements does not cover theother information and we do not and will not express any form of assurance conclusionthereon.

In connection with our audit of the Standalone Financial Statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the Standalone Financial Statements or our knowledgeobtained in the audit or otherwise appears to be materially misstated.

If based on the work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.

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 applicable AccountingStandards issued by ICAI and provisions of Section 29 of the Banking Regulation Act 1949and circulars 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 judgments 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 Standalone Financial Statements management is responsible forassessing the Bank's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Bank or to cease operations or has norealistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Standalone Financial Statements

8. Our objectives are to obtain reasonable assurance about whether the StandaloneFinancial Statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these Standalone Financial Statements.

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

• Identify and assess the risks of material misstatement of the StandaloneFinancial Statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. In terms of RBIDirections we are also responsible for expressing our opinion through a separate reporton whether the Bank has adequate internal financial controls with reference to theStandalone Financial Results in place and the operating effectiveness of such controls.

• 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 Standalone Financial Statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the bank to cease tocontinue as a going concern.

• Evaluate the overall presentation structure and content of the StandaloneFinancial Statements including the disclosures and whether the financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of the misstatements in the standalone financialstatements that individually or aggregate makes it probable that the economic decisionsof a reasonably knowledgeable user of the financial statements may be influenced. Weconsider quantitative materiality and qualitative factors in (i) planning of the scope ofour audit work and evaluating the results of our work; and (ii) to evaluate the effect ofany identified misstatement in the 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 Matters

9. We did not audit the financial statements/information of 4270 branches and otheroffices and 2 foreign branches included in the Standalone Financial Statements of the Bankwhose financial statements/financial information reflect total assets of Rs.724077 Croreas at 31 March 2022 and total revenue of Rs.20487.60 Crores for the year ended on thatdate as considered in the Standalone Financial Statements. These branches and otheroffices and foreign branches cover 35.05% advances 54.32 % of deposits 38.02% ofnon-performing assets as at 31 March 2022 and 23.50% of revenue for the year ended 31March 2022. The financial statements/information of these branches has been audited by thebranch auditors whose reports have been furnished to us and in our opinion in so far asit relates to the amounts and disclosures included in respect of branches is based solelyon the report of such branch auditors.

Our opinion is not modified in respect of these 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 paragraphs 7 and 9 above andas required 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 of the Bank; and

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

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

a. In our opinion the aforesaid Standalone Financial Statements comply with theapplicable Accounting Standards issued by ICAI to the extent they are not inconsistentwith the accounting 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. As the Bank is not registered under the Companies Act 2013 the disqualificationfrom being a director of the bank under sub-section (2) of section 164 of the CompaniesAct 2013 do not apply to the Bank.

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 is given in Annexure A to this report. Ourreport expresses an unmodified opinion on the Bank's internal financial controls overfinancial reporting as at 31 March 2022.

13. We further report that:

a. in our opinion proper books of account as required by law have been kept by theBank so far as it appears from our examination of those books and proper returns adequatefor the 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 the Profit and Loss Account and the Statement ofCash Flows comply with the applicable accounting standards to the extent they are notinconsistent with the accounting policies prescribed by RBI.

For S N Dhawan & Co LLP For S R Goyal & Co For P S M G & Associates
Chartered Accountants Chartered Accountants Chartered Accountants
FRN 000050N/N500045 FRN:001537C FRN: 008567C
CA Surinder Kr. Khattar CA Praveen Goyal CA Sandeep Jain
Partner Partner Partner
(M. No. 084993) (M. No. 074789) (M. No. 077281)
UDIN: 22084993AIUQGR2071 UDIN: 22074789AIUKMX6027 UDIN: 22077281AIUKEN8449
For S C Bapna & Associates For D K Chhajer & Co
Chartered Accountants Chartered Accountants
FRN 115649W FRN 304138E
CA Subhash Chand Bapna CA Jagannath Prasad Mohapatro
Partner Partner
(M No. 071765) (M.No. 217012)
UDIN: 22071765AIUSCT6938 UDIN: 22217012AIULVX2887
Place: New Delhi
Date: 11 May 2022

ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 12 (e) under 'Report on Other Legal and RegulatoryRequirements' section of our report of even date)

Report on the Internal Financial Controls over Financial Reporti'ng as required by theReserve Bank of India (the "RBI") Letter DOS.ARG. No.6270/08.91.001/2019-20dated 17 March 2020 (as amended) (the "RBI communication")

We have audited the internal financial controls over financial reporting of PunjabNational Bank ("the Bank") as of 31 March 2022 in conjunction with our audit ofthe standalone financial statements of the Bank for the year ended on that date whichincludes internal financial controls over financial reporting of the 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.

Auditor's 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 adequacy ofthe internal financial controls over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to 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 the transactions anddispositions of the assets of the 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 of the Bankare being made only in accordance with authorizations of management and directors of theBank; and (3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the 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 that the degree of compliance with the policies or procedures maydeteriorate.

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 that were operating effectively as at31 March 2022 based on the criteria for internal financial control over financialreporting established by the Bank considering the essential components of internal controlstated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting issued by the Institute of Chartered Accountants of India.

Other Matters

Our aforesaid report insofar as it relates to the operating effectiveness of internalfinancial controls over financial reporting of4271 branches/offices is based on thecorresponding reports of the respective branch auditors of those branches.

Our opinion is not modified in respect of this matter.

For S N Dhawan & Co LLP For S R Goyal & Co For P S M G & Associates
Chartered Accountants Chartered Accountants Chartered Accountants
FRN 000050N/N500045 FRN: 001537C FRN: 008567C
CA Surinder Kr. Khattar CA Praveen Goyal CA Sandeep Jain
Partner Partner Partner
(M. No. 084993) (M. No. 074789) (M. No. 077281)
UDIN: 22084993AIUQGR2071 UDIN: 22074789AIUKMX6027 UDIN: 22077281AIUKEN8449
For S C Bapna & Associates For D K Chhajer & Co
Chartered Accountants Chartered Accountants
FRN 115649W FRN 304138E
CA Subhash Chand Bapna CA Jagannath Prasad Mohapatro
Partner Partner
(M. No. 071765) (M. No. 217012)
UDIN: 22071765AIUSCT6938 UDIN: 22217012AIULVX2887
Place: New Delhi
Date: 11 May 2022

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