98TH ANNUAL REPORT 2015-2016 Deposits Advances 31495.84 27170.84 25000 20366.11 35000 17798.12 23939.51 30000 15470.05 21144.33 20000 15023.42 25000 19252.71 13952.70 15000 20000 in crore) in crore) ` ` ( ( 15000 10000 10000 5000 5000 0 0 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 Total Business Own Funds 51861.95 60000 2246.87 2371.16 44968.96 2500.00 2141.81 1961.31 50000 39409.56 36167.75 2000.00 1715.69 40000 33205.41 1500.00 in crore) in crore) ` 30000 ` ( ( 20000 1000.00 10000 500.00 0 0.00 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 Working Funds Business Per Employee 35941.50 40000 31371.10 12.39 35000 28132.79 14 24511.12 10.60 30000 12 9.26 22435.62 9.12 9.06 25000 ore) 10 8 in cr 20000 in crore) ` ( ` ( 6 15000 4 10000 2 5000 0 0 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 Number of Branches 283 267 300 267 226 229 250 200 150 100 50 0 2012 2013 2014 2015 2016 Annual Report 2015-16 SARASWAT CO-OPERATIVE BANK LIMITED (SCHEDULED BANK) z REGISTERED OFFICE & : Ekanath Thakur Bhavan, CORPORATE CENTER 953, Appasaheb Marathe Marg, Prabhadevi, Mumbai 400 025. Phone No.: (022) 6600 5555 Website: www.saraswatbank.com z DATE OF ESTABLISHMENT : September 14, 1918. z NO. AND DATE OF RBI LICENCE : ACD-MH-220-P, dated 27-08-1980. z AREA OF OPERATION : ALL INDIA z AUDIT CLASSIFICATION : ‘A’ (Since 1933, i.e. the year in which we were registered as a Bank) ANNUAL REPORT 2015-16 CONTENTS: Page No 1. Notice of Annual General Meeting ............................................................................................................................................ 2 2. Notice of Election of The Board of Directors ............................................................................................................................. 3 3. Board of Directors, Auditors, Legal Advisors and Bankers ..................................................................................................... 16 4. Performance Highlights ..........................................................................................................................................................17 5. Report of the Board of Directors ............................................................................................................................................. 18 6. Concise Report of the Board of Directors in Marathi .............................................................................................................. 42 7. Independent Auditors’ Report .................................................................................................................................................56 8. Balance Sheet as at 31st March, 2016 ................................................................................................................................... 58 3UR¿WDQG/RVV$FFRXQWIRUWKH\HDUHQGHGVW0DUFK ............................................................................................... 60 10. Schedules forming part of Accounts for the year ended 31st March, 2016 ............................................................................ 62 11. Notes to Accounts for the year ended 31st March, 2016 ........................................................................................................ 67 12. Cash Flow Statement .............................................................................................................................................................79 13. Progress at a Glance ..............................................................................................................................................................80 14. Involvement of the Small Man ................................................................................................................................................ 82 15. State-wise/Region-wise Branch Network................................................................................................................................ 83 16. Attendance Slip.......................................................................................................................................................................87 1 Annual Report 2015-16 NOTICE OF ANNUAL GENERAL MEETING The Ninety-Eighth Annual General Meeting of the Members M/s. Kulkarni & Khanolkar, Chartered Accountants, 13-14, of Saraswat Co-operative Bank Ltd. will be held on Saturday, Bell Building, Sir P. M. Road, Fort, Mumbai – 400 001, for 6th August, 2016 at 4.00 p.m. at Pracharya B. N. Vaidya appointment as Statutory Auditors. Sabhagruha, 2nd Floor, Raja Shivaji Vidya Sankul, Patkar Guruji 4. To grant Leave of Absence to the members of the Bank Chowk, Hindu Colony, Dadar (East), Mumbai – 400 014 to other than to those whose names appear in the Attendance transact the following business concerning the Bank: - Register of this 98th Annual General Meeting. 1. To consider and approve the Annual Accounts, which 5. To elect Board of Directors for the term 2016 - 2021: consist of the Report of the Board of Directors, the Report 5HWXUQLQJ 2I¿FHU ZLOO SUHVLGH RYHU WKH *HQHUDO %RG\ IRU RIWKH6WDWXWRU\$XGLWRUVWKH%DODQFH6KHHWDQGWKH3UR¿W declaration of the election results. and Loss Account, for the year ended 31st March, 2016. 7RDSSURSULDWHQHWSUR¿WDQGGHFODUHGLYLGHQGVRQ(TXLW\ Shares and Preference Shares as recommended by the By Order of the Board of Directors Board of Directors for the year ended 31st March, 2016. Sd/- 7R DSSRLQW 6WDWXWRU\ $XGLWRUV IRU WKH ¿QDQFLDO \HDU S.K. Banerji DQG WR DXWKRUL]H WKH %RDUG RI 'LUHFWRUV WR ¿[ Managing Director their remuneration. The Board of Directors recommends Mumbai, 16th June, 2016 Note: zThe printed Annual Report of the Bank consisting of the Report of the Board of Directors, the Report of the Statutory Auditors, WKH%DODQFH6KHHWDQGWKH3UR¿WDQG/RVV$FFRXQWIRUWKH\HDUHQGHGVW0DUFKLVHQFORVHGZLWKWKLV1RWLFH z The Notice of the election of the Board of Directors of the Bank for the period 2016-2021 will be issued by Shri H. P. Gemini, 5HWXUQLQJ2I¿FHUDSSRLQWHGIRUWKHSXUSRVH z ,IWKHUHLVQRTXRUXPIRUWKH0HHWLQJDWWKHDSSRLQWHGWLPHLQWHUPVRI%\HODZ1RWKH0HHWLQJVKDOOVWDQGDGMRXUQHGWR 5.00 p.m. on the same day and the Agenda of the Meeting shall be transacted at the same venue irrespective of the Rule of Quorum. z Dividend, when declared, will be paid on or after 16th August, 2016, to those shareholders whose shares are fully paid as on 31st March, 2016 and whose names are on the record of the Bank as on 16th June, 2016 z ,IDQ\PHPEHUGHVLUHVWRKDYHLQIRUPDWLRQLQFRQQHFWLRQZLWKWKH$FFRXQWVKHVKHLVUHTXHVWHGWRDGGUHVVDOHWWHUWRWKH 0DQDJLQJ'LUHFWRURIWKH%DQNWRUHDFKKLVRI¿FHDW6DUDVZDW&RRSHUDWLYH%DQN/WG(NDQDWK7KDNXU%KDYDQ3ORW1R $SSDVDKHE0DUDWKH0DUJ3UDEKDGHYL0XPEDL±QRWODWHUWKDQUG$XJXVWVRWKDWWKHUHTXLUHGLQIRUPDWLRQ may be made available at the Annual General Meeting. TO SERVE YOU BETTER: 6KDUHKROGHUV DUH KHUHE\ UHTXHVWHG WR NLQGO\ YHULI\ WKHLU QDPHV DQG DGGUHVVHV RQ WKH $QQXDO 5HSRUW VHQW WR WKHP Change in address, if any, may kindly be intimated by post to the Share Department at Madhushree, 5th Floor, Plot No. 85, District Business Centre, Sector 17, Vashi, Navi Mumbai - 400 703 Phone No. : (022) 2789 2947 or by e-mail to [email protected] for updating the Bank’s records. 6KDUHKROGHUVDUHUHTXHVWHGWRDYDLORIQRPLQDWLRQIDFLOLW\E\VXEPLWWLQJSUHVFULEHG1RPLQDWLRQ)RUPDVUHTXLUHGXQGHU6HFWLRQ 36 of the Multi-State Co-operative Societies Act, 2002 and Bye-law No. 19. 3. Shareholders having Current / Savings Bank / Cash Credit accounts with the Bank and desirous of crediting their dividends to WKHLUDFFRXQWVDUHRQFHDJDLQUHTXHVWHGWRUHFRUGWKHLUVWDQGLQJLQVWUXFWLRQVZLWKWKH6KDUH'HSDUWPHQW 0HPEHUVZKRUHTXLUHWKH$QQXDO5HSRUWHOHFWURQLFDOO\VKRXOGLQIRUPRXU6KDUH'HSDUWPHQW Unclaimed Dividend Notice is hereby given that dividend for the year ended 31st March, 2013 (92nd Dividend) if not drawn on or before 1st October, 2016, will be forfeited by the Bank and credited to Reserve Fund in terms of Bye-law No. 68A. 2 Annual Report 2015-16 2I¿FHRIWKH5HWXUQLQJ2I¿FHU Saraswat Co-operative Bank Ltd. 5th Floor, Ekanath Thakur Bhavan, 953, Appasaheb Marathe Marg, Prabhadevi, Mumbai 400 025. To, All the members of Saraswat Co-operative Bank Ltd., DETAILED NOTICE OF ELECTION PROGRAMME No: Saraswat Bank-ELN-2 of 2016 Mumbai dated 22-06-2016. ,Q H[HUFLVH RI WKH SRZHUV FRQIHUUHG E\ 6HFWLRQ RI WKH 0XOWL 6WDWH &RRSHUDWLYH 6RFLHWLHV$FW UHDG ZLWK 5XOH RI WKH 5XOHV PDGH WKHUHXQGHU , +3*HPLQL 5HWXUQLQJ 2I¿FHU DSSRLQWHG WR FRQGXFW WKH (OHFWLRQ RI WKH %RDUG RI 'LUHFWRUV RI 6DUDVZDW&RRSHUDWLYH%DQN/WG0XPEDLKDYLQJ5HJLVWHUHG2I¿FHDW(NDQDWK7KDNXU%KDYDQ$SSDVDKHE0DUDWKH0DUJ Prabhadevi, Mumbai 400 025, hereby notify that the Annual General Meeting of the General Body of the said Bank has been convened at 4.00 p.m. on 06-08-2016 at Pracharya B. N. Vaidya Sabhagruha, Hindu Colony, Dadar (East), Mumbai 400 014, to GHFODUHWKHUHVXOWVRI(OHFWLRQVFKHGXOHGWREHKHOGRQ IRUWKHSHULRG WR VL[WHHQ VHDWVRIWKH'LUHFWRUV on the Board. 1. Constituencies No. of seats on the Board of Directors i) Candidates from amongst the Members of the Society residing in and/ 10 seats or carrying business and/or engaged in gainful occupation within limits of Mumbai Metropolitan Region Development Authority. [Bye-law No. 55(1)] ii) Candidates from amongst the Members of the Society residing in areas 04 seats outside the limit of Mumbai Metropolitan Region Development Authority but within the State of Maharashtra. [Bye-law No. 55(2)] iii) Candidates from amongst the Members of the Society residing in State 02 seats or States