|
The year 2008-2009 has been a very
challenging year for the banking industry as a whole. .During first half
year i.e. April to September 2008, the liquidity position was tight
which was exactly reverse during the second half of the year with RBI
changing the policy stance from "tight monetary policy" to "liberalized
monetary policy". There have been wide fluctuation in domestic interest
rates. The credit of take was low. With increased liquidity and
continued fall in inflation Banks were under tremendous pressure to
reduce the rate of interest on loans. This has adversely affected the
net interest margin. In this scenario your Bank has concentrated its
efforts to increase non fund based income. The non fund based income of
the Bank for the year ended 31/03/2009 was Rs. 724.46 lakhs. Income from
Depository Services and franking operations contributed substantially to
the non fund based income. The services of providing facility for
processing PAN card application received overwhelming response.
Your Bank has successfully withstood the
adverse conditions prevalent during the year and posted net profit of Rs.
242.39 lacs
Your bank is complying with all the
prescribed parameters and guidelines of Reserve Bank of India. The CRAR
of the Bank as on 31/03/2009 is 10.74% which is well above the
prescribed norm of 9%.
Your Bank continues to adopt itself to the
changing needs of banking industry and adhere to the tradition of
providing excellent customer services. With the totally committed staff,
loyal clients and your support, the Bank continues to improve the
performance year by year.
I sincerely thank all of you for your
continued support which has been our major source of strength. I humbly
request you to make use of the services offered by the Bank to your
optimum satisfaction.
K.D.VORA
Chairman
|
