INDIA
Economic Political Weekly
EPW
Published on Saturday, June 27, 2015 vol l nos 26 27
29
SCHEDULES TO FINANCIAL STATEMENTS AS AT 31 MARCH 2015
Currency: Indian rupees in thousands
45. Contingent Liabilities
Continued
b Guarantees given on behalf of constituents As a part of its banking activities, the Bank issues guarantees on behalf of its customers. Generally, guarantees represent
irrevocable assurances that the Bank will make payments in the event of the customer failing to fulill its inancial or performance obligations.
c Acceptances, endorsements and other obligations These include documentary credits issued by the Bank on behalf of its customers and bills drawn by the Bank’s customers
that are accepted or endorsed by the Bank. d Other items for which the bank is contingently liable
Other items represent amount payable against bills re-discounted, estimated amount of contracts remaining to be executed on capital account and value of investment traded on or before the Balance Sheet date with a settlement post Balance Sheet date.
46. Disclosure under Micro, Small Medium Enterprises Development Act, 2006
The Bank has a policy of payment to its vendors based on the agreed credit terms. Consequently, as per Bank’s policy there have been no reported cases of delays in payments in excess of 45 days to Micro, Small and Medium Enterprises or of interest payments
due to delays in such payments, during the year ended 31 March 2015 Previous Year: INR Nil. The above information takes into account only those suppliers who have responded to inquiries made by the bank for this purpose.
47. Movement in provisions
Disclosure of movement in provisions in accordance with AS 29 is set out below:
Particulars 31 Mar 15
31 Mar 14
Opening balance at the beginning of the year
150,912 223,316
Add : Provision made during the year
89,197 85,695
Less : Utilisation, write back of excess provisions during the year
85,695 158,099
Closing balance at the end of the year
154,414 150,912
Note: Provision represents fraud, operating losses, bonus and potential claimsdemand.
48. Technical Write-Offs
