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Union Bank of India.

BSE: 532477 Sector: Financials
NSE: UNIONBANK ISIN Code: INE692A01016
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VOLUME 981006
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OPEN 41.30
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VOLUME 981006
52-Week high 54.80
52-Week low 32.65
P/E 4.89
Mkt Cap.(Rs cr) 27,442
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Union Bank of India. (UNIONBANK) - Auditors Report

Company auditors report

To

The President of India /

The Members of Union Bank of India Mumbai

Report on Audit of the Standalone Financial Statements

Opinion

1. We have audited the accompanying Standalone Financial Statements ofUnion Bank of India (‘the Bank') which comprise the Balance Sheet as at 31 March2022 the Profit and Loss Account and the Statement of Cash Flows for the year then endedand notes to financial statements including a summary of significant accounting policiesand other explanatory information in which are included the returns for the year ended onthat date of

i) 20 branches 1 Treasury Branch audited by us 18 FGMO Officesaudited by us

ii) 3413 branches audited by statutory branch auditors and

iii) 3 overseas branches audited by local auditors.

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 (the RBI). Also incorporated in the Balance Sheet the Profit andLoss Account and the Statement of Cash Flows are the returns from 5931 branches which havenot been subjected to audit. These unaudited branches account for 16.36 percent ofadvances 33.74 per cent of deposits 37.35 per cent of interest income and 37.64 per centof interest expenses.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Banking Regulation Act 1949 in the manner so required forbank and are in conformity with accounting principles generally accepted in India and:

a. the Balance Sheet read with the notes thereon is a full and fairBalance Sheet containing all the necessary particulars is properly drawn up so as toexhibit a true and fair view of the state of affairs of the Bank as at 31st March2022;

b. the Profit and Loss Account read with the notes thereon shows atrue balance of profit for the year ended on that date; and

c. the Cash Flow Statement gives a true and fair view of the cash flowsfor the year ended on that date.

Basis for Opinion

2. We conducted our audit in accordance with the Standards on Auditing(SAs) issued by the Institute of Chartered Accountants of India (the "ICAI").Our responsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the standalone Financial Statements section of ourreport. We are independent of the Bank in accordance with the Code of Ethics issued by theICAI together with ethical requirements that are relevant to our audit of the financialstatements in accordance with the accounting principles generally accepted in Indiaincluding the Accounting Standards issued by ICAI and provisions of section 29 of theBanking Regulation Act 1949 and circulars and guidelines issued by Reserve Bank of India(‘RBI") from time to time and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our opinion.

Emphasis of the Matter

3. We draw your attention to Note No. 15.k of schedule 18 - Notes toAccounts to the standalone financial statements regarding change in the accountingpolicies/estimates followed during the year ended 31st March 2022 as comparedto those followed in the preceding financial year ended 31st March 2021 witheffect from 1st April 2021 in respect of appropriation of recovery in nonperforming accounts first towards interest unrealised and then towards principaloutstanding as against towards principal first and then towards interest unrealised inearlier periods. Impact due to the change in accounting policy has resulted increase inincome for the quarter by ' 495.26 crores and for the year by ' 1081.77 crores andconsequential non-reduction in gross non performing assets by equivalent amount.

We draw your attention to Note No. 15.c of schedule 18 - Notes toAccounts to the standalone financial statements regarding amortization of additionalliability on account of revision in family pension amounting to ' 1902.02 crores. Thebank has charged an amount of '380.40 crore to the profit and loss account during the yearended March 31 2022 and the balance unamortized expenses of ' 1521.62 crore has beencarried forward.

We draw your attention to Note No. 15.n of schedule 18 - Notes toAccounts to the standalone financial statements regarding uncertainties due to outbreak ofCOVID-19 pandemic. In view of these circumstances the impact on the Banks operations andfinancial results is dependent on future developments including actions being taken tomitigate the same and other regulatory measures.

Our opinion is not modified in respect of these matters.

Key Audit Matters

4. Key audit matters are those matters that in our professionaljudgment were of most significance in our audit of the standalone financial statements ofthe current period. These matters were addressed in the context of our audit of thestandalone financial statements as a whole and in forming our opinion thereon and we donot provide a separate opinion on these matters. We have determined the matters prescribedbelow to be the key audit matters to be communicated in our report.

Key Audit Matter How it was dealt with in our report
Income Recognition Asset Classification (IRAC) and provisioning on Loans & Advances and Investments as per the regulatory requirements
Loans & Advances and Investments are the largest class of assets forming 85.01% of the total assets as on March 31 2022. Classification income recognition and loss provisioning on the same are based on objective parameters as prescribed by the regulations (Reserve Bank of India's prudential norms and other guidelines). The management of the Bank relies heavily on its IT systems (including Our audit was focused on income recognition asset classification and provisioning pertaining to advances due to the materiality of the balances and associated impairment provisions.
Our audit procedures included the assessment of controls over the approval disbursements and monitoring of loans and reviewing the logic and assumptions used in the CBS and other related IT systems for compliance of the IRAC and provisioning norms and its operating effectiveness.
Core Banking Solution) exercise significant estimates and judgement manual interventions and uses services of experts (like independent valuers Lawyers legal experts and other professional) to determine asset classification income recognition and provisioning for losses. These included evaluation and understanding of following:
• Bank's internal control system in adhering to the Relevant RBI guidelines regarding income recognition asset classification and provisioning pertaining to advances/ investments;
• System controls and manual controls over the timely recognition of non-performing assets (NPA/NPI);
The Bank has system based identification of nonperforming assets in accordance with IRAC Norms • Operational existence and effectiveness of controls over provisioning calculation models from the IT systems;
• Overall Controls on the loan approval disbursement and monitoring process in case of advances and controls over the purchase sale and hold decisions making system in case of investments
• We tested sample of loans/investments (in cases of branches visited by us) to assess whether they had been identified as non performing on a timely manner income recognized and provisioning made as per IRAC norms.
• We have also reviewed the reliability effectiveness and accuracy of manual interventions wherever it has come to our notice on test check basis.
• We have relied on the reports/returns and work done by other Statutory Branch Auditors (SBA) in cases of branches not visited by us to get an overall comfort with respect to overall compliance in accordance with SA 600 - Using the Work of Another Auditor.
• We have reviewed the work done by other experts like Independent valuers Lawyers Legal Experts and other such professionals who have rendered services to the Bank in accordance with SA 620 Using the Work of an Auditor's Expert.
• Further we have also reviewed the Bank's system of monitoring potentially weak and sensitive accounts which show a sign of stress.
• We have also reviewed the reports and observations of the Bank's internal audit/inspection reports and observations of the concurrent auditors for the same.
• Verification of valuation classification provisioning and income recognition of investments by carrying out substantive test including arithmetic accuracy data accuracy and control over the financial reporting system. We have test checked and assessed the efficacy of the system based identification of NPA
2 Information Technology (IT) and controls impacting financial reporting
Our audit procedures included verifying testing and reviewing the design and operating effectiveness of the IT system by verifying the reports/returns and other financial and nonfinancial information generated from the system on a test check basis.
Our audit procedures included:
• Ensuring that deficiencies noticed in our verification on test check basis were informed to the management for corrective action;
• Carrying out independent alternative audit procedures like substantive testing in areas where deficiencies were noticed;
• Analytical procedures like ratio analysis trend analysis reasonable tests comparative analysis;
• Reliance on the work performed by the statutory branch auditors and the rectification entries (MOCs) passed based on branch audits;
• Reliance on external vendor inspection reports wherever made available.
We have relied on the consistent and accurate functioning of CBS and other IT systems for the following: • Reviewed the IS Audit Reports and discussed with IT Department on compliance with key IT controls.
• Asset Classification and Income recognition as per the Reserve Bank of India guidelines;
• Provisioning on the advance portfolio;
• Identification of advances and liability items and its maturity pattern in various brackets;
• Reconciliation and ageing of various suspense and sundry accounts impersonal accounts inter-branchbalancesandother such accounts;
• Recording Investment transactions
• Interest expense on deposits and other liabilities;
3 Recognition and measurement of Deferred tax
The Bank has recognised a net deferred tax asset of ' 122923747 (in ‘000) as on March 31 2022. Besides objective estimation recognition and measurement of deferred tax asset is based on the judgment and numerous estimates regarding the availability and visibility of profits in the future. The recent decrease in the amount of deferred tax assets presumes availability and forecasting of profits over an extended period of time thus decreasing uncertainty and the inherent risk of inappropriate recognition of the said asset. Our audit procedures included the risk assessment to gain an understanding of the applicable tax laws and relevant regulations applicable to the Bank. Based on our understanding we performed both tests of related internal key controls and substantive audit procedures with the assistance of tax specialists. We performed the following audit procedures as part of our controls testing including but not limited to:
• Evaluation of the policies used for recognition and measurement of deferred tax assets in accordance with AS 22 Accounting for Taxes on Income;
• Assessed the method assumptions and other parameters used with reference to uniformity management representations consistency and continuity like budget and midterm projections prepared by the management including earning growth and applicable tax rates and tested the arithmetical accuracy
• Assessed the probability of the availability and visibility of profits against which the bank will be able to use this deferred tax asset in the future.
4 COVID-19 Pandemic
COVID-19 Pandemic has adversely impacted the economic activity across the country and the Government of India had announced series of lock down since March 2020 onwards which were lifted & reimposed at various point of time in regionalized manner across the country based on the prevailing situation in the respective State. Wherever physical access was not possible necessary records/ reports/ documents/ certificates were made available to us by the Bank through digital medium including the designated audit portal of the bank emails and remote access to CBS and closing package. 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 as audit evidence for conducting the audit and reporting for the current period. Accordingly we modified our audit procedures (based on regulatory and ICAI advisories) as follows:
Correspondingly and in tune with the partial and complete lock downs we experienced travel restrictions for some part of the year and the Bank facilitated carrying out audit remotely wherever physical access was not possible. This situation eased out considerably by the end of the year and therefore physical audit was most prevalent at the year end. • Conducted verification of necessary records/ documents/ CBS/closing package and other application software electronically through remote access/emails/in respect of some of the Branches/Regions/Zones/Verticals/Corporate Offices and other offices of the Bank wherever physical access was not possible.
Therefore wherever we could not gather audit evidence in person/physically/ through discussions and personal interactions with the officials at the Branches /Regions & Zones/ Verticals / Corporate Offices we have identified such modified audit procedures as a Key Audit Matter. • Carried out verification of scanned copies of the documents deeds certificates returns from branches and the related records made available to us through emails and remote access over secure network of the Bank
• Making enquires and gathering necessary audit evidence through Video Conferencing dialogues and discussions over phone calls/conference calls emails and similar communication channels.
Accordingly our audit procedures were modified to carry out the audit remotely • Resolution of our audit observations telephonically/ through email instead of a face to-face interaction with the designated officials.

Information Other than the Standalone Financial Statements andAuditors' Report thereon

5. The Bank's Board of Directors is responsible for the otherinformation. The other information comprises the Highlights for the year Directors'Report including annexures to Directors' Report key financial ratios Businessresponsibility Report and Corporate Governance report in the Annual Report but does notinclude the standalone financial statements and our auditor's report thereon which isexpected to be made available to us after the date of this Auditors' Report.

Our opinion on the standalone financial statements does not cover theOther Information and Pillar 3 disclosures under the Basel III Disclosure and we do notexpress any form of assurance conclusion thereon.

In connection with our audit of the Standalone Financial Statementsour responsibility is to read the Other Information identified above and in doing soconsider whether the Other Information is materially inconsistent with the StandaloneFinancial Statements or our knowledge obtained in the audit or otherwise appears to bematerially misstated.

If based on the work we have performed on the Other Information thatwe obtained prior to the date of this Auditors' Report we conclude that there is amaterial misstatement of this Other Information we are required to report that fact. Wehave nothing to report in this regard.

When we read the other information if we conclude that there is amaterial misstatement therein we are required to communicate the matter to those chargedwith governance.

Responsibilities of Management and Those Charged with Governance forthe Standalone Financial Statements

6. The Bank's Board of Directors is responsible with respect to thepreparation of these standalone financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Bank in accordance withthe accounting principles generally accepted in India including the Accounting Standardsissued by ICAI to the extent applicable and provisions of Section 29 of the BankingRegulation Act 1949 and circulars and guidelines issued by the Reserve Bank of India(‘RBI') from time to time. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding of theassets of the Bank and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

In preparing the standalone financial statements management isresponsible for assessing the Bank's ability to continue as a going concern disclosingas applicable matters related to going concern and using the going concern basis ofaccounting unless management either intends to liquidate the Bank or to cease operationsor has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Bank'sfinancial reporting process.

Auditors' Responsibilities for the Audit of the Standalone FinancialStatements

7. Our objectives are to obtain reasonable assurance about whether thefinancial 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 financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of thefinancial 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 theaudit in order to design audit procedures that are appropriate in the circumstances.

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

• Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on thebank's ability to continue as a going concern. If we conclude that a material uncertaintyexists we are required to draw attention in our auditor's report to the relateddisclosures in the financial statements or if such disclosures are inadequate to modifyour opinion. Our conclusions are based on the audit evidence obtained up to the date ofour auditor'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 thefinancial statements including the disclosures and whether the financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality in the magnitude of the misstatements in the standalonefinancial statements that individually or aggregate makes it probable that the economicdecisions of a reasonably knowledgeable user of the financial statements may beinfluenced. We consider quantitative materiality and qualitative factors in (i) planningof the scope of our audit work and evaluating the results of our work; and (ii) toevaluate the effect of any identified misstatement in the financial statements.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the financialstatements of the current period and are therefore the key audit matters. We describethese matters in our auditor's report unless law or regulation precludes public disclosureabout the matter or when in extremely rare circumstances we determine that a mattershould not be communicated in our report because the adverse consequences of doing sowould reasonably be expected to outweigh the public interest benefits of suchcommunication.

Other Matters

8. We did not audit the financial statements / information of 3416domestic branches and processing centers including 3 foreign branches included inStandalone Financial Results of the Bank whose financial statements/ financial informationreflects total assets of ' 3443521247.98 (in thousand) at March 31 2022 and total revenueof ' 247892046.15 (in thousand) for the year ended on that date as considered in theStandalone Financial Results. These branches and processing centers cover 41.73 % ofadvances 63.26% of deposits and 30.58 % of Non-performing assets as on 31st March2022 and 31.63% of revenue for the year ended 31st March 2022. The financialstatements/ information of these branches have been audited by the branch auditors whosereports have been furnished to us and in our opinion in so far as it relates to theamounts and disclosures included in respect of branches are based solely on the report ofsuch branch auditors.

Our opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

9. The Balance Sheet and the Profit and Loss Account have been drawn upin accordance with Section 29 of the Banking Regulation Act 1949;

Subject to the limitations of the audit indicated in paragraphs 5 and 8above and as required by the Banking Companies (Acquisition and Transfer of Undertakings)Act 1970/1980 and subject also to the limitations of disclosure required therein wereport that:

a) We have obtained all the information and explanations which to thebest of our knowledge and belief were necessary for the purposes of our audit and havefound them to be satisfactory;

b) The transactions of the Bank which have come to our notice havebeen within the powers of the Bank; and

c) The returns received from the offices and branches of the Bank havebeen found adequate for the purpose of our audit.

10. As required by letter No. D0S.ARG.No.6270/08.91.001/2019-20 datedMarch 17 2020 on "Appointment of Statutory Central Auditors (SCAs) in Public SectorBanks - Reporting obligations for SCAs from FY 2019-20" read with subsequentcommunication dated May 19 2020 issued by the RBI we further report on the mattersspecified in paragraph 2 of the aforesaid letter as under:

(a) In our opinion the aforesaid standalone financial statementscomply with the applicable accounting standards to the extent they are not inconsistentwith the accounting policies prescribed by RBI.

(b) In our opinion there are no observations or comments on financialtransactions or matters which have any adverse effect on the functioning of the bank.

(c) As the bank is not registered under the Companies Act 2013 thedisqualifications from being a director of the bank under sub-section (2) of Section 164of the Companies Act 2013 do not apply to the bank.

(d) There are no qualifications reservations or adverse remarksrelating to the maintenance of accounts and other matters connected therewith.

(e) Our audit report on the adequacy and operating effectiveness of theBank's internal financial controls over financial reporting is given in Annexure A to thisreport. Our report expresses an unmodified opinion on the Bank's internal financialcontrols over financial reporting with reference to the Standalone Financial Statements asat 31 March 2022.

11. We further report that:

a) in our opinion proper books of account as required by law have beenkept by the Bank so far as it appears from our examination of those books and properreturns adequate for the purposes of our audit have been received from branches notvisited by us;

b) the Balance Sheet the Profit and Loss Account and the Statement ofCash Flows dealt with by this report are in agreement with the books of account and withthe returns received from the branches not visited by us;

c) the reports on the accounts of the branch offices audited by branchauditors of the Bank under section 29 of the Banking Regulation Act 1949 have been sentto us and have been properly dealt with by us in preparing this report; and

d) In our opinion the Balance Sheet the Profit and Loss Account andthe Statement of Cash Flows comply with the applicable accounting standards to the extentthey are not inconsistent with the accounting policies prescribed by RBI.

ANNEXURE "A" TO THE INDEPENDENT AUDITOR?S REPORT(Referred to in paragraph 10(a) under 'Report on Other Legal and RegulatoryRequirements? section of our report of even date) Report on the Internal FinancialControls Over Financial Reporting as required by the Reserve Bank of India (the"RBI") Letter DOS.ARG.No.6270/08.91.001/2019-20 dated March 17 2020 (asamended) (the "RBI communication")

We have audited the internal financial controls over financialreporting of Union Bank of India ("the Bank") as of March 31 2022 inconjunction with our audit of the standalone financial statements of the Bank for the yearended on that date which includes internal 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 maintaininginternal financial controls based on the internal control over financial reportingcriteria 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. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to the Bank's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Banking Regulation Act 1949 and the circulars andguidelines issued by the Reserve Bank of India.

Auditor's Responsibility

Our responsibility is to express an opinion on the Bank's internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") issued by the Institute of Chartered Accountantsof India (the "ICAI") and the Standards on Auditing (SAs) issued by the ICAI tothe extent applicable to an audit of internal financial controls. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting were established and maintained and if such controls operatedeffectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded 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 judgement including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error.

We believe that the audit evidence we have obtained and the auditevidence obtained by the branch auditors in terms of their reports referred to in theOther Matters paragraph below is sufficient and appropriate to provide a basis for ouraudit opinion on the Bank'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 aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A Bank's internal financial controls overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the Bank; (2) provide reasonable assurancethat transactions are recorded as necessary to permit preparation of financial statementsin accordance with generally accepted accounting principles and that receipts andexpenditures of the Bank are being made only in accordance with authorisations of

management and directors of the Bank; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the Bank's assets that could have a material effect on the financialstatements.

Inherent Limitations of Internal Financial Controls Over FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrols over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion and to the best of our information and according to theexplanations given to us and based on the consideration of the reports of the branchauditors referred to in the Other Matters paragraph below the Bank has in all materialrespects adequate internal financial controls over financial reporting and such internalfinancial controls over financial reporting were operating effectively as at March 312022 based on the criteria for internal control over financial reporting established bythe Bank considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls Over Financial Reporting issued by theInstitute of Chartered Accountants of India".

Other Matters

Our aforesaid report insofar as it relates to the operatingeffectiveness of internal financial controls over financial reporting of 3413 branches isbased on the corresponding reports of the respective branch auditors of those branches.

Our opinion is not modified in respect of this matter.

For M/s R G N Price & Co. For M/s SARDA & PAREEK LLP For M/s C R Sagdeo & Co.
Chartered Accountants Chartered Accountants Chartered Accountants
FRN 002785S FRN 109262W/W100673 FRN 108959W
CA P. M. Veeramani CA Giriraj Soni CA Sachin V. Luthra
Partner Partner Partner
Membership No.023933 Membership No.109738 Membership No. 109127
UDIN: 22023933AIXFGY6267 UDIN: 22109738AIXFAO2016 UDIN: 22109127AIXFDY8530
For M/s P V A R & Associates For M/s Gopal Sharma & Co. For M/s N B S & Co.
Chartered Accountants Chartered Accountants Chartered Accountants
FRN 005223C FRN 002803C FRN 110100W
CA Sharad Bansal CA Gautam Sharma CA Pradeep J. Shetty
Partner Partner Partner
Membership No. 423507 Membership No. 079225 Membership No. 046940
UDIN: 22423507AIXFRK9410 UDIN: 22079225AIXFAB5594 UDIN: 22046940AIXEXO8437
Place of Signature: Mumbai
Date of Report: 13.05.2022

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