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Indian banking industry today is in the midst of an IT evolution.
19 % as on March 31 2014 and net NPA remainunchanged at 0. INFORMATION TECHNOLOGY (IT) AND IT ENABLED SERVICESThe growing competition arising out of increasing customer expectations and increasingneed of risk management pushed Indian Banks to adopt technology more vigorously forsurvival and growth.
The Bank has been successful in widening its presence pan India with 794branches and 9 service branches. BUSINESS ACHIEVEMENTSThe Bank has achieved a total gross business of Rs.83894 crore consisting of totaldeposit of Rs. Total Priority sector advances as at the end of the financialyear stood at Rs. However a weak monsoon could upset prospect of early economicrecovery at the expected level. The Bank's risk management structure is overseen by a Committee of the Board.
EXPANSION PROGRAMME / POLICY OF THE BANKDuring the last financial year the Bank has opened 54 new branches and 200 ATMs acrossthe country. LISTING AGREEMENT WITH STOCK EXCHANGESThe Bank's shares continue to be listed on The Cochin Stock Exchange Ltd. The Bank confirms that it has paid thelisting fees to all the Stock Exchanges for the year 2014-15. We expect gradual economic recovery in2014-15 with better investment prospect on the backdrop of improved current accountdeficit global economic recovery and growth inducing policy initiatives of the newfederal government. The policies and procedures established for this purpose are continuouslybenchmarked with the best practices followed in the Industry.
39crores for the FY2013 registering a growth of 27. NON-PERFORMING ASSETS (NPA) MANAGEMENTDuring the year 2013-14 as a result of the focused and sustained efforts like earlyrecovery of NPAs through prompt and effective measures under the SARFAESI Act follow upof recovery cases pending before DRTs and civil courts one time compromise settlements ofaccounts etc. Technology Development ITOperations and IT Assurance functions have been clearly divided and now independentlyheaded.
The IT Organization set up has been redrawn to suit the functions / rolesspecified in the recommendations with segregation of duties.
INVESTMENTSFinancial Year 2014 was a challenging year with overall economic slowdown on thebackdrop of halted investment cycle firm inflation and tight monetary condition. 47 crores as on March 31 2013 registering a growth of 14.60%. The risk managementfunction attempts to anticipate vulnerabilities at the transaction level or at theportfolio level as appropriate through quantitative examinations of embedded risks.
Total interestincome from investments for the FY2014 was Rs. Revamped Information Security Policy factoring the various guidelines and stipulationsmentioned in the report has been approved by Board and is in place besides other ITPolicies such as IT Operation Policy IT Governance Policy and IT Out Sourcing Policy. Near line DR Center Solution RISK MANAGEMENTRisk is an integral part of the banking business and the Bank aims at deliveringsuperior value to shareholders by achieving an appropriate trade-off between risk andreturn.