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Repco Home Finance Ltd.

BSE: 535322 Sector: Financials
BSE 10:02 | 27 Jan 254.30 0.20






NSE 09:54 | 27 Jan 253.45 -0.70






OPEN 254.55
52-Week high 429.25
52-Week low 237.10
P/E 6.10
Mkt Cap.(Rs cr) 1,591
Buy Price 254.45
Buy Qty 11.00
Sell Price 254.85
Sell Qty 1.00
OPEN 254.55
CLOSE 254.10
52-Week high 429.25
52-Week low 237.10
P/E 6.10
Mkt Cap.(Rs cr) 1,591
Buy Price 254.45
Buy Qty 11.00
Sell Price 254.85
Sell Qty 1.00

Repco Home Finance Ltd. (REPCOHOME) - Director Report

Company director report

To the Members

Your Directors are pleased to present the 20th Annual Report of your Company with theAudited Accounts for the year ended March 312020.

The Company's financial performance for the financial year ended March 31 2020 issummarized below:

(Rs in crore)

Particulars Standalone Consolidated
2019-20 2018-19 2019-20 2018-19
Profit before Tax 360.19 359.82 360.19 359.82
Less: Provision for Taxation
Current Year 95.21 101.69 95.21 101.69
Deferred tax (15.37) 23.49 (15.37) 23.49
Profit after tax 280.35 234.64 280.35 234.64
Other comprehensive Income (0.60) 0.84 (0.60) 0.84
Total Comprehensive Income for the period 279.75 235.48 279.75 235.48
Add : Net share of profit from associate - 17.79 14.42
Balance brought forward from previous year 405.96 290.07 435.64 307.60
Less: Dividend received from Associate credited to - - 3.18 2.27
carrying value of investment
Amount available for appropriations 685.71 525.55 730.00 555.23
Transferred to Statutory Reserve u/s 29 C of the National Housing Bank Act 1987 56.07 46.93 56.07 46.93
Transferred to special reserve u/s 36(1)(viii) of Income Tax Act 1961 taken into account for the purpose of Statutory Reserve under Section 29C of the NHB Act 1987 63.36 55.27 63.36 55.27
Transfer to General Reserve 25.00 - 25.00 -
Dividend for previous year 15.64 13.75 15.64 13.75
Tax on Distributed Profits 3.21 2.80 3.21 2.80
Ind AS Transition Impact on Reserve 1.40 - 2.53
Remeasurement of defined benefit obligations (0.60 ) 0.84 (0.60) 0.84
Balance carried forward to balance sheet 521.62 405.96 564.79 435.64
Total 685.71 525.55 730.00 555.23
Earnings Per Share
Basic (Rs.) 44.81 37.51 47.66 39.81
Diluted (Rs.) 44.81 37.51 47.66 39.81


Your Directors recommend a dividend of Rs.2.50 per equity share of face value ofRs.10.00 each to the shareholders of the Company for the financial year 2019-20 subjectto the approval of the shareholders at the ensuing Annual General Meeting of the Company.

Consequent to amendment made in the Budget 2020 DDT u/s 115-O has been abolisheddividend paid on or after 1st April 2020 shall be taxable in the hands of members. TheCompany shall therefore be required to deduct tax at source (TDS) at the time of makingthe payment of dividend.

The Dividend Distribution Policy as required under regulation 43A of SEBI (LODR)Regulations 2015 has been provided as Annexure-1 to this report and is also madeavailable on the website of the Company at

Share Capital

As at March 31 2020 the Paid up capital stood at Rs. 625613620 divided into62561362 Equity shares of Rs. 10 each. During the financial year there was no changein the Paid up capital of the Company.

State of Affairs of the Company

The Company endeavours towards adopting the high standards of underwriting practicesbacked up by robust monitoring and recovery mechanisms. The Company is committed in itsefforts towards improving efficiency and service level in its operations.

Lending Operations

1) Sanctions

During the year loan approvals stood at Rs. 2757.80 crore as compared to Rs. 3370.02crore in the previous year. The cumulative loan sanctions since inception of the Companystood at Rs. 24810.40 crore at the end of the financial year 2019-20.

2) Disbursements

During the year under review the Company disbursed loans to the extent of Rs.2626.86crore as against Rs. 3091.77 crore in the previous year. The Cumulative disbursementsstood at Rs. 22899.58 crore at the end of the financial year 2019-20.

3) Loans Outstanding

The loan book of the Company as at the end of financial year 2019-20 was Rs. 11826.12crore as against Rs. 11036.82 crore in the previous year representing a growth of 7.15%.

Non-Performing Assets (NPA)

As of March 31 2020 the gross NPA of the Company was Rs. 511.65 crore (previous yearRs. 325.75 crore) constituting 4.33% (previous year 2.95%) of the total loans outstanding.The Net NPA stood at 2.82% of the loan assets as on March 31 2020 against 1.90% as onMarch 31 2019.

Regulatory Compliance

Following the amendment in the Finance Act 2019 and the subsequent notification by theReserve Bank of India (RBI) in August 2019 HFCs would be treated as one of the categoriesof non-banking financial companies (NBFCs) for regulatory purposes and accordingly wouldcome under RBI's direct oversight. NHB would continue to carry out supervision of HFCs.

The Company is in compliance with the guidelines circulars and directions of NationalHousing Bank and Reserve Bank of India as applicable to us. The Company is also incompliance with the Companies Act 2013 guidelines directions and circulars of MCA SEBIetc.

The Company is registered with the Central Registry of Securitization AssetReconstruction and Security Interest of India (CERSAI) and furnishes information inrespect of its loans. Compliance of all regulatory guidelines of NHB/RBI / other statuteare periodically reviewed at Audit Committee / Board of the Company.

IRDAI Compliance

The Company is registered with IRDAI for carrying on the Insurance Agency Business forlife and general Insurance and has complied with the applicable requirements underInsurance Regulatory and

Development Act 1999 and IRDAI (Registration of Corporate Agent) Regulations 2015 asamended from time to time.

Other Compliances

(i) The Company had obtained the Legal Entity Identifier No. 335800M7AQBAQYVHEW38 asrequired under the RBI Circular -No.RBI/2017-18/82 - DBR. No.BP.92/21.04.048/2017-18 datedNovember 02 2017 and as advised by NHB. The Registration has been renewed as requiredon an annual basis.

(ii) As per RBI/2015-16/96 Master Circular No.15/2015-16 on Foreign Investment in Indiaand as per RBI/2017-18/194 A.P (DIR Series) Circular No.30 dated June 07 2018 on ForeignInvestment in India all types of Companies which have foreign investment are required toreport through FIRMS – Reporting in Single Master Form. For the purpose the Companyhas completed the registration process for Entity User and was issued login credentials.

(iii) As required under Section 215 of the Insolvency and Bankruptcy Code 2016 theCompany has registered itself with National e-governance Services Limited (NeSL)

(iv) As per the ROC letter No. ROCB/Co. No.8699/ MSME Notice/2019/3106 dated January24 2019 received by the Company and MSME Notification No.S.O. 5621(E) dated November 022018 the Companies registered under the Companies Act with a turnover of more thanRs.500 Crore shall get themselves registered on the Trade Receivables Discounting System(TReDS) platform. The Company has applied for registration on TReDS Platform throughReceivables Exchange of India Limited (RXIL) and has received the provisional registrationNo. RE0000869 (Membership Code).

(v) The Company has complied with all the applicable Regulations of SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 as amended from time to timeand circulars notifications etc issued by SEBI.

Capital Adequacy

The Company‘s capital adequacy ratio as on 31 March 2020 was 25.85 %(previous year 24.08%) which is well above the prescribed threshold limit of NHB. Thisconsisted entirely of Tier 1 capital.

Financial Resources

Refinance from National Housing Bank (NHB)

During the year the Company has availed refinance facility for Rs.200 crore fromNational Housing Bank. The refinance outstanding at the end of the year was Rs. 780.99crore (previous year Rs. 903.60 crore)

Borrowings from Bank and Financial Institutions

The outstanding borrowings from Banks and Financial Institutions at the end of thefinancial year stood at Rs.7566.6 crore (previous year Rs. 7548.41 crore).

Secured Non-Convertible Debentures

During the year the Company has not issued any SRNCDs (previous year -Nil). Theoutstanding SRNCDs as on 31st March 2020 was Rs.652 crores (previous year Rs. 827 crores).The Non-Convertible Debentures are rated by Care Ltd.

Commercial Papers

The Company‘s commercial paper is rated A1+ by M/s. ICRA Ltd. and CARE Ltd.implying highest safety. During the year the Company has issued commercial paper forRs.425 crore. After repayments on maturity the net amount outstanding as at 31st March2020 is NIL. (Previous year - Nil).

Unclaimed NCDs / Unclaimed Equity

According to section 125 of the Companies Act 2013 NCDs and interest thereonremaining unclaimed and unpaid for a period of seven years from the date they became dueare required to be credited to the Investor Education and Protection Fund (IEPF) set up bythe Government of India. As at 31 March 2020 there are no Non-Convertible Debenturesamount or interest thereon remaining unpaid or unclaimed.

Disclosure under Housing Finance Companies issuance of Non-Convertible Debentures onprivate placement basis (NHB) Directions 2014.

There are no Non-Convertible Debentures which have not been claimed by the Investors orwhich were not paid by the Company after the date on which the Non Convertible Debenturesbecame due for redemption. Further the Company has paid the interest on respective duedates.

NCDs amounting to Rs.175 crore has been redeemed during the financial year 2019-20.

Unclaimed Dividends

As of 31 March 2020 dividend amounting to Rs. 348789.20 has not been claimed by theinvestors. According to Section 125 of the Companies Act 2013 dividends remainingunclaimed for a period of seven years from the date they became due are required to becredited to the Investor Education and Protection Fund (IEPF) set up by the Government ofIndia. In accordance with the Investor Education Fund (Uploading of information regardingunpaid and unclaimed amount lying with the Companies) Rules 2012 the Company hasuploaded this information on www.iepf. and

Public Deposits

The Company has not accepted deposits from the public during the financial year2019-20.

Impact of CoVID-19 on the operations and performance of the Company

The CoVID-19 pandemic and the consequent lockdown restrictions imposed by national andstate governments had impacted businesses not only in India but all over the world. Thepandemic has prompted the governments and businesses to take unprecedented measures whichincluded lockdowns restrictions on travel and business operations temporary closures ofbusinesses quarantines etc and this had an impact on all business entities. Theoperations of the Company were restricted due to CoVID-19 pandemic in the latter half ofMarch 2020 and this had an impact on business and on collection of dues.

Moratorium of loans

The Reserve Bank of India issued circulars dated March 27 2020 April 17 2020 andMay 23 2020 permitting all commercial banks co-operative banks All India FinancialInstitutions and NBFCs to give moratorium to customers in respect of installments fallingdue between March 2020 to August 2020 due to CoVID-19 pandemic. Accordingly the Companyhas offered moratorium to its customers based on the Board approved policy.

The Company has been servicing its debts and other financial obligations during thepandemic and will continue to service its future obligations without any hassle. TheCompany has not opted for moratorium offered by its lending institutions.

Risk Management

The Management & Risk Management Committee of the Company is constituted in linewith the provisions of Regulation 21 of the SEBI (LODR) Regulations. The Committeecomprises of Shri. Dinesh Ponraj Oliver I.A.S. (Chairman of the Committee) Shri. G.R.Sundaravadivel Shri. K.Sridhar Shri. V. Nadanasabapathy and Shri.Yashpal Gupta.

The Company has in place a risk management policy framework which has been approved bythe Board of Directors. The framework identifies various risks faced by the Company andputs in place appropriate mitigants.

In accordance with NHB Circular No: NHB/ND/DRS/ Policy Circular No.95/2018-19 dated May29 2019 the Company has duly appointed Ms. Shanthi Srikanth as its Chief Risk Officer.The CRO shall be involved in the process of identification measurement and mitigation ofrisks. All credit products shall be vetted by CRO. The CRO analyses all the creditproducts from the angle of inherent and control risks.

The Company has constituted an internal risk management committee named Credit &Operational

Risk Management Committee (CORMC) comprising of Managing Director Chief DevelopmentOfficer Chief Risk Officer all General Managers and Chief Technology Officer. The scopeof the committee includes Identifying monitoring and measuring of risk profile developpolicies and procedures monitor compliance of risk parameters by various departments etc.

Human Resources

The objective of human resource development in an organization is to enhance humanproductivity through progressive and consistent policies in knowledge & skillupgradation and betterment of employment conditions at all levels. Human ResourceManagement's objective is to maximize the return on investment from the organization'shuman capital. It is the responsibility of human resource/ development department in acorporate context to conduct these activities in an effective legal impartial andcohesive manner. Your Company worked tirelessly towards the performance upgradation of itsemployees by introducing objective performance appraisal mechanism and performance linkedincentive structure. Employees are also nominated regularly to attend various trainingprogrammes conducted by NHB ICSI & other capacity building institutions besidesin-house training programmes for constant skill upgradation. During the financial year theCompany conducted 3 in-house training programmes and employees were nominated for 5external programmes.

The Company provides a professional work environment and maintains a healthy relationwith its employees. As on 31 March 2020 the number of employees on the rolls of theCompany stood at 994.

Disclosure under the Sexual Harassment of Women at workplace (Prevention Prohibitionand Redressal) Act 2013

The Company has in place an Anti-Sexual Harassment Policy in line with the requirementsof the Sexual Harassment of women at the workplace (Prevention Prohibition and Redressal)Act 2013. Internal Complaints Committee (ICC) has been set up to redress complaintsreceived regarding sexual harassment. All employees (permanent contractual temporarytrainees) are covered under this policy. The following is a summary of sexual harassmentcomplaints received and disposed off during the year 2019-20

No. of complaints received: 1

No of complaints disposed off: 0

Particulars of Employees Covered Under Companies (Appointment and Remuneration ofManagerial Personnel Rules 2014.

During FY19-20 the Company had not employed anyone with a remuneration of Rs.1.02crore or more per annum.

Corporate Social Responsibility

As per Section 135 of the Companies Act 2013 and the rules framed thereunder theCompany has in place a Corporate Social Responsibility Committee of Directors comprisingof Shri. T.S. KrishnaMurthy Shri. K. Sridhar Shri. G.R. Sundaravadivel and Shri. V.Nadanasabapathy and has inter alia formulated a Corporate Social Responsibility Policy.The policy is placed on the website of the Company

This Committee envisages the activities to be undertaken in pursuance of CSRinitiatives. During the year the Company spent a sum of Rs.1.48 crore towards CSRinitiatives. The Annual Report on CSR activities forming part of the Directors' Report isfurnished as Annexure-2 to this report.

Employee Stock Option Scheme:

There are no material changes to Repco Home Finance Limited Employees Stock OptionScheme. The ESOP Scheme is in compliance with the SEBI (Share Based Employee Benefits)Regulations 2014 (the ‘SBEB Regulations'). The disclosures as required by theSecurities and Exchange Board of India (Share Based Employee Benefits) Regulations 2014have been placed on the website of the Company.

The Company has not issued any stock options during FY 2020.

Particulars Relating to Conservation of Energy Technology Absorption and ForeignExchange Earnings and Expenditure

Particulars relating to conservation of energy and technology absorption stipulated inthe Companies (Accounts) Rules 2014 are not applicable to the Company and further theCompany has no foreign exchange earnings.


In accordance with Section 152 of the Companies Act 2013 Shri. L. Munishwar GanesanDirector of the Company is liable to by rotation at the ensuing annual general meeting andis eligible for reappointment. The resolution for his re-appointment forms a part of thenotice convening the Annual General Meeting. The details pertaining to the re-appointmentare elucidated in the explanatory statement to the notice convening the Annual GeneralMeeting.

All the directors of the Company have confirmed that they satisfy the fit and propercriteria as prescribed under the applicable regulations and that they are not disqualifiedfrom being appointed as directors in terms of Section 164(2) of the Companies Act 2013.

The details of the number of Board/Committee meetings held are provided in the Reporton Corporate Governance which forms part of this report.

Declaration by Independent Directors:

The Independent Directors have given declarations to the Company in terms of Section149(7) and 149(8) of the Companies Act 2013 and Regulation 25(8) of SEBI (LODR)Regulations 2015 that they meet the criteria of independence as provided in Section149(6) of the Companies Act 2013 and Regulation 16(1)(b) of SEBI (Listing Obligations andDisclosure Requirements) Regulations2015.

The details of familiarization programmes conducted for Independent Directors is put upon the website of the Company. ( programmes_FY%202019-20.pdf)

Key Managerial Personnel

There was no change in the Key Managerial Personnel of the Company during FY2020.

Details of Managerial Remuneration As Required Under Companies (Appointment AndRemuneration of Managerial Personnel) Rules 2014 The particulars of managerialremuneration as required by under Rule 5(1) of the Companies (Appointment and Remunerationof Managerial Personnel) Rules 2014 is given as Annexure-3.

Statutory Auditors

At the 17th Annual General Meeting held on 21 September 2017 the members had appointedM/s. S.R. Batliboi & Associates LLP Chartered Accountants (Firm Registration No.101049W/ E300004) as Statutory Auditors for a term of five years beginning from theconclusion of the 17th Annual General Meeting till the conclusion of the 22nd AnnualGeneral Meeting.

The Statutory Auditors have not made any adverse comments or given any qualificationreservation or adverse remarks or disclaimer in their Audit Report.

Directors' Responsibility Statement

In pursuance of section 134(3)(C) read with Section 134(5) of the Companies Act 2013and based on the information provided by the Management your Directors hereby confirmthat: (a) In the preparation of the annual accounts the applicable accounting standardshave been followed; (b) Accounting policies selected were applied consistently.

Reasonable and prudent judgments and estimates were made so as to give a true and fairview of the state of affairs of the Company as at 31 March 2020 and of the profit and lossof the Company for that date; (c) Proper and sufficient care has been taken for themaintenance of adequate accounting records in accordance with the provisions of theCompanies Act 2013 for safeguarding the assets of the Company and for preventing anddetecting fraud and other irregularities; (d) The annual accounts of the Company have beenprepared on a going concern basis; (e) Internal financial controls have been followed bythe Company and such internal financial controls are adequate and were operatingeffectively.

(f) Systems to ensure compliance with the provisions of all applicable laws were inplace and that such systems were adequate and operating effectively.

Remuneration Policy

The Remuneration Policy including the criteria for remunerating non-executivedirectors is recommended by the Nomination & Remuneration Committee and approved bythe Board. The key objective of the Remuneration Policy is to ensure that it is aligned tothe overall performance of the Company. The Policy ensures that it is fair and reasonableto attract and retain necessary talent is linked to attaining performance benchmarks andinvolves a judicious balance of fixed and variable components. The Remuneration Policy isplaced on the Company's website at http://www.

Internal Control Systems

The Company has an Internal Control System commensurate with the size scale andcomplexity of its operations. The Internal Audit is carried out by Independent firms ofChartered Accountants.

The Internal Audit Department monitors and evaluates the efficacy and adequacy ofinternal control system in the Company its compliance with operating systems accountingprocedures and policies at all locations of the Company. Significant audit observationsand corrective actions thereon are presented to the Audit Committee of the Board everyquarter or at periodic intervals.

Extracts of the Annual Return (Form MGT-9)

The Extract of Annual Return as provided under section 92 of the Companies Act 2013in the prescribed form MGT-9 is placed on the Company's website and can be accessed at corporate_governance/FORM%20NO.%20MGT-9%20-%20EXTRACT%20OF%20ANNUAL%20RETURN_ FY%202019-20.pdf

Secretarial Audit Report

In accordance with Section 204 of the Companies Act 2013 and Rule 9 of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 M/s. G Ramachandran& Associates Company Secretaries were appointed by the Company to undertakeSecretarial Audit of the Company. The Secretarial Audit Report is annexed to this reportas Annexure-4 and the same does not contain any qualification reservation or adverseremark.

In addition to the Secretarial Audit Report Secretarial Compliance report has alsobeen issued by the PCS as per the SEBI Circular No. CIR/CFD/CMD1/27/2019 dated February02 2019 and the said report has been submitted to the Stock Exchanges.

Secretarial Standards

The Company complies with the mandatory Secretarial Standards i.e. SS-1 and SS-2 issuedby the Institute of Company Secretaries of India and has referred to Secretarial StandardsSS-3 and SS-4 for good governance.

Details of Loans Given Guarantees Given or Security Provided

The provisions contained in Section 186(11) of the Companies Act 2013 relating toloans guarantees or securities do not apply to the Company.


The Company has investments in the equity of unlisted Associate Company Repco MicroFinance Limited to the extent of Rs.22 Crore (22000000 equity shares of Rs.10/-each).

Subsidiary Joint Ventures and Associate Companies

Pursuant to the provisions of Section 129(3) of the Companies Act 2013 your Companyhas prepared Consolidated Financial Statements of the Company which forms part of thisAnnual Report. Further a Statement containing salient features of financial statements ofthe Subsidiary joint venture entities and associate Companies in the prescribed formatAOC-1 pursuant to Section 129(3) of the Companies Act 2013 and rules made thereunder isannexed as Annexure-5 to this Report.

Particulars of Contracts or Arrangements with Related Parties Referred to in Section188(1)

All the related party transactions entered during the year were in ordinary course ofbusiness and on arm's length basis. The Company has obtained the shareholders' approvalfor material related party transactions as required under Listing Regulations.

There are no transactions under the ambit of section 188 of the Companies Act 2013.

The Company presents a statement of all related party transactions before the AuditCommittee. The details of such transactions are given in the accompanying financialstatements.

Material Changes and Commitments Affecting Financial Position of the Company between 31March 2020 and the date of Board's Report.

There has been no material changes and commitment affecting the financial position ofthe Company which has occurred between the end of the financial year to which thefinancial statements relate and the date of the report. At this stage the Board does notsee any significant adverse impact of Covid-19 on the affairs of the Company.

The Company does not have any subsidiary. There has been no change in the nature ofbusiness of the Company. No significant or material Orders have been passed by theregulators or Courts or Tribunals impacting the going concern status of the Company and /or the Company's operations in future.

Management Discussion and Analysis

In accordance with the SEBI (LODR) Regulations 2015 Management Discussion andAnalysis Report for the year under review is presented in a separate section which formsa part of this report.

Report on Corporate Governance

In accordance with the SEBI (LODR) Regulations 2015 the report on corporategovernance for the year under review is presented in a separate section which forms a partof this report.

Board Evaluation

As per the provisions of the Companies Act 2013 and SEBI Listing Regulations theNomination & Remuneration Committee carried out the evaluation of the performance ofeach Director of the Company and the Board as a whole.

The independent directors held a separate meeting to review the performance of thenon-executive directors the Chairman of the Company and the overall performance of theboard.

Vigil Mechanism / Whistle Blower Policy

The Board of Directors has approved the vigil mechanism/ whistle blower policy of theCompany which provides a framework to promote a responsible and secure whistle blowing. Itprotects employees wishing to raise a concern about serious irregularities withinthe Company. It provides for a vigil mechanism to channelize reporting of such instances/complaints/ grievances to ensure proper governance. The Audit Committee oversees the vigilmechanism. No Director / employee has been denied access to the Audit Committee. Thepolicy is placed on the website of the Company

Reporting of Frauds

Pursuant to NHB Circular on Guidelines on Reporting and Monitoring of Frauds in HousingFinance Companies dated Feburary 05 2019 the Company has reported 6 fraudulent cases (PY9 fraudulent cases) to NHB. The Amount related to fraud is Rs. 1.57 crores (PY

2.09 crores). All efforts are being made to recover the maximum amount possible.


The shares of your Company are listed on National Stock Exchange Limited and BombayStock Exchange Limited. The Listing fees for the financial year 2020-21 havealready been paid to the Stock Exchanges.

Details of non-compliance penalties imposed on by any statutory authority

There were no penalties/punishments/compounding of offences for the year ending March31 2020

Credit rating

The brief details of the ratings received from credit rating agencies by the Companyfor its outstanding instruments is given in the annexed ‘General ShareholderInformation'.


Related Party Transaction Policy

In terms of the Housing Finance Companies – Corporate Governance (NHB) Directions2016 the Company has attached the Related Party Transactions Policy at the end of thisAnnual Report as ‘Annexure-6'.

The policy is also placed on the website of the Company

Business Responsibility Report

The Regulation 34(2)(f) of SEBI (Listing Obligations and Disclosure Requirements)(LODR) Regulations 2015 mandates inclusion of Business Responsibility Report in theprescribed format as a part of the Annual

Report for top 1000 listed entities based on the market capitalisation. In compliancewith the said Regulations the Business Responsibility Report is provided as a part ofthis Report as Annexure-7.


The Directors of your Company wish to place on record their sincere gratitude to theNational Housing Bank Reserve Bank of India and its Executives for continuous guidanceand support. We also record our gratitude to our bankers financial institutions andinsurance companies for their continued trust support and assistance given to theCompany.

The Board places on record its sincere gratitude to Ministry of Home Affairs GOISEBI NSE BSE Department of Company Affairs REPCO Bank shareholders Governmentlocal/statutory authorities customers and all the other stakeholders for their patronageand support for the achievements by the Company despite the most competitive environmentin the market.

Your Directors take this opportunity to thank all the executives and employees of theCompany and wish to place on record their commendable hard work team spirit and dedicatedservice to the customers which enabled the Company to achieve an appreciable level ofbusiness performance during the year.

For and on behalf of the Board of Directors
Date : September 04 2020 (T.S.KrishnaMurthy)
Place : Chennai Chairman
(DIN No. 00279767)