BalanceSheet 2011 - maharashtra gramin bank
BalanceSheet 2011 - maharashtra gramin bank BalanceSheet 2011 - maharashtra gramin bank
6) REVENUE RECOGNITION (AS - 9) : i. Income/ Expenditure is accounted on accrual basis except in the following cases: In the case of Non Performing Assets, income is recognized on cash basis, in terms of guidelines of the Reserve Bank of India. Where recovery is not adequate to upgrade the Non Performing Assets accounts by way of regularization, such recovery is being appropriated towards the principal/ book balance in the first instance and towards interest dues thereafter. In respect of Non Performing Investments, the same accounting treatment as above is followed except other wise agreed. ii. Interest on securities, which is due and not paid for a period of more than 90 days is recognized on realization basis as per R.B.I. guidelines. iii. iv. Income from sale of Mutual fund products, locker rent etc., are accounted on cash/ realization basis. In the case of overdue Term Deposits, interest is provided for @ 3.50% on GL Products. Many Branches has not provided interest on Over Due Deposits. Hence effect on profit can not be quantified. v. In the case of suit filed accounts legal expenses are charged to the profit and loss account. Similarly at the time of recovery of legal expenses in respect of such suit filed accounts the amount recovered is accounted as income. vi. Commission/ exchange are normally recognized on the date of receipts although income may relate to transaction period extending beyond the accounting period. 7) SEGMENT REPORTING (AS - 17): The Bank has treated the entire operations as a single reportable segment and secondary segment is not considered necessary due to operations in only one State and hence no disclosure is required. 8) RELATED PARTY DISCLOSURES (AS - 18) : In compliance with AS - 18 issued by ICAI and the RBI guidelines details of related party transactions are disclosed below; The Bank has considered the following as the related parties for disclosure under AS- 18 issued by the ICAI. The key personnel of the Bank and the remuneration paid to them as under –
Sr. No. Name Period 1 A A Magdum, Chairman 01.04.2010 to 31.03.2011 2 M.C.Kulkarni, Chief General Manager 01.04.2010 to 30.06.2010 3 P. R. Mohanty, Chief General Manager 01.07.2010 to 31.03.2011 4 A K R Singh, General Manager 01.04.2010 to 31.03.2011 5 D C Sthul, General Manager 01.04.2010 to 30.06.2010 6 P K Mishra, General Manager 01.04.2010 to 31.03.2011 7 G Srikrishna, Senior Manager, Accounts 01.04.2010 to 30.11.2010 8 H L Mote, Senior Manager, Inspection 01.04.2010 to 30.11.2010 9 U K Kurwalkar, Regional Manager, Jalna 01.04.2010 to 31.03.2011 Officers on deputation for CBS 10 L.K. Joshi 01.12.2010 to 31.03.2011 11 K.G. Iyer 01.12.2010 to 31.03.2011 12 Sachin Dharam 01.12.2010 to 31.03.2011 13 S.V.Pathak 01.12.2010 to 31.03.2011 14 R.S.Gaitonde 01.12.2010 to 31.03.2011 15 C.R.Kadu 01.12.2010 to 31.03.2011 16 H.M.Godse 01.12.2010 to 31.03.2011 17 C.A.Joshi 01.12.2010 to 31.03.2011 The Bank has paid Rs. 66.84 lacs towards remuneration during financial year to the staff on deputation from the Sponsor Bank. 9) STAFF BENEFITS (AS - 15): 1. In respect of employees who have opted for Provident Fund scheme, contribution as permitted by EPF act is made and debited to the Profit & Loss Account. 2. Bank has provided for Gratuity liability in the books & the amount has been debited to the Profit & Loss Account. Amount of Gratuity has been worked out as per Actuarial valuation at the year-end. 3. Liability towards leave encashment is provided for & debited to Profit & Loss Account based on valuation made by LIC. 4 Bank has opted for contribution to Group Gratuity Trust Scheme and Group Leave Encashment Trust Scheme of LIC.
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- Page 31 and 32: 23) Details of Loans Assets subject
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Sr.<br />
No.<br />
Name<br />
Period<br />
1 A A Magdum, Chairman 01.04.2010 to 31.03.<strong>2011</strong><br />
2 M.C.Kulkarni, Chief General Manager 01.04.2010 to 30.06.2010<br />
3 P. R. Mohanty, Chief General Manager 01.07.2010 to 31.03.<strong>2011</strong><br />
4 A K R Singh, General Manager 01.04.2010 to 31.03.<strong>2011</strong><br />
5 D C Sthul, General Manager 01.04.2010 to 30.06.2010<br />
6 P K Mishra, General Manager 01.04.2010 to 31.03.<strong>2011</strong><br />
7 G Srikrishna, Senior Manager, Accounts 01.04.2010 to 30.11.2010<br />
8 H L Mote, Senior Manager, Inspection 01.04.2010 to 30.11.2010<br />
9 U K Kurwalkar, Regional Manager, Jalna 01.04.2010 to 31.03.<strong>2011</strong><br />
Officers on deputation for CBS<br />
10 L.K. Joshi 01.12.2010 to 31.03.<strong>2011</strong><br />
11 K.G. Iyer 01.12.2010 to 31.03.<strong>2011</strong><br />
12 Sachin Dharam 01.12.2010 to 31.03.<strong>2011</strong><br />
13 S.V.Pathak 01.12.2010 to 31.03.<strong>2011</strong><br />
14 R.S.Gaitonde 01.12.2010 to 31.03.<strong>2011</strong><br />
15 C.R.Kadu 01.12.2010 to 31.03.<strong>2011</strong><br />
16 H.M.Godse 01.12.2010 to 31.03.<strong>2011</strong><br />
17 C.A.Joshi 01.12.2010 to 31.03.<strong>2011</strong><br />
The Bank has paid Rs. 66.84 lacs towards remuneration during financial year to the staff on<br />
deputation from the Sponsor Bank.<br />
9) STAFF BENEFITS (AS - 15):<br />
1. In respect of employees who have opted for Provident Fund scheme,<br />
contribution as permitted by EPF act is made and debited to the Profit & Loss<br />
Account.<br />
2. Bank has provided for Gratuity liability in the books & the amount has been<br />
debited to the Profit & Loss Account. Amount of Gratuity has been worked out as<br />
per Actuarial valuation at the year-end.<br />
3. Liability towards leave encashment is provided for & debited to Profit & Loss<br />
Account based on valuation made by LIC.<br />
4 Bank has opted for contribution to Group Gratuity Trust Scheme and Group<br />
Leave Encashment Trust Scheme of LIC.
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