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रजिस्ट्री सं. डीएल—(एन)04/0007/2003—20 REGISTERED No.- DL—(N)04/0007/2003—20

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सी.जी.-डी.एल.-सा.-25082020-221331

CG-DL-W-25082020-221331

साप्ताहिक/WEEKLY

प्राधिकार से प्रकाशित

PUBLISHED BY AUTHORITY

सं. 34] नई दिल्ली, शनिवार, अगस्त 22—अगस्त 28, 2020 (श्रावण 31, 1942)

No. 34] NEW DELHI, SATURDAY, AUGUST 22—AUGUST 28, 2020 (SARVANA 31, 1942)

इस भाग में भिन्न पृष्ठ संख्या दी जाती है जिससे कि यह अलग संकलन के रूप में रखा जा सकेत्रत्रत्रत्र

(Separate paging is given to this Part in order that it may be filed as a separate compilation)त्रत्रत्रत्र

भाग III—खण्ड 4

[PART III—SECTION 4]

[सांविधिक निकायों द्वारा जारी की गई विविध अधिसूचनाएं जिसमें कि अधिसूचनाएं, आदेश, विज्ञाापन और सूचनाएं सम्मिलित ह]

[Miscellaneous Notifications including Notifications, Orders, Advertisements and Notices issued by

Statutory Bodies]

—————

भारतीय रिज़र्व बैंक

मुंम्बई-400001, दिनांक 18 जुलाई 2020

वि.वि.आईबीडी. सं. 99/23.13.138/2020-21--भारतीय रिज़र्व बैंक अधिनियम, 1934 (1934 का 2) की धारा की उप-धारा (6) के खण्ड (ख) के अनुसरण में भारतीय रिज़र्व बैंक इसके द्वारा यह निर्देश देता है कि उक्त अधिनियम की दूसरी अनुसूची में निम्नलिखित को हटा दिया जाये :--

''वेस्टपैक बैकिंग कार्पोरिशन''

लिलि वडेरा कार्यपालक निदेशक

------------

वि.वि.आईबीडी. सं. 100/23.13.138/2020-21--बैंककारी विनियमन अधिनियम, 1949 की धारा 36 (क) की उप-धारा (2) के अनुसरण में भारतीय रिज़र्व बैंक इसके द्वारा यह अधिसूचित करता है कि वेस्टपैक बैंकिंग कार्पोरेशन उक्त अधिनियम के अर्थ के अंतर्गत अब बैंकिंग कंपनी नहीं है।

लिलि वडेरा कार्यपालक निदेशक

1—209 GI/2020

(69)भारत का राजपत्र, अगस्त 22, 2020 (श्रावण 31, 1942) 70 [भाग III—खण्ड 4

दिनांक 28 जुलाई 2020

वि.वि.आईबीडी. सं. 144/16.13.007/2020-21--बैंककारी विनियमन अधिनियम, 1949 की धारा 36 क की उप-धारा (2) में प्रदत्त शक्तियों का प्रयोग करते हुए भारतीय रिज़र्व बैंक एतद्‌वारा यह अधिसूचित करता है कि ''आदितय बिड़ला आइडिया पेमेंट्‌स बैंक लिमिटेड'' उक्त अधिनियम के अर्थ के अंतर्गत जुलाई 28, 2020 से लागू रूप में बैंकिंग कंपनी नहीं है।

लिलि वडेरा कार्यपालक निदेशकभाग III—खण्ड 4] भारत का राजपत्र, अगस्त 22, 2020 (श्रावण 31, 1942) 71 भारत का राजपत्र, अगस्त 22, 2020 (श्रावण 31, 1942) 72 [भाग III—खण्ड 4

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`भाग III—खण्ड 4] भारत का राजपत्र, अगस्त 22, 2020 (श्रावण 31, 1942) 83 `भारत का राजपत्र, अगस्त 22, 2020 (श्रावण 31, 1942) 84 [भाग III—खण्ड 4 `

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`भाग III—खण्ड 4] भारत का राजपत्र, अगस्त 22, 2020 (श्रावण 31, 1942) 85 `

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`भारत का राजपत्र, अगस्त 22, 2020 (श्रावण 31, 1942) 92 [भाग III—खण्ड 4 `भाग III—खण्ड 4] भारत का राजपत्र, अगस्त 22, 2020 (श्रावण 31, 1942) 93 `भारत का राजपत्र, अगस्त 22, 2020 (श्रावण 31, 1942) 94 [भाग III—खण्ड 4 `भाग III—खण्ड 4] भारत का राजपत्र, अगस्त 22, 2020 (श्रावण 31, 1942) 95 `

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ड170 THE GAZETTE OF INDIA, AUGUST 22, 2020 (SRAVANA 31, 1942) [PARTIII—SEC. 4

RESERVE BANK OF INIDA

Mumbai-400001, the 18th July 2020

DOR IBD. No.99/23.3/138/2020-21—In pursuance of clause (b) of sub-section (6) of section 42 of the Reserve Bankof India Act. 1934 (2 of 1934), the Reserve bank of India hereby directs the exclusion from the Second Schedule tothesaid Act of thefollowing.

"WESTPAC BANKING CORPORATION"

LILY VADERA Executive Director

——————

DoR IBD.No. 100/23.13.138/2020-21—Inpursuance of sub-section (2) of Section 36(A) of the Banking Regulation Act, 1949, the Reserve Bank of India hereby notifies that the Westpac banking Corporation has ceased tobe a banking company within the meaning of the said Act.

LILY VADERA Executive Director

——————

DoR IBD.No. 144/16.13.007/2020-21—In exercise of powers conferred by sub-section (2) of Section 36A of the Banking Regulation Act, 1949, the Reserve Bank of India hereby notifies that the Aditya Birta Idia payments bank Limited has ceased to be a banking Company within the meaning of the Act, with effect from July 28, 2020.

LILY VADERA Executive Director

——————

NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT (NABARD)

Mumbai, the 30th July 2020

No. GSR. No. NB.Secy/192/AR-2/2020-21—In pursuance of Section 48(5) of the National Banko for Agriculture and Rural Development Act, 1982 (61 of 1981), the Balance Sheet ofthe National Bank for Agriculture and RuralDevelopment as on 31 March 2020, the Profit and Loss Account for the year ended 31 March 2020 (April 2019-March 2020) and the Report of the Auditors for the year are published herewith.

A.K. PARHI Chief General Manager & Secretary National Bank for Agriculture and Rural Development (NABARD) MumbaiPARTIII—SEC. 4] THE GAZETTE OF INDIA, AUGUST 22, 2020 (SRAVANA 31, 1942) 171

Annual Accounts 2019-20

Balance Sheet

Profit & Loss account & Cash Flow 2019-20 of NABARD

Independent Auditor's Report

To:

The Board of Directors of

National Bank for Agriculture and Rural Development

Report on the Audit of the Standalone Financial Statements

Opinion

1. We have audited the accompanying Standalone Financial Statements of National Bank for Agriculture and Rural Development ('the Bank' or 'NABARD'), which comprise the Balance Sheet as at March 31, 2020, Profit and Loss Account and the Cash Flow Statement for the year then ended, and notes to the Standalone Financial Statements, including a summary of significant accounting policies and other explanatory information ('Standalone Financial Statements').

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Financial Statements give the information required by National Bank for Agriculture and Rural Development (Additional) General Regulations, 1984 and exhibit a true and fair view, in conformity with the Accounting Standards notified by the Institute of Chartered Accountants of India ('ICAI') and accounting principles generally accepted in India, of the state of affairs of the Bank as at March 31, 2020, its profits and its cash flows for the year ended on that date.

Basis of Opinion

2. We conducted our audit in accordance with the Standards on Auditing ('SAs') issued by the ICAI. Our responsibilities under those SAs are further described in the Auditor's Responsibilities for the Audit of the Standalone Financial Statements section of our report. Those Standards require that we comply with ethical requirements. We are independent of the Bank in accordance with the Code of Ethics issued by ICAI and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide the basis for our opinion.

Emphasis of Matter

3. Attention is invited to Note No 17 to the Standalone Financial Statements regarding the uncertainties arising out of the outbreak of COVID-19 pandemic and the assessment made by the management of the Bank on its operations and financial reporting for the year ended March 31, 2020; such an assessment and the outcome of the pandemic, as made by the management, is dependent on the circumstances as they evolve in the subsequent periods. Our report is not modified in respect of this matter.

Key Audit Matters

4. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Standalone Financial Statements for the year. These matters were addressed in the context of our audit of the Standalone Financial Statements, as a whole, and in forming our opinion thereon, we do not provide a separate opinion on the key audit matters. In our professional judgement, we have decided the following to be the key audit matter to be communicated in our report:

Information Other Than the Financial Statements and Auditor's Report Thereon

5. The Bank's management and Board of Directors are responsible for the preparation of the other information, comprising of the information such as Report of Board of Directors and such other disclosures included in the Bank's annual report, excluding the Financial Statements and auditors' report thereon ('Other Information').

The other information is expected to be made available to us after the date of this auditors' report. Our opinion on the standalone Financial Statements does not cover the other information and we do not express any form of assurance or conclusion thereon.

In connection with our audit of the Standalone Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Standalone Financial Statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. When we read the other Information and if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance as required under SA 720 'The Auditor's responsibilities Relating to other Information'.

Management's Responsibility for the Standalone Financial Statements

6. Management of the Bank is responsible for the preparation of the Standalone Financial Statements in accordance with the National Bank for Agriculture and Rural Development (Additional) General Regulations, 1984, that give a true and fair view of the financial position, financial performance, and cash flows of the Bank. This responsibility also includes maintenance of adequate accounting records for safeguarding the assets of the Bank and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies, making judgments and estimates that are reasonable and prudent, design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Statements, the Management and Board of Directors are also responsible for assessing the Bank's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Bank or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Bank's financial reporting process.

Auditor's Responsibility for the Audit of the Standalone Financial Statements

7. Our objectives are to obtain reasonable assurance about whether the Standalone Financial Statements, as a whole, are free from material misstatement, whether due to fraud or error and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone Financial Statements. Our audit processes in accordance with the SAs are narrated in Annexure 1 to this report.

Other Matters

8. Incorporated in these financial statements are the returns of 14 Regional Offices and 1 Training Centre visited by us for the purposes of audit and the same including Head Office, account for 80.73% of advances, 99.98% of deposits, 82.90% of interest income and 99.98% of interest expenses. These Offices and Training Centre have been selected in consultation with the management of the Bank. We have not visited other remaining offices of the Bank i.e. 17 Regional Offices and 2 Training Centers but have reviewed their returns sent at the Head Office.

9. Due to complete lockdown imposed by the Central Government to restrict the spread of COVID19, the audit finalization process, for the year under report, was carried out from remote locations i.e. other than the Head Office of the Bank, and to the extent data/details available/feasible based on financial information/records remitted by the management through digital medium.

Report on Other Legal and Regulatory Requirements

10. The Balance Sheet and the Profit and Loss Account have been drawn up as per Schedule 'A' and Schedule 'B' of Chapter IV of National Bank for Agriculture and Rural Development (Additional) General Regulations, 1984.

As required by the provisions of National Bank for Agriculture and Rural Development Act, 1981 and regulations made thereunder, we report that:

a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

b. The transactions of the Bank, which have come to our notice in course of our audit, have been within the powers of the Bank.

c. In our opinion, the Balance sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of accounts and with the returns received from the regional offices and training centers not visited by us.

d. In our opinion, the Standalone Financial Statements comply with the applicable accounting standards.

For Khimji Kunverji & Co LLP

Chartered Accountants

Firm's Registration No: 105146W/W100621

Hasmukh B. Dedhia

Partner Place: Mumbai

Membership No: 033494 Date: May 22, 2020

ICAI UDIN: 20033494AAAAEC7877PARTIII—SEC. 4] THE GAZETTE OF INDIA, AUGUST 22, 2020 (SRAVANA 31, 1942) 175

Annexure 1 to the Independent Auditors' Report

(referred to in para 7 titled "Auditor's Responsibilities for the Audit of the Standalone Financial Statements")

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

• Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, to design and perform audit procedures responsive to those risks and obtain audit evidence for material items that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Bank's internal control.

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

• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Bank's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Bank to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

• From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our Auditor's Report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT

BALANCE SHEET AS ON 31 MARCH 2020

NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT

BALANCE SHEET AS ON 31 MARCH 2020

As per our attached report of even date

For Khimji Kunverji & Co LLP

(Formerly Khimji Kunverji & Co)

Chartered Accountants

FRN: 105146W/ W100621

Hasmukh B. Dedhia S. Sankaranarayanan

Partner (F-033494) Chief General Manager

Accounts Department

Harsh Kumar Bhanwala Shaji K V P V S Suryakumar

Chairman Deputy Managing Director Deputy Managing Director

A K Parhi

Chief General Manager & Secretary

Mumbai

22 May 2020178 THE GAZETTE OF INDIA, AUGUST 22, 2020 (SRAVANA 31, 1942) [PARTIII—SEC. 4

NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2020

NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT

PROFIT AND LOSS APPROPRIATION ACCOUNT

Refer Schedule 18 for Significant Accounting Policies and Notes on Accounts.

As per our attached report of even date

For Khimji Kunverji & Co LLP (Formerly Khimji Kunverji & Co) Chartered Accountants FRN: 105146W/ W100621 Hasmukh B. Dedhia S. Sankaranarayanan Partner (F-033494) Chief General Manager Accounts Department

Harsh Kumar Bhanwala Shaji K V P V S Suryakumar Chairman Deputy Managing Director Deputy Managing Director A K Parhi Chief General Manager & Secretary

Mumbai

22 May 2020180 THE GAZETTE OF INDIA, AUGUST 22, 2020 (SRAVANA 31, 1942) [PARTIII—SEC. 4

SCHEDULES TO BALANCE SHEET

Schedule 1 - Reserve Fund and Other Reserves

Schedule 2 - National Rural Credit Funds

Schedule 3 - Gifts, Grants, Donations and Benefactions

(Amount in `crore)

NABARD is acting as a banker/ custodian/ trustee on behalf of GOI/ RBI/Other entities and is holding the above funds, pending disbursement/ utilization in terms of respective schemes, on their behalf, to the extent of contribution made by them and accrued interest on unutilized balances, wherever applicable.

Includes income tax paid off: (i) ` 24.41 crore (ii) `24.41 crore (iii) ` 81.37 crore (iv) ` 32.55 crorePARTIII—SEC. 4] THE GAZETTE OF INDIA, AUGUST 22, 2020 (SRAVANA 31, 1942) 183

Schedule 4 - Government Schemes

*Refer B-2 of Schedule 18

NABARD is acting as a banker/ custodian/ trustee on behalf of GOI/ RBI/Other entities and is holding the above funds, pending disbursement/ utilization in terms of respective schemes, on their behalf, to the extent of contribution made by them and accrued interest on unutilized balances, wherever applicable.

Schedule 5 - Deposits

Schedule 6 - Bonds and Debentures

Schedule 7 – Borrowings

Schedule 8 - Current Liabilities and Provisions

Schedule 9 - Cash and Bank Balances

Schedule 10 – Investments

Schedule 11 - Advances

(Amount in ` crore)

Schedule 12 - Fixed Assets

Schedule 13 - Other Assets

Schedule 14 - Interest and Financial Charges

Schedule 15 A - Establishment and Other Expenses

Schedule 16- Provisions

Schedule 18

SIGNIFICANT ACCOUNTING POLICIES AND NOTES FORMING PART OF ACCOUNTS

FOR THE YEAR ENDED MARCH 31, 2020

A. SIGNIFICANT ACCOUNTING POLICIES

1. Basis of Preparation:

The accounts are prepared on the historical cost convention and comply with all material aspects contained in the National Bank for Agriculture and Rural Development Act, 1981 and Regulations thereof, applicable Accounting Standards (AS) issued by the Institute of Chartered Accountants of India (ICAI) and regulatory norms prescribed by the Reserve Bank of India (RBI). Except otherwise mentioned, the accounting policies have been consistently applied by the National Bank for Agriculture and Rural Development (the Bank / NABARD) and are consistent with those used in the previous year.

2. Use of Estimates:

Preparation of financial statements in conformity with the Generally Accepted Accounting Principles (GAAP) requires the management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the results of the operations for the reporting period. Although these estimates are based on the management's best knowledge, the actual results could differ from these estimates. Such differences are recognized in the year of outcome of such results.

3. Revenue recognition:

a) Income and expenditure are accounted on accrual basis, except the following, which are accounted on cash basis:

i) Interest on non-performing assets identified as per Reserve Bank of India (RBI) guidelines.

ii) Income by way of penal interest charged due to delayed receipt of loan dues or non–compliance with terms of loan.

iii) Service Charges on loans given out of various Funds.

iv) Expenses not exceeding `10,000 at each accounting unit, under a single head of expenditure.

b) Discount on Bonds and Commercial Papers issued are amortized over the tenure of Bonds and Commercial Papers.

Issue expenses relating to floatation of bonds are recognized as expenditure in the year of issue of Bonds.

c) Dividend on investments is accounted for, when the right to receive the dividend is established.

d) i) Income from Venture Capital funds is accounted on realization basis.

ii) Release of subsidy in which NABARD is acting as a pass through agency is accounted for, including service charges thereon, on payment basis subject to availability of funds under the respective schemes.

e) Recovery in non-performing assets (NPA) is appropriated in the following order:

i) penal interest

ii) cost & charges

iii) overdue interest and interest

iv) principal

4. Property Plant and Equipment (Fixed Assets)

a) Fixed assets in are stated at cost of acquisition, less accumulated depreciation and impairment losses, if any. The cost of assets includes taxes, duties, freight and other incidental expenses related to the acquisition and installation of the respective assets. Subsequent expenditure incurred on existing asset is capitalized, only when it increases the future benefit from the existing assets beyond its previously assessed level of performance.

b) Land includes freehold and leasehold land.

c) Premises include value of land, where segregated values are not readily available.

d) Depreciation policy on premises situated on freehold land and leasehold land has been revised during the FY 2017- 18 and calculated on straight line basis over the period of 30 years.

e) Fixed Assets individually costing `1 lakh or less (except easily portable electronic assets such as laptops, mobile phones, etc.) are charged to the Profit and Loss Account in the year of acquisition. Easily portable electronic assets198 THE GAZETTE OF INDIA, AUGUST 22, 2020 (SRAVANA 31, 1942) [PARTIII—SEC. 4 such as laptops, mobile phones, etc., are capitalized, if individual cost of the items is more than `10,000. All software costing `1 lakh each and less, purchased independently are charged to the Profit and Loss Account.

f) Depreciation on other fixed assets is charged over the estimated useful life of the assets ascertained by the management at the following rates on Straight Line Method basis:

sold in the year of sale.

h) Capital work in progress includes capital advances and is disclosed under Fixed Assets.

5. Investments

a) In accordance with the RBI guidelines, Investments are classified into "Held for Trading" (HFT), "Available for Sale" (AFS) and "Held to Maturity" (HTM) categories (hereinafter called "categories").

b) Securities that are held principally for resale within 90 days from the date of purchase are classified as "HFT". Investments that the Bank intends to hold till maturity are classified as "HTM". Securities which are not to be classified in the above categories are classified as "AFS".

c) Investments classified under HTM category are carried at acquisition cost, wherever cost is equivalent to face value or less. If cost is more than the face value, the premium is amortized over the period remaining to maturity. Provision for diminution, other than temporary, in the value of investments in subsidiaries and joint ventures under the category "HTM" is made, wherever necessary. Provision for diminution/ amortization, in value of such investments, is included under Current Liabilities and Provisions.

d) Profit on redemption of investment categorized under "HTM" is recognized in Profit & Loss A/c. e) Investments under "AFS" are marked to market, scrip-wise, at the rate, declared by Fixed Income Money Market and Derivative Association of India (FIMMDA) and by Financial Benchmarks India Pvt. Ltd. Net depreciation, if any, is provided for investments in the category classified as "AFS" and appreciation is ignored. The book values of the individual scrip are not changed after such revaluation.

f) Investments under "HFT" are marked to market, scrip-wise, at the rate, declared by Fixed Income Money Market and Derivative Association of India (FIMMDA) and by Financial Benchmarks India Pvt. Ltd. Depreciation / appreciation is recognized in the category for investments classified as "HFT". The book value of the individual scrip is changed after such revaluation.

g) Investments in subsidiaries, joint ventures and associates are classified as Held to Maturity. h) Treasury Bills, Commercial Papers and Certificates of Deposits are valued at carrying cost. i) Unquoted Shares are valued at breakup value, if the latest Audited Financial Statements of the investee companies are available, or at `1/- per Company as per RBI guidelines.

j) Brokerage, commission, etc. paid in respect of investments including unlisted equities, at the time of acquisition, are charged to revenue.

k) Brokerage, paid on acquisition / disposal of equities traded on stock exchange is capitalized. l) Broken period interest paid/received on debt investments is treated as interest expenses/ income and is excluded for cost/ sale consideration.

m) Transfer of a security between the categories is accounted for, at lower of the acquisition cost/book value/market value on the date of transfer and depreciation, if any, on such transfer, is fully provided for.

n) Amortization/Gain/Loss on Revaluation of Government Securities is charged to Profit and Loss Account. o) Weighted average cost method has been followed for accounting for investments. p) Investments in Venture Capital Funds are accounted as per the accounting policy adopted by the respective Fund.

6. Advances and Provisions thereon

a) Advances are classified as per RBI guidelines. Provision for standard assets and non–performing assets is made in respect of identified advances, based on a periodic review and in conformity with the provisioning norms prescribed by RBI.

b) In case of restructuring/rescheduling of advances, the difference between the present value of future principal and interest as per the original agreement and the present value of future principal and interest as per the revised agreement is provided for.

c) Advances are stated net of provisions towards Non-performing Advances.

d) Provision for Non-Performing Loans in respect of loans granted out of funds are charged to the Profit and Loss account.

7. Foreign Currency Transactions

As per Accounting Standard (AS-11) on Accounting for the Effects of Changes in Foreign Exchange Rates issued by the ICAI; following accounting treatment is given to foreign exchange transactions: a) Assets and liabilities in foreign currency are revalued at the exchange rate notified by Reserve Bank of India as at the close of the year/reporting date. The hedged portion of the foreign currency borrowings are stated at the contracted value and the liability of hedged borrowing as per year-end exchange rate is disclosed as a contra item in the Balance Sheet (as off Balance Sheet item).

b) Income and Expenditure items are translated at the exchange rates prevailing on the date of the transaction.

8. Accounting for Foreign Exchange Contracts

a) Foreign Exchange Contracts are to hedge the repayment of foreign currency borrowings.

b) The foreign currency borrowings which are hedged are stated at the contract rate.

c) The foreign exchange unhedged contracts are revalued at the exchange rates notified by FEDAI / FBIL at the year end. The resultant gain / loss on revaluation is recognised in the Profit & Loss Account under the head Gains / Loss on revaluation of Forward Exchange Contract Account. Premium/ discount are accounted over the life of the contract.

d) The Profit / Loss on cancellation and renewal of foreign exchange contracts are recognised in Profit and Loss Account under the head 'Profit / Loss on Foreign Currency Loan Account'.

9. Employee Benefits

All personnel transferred from RBI are considered as employees of the Bank and provisions for Employee Benefits are made accordingly. Actuarial valuation, wherever required, for long term employee benefits are carried out at each balance sheet date.

a) Short Term Employee Benefits:

The undiscounted amount of short-term employee benefits, which are expected to be paid in exchange for the services rendered by employees are recognised during the period when the employee renders the service.

b) Post-Retirement Benefits:

i) Defined Contribution Plan

The Bank has a Provident Fund Scheme in respect of all eligible employees who joined the Bank on or before 31 December 2011. The scheme is managed by RBI. Employers' Contribution is recognized on accrual basis.

The Bank has introduced a New Pension Scheme (NPS) for all the officers/employees who have joined the services of the Bank on or after 01 January 2012. The Bank has adopted the "NPS- Corporate Sector Model", a defined contribution plan, as formulated by the Pension Fund Regulatory and Development Authority (PFRDA). Contribution to the Fund is made on accrual basis.

ii) Defined Benefit Plan

a. Provision for gratuity is made based on actuarial valuation, made at the end of each financial year based on the projected unit credit method in respect of all eligible employees. The scheme is funded by the Bank and is managed by a separate trust. Actuarial gain or loss are recognised in the Profit and Loss Account on accrual basis.

b. Provision for pension is made based on actuarial valuation, in respect of all eligible employees who joined the Bank on or before 31 December 2011. The scheme is funded by the Bank and is managed by a separate trust.

iii) Other Long Term benefits

All eligible employees of the bank are entitled for compensated absences. All the eligible employees are also entitled for post-retirement medical benefits. The cost of providing other long term benefits is determined using the projected unit credit method based on actuarial valuations being carried out at each balance sheet date. Actuarial gain or loss are recognised in the Profit and Loss Account on accrual basis.

10. Taxes on Income

a) Tax on income for the current period is determined on the basis of taxable income and tax credits computed, in accordance with the provisions of Income Tax Act, 1961 and based on expected outcome of assessments/appeals.

b) Deferred tax is recognized, on timing difference, being the difference between taxable income and accounting income for the year and quantified, using the tax rates and laws that have been enacted or substantively enacted, as on Balance Sheet date.

c) Deferred tax assets relating to unabsorbed depreciation/business losses are recognised and carried forward to the extent that there is virtual certainty that sufficient future taxable income will be available against which, such deferred tax assets can be realized.

d) Tax paid/provided on taxable income earned by the funds are accounted as expenditure of respective funds.

11. Segment Reporting

a) Segment revenue includes interest and other income directly identifiable with / allocable to the segment.

b) Income, which relates to Bank as a whole and not allocable to segments is included under "Other Unallocable Bank income".

c) Expenses that are directly identifiable with/allocable to segments are considered for determining the segment result.

The expenses, which relate to the Bank as a whole and not allocable to segments, are included under "Other Unallocable Expenditure".

d) Segment Assets and Liabilities include those directly identifiable with the respective segments. Unallocable Assets and Liabilities include those that relate to the Bank as a whole and not allocable to any segment.

12. Impairment of Assets

a) As at each Balance Sheet date, the carrying amount of assets is tested for impairment so as to determine:

i) the provision for impairment loss, if any, required; or

ii) the reversal, if any, required for impairment loss recognized in the previous periods.

b) Impairment loss is recognized when the carrying amount of an asset exceeds recoverable amount.

13. Provisions, Contingent Liabilities and Contingent Assets

13.1 Provisions are recognised for liabilities that can be measured only by using substantial degree of estimation if:

a) the Bank has a present obligation as a result of a past event;

b) a probable outflow of resources is expected to settle the obligation; and

c) the amount of the obligation can be reliably estimated.

13.2 Contingent liability is disclosed in the case of:

a) a possible obligation arising from past events, when it is not probable that an outflow of resources will be required to settle the obligation,

b) a present obligation when no reliable estimate is possible, and

c) a possible obligation arising from past events where the probability of outflow of resources is remote.

13.3 Contingent assets are neither recognized, nor disclosed.

13.4 Provisions, contingent liabilities and contingent assets are reviewed at each Balance Sheet date.

14. Cash and cash equivalents

(a) Cash and cash equivalents for the purposes of cash flow statement comprise cash at bank, cash in hand, demand deposits with banks and other short-term investments with an original maturity of three months or less.

(b) Cash Flow statement is reported using Indirect method. The cash flow from operating, financing and investing activity is segregated based on the available information.

15. Prior Period Income / Expenses

Items of Income / Expenditure which are prior period in nature is disclosed separately only when the individual prior period income / expense exceeds 0.5% of Gross Income.

16. Implementation of Indian Accounting Standards (Ind AS)

In terms of the Press Release No. 11/10/2009 CL-V dated 18 January 2016 issued by the MCA, the bank would be required to prepare Ind AS based financial statements for accounting periods beginning from April 1, 2018 onwards, with comparatives for the periods ending March 31, 2018 and thereafter. The implementation of Ind AS by AIFIs has been deferred by Reserve Bank of India until further notice.

17. Impact of Covid-19PARTIII—SEC. 4] THE GAZETTE OF INDIA, AUGUST 22, 2020 (SRAVANA 31, 1942) 201 (a) The outbreak of COVID19 across the globe and in India and consequent nation-wide lockdown has caused significant decline in the economic activity of the nation. It has created disruptions across the businesses, more particularly in Banking and Financial services sector, posing severe challenges to the farm sector especially during the peak of rabi season in the country and when crops are at harvestable stage or almost reaching maturity. This is also the time when the farm harvests reach the mandis (market yards) for assured procurement operations by designated government agencies.

(b) The management of the Bank assessed the impact of the COVID19 considering its internal and external inputs for ascertaining the same on the financial reporting numbers, which in turn is based on its assessment of the evolving developments in the subsequent periods.

(c) As banking and financial services are categorized as essential services, all the routine activities of the bank on policy matters, disbursement of loans, Investment of surplus and other related operations are conducted smoothly during the lockdown period by allowing majority staff to work from home through online / digital mode. A limited number of staff are called to office on rotational basis for attending to emergency work.

(d) In the opinion of the management of the Bank, based on information presently available, the impact of COVID–19 on the reported numbers and impairment of the assets would not be significant.

B. NOTES FORMING PART OF THE ACCOUNTS

1. In terms of the agreement with Kreditanstalt Fur Wiederaufbau - German Development Bank (KfW), accretion / income and expenditure under UPNRM have been charged to the fund. The loans granted out of this fund have been classified as Other loans and disclosed under Schedule 11. The borrowing related to the UPNRM are classified as borrowing from international agencies and disclosed under Schedule 7. During the year, a sum of `21.06 crore (`56.98 crore), representing total expenditure of `36.68 crores over income of `15.62 crores under the fund, has been charged to Profit & Loss Account.

2. Interest on unutilized balances has been credited to the following funds as per the respective agreements / as approved by the Management/Board of Directors. The details of rate of interest for respective funds are as under:

3. Recoverable from Government of India / International Agencies (Refer Schedule-13 of Balance Sheet) includes `1.06 crore (`1.44 crore) being debit balance of various funds. The details of such funds are as under:

Finance Development and Equity Fund (MFDEF).

5. Pursuant to the directions of RBI, the relative margin available to the Bank in excess of 0.5 percent in respect of Rural Infrastructure Development Fund (RIDF) deposits, Warehousing Infrastructure Fund (WIF) deposits and Food Processing Fund (FPF), placed by the Commercial Banks is credited to Watershed Development Fund, Tribal Development Fund, Financial Inclusion Fund and PODF.

6. Interest Subvention received / receivable from Government of India (GOI) under various schemes has been adjusted from Interest and financial charges under Schedule 14. The amount of Interest subvention adjusted under different schemes is given below:

7. Interest Margin on providing refinance under interest subvention scheme to StCBs, RRBs and to CCBs, Public Sector Banks for financing Primary Agriculture Co-operative Societies (PACS) for Seasonal Agricultural Operations and under NRLM scheme which was hitherto shown under other income has been accounted as interest income. The amount received / receivable from GOI under the scheme stood at `100.02 crore (`106.90 crore).

8. The salaries and allowances of the employees of the Bank are reviewed every five years. The review is due from 01 November 2017. Pending such settlement, an amount of`200 crore (`200 crore) has been provided, during the year under report, under the head Salary and Allowances during the year.

9. The Bank, during the year, in accordance with AS 22 "Accounting for taxes on Income", recognized in the Profit and Loss Account the deferred tax asset of

(-)`45.09 crore (`9.21 crore). The details of the deferred tax are as under:

Provision for Deferred Tax on account of Special Reserve created u/s 36(1)(viii) of the Income Tax Act, 1961, is not considered necessary, as the Bank has decided not to withdraw the said reserve.

10. The details of pending Income Tax Appeals with various authorities as at the end of FY 2019-20 is given below:

11. Free hold land and Lease Land and Premises include `14.00 crore (`14.00 crore) paid towards Office Premises and Staff Quarters for which conveyance is yet to be completed.

12. In the opinion of the Bank's management, there is no impairment to assets to which AS 28 – "Impairment of Assets" applies requiring any provision.

13. Pursuant to the directives of RBI, the project loans provided to State Co-operative Agriculture and Rural Development Banks (SCARDBs) by way of subscription to the Special Development Debentures (SDDs) floated by these agencies, are treated as under:

a) Classified as Investments and shown in Schedule – 10 under the head 'Debenture and Bonds'.

b) Interest earned on the same is shown as a part of 'Interest received on Loans and Advances' in the Profit and Loss Account, treating them as 'Deemed Advances'.

c) 'Deemed Advances' for the purpose of IRAC norms, capital adequacy and computation of ratios etc.

14. As on the date of the financial statements, out of the disbursement extended to various State Governments under RIDF, `438.65 crore (`472.56 crore) pertains to non-starter projects. Pending receipt of the proposal from State Government for adjustment of the amount with the respective / other projects, the amount has been classified as disbursement from the fund.

15. In terms of Central Board of Direct Taxes, Ministry of Finance notification dated 18 February 2016, NABARD was allowed to raise tax free bonds having benefits under section10(15)(iv)(h) of the Income Tax Act 1961 amounting to `5,000 crore. Accordingly, `1,500 crore repayable in 10 year tenure was mobilized through Private Placement and `3,500 crore repayable in 10 & 15 year tenure through public issue. The tax free bonds are in the nature of secured, redeemable and non-convertible bonds. These bonds are secured against pari passu charge on property situated in Mumbai and also first charge on specified book debts of NABARD. The interest charge to revenue pertaining to these bonds for the current year is `365.94 crore (`365.74 crore).

The details of the debenture Trustee is as under: Axis Trustee Services Limited, The Ruby, 2nd Floor, SW, 29, Senapati Bapat Marg, Dadar West, Mumbai - 400028 Telephone: +91 22 6230 0451

16. In terms of RBI Circular RBI/2015-16/104DBR.No.FID.FIC.3/01.02.00/2015-16 dated 01 July 2015 relating to Prudential Guidelines on Investment in Venture Capital Fund, an amount of `42.38 crore (`33.78 crore) made in the units of VCF was shifted from HTM category, on completion of 3 years, to AFS category.

17. Investments in Government Securities include the following securities pledged with Clearing Corporation of India Limited as collateral security for borrowings:

18. Disclosure required under AS 15 (Revised) on "Employee Benefits"

18.1 Defined Benefit Plans204 THE GAZETTE OF INDIA, AUGUST 22, 2020 (SRAVANA 31, 1942) [PARTIII—SEC. 4 Employees Retirement Benefit Plans of the bank include Pension, Gratuity, Leave Encashment and Post-retirement Medical Benefits, which are defined benefit plans. The present value of obligation is determined based on actuarial valuation, by an independent Actuary, using the Projected Unit Credit Method, which recognizes each period of services as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

18.1.1 Pension

a. Reconciliation of opening and closing balances of defined benefit obligations:

(Amount in ` crore)

a. Reconciliation of opening and closing balances of defined benefit obligations:

a. Reconciliation of opening and closing balances of defined benefit obligations:

c. Expenses recognized in the Profit and Loss Account during the year:

(Amount in `crore)206 THE GAZETTE OF INDIA, AUGUST 22, 2020 (SRAVANA 31, 1942) [PARTIII—SEC. 4

The present value of defined benefit obligation in respect of post-retirement medical benefits accounted in Profit and Loss Account is `0.00 crore (`4.04 crore).

18.1.5 The estimates of rate of escalation in salary considered in actuarial valuation, take into account NABARD related factors, inflation, seniority, promotion and other relevant factors including supply and demand in the employment market.

18.1.6 The aforesaid liabilities include liabilities of employees deputed to subsidiaries.

18.1.7 Amortisation of Post-retirement benefits

The entire liability towards post-retirement benefits are charged to Profit and Loss account and are not amortised.

18.1.8 Investment under Plan Assets of Pension, Gratuity & Leave Encashment Fund as on 31 March 2020

18.2 Defined Contribution Plan:

a. The bank contributes its share to Provident Fund with RBI. As per the terms, the contribution is a defined contribution plan. During the year, the bank has contributed `27.49 crore (`30.18) with RBI.

b. The employees' recruited on or after 01 January 2012 are covered under New Pension Scheme, which is a defined contribution plan. During the year, the bank has contributed `4.57 crore (`2.95 crore) to the said scheme.

19. Capital

19.1 Pattern of Capital contribution as on the date of the Balance Sheet:

The Authorized Capital of the bank stood at `30,000 crore as on 31 March 2019 and as on 31 March 2020. The entire Paid up Capital of the bank has been subscribed by Government of India. The details are given below:

19.2 Capital Adequacy

19.2.1 Capital Adequacy Ratio of the Bank as on 31 March 2020 was 21.20% (18.96%) as against a minimum of 9% as stipulated by RBI.

19.2.2 In accordance with RBI Instructions, assets financed from National Rural Credit – Long Term Operations (NRC LTO) Fund amounting to `14,495 (`14,493) crore are excluded for the purpose of computing the CRAR.

19.2.3 The details of various parameters of Capital to Risk Weighted Assets Ratio is given below:

# The Board of Directors of the Bank decided to create floating provisions, in accordance with RBI guidelines, to be utilized for any unexpected or exceptional circumstances.

22. Asset Quality and specific provisions 22.1 Non-Performing Advances

Annual Accounts 2019-20

Balance Sheet

Profit & Loss account & Cash Flow 2019-20 of NABARD

Independent Auditor's Report

To:

The Board of Directors of

National Bank for Agriculture and Rural Development

Report on the Audit of the Standalone Financial Statements

Opinion

1. We have audited the accompanying Standalone Financial Statements of National Bank for Agriculture and Rural Development ('the Bank' or 'NABARD'), which comprise the Balance Sheet as at March 31, 2020, Profit and Loss Account and the Cash Flow Statement for the year then ended, and notes to the Standalone Financial Statements, including a summary of significant accounting policies and other explanatory information ('Standalone Financial Statements').

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Financial Statements give the information required by National Bank for Agriculture and Rural Development (Additional) General Regulations, 1984 and exhibit a true and fair view, in conformity with the Accounting Standards notified by the Institute of Chartered Accountants of India ('ICAI') and accounting principles generally accepted in India, of the state of affairs of the Bank as at March 31, 2020, its profits and its cash flows for the year ended on that date.

Basis of Opinion

2. We conducted our audit in accordance with the Standards on Auditing ('SAs') issued by the ICAI. Our responsibilities under those SAs are further described in the Auditor's Responsibilities for the Audit of the Standalone Financial Statements section of our report. Those Standards require that we comply with ethical requirements. We are independent of the Bank in accordance with the Code of Ethics issued by ICAI and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide the basis for our opinion.

Emphasis of Matter

3. Attention is invited to Note No 17 to the Standalone Financial Statements regarding the uncertainties arising out of the outbreak of COVID-19 pandemic and the assessment made by the management of the Bank on its operations and financial reporting for the year ended March 31, 2020; such an assessment and the outcome of the pandemic, as made by the management, is dependent on the circumstances as they evolve in the subsequent periods. Our report is not modified in respect of this matter.

Key Audit Matters

4. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Standalone Financial Statements for the year. These matters were addressed in the context of our audit of the Standalone Financial Statements, as a whole, and in forming our opinion thereon, we do not provide a separate opinion on the key audit matters. In our professional judgement, we have decided the following to be the key audit matter to be communicated in our report:

Information Other Than the Financial Statements and Auditor's Report Thereon

5. The Bank's management and Board of Directors are responsible for the preparation of the other information, comprising of the information such as Report of Board of Directors and such other disclosures included in the Bank's annual report, excluding the Financial Statements and auditors' report thereon ('Other Information').

The other information is expected to be made available to us after the date of this auditors' report. Our opinion on the standalone Financial Statements does not cover the other information and we do not express any form of assurance or conclusion thereon.

In connection with our audit of the Standalone Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Standalone Financial Statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. When we read the other Information and if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance as required under SA 720 'The Auditor's responsibilities Relating to other Information'.

Management's Responsibility for the Standalone Financial Statements

6. Management of the Bank is responsible for the preparation of the Standalone Financial Statements in accordance with the National Bank for Agriculture and Rural Development (Additional) General Regulations, 1984, that give a true and fair view of the financial position, financial performance, and cash flows of the Bank. This responsibility also includes maintenance of adequate accounting records for safeguarding the assets of the Bank and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies, making judgments and estimates that are reasonable and prudent, design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Statements, the Management and Board of Directors are also responsible for assessing the Bank's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Bank or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Bank's financial reporting process.

Auditor's Responsibility for the Audit of the Standalone Financial Statements

7. Our objectives are to obtain reasonable assurance about whether the Standalone Financial Statements, as a whole, are free from material misstatement, whether due to fraud or error and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone Financial Statements. Our audit processes in accordance with the SAs are narrated in Annexure 1 to this report.

Other Matters

8. Incorporated in these financial statements are the returns of 14 Regional Offices and 1 Training Centre visited by us for the purposes of audit and the same including Head Office, account for 80.73% of advances, 99.98% of deposits, 82.90% of interest income and 99.98% of interest expenses. These Offices and Training Centre have been selected in consultation with the management of the Bank. We have not visited other remaining offices of the Bank i.e. 17 Regional Offices and 2 Training Centers but have reviewed their returns sent at the Head Office.

9. Due to complete lockdown imposed by the Central Government to restrict the spread of COVID19, the audit finalization process, for the year under report, was carried out from remote locations i.e. other than the Head Office of the Bank, and to the extent data/details available/feasible based on financial information/records remitted by the management through digital medium.

Report on Other Legal and Regulatory Requirements

10. The Balance Sheet and the Profit and Loss Account have been drawn up as per Schedule 'A' and Schedule 'B' of Chapter IV of National Bank for Agriculture and Rural Development (Additional) General Regulations, 1984.

As required by the provisions of National Bank for Agriculture and Rural Development Act, 1981 and regulations made thereunder, we report that:

a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

b. The transactions of the Bank, which have come to our notice in course of our audit, have been within the powers of the Bank.

c. In our opinion, the Balance sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of accounts and with the returns received from the regional offices and training centers not visited by us.

d. In our opinion, the Standalone Financial Statements comply with the applicable accounting standards.

For Khimji Kunverji & Co LLP

Chartered Accountants

Firm's Registration No: 105146W/W100621

Hasmukh B. Dedhia

Partner Place: Mumbai

Membership No: 033494 Date: May 22, 2020

ICAI UDIN: 20033494AAAAEC7877214 THE GAZETTE OF INDIA, AUGUST 22, 2020 (SRAVANA 31, 1942) [PARTIII—SEC. 4

Annexure 1 to the Independent Auditors' Report

(referred to in para 7 titled "Auditor's Responsibilities for the Audit of the Standalone Financial Statements")

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

• Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, to design and perform audit procedures responsive to those risks and obtain audit evidence for material items that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Bank's internal control.

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

• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Bank's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Bank to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

• From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our Auditor's Report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT

BALANCE SHEET AS ON 31 MARCH 2020

NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT

BALANCE SHEET AS ON 31 MARCH 2020

As per our attached report of even date

For Khimji Kunverji & Co LLP

(Formerly Khimji Kunverji & Co)

Chartered Accountants

FRN: 105146W/ W100621

Hasmukh B. Dedhia S. Sankaranarayanan

Partner (F-033494) Chief General Manager

Accounts Department

Harsh Kumar Bhanwala Shaji K V P V S Suryakumar

Chairman Deputy Managing Director Deputy Managing Director

A K Parhi

Chief General Manager & Secretary

Mumbai

22 May 2020PARTIII—SEC. 4] THE GAZETTE OF INDIA, AUGUST 22, 2020 (SRAVANA 31, 1942) 217

NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2020

NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT

PROFIT AND LOSS APPROPRIATION ACCOUNT

Refer Schedule 18 for Significant Accounting Policies and Notes on Accounts.

As per our attached report of even date

For Khimji Kunverji & Co LLP (Formerly Khimji Kunverji & Co) Chartered Accountants FRN: 105146W/ W100621 Hasmukh B. Dedhia S. Sankaranarayanan Partner (F-033494) Chief General Manager Accounts Department

Harsh Kumar Bhanwala Shaji K V P V S Suryakumar Chairman Deputy Managing Director Deputy Managing Director A K Parhi Chief General Manager & Secretary

Mumbai

22 May 2020PARTIII—SEC. 4] THE GAZETTE OF INDIA, AUGUST 22, 2020 (SRAVANA 31, 1942) 219

SCHEDULES TO BALANCE SHEET

Schedule 1 - Reserve Fund and Other Reserves

Schedule 2 - National Rural Credit Funds

Schedule 3 - Gifts, Grants, Donations and Benefactions

(Amount in `crore)

NABARD is acting as a banker/ custodian/ trustee on behalf of GOI/ RBI/Other entities and is holding the above funds, pending disbursement/ utilization in terms of respective schemes, on their behalf, to the extent of contribution made by them and accrued interest on unutilized balances, wherever applicable.

Includes income tax paid off: (v) ` 24.41 crore (vi) `24.41 crore (vii) ` 81.37 crore (viii) ` 32.55 crore222 THE GAZETTE OF INDIA, AUGUST 22, 2020 (SRAVANA 31, 1942) [PARTIII—SEC. 4

Schedule 4 - Government Schemes

*Refer B-2 of Schedule 18

NABARD is acting as a banker/ custodian/ trustee on behalf of GOI/ RBI/Other entities and is holding the above funds, pending disbursement/ utilization in terms of respective schemes, on their behalf, to the extent of contribution made by them and accrued interest on unutilized balances, wherever applicable.

Schedule 5 - Deposits

Schedule 6 - Bonds and Debentures

Schedule 7 – Borrowings

Schedule 8 - Current Liabilities and Provisions

Schedule 9 - Cash and Bank Balances

Schedule 10 – Investments

Schedule 11 - Advances

(Amount in ` crore)

Schedule 12 - Fixed Assets

Schedule 13 - Other Assets

Schedule 14 - Interest and Financial Charges

Schedule 15 A - Establishment and Other Expenses

Schedule 16- Provisions

Schedule 18

SIGNIFICANT ACCOUNTING POLICIES AND NOTES FORMING PART OF ACCOUNTS

FOR THE YEAR ENDED MARCH 31, 2020

C. SIGNIFICANT ACCOUNTING POLICIES

1. Basis of Preparation:

The accounts are prepared on the historical cost convention and comply with all material aspects contained in the National Bank for Agriculture and Rural Development Act, 1981 and Regulations thereof, applicable Accounting Standards (AS) issued by the Institute of Chartered Accountants of India (ICAI) and regulatory norms prescribed by the Reserve Bank of India (RBI). Except otherwise mentioned, the accounting policies have been consistently applied by the National Bank for Agriculture and Rural Development (the Bank / NABARD) and are consistent with those used in the previous year.

2. Use of Estimates:

Preparation of financial statements in conformity with the Generally Accepted Accounting Principles (GAAP) requires the management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the results of the operations for the reporting period. Although these estimates are based on the management's best knowledge, the actual results could differ from these estimates. Such differences are recognized in the year of outcome of such results.

3. Revenue recognition:

a) Income and expenditure are accounted on accrual basis, except the following, which are accounted on cash basis:

i) Interest on non-performing assets identified as per Reserve Bank of India (RBI) guidelines.

ii) Income by way of penal interest charged due to delayed receipt of loan dues or non–compliance with terms of loan.

iii) Service Charges on loans given out of various Funds.

iv) Expenses not exceeding `10,000 at each accounting unit, under a single head of expenditure.

b) Discount on Bonds and Commercial Papers issued are amortized over the tenure of Bonds and Commercial Papers.

Issue expenses relating to floatation of bonds are recognized as expenditure in the year of issue of Bonds.

c) Dividend on investments is accounted for, when the right to receive the dividend is established.

d) i) Income from Venture Capital funds is accounted on realization basis.

ii) Release of subsidy in which NABARD is acting as a pass through agency is accounted for, including service charges thereon, on payment basis subject to availability of funds under the respective schemes.

e) Recovery in non-performing assets (NPA) is appropriated in the following order:

v) penal interest

vi) cost & charges

vii) overdue interest and interest

viii) principal

4. Property Plant and Equipment (Fixed Assets)

i) Fixed assets in are stated at cost of acquisition, less accumulated depreciation and impairment losses, if any. The cost of assets includes taxes, duties, freight and other incidental expenses related to the acquisition and installation of the respective assets. Subsequent expenditure incurred on existing asset is capitalized, only when it increases the future benefit from the existing assets beyond its previously assessed level of performance.

j) Land includes freehold and leasehold land.

k) Premises include value of land, where segregated values are not readily available.

l) Depreciation policy on premises situated on freehold land and leasehold land has been revised during the FY 2017- 18 and calculated on straight line basis over the period of 30 years.

m) Fixed Assets individually costing `1 lakh or less (except easily portable electronic assets such as laptops, mobile phones, etc.) are charged to the Profit and Loss Account in the year of acquisition. Easily portable electronic assetsPARTIII—SEC. 4] THE GAZETTE OF INDIA, AUGUST 22, 2020 (SRAVANA 31, 1942) 237 such as laptops, mobile phones, etc., are capitalized, if individual cost of the items is more than `10,000. All software costing `1 lakh each and less, purchased independently are charged to the Profit and Loss Account.

n) Depreciation on other fixed assets is charged over the estimated useful life of the assets ascertained by the management at the following rates on Straight Line Method basis:

sold in the year of sale.

p) Capital work in progress includes capital advances and is disclosed under Fixed Assets.

5. Investments

q) In accordance with the RBI guidelines, Investments are classified into "Held for Trading" (HFT), "Available for Sale" (AFS) and "Held to Maturity" (HTM) categories (hereinafter called "categories").

r) Securities that are held principally for resale within 90 days from the date of purchase are classified as "HFT". Investments that the Bank intends to hold till maturity are classified as "HTM". Securities which are not to be classified in the above categories are classified as "AFS".

s) Investments classified under HTM category are carried at acquisition cost, wherever cost is equivalent to face value or less. If cost is more than the face value, the premium is amortized over the period remaining to maturity. Provision for diminution, other than temporary, in the value of investments in subsidiaries and joint ventures under the category "HTM" is made, wherever necessary. Provision for diminution/ amortization, in value of such investments, is included under Current Liabilities and Provisions.

t) Profit on redemption of investment categorized under "HTM" is recognized in Profit & Loss A/c. u) Investments under "AFS" are marked to market, scrip-wise, at the rate, declared by Fixed Income Money Market and Derivative Association of India (FIMMDA) and by Financial Benchmarks India Pvt. Ltd. Net depreciation, if any, is provided for investments in the category classified as "AFS" and appreciation is ignored. The book values of the individual scrip are not changed after such revaluation.

v) Investments under "HFT" are marked to market, scrip-wise, at the rate, declared by Fixed Income Money Market and Derivative Association of India (FIMMDA) and by Financial Benchmarks India Pvt. Ltd. Depreciation / appreciation is recognized in the category for investments classified as "HFT". The book value of the individual scrip is changed after such revaluation.

w) Investments in subsidiaries, joint ventures and associates are classified as Held to Maturity. x) Treasury Bills, Commercial Papers and Certificates of Deposits are valued at carrying cost. y) Unquoted Shares are valued at breakup value, if the latest Audited Financial Statements of the investee companies are available, or at `1/- per Company as per RBI guidelines.

z) Brokerage, commission, etc. paid in respect of investments including unlisted equities, at the time of acquisition, are charged to revenue.

aa) Brokerage, paid on acquisition / disposal of equities traded on stock exchange is capitalized. bb) Broken period interest paid/received on debt investments is treated as interest expenses/ income and is excluded for cost/ sale consideration.

cc) Transfer of a security between the categories is accounted for, at lower of the acquisition cost/book value/market value on the date of transfer and depreciation, if any, on such transfer, is fully provided for.

dd) Amortization/Gain/Loss on Revaluation of Government Securities is charged to Profit and Loss Account. ee) Weighted average cost method has been followed for accounting for investments. ff) Investments in Venture Capital Funds are accounted as per the accounting policy adopted by the respective Fund.

6. Advances and Provisions thereon

e) Advances are classified as per RBI guidelines. Provision for standard assets and non–performing assets is made in respect of identified advances, based on a periodic review and in conformity with the provisioning norms prescribed by RBI.

f) In case of restructuring/rescheduling of advances, the difference between the present value of future principal and interest as per the original agreement and the present value of future principal and interest as per the revised agreement is provided for.

g) Advances are stated net of provisions towards Non-performing Advances.

h) Provision for Non-Performing Loans in respect of loans granted out of funds are charged to the Profit and Loss account.

7. Foreign Currency Transactions

As per Accounting Standard (AS-11) on Accounting for the Effects of Changes in Foreign Exchange Rates issued by the ICAI; following accounting treatment is given to foreign exchange transactions: c) Assets and liabilities in foreign currency are revalued at the exchange rate notified by Reserve Bank of India as at the close of the year/reporting date. The hedged portion of the foreign currency borrowings are stated at the contracted value and the liability of hedged borrowing as per year-end exchange rate is disclosed as a contra item in the Balance Sheet (as off Balance Sheet item).

d) Income and Expenditure items are translated at the exchange rates prevailing on the date of the transaction.

8. Accounting for Foreign Exchange Contracts

e) Foreign Exchange Contracts are to hedge the repayment of foreign currency borrowings.

f) The foreign currency borrowings which are hedged are stated at the contract rate.

g) The foreign exchange unhedged contracts are revalued at the exchange rates notified by FEDAI / FBIL at the year end. The resultant gain / loss on revaluation is recognised in the Profit & Loss Account under the head Gains / Loss on revaluation of Forward Exchange Contract Account. Premium/ discount are accounted over the life of the contract.

h) The Profit / Loss on cancellation and renewal of foreign exchange contracts are recognised in Profit and Loss Account under the head 'Profit / Loss on Foreign Currency Loan Account'.

9. Employee Benefits

All personnel transferred from RBI are considered as employees of the Bank and provisions for Employee Benefits are made accordingly. Actuarial valuation, wherever required, for long term employee benefits are carried out at each balance sheet date.

e) Short Term Employee Benefits:

The undiscounted amount of short-term employee benefits, which are expected to be paid in exchange for the services rendered by employees are recognised during the period when the employee renders the service.

f) Post-Retirement Benefits:

i) Defined Contribution Plan

The Bank has a Provident Fund Scheme in respect of all eligible employees who joined the Bank on or before 31 December 2011. The scheme is managed by RBI. Employers' Contribution is recognized on accrual basis.

The Bank has introduced a New Pension Scheme (NPS) for all the officers/employees who have joined the services of the Bank on or after 01 January 2012. The Bank has adopted the "NPS- Corporate Sector Model", a defined contribution plan, as formulated by the Pension Fund Regulatory and Development Authority (PFRDA). Contribution to the Fund is made on accrual basis.

ii) Defined Benefit Plan

a. Provision for gratuity is made based on actuarial valuation, made at the end of each financial year based on the projected unit credit method in respect of all eligible employees. The scheme is funded by the Bank and is managed by a separate trust. Actuarial gain or loss are recognised in the Profit and Loss Account on accrual basis.

b. Provision for pension is made based on actuarial valuation, in respect of all eligible employees who joined the Bank on or before 31 December 2011. The scheme is funded by the Bank and is managed by a separate trust.

iii) Other Long Term benefits

All eligible employees of the bank are entitled for compensated absences. All the eligible employees are also entitled for post-retirement medical benefits. The cost of providing other long term benefits is determined using the projected unit credit method based on actuarial valuations being carried out at each balance sheet date. Actuarial gain or loss are recognised in the Profit and Loss Account on accrual basis.

10. Taxes on Income

a) Tax on income for the current period is determined on the basis of taxable income and tax credits computed, in accordance with the provisions of Income Tax Act, 1961 and based on expected outcome of assessments/appeals.

b) Deferred tax is recognized, on timing difference, being the difference between taxable income and accounting income for the year and quantified, using the tax rates and laws that have been enacted or substantively enacted, as on Balance Sheet date.

c) Deferred tax assets relating to unabsorbed depreciation/business losses are recognised and carried forward to the extent that there is virtual certainty that sufficient future taxable income will be available against which, such deferred tax assets can be realized.

d) Tax paid/provided on taxable income earned by the funds are accounted as expenditure of respective funds.

11. Segment Reporting

a) Segment revenue includes interest and other income directly identifiable with / allocable to the segment.

b) Income, which relates to Bank as a whole and not allocable to segments is included under "Other Unallocable Bank income".

g) Expenses that are directly identifiable with/allocable to segments are considered for determining the segment result.

The expenses, which relate to the Bank as a whole and not allocable to segments, are included under "Other Unallocable Expenditure".

h) Segment Assets and Liabilities include those directly identifiable with the respective segments. Unallocable Assets and Liabilities include those that relate to the Bank as a whole and not allocable to any segment.

12. Impairment of Assets

a) As at each Balance Sheet date, the carrying amount of assets is tested for impairment so as to determine:

i) the provision for impairment loss, if any, required; or

ii) the reversal, if any, required for impairment loss recognized in the previous periods.

b) Impairment loss is recognized when the carrying amount of an asset exceeds recoverable amount.

13. Provisions, Contingent Liabilities and Contingent Assets

13.1 Provisions are recognised for liabilities that can be measured only by using substantial degree of estimation if:

a) the Bank has a present obligation as a result of a past event;

b) a probable outflow of resources is expected to settle the obligation; and

c) the amount of the obligation can be reliably estimated.

13.2 Contingent liability is disclosed in the case of:

d) a possible obligation arising from past events, when it is not probable that an outflow of resources will be required to settle the obligation,

e) a present obligation when no reliable estimate is possible, and

f) a possible obligation arising from past events where the probability of outflow of resources is remote.

13.3 Contingent assets are neither recognized, nor disclosed.

13.4 Provisions, contingent liabilities and contingent assets are reviewed at each Balance Sheet date.

14. Cash and cash equivalents

(a) Cash and cash equivalents for the purposes of cash flow statement comprise cash at bank, cash in hand, demand deposits with banks and other short-term investments with an original maturity of three months or less.

(b) Cash Flow statement is reported using Indirect method. The cash flow from operating, financing and investing activity is segregated based on the available information.

15. Prior Period Income / Expenses

Items of Income / Expenditure which are prior period in nature is disclosed separately only when the individual prior period income / expense exceeds 0.5% of Gross Income.

16. Implementation of Indian Accounting Standards (Ind AS)

In terms of the Press Release No. 11/10/2009 CL-V dated 18 January 2016 issued by the MCA, the bank would be required to prepare Ind AS based financial statements for accounting periods beginning from April 1, 2018 onwards, with comparatives for the periods ending March 31, 2018 and thereafter. The implementation of Ind AS by AIFIs has been deferred by Reserve Bank of India until further notice.

17. Impact of Covid-19240 THE GAZETTE OF INDIA, AUGUST 22, 2020 (SRAVANA 31, 1942) [PARTIII—SEC. 4 (a) The outbreak of COVID19 across the globe and in India and consequent nation-wide lockdown has caused significant decline in the economic activity of the nation. It has created disruptions across the businesses, more particularly in Banking and Financial services sector, posing severe challenges to the farm sector especially during the peak of rabi season in the country and when crops are at harvestable stage or almost reaching maturity. This is also the time when the farm harvests reach the mandis (market yards) for assured procurement operations by designated government agencies.

(b) The management of the Bank assessed the impact of the COVID19 considering its internal and external inputs for ascertaining the same on the financial reporting numbers, which in turn is based on its assessment of the evolving developments in the subsequent periods.

(c) As banking and financial services are categorized as essential services, all the routine activities of the bank on policy matters, disbursement of loans, Investment of surplus and other related operations are conducted smoothly during the lockdown period by allowing majority staff to work from home through online / digital mode. A limited number of staff are called to office on rotational basis for attending to emergency work.

(d) In the opinion of the management of the Bank, based on information presently available, the impact of COVID–19 on the reported numbers and impairment of the assets would not be significant.

D. NOTES FORMING PART OF THE ACCOUNTS

23. In terms of the agreement with Kreditanstalt Fur Wiederaufbau - German Development Bank (KfW), accretion / income and expenditure under UPNRM have been charged to the fund. The loans granted out of this fund have been classified as Other loans and disclosed under Schedule 11. The borrowing related to the UPNRM are classified as borrowing from international agencies and disclosed under Schedule 7. During the year, a sum of `21.06 crore (`56.98 crore), representing total expenditure of `36.68 crores over income of `15.62 crores under the fund, has been charged to Profit & Loss Account.

24. Interest on unutilized balances has been credited to the following funds as per the respective agreements / as approved by the Management/Board of Directors. The details of rate of interest for respective funds are as under:

25. Recoverable from Government of India / International Agencies (Refer Schedule-13 of Balance Sheet) includes `1.06 crore (`1.44 crore) being debit balance of various funds. The details of such funds are as under:

Finance Development and Equity Fund (MFDEF).

27. Pursuant to the directions of RBI, the relative margin available to the Bank in excess of 0.5 percent in respect of Rural Infrastructure Development Fund (RIDF) deposits, Warehousing Infrastructure Fund (WIF) deposits and Food Processing Fund (FPF), placed by the Commercial Banks is credited to Watershed Development Fund, Tribal Development Fund, Financial Inclusion Fund and PODF.

28. Interest Subvention received / receivable from Government of India (GOI) under various schemes has been adjusted from Interest and financial charges under Schedule 14. The amount of Interest subvention adjusted under different schemes is given below:

29. Interest Margin on providing refinance under interest subvention scheme to StCBs, RRBs and to CCBs, Public Sector Banks for financing Primary Agriculture Co-operative Societies (PACS) for Seasonal Agricultural Operations and under NRLM scheme which was hitherto shown under other income has been accounted as interest income. The amount received / receivable from GOI under the scheme stood at `100.02 crore (`106.90 crore).

30. The salaries and allowances of the employees of the Bank are reviewed every five years. The review is due from 01 November 2017. Pending such settlement, an amount of`200 crore (`200 crore) has been provided, during the year under report, under the head Salary and Allowances during the year.

31. The Bank, during the year, in accordance with AS 22 "Accounting for taxes on Income", recognized in the Profit and Loss Account the deferred tax asset of

(-)`45.09 crore (`9.21 crore). The details of the deferred tax are as under:

Provision for Deferred Tax on account of Special Reserve created u/s 36(1)(viii) of the Income Tax Act, 1961, is not considered necessary, as the Bank has decided not to withdraw the said reserve.

32. The details of pending Income Tax Appeals with various authorities as at the end of FY 2019-20 is given below:

33. Free hold land and Lease Land and Premises include `14.00 crore (`14.00 crore) paid towards Office Premises and Staff Quarters for which conveyance is yet to be completed.

34. In the opinion of the Bank's management, there is no impairment to assets to which AS 28 – "Impairment of Assets" applies requiring any provision.

35. Pursuant to the directives of RBI, the project loans provided to State Co-operative Agriculture and Rural Development Banks (SCARDBs) by way of subscription to the Special Development Debentures (SDDs) floated by these agencies, are treated as under:

d) Classified as Investments and shown in Schedule – 10 under the head 'Debenture and Bonds'.

e) Interest earned on the same is shown as a part of 'Interest received on Loans and Advances' in the Profit and Loss Account, treating them as 'Deemed Advances'.

f) 'Deemed Advances' for the purpose of IRAC norms, capital adequacy and computation of ratios etc.

36. As on the date of the financial statements, out of the disbursement extended to various State Governments under RIDF, `438.65 crore (`472.56 crore) pertains to non-starter projects. Pending receipt of the proposal from State Government for adjustment of the amount with the respective / other projects, the amount has been classified as disbursement from the fund.

37. In terms of Central Board of Direct Taxes, Ministry of Finance notification dated 18 February 2016, NABARD was allowed to raise tax free bonds having benefits under section10(15)(iv)(h) of the Income Tax Act 1961 amounting to `5,000 crore. Accordingly, `1,500 crore repayable in 10 year tenure was mobilized through Private Placement and `3,500 crore repayable in 10 & 15 year tenure through public issue. The tax free bonds are in the nature of secured, redeemable and non-convertible bonds. These bonds are secured against pari passu charge on property situated in Mumbai and also first charge on specified book debts of NABARD. The interest charge to revenue pertaining to these bonds for the current year is `365.94 crore (`365.74 crore).

The details of the debenture Trustee is as under: Axis Trustee Services Limited, The Ruby, 2nd Floor, SW, 29, Senapati Bapat Marg, Dadar West, Mumbai - 400028 Telephone: +91 22 6230 0451

38. In terms of RBI Circular RBI/2015-16/104DBR.No.FID.FIC.3/01.02.00/2015-16 dated 01 July 2015 relating to Prudential Guidelines on Investment in Venture Capital Fund, an amount of `42.38 crore (`33.78 crore) made in the units of VCF was shifted from HTM category, on completion of 3 years, to AFS category.

39. Investments in Government Securities include the following securities pledged with Clearing Corporation of India Limited as collateral security for borrowings:

40. Disclosure required under AS 15 (Revised) on "Employee Benefits"

18.1 Defined Benefit PlansPARTIII—SEC. 4] THE GAZETTE OF INDIA, AUGUST 22, 2020 (SRAVANA 31, 1942) 243 Employees Retirement Benefit Plans of the bank include Pension, Gratuity, Leave Encashment and Post-retirement Medical Benefits, which are defined benefit plans. The present value of obligation is determined based on actuarial valuation, by an independent Actuary, using the Projected Unit Credit Method, which recognizes each period of services as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

18.1.1 Pension

a. Reconciliation of opening and closing balances of defined benefit obligations:

(Amount in ` crore)

a. Reconciliation of opening and closing balances of defined benefit obligations:

a. Reconciliation of opening and closing balances of defined benefit obligations:

c. Expenses recognized in the Profit and Loss Account during the year:

(Amount in `crore)PARTIII—SEC. 4] THE GAZETTE OF INDIA, AUGUST 22, 2020 (SRAVANA 31, 1942) 245

The present value of defined benefit obligation in respect of post-retirement medical benefits accounted in Profit and Loss Account is `0.00 crore (`4.04 crore).

18.1.5 The estimates of rate of escalation in salary considered in actuarial valuation, take into account NABARD related factors, inflation, seniority, promotion and other relevant factors including supply and demand in the employment market.

18.1.6 The aforesaid liabilities include liabilities of employees deputed to subsidiaries.

18.1.7 Amortisation of Post-retirement benefits

The entire liability towards post-retirement benefits are charged to Profit and Loss account and are not amortised.

18.1.8 Investment under Plan Assets of Pension, Gratuity & Leave Encashment Fund as on 31 March 2020

18.2 Defined Contribution Plan:

a. The bank contributes its share to Provident Fund with RBI. As per the terms, the contribution is a defined contribution plan. During the year, the bank has contributed `27.49 crore (`30.18) with RBI.

b. The employees' recruited on or after 01 January 2012 are covered under New Pension Scheme, which is a defined contribution plan. During the year, the bank has contributed `4.57 crore (`2.95 crore) to the said scheme.

41. Capital

19.1 Pattern of Capital contribution as on the date of the Balance Sheet:

The Authorized Capital of the bank stood at `30,000 crore as on 31 March 2019 and as on 31 March 2020. The entire Paid up Capital of the bank has been subscribed by Government of India. The details are given below:

19.2 Capital Adequacy

19.2.1 Capital Adequacy Ratio of the Bank as on 31 March 2020 was 21.20% (18.96%) as against a minimum of 9% as stipulated by RBI.

19.2.2 In accordance with RBI Instructions, assets financed from National Rural Credit – Long Term Operations (NRC LTO) Fund amounting to `14,495 (`14,493) crore are excluded for the purpose of computing the CRAR.

19.2.3 The details of various parameters of Capital to Risk Weighted Assets Ratio is given below:

# The Board of Directors of the Bank decided to create floating provisions, in accordance with RBI guidelines, to be utilized for any unexpected or exceptional circumstances.

44. Asset Quality and specific provisions 22.1 Non-Performing Advances

22.4 Particulars of Accounts Restructured

During the current financial year, number of loan accounts restructured was Nil.

22.5Movement of Non-Performing Advances

(Amount in ` crore)

22.6 Write-offs and recoveries

(Amount in ` crore)

Note: Technical or Prudential write-off is the amount of non-performing loans which are outstanding in the books of the branches, but have been written-off (fully or partially) at Head Office level.

22.7 Overseas Assets, NPAs and Revenue

(Amount in ` crore)

22.8 Depreciation and provisions on investments

(Amount in ` crore)

* the figures are excluding investments in Special Dev Debentures of SCARDBs

22.9 Provisions and Contingencies

(Amount in ` crore)

22.10 Provisioning Coverage Ratio (PCR)

PCR [ratio of provisioning (including counter cyclical provisioning buffer) to gross non-performing assets] as at close of business for the current year stood at 84.58% (103.67%).

22.11 Moratorium under Covid – 19 package

In terms of "COVID19 Regulatory Package – Review of Resolution Timelines under the Prudential Framework on Resolution of Stressed Assets" announced by RBI on 27 March 2020 and 17 April 2020, the Bank has allowed three months' moratorium for 13 loan accounts on the principal and interest due between 01 March to 31 May 2020 amounting to `42.76 crore. All the above loan accounts are classified as standard category and there was no overdue on any of these accounts as on 29 February 2020. Hence, no additional provision was required to be made on these loans which were allowed moratorium as per the aforesaid guidelines.

23. Investment portfolio: constitution and operations

23.1 Repo Transactions

(Amount in ` crore)

23.2 Disclosure of Issuer Composition for Investment in Debt Securities

(Amount in ` crore)

23.3 Sale and Transfers to / from HTM Category

During the year, Securities amounting to `1,640 crore (`60 crore) were transferred from HTM to AFS category and Securities amounting to `1,589.51 crore (`1,674 crore) were transferred from AFS to HTM category. The market value of all investments held under HTM category was ` 7,635.85 crore against the book value of `7,506.07 crore. There is no short fall of market value over book value under the head as on 31 March 2020.

24. Details of Financial Assets purchased/ sold

24.1 Details of Financial Assets sold to Securitisation / Reconstruction Company for Asset Reconstruction

A. Details of Sales : NIL

B. Details of Book Value of Investments in Security Receipts : NIL

24.2 Details of Non Performing Financial Assets Purchased / Sold

A. Details of Non Performing Financial Assets purchased : NIL

B. Details of Non Performing Financial Assets sold : NIL

24.3 Operating Results

25. Credit Concentration risk

25.1. Capital market exposure

(Amount in ` crore)

$$ Equity shares,subsidiaries and other strategic investments

25.2 Exposure to Country risk : NIL

25.3 Prudential Exposure Limits - Single Borrower Limit (SGL) / Group Borrower Limit (GBL) exceeded by the AIFI

25.3.1 The number and amount of exposures in excess of the prudential exposure limits during the year: NILPARTIII—SEC. 4] THE GAZETTE OF INDIA, AUGUST 22, 2020 (SRAVANA 31, 1942) 255 25.3.2 Credit exposure as percentage to Capital Funds and as percentage to Total Assets

(Amount in ` crore)

25.3.3 Credit exposure to the five largest industrial sectors as percentage to total loan assets: Not Applicable

25.3.4 Factoring exposures : Not Applicable

25.3.5 Exposure where the FI had exceeded that Prudential Exposure Limits during the year: NIL

25.4 Concentration of borrowings / lines of credit, credit exposures and NPAs

(a) Concentration of borrowings and lines of credit

(Amount in ` crore)

(b) Concentration of credit exposures

(Amount in `crore)

(c) Sector-wise concentration of exposures and NPAs

The sector-wise concentration of exposure and NPAs is given below:

(Amount in ` crore)

26. Derivatives

26.1 Forward Rate Agreement / Interest Rate Swap – NIL

26.2 Exchange Traded Interest Rate Derivatives – NIL

26.3 Disclosure on Risk exposure in derivatives:

(i) The Bank does not trade in Derivatives. However, it has hedged its International Borrowings to the extent of 73.01 million Euro (94.46 million Euro) and 50 million USD (50 million USD). Consequent upon hedging of foreign currency borrowings the same is shown at contracted value as per the Swap agreement / forward contract. The Bank has open exposure of 14.33 million (1.08 million) in Euro as on 31 March 2020.

(ii) The value of outstanding principal amount of hedge contract at the year–end exchange rate stood at `983.32 crore (`1,088.25 crore). The value of outstanding principal liability in the books of account stood at `1,052.60 crore (`1,093.65). The quantitative disclosure in this regard is as under:

(Amount in ` crore)

27. Letters of Comfort (LoCs) issued by AIFIs: NIL

28. Asset Liability Management

The maturity pattern of assets and liabilities are prepared in terms of the ALCO policy of the bank as under:

(Amount in ` crore)

Note: Figures in parenthesis pertains to FY 2018-19; Investment & borrowing figures for 2018-19 has been revised after regrouping.

29. Draw Down from Reserves: NIL

30. Business Ratios

31. Disclosure of Penalties imposed by RBI - NIL

32. Disclosure of Complaints

(a) Customer Complaints

33. Off-Balance Sheet SPVs Sponsored (which are required to be consolidated as per accounting norms)

There are no SPVs sponsored by NABARD

34. The movement in Contingent Liability as required in AS 29 "Provisions, Contingent Liabilities and Contingent Assets" is as under:

(Amount in ` crore)

35. Prior period items included in the Profit and Loss account are as follows:

(Amount in ` crore)

As the Bank is State controlled enterprise within the meaning of AS-18 "Related Party Transactions", the details of the transactions with other State controlled enterprises are not given.

List of Related Parties:

a) Companies where entity has control:

b) Key Management Personnel:

*DMDs (HRD) and (RA) retired in April and May 2019 respectively.

a. Transactions with Key Management Personnel:

(Amount in ` crore)

No amounts, in respect of the related parties have been written off/back, or provided for during the year. Related party relationships have been identified by the management and relied upon by the auditors.

c) Information on Business Segment

(a) Brief Background

The Bank has recognised Primary segments as under:

i) Direct Finance: includes Loans given to State Governments and other agencies for rural infrastructure development, co-finance loans and loans given to voluntary agencies/non–governmental organizations for developmental activities and other direct loans to Co-operative Banks, etc.

ii) Refinance: includes Loans and Advances given to State Governments, Commercial Banks, SCARDBs, StCBs Regional Rural Banks, etc. as refinance against the loans disbursed by them to the ultimate borrowers.

iii) Treasury: includes investment of funds in treasury bills, short-term deposits, government securities, etc. iv) Unallocated: includes income from staff loans and other miscellaneous receipts and expenditure incurred for the developmental role of the bank and common administrative expenses.

(b) Information on Primary Business Segment

(Amount in ` crore)

(c) Since the operations of the Bank are confined to India only there is no reportable secondary segment.

37. Figures in brackets pertain to previous year.

38. Previous year's figures have been regrouped / rearranged wherever necessary.

As per our attached report of even date

For Khimji Kunverji & Co LLP

(Formerly Khimji Kunverji & Co)

Chartered Accountants

FRN: 105146W/ W100621

Hasmukh B. Dedhia S. Sankaranarayanan

Partner (F-033494) Chief General Manager

Accounts Department

Harsh Kumar Bhanwala Shaji K V P V S Suryakumar

Chairman Deputy Managing Director Deputy Managing Director

A K Parhi

Chief General Manager & Secretary

Mumbai

22 May 2020PARTIII—SEC. 4] THE GAZETTE OF INDIA, AUGUST 22, 2020 (SRAVANA 31, 1942) 261

National Bank for Agriculture and Rural Development

Cash flow for the year ended 31 March 2020

As per our attached report of even date

For Khimji Kunverji & Co LLP

(Formerly Khimji Kunverji & Co)

Chartered Accountants

FRN: 105146W/ W100621

Hasmukh B. Dedhia S. Sankaranarayanan

Partner (F-033494) Chief General Manager

Accounts Department

Harsh Kumar Bhanwala Shaji K V P V S Suryakumar

Chairman Deputy Managing Director Deputy Managing Director

A K Parhi

Chief General Manager & Secretary

Mumbai

22 May 2020PARTIII—SEC. 4] THE GAZETTE OF INDIA, AUGUST 22, 2020 (SRAVANA 31, 1942) 263

Annual Accounts 2019-20

Consolidated Balance Sheet

Profit & Loss account & Cash Flow 2019-20 of NABARD & Subsidiaries

(NABCONS, NABKISAN, NABSAMRUDDHI, NABFINS, NABVENTURES,

NABFOUNDATION)

Independent Auditor's Report

To:

The Board of Directors of

National Bank for Agriculture and Rural Development

Report On the Audit of the Consolidated Financial Statements

Opinion

1. We have audited the accompanying Consolidated Financial Statements of National Bank for Agriculture and Rural Development ('the Holding Bank' or 'NABARD') and its 6 (six) subsidiaries (the Holding Bank and its subsidiaries collectively referred to as the 'Group'), which comprise the Consolidated Balance Sheet as at March 31, 2020, Consolidated Profit and Loss Account and the Consolidated Cash Flow Statement for the year then ended, and notes to the Consolidated Financial Statements, including a summary of significant accounting policies and other explanatory information ('Consolidated Financial Statements' or 'CFS').

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid CFS, read with the matter contained in the emphasis of matter paragraph below, exhibit a true and fair view, in conformity with the accounting principles generally accepted in India, of the consolidated state of affairs of the Group as at March 31, 2020, its consolidated profits and its consolidated cash flows for the year ended on that date.

Basis of Opinion

2. We conducted our audit in accordance with the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India ('ICAI'). Our responsibilities under those SAs are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Statements section of our report. Those Standards require that we comply with ethical requirements. We are independent of the Group in accordance with the Code of Ethics issued by the ICAI and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide the basis for our opinion.

Emphasis of Matter 3. Without modifying our opinion, the attention is drawn to Note Nos 21 & 22 of the Consolidated Financial Statements, stating that the financial statements of all the six subsidiaries of NABARD are unaudited and consolidation thereof is prepared based on the numbers certified by the respective managements of these subsidiaries. As further stated in the said Note, the audit of these subsidiaries could not be completed by the respective statutory auditors of those entities, due to prevailing nation-wide lockdown situation. The impact on the CFS consequent to the adjustments, if any, arising from the audit of these subsidiaries is not ascertained, hence we are unable to comment thereon but as represented to us by the management of the Bank, such impact, if any, would not be material on the CFS.

Key Audit Matters

4. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the CFS for the year under audit. These matters were addressed in the context of our audit of the CFS, as a whole and in forming our opinion thereon, we do not provide a separate opinion on these matters. In our professional judgement, we have decided the following to be the key audit matter to be communicated in our report.

Information Other Than the Consolidated Financial Statements and Auditor's Report Thereon

5. The Management and Board of Directors of the Holding Bank are responsible for the preparation of the other information, comprising of the information such as Report of Board of Directors and such other disclosures included in the Holding Bank's annual report, excluding the Financial Statements and auditors' report thereon ('Other Information')

The other information is expected to be made available to us after the date of this auditors' report. Our opinion on the CFS does not cover the other information and we do not express any form of assurance or conclusion thereon.

In connection with our audit of the CFS, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the CFS or our knowledge obtained in the audit or otherwise appears to be materially misstated. When we read the other Information and if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charges with governance as required under SA 720 'The Auditor's responsibilities Relating to other Information'

Management's Responsibility for the Consolidated Financial Statements

6. The Management of the Holding Bank is responsible for the preparation of the CFS in accordance with the National Bank for Agriculture and Rural Development (Additional) General Regulations, 1984, that give a true and fair view of the consolidated financial position, consolidated financial performance, and consolidated cash flows of the Group. This responsibility also includes maintenance of adequate accounting records for safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies, making judgments and estimates that are reasonable and prudent; design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the CFS that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the CFS, the respective Management and Board of Directors of the holding Bank and of companies included in the Group are also responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the holding Bank and of the companies included in the Group are also responsible for overseeing the Group's financial reporting process.

Auditor's Responsibility for the Audit of the ConsolidatedFinancial Statements

7. Our objectives are to obtain reasonable assurance about whether the CFS, as a whole, are free from material misstatement, whether due to fraud or error and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions266 THE GAZETTE OF INDIA, AUGUST 22, 2020 (SRAVANA 31, 1942) [PARTIII—SEC. 4 of users taken on the basis of these CFS. Our audit process in accordance with the SAs is narrated in detail in Annexure 1 to this report.

Other Matters

8. Incorporated in these CFS are the returns of 14 Regional Offices and 1 Training Centre of NABARD visited by us for the purposes of audit and the same including Head Office, account for 80.73% of advances, 99.98% of deposits, 82.90% of interest income and 99.98% of interest expenses. These Offices and Training Centre have been selected in consultation with the management of the Holding Bank. We have not visited other remaining offices of the Holding Bank i.e. 17 Regional Offices and 2 Training Centers but have reviewed their returns at the Head Office.

9. Due to complete lockdown imposed by the Central Government to restrict the spread of COVID19, our audit finalization process, for the year under report, was carried out by us from remote locations i.e. other than the Head Office of the Holding Bank, to the extent data/details made available / feasible based on financial information/records remitted by the management through the digital medium.

10. As stated in paragraph 3 above, the financial statements / financial information of 6 (six) subsidiaries, whose financial statements / financial information reflect total assets of Rs. 3486.54 croreas at 31 March, 2020, total revenues of Rs.498.47 crore and net cash inflows amounting to Rs. 28.21 crore for the year ended on that date, as considered in the CFS, have not been subjected to audit by the respective auditors of these subsidiaries, due to prevailing lockdown situation. The same being unaudited, our opinion on the CFS, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is solely based on our reliance placed on the management certified numbers. Our opinion on the CFS and our report on Other Legal and Regulatory Requirements, is based on management's written representation to us that the effect of the changes / adjustments, if any, required to be made to the reported numbers of these subsidiaries consequent to their audit would not be material for the Group.

Report On Other Legal and Regulatory Requirements

11. We report that the CFS have been prepared by the Holding Bank in accordance with the requirements of Accounting Standard (AS) 21 – 'Consolidated Financial Statements'. As per the information and explanations provided to us and in our opinion, the CFS comply with the applicable accounting standards.

For Khimji Kunverji & Co LLP

Chartered Accountants

Firm's Registration No: 105146W/W100621

Hasmukh B. Dedhia

Partner

Place: Mumbai

Membership No: 033494

Date: May 22, 2020PARTIII—SEC. 4] THE GAZETTE OF INDIA, AUGUST 22, 2020 (SRAVANA 31, 1942) 267

Annexure 1 to the Independent Auditors' Report

(referred to in para 7 titled "Auditor's Responsibilities for the Audit of the Consolidated Financial Statements")

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

• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, to design and perform audit procedures responsive to those risks and obtain audit evidence for material items that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Bank's internal control.

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

• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the CFS or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the CFS, including the disclosures, and whether the CFS represent the underlying transactions and events in a manner that achieves fair presentation.

• Communicate with those charged with governance of the Holding Bank regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

• Review of the audited financial statements of the subsidiaries, not audited by us, if made available and communicating with the respective statutory auditors of such subsidiaries as per the framework of provisions of SA 600, "Using the Work of Another Auditor".

• From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our Auditor's Report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

National Bank for Agriculture and Rural Development

Consolidated Balance sheet as on 31 March 2020

National Bank for Agriculture and Rural Development

Consolidated Balance sheet as on 31 March 2020

Schedules referred to above form an integral part of accounts

As per our attached report of even date

For Khimji Kunverji & Co LLP

(Formerly Khimji Kunverji & Co)

Chartered Accountants

FRN: 105146W/ W100621

Hasmukh B. Dedhia S.Sankaranarayanan

Partner (F-033494) Chief General Manager Accounts Department

Harsh Kumar Bhanwala Shaji K V P V S Suryakumar

Chairman Deputy Managing Director Deputy Managing Director

A K Parhi

Chief General Manager & Secretary

Mumbai

22 May 2020270 THE GAZETTE OF INDIA, AUGUST 22, 2020 (SRAVANA 31, 1942) [PARTIII—SEC. 4 National Bank for Agriculture and Rural Development

Consolidated Profit and Loss Account for the year ended 31 March 2020

National Bank for Agriculture and Rural Development

Consolidated Profit and Loss Account for the year ended 31 March 2020

* Refer Schedule 1

Refer Schedule 18 for Significant Accounting Policies and Notes on Accounts.

Schedules referred to above form an integral part of accounts

As per our attached report of even date

For Khimji Kunverji & Co LLP

(Formerly Khimji Kunverji & Co)

Chartered Accountants

FRN: 105146W/ W100621

Hasmukh B. Dedhia S. Sankaranarayanan

Partner (F-033494) Chief General Manager

Accounts Department

Harsh Kumar Bhanwala Shaji K V P V S Suryakumar

Chairman Deputy Managing Director Deputy Managing Director

A K Parhi

Chief General Manager & Secretary

Mumbai

22 May 2020272 THE GAZETTE OF INDIA, AUGUST 22, 2020 (SRAVANA 31, 1942) [PARTIII—SEC. 4

SCHEDULE TO CONSOLIDATED BALANCE SHEET

Consolidated Schedule 1 - Reserve Fund and Other Reserves

SCHEDULE TO CONSOLIDATED BALANCE SHEET

Consolidated Schedule 1A - Minority Interest

SCHEDULE TO CONSOLIDATED BALANCE SHEET

Consolidated Schedule 2 - National Rural Credit Funds

(Amount in `Crore)

SCHEDULE TO CONSOLIDATED BALANCE SHEET

Consolidated Schedule 3 - Gifts, Grants, Donations and Benefactions

(Amount in ` crore)

*Refer note no B-2 of Schedule 18

NABARD is acting as a banker/ custodian/ trustee on behalf of GOI/ RBI/Other entities and is holding the above funds, pending disbursement/ utilization in terms of respective schemes, on their behalf, to the extent of contribution made by them and accrued interest on unutilized balances, wherever applicable.

Includes income tax paid off:

(i) ` 24.41 crore (ii) ` 24.41 crore (iii) ` 81.37 crore (iv) ` 32.55 crore276 THE GAZETTE OF INDIA, AUGUST 22, 2020 (SRAVANA 31, 1942) [PARTIII—SEC. 4

SCHEDULE TO CONSOLIDATED BALANCE SHEET

Consolidated Schedule 4 - Government Schemes

*Refer note no B-2 of Schedule 18

NABARD is acting as a banker/ custodian/ trustee on behalf of GOI/ RBI/Other entities and is holding the above funds, pending disbursement/ utilization in terms of respective schemes, on their behalf, to the extent of contribution made by them and accrued interest on unutilized balances, wherever applicable.

SCHEDULE TO CONSOLIDATED BALANCE SHEET

Consolidated Schedule 5 – Deposits

SCHEDULE TO CONSOLIDATED BALANCE SHEET

Consolidated Schedule 6 - Bonds and Debentures

Consolidated Schedule 7 – Borrowings

* Borrowings under CBLO/ Tri-party Repo are secured against Government Securities including Treasury BillsPARTIII—SEC. 4] THE GAZETTE OF INDIA, AUGUST 22, 2020 (SRAVANA 31, 1942) 279

SCHEDULE TO CONSOLIDATED BALANCE SHEET

Consolidated Schedule 8 - Current Liabilities and Provisions

(Amount in ` Crore)

SCHEDULE TO CONSOLIDATED BALANCE SHEET

Consolidated Schedule 9 - Cash and Bank Balances

(Amount in ` Crore)

SCHEDULE TO CONSOLIDATED BALANCE SHEET

Consolidated Schedule 10 - Investments

SCHEDULE TO CONSOLIDATED BALANCE SHEET

Consolidated Schedule 11 - Advances

SCHEDULE TO CONSOLIDATED BALANCE SHEET

Consolidated Schedule 12 – Property, Plant & Equipment (Fixed Assets)