We have audited the accompanying standalone financial statements of Induslnd Bank Limited ('the Bank'), which comprise the Balance Sheet as at March 31, 2025, and the 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.
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 Section 29 of the Banking Regulation Act, 1949 as well as the Companies Act, 2013 (the 'Act') and circulars and guidelines issued by the Reserve Bank of India, in the manner so required for banking companies ('RBI Guidelines') and give a true and fair view in conformity with the accounting principles generally accepted in India, including the Accounting Standards prescribed under section 133 of the Act, read with Companies (Accounting Standards) Rules, 2021 as amended to the extent applicable, of the state of affairs of the Bank as at March 31, 2025, and its profit, and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing ('SAs') specified under section 143(10) of the Act. 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. We are independent of the Bank in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ('ICAI') together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us, are sufficient and appropriate to provide a basis for our opinion on the standalone financial statements.
Emphasis of Matters
We draw attention to schedule 18(17.1) to 18(17.6) to the standalone financial statements, which explain that the Board commissioned an investigation/ reviews into the alleged discrepancies, covering the following significant matters:
a) Internal Trades Derivative Accounting under the head 'Other Assets' amounting to ^1,959.98 crores being accumulated notional profits since FY 2015-16 have been written off as a prior period item in the current financial year.
b) Incorrect accounting and subsequent reversal of cumulative interest income of ^673.82 crore and Fee Income of ^172.58 crores within the current financial year.
c) Certain incorrect Manual Entries posted in the 'Other Assets' and 'Other Liabilities' pertaining to prior years amounting to ?595 crores has been set off during the current financial year.
The resultant findings from the investigation / review reports, in summary, revealed an involvement of senior Bank officials, including former Key Management Personnel (KMP), in overriding key internal controls across the aforesaid functions/ areas, and a concealment from the Board and the statutory auditors of the wrongful accounting practices adopted, over such period of time, as indicated in the respective investigation/ review reports.
Basis our evaluation of the findings in the above mentioned reports, in particular the likely involvement of senior management in the above matters, we have reasons to believe that suspected offences involving fraud may have been committed and thereby we have reported these matters to the Central Government under Section 143 (12) of the Companies Act, 2013 read with Rule 13(1) to (4) of the Companies (Audit and Auditors Rules), 2014.
We draw attention to schedule 18(17.9) to the standalone financial statements, which explains that in light of the findings and adjustments noted above, in particular the override of management controls by KMPs, the Board of Directors initiated an internal review of material financial statement account captions and directed the Management and the Internal Audit Department to perform additional procedures such as reconciliations of system reports and listings with balances reflected in general ledger, test checks over such items in the listing and certain digital procedures over and above. Based on the above review, rectifications/ reclassifications including those relating to prior-period items were made to the accompanying standalone financial statements.
We draw attention to schedule 18(17.7) and 18(17.9) to the standalone financial statements, which state that the Bank is currently in the process of determining the accountability of the persons involved in the discrepancies and irregularities mentioned in the Emphasis of Matter paragraphs with reference to schedule 18(17.1) to 18(17.6) above and assessing the resultant legal or penal implications, if any, that may arise thereon.
Our opinion on the standalone financial statements is not modified with respect to these matters.
Key Audit Matters
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 ended March 31, 2025. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
We have determined the matters described below to be the key audit matters to be communicated in our report.
Key Audit Matters
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How Was the Key Audit Matter Addressed in our Audit
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Detection of Management Override of Controls identified in the investigation/ reviews carried out based on the decision by the Bank
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The investigations/ reviews initiated by the Bank during the year
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Our audit procedures included, but were not limited to
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identified override of key internal controls by senior management
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the following:
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including Key management personnel and other material prior period errors. These events raised significant concerns regarding
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• Reviewed Board and Audit Committee minutes to understand
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the financial reporting and governance of the Bank. Although the Bank has initiated corrective actions for the identified
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management and governance responses to identified control breaches.
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discrepancies, there remains a risk of unidentified matters due to
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• Assessed the appropriateness of the scope and coverage of
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potential management override of controls.
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the investigations/ reviews initiated by the Bank in derivative transactions, micro finance loans and related accounts and
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In view of above, we considered the risk that the management may override system based/ manual internal controls/ procedures as a
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Other Assets and Other Liabilities.
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Key Audit Matter for the financial year 2024-25.
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• Evaluated the scope of audit, independence, and competence of the external forensic experts engaged by the management to perform select procedures.
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• Obtained a copy of the investigation/ review reports and verified whether the discrepancies noted therein have been rectified in the standalone financial statements as per the applicable Accounting Standards.
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• Basis perusal of the aforesaid reports, we had discussion with the external forensic expert and the Bank's Head - Internal Audit for matters requiring clarification in the investigation report and internal review reports respectively.
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• Reassessed audit risks on account of the findings in the external forensic investigation report and internal review reports.
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• Performed enhanced / additional audit procedures including sending out incremental balance confirmations, performing additional test of details in response to the reassessed risks.
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• Performed journal entry testing using specific risk-based criteria, with specific focus on manual entries or involving high- risk accounts to identify material misstatements.
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• Performed an independent reassessment of the valuation of derivatives in respect of additional samples to ensure compliance with the relevant RBI regulations.
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• Perused the confirmations obtained by the Bank from the heads of the various functions/areas within the Bank on verification of certain aspects with respect to the financial reporting to mitigate the risk arising from potential management override of controls.
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• Evaluated the adequacy of disclosures made in the standalone financial statements.
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• The aforesaid audit procedures were inter-alia explained as part of our presentation to those charged with the governance.
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Identification, Classification, Provisioning and Write off of Advances
Total Loans and Advances (Net of Provision) as at 31 March 2025 - ^3,45,01,86,256 (Amount in 000') Provision for NPA as at 31 March 2025 - ^7,75,92,569 (Amount in 000') (Refer Schedule 9, Schedule 17(6) and Schedule 18 (4.1), (14.5) to the standalone financial statements)
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The Reserve Bank of India's ('RBI') guidelines on Income
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Our audit procedures included, but were not limited to
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recognition and asset classification and provisioning pertaining to advances ('IRAC norms') prescribe the prudential guidelines for
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the following:
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identification and classification of Non Performing Assets (NPA)
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• Obtained an understanding of, evaluated and tested the
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and the minimum provision required for such assets from time
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design and operating effectiveness of key controls (including
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to time and other relevant circulars, notifications and directives
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application controls) around identification of NPA based on the
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issued by the RBI which were collectively considered by the Bank
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extant IRAC norms on a test check basis;
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till March 31,2025 to classify its advances into performing and non
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• Perused the 'Policy on NPA Management and Recovery' for
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performing advances and make appropriate provisions thereon.
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the financial year 2024-25 approved by the Board of Directors in its meeting held on January 10, 2024 and based thereon classification of the advances as on March 31, 2025;
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Key Audit Matters
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How Was the Key Audit Matter Addressed in our Audit
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The Bank, as per its governing framework, made the performing and NPA provisions based on Management's assessment of the degree of impairment of the advances subject to and guided by minimum provisioning levels prescribed under the relevant RBI guidelines. Additionally, the Bank makes provisions on exposures that are not classified as NPA including advances to certain sectors considered as 'stressed sectors' by the Bank and identified
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• Verified loans on sample basis to form our own assessment as to whether impact of days past due have been recognised in a timely manner by the Bank as per RBI Guidelines;
• Made inquiries of management regarding any effects considered on the NPA identification and/ or provisioning, resulting from observations raised by the RBI during their annual inspection of
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advances or group advances.
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the Bank's operations for the financial year 2023-24;
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• For the selected non-performing advances, we assessed
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Since the Bank has significant credit risk exposure to a large number of borrowers across various sectors, products, industries and geographies and there is a high degree of complexity, uncertainty and judgment involved in recoverability of advances, nature of transactions and estimation of provisions thereon and identification of accounts to be written off and given its
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Management's forecast and inputs of recoverable cash flows, impact of auditor's (of borrowers) comments on the standalone financial statements, valuation of underlying security and collaterals, as obtained by the Bank for estimation of recove rable amounts on default and other sources of repayment;
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significance to the overall audit of the standalone financial
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• Obtained the Board approved note for advances written off
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statements, we have ascertained the Identification, Classification,
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during the year and perused the write off policy duly approved
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Provisioning and Write off of Advances is a Key Audit Matter.
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by the Board;
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• Obtained understanding of Credit monitoring process including the governing framework and policy guidelines on 'Loan Frauds & Red Flagged Accounts';
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• Held specific discussions with the Credit and Risk departments to ascertain how various Early Warning Signal (EWS) and potential defaults have been identified and assessed in identification of NPA; and
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• Performed credit assessments of samples for both corporate and retail loans including larger exposures assessed by Bank showing signs of deterioration, or in areas of emerging risk (assessed against external market conditions). Reviewed the Bank's risk grading of the loan, and assessment of loan recoverability and the impact on the credit provision using the information on the Borrowers loan file, discussed the case with the concerned officials and senior management to verify the assessment and provisioning made by the Bank.
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Provisions for advances:
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• Understood the Bank's processes and perused the policies for determining provisions on advances in compliance with IRAC norms including provisioning for advances covered under Resolution Framework, stressed sectors, date of commencement of commercial operations (DCCO), etc.;
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• Verified provision for fraud accounts as at March 31, 2025 as per the RBI circular;
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• Re-performed, on sample basis for both corporate and retail loans, the Days Past Due for loan accounts including their classification and provisioning, to determine the accuracy of the same (Collective for standard portfolio and case specific for non-performing portfolio);
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• Reviewed the rectifications made by the Bank in the asset classification and provisioning as on March 31, 2025 basis our audit observations inter-alia regarding tagging of agri and non- agri loans, provisioning and income recognition. These audit observations were also presented to those charged with the governance as part of the auditors' presentation; and
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• Assessed the appropriateness, accuracy and adequacy of the related presentation and disclosures in accordance with the applicable accounting standards and requirements of RBI with respect to NPAs.
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Key Audit Matters
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How Was the Key Audit Matter Addressed in our Audit
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Information Technology (IT) Systems and Controls
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The Bank has a complex IT architecture to support Its day - to -
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Our Audit procedures with respect to this matter included:
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day business operations. The volume of transactions processed and recorded Is huge. Moreover, a transaction may be required
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• IT audit specialists are an integral part of our engagement
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to be recorded across multiple applications depending upon the
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team. Our approach of testing IT General Controls (ITGC) and
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process and each application has different rules and a different set of user access and authority matrix.
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IT Application Controls (ITAC) is risk based and business centric;
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All these applications are not fully customized to take care of all user's requirements. These applications are interlinked using different technologies so that data transfer takes place on real time basis or at a particular time during the day; in batches or at a transaction level and in an automated manner or manually. The Core Banking Solution (CBS) itself has many interfaces. All these data streams directly affect the financial accounting and reporting process of the Bank.
The Bank has a process for identifying the applications where the controls are embedded. The Bank's IT control framework includes
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• As part of our IT controls testing, we have tested ITGC as well as ITAC. The focus of testing of ITGCs was based on the various parameters such as Completeness, Validity, Identification / Authentication Authorization, Integrity and accountability. On the other hand, focus of testing automated controls from applications was whether the controls prevent or detect unauthorized transactions and support financial objectives including completeness, accuracy, authorization, and validity of transactions;
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automated, semi-automated and manual controls designed to
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• We gathered an understanding of IT applications landscape
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address identified risks.
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implemented at the Bank and changes made therein during
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IT controls are stated in Entity Level Controls (ELC), IT General
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the year. It was followed by process understanding, mapping
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Controls (ITGC) and IT Application Controls (ITAC). Further, the Bank
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of applications to the same and understanding financial risks
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has identified critical software impacting the financial accounting and its reporting from the existence and completeness of Audit Trail
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posed by people, process and technology;
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(edit log).
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• In ITGC testing, on sample basis, we reviewed control areas
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We have identified IT systems and controls Framework as a Key Audit
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such as User Management, Change Management, Systems
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Matter as the Bank's business is highly dependent on technology,
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Security, cyber security, interface testing, deployment of new
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high level of automation, significant number of systems being
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applications, Incident Management, Physical & Environmental
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used, the IT environment is complex, and the design and operating
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Security, Backup and Restoration, Business Continuity and
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effectiveness of IT controls have a direct impact on its financial
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Disaster Recovery, Service Level Agreement, end of day
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reporting process. Review of these systems and controls allows
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operations, various submission made to the regulators under
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us to provide assurance on the integrity and completeness of data processed through various IT applications which are used for
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risk based supervision;
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financial accounting & reporting.
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• For ITAC, we carried out on sample basis, compliance tests of system functionality in order to assess the accuracy of system functionality. We also carried out procedures such as validations and limit checks on data entered into applications, approvals, process dependencies and restriction on time period in which transactions may be recorded;
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• We verified audit trail (edit log) on test check basis for applications which are used for financial accounting and reporting. Further we reviewed the existence and efficacy of the audit trail implemented by the management; and
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• We tested the control environment using various techniques such as inquiry, walkthroughs in live environment, review of documentation / record / reports, observation and re¬ performance. We also tested few controls using negative testing technique and verified compensating controls and performed alternate procedures, where necessary.
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Information Other than the Standalone Financial Statements and Auditors' Report Thereon
The Bank's Management and Board of Directors are responsible for the other information. The other information comprises the Pillar 3 Disclosures under the New Capital Adequacy Framework (Basel III disclosures), which we obtained prior to the date of this auditors' report, and Director's Report including Annexures to Director's Report which is part of the Annual report (collectively called as 'Other Information') but does not include the standalone financial statements and our auditors' report thereon. The Annual Report is expected to be made available to us after the date of this auditors' report.
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Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to read the other information identified above when it becomes available 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.
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When we read the Annual Report, if we conclude that there Is a material misstatement therein, we are required to communicate the matter to those charged with governance and take appropriate action as applicable under the relevant laws and regulations.
Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements
The Bank's Management and Board of Directors are responsible for the matters stated in section 134(5} of the Act with respect to the preparation and presentation of these standalone financial statements that give a true and fair view of the financial position, financial performance, and cash flows ofthe Bank in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act, read with Companies (Accounting Standards} Rules, 2021 as amended to the extent applicable, and RBI Guidelines. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act, Banking Regulation Act, 1949 and RBI Guidelines for safeguarding of 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; and 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 standalone 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 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 the Board of Directors either intends to liquidate the Bank or to cease operations, or has no realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the Bank's financial reporting process.
Auditors' Responsibilities for the Audit of the Standalone Financial Statements
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 auditors' 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. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the standalone financial statements, whether d ue to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence 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. Under section 143(3}(i} of the Act, we are also responsible for expressing our opinion on whether the Bank has internal financial controls with reference to standalone financial statements in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management in the standalone financial statements.
• 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 auditors' report to the related disclosures in the standalone 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 auditors' 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 standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We 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 standalone financial statements for the year ended March 31, 2025 and are therefore, the key audit matters. We describe these matters in our auditors' 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.
Other Matters
The audit of standalone financial statements for the year ended March 31, 2024 was conducted by one of the predecessor joint statutory auditors and one of the current joint statutory auditors of the Bank, who expressed an unmodified opinion on those standalone financial statements vide their report dated April 25,
2024. Our opinion on the standalone financial statements is not
modified in respect of this matter.
Report on Other Legal and Regulatory Requirements
1. The Balance Sheet and the Profit and Loss Account have been drawn up in accordance with the provisions of Section 29 of the Banking Regulation Act, 1949 and Section 133 of the Act and relevant rules issued thereunder.
2. As required by sub-section (3) of section 30 of the Banking Regulation Act, 1949, 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 purpose of our audit and have found them to be satisfactory;
b. The transactions of the Bank, which have come to our notice, have been within the powers of the Bank; and
c. Since the key operations of the Bank are automated with the key applications integrated to the core banking systems, the audit is carried out centrally as all the necessary records and data required for the purposes of our audit are available therein. However, during the course of our audit we have visited 75 branches to examine the records maintained at such branches for the purpose of our Audit.
3. As required by Section 143(3) of the Act, 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. In our opinion, proper books of account as required by law have been kept by the Bank so far as it appears from our examination of those books, except for the matters stated in the paragraph 3(i)(vi) below on reporting under Rule 11(g);
c. The Standalone Balance Sheet, the Standalone Profit and Loss Account and the Standalone Cash Flow Statement dealt with by this Report are in agreement with the books of account;
d. In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act read with Companies Accounting Standard Rules, 2021 as amended, to the extent they are not inconsistent with the guidelines prescribed by RBI;
e. The matters described in the Adverse Opinion paragraph in Annexure A, in our opinion, may have an adverse effect on the functioning of the Bank;
f. On the basis of the written representations received from the directors as on March 31,2025 taken on record by the Board of Directors, none of the directors are disqualified as on March 31,2025 from being appointed as a director in terms of Section 164(2) of the Act;
g. The reservation relating to the maintenance of accounts and other matters connected therewith are as stated in paragraph 3(b) above on reporting under Section 143(3)(b) and paragraph 3(i)(vi) below on reporting under Rule 11(g);
h. With respect to the adequacy of the internal financial controls with reference to standalone financial statements of the Bank and the operating effectiveness of such controls, refer to our separate Report in 'Annexure A';
i. With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
(i) The Bank has disclosed the impact of pending litigations on its financial position in its standalone financial statements - Refer schedule 12, 17(17) and 18(15.3) to the standalone financial statements;
(ii) The Bank has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts - Refer schedule 17(5), 17(17), 18(3), 18(4.1) and 18(15.3) to the standalone financial statements;
(iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Bank during the financial year ended March 31, 2025 - Refer schedule 18(15.5);
(iv) (a) The Management has represented that, to the
best of it's knowledge and belief, other than as disclosed in the schedule 18(15.15)(1) to the standalone financial statements, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Bank to or in any other persons or entities, including foreign entities ('Intermediaries'), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Bank ('Ultimate Beneficiaries') or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
(b) The Management has represented, that, to the best of it's knowledge and belief, other than as disclosed in the schedule 18(15.15)(2) to the standalone financial statements, no funds have been received by the Bank from any persons or entities, including foreign entities ('Funding Parties'), with the understanding, whether recorded in writing or otherwise, that the Bank shall, directly or indirectly, lend
or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ('Ultimate Beneficiaries') or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and
(c) Based on the audit procedures performed that have been considered reasonable and appropriate in the circumstances, and according to the information and explanations provided to us by the Management in this regard, nothing has come to our notice that has caused us to believe that the representations under sub-clause (a) and (b) of Rule 11(e) as provided under (a) and (b) above, contain any material mis-statement.
(v) The dividend declared and paid during the year by the Bank is in compliance with Section 123 of the Act; and
(vi) Based on our examination which included test checks, the Bank has used certain accounting softwares for maintaining its books of account (including two accounting softwares managed and maintained by a third-party software service provider) which have a feature of recording the audit trail (edit log) facility, except that as explained in schedule 18(18) to the standalone financial statements, no audit trail feature
was enabled at the database level in respect of two accounting softwares to log any direct data changes.
Further, where enabled and except for certain softwares as explained in the aforesaid Note, the audit trail feature has been operated for all relevant transactions recorded in the accounting softwares. Also, in the absence of sufficient appropriate audit evidence and as fully explained in the aforesaid Note, during the course of our audit and considering SOC report, we did not come across any instance of audit trail feature being tampered with in respect of such accounting softwares. Additionally, the audit trail of prior year has been preserved by the Bank as per the statutory requirements for record retention to the extent it was enabled and recorded in previous year except for certain softwares as explained in the aforesaid Note.
4. In our opinion and to the best of our information and according to the explanations given to us, the provisions of Section 197 of the Act are not applicable to the Bank by virtue of Section 35B(2A) of the Banking Regulation Act, 1949. Accordingly, the reporting under Section 197(16) of the Act regarding payment/ provision for managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act, is not applicable.
For M S K A & Associates For Chokshi & Chokshi LLP
Chartered Accountants Chartered Accountants
ICAI Firm's Registration No: 105047W ICAI Firm's Registration No: 101872W / W100045
Tushar Kurani Vineet Saxena
Partner Partner
Membership No.: 118580 Membership No.: 100770
UDIN: 25118580BMOHWY3796 UDIN: 25100770BMIQSA9949
Place: Mumbai Date: May 21, 2025
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